Document:

exv10w1

Exhibit 10.1

$75,000,000 SENIOR SECURED CREDIT FACILITY

CREDIT AGREEMENT

AMONG

ENERNOC, INC.,

AND

ENOC SECURITIES CORPORATION

AS BORROWER,

THE SEVERAL LENDERS FROM TIME TO TIME PARTIES HERETO,

AND

SILICON VALLEY BANK,

AS ADMINISTRATIVE AGENT, ISSUING LENDER AND SWINGLINE LENDER

DATED AS OF APRIL 15, 2011

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	SECTION 1 DEFINITIONS
	 	 	1	 
	1.1 Defined Terms
	 	 	1	 
	1.2 Other Definitional Provisions
	 	 	23	 
	SECTION 2 AMOUNT AND TERMS OF COMMITMENTS
	 	 	24	 
	2.1 Revolving Commitments
	 	 	24	 
	2.2 Procedure for Revolving Loan Borrowing
	 	 	24	 
	2.3 Swingline Commitment
	 	 	25	 
	2.4 Procedure for Swingline Borrowing; Refunding of
Swingline Loans
	 	 	25	 
	2.5 Commitment Fees, etc.
	 	 	27	 
	2.6 Termination or Reduction of Commitments
	 	 	27	 
	2.7 Optional Prepayments
	 	 	28	 
	2.8 Conversion and Continuation Options
	 	 	28	 
	2.9 Limitations on Eurodollar Tranches
	 	 	28	 
	2.10 Interest Rates and Payment Dates
	 	 	29	 
	2.11 Computation of Interest and Fees
	 	 	29	 
	2.12 Inability to Determine Interest Rate
	 	 	30	 
	2.13 Pro Rata Treatment and Payments
	 	 	30	 
	2.14 Requirements of Law
	 	 	32	 
	2.15 Taxes
	 	 	33	 
	2.16 Indemnity
	 	 	35	 
	2.17 Change of Lending Office
	 	 	36	 
	2.18 Notes
	 	 	36	 
	2.19 Defaulting Lenders
	 	 	36	 
	2.20 Replacement of Lenders
	 	 	38	 
	2.21 Increase in Commitments
	 	 	39	 
	SECTION 3 LETTERS OF CREDIT
	 	 	41	 
	3.1 L/C Commitment
	 	 	41	 
	3.2 Procedure for Issuance of Letters of Credit
	 	 	43	 
	3.3 Fees and Other Charges
	 	 	43	 

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Table of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	3.4 L/C Participations
	 	 	44	 
	3.5 Reimbursement
	 	 	44	 
	3.6 Obligations Absolute
	 	 	45	 
	3.7 Letter of Credit Payments
	 	 	45	 
	3.8 Applications
	 	 	46	 
	3.9 Interim Interest
	 	 	46	 
	3.10 Additional Issuing Lenders
	 	 	46	 
	3.11 Resignation of the Issuing Lender
	 	 	46	 
	SECTION 4 REPRESENTATIONS AND WARRANTIES
	 	 	47	 
	4.1 Financial Condition
	 	 	47	 
	4.2 No Change
	 	 	47	 
	4.3 Existence; Compliance with Law
	 	 	47	 
	4.4 Power, Authorization; Enforceable Obligations
	 	 	47	 
	4.5 No Legal Bar
	 	 	48	 
	4.6 Litigation
	 	 	48	 
	4.7 No Default
	 	 	48	 
	4.8 Ownership of Property; Liens; Investments
	 	 	48	 
	4.9 Intellectual Property
	 	 	49	 
	4.10 Taxes
	 	 	49	 
	4.11 Federal Regulations
	 	 	49	 
	4.12 Labor Matters
	 	 	49	 
	4.13 ERISA
	 	 	49	 
	4.14 Investment Company Act; Other Regulations
	 	 	50	 
	4.15 Subsidiaries
	 	 	50	 
	4.16 Use of Proceeds
	 	 	50	 
	4.17 Environmental Matters
	 	 	50	 
	4.18 Accuracy of Information, etc.
	 	 	51	 
	4.19 Security Documents
	 	 	52	 
	4.20 Solvency
	 	 	52	 
	4.21 Regulation H
	 	 	52	 

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Table of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	4.22 Designated Senior Indebtedness
	 	 	52	 
	4.23 Insurance
	 	 	53	 
	4.24 No Casualty
	 	 	53	 
	SECTION 5 CONDITIONS PRECEDENT
	 	 	53	 
	5.1 Conditions to Effectiveness
	 	 	53	 
	5.2 Conditions to Each Extension of Credit
	 	 	55	 
	SECTION 6 AFFIRMATIVE COVENANTS
	 	 	56	 
	6.1 Financial Statements
	 	 	56	 
	6.2 Certificates; Other Information
	 	 	57	 
	6.3 Payment of Obligations
	 	 	58	 
	6.4 Maintenance of Existence; Compliance
	 	 	58	 
	6.5 Maintenance of Property; Insurance
	 	 	58	 
	6.6 Books and Records
	 	 	59	 
	6.7 Notices
	 	 	59	 
	6.8 Environmental Laws
	 	 	59	 
	6.9 Accounts; Collections
	 	 	60	 
	6.10 Audits
	 	 	60	 
	6.11 Additional Collateral, etc.
	 	 	61	 
	6.12 Use of Proceeds
	 	 	62	 
	6.13 Designated Senior Indebtedness
	 	 	63	 
	6.14 Further Assurances
	 	 	63	 
	SECTION 7 NEGATIVE COVENANTS
	 	 	63	 
	7.1 Financial Condition Covenants
	 	 	63	 
	7.2 Indebtedness
	 	 	63	 
	7.3 Liens
	 	 	64	 
	7.4 Fundamental Changes
	 	 	65	 
	7.5 Disposition of Property
	 	 	66	 
	7.6 Restricted Payments
	 	 	66	 
	7.7 Investments
	 	 	67	 
	7.8 Modifications of Certain Preferred Stock and Debt Instrument
	 	 	67	 

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Table of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	7.9 Transactions with Affiliates
	 	 	68	 
	7.10 Sale Leaseback Transactions
	 	 	68	 
	7.11 Swap Agreements
	 	 	68	 
	7.12 Changes in Fiscal Periods
	 	 	68	 
	7.13 Negative Pledge Clauses
	 	 	68	 
	7.14 Clauses Restricting Subsidiary Distributions
	 	 	68	 
	7.15 Lines of Business
	 	 	69	 
	7.16 Amendments to Organizational Agreements and Material
Contracts
	 	 	69	 
	SECTION 8 EVENTS OF DEFAULT
	 	 	69	 
	8.1 Events of Default
	 	 	69	 
	8.2 Application of Funds
	 	 	72	 
	SECTION 9 THE ADMINISTRATIVE AGENT
	 	 	73	 
	9.1 Appointment and Authority
	 	 	73	 
	9.2 Delegation of Duties
	 	 	74	 
	9.3 Exculpatory Provisions
	 	 	74	 
	9.4 Reliance by Administrative Agent
	 	 	75	 
	9.5 Notice of Default
	 	 	75	 
	9.6 Non-Reliance on Administrative Agent and Other Lenders
	 	 	76	 
	9.7 Indemnification
	 	 	76	 
	9.8 Agent in Its Individual Capacity
	 	 	77	 
	9.9 Successor Administrative Agent
	 	 	77	 
	SECTION 10 MISCELLANEOUS
	 	 	78	 
	10.1 Amendments and Waivers
	 	 	78	 
	10.2 Notices
	 	 	79	 
	10.3 No Waiver; Cumulative Remedies
	 	 	80	 
	10.4 Survival of Representations and Warranties
	 	 	80	 
	10.5 Payment of Expenses and Taxes
	 	 	80	 
	10.6 Successors and Assigns; Participations and Assignments
	 	 	82	 
	10.7 Adjustments; Set-off
	 	 	85	 

-iv-

 

Table of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	10.8 Counterparts
	 	 	85	 
	10.9 Severability
	 	 	85	 
	10.10 Integration
	 	 	86	 
	10.11 GOVERNING LAW
	 	 	86	 
	10.12 Submission To Jurisdiction; Waivers
	 	 	86	 
	10.13 Acknowledgements
	 	 	86	 
	10.14 Releases of Guarantees and Liens
	 	 	87	 
	10.15 Confidentiality
	 	 	87	 
	10.16 Additional Waivers
	 	 	88	 
	10.17 Patriot Act
	 	 	89	 

Exhibits

	 	 	 

	Exhibit A:
	 	Form of Guarantee and Collateral Agreement
	 
	 	 
	Exhibit B:
	 	Form of Compliance Certificate
	 
	 	 
	Exhibit C:
	 	Form of Closing Certificate
	 
	 	 
	Exhibit D:
	 	Form of Solvency Certificate
	 
	 	 
	Exhibit E:
	 	Form of Assignment and Assumption
	 
	 	 
	Exhibit F:
	 	Form of Exemption Certificate
	 
	 	 
	Exhibit G:
	 	[Reserved]
	 
	 	 
	Exhibit H-1:
	 	Form of Revolving Loan Note
	 
	 	 
	Exhibit H-2:
	 	Form of Swingline Loan Note
	 
	 	 
	Exhibit I:
	 	Form of Collateral Information Certificate
	 
	 	 
	Exhibit J:
	 	Form of Notice of Borrowing
	 
	 	 
	Exhibit K:
	 	Form of Notice of Conversion/Continuation

-v-

 

          CREDIT AGREEMENT (this “Agreement”), dated as of April 15, 2011, among (a) ENERNOC, INC., a
Delaware corporation (“EnerNOC”), (b) ENOC SECURITIES CORPORATION, a Massachusetts corporation (the
“ENOC Securities”) (hereinafter, EnerNOC and ENOC Securities are, jointly and severally,
individually and collectively, referred to as the “Borrower”), (c) the several banks and other
financial institutions or entities from time to time parties to this Agreement (the “Lenders”), (d)
SILICON VALLEY BANK (“SVB”), as Administrative Agent; (e) SVB, as an Issuing Lender; and
(f) SVB, as swingline lender (in such capacity, the “Swingline Lender”).

Witnesseth:

     Whereas, the Borrower desires to obtain working capital financing and letter of
credit facilities;

     Whereas, the Lenders have agreed to extend certain credit facilities to the Borrower
in an aggregate amount not to exceed $75,000,000, consisting of up to $75,000,000 in aggregate
principal amount of Revolving Commitments, and $75,000,000 in aggregate principal amount of
availability for Letters of Credit (as a sublimit of the Revolving Commitments);

     Whereas, the Borrower has agreed to secure all of its Obligations by granting to the
Administrative Agent, for the benefit of the Secured Parties, a first priority lien on
substantially all of its assets; and

     Whereas, each of the Guarantors has agreed to guarantee the Obligations of the
Borrower and to secure their respective Obligations by granting to the Administrative Agent, for
the benefit of the Secured Parties, a first priority lien on substantially all of their assets.

     Now, Therefore, the parties hereto hereby agree as follows:

SECTION 1

DEFINITIONS

     1.1 Defined Terms. As used in this Agreement (including the recitals hereof), the terms
listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1.

     “ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%)
equal to the highest of (a) the Prime Rate in effect on such day; (b) the Federal Funds Effective
Rate as determined on such day plus one-half of one percent (0.50%); or (c) the Eurodollar Rate for
a one (1) month Interest Period as determined on such day plus one percent (1.00%). Any
change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate, or the
Eurodollar Rate, as applicable, shall be effective as of the opening of business on the effective
day of such change in the Prime Rate, the Federal Funds Effective Rate, or the Eurodollar Rate, as
applicable.

     “ABR Loans”: Loans, the rate of interest applicable to which is based upon the ABR.

     “Accommodation Payment”: as defined in Section 10.16(d).

 

 

     “Account Debtor”: any Person who may become obligated to any Person under, with respect to,
or on account of, an Account, chattel paper or general intangibles (including a payment
intangible).

     “Accounts”: all “accounts” (as defined in the UCC) of a Person, including, without
limitation, accounts, accounts receivable, monies due or to become due and obligations in any form
(whether arising in connection with contracts, contract rights, instruments, general intangibles,
or chattel paper), in each case whether arising out of goods sold or services rendered or from any
other transaction and whether or not earned by performance, now or hereafter in existence, and all
documents of title or other documents representing any of the foregoing, and all collateral
security and guaranties of any kind, now or hereafter in existence, given by any Person with
respect to any of the foregoing.

     “Administrative Agent”: SVB, as the administrative agent under this Agreement and the other
Loan Documents, together with any of its successors in such capacity.

     “Additional Revolving Commitment Lender”: as defined in Section 2.21(a)(ii).

     “Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person. For purposes of this
definition, “control” of a Person means the power, directly or indirectly, either to (a) vote ten
percent (10%) or more of the securities having ordinary voting power for the election of directors
(or persons performing similar functions) of such Person or (b) direct or cause the direction of
the management and policies of such Person, whether by contract or otherwise.

     “Aggregate Exposure”: with respect to any Lender at any time, an amount equal to the amount
of such Lender’s Revolving Commitment (including, without duplication, such Lender’s L/C
Commitment) then in effect or, if the Revolving Commitment has been terminated, the amount of such
Lender’s Revolving Extensions of Credit then outstanding.

     “Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed
as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all
Lenders at such time.

     “Agreement”: as defined in the preamble hereto.

     “Allocable Amount”: as defined in Section 10.16(d).

     “Applicable Margin”: 2.00% per annum in the case of Eurodollar Loans, and 1.00% per annum in
the case of ABR Loans.

     “Application”: an application, in such form as the Issuing Lender may specify from time to
time, requesting the Issuing Lender to issue a Letter of Credit.

     “Approved Fund”: as defined in Section 10.6(b).

     “Assignment and Assumption”: an Assignment and Assumption, substantially in the form of
Exhibit E.

2

 

     “Auto-Extension Letter of Credit”: as defined in Section 3.1(a).

     “Available Revolving Commitment”: an amount equal to (a) the Total Revolving Commitments,
minus (b) the aggregate undrawn amount of all outstanding Letters of Credit at such time and the
aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into
Revolving Loans at such time, minus (c) the outstanding principal balance of any Revolving Loans,
minus (d) the outstanding principal balance of any Swingline Loans.

     “Bankruptcy Code”: Title 11 of the United States Code entitled “Bankruptcy,” as now or
hereafter in effect, or any successor thereto.

     “Benefitted Lender”: as defined in Section 10.7(a).

     “Board”: the Board of Governors of the Federal Reserve System of the United States (or any
successor).

     “Borrower”: as defined in the preamble hereto.

     “Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower
requests the relevant Lenders to make Loans hereunder.

     “Business”: as defined in Section 4.17(b).

     “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in
the State of New York are authorized or required by law to close; provided that
with respect to notices and determinations in connection with, and payments of principal and
interest on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar
deposits in the interbank eurodollar market.

     “Capital Expenditures”: for any period, with respect to any Person, the aggregate of all
expenditures (whether paid in cash or other consideration or accrued as a liability and including
that portion of Capital Lease Obligations which is capitalized on the consolidated balance sheet of
such Person and its Subsidiaries) by such Person and its Subsidiaries during such period for the
acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to
equipment (including replacements, capitalized repairs and improvements during such period) that,
in conformity with GAAP, are included in “additions to property, plant or equipment” or comparable
items reflected in the consolidated statement of cash flows of such Person and its Subsidiaries.

     “Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this
Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at
such time determined in accordance with GAAP.

     “Capital Stock”: any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent ownership interests

3

 

in a
Person (other than a corporation) and any and all warrants, rights or options to purchase any of
the foregoing.

     “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally
guaranteed by, the United States government or issued by any agency thereof and backed by the full
faith and credit of the United States, in each case maturing within one year from the date of
acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank
deposits having maturities of six months or less from the date of acquisition issued by any Lender
or by any commercial bank organized under the laws of the United States or any state thereof having
combined capital and surplus of not less than $250,000,000; (c) commercial paper of an issuer rated
at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial
paper issuers generally, and maturing within six months from the date of acquisition; (d)
repurchase obligations of any Lender or of any commercial bank satisfying the requirements of
clause (b) of this definition, having a term of not more than thirty (30) days, with respect to
securities issued or fully guaranteed or insured by the United States government; (e) securities
with maturities of one year or less from the date of acquisition issued or fully guaranteed by any
state, commonwealth or territory of the United States, by any political subdivision or taxing
authority of any such state, commonwealth or territory or by any foreign government, the securities
of which state, commonwealth, territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with
maturities of six (6) months or less from the date of acquisition backed by standby letters of
credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of
this definition; (g) money market mutual or similar funds that invest exclusively in assets
satisfying the requirements of clauses (a) through (f) of this definition; or (h) money market
funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act
of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets
of at least $5,000,000,000.

     “Cash Management Services”: Cash management services which may include merchant services,
direct deposit of payroll, business credit card, and check cashing services identified in the
applicable Lender’s or other Secured Party’s (or any of their Affiliates) cash management services
agreements.

     “Certificated Securities”: as defined in Section 4.19(a).

     “Change of Control”:

          (a) EnerNOC shall cease to own, directly or indirectly, 100% of the Capital Stock of
ENOC Securities and each of the Wholly Owned Subsidiary Guarantors except as expressly permitted
hereunder.

          (b) at any time, any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), shall become,
or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act),

4

 

directly or indirectly, of
forty percent (40%) or more of the ordinary voting power for the election of directors of the
Borrower (determined on a fully diluted basis); or

          (c) during any period of twelve (12) consecutive months, a majority of the members
of the board of directors or other equivalent governing body of the Borrower cease to be composed
of individuals (i) who were members of that board or equivalent governing body on the first day of
such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body or (iii) whose
election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office
as, a member of that board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of one or more directors
by any person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors).

     “Closing Date”: the date on which the conditions precedent set forth in Sections 5.1 and 5.2
shall have been satisfied, which date is April 15, 2011.

     “Code”: the Internal Revenue Code of 1986, as amended from time to time.

     “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a
Lien is purported to be created by any Security Document.

     “Collateral Information Certificate”: the Collateral Information Certificate to be executed
and delivered by the Borrower and each other Loan Party, substantially in the form of Exhibit I.

     “Commitment”: as to any Lender, the Revolving Commitment (including, without duplication,
such Lender’s L/C Commitment) of such Lender.

     “Commitment Fee”: as defined in Section 2.5(b).

     “Commitment Fee Rate”: a per annum rate of one-quarter of one percent (0.25%).

     “Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common
control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that
includes the Borrower and that is treated as a single employer under Section 414 of the Code.

     “Compliance Certificate”: a certificate duly executed by a Responsible Officer of the
Borrower substantially in the form of Exhibit B.

     “Contractual Obligation”: as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound.

5

 

     “Control Agreement”: as defined in Section 6.9.

     “Copyright Security Agreement”: as defined in the Guarantee and Collateral Agreement.

     “Default”: any of the events specified in Section 8, whether or not any requirement for the
giving of notice, the lapse of time, or both, has been satisfied.

     “Defaulting Lender”: subject to Section 2.19(b), any Lender that, as reasonably
determined by the Administrative Agent, (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Loans (including Swingline Loans) or participations in
respect of Letters of Credit, within one (1) Business Day of the date required to be funded by it
hereunder, (b) has notified the Borrower, the Administrative Agent or any Lender that it does not
intend to comply with its funding obligations or has made a public statement to that effect with
respect to its funding obligations hereunder or under other agreements in which it commits to
extend credit, (c) has failed, within three (3) Business Days after request by the Administrative
Agent, to confirm in a manner reasonably satisfactory to the Administrative Agent that it will
comply with its funding obligations, or (d) has, or has a direct or indirect parent company that
has, (i) become the subject of an Insolvency Proceeding, (ii) had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or a custodian appointed for it, or (iii) taken any action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or
appointment; provided that a Lender shall not be a Defaulting Lender solely by
virtue of the ownership or acquisition of any equity interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority.

     “Disposition”: with respect to any property (including, without limitation, Capital Stock of
any Subsidiary of the Borrower), any sale, lease, Sale Leaseback Transaction, assignment,
conveyance, transfer or other disposition thereof and any issuance of Capital Stock of the Borrower
or any of its Subsidiaries. The terms “Dispose” and “Disposed of” shall have correlative meanings.

     “Dollars” and “$”: dollars in lawful currency of the United States.

     “Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States.

     “EBITDAR”: for any period, (a) the sum, without duplication, of the amounts for such period
of (i) Net Income, plus (ii) Interest Expense, plus (iii) provisions for current taxes based on
income and payable in cash, plus (iv) total depreciation expense, plus (v) total amortization
expense, plus (vi) total rent expense, plus (vii) non-cash stock compensation expense, plus (viii)
non-cash impairment of fixed assets.

     “Eligible Assignee”: (a) a Lender, an Affiliate of a Lender or any Approved Fund; or (b) any
commercial bank, insurance company, investment or mutual fund or other entity that is an
“accredited investor” (as defined in Regulation D under the Securities Act) and which extends
credit or buys loans as one of its substantial businesses; provided that neither
the Borrower nor any Affiliate of the Borrower shall be an Eligible Assignee.

6

 

     “EnerNOC”: as defined in the preamble hereto.

     “EnerNOC Canada”: means EnerNOC Ltd., a company organized under the laws of Ontario, Canada.

     “ENOC Securities”: as defined in the preamble hereto.

     “Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules,
orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning protection of human health or the environment, as now
or may at any time hereafter be in effect.

     “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time.

     “Eurocurrency Reserve Requirements”: for any day as applied to a Eurodollar Loan, the
aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve
requirements in effect on such day (including basic, supplemental, marginal and emergency reserves)
under any regulations of the Board or other Governmental Authority having jurisdiction with respect
thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred
to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the
Federal Reserve System.

     “Eurodollar Base Rate”: with respect to each day during each Interest Period pertaining to a
Eurodollar Loan, the rate per annum determined by reference to the British Bankers’ Association
Interest Settlement Rates for deposits (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 A.M.
(London, England time) two (2) Business Days prior to the beginning of such Interest Period (as set
forth by Bloomberg Information Service or any successor thereto or any other service selected by
the Administrative Agent which has been nominated by the British

Bankers’ Association as an authorized information vendor for the purpose of displaying such
rates). In the event that the rate referenced in the preceding sentence is not available, the
“Eurodollar Base Rate” shall be determined by reference to the rate per annum equal to the offered
quotation rate to first class banks in the London interbank market by SVB for deposits (for
delivery on the first day of the relevant Interest Period) in Dollars of amounts in same day funds
comparable to the principal amount of the applicable Loan of the Administrative Agent, in its
capacity as a Lender, for which the Eurodollar Base Rate is then being determined with maturities
comparable to such period as of approximately 11:00 A.M. (London, England time) two (2) Business
Days prior to the beginning of such Interest Period.

     “Eurodollar Loans”: Loans, the rate of interest applicable to which is based upon the
Eurodollar Rate.

     “Eurodollar Rate”: with respect to each day during each Interest Period pertaining to a
Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula:

7

 

	 	 	 

	 
	 	Eurodollar Base Rate
	 
	 	 
	 
	 	1.00 – Eurocurrency Reserve Requirements

     “Eurodollar Tranche”: the collective reference to Eurodollar Loans under a particular
Facility, the then current Interest Periods with respect to all of which begin on the same date and
end on the same later date (whether or not such Loans shall originally have been made on the same
day).

     “Event of Default”: any of the events specified in Section 8; provided that
any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

     “Excluded Foreign Subsidiary”: any Foreign Subsidiary in respect of which either (a) the
pledge of more than 65% (or such greater percentage as would not, in the good faith judgment of the
Borrower, result in material adverse tax consequences to the Borrower) of the Capital Stock of such
Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in
the good faith judgment of the Borrower, result in material adverse tax consequences to the
Borrower.

     “Excluded Taxes”: with respect to any payment made by or on account of any obligation of any
Loan Party under any Loan Document any of the following taxes imposed on or with respect to any
Person: (a) taxes measured by net income (including branch profit taxes) and franchise taxes
imposed in lieu of net income taxes, in each case imposed on any Person as a result of a present or
former connection between such Person and the jurisdiction of the Governmental Authority imposing
such tax or any political subdivision or taxing authority thereof or therein; (b) withholding taxes
to the extent that the obligation to withhold amounts existed on the date that such Person became a
party to this Agreement in the capacity under which such Person makes a claim under Section 2.15(a)
or designates a new lending office (except to the extent the transferor to such Person (if any) was
entitled, at the time the transfer to
such Person became effective, to receive additional amounts under Section 2.15(a)); (c) taxes
that are attributable to a failure to deliver the documentation required to be delivered pursuant
to Section 2.15(e); and (d) in the case of a Non-U.S. Lender Party, any United States federal
withholding taxes imposed on amounts payable to such Non-U.S. Lender Party as a result of such
Non-U.S. Lender Party’s failure to comply with FATCA to establish a complete exemption from
withholding thereunder.

     “Existing Letters of Credit”: each of the letters of credit described by date of issuance,
amount, beneficiary and the date of expiry on Schedule 1.1B hereto.

     “Facility”: each of (a) the L/C Facility (which is a sub-facility of the Revolving Facility),
and (b) the Revolving Facility.

     “FATCA”: sections 1471, 1472, 1473, and 1474 of the Code, the United States Treasury
Regulations promulgated thereunder and published guidance with respect thereto.

     “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System arranged by federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve

8

 

Bank of New York,
or, if such rate is not so published for any day that is a Business Day, the average of the
quotations for the day of such transactions received by SVB from three federal funds brokers of
recognized standing selected by it.

     “Fee Letter”: the letter agreement dated April 15, 2011 between Borrower and Administrative
Agent.

     “Fixed Charge Coverage Ratio”: for any period, the ratio of (a) recurring EBITDAR for such
period minus Capital Expenditures made during such period (excluding the principal amount
funded with the Loans) to (b) Fixed Charges for such period.

     “Fixed Charges”: for any period ending on any determination date (the “determination date”),
the sum (without duplication) of (a) Interest Expense for such period, plus (b) scheduled
payments made or required to be made during those fiscal quarters of the Borrower ending during the
fiscal year in which the determination date occurs on account of principal of Indebtedness of the
Borrower and its Subsidiaries (including scheduled principal payments in respect of any Capital
Lease Obligations)) plus (c) income taxes paid or required to be paid in such period,
plus (d) dividends paid in such period, plus (e) total rent expense for such
period.

     “Foreign Currency”: lawful money of a country other than the United States.

     “Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary.

     “FX Forward Contract”: Foreign exchange contracts with a Lender or other Secured Party (or any
of their Affiliates) under which the Borrower, its Subsidiaries or any other Loan Party commits to
purchase from or sell to a Lender or other Secured Party (or any of their Affiliates) a specific
amount of Foreign Currency on a specified date.

     “GAAP”: generally accepted accounting principles in the United States as in effect from time
to time, except that for purposes of Section 7.1, GAAP shall be determined on the basis of such
principles in effect on the date hereof and consistent with those used in the preparation of the
most recent audited financial statements referred to in Section 4.1(b). In the event that any
“Accounting Change” (as defined below) shall occur and such change results in a change in the
method of calculation of financial covenants, standards or terms in this Agreement, then the
Borrower and the Administrative Agent agree to enter into negotiations to amend such provisions of
this Agreement so as to reflect equitably such Accounting Changes with the desired result that the
criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting
Changes as if such Accounting Changes had not been made. Until such time as such an amendment
shall have been executed and delivered by the Borrower, the Administrative Agent and the Required
Lenders, all financial covenants, standards and terms in this Agreement shall continue to be
calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes”
refers to changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of
Certified Public Accountants or, if applicable, the SEC.

     “Governmental Approval”: any consent, authorization, approval, order, license, franchise,
permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or
other act by or in respect of, any Governmental Authority.

9

 

     “Governmental Authority”: any nation or government, any state or other political subdivision
thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions
of or pertaining to government, any securities exchange and any self-regulatory organization
(including the National Association of Insurance Commissioners).

     “Group Members”: the collective reference to the Borrower and its Subsidiaries, excluding any
Immaterial Subsidiary.

     “Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be executed
and delivered by the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit
A.

     “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation,
including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that
guarantees or in effect guarantees, or which is given to induce the creation of a separate
obligation by another Person (including any bank under any letter of credit) that guarantees or in
effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary
obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to
purchase any such primary obligation or any property constituting direct or indirect security
therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary
obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (iii) to purchase property,
securities
or services primarily for the purpose of assuring the owner of any such primary obligation of
the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to
assure or hold harmless the owner of any such primary obligation against loss in respect thereof;
provided that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. The amount of any
Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount
equal to the stated or determinable amount of the primary obligation in respect of which such
Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be
liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
primary obligation and the maximum amount for which such guaranteeing person may be liable are not
stated or determinable, in which case the amount of such Guarantee Obligation shall be such
guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by
the Borrower in good faith.

     “Guarantors”: the collective reference to the Subsidiary Guarantors.

     “Hostile Acquisition“: means the acquisition of the capital stock or other equity interests of
a Person through a tender offer or similar solicitation of the owners of such capital stock or
other equity interests which has not been approved (prior to such acquisition) by resolutions of
the Board of Directors of such Person or by similar action if such Person is not a corporation, or
as to which such approval has been withdrawn.

10

 

     “Immaterial Subsidiary” means each of Borrower’s Subsidiaries listed on Schedule 1.1C hereto
as such Schedule may be revised or supplemented from time with the consent of the Required Lenders,
provided that such Subsidiaries do not, individually or in the aggregate (a) at
any time have total assets (excluding goodwill) with a book value equal to or in excess of
$15,000,000, (b) have revenues equal to or greater than $15,000,000 tested as of the last day of
the fiscal quarter then most recently ended for the trailing 12 months ended on such date, in each
case as determined in accordance with GAAP or (c) have a month-end cash balance in excess of
$3,000,000.

     “Indebtedness”: of any Person at any date, without duplication: (a) all indebtedness of such
Person for borrowed money; (b) all obligations of such Person for the deferred purchase price of
property or services (other than current trade payables incurred in the ordinary course of such
Person’s business) solely to the extent that such obligations are not contingent; (c) all
obligations of such Person evidenced by notes, bonds, debentures or other similar instruments; (d)
all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller
or lender under such agreement in the event of default are limited to repossession or sale of such
property); (e) all Capital Lease Obligations and all Synthetic Lease Obligations of such Person;
(f) all obligations of such Person, contingent or otherwise, as an account party or applicant under
or in respect of acceptances, letters of credit, surety bonds or similar arrangements; (g) all
Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses
(a) through (f) above; (h) all obligations of the kind referred to in clauses (a) through (g) above
secured by (or for which the holder of such obligation has an existing right,
contingent or otherwise, to be secured by) any Lien on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for
the payment of such obligation; and (i) all obligations of such Person in respect of Swap
Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is
not liable therefor.

     “Indemnified Liabilities”: as defined in Section 10.5.

     “Indemnitee”: as defined in Section 10.5.

     “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is
insolvent within the meaning of Section 4245 of ERISA.

     “Insolvent”: pertaining to a condition of Insolvency.

     “Intellectual Property”: the collective reference to all rights, priorities and privileges
relating to intellectual property, whether arising under United States, multinational or foreign
laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity
for any infringement or other impairment thereof, including the right to receive all proceeds and
damages therefrom.

11

 

     “Intellectual Property Security Agreements”: the collective reference to each Copyright
Security Agreement, Patent Security Agreement and Trademark Security Agreement executed and
delivered by the Loan Parties, or any of them, and the Administrative Agent.

     “Intercompany Subordination Agreement”: a Subordination Agreement among the Administrative
Agent, for the benefit of the Secured Parties, and the Loan Parties in form and substance
acceptable to the Administrative Agent.

     “Interest Expense”: for any period, total cash interest expense (including that attributable
to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with respect to
all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing and net costs under Swap Agreements in respect of interest rates to the extent such net
costs are allocable to such period in accordance with GAAP).

     “Interest Payment Date”: (a) as to any ABR Loan (including any Swingline Loan), the first day
of each month to occur while such Loan is outstanding and the final maturity date of such Loan, (b)
as to any Eurodollar Loan having an Interest Period of three months or less, the last Business Day
of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three
months, each day that is three months, or a whole multiple thereof, after the first day of such
Interest Period and the last day of such Interest Period, and (d) as to any Loan
(other than any Revolving Loan that is an ABR Loan and any Swingline Loan), the date of any
repayment or prepayment made in respect thereof.

     “Interest Period”: as to any Eurodollar Loan: (a) initially, the period commencing on the
borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending
one (1), two (2), three (3) or six (6) months thereafter, subject to availability, as selected by
the Borrower in its Notice of Borrowing or Notice of Conversion/Continuation, as the case may be,
given with respect thereto; and (b) thereafter, each period commencing on the last day of the next
preceding Interest Period applicable to such Eurodollar Loan and ending one (1), two (2), three (3)
or six (6) months thereafter, subject to availability, as selected by the Borrower by irrevocable
notice to the Administrative Agent in a Notice of Conversion/Continuation not later than 10:00
A.M., Eastern time, on the date that is three (3) Business Days prior to the last day of the then
current Interest Period with respect thereto; provided that all of the foregoing
provisions relating to Interest Periods are subject to the following:

               (i) if any Interest Period would otherwise end on a day that is not a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless the result of such
extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;

               (ii) the Borrower may not select an Interest Period under a particular Facility that would
extend beyond the Revolving Termination Date;

               (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the calendar

12

 

month at the end of such
Interest Period) shall end on the last Business Day of a calendar month; and

               (iv) the Borrower shall select Interest Periods so as not to require a payment or prepayment
of any Eurodollar Loan during an Interest Period for such Loan.

     “Interest Rate Agreement”: any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, interest rate hedging agreement or other similar agreement or
arrangement, each of which is (i) for the purpose of hedging the interest rate exposure associated
with Borrower’s and its Subsidiaries’ operations, (ii) approved by Administrative Agent, and (iii)
not for speculative purposes.

     “Inventory”: all “inventory,” as such term is defined in the New York UCC, now owned or
hereafter acquired by any Loan Party, wherever located, and in any event including inventory,
merchandise, goods and other personal property that are held by or on behalf of any Loan Party for
sale or lease or are furnished or are to be furnished under a contract of service, or that
constitute raw materials, work in process, finished goods, returned goods, or materials or supplies
of any kind used or consumed or to be used or consumed in such Loan Party’s business or in the
processing, production, packaging, promotion, delivery or shipping of the same, including all
supplies and embedded software.

     “Investments”: as defined in Section 7.7.

     “ISP”: with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance).

     “Issuer Documents”: with respect to any Letter of Credit, the Application, and any other
document, agreement and instrument entered into by the L/C Issuer and the Borrower or in favor the
L/C Issuer and relating to any such Letter of Credit.

     “Issuing Lender”: as the context may require, (a) SVB or any Affiliate thereof, in its
capacity as issuer of any Letter of Credit (including, without limitation, each Existing Letter of
Credit), and (b) any other Lender that may become an Issuing Lender pursuant to Section 3.10 or
3.11, with respect to Letters of Credit issued by such Lender. The Issuing Lender may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing
Lender or other financial institutions, in which case the term “Issuing Lender” shall include any
such Affiliate or other financial institution with respect to Letters of Credit issued by such
Affiliate or other financial institution.

     “Issuing Lender Fees”: as defined in Section 3.3(a).

     “L/C Commitment”: as to any L/C Lender, the obligation of such L/C Lender, if any, to
purchase an undivided interest in the Issuing Lender’s obligations and rights under and in respect
of each Letter of Credit (including to make payments with respect to draws made under any Letter of
Credit pursuant to Section 3.5(b)) in an aggregate principal amount not to exceed the amount set
forth under the heading “L/C Commitment” opposite such L/C Lender’s name on Schedule 1.1A or in the
Assignment and Assumption pursuant to which such L/C Lender became

13

 

a party hereto, as the same may
be changed from time to time pursuant to the terms hereof. The L/C Commitment is a sublimit of the
Revolving Commitment and the L/C Commitments shall not exceed the Available Revolving Commitment at
any time.

     “L/C Disbursements”: a payment or disbursement made by the Issuing Lender pursuant to a
Letter of Credit.

     “L/C Exposure”: at any time, the sum of (a) the aggregate undrawn amount of all outstanding
Letters of Credit at such time plus (b) the aggregate amount of all L/C Disbursements that
have not yet been reimbursed or converted into Revolving Loans at such time. The L/C Exposure of
any L/C Lender at any time shall equal its L/C Percentage of the aggregate L/C Exposure at such
time.

     “L/C Facility”: the L/C Commitments and the extensions of credit made thereunder.

     “L/C Fee Payment Date”: as defined in Section 3.3(a).

     “L/C Lender”: a Lender with an L/C Commitment.

     “L/C Percentage”: as to any L/C Lender at any time, the percentage of the Total L/C
Commitments represented by such L/C Lender’s L/C Commitment.

     “Lenders”: as defined in the preamble hereto.

     “Letter of Credit”: as defined in Section 3.1(a); provided that such term
shall include each Existing Letter of Credit as in effect on the Closing Date.

     “Letter of Credit Availability Period”: the period from and including the Closing Date to but
excluding the Letter of Credit Maturity Date.

     “Letter of Credit Maturity Date”: the Revolving Termination Date.

     “Lien”: any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge or other security interest or any
preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any conditional sale or other title retention agreement and any capital lease
having substantially the same economic effect as any of the foregoing).

     “Loan”: any loan made or maintained by any Lender pursuant to this Agreement.

     “Loan Documents”: this Agreement, the Security Documents, the Notes, the Fee Letter, any
Intercompany Subordination Agreement, the Collateral Information Certificate, each Compliance
Certificate, any amendment, waiver, supplement or other modification to any of the foregoing and
any other documents or instruments executed and delivered in connection with the foregoing.

     “Loan Parties”: each Group Member that is a party to a Loan Document.

14

 

     “Material Adverse Effect”: (a) a material adverse change in, or a material adverse
effect on, the operations, business, assets, properties, liabilities (actual or contingent), or
condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a whole; (b) a
material impairment of the rights and remedies of the Administrative Agent or any Lender under any
loan documentation, or of the ability of the Borrower or any Guarantor to perform its obligations
under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against the Borrower or any Guarantor of any Loan
Documents to which it is a party.

     “Materials of Environmental Concern”: any substance, material or waste that is defined,
regulated, governed or otherwise characterized under any Environmental Law as hazardous or toxic or
as a pollutant or contaminant (or by words of similar meaning and regulatory effect), any petroleum
or petroleum products, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, molds or
fungus, and radioactivity, radiofrequency radiation at levels known to be hazardous to human health
and safety.

     “Maximum Lawful Rate”: as defined in Section 2.11(c).

     “Moody’s”: Moody’s Investors Service, Inc.

     “Mortgaged Properties”: the real properties as to which, pursuant to Section 6.11(b) or
otherwise, the Administrative Agent, for the benefit of the Secured Parties, shall be granted a
Lien pursuant to the Mortgages.

     “Mortgages”: each of the mortgages, deeds of trust, deeds to secure debt or such equivalent
documents hereafter entered into and executed and delivered by one or more of the Loan Parties to
the Administrative Agent, in each case, as such documents may be amended, amended and restated,
supplemented or otherwise modified, renewed or replaced from time to time and in form and substance
reasonably acceptable to the Administrative Agent.

     “Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

     “Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided
that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the
date it becomes a Subsidiary or is merged into or consolidated with the Borrower and its
Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower)
in which the Borrower or its Subsidiaries has an ownership interest, except to the extent that any
such income is actually received by the Borrower or such Subsidiary in the form of dividends or
similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower to the
extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any Contractual Obligation (other than under any Loan
Document) or Requirement of Law applicable to such Subsidiary.

     “New York UCC”: the Uniform Commercial Code as in effect from time to time in the State of
New York.

15

 

     “Non-Excluded Taxes”: as defined in Section 2.15(a).

     “Non-Extension Notice Date”: as defined in Section 3.1(a).

     “Non-U.S. Lender Party”: each Lender and each Participant, in each case that is not a “United
States person” as defined in Section 7701(a)(30) of the Code.

     “Note”: a Revolving Loan Note or a Swingline Loan Note.

     “Notice of Borrowing”: means a notice substantially in the form of Exhibit J.

     “Notice of Conversion/Continuation”: means a notice substantially in the form of Exhibit K.

     “Obligations”: the unpaid principal of and interest on (including interest accruing after the
maturity of the Loans and interest, fees, costs, expenses and indemnities accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to the Borrower or any Guarantor, whether or not a claim for post-filing or
post-petition interest, fees, costs, expenses or indemnities is allowed in such proceeding) the
Loans and all other obligations and liabilities of the Borrower or any other Loan Party to the
Administrative Agent or any Lender or any other Secured Party, whether direct or indirect, absolute
or contingent, due or to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, this Agreement, any other Loan Document, the Cash Management
Services, FX Forward Contracts, the Letters of Credit, any Specified Swap Agreement or any other
document made, delivered or given in connection herewith or therewith, whether on account of
principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all
fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are
required to be paid by the Borrower or any Guarantor pursuant hereto) or otherwise.

     “Other Taxes”: any and all present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies arising from any payment made hereunder or from the
execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

     “Participant”: as defined in Section 10.6(c).

     “Patent Security Agreement”: as defined in the Guarantee and Collateral Agreement.

     “Patriot Act”: the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Title III of Pub. L. 107-56,
signed into law October 26, 2001.

     “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title
IV of ERISA (or any successor).

     “Permitted Acquisition” means the purchase or other acquisition by any Group Member of the
Capital Stock in a Person that, upon the consummation thereof, will be a Subsidiary

16

 

(including as a result of a merger or consolidation) or all or substantially all of the assets
of, or assets constituting one or more business units of, any Person; provided
that, with respect to each such purchase or other acquisition:

     (a) each such purchase or acquisition is of a Person or ongoing business engaged in business
activities in which the Borrower is permitted to engage pursuant to Section 7.15;

     (b) (i) immediately before and immediately after giving effect to any such purchase or other
acquisition, no Default or Event of Default shall have occurred and be continuing, and (ii)
immediately after giving effect to such purchase or other acquisition, on a pro forma basis, the
Borrowers and its Subsidiaries shall be in compliance with each of the covenants set forth in this
Agreement (including Section 7.1);

     (c) any Person so acquired becomes a guarantor under the Guarantee and Collateral Agreement
and the other requirements of Section 6.11 (subject to the limitations therein with respect to
Excluded Foreign Subsidiaries) and the Security Documents are satisfied within the applicable time
periods set forth therein;

     (d) the total consideration for such purchases or other acquisitions shall not exceed (i)
$5,000,000 for any single purchase or acquisition or (ii) $15,000,000 in the aggregate for all
purchases or acquisitions during the term of this Agreement;

     (e) no Indebtedness is assumed or incurred in connection with any such purchase or
acquisition other than Indebtedness permitted by the terms of Section 7.2 hereof;

     (f) after giving effect to such purchase or acquisition, the net effect of such purchase or
acquisition shall be accretive to the Borrower’s EBITDAR on a pro forma basis for the 12 month
period ended one year after the proposed date of consummation of such proposed purchase or
acquisition;

     (g) the acquisition shall not be a Hostile Acquisition; and

     (h) the Borrower shall have delivered to the Administrative Agent and each Lender, at least
five (5) Business Days prior to the date on which any such purchase or other acquisition is to be
consummated (or such later date as is agreed by the Administrative Agent in its sole discretion), a
certificate of a Responsible Officer, in form and substance reasonably satisfactory to the
Administrative Agent, certifying that all of the requirements set forth in this definition have
been satisfied or will be satisfied on or prior to the consummation of such purchase or other
acquisition.

     “Person”: an individual, partnership, corporation, limited liability company, business trust,
joint stock company, trust, unincorporated association, joint venture, Governmental Authority or
other entity of whatever nature.

     “Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in
respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated
at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA.

17

 

     “Preferred Stock”: the preferred Capital Stock of the Borrower.

     “Prime Rate”: is with respect at any day, the rate of interest per annum reported as the
“Prime Rate” as quoted in the Wall Street Journal print edition on such day (or, if such day is not
a day on which the Wall Street Journal is published, the immediately preceding day on which the
Wall Street Journal was published).

     “Projections”: as defined in Section 6.2(b).

     “Properties”: as defined in Section 4.17(a).

     “Qualified Counterparty”: with respect to any Specified Swap Agreement, any counterparty
thereto that, at the time such Specified Swap Agreement was entered into or as of the Closing Date,
was the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender.

     “Quick Assets”: on any date, the sum of Borrower’s (i) unrestricted cash, (ii) marketable
securities that are immediately available for sale, (iii) accounts receivable and (iv) unbilled
revenue on Borrower’s balance sheet that are contractually owing to Borrower that are payable
within the next twelve (12) months, determined according to GAAP; provided that for
purposes of the foregoing clause (iv), the amount of unbilled revenue on any date shall not exceed
the lesser of (A) $50,000,000 or (B) 60% of the sum of the items specified in foregoing clauses (i)
through (iii) on such date.

     “Quick Ratio”: the ratio of (a) Quick Assets, to (b) all of Borrower’s liabilities and
Obligations under this Agreement and the other Loan Documents (including Obligations in respect of
issued Letters of Credit).

     “Refunded Swingline Loans”: as defined in Section 2.4(b).

     “Regulation U”: Regulation U of the Board as in effect from time to time.

     “Related Parties”: with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.

     “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in
reorganization within the meaning of Section 4241 of ERISA.

     “Replaced Lender”: as defined in Section 2.20.

     “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those
events as to which the thirty day notice period is waived under subsections .27, .28, .29, .30,
..31, .32, .34 or .35 of PBGC Reg. § 4043.

     “Required Lenders”: at any time, any two or more Lenders holding more than sixty-six and
two-thirds percent (66.67%) of the Total Revolving Extensions of Credit (including, without
duplication, any L/C Disbursements that have not yet been reimbursed or converted into

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Revolving Loans at such time) or, prior to any termination of the Revolving Commitments, the
holders of more than sixty-six and two-thirds percent (66.67%) of the Total Revolving Commitments
(including, without duplication, the L/C Commitments), but in any event excluding Defaulting
Lenders and their Revolving Commitments and Revolving Extensions of Credit.

     “Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation or
determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its
property is subject.

     “Responsible Officer”: the chief executive officer, president, vice president, chief
financial officer, chief accounting officer, treasurer, controller or comptroller of the Borrower,
but in any event, with respect to financial matters, the chief financial officer, chief accounting
officer, treasurer, controller or comptroller of the Borrower.

     “Restricted Payments”: as defined in Section 7.6.

     “Revolving Commitment”: as to any Lender, the obligation of such Lender, if any, to make
Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal
amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such
Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender
became a party hereto, as the same may be changed from time to time pursuant to the terms hereof
(including in connection with assignments permitted hereunder). The Revolving Commitment of each
Lender shall include, in any event, its L/C Commitment.

     “Revolving Commitment Increase”: as defined in Section 2.21(a)2.21(a).

     “Revolving Commitment Increase Effective Date”: as defined in Section 2.21(a)(iii).

     “Revolving Commitment Period”: the period from and including the Closing Date to the
Revolving Termination Date.

     "Revolving Extensions of Credit”: as to any Revolving Lender at any time, an amount equal to
the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then
outstanding, (b) the aggregate undrawn amount of all outstanding Letters of Credit at such time and
the aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into
Revolving Loans at such time and (c) such Lender’s Revolving Percentage of the aggregate principal
amount of Swingline Loans then outstanding.

     “Revolving Facility”: the Revolving Commitments and the extensions of credit made thereunder.

     “Revolving Lender”: each Lender that has a Revolving Commitment or that holds Revolving
Loans.

     “Revolving Loan Conversion”: as defined in Section 3.5(b).

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     “Revolving Loan Funding Office”: the office of the Administrative Agent specified in Section
10.2 or such other office as may be specified from time to time by the Administrative Agent as its
funding office by written notice to the Borrower and the Lenders.

     “Revolving Loan Note”: a promissory note in the form of Exhibit H-1, as it may be amended,
supplemented or otherwise modified from time to time.

     “Revolving Loan Register”: as defined in Section 10.6(b).

     “Revolving Loans”: as defined in Section 2.1(a).

     “Revolving Percentage”: as to any Revolving Lender at any time, the percentage which such
Lender’s Revolving Commitment then constitutes of the Total Revolving Commitments or, at any time
after the Revolving Commitments shall have expired or terminated, the percentage which the
aggregate principal amount of such Lender’s Revolving Extensions of Credit then outstanding
constitutes of the aggregate principal amount of the Total Revolving Extensions of Credit then
outstanding.

     “Revolving Termination Date”: April 15, 2013.

     “S&P”: Standard & Poor’s Ratings Services.

     “Sale Leaseback Transaction”: any arrangement with any Person or Persons, whereby in
contemporaneous or substantially contemporaneous transactions a Loan Party sells substantially all
of its right, title and interest in any property and, in connection therewith, acquires, leases or
licenses back the right to use all or a material portion of such property.

     “SEC”: the Securities and Exchange Commission, any successor thereto and any analogous
Governmental Authority.

     “Secured Parties”: the collective reference to the Administrative Agent, the Lenders
(including any Issuing Lender in its capacity as Issuing Lender), any Qualified Counterparties and
any Affiliates of the Administrative Agent or any Lender who have provided Cash Management Services
or FX Forward Contracts to any Loan Party.

     “Securities Act”: the Securities Act of 1933, as amended from time to time and any successor
statute.

     “Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the
Intellectual Property Security Agreements, the Mortgages and all other security documents hereafter
delivered to the Administrative Agent granting a Lien on any property of any Person to secure the
obligations and liabilities of any Loan Party under any Loan Document.

     “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a
Multiemployer Plan.

     “Solvent”: when used with respect to any Person, means that, as of any date of determination,
(a) the amount of the “fair value” of the assets of such Person will, as of such

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date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of
such date, as such quoted terms are determined in accordance with applicable federal and state laws
governing determinations of the insolvency of debtors, (b) the “present fair saleable value” of the
assets of such Person will, as of such date, be greater than the amount that will be required to
pay the liability of such Person on its debts as such debts become absolute and matured, as such
quoted terms are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (c) such Person will not have, as of such date, an
unreasonably small amount of capital with which to conduct its business, and (d) such Person will
be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means
liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a
right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured,
disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy
for breach of performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured,
disputed, undisputed, secured or unsecured.

     “Specified Swap Agreement”: any Swap Agreement entered into by the Borrower, any Subsidiary
of Borrower or any other Loan Party and any Qualified Counterparty (or any Person who was a
Qualified Counterparty as of the Closing Date or as of the date such Swap Agreement was entered
into) in respect of interest rates to the extent permitted under Section 7.12.

     “Stated Rate”: as defined in Section 2.11(c).

     “Subordinated Indebtedness”: any Indebtedness which is expressly subordinated in right of
payment to the prior payment in full of the Obligations (the subordination terms of which are
satisfactory to the Required Lenders) and which Indebtedness is in form and on terms approved in
writing by the Required Lenders.

     “Subsidiary”: as to any Person, a corporation, partnership, limited liability company or
other entity of which shares of stock or other ownership interests having ordinary voting power
(other than stock or such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

     “Subsidiary Guarantor”: each Subsidiary of the Borrower other than any Excluded Foreign
Subsidiary or any Immaterial Subsidiary.

     “Surety Indebtedness”: as of any date of determination, indebtedness (contingent or
otherwise) owing to sureties arising from surety bonds issued on behalf the Borrower and its
Subsidiaries as support for, among other things, their contracts with customers, whether such
indebtedness is owing directly or indirectly by the Borrower and its Subsidiaries.

     “SVB”: as defined in the preamble hereto.

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     “Swap Agreement”: any agreement with respect to any swap, hedge, forward, future or
derivative transaction or option or similar agreement (including, without limitation, any Interest
Rate Agreement and FX Forward Contract) involving, or settled by reference to, one or more rates,
currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower and its Subsidiaries shall be
a “Swap Agreement”.

     “Swingline Commitment”: the obligation of the Swingline Lender to make Swingline Loans
pursuant to Section 2.3 in an aggregate principal amount at any one time outstanding not to exceed
$5,000,000.

     “Swingline Lender”: as defined in the preamble hereto.

     “Swingline Loan Note”: a promissory note in the form of Exhibit H-2, as it may be amended,
supplemented or otherwise modified from time to time.

     “Swingline Loans”: as defined in Section 2.3.

     “Swingline Participation Amount”: as defined in Section 2.4(c).

     “Synthetic Lease Obligation”: the monetary obligation of a Person under (a) a so-called
synthetic, off-balance sheet or tax retention lease or (b) an agreement for the use of property
creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person
(without regard to accounting treatment).

     “Total L/C Commitment”: at any time, the sum of all L/C Commitments at such time, as the same
may be reduced from time to time pursuant to Section 2.6 or 3.5(b). The initial amount of the
Total L/C Commitments on the Closing Date is $75,000,000. The Total L/C Commitment is a sublimit of
the Total Revolving Commitment.

     “Total Revolving Commitment”: at any time, the aggregate amount of the Revolving Commitments
then in effect. The original amount of the Total Revolving Commitment is $75,000,000.

     “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving
Extensions of Credit of the Revolving Lenders outstanding at such time.

     “Trademark Security Agreement”: as defined in the Guarantee and Collateral Agreement.

     “Transferee”: any Eligible Assignee or Participant.

     “Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan.

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     “UCP 600”: the rules of the Uniform Customs and Practice for Documentary Credits, as most
recently published by the International Chamber of Commerce and dated as of July 1, 2007 (or such
later version thereof as may be in effect at the time of issuance).

     “UFCA”: as defined in Section 10.16(d).

     “UFTA”: as defined in Section 10.16(d).

     “Uniform Commercial Code” or “UCC”: the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect from time to time in any applicable jurisdiction.

     “United States”: the United States of America.

     “U.S. Lender Party”: the Administrative Agent, each Lender and each Participant, in each case
that is a “United States person” as defined in Section 7701(a)(30) of the Code.

     “Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of
which (other than directors’ qualifying shares required by law) is owned by such Person directly
and/or through other Wholly Owned Subsidiaries.

     “Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned
Subsidiary of the Borrower.

     1.2 Other Definitional Provisions.

          (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in the other Loan Documents or any certificate or other document made or
delivered pursuant hereto or thereto.

          (b) As used herein and in the other Loan Documents, and any certificate or other document made
or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not
defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not
defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii)
the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect
of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings),
(iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, revenues, accounts, leasehold interests and contract rights, and (v) references to
agreements (including this Agreement) or other Contractual Obligations shall, unless otherwise
specified, be deemed to refer to such agreements or Contractual Obligations as amended,
supplemented, restated, amended and restated or otherwise modified from time to time.

          (c) The words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise
specified.

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          (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

SECTION 2

AMOUNT AND TERMS OF COMMITMENTS

     2.1 Revolving Commitments.

          (a) Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make
revolving credit loans (“Revolving Loans”) to the Borrower from time to time during the Revolving
Commitment Period in an aggregate principal amount at any one time outstanding which, when added to
the aggregate outstanding amount of the Swingline Loans, and the aggregate undrawn amount of all
outstanding Letters of Credit and the aggregate amount of all L/C Disbursements that have not yet
been reimbursed or converted into Revolving Loans, incurred on behalf of the Borrower and owing to
such Lender, does not exceed the amount of such Lender’s Revolving Commitment; provided
that the Total Revolving Extensions of Credit shall in no event exceed the Total Revolving
Commitment. During the Revolving Commitment Period, the Borrower may use the Revolving Commitments
by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance
with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar
Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 2.8.

          (b) The Borrower shall repay all outstanding Revolving Loans on the Revolving Termination
Date.

     2.2 Procedure for Revolving Loan Borrowing. Subject to the terms and conditions hereof, the
Borrower may borrow under the Revolving Commitment during the Revolving Commitment Period on any
Business Day; provided that the Borrower shall give the Administrative Agent an
irrevocable Notice of Borrowing (which must be received by the Administrative Agent prior to 10:00
A.M., Eastern time, (a) three (3) Business Days prior to the requested Borrowing Date, in the case
of Eurodollar Loans, or (b) one (1) Business Day prior to the requested Borrowing Date, in the case
of ABR Loans (in each case, with originals to follow within three (3) Business Days))
(provided that any such Notice of Borrowing of ABR Loans under the Revolving
Facility to finance payments under Section 3.5(a) may be given not later than 10:00 A.M.,
Eastern time, on the date of the proposed borrowing), specifying (i) the amount and Type of
Revolving Loans to be borrowed, (ii) the requested Borrowing Date, (iii) in the case of Eurodollar
Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial
Interest Period therefor, and (iv) instructions for remittance of the applicable Loans to be
borrowed. Unless otherwise agreed by the Administrative Agent in its sole discretion, no Revolving
Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in
excess of one (1) month prior to the date that is thirty (30) days after the Closing Date. Each
borrowing under the Revolving Commitment shall be in an amount equal to, in the case of ABR Loans,
$100,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available
Revolving
Commitments are less than $100,000, such lesser amount); provided that the
Swingline Lender may request, on behalf of the Borrower,

24

 

borrowings under the Revolving Commitments
that are ABR Loans in other amounts pursuant to Section 2.4. Upon receipt of any such
Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each
Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each
borrowing available to the Administrative Agent for the account of the Borrower at the Revolving
Loan Funding Office prior to 12:00 P.M., Eastern time, on the Borrowing Date requested by the
Borrower in funds immediately available to the Administrative Agent. Upon satisfaction of the
applicable conditions set forth in Section 5.2, such borrowing will then be made available to the
Borrower by the Administrative Agent crediting such account as is designated in writing to the
Administrative Agent by the Borrower with the aggregate of the amounts made available to the
Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative
Agent. No Revolving Loan will be made on the Closing Date. The Borrower promises to pay to the
Administrative Agent, for the account of the Revolving Lenders, in accordance with their respective
Revolving Percentages, all amounts due under the Revolving Loans on the Revolving Termination Date
or such earlier date as required hereunder.

     2.3 Swingline Commitment. Subject to the terms and conditions hereof, the Swingline
Lender agrees to make a portion of the credit otherwise available to the Borrower under the
Revolving Commitment from time to time during the Revolving Commitment Period by making swing line
loans (“Swingline Loans”) to the Borrower; provided that (i) the aggregate
principal amount of Swingline Loans outstanding at any time shall not exceed the Swingline
Commitment then in effect and (ii) the Borrower shall not request, and the Swingline Lender shall
not make, any Swingline Loan if, after giving effect to the making of such Swingline Loan, the
aggregate amount of the Available Revolving Commitments would be less than zero. During the
Revolving Commitment Period, the Borrower may use the Swingline Commitment by borrowing, repaying
and reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be
ABR Loans only. The Borrower shall repay to the Swingline Lender the then unpaid principal amount
of each Swingline Loan on the Revolving Termination Date. The Borrower promises to pay to the
Swingline Lender all amounts due under the Swingline Loans on the Revolving Termination Date or
such earlier date as required hereunder.

     2.4 Procedure for Swingline Borrowing; Refunding of Swingline Loans.

          (a) Whenever the Borrower desires that the Swingline Lender make Swingline Loans, it shall
give the Swingline Lender irrevocable telephonic notice (which telephonic notice must be received
by the Swingline Lender not later than 12:00 P.M., Eastern time, on the proposed Borrowing Date)
confirmed promptly in writing by a Notice of Borrowing, specifying (i) the amount to be borrowed
and (ii) the requested Borrowing Date (which shall be a Business Day during the Revolving
Commitment Period). Each borrowing under the Swingline Commitment shall be in an amount equal to
$100,000 or a whole multiple of $100,000 in excess thereof. Promptly thereafter and so long as the
applicable conditions set forth in Section 5.2 are satisfied, on the Borrowing Date specified in a
notice in respect of Swingline Loans, the Swingline Lender shall make available to the Borrower an
amount in immediately available
funds equal to the amount of the Swingline Loan to be made by depositing such amount in the
account designated in writing to the Administrative Agent by the Borrower.

25

 

          (b) The Swingline Lender, at any time and from time to time in its sole and absolute
discretion may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to
act on its behalf), on one (1) Business Day’s telephonic notice given by the Swingline Lender no
later than 12:00 Noon, Eastern time, and promptly confirmed in writing, request each Revolving
Lender to make, and each Revolving Lender hereby agrees to make, a Revolving Loan, in an amount
equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of the Swingline
Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to repay the
Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to
the Administrative Agent at the Revolving Loan Funding Office in immediately available funds, not
later than 10:00 A.M., Eastern time, one (1) Business Day after the date of such notice. The
proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to
the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded
Swingline Loans. The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s
accounts with the Administrative Agent (up to the amount available in each such account) to
immediately pay the amount of such Refunded Swingline Loans to the extent amounts received from the
Revolving Lenders are not sufficient to repay in full such Refunded Swingline Loans.

          (c) If, prior to the time a Revolving Loan has been made pursuant to Section 2.4(b),
one of the events described in Section 8.1(f) shall have occurred with respect to the
Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion,
Revolving Loans may not be made as contemplated by Section 2.4(b), each Revolving Lender
shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in
Section 2.4(b) or on the date requested by the Swingline Lender (with at least one (1)
Business Day’s notice to the Revolving Lenders), purchase for cash an undivided participating
interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the
“Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage
multiplied by (ii) the sum of the aggregate principal amount of Swingline Loans then
outstanding that were to have been repaid with such Revolving Loans.

          (d) Whenever, at any time after the Swingline Lender has received from any Revolving Lender
such Lender’s Swingline Participation Amount, the Swingline Lender receives any payment on account
of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline
Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s participating interest was outstanding and funded and, in
the case of principal and interest payments, to reflect such Lender’s pro rata portion of such
payment if such payment is not sufficient to pay the principal of and interest on all Swingline
Loans then due); provided that, in the event that such payment received by the
Swingline Lender is required to be returned, such Revolving Lender will return to the Swingline
Lender any portion thereof previously distributed to it by the Swingline Lender.

          (e) Each Revolving Lender’s obligation to make the Loans referred to in Section 2.4(b)
and to purchase participating interests pursuant to Section 2.4(c) shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower
may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever,
(ii) the occurrence of a Default or an Event of Default or the failure to satisfy any of

26

 

the other
conditions specified in Section 5.2, (iii) any adverse change in the condition (financial
or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the
Borrower, any other Loan Party or any other Revolving Lender or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

     2.5 Commitment Fees, etc.

          (a) On or prior to the Closing Date, the Borrower agrees to pay to the Administrative Agent,
for the account of the Lenders, the commitment fee in the amount set forth in the Fee Letter with
the Administrative Agent.

          (b) As additional compensation for the Revolving Commitment, the Borrower shall pay the
Administrative Agent, for the account of the Revolving Lenders, in arrears, on the first day of
each calendar quarter prior to the Revolving Termination Date and on the Revolving Termination
Date, a fee (the “Commitment Fee”) for the Borrower’s non-use of available funds in an amount equal
to the Commitment Fee Rate (calculated on the basis of a 360 day year for actual days elapsed)
multiplied by the difference between (x) the Total Revolving Commitment (as it may be reduced from
time to time) and (y) the average daily Total Revolving Extensions of Credit during the period for
which such Commitment Fee is due reduced by the average daily aggregate principal amount of
Swingline Loans outstanding for such period.

          (c) The Borrower agrees to pay to the Administrative Agent the other fees in the amounts and
on the dates as set forth in the Fee Letter with the Administrative Agent and to perform any other
obligations contained therein.

     2.6 Termination or Reduction of Commitments.

          (a) The Borrower shall have the right, upon not less than three (3) Business Days’ notice to
the Administrative Agent, to terminate the Total Revolving Commitment or, from time to time, to
reduce the amount of the Total Revolving Commitment; provided that no such
termination or reduction of the Total Revolving Commitment shall be permitted if, after giving
effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the
effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving
Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple
thereof, and shall reduce permanently the Total Revolving Commitment then in effect. The Total L/C
Commitment shall automatically reduce by an amount equal to any reduction in the Total Revolving
Commitment pursuant to this Section 2.6(a). In addition to the foregoing, the Borrower shall have
the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to
terminate the Total L/C Commitment or, from time to time, to reduce the amount of the Total L/C
Commitment; provided that no such termination or reduction of the Total L/C
Commitment shall be permitted if, after giving effect thereto, the Total L/C Commitments shall be
reduced to an amount that would result in the aggregate L/C Exposure
exceeding the Total L/C Commitments (as so reduced). Any such reduction shall be in an amount
equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Total L/C
Commitment then in effect.

27

 

     2.7 Optional Prepayments. The Borrower may at any time and from time to time prepay the
Loans, in whole or in part, upon irrevocable notice delivered to the Administrative Agent no later
than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, in the case of Eurodollar
Loans, and no later than 10:00 A.M., Eastern time, one (1) Business Day prior thereto, in the case
of ABR Loans, which notice shall specify the date and amount of prepayment; provided
that, if a Eurodollar Loan is prepaid on any day other than the last day of the Interest
Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section
2.16; provided further that, if such notice of prepayment indicates
that such prepayment is to be funded with the proceeds of a refinancing or the sale of the Loan
Parties, such notice of prepayment may be revoked if the financing or such sale is not consummated.
Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant
Lender thereof. If any such notice is given, the amount specified in such notice shall be due and
payable on the date specified therein, together with (except in the case of Revolving Loans that
are ABR Loans and Swingline Loans) accrued interest to such date on the amount prepaid. Partial
prepayments of Revolving Loans shall be in an aggregate principal amount of at least $500,000 or,
if greater, in whole multiples of $250,000. Partial prepayments of Swingline Loans shall be in an
aggregate principal amount of $100,000 or a whole multiple thereof.

     2.8 Conversion and Continuation Options.

          (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by
giving the Administrative Agent prior irrevocable notice in a Notice of Conversion/Continuation of
such election no later than 10:00 A.M., Eastern time, on the Business Day preceding the proposed
conversion date; provided that any such conversion of Eurodollar Loans may only be
made on the last day of an Interest Period with respect thereto. The Borrower may elect from time
to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior
irrevocable notice in a Notice of Conversion/Continuation of such election no later than 10:00
A.M., Eastern time, on the third Business Day preceding the proposed conversion date (which notice
shall specify the length of the initial Interest Period therefor); provided that no
ABR Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred
and is continuing. Upon receipt of any such notice, the Administrative Agent shall promptly notify
each Revolving Lender thereof.

          (b) Any Eurodollar Loan may be continued as such upon the expiration of the then current
Interest Period with respect thereto by the Borrower giving irrevocable notice in a Notice of
Conversion/Continuation to the Administrative Agent, in accordance with the applicable provisions
of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest
Period to be applicable to such Loans; provided that no Eurodollar Loan may be
continued as such when any Default or Event of Default has occurred and is continuing, and;
provided further that, if the Borrower shall fail to give any required
notice as described above in this paragraph or if such continuation is not permitted pursuant to
the preceding proviso, such
Loans shall be automatically converted to ABR Loans on the last day of such then expiring
Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify
each relevant Lender thereof.

     2.9 Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this
Agreement, all borrowings, conversions and continuations of Eurodollar Loans and all

28

 

selections of
Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after
giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each
Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $100,000 in excess thereof
and (b) no more than five (5) Eurodollar Tranches shall be outstanding at any one time.

     2.10 Interest Rates and Payment Dates.

          (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with
respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the
Applicable Margin.

          (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable
Margin.

          (c) After the occurrence and during the continuance of (x) an Event of Default under Section
8.1(a) or (f), or (y) any other Event of Default if requested by the Required Lenders in their
discretion, all outstanding Loans shall bear interest at a rate per annum equal to the rate that
would otherwise be applicable thereto pursuant to the foregoing provisions of this Section
2.10 plus two percent (2.00%).

          (d) Interest shall be payable in arrears on each Interest Payment Date; provided
that interest accruing pursuant to Section 2.10(c) shall be payable from time to
time on demand.

     2.11 Computation of Interest and Fees.

          (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day
year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on
which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the
basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The
Administrative Agent shall, as soon as practicable, notify the Borrower and the relevant Lenders of
each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from
a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the
opening of business on the day on which such change becomes effective. The Administrative Agent
shall, as soon as practicable, notify the Borrower and the relevant Lenders of the effective date
and the amount of each such change in interest rate.

          (b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request
of the Borrower or any Lender, deliver to the Borrower or the applicable Lender a statement
showing the quotations used by the Administrative Agent in determining any interest rate pursuant
to Section 2.11(a).

          (c) In no event shall the interest charged hereunder, with respect to the notes (if any) or
any other obligations of Loan Parties under any Loan Documents exceed the maximum amount permitted
under applicable law. Notwithstanding anything to the contrary

29

 

herein or elsewhere, if at any time
the rate of interest payable hereunder or under any note or other Loan Document (the “Stated Rate”)
would exceed the highest rate of interest permitted under any applicable law to be charged (the
"Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate
of interest payable shall be equal to the Maximum Lawful Rate; provided, however,
that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower
shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until
such time as the total interest received is equal to the total interest which would have been
received had the Stated Rate been (but for the operation of this provision) the interest rate
payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the
Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again
apply. In no event shall the total interest received by any Lender exceed the amount which it
could lawfully have received, had the interest been calculated for the full term hereof at the
Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest
hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the
reduction of the principal balance of such Lender’s Loan or to other amounts (other than interest)
payable hereunder, and if no such principal or other amounts are then outstanding, such excess or
part thereof remaining shall be paid to Borrower. In computing interest payable with reference to
the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate
equal to the Maximum Lawful Rate divided by the number of days in the year in which such
calculation is made.

     2.12 Inability to Determine Interest Rate. If, prior to the first day of any Interest Period,
(a) the Administrative Agent shall have determined (which determination shall be conclusive and
binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate
and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or
(b) the Administrative Agent shall have received notice from the Required Lenders that the
Eurodollar Rate determined or to be determined for such Interest Period will not adequately and
fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or
maintaining their affected Loans during such Interest Period, the Administrative Agent shall give
telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as
practicable thereafter. If such notice is given (x) any Eurodollar Loans under the relevant
Facility requested to be made on the first day of such Interest Period shall be made as ABR Loans,
(y) any Loans under the relevant Facility that were to have been converted on the first day of such
Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding
Eurodollar Loans under the relevant Facility shall be converted, on the last day of the
then-current Interest Period, to ABR Loans. Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Loans under the relevant Facility shall be made or
continued as such, nor shall the Borrower have the right to convert Loans under the relevant
Facility to Eurodollar Loans.

     2.13 Pro Rata Treatment and Payments.

          (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on
account of the Commitment Fee and any reduction of the Commitments shall be made pro
rata according to the respective L/C Percentages or Revolving Percentages, as the case may
be, of the relevant Lenders.

30

 

          (b) Each payment (including each prepayment) by the Borrower on account of principal of
and interest on the Revolving Loans shall be made pro rata according to the respective outstanding
principal amounts of the Revolving Loans then held by the Revolving Lenders.

          (c) All payments (including prepayments) to be made by the Borrower hereunder, whether on
account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and
shall be made prior to 10:00 A.M., Pacific time, on the due date thereof to the Administrative
Agent, for the account of the Lenders, at the Revolving Loan Funding Office, in Dollars and in
immediately available funds. The Administrative Agent shall distribute such payments to the
Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than
payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan
becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended
to the next succeeding Business Day unless the result of such extension would be to extend such
payment into another calendar month, in which event such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment of principal pursuant to the
preceding two sentences, interest thereon shall be payable at the then applicable rate during such
extension.

          (d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to
the date of any borrowing that such Lender will not make the amount that would constitute its share
of such borrowing available to the Administrative Agent, the Administrative Agent may assume that
such Lender is making such amount available to the Administrative Agent, and the Administrative
Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount.
If such amount is not made available to the Administrative Agent by the required time on the
Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount
with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and
(ii) a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation, for the period until such Lender makes such amount immediately available to
the Administrative Agent. If such Lender’s share of such borrowing is not made available to the
Administrative Agent by such Lender within three (3) Business Days after such Borrowing Date, the
Administrative Agent shall also be entitled to recover such amount with interest thereon at the
rate per annum applicable to ABR Loans under the relevant Facility, on demand, from the Borrower.

          (e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior
to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make
such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is
making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a
corresponding amount. If such payment is not made to the Administrative Agent by the Borrower
within three (3) Business Days after such due date, the Administrative Agent shall be entitled to
recover, on demand, from each Lender to which any amount which was made available pursuant to the
preceding sentence, such amount with interest thereon at the rate per annum equal to the daily
average Federal Funds Effective Rate. Nothing

31

 

herein shall be deemed to limit the rights of Administrative Agent or any Lender against the
Borrower.

          (f) Notwithstanding anything to the contrary in this Agreement, the Administrative Agent may,
in its discretion at any time or from time to time, without the Borrower’s request and even if the
conditions set forth in Section 5.2 would not be satisfied, make a Revolving Loan in an amount
equal to the portion of the Obligations constituting interest and fees and Swingline Loans from
time to time due and payable to itself, any Revolving Lender, the Swingline Lender or the Issuing
Lender, and apply the proceeds of any such Revolving Loan to those Obligations; provided
that, after giving effect to any such Revolving Loan, the aggregate outstanding Revolving
Loans will not exceed the Total Revolving Commitments; provided that, to the extent
that the Administrative Agent chooses to exercise this right on behalf of itself or SVB in any
capacity, the Administrative Agent shall also exercise this right on behalf of each other Lender.

     2.14 Requirements of Law.

          (a) If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof or compliance by any Lender with any request or directive (whether or not
having the force of law) from any central bank or other Governmental Authority made subsequent to
the date on which a Lender becomes a party to this Agreement shall:

               (i) impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar
requirement against assets held by, deposits or other liabilities in or for the account of,
advances, loans or other extensions of credit by, or any other acquisition of funds by, any office
of such Lender that is not otherwise included in the determination of the Eurodollar Rate; or

               (ii) impose on such Lender any other condition;

and the result of any of the foregoing is to increase the cost to such Lender, by an amount that
such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar
Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable
hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender,
upon its demand, any additional amounts necessary to compensate such Lender for such increased cost
or reduced amount receivable; provided, however, that no such additional amounts
shall be payable to such Lender for taxes pursuant to this Section 2.14 to the extent that (x) such
Lender received additional amounts with respect to such taxes pursuant to Section 2.15 or (y) such
amounts constitute Excluded Taxes. If any Lender becomes entitled to claim any additional amounts
pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the
Administrative Agent) of the event by reason of which it has become so entitled.

          (b) If any Lender shall have determined that the adoption of, or any change in, any
Requirement of Law regarding capital adequacy or in the interpretation or application thereof or
compliance by such Lender or any corporation controlling such Lender with any request or directive
regarding capital adequacy (whether or not having the force of law) from any Governmental Authority
made subsequent to the date hereof shall have the effect of reducing the

32

 

rate of return on such Lender’s or such corporation’s capital as a consequence of its
obligations hereunder or under or in respect of any Letter of Credit to a level below that which
such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital
adequacy) by an amount deemed by such Lender to be material, then from time to time, after
submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written
request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will
compensate such Lender or such corporation for such reduction.

          (c) A certificate as to any additional amounts payable pursuant to this Section 2.14 submitted
by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the
absence of manifest error. Notwithstanding anything to the contrary in this Section 2.14, the
Borrower shall not be required to compensate a Lender pursuant to this Section 2.14 for any amounts
incurred more than six (6) months prior to the date that such Lender notifies the Borrower of such
Lender’s intention to claim compensation therefor; provided that if the
circumstances giving rise to such claim have a retroactive effect, then such six-month period shall
be extended to include the period of such retroactive effect. The obligations of the Borrower
pursuant to this Section 2.14 shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder.

          (d) For purposes of this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, guidelines, or directives in connection therewith are deemed to have gone
into effect and been adopted after the date of this Agreement.

     2.15 Taxes.

          (a) Except as otherwise provided in this Section 2.15, all payments made by the Borrower under
this Agreement shall be made free and clear of, and without deduction or withholding for or on
account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges,
fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed
by any Governmental Authority (collectively, but excluding Excluded Taxes, the “Non-Excluded
Taxes”). If any such Non-Excluded Taxes or Other Taxes are required to be withheld from any
amounts payable to the Administrative Agent or any Lender hereunder, the amounts so payable to the
Administrative Agent or such Lender shall be increased to the extent necessary to yield to the
Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes)
interest or any such other amounts payable hereunder at the rates or in the amounts specified in
this Agreement; provided that the Borrower shall not be required to increase any
such amounts payable to any Lender with respect to any Excluded Taxes.

          (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

          (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, pursuant to
this Section 2.15, as promptly as practicable thereafter the Borrower shall send to the
Administrative Agent for its own account or for the account of the relevant Lender, as

33

 

the case may be, a certified copy of an original official receipt received by the Borrower
showing payment thereof.

          (d) The Borrower shall reimburse and indemnify, within thirty (30) days after receipt of
demand therefor, each Lender, the Issuing Lender, and the Administrative Agent for all Non-Excluded
Taxes and Other Taxes (including any Non-Excluded Taxes and Other Taxes imposed by any jurisdiction
on amounts payable under this Section 2.15) paid by such Lender or the Administrative Agent and any
liabilities arising therefrom or with respect thereto, including any amendment, supplement, or
modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan
Documents, or any such other documents. A certificate of the Lender or the Administrative Agent
claiming any compensation under this Section 2.15, setting forth the amounts to be paid thereunder
and delivered to the Borrower with copy to the Administrative Agent, shall be conclusive, binding
and final for all purposes, absent manifest error. If the Borrower fails to pay any Non-Excluded
Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the
Administrative Agent the required receipts or other required documentary evidence, the Borrower
shall indemnify the Administrative Agent and the Lenders for any incremental taxes, interest or
penalties that may become payable by the Administrative Agent or any Lender as a result of any such
failure.

          (e) (i) Each U.S. Lender Party shall (A) on or prior to the date such U.S. Lender Party
becomes a “U.S. Lender Party” hereunder, (B) on or prior to the date on which any such form or
certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change
in the most recent form or certification previously delivered by it pursuant to this Section
2.15(e) and (D) from time to time if requested by the Borrower or the Administrative Agent (or, in
the case of a Participant, the relevant Lender), provide the Administrative Agent and the Borrower
(or, in the case of a Participant, the relevant Lender) with two completed originals of Form W-9
(certifying that such U.S. Lender Party is entitled to an exemption from U.S. backup withholding
tax) or any successor form.

               (ii) Each Non-U.S. Lender Party that, at any of the following times, is entitled to an
exemption from United States withholding tax or, after a change in any Requirement of Law, is
subject to such withholding tax at a reduced rate under an applicable tax treaty, shall (w) on or
prior to the date such Non-U.S. Lender Party becomes a “Non-U.S. Lender Party” hereunder, (x) on or
prior to the date on which any such form or certification expires or becomes obsolete, (y) after
the occurrence of any event requiring a change in the most recent form or certification previously
delivered by it pursuant to this Section 2.15(e)(ii) and (z) from time to time if requested by the
Borrower or the Administrative Agent (or, in the case of a Participant, the relevant Lender),
provide the Administrative Agent and the Borrower (or, in the case of a Participant, the relevant
Lender) with two completed originals of each of the following, as applicable: (A) Forms W-8ECI
(claiming exemption from U.S. withholding tax because the income is effectively connected with a
U.S. trade or business), W-8BEN (claiming exemption from, or a reduction of, U.S. withholding tax
under an income tax treaty) and/or W-8IMY or any successor forms, (B) in the case of a Non-U.S.
Lender Party claiming exemption under Sections 871(h) or 881(c) of the Code, Form W-8BEN (claiming
exemption from U.S. withholding tax under the portfolio interest exemption) or any successor form
and a certificate in form and substance reasonably acceptable to the Borrower and Administrative
Agent that such Non-U.S. Lender Party is not (1) a “bank” within the meaning of Section
881(c)(3)(A) of the Code, (2) a

34

 

“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the
Code or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C)
any other applicable document prescribed by the IRS certifying as to the entitlement of such
Non-U.S. Lender Party to such exemption from United States withholding tax or reduced rate with
respect to all payments to be made to such Non-U.S. Lender Party under the Loan Documents. Unless
the Borrower and the Administrative Agent have received forms or other documents described above
indicating that payments under any Loan Document to or for a Non-U.S. Lender Party are not subject
to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax
treaty, the Loan Parties and the Administrative Agent shall withhold amounts required to be
withheld by applicable Requirements of Law from such payments at the applicable statutory rate.

               (iii) If a payment made to a Non-U.S. Lender Party would be subject to United States federal
withholding tax imposed by FATCA if such Non-U.S. Lender Party fails to comply with the applicable
reporting requirements of FATCA, such Non-U.S. Lender Party shall deliver to the Administrative
Agent and Borrower any documentation under any Requirement of Law sufficient for the Administrative
Agent or Borrower to comply with their obligations under FATCA and to determine that such Non-U.S.
Lender has complied with such applicable reporting requirements.

          (f) If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.15, it shall pay over such refund to the Borrower (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrower under this Section 2.15 with respect to
the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent or such Lender and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund); provided
that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to
repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person.

          (g) The agreements in this Section 2.15 shall survive the termination of this Agreement and
the payment of the Loans and all other amounts payable hereunder.

     2.16 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender
harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a)
default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar
Loans after the Borrower has given a notice requesting the same in accordance with the provisions
of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from
Eurodollar Loans after the Borrower has given a notice thereof in accordance with the provisions
of this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not
the last day of an Interest Period with respect thereto. Such

35

 

indemnification may include an
amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the
amount so prepaid, or not so borrowed, reduced, converted or continued, for the period from the
date of such prepayment or of such failure to borrow, reduce, convert or continue to the last day
of such Interest Period (or, in the case of a failure to borrow, reduce, convert or continue, the
Interest Period that would have commenced on the date of such failure) in each case at the
applicable rate of interest or other return for such Loans provided for herein (excluding, however,
the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably
determined by such Lender) that would have accrued to such Lender on such amount by placing such
amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A
certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any
Lender shall be conclusive in the absence of manifest error. This covenant shall survive the
termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

     2.17 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event
giving rise to the operation of Sections 2.18 or 2.19(a) with respect to such Lender, it will, if
requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such
Lender) to designate another lending office for any Loans affected by such event with the object of
avoiding the consequences of such event; provided that such designation is made on
terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to
suffer no economic, legal or regulatory disadvantage; provided further that nothing
in this Section 2.17 shall affect or postpone any of the obligations of the Borrower or the rights
of any Lender pursuant to Sections 2.14 or 2.15(a).

     2.18 Notes. If so requested by any Lender by written notice to the Borrower (with a copy to
the Administrative Agent), the Borrower shall execute and deliver to such Lender (and/or, if
applicable and if so specified in such notice, to any Person who is an assignee of such Lender
pursuant to Section 10.6) (promptly after the Borrower’s receipt of such notice) a Note or Notes to
evidence such Lender’s Loans.

     2.19 Defaulting Lenders.

          (a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no
longer a Defaulting Lender, to the extent permitted by applicable law:

               (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove
any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in
the definition of Required Lenders.

               (ii) Reallocation of Payments. Any payment of principal, interest, fees or other
amounts received by the Administrative Agent for the account of such Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise, and
including any amounts made available to the Administrative Agent by such Defaulting Lender
pursuant to Section 10.7), shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any

36

 

amounts owing by such Defaulting Lender to the Issuing Lender hereunder; third, if so determined by
the Administrative Agent or requested by the Issuing Lender, to be held as cash collateral for
future funding obligations of such Defaulting Lender of any participation in any Letter of Credit;
fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative
Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order
to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth, to the
payment of any amounts owing to the Lenders, the L/C Lenders, or the Issuing Lender as a result of
any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Lender, or
Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Event of Default has occurred and is
continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a
court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (A) such payment is a payment of the principal amount of any Loans or L/C Advances
in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such
Loans or L/C Advances were made at a time when the conditions set forth in Section 5.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Advances
owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of
any Loans of, or L/C Advances owed to, such Defaulting Lender. Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.19(a)(ii) shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

               (iii) Certain Fees. A Defaulting Lender (A) shall not be entitled to receive any fee
pursuant to Section 2.5 for any period during which that Lender is a Defaulting Lender (and the
Borrower shall not be required to pay any such fee that otherwise would have been required to have
been paid to such Defaulting Lender) and (B) shall be limited in its right to receive letter of
credit fees as provided in Section 3.3.

               (iv) Reallocation of Pro Rata Share to Reduce Fronting Exposure. During any period in
which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to
Section 3.4 or in Swingline Loans pursuant to Section 2.4(c) the pro rata share of each
non-Defaulting Lender of any such Letter of Credit or Swingline Loan shall be computed without
giving effect to the Revolving Commitment of such Defaulting Lender; provided,
that, (A) each such reallocation shall be given effect only if, at the date the applicable
Lender becomes a Defaulting Lender, no Event of Default has occurred and is continuing; and (B) the
aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit shall not exceed the positive difference, if any, of (1) the
Revolving Commitment of that non-Defaulting Lender minus (2) the aggregate outstanding amount
of the Revolving Loans of that Lender plus the aggregate amount of that Lender’s Revolving
Percentage of then outstanding Letters of Credit and Swingline Loans.

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          (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Issuing
Lender agree in writing in their sole discretion that a Defaulting Lender should no longer be
deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein (which may include arrangements with respect to any cash collateral), that Lender will, to
the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Swingline Loans to be held on a pro
rata basis by the Lenders in accordance with their Revolving Percentages (without giving effect to
Section 2.19(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments
made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by
the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender having been a Defaulting
Lender.

     2.20 Replacement of Lenders.

     (i) If any Lender requests compensation under Section 2.14, (ii) if Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.15, (iii) if any Lender is a Defaulting Lender, or (iv)
if a Lender refuses to consent to an amendment, modification or waiver of this Agreement that,
pursuant to Section 10.1 requires consent of 100% of the Lenders or 100% of the Lenders
with Obligations affected thereby (and the Required Lenders have consented thereto or, as
applicable, 66 2/3% of affected Lenders), then Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender (the “Replaced Lender”) to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 10.6), all of its interests, rights and obligations under this Agreement to a
willing assignee selected by Borrower that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided that (a) Borrower
shall have received the prior written consent of the Administrative Agent (except where the
Administrative Agent is the Replaced Lender) and the Issuing Bank, which consents, so long as no
Default has occurred and is continuing, shall not unreasonably be withheld; provided,
however, that for purposes of clauses (iii) and (iv) with respect to a Defaulting
Lender, such consent will not be unreasonably withheld, regardless of the occurrence and
continuance of a Default, (b) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in any Cash Management Services, FX Forward
Agreements, and Specified Swap Agreements, and accrued interest thereon, fees, and all other
amounts from the assignee (to the extent of such outstanding principal and accrued interest) or
Borrower (in the case of all other amounts), (c) in the case of any such assignment resulting from
a claim for compensation under Section 2.14 or payments required to be made pursuant to
Section 2.15, such assignment will result in a material reduction in such compensation or
payments, and (d) in the case of any such
assignment resulting from a Lender refusing to consent to an amendment, modification or waiver
of this Agreement, then such assignee shall consent, at the time of such assignment, to each matter
in respect of which such Lender did not consent. For the avoidance of doubt, if a Lender refused
to consent to an amendment, modification or waiver that required the consent of 100% of

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Lenders (and the Required Lenders having consented thereto) with Obligations directly affected thereby
(which amendment, modification or waiver did not accordingly require the consent of 100% of all
Lenders), the Loans and Commitments of such Lender that are subject to the assignments required by
this Section shall include only those Loans and Commitments that constitute the Obligations
directly affected by the amendment, modification or waiver to which such Lender refused to provide
its consent. A Lender shall not be required to make any such assignment and delegation if prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower
to require such assignment and delegation cease to apply. In connection with the foregoing, the
Administrative Agent shall have the authority to execute the Assignment and Assumption on behalf of
any Lender making an assignment hereunder.

     2.21 Increase in Commitments.

          (a) Increase in Revolving Commitments. Provided no Default or Event of Default then
exists or would arise therefrom, upon notice to the Administrative Agent (which shall promptly
notify the Revolving Lenders), the Borrower may from time to time, request an increase in the Total
Revolving Commitment by an amount (for all such requests) not exceeding $25,000,000 (each such
increase, a “Revolving Commitment Increase”); provided that (i) any such request
for an increase shall be in a minimum amount of $2,500,000, (ii) the Borrower may make a maximum of
four such requests, and (iii) each Revolving Commitment Increase is subject to the prior written
consent of each Lender providing such Revolving Commitment Increase. At the time of sending such
notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period
within which each Revolving Lender is requested to respond to such request for a Revolving
Commitment Increase (which shall in no event be less than ten (10) Business Days from the date of
delivery of such notice to the Revolving Lenders).

               (i) Revolving Lender Elections to Increase. Each Revolving Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Revolving
Commitment and, if so, whether by an amount equal to, greater than, or less than its Revolving
Percentage of such requested increase. Any Revolving Lender not responding within such time period
shall be deemed to have declined to increase its Revolving Commitment.

               (ii) Notification by Administrative Agent; Additional Revolving Commitment Lenders.
The Administrative Agent shall notify the Borrower and each Revolving Lender of the Revolving
Lenders’ responses to each request made hereunder. To achieve the full amount of a requested
increase and subject to the approval of the Administrative Agent and the Issuing Lender (which
approvals shall not be unreasonably withheld or delayed), to the extent that the existing Revolving
Lenders decline to increase their Revolving Commitments, or decline to increase their Revolving
Commitments to the amount requested by the Borrower, the Administrative Agent, in consultation with
the Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become
Revolving Lenders hereunder and to issue commitments in an amount equal to the amount of the
increase in the Total Revolving
Commitments requested by the Borrower and not accepted by the existing Revolving Lenders (each
such Person issuing, or Revolving Lender increasing, its Revolving Commitment, an “Additional
Revolving Commitment Lender”); provided, however, that (i) no Revolving
Lender shall be obligated to provide a Revolving Commitment Increase as a result of any such
request

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by the Borrower, and (ii) without the consent of the Administrative Agent, at no time shall
the Revolving Commitment of any Additional Revolving Commitment Lender be less than $5,000,000.

               (iii) Effective Date and Allocations. If the Total Revolving Commitments are
increased in accordance with this Section 2.21(a), the Administrative Agent and the Borrower shall
determine the effective date (the “Revolving Commitment Increase Effective Date”) and the final
allocation of such Revolving Commitment Increase. The Administrative Agent shall promptly notify
the Borrower and the Revolving Lenders of the final allocation of such Revolving Commitment
Increase and the Revolving Commitment Increase Effective Date and, on the Revolving Commitment
Increase Effective Date, (i) the Total Revolving Commitments under, and for all purposes of, this
Agreement shall be increased by the aggregate amount of such Revolving Commitment Increases, and
(ii) Schedule 1.1A shall be deemed modified, without further action, to reflect the revised
Revolving Commitments and Revolving Percentages of the Revolving Lenders.

          (b) Conditions to Effectiveness of Revolving Commitment Increase. As a condition
precedent to such Revolving Commitment Increase: (i) the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower dated as of the Revolving Commitment Increase
Effective Date (in sufficient copies for each Revolving Lender), signed by a Responsible Officer of
the Borrower, (A) certifying and attaching the resolutions adopted by the Borrower approving or
consenting to such increase, and (B) certifying that, before and after giving effect to such
increase, the representations and warranties contained in Section 4 hereof and the other Loan
Documents are true and correct in all material respects on and as of the Revolving Commitment
Increase Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date; (ii) the
Borrower, the Administrative Agent, and any Additional Revolving Commitment Lender shall have
executed and delivered a joinder to the Loan Documents in such form as the Administrative Agent
shall reasonably require; (iii) the Borrower shall have paid such fees and other compensation to
the Additional Revolving Commitment Lenders as the Borrower and such Additional Revolving
Commitment Lenders shall agree; (iv) the Borrower shall have paid such arrangement fees to the
Administrative Agent as the Borrower and the Administrative Agent may agree; (v) the Borrower shall
deliver to the Administrative Agent and the Lenders an opinion or opinions, in form and substance
reasonably satisfactory to the Administrative Agent, from counsel to the Borrower reasonably
satisfactory to the Administrative Agent and dated such date; (vi) to the extent requested by any
Additional Revolving Commitment Lender, a Note evidencing the Revolving Loans will be issued at the
Borrower’s expense, to each such Additional Revolving Commitment Lender; (vii) the Borrower and the
Additional Revolving Commitment Lender shall have delivered such other instruments, documents and
agreements as the Administrative Agent may reasonably have requested; (ix) no Default exists; and
(viii) no Material Adverse Effect shall have occurred since the date of the most recent financial
statements delivered to the Administrative Agent pursuant to Section 6.1. The Borrower shall
prepay any Revolving Loans outstanding on the Revolving Commitment
Increase Effective Date (and pay any additional amounts required pursuant to Section 2.16), to
the extent necessary to keep the outstanding Revolving Loans ratable with any revised Revolving
Percentages arising from any nonratable increase in the Revolving Commitments under this Section
2.21.

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          (c) The provisions of this Section 2.21 do not constitute a “commitment” to lend, and the
Commitments of the Lenders shall not be increased until satisfaction of the provisions of this
Section 2.21 and actual increase of the Commitments as provided herein.

SECTION 3

LETTERS OF CREDIT

     3.1 L/C Commitment.

          (a) Subject to the terms and conditions hereof, the Issuing Lender agrees to issue letters of
credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Letter
of Credit Availability Period in such form as may be approved from time to time by the Issuing
Lender; provided that the Issuing Lender shall have no obligation to issue any
Letter of Credit if, after giving effect to such issuance, the L/C Exposure would exceed either the
Total L/C Commitment or the Available Revolving Commitment at such time. Each Letter of Credit
shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first
anniversary of its date of issuance and (y) the date that is five (5) Business Days prior to the
Letter of Credit Maturity Date; provided that any Letter of Credit with a one-year
term may provide for the renewal thereof for additional one-year periods (which shall in no event
extend beyond the date referred to in clause (y) above) subject to the Borrower’s satisfaction of
the conditions set forth in Section 5.2 at the time of any such renewal. If the Borrower so
requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole
discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of
Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month
period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless
otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request
to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued,
the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the date that is
five (5) Business Days prior to the Letter of Credit Maturity Date; provided,
however, that the L/C Issuer shall not permit any such extension if (A) the L/C
Issuer has determined that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of
the provisions of Section 3.1(b) or otherwise), or (B) it has received notice (which may be by
telephone or in writing) on or before the day that is seven (7) Business Days before the
Non-Extension Notice Date from the Administrative Agent,
any Lender or the Borrower that one or more of the applicable conditions specified in Section
5.2 is not then satisfied, and in each such case directing the L/C Issuer not to permit such
extension.

          (b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if:

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(i) such issuance would conflict with, or cause the Issuing Lender or any L/C
Lender to exceed any limits imposed by, any applicable Requirement of Law,
including, without limitation, any order, judgment or decree of any Governmental
Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing
Lender from issuing the Letter of Credit, or any law applicable to the Issuing
Lender or any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over the Issuing Lender shall prohibit, or
request that the Issuing Lender refrain from, the issuance of letters of credit
generally or the Letter of Credit in particular or shall impose upon the Issuing
Lender with respect to the Letter of Credit any restriction, reserve or capital
requirement (for which the Issuing Lender is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon the Issuing Lender any
unreimbursed loss, cost or expense which was not applicable on the Closing Date and
which the Issuing Lender in good faith deems material to it;

(ii) the issuance of the Letter of Credit would violate one or more policies of the
Issuing Lender applicable to letters of credit generally;

(iii) except as otherwise agreed by the Administrative Agent and the Issuing Lender,
the Letter of Credit is in an initial stated amount less than $100,000, in the case
of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of
Credit;

(iv) any Lender is at that time a Defaulting Lender, unless the Issuing Lender has
entered into arrangements, including the delivery of cash collateral, satisfactory
to the Issuing Lender (in its sole discretion) with the Borrower or such Lender to
eliminate the Issuing Lender’s actual or potential fronting exposure with respect to
the Defaulting Lender arising from either the Letter of Credit then proposed to be
issued or that Letter of Credit and all other Obligations under Letters of Credit as
to which the Issuing Lender has actual or potential fronting exposure, as it may
elect in its sole discretion;

(v) such Letter of Credit contains any provisions for automatic reinstatement of the
stated amount thereof after any drawing thereunder; or

(vi) subject to Section 3.1(a), the expiry date of such requested Letter of Credit
would occur more than twelve (12) months after the date of issuance thereof.

          (c) Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of
Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the
rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of UCP 600 at the
time of issuance shall apply to each commercial Letter of Credit.

          (d) Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be
deemed to be the stated amount of such Letter of Credit in effect at such time; provided,
however, that with respect to any Letter of Credit that, by its terms or the terms
of any Issuer Document related thereto, provides for one or more automatic increases in the stated

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amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount
of such Letter of Credit after giving effect to all such increases, whether or not such maximum
stated amount is in effect at such time.

     3.2 Procedure for Issuance of Letters of Credit. The Borrower may from time to time request
that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender at its address
for notices specified herein an Application therefor, completed to the satisfaction of the Issuing
Lender, and such other certificates, documents and other papers and information as the Issuing
Lender may request. Upon receipt of any Application, the Issuing Lender will process such
Application and the certificates, documents and other papers and information delivered to it in
connection therewith in accordance with its customary procedures and shall, subject to the
satisfaction of the conditions set forth in Section 5.2, promptly issue the Letter of Credit
requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of
Credit earlier than three (3) Business Days after its receipt of the Application therefor and all
such other certificates, documents and other papers and information relating thereto) by issuing
the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to
by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of
Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly
furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of
the issuance of each Letter of Credit (including the amount thereof).

     3.3 Fees and Other Charges.

          (a) The Borrower agrees to pay to the Administrative Agent, for the account of the L/C
Lenders, with respect to each outstanding Letter of Credit issued for the account of (or at the
request of) the Borrower letter of credit fees at the Applicable Margin applicable to Eurodollar
Loans on the drawable amount of such Letter of Credit, payable quarterly in arrears on the last
Business Day of March, June, September and December of each year and on the Letter of Credit
Maturity Date (each, an “L/C Fee Payment Date”) after the issuance date of such Letter of Credit,
as well as the Issuing Lender’s standard and reasonable fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit issued for the account of (or at the
request of) the Borrower or processing of drawings thereunder, including, without limitation, a
fronting fee for the issuance or renewal of Letters of Credit of one-eighth of one percent (0.125%)
per annum of the face amount of each Letter of Credit issued, upon the issuance, each anniversary
of the issuance, and the renewal of such Letter of Credit by the issuing Lender (collectively, the
“Issuing Lender Fees”). Notwithstanding the foregoing, with respect to Existing Letters of Credit,
Issuing Lender Fees shall not be charged for the remaining term of such Existing Letters of Credit;
provided that upon renewal of an Existing Letter of Credit, such Existing Letter of
Credit shall accrue Issuing Lender Fees as set forth above. All Issuing Lender Fees shall be
computed on the basis of the actual number of days elapsed in a year of 360 days.

          (b) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender
for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender
in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of
Credit.

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     3.4 L/C Participations. The Issuing Lender irrevocably agrees to grant and hereby grants to
each L/C Lender, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Lender
irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender,
on the terms and conditions set forth below, for such L/C Lender’s own account and risk an
undivided interest equal to such L/C Lender’s L/C Percentage in the Issuing Lender’s obligations
and rights under and in respect of each Letter of Credit and the amount of each draft paid by the
Issuing Lender thereunder. Each L/C Lender agrees with the Issuing Lender that, if a draft is paid
under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower
pursuant to Section 3.5(a), such L/C Lender shall pay to the Issuing Lender upon demand at the
Issuing Lender’s address for notices specified herein an amount equal to such L/C Lender’s L/C
Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C
Lender’s obligation to pay such amount shall be absolute and unconditional and shall not be
affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other
right that such L/C Lender may have against the Issuing Lender, the Borrower or any other Person
for any reason whatsoever, (ii) the occurrence of a Default or an Event of Default or the failure
to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the
condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other
Loan Document by the Borrower, any other Loan Party or any other L/C Lender or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

     3.5 Reimbursement.

          (a) If the Issuing Lender shall make any L/C Disbursement in respect of a Letter of Credit,
the Borrower shall pay or cause to be paid to the Issuing Lender an amount equal to the entire
amount of such L/C Disbursement not later than the immediately following Business Day. Each such
payment shall be made to the Issuing Lender at its address for notices referred to herein in
Dollars and in immediately available funds.

          (b) If the Issuing Lender shall not have received from the Borrower the payment that it is
required to make pursuant to Section 3.5(a) with respect to a Letter of Credit within the time
specified in such Section, the Issuing Lender will promptly notify the Administrative Agent of the
L/C Disbursement and the Administrative Agent will promptly notify each L/C Lender of such L/C
Disbursement and its L/C Percentage thereof, and each L/C Lender shall pay to the Issuing Lender
upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such
L/C Lender’s L/C Percentage of such L/C Disbursement; upon such payment pursuant to this paragraph
to reimburse the Issuing Lender for any L/C Disbursement, the Borrower shall be required to
reimburse the L/C Lenders for such payments (including interest accrued thereon from the date of
such payment until the date of such reimbursement at the rate applicable to Revolving Loans that
are ABR Loans plus (two
percent (2.00%) per annum) on demand; provided that if at the time of and
after giving effect to such payment by the L/C Lenders, the conditions to borrowings and Revolving
Loan Conversions set forth in Section 5.2 are satisfied, the Borrower may, by written notice to the
Administrative Agent certifying that such conditions are satisfied and that all interest owing
under this paragraph has been paid, request that such payments by the L/C Lenders be converted into
Revolving Loans (a “Revolving Loan Conversion”), in which case, if such conditions are in fact
satisfied, the L/C Lenders shall be deemed to have extended, and the Borrower shall be

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deemed to
have accepted, a Revolving Loan in the aggregate principal amount of such payment without further
action on the part of any party, and the Total L/C Commitments shall be permanently reduced by such
amount; any amount so paid pursuant to this paragraph shall, on and after the payment date thereof,
be deemed to be Revolving Loans for all purposes hereunder; provided that the
Issuing Lender, at its option, may effectuate a Revolving Loan Conversion regardless of whether the
conditions to borrowings and Revolving Loan Conversions set forth in Section 5.2 are satisfied.

     3.6 Obligations Absolute. The Borrower’s obligations under this Section 3 shall be absolute
and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or
defense to payment that the Borrower may have or have had against the Issuing Lender, any
beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing
Lender that the Issuing Lender shall not be responsible for, and the Borrower’s obligations
hereunder shall not be affected by, among other things, the validity or genuineness of documents or
of any endorsements thereon, even though such documents shall in fact prove to be invalid,
fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any
Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims
whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee.
The Issuing Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection
with any Letter of Credit, except for errors or omissions found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from the gross negligence or willful
misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the
Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents,
if done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower
and shall not result in any liability of the Issuing Lender to the Borrower.

          In addition to amounts payable as elsewhere provided in the Agreement, Borrower hereby agrees
to pay and to protect, indemnify, and save the Issuing Lender harmless from and against any and all
claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable
attorneys’ fees and allocated costs of internal counsel) that the Issuing Lender may incur or be
subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit, or
(B) the failure of the Issuing Lender or of any L/C Lender to honor a demand for payment under any
Letter of Credit thereof as a result of any act or omission, whether rightful or wrongful, of any
present or future de jure or de facto government or Governmental Authority, in each case other than
to the extent solely as a result of the gross negligence or willful misconduct of the Issuing
Lender or such L/C Lender (as finally determined by a court of competent jurisdiction).

     3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter
of Credit, the Issuing Lender shall promptly notify the Borrower and the Administrative Agent of
the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in
connection with any draft presented for payment under any Letter of Credit shall, in addition to
any payment obligation expressly provided for in such Letter of Credit, be limited to determining
that the documents (including each draft) delivered under such Letter of

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Credit in connection with
such presentment are substantially in conformity with such Letter of Credit.

     3.8 Applications. To the extent that any provision of any Application related to any Letter
of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section
3 shall apply.

     3.9 Interim Interest. If the Issuing Lender shall make any L/C Disbursement in respect of a
Letter of Credit, then, unless either the Borrower shall reimburse such L/C Disbursement in full
within the time period specified in Section 3.5(a) or the L/C Lenders shall reimburse such L/C
Disbursement in full on such date as provided in Section 3.5(b), in each case the unpaid amount
thereof shall bear interest for the account of the Issuing Lender, for each day from and including
the date of such L/C Disbursement to but excluding the date of payment by the Borrower, at the rate
per annum that would apply to such amount if such amount were a Revolving Loan that is an ABR Loan;
provided that the provisions of Section 2.10(c) shall be applicable to any such
amounts not paid when due.

     3.10 Additional Issuing Lenders. The Borrower may, at any time and from time to time with the
consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such
Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this
Agreement. Any Lender designated as an issuing bank pursuant to this paragraph shall be deemed to
be an “Issuing Lender” (in addition to being a Lender) in respect of Letters of Credit issued or to
be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter
apply to the other Issuing Lender and such Lender.

     3.11 Resignation of the Issuing Lender. The Issuing Lender may resign at any time by giving
at least thirty (30) days’ prior written notice to the Administrative Agent, the Lenders and the
Borrower. Subject to the next succeeding paragraph, upon the acceptance of any appointment as the
Issuing Lender hereunder by a Lender that shall agree to serve as successor Issuing Lender, such
successor shall succeed to and become vested with all the interests, rights and obligations of the
retiring Issuing Lender and the retiring Issuing Lender shall be discharged from its obligations to
issue additional Letters of Credit hereunder without affecting its rights and obligations with
respect to Letters of Credit previously issued by it. At the time such resignation shall become
effective, the Borrower shall pay all accrued and unpaid fees pursuant to Section 3.3. The
acceptance of any appointment as
the Issuing Lender hereunder by a successor Lender shall be evidenced by an agreement entered
into by such successor, in a form satisfactory to the Borrower and the Administrative Agent, and,
from and after the effective date of such agreement, (i) such successor Lender shall have all the
rights and obligations of the previous Issuing Lender under this Agreement and the other Loan
Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Lender”
shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor
and all previous Issuing Lenders, as the context shall require. After the resignation of the
Issuing Lender hereunder, the retiring Issuing Lender shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Lender under this Agreement and the
other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but
shall not be required to issue additional Letters of Credit.

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SECTION 4

REPRESENTATIONS AND WARRANTIES

     To induce the Administrative Agent and the Lenders to enter into this Agreement and to make
the Loans and issue the Letters of Credit, the Borrower hereby represents and warrants to the
Administrative Agent and each Lender that:

     4.1 Financial Condition.

          (a) The audited consolidated balance sheets of Borrower and its Subsidiaries as of December
31, 2008, December 31, 2009, and December 31, 2010, and the related consolidated statements of
operations, changes in stockholders’ (deficit) equity and comprehensive loss and cash flows each of
the years then ended on such dates, reported on by and accompanied by an unqualified report from
Ernst & Young LLP, present fairly in all material respects the consolidated financial condition of
Borrower and its Subsidiaries as at such date, and the consolidated results of its operations and
its consolidated cash flows for the respective fiscal years then ended. All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance
with GAAP applied consistently throughout the periods involved (except as approved by the
aforementioned firm of accountants and disclosed therein). Except as set forth on Schedule 4.1, no
Group Member has, as of the Closing Date, any material (i) Guarantee Obligations, (ii) contingent
liabilities and (iii) liabilities for taxes, or any material long-term leases or unusual forward or
long-term commitments, including any interest rate or foreign currency swap or exchange transaction
or other obligation in respect of derivatives, that are not reflected in the most recent financial
statements referred to in this paragraph. During the period from December 31, 2010 to and
including the date hereof there has been no Disposition by any Group Member of any material part of
its business or property.

     4.2 No Change. Since December 31, 2010, there has been no development or event that has had
or could reasonably be expected to have a Material Adverse Effect.

     4.3 Existence; Compliance with Law. Except as set forth in Schedule 4.3, each Group Member (a) is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, (b) has the
power and authority, and the legal right, to own and operate its property, to lease the property it
operates as lessee and to conduct the business in which it is currently engaged, (c) is duly
qualified as a foreign corporation or other organization and in good standing under the laws of
each jurisdiction where the failure to be so qualified could reasonably be expected to have a
Material Adverse Effect and (d) is in material compliance with all Requirements of Law.

     4.4 Power, Authorization; Enforceable Obligations. Each Loan Party has the power and
authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a
party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party
has taken all necessary organizational action to authorize the execution, delivery and performance
of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the
extensions of credit on the terms and conditions of this Agreement. No Governmental Approval or
consent or authorization of, filing with, notice to or other act by

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or in respect of, any other
Person is required in connection the extensions of credit hereunder or with the execution,
delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents by
or in respect of any Group Member, except (i) Governmental Approvals, consents, authorizations,
filings and notices described in Schedule 4.4, which Governmental Approvals, consents,
authorizations, filings and notices have been obtained or made and are in full force and effect,
(ii) the filings referred to in Section 4.19 and (iii) Governmental Approvals described in Schedule
4.5. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party
thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute,
a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each
such Loan Party in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law).

     4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other
Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the
proceeds thereof by each Group Member will not violate any Requirement of Law (except as set forth
in Schedule 4.5) or any material Contractual Obligation of any Group Member and will not result in,
or require, the creation or imposition of any Lien on any of their respective properties or
revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the
Liens created by the Security Documents). No Requirement of Law or Contractual Obligation
applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a
Material Adverse Effect. The absence of obtaining the Governmental Approvals described in Schedule
4.5 and the violations of Requirements of Law referenced in Schedule 4.5 shall not have, or
reasonably be expected to have, an adverse effect on any rights of the Lenders, the Administrative
Agent pursuant to the Loan Documents or an adverse effect on the Group Members with regard to their
continuing operations or operations.

     4.6 Litigation. Except as set forth in Schedule 4.6, no litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of
the Borrower, threatened by or against any Group Member or against any of their respective
properties or revenues (a) with respect to any of the Loan Documents or any of the transactions
contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse
Effect.

     4.7 No Default. No Group Member is in default under or with respect to any of its Contractual
Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No
Default or Event of Default has occurred, nor shall either result from the making of a Credit
Extension.

     4.8 Ownership of Property; Liens; Investments. Each Group Member has title in fee simple to,
or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold
interest in, all its other property, and none of such property is subject to any Lien except as
permitted by Section 7.3. No Loan Party owns any Investment except as permitted by Section 7.8.
Section 8 of the Collateral Information Certificate sets forth a complete and accurate list of all
real property owned by each Loan Party as of the date hereof, if any. Section

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9 of the Collateral
Information Certificate sets forth a complete and accurate list of all leases of real property
under which any Loan Party is the lessee as of the date hereof.

     4.9 Intellectual Property. Each Group Member owns, or is licensed to use, all Intellectual
Property necessary for the conduct of its business as currently conducted. No claim has been
asserted and is pending by any Person challenging or questioning any Group Member’s use of any
Intellectual Property or the validity or effectiveness of any Group Member’s Intellectual Property,
nor does the Borrower know of any valid basis for any such claim, unless such claim could not
reasonably be expected to have a Material Adverse Effect. The use of Intellectual Property by each
Group Member, and the conduct of such Group Member’s business, as currently conducted, does not
infringe on or otherwise violate the rights of any Person, unless such infringement could not
reasonably be expected to have a Material Adverse Effect, and there are no claims pending or, to
the knowledge of the Borrower, threatened to such effect.

     4.10 Taxes. Except as set forth in Schedule 4.10, each Group Member has filed or caused to be
filed all Federal and state income tax returns and other material tax returns that are required to
be filed and has paid all taxes shown to be due and payable on said returns or on any assessments
made against it or any of its property and all other material taxes, fees or other charges imposed
on it or any of its property by any Governmental Authority (other than any taxes, the amount or
validity of which are currently being contested in good faith by appropriate proceedings and with
respect
to which reserves in conformity with GAAP have been provided on the books of the relevant
Group Member and tax obligations which do not individually or in the aggregate exceed $250,000); no
tax Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted, with
respect to any such tax already due and payable and not being contested in good faith.

     4.11 Federal Regulations. No part of the proceeds of any Loans, and no other extensions of
credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock” within the
respective meanings of each of the quoted terms under Regulation U as now and from time to time
hereafter in effect for any purpose that violates the provisions of the Regulations of the Board or
(b) for any purpose that violates the provisions of the Regulations of the Board. If requested by
any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and
each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3
or FR Form U-1, as applicable, referred to in Regulation U.

     4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a
Material Adverse Effect: (a) there are no strikes or other labor disputes against any Group Member
pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to
employees of each Group Member have not been in violation of the Fair Labor Standards Act or any
other applicable Requirement of Law dealing with such matters; and (c) all payments due from any
Group Member on account of employee health and welfare insurance have been paid or accrued as a
liability on the books of the relevant Group Member.

     4.13 ERISA. Neither a Reportable Event nor an “accumulated funding deficiency” (within the
meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year
period prior to the date on which this representation is made or deemed made with

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respect to any
Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA
and the Code. No termination of a Single Employer Plan has occurred, and no Lien in favor of the
PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits
under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of
the last annual valuation date prior to the date on which this representation is made or deemed
made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material
amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial
withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result
in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity
would become subject to any material liability under ERISA if the Borrower or any such Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date
most closely preceding the date on which this representation is made or deemed made. No such
Multiemployer Plan is in Reorganization or Insolvent.

     4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or
a company “controlled” by an “investment company”, within the meaning of the Investment Company Act
of 1940, as amended. Except as set forth in Schedule 4.4 and Schedule 4.5, no Loan Party is
subject to regulation under any Requirement of Law (other than Regulation X of the Board) that
limits its ability to incur Indebtedness. No Loan Party is subject to or is not exempt from
regulation as a “holding company” under the Public Utility Holding Company Act of 2005 or as a
“public utility” under the Federal Power Act or under any other federal or state statute or
regulation which may limit its ability to incur Indebtedness or which may otherwise render all or
any portion of the Obligations unenforceable.

     4.15 Subsidiaries. Except as disclosed to the Administrative Agent by the Borrower in writing
from time to time after the Closing Date, (a) Schedule 4.15 sets forth the name and jurisdiction of
organization of each Subsidiary and, as to each such Subsidiary, the percentage of each class of
Capital Stock owned by any Loan Party, and (b) there are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock options granted to
employees or directors and directors’ qualifying shares) of any nature relating to any Capital
Stock of the Borrower or any Subsidiary, except as created by the Loan Documents.

     4.16 Use of Proceeds. The proceeds of the Revolving Loans, the Swingline Loans and the
Letters of Credit, shall be used for general corporate and working capital purposes.

     4.17 Environmental Matters. Except as, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect:

          (a) the facilities and properties owned, leased or operated by any Group Member (the
“Properties”) do not contain, and have not previously contained, any Materials of Environmental
Concern in amounts or concentrations or under circumstances that constitute or constituted a
violation of, or could give rise to liability under, any Environmental Law;

          (b) no Group Member has received or is aware of any notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters

50

 

or compliance with
Environmental Laws with regard to any of the Properties or the business operated by any Group
Member (the “Business”), nor does the Borrower have knowledge or reason to believe that any such
notice will be received or is being threatened;

          (c) Materials of Environmental Concern have not been transported or disposed of from the
Properties in violation of, or in a manner or to a location that could give rise to liability
under, any Environmental Law, nor have any Materials of Environmental Concern been generated,
treated, stored or disposed of at, on or under any of the Properties in violation of, or in a
manner that could give rise to liability under, any applicable Environmental Law;

          (d) no judicial proceeding or governmental or administrative action is pending or, to the
knowledge of the Borrower, threatened, under any Environmental Law to which any Group Member is or
will be named as a party with respect to the Properties or the Business, nor are there any consent
decrees or other decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements outstanding under any Environmental Law with respect to the
Properties or the Business;

          (e) there has been no release or threat of release of Materials of Environmental Concern at or
from the Properties, or arising from or related to the operations of any Group Member in connection
with the Properties or otherwise in connection with the Business, in violation of or in amounts or
in a manner that could give rise to liability under Environmental Laws;

          (f) the Properties and all operations at the Properties are in compliance, and have in the
last five years been in compliance, with all applicable Environmental Laws, and there is no
contamination at, under or about the Properties or violation of any Environmental Law with respect
to the Properties or the Business; and

          (g) no Group Member has assumed any liability of any other Person under Environmental Laws.

     4.18 Accuracy of Information, etc. (a) No statement or information contained in this
Agreement, any other Loan Document or any other document, certificate or statement furnished by or
on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in
connection with the transactions contemplated by this Agreement or the other Loan Documents,
contained as of the date such statement, information, document or certificate was so furnished, any
untrue statement of a material fact or omitted to state a material fact necessary to make the
statements contained herein or therein not misleading. The projections and pro forma financial
information contained in the materials referenced above are based upon good faith estimates and
assumptions believed by management of the Borrower to be reasonable at the time made, it being
recognized by the Lenders that such financial information as it relates to future events is not to
be viewed as fact and that actual results during the period or periods covered by such financial
information may differ from the projected results set forth therein by a material amount.

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     (b) There is no fact known to any Loan Party that could reasonably be expected to
have a Material Adverse Effect that has not been expressly disclosed herein, or in the other Loan
Documents or otherwise disclosed to the Administrative Agent and the Lenders.

     4.19 Security Documents.

          (a) The Guarantee and Collateral Agreement is effective to create in favor of the
Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable
security interest in the Collateral described therein and proceeds thereof. In the case of the
Pledged Stock (as defined in the Guarantee and Collateral Agreement) that are securities
represented by stock certificates or otherwise constituting certificated securities within the
meaning of Section 8-102(a)(4) of the New York UCC or the corresponding code or statute of any
other applicable jurisdiction (“Certificated Securities”), when certificates representing such
Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral
constituting personal property described in the Guarantee and Collateral Agreement, when UCC-1
financing statements in appropriate form are filed in the offices specified on Schedule 4.19(a),
the Administrative Agent, for the benefit of the Secured Parties, shall have a fully perfected Lien
on, and security interest in, all right, title and interest of the Loan Parties in such Collateral
and the proceeds thereof, as security for the Obligations, in each case prior and superior in right
to any other Person (except, in the case of Collateral other than Pledged Stock, Liens expressly
permitted to have priority by Section 7.3). As of the Closing Date, none of the Borrower or any
Subsidiary Guarantor that is a limited liability company or partnership has any Capital Stock that
is a Certificated Security.

          (b) Each of the Mortgages delivered after the Closing Date will be, upon execution, effective
to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal,
valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof, and
when the Mortgages are filed in the offices for the applicable jurisdictions in which the Mortgaged
Properties are located, each such Mortgage shall constitute a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the
proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each
case prior and superior in right to any other Person.

     4.20 Solvency. Each Loan Party is, and after giving effect to the incurrence of all
Indebtedness and obligations being incurred in connection herewith and the other Loan Documents
will be and will continue to be, Solvent.

     4.21 Regulation H. No Mortgage encumbers improved real property that is located in an area
that has been identified by the Secretary of Housing and Urban Development as an area having
special flood hazards and in which flood insurance has not been made available under the National
Flood Insurance Act of 1968.

     4.22 Designated Senior Indebtedness.
The Loan Documents and all of the Obligations shall be deemed “Designated Senior
Indebtedness” or a similar concept thereof for purposes of any Indebtedness of the Loan Parties.

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     4.23 Insurance. All insurance maintained by the Loan Parties is in full force and effect, all
premiums have been duly paid, no Loan Party has received notice of violation or cancellation
thereof, and there exists no default under any requirement of such insurance. Each Loan Party
maintains insurance with financially sound and reputable insurance companies insurance on all its
property (and also with respect to its foreign receivables) in at least such amounts and against at
least such risks (but including in any event public liability, product liability and business
interruption) as are usually insured against in the same general area by companies engaged in the
same or a similar business

     4.24 No Casualty. No Loan Party has received any notice of, nor does any Loan Party have any
knowledge of, the occurrence or pendency or contemplation of any casualty event or condemnation
proceeding affecting all or any portion of the Collateral.

SECTION 5

CONDITIONS PRECEDENT

     5.1 Conditions to Effectiveness. The effectiveness of this Agreement on the Closing Date is
subject to the following conditions precedent:

          (a) Loan Documents. (i) Each Lender shall have received (A) this Agreement executed and
delivered by the Administrative Agent, the Borrower and each Lender listed on Schedule 1.1A, (B)
the Guarantee and Collateral Agreement, executed and delivered by the Borrower and each Subsidiary
Guarantor, and (C) an Acknowledgement and Consent in the form attached to the Guarantee and
Collateral Agreement, executed and delivered by each Issuer (as defined therein), if any, that is
not a Loan Party, and (D) its Note to the extent requested pursuant to Section 2.18, and (ii) the
Administrative Agent shall have received each other Loan Document, executed and delivered by the
parties thereto.

          (b) Financial Statements; Projections. The Lenders shall have received the audited
consolidated financial statements of Borrower and its Subsidiaries as of December 31, 2008, 2009
and 2010 at least fifteen (15) days before the Closing Date. The Administrative Agent shall have
received a detailed business plan of the Borrower and its Subsidiaries for the 2011 fiscal year
through the 2012 fiscal year, in form and substance satisfactory to the Administrative Agent.

          (c) Approvals. Except for the Governmental Approvals described in Schedule 4.5, all
Governmental Approvals and consents and approvals of, or notices to, any other Person required in
connection with the execution and performance of the Loan Documents,
the continuing operations of the Group Members, and the other transactions contemplated hereby
shall have been obtained and be in full force and effect, and all applicable waiting periods shall
have expired without any action being taken or threatened by any competent authority that could
reasonably be expected to restrain, prevent or otherwise impose burdensome conditions on the
financing contemplated hereby. The absence of obtaining the Governmental Approvals described in
Schedule 4.5 shall not have an adverse effect on any rights of the Lenders, or the Administrative
Agent pursuant to the Loan Documents or an adverse effect on the Group Members with regard to their
continuing operations or operations.

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          (d) Lien Searches. The Administrative Agent shall have received the results of a recent lien
search in all appropriate jurisdictions (including the jurisdiction of formation or organization of
each Group Member), and such search shall reveal no liens on any of the assets of the Loan Parties
except for liens permitted by Section 7.3 or discharged on or prior to the Closing Date pursuant to
documentation satisfactory to the Administrative Agent.

          (e) Fees. The Lenders and the Administrative Agent shall have received all fees required to
be paid, and all expenses for which invoices have been presented (including the reasonable fees and
expenses of legal counsel), on or before the Closing Date.

          (f) Secretary’s Certificate; Certified Certificate of Organization; Good Standing
Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party,
dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and
attachments, including the certificate of incorporation or other similar organizational document of
each Loan Party certified by the relevant authority of the jurisdiction of organization of such
Loan Party, the bylaws or other similar organizational document of each Loan Party and the relevant
board resolutions or written consents of each Loan Party authorizing the transactions contemplated
hereunder, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction
of organization.

          (g) Legal Opinions. The Administrative Agent and each Lender shall have received the executed
legal opinions of Goodwin Procter LLP, counsel to Borrower and its Subsidiaries, in a form
reasonably satisfactory to the Administrative Agent. Such legal opinions shall cover such other
matters incident to the transactions contemplated by this Agreement as the Administrative Agent may
reasonably require.

          (h) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received
(i) the original certificates representing the shares of Capital Stock pledged pursuant to the
Security Documents, together with an undated stock power for each such certificate executed and
dated in blank by a duly authorized officer of the pledgor thereof, and (ii) each original
promissory note (if any) pledged to the Administrative Agent pursuant to the Security Documents,
endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the
pledgor thereof.

          (i) Filings, Registrations and Recordings. Each document (including any Uniform Commercial
Code financing statement) required by the Security Documents or under law or reasonably requested
by the Administrative Agent to be filed, registered or recorded to create in favor of the
Administrative Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral described therein, prior and superior in right to any other Person
(other than with respect to Liens expressly permitted by Section 7.3), shall be in proper form for
filing, registration or recordation.

          (j) Solvency Certificate. The Administrative Agent shall have received a solvency certificate
from the chief financial officer or treasurer of the Borrower, substantially in the form of Exhibit
D, certifying that each Loan Party is, and after giving effect to the incurrence of all
Indebtedness and Obligations being incurred in connection herewith and the other Loan Documents
will be, and will continue to be, Solvent.

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          (k) Patriot Act. The Administrative Agent shall have received, prior to the Closing Date, all
documentation and other information required by Governmental Authorities under applicable “know
your customer” and anti-money-laundering rules and regulations, including the Patriot Act.

          (l) Insurance. The Administrative Agent shall have received insurance certificates (and
underlying endorsements) satisfying the requirements of Section 5.2 of the Guarantee and Collateral
Agreement and Section 6.5 hereunder.

          (m) No Material Adverse Effect. There shall not have occurred since September 30, 2010 any
event or condition that has had or could be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect.

          (n) No Litigation. No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of any Group Member, threatened, that has
had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

          (o) Representations and Warranties. Each of the representations and warranties made by any
Loan Party in or pursuant to the Loan Documents shall be true and correct in all respects except to
the extent such representations and warranties expressly relate to an earlier date, in which case
such representations and warranties shall have been true and correct in all respects as of such
earlier date.

          (p) No Default. No Default or Event of Default shall have occurred and be continuing.

     5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any
extension of credit requested to be made by it on any date including, but not limited to, any Loan
to be advanced and such Lender’s participation in any Letter of Credit to be issued hereunder
(including its initial extension of credit) is subject to the satisfaction of the following
conditions precedent on the date of such extension of credit including, but not limited to, the
date of the advance of any such Loan and the date of the issuance of any such Letter of Credit:

          (a) Representations and Warranties. Each of the representations and warranties made by any
Loan Party in or pursuant to the Loan Documents shall be true and
correct in all material respects on and as of such date as if made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all material
respects as of such earlier date and except that for purposes of this Section 5.2, the
representations and warranties contained in Section 4.1 shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.1;

          (b) No Default. No Default or Event of Default shall have occurred as of or on such date or
after giving effect to the extensions of credit requested to be made on such date; and

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          (c) No Material Adverse Effect. There shall not have occurred any event or condition that has
had or could be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect.

Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder and each
Revolving Loan Conversion shall constitute a representation and warranty by the Borrower as of the
date of such extension of credit and each Revolving Loan Conversion that the conditions contained
in this Section 5.2 have been satisfied.

SECTION 6

AFFIRMATIVE COVENANTS

     The Borrower hereby agrees that, until all Commitments have been terminated and the principal
of and interest on each Loan, all fees and all other expenses or amounts payable under any Loan
Document (other than inchoate indemnity obligations) shall have been paid in full and all Letters
of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed
in full, the Borrower shall, as to itself and each Borrower’s Subsidiaries, and shall cause each of
its Subsidiaries to:

     6.1 Financial Statements. Furnish to the Administrative Agent, for distribution to each
Lender:

          (a) as soon as available, but in any event within ninety (90) days after the end of each
fiscal year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower and
its consolidated Subsidiaries as at the end of such year and the related audited consolidated
statements of operations, changes in stockholders’ (deficit) equity and comprehensive loss and cash
flows each of the years then ended on such dates, setting forth in each case in comparative form
the figures for the previous year, reported on by and accompanied by an unqualified report from
Ernst & Young LLP or other independent certified public accountant reasonably acceptable to the
Administrative Agent; and

          (b) as soon as available, but in any event not later than forty five (45) days after the end
of each fiscal quarter of the Borrower, the unaudited consolidated and consolidating balance sheet
of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related
unaudited consolidated and consolidating statements of income and of cash flows for
such quarter and the portion of the fiscal year through the end of such quarter, setting forth
in each case in comparative form the figures for the previous year, certified by a Responsible
Officer as being fairly stated in all material respects (subject to normal year-end audit
adjustments).

     All such financial statements shall be complete and correct in all material respects and shall
be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such
accountants or officer, as the case may be, and disclosed in reasonable detail therein)
consistently throughout the periods reflected therein and with prior periods. Documents required to
be delivered pursuant to the terms of the foregoing clauses (a) and (b) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered

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electronically
and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts
such documents, or provides a link thereto, on Borrower’s website on the Internet at Borrower’s
website address.

     6.2 Certificates; Other Information. Furnish to the Administrative Agent, for distribution to
each Lender (or, in the case of clause (g), to the relevant Lender):

          (a) (i) within forty five (45) days after the end of each month and concurrently with the
delivery of the financial statements referred to in Section 6.1(a), (A) a certificate of a
Responsible Officer stating that, to the best of each such Responsible Officer’s knowledge, each
Loan Party during such period has observed or performed all of its covenants and other agreements,
and satisfied every condition contained in this Agreement and the other Loan Documents to which it
is a party to be observed, performed or satisfied by it, and that such Responsible Officer has
obtained no knowledge of any Default or Event of Default except as specified in such certificate,
(B) to the extent not previously disclosed to the Administrative Agent, a description of any change
in the jurisdiction of organization of any Loan Party and a list of any Intellectual Property
acquired by any Loan Party since the date of the most recent report delivered pursuant to this
clause (B) (or, in the case of the first such report so delivered, since the Closing Date) and (C)
a Compliance Certificate containing all information and calculations necessary for determining
compliance by each Group Member with the provisions of this Agreement referred to therein as of the
last day of the month (it being understood and agreed that such Compliance Certificate shall not be
required to contain information and calculations with respect to those financial covenants that are
not required to be tested on the last day of such month); provided that a five (5)
day grace period shall apply to the delivery requirement relating to the monthly Compliance
Certificate set forth in this clause (C);

          (b) as soon as available, and in any event no later than sixty (60) days after the end of each
fiscal year of the Borrower, a detailed consolidated budget for the following fiscal year approved
by the board of directors of the Borrower (including a projected consolidated balance sheet of the
Borrower and its Subsidiaries as of the end of each fiscal quarter of such fiscal year, the related
consolidated statements of projected cash flow, projected changes in financial position and
projected income and a description of the underlying assumptions applicable thereto), and, as soon
as available, significant revisions, if any, of such budget and projections with respect to such
fiscal year (collectively, the “Projections”), which Projections
shall in each case be accompanied by a certificate of a Responsible Officer stating that such
Projections are based on reasonable estimates, information and assumptions and that such
Responsible Officer has no reason to believe that such Projections are incorrect or misleading in
any material respect;

          (c) within five (5) days after the same are sent, copies of all financial statements and
reports that the Borrower sends to the holders of any class of its debt securities or public equity
securities and, within five (5) days after the same are filed, copies of all financial statements
and reports that the Borrower may make to, or file with, the SEC; Documents required to be
delivered pursuant to the terms of this clause (d) (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date on which

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Borrower posts such documents, or
provides a link thereto, on Borrower’s website on the Internet at Borrower’s website address;

          (d) upon request by the Administrative Agent, within five (5) days after the same are sent or
received, copies of all correspondence, reports, documents and other filings with any Governmental
Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law
or that could reasonably be expected to have a material effect on any of the Governmental Approvals
or otherwise on the operations of the Group Members;

          (e) upon request by the Administrative Agent no more frequently than monthly, (i) an aged
listing of accounts receivable (by invoice date), (ii) an aged listing of accounts payable (by
invoice date), and (iii) statements detailing the balances of cash and Cash Equivalents of Borrower
and its Subsidiaries; and

          (f) promptly, such additional financial and other information as the Administrative Agent or
any Lender may from time to time reasonably request.

     6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or
before they become delinquent, as the case may be, all its material obligations of whatever nature,
except where the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been
provided on the books of the relevant Group Member.

     6.4 Maintenance of Existence; Compliance. (a) (i) Preserve, renew and keep in full force and
effect its organizational existence and (ii) take all reasonable action to maintain or obtain all
Governmental Approvals and all other rights, privileges and franchises necessary or desirable in
the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and
except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect; (b) comply with all Contractual Obligations and
Requirements of Law except to the extent that failure to comply therewith could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect; and (c) comply with all
Governmental Approvals, and any term,
condition, rule, filing or fee obligation, or other requirement related thereto, except to the
extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

     6.5 Maintenance of Property; Insurance. (a) Keep all property useful and necessary in its
business in good working order and condition, ordinary wear and tear excepted and (b) maintain with
financially sound and reputable insurance companies insurance policies on all its property (and
also with respect to its foreign receivables) in at least such amounts and against at least such
risks (but including in any event public liability, product liability and business interruption) as
are usually insured against in the same general area by companies engaged in the same or a similar
business which insurance policies shall identify the Administrative Agent, for the benefit of the
Secured Parties, as loss payee or additional insured, as the case may be, and shall provide the
Administrative Agent with at least thirty (30) days prior notice of termination.

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     6.6 Books and Records. Keep proper books of records and account in which full, true and
correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings
and transactions in relation to its business and activities.

     6.7 Notices. Promptly give notice to the Administrative Agent and each Lender of:

          (a) the occurrence of any Default or Event of Default;

          (b) any (i) default or event of default under any Contractual Obligation of any Group Member
or (ii) litigation, investigation or proceeding that may exist at any time between any Group Member
and any Governmental Authority, that in either case, if not cured or if adversely determined, as
the case may be, could reasonably be expected to have a Material Adverse Effect;

          (c) any litigation or proceeding affecting any Group Member (i) in which the amount involved
is $500,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is
sought or (iii) which relates to any Loan Document;

          (d) the following events, as soon as possible and in any event within thirty (30) days after
the Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with
respect to any Plan, a failure to make any required contribution to a Plan, the creation of any
Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or
Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any
other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer
Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any
Plan; and

          (e) any development or event that has had or could reasonably be expected to have a Material
Adverse Effect.

Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what action the
relevant Group Member proposes to take with respect thereto.

     6.8 Environmental Laws.

          (a) Comply in all material respects with, and ensure compliance in all material respects by
all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
in all material respects with and maintain, and ensure that all tenants and subtenants obtain and
comply in all material respects with and maintain, any and all licenses, approvals, notifications,
registrations or permits required by applicable Environmental Laws.

          (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial,
removal and other actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding
Environmental Laws.

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     6.9 Accounts; Collections.

          (a) Maintain the Borrower’s and its Domestic Subsidiaries’ primary depository and operating
accounts and securities accounts with one or more of the Lenders or one or more of the Lenders’
Affiliates, which accounts shall represent at least 75% of the dollar value of the Borrower’s and
such Domestic Subsidiaries’ accounts at all financial institutions. All of the Loan Parties’
depository, operating and securities accounts shall be and remain subject to an account control
agreement in form and substance reasonably satisfactory to the Administrative Agent (each, a
“Control Agreement”) duly executed on behalf of the applicable financial institution.
Notwithstanding the foregoing, the Borrower may maintain two accounts at JPMorgan Chase Bank, N.A.,
that are not subject to a Control Agreement provided that the aggregate amount on deposit in such
accounts does exceed $300,000 at any time.

          (b) Deposit on a daily basis directly into an account with a Lender or one or more of the
Lenders’ Affiliates (which account, if maintained with an Affiliate of a Lender, shall be subject
to a Control Agreement) (or cause the ACH or wire transfer of) all of the Borrower’s cash receipts
and collections, including, without limitation, (i) all collections from Account Debtors of the
Borrower, (ii) all of the Borrower’s available cash receipts from the sale of Inventory and other
assets, and (iii) all cash payments received from any Person or from any source or on account of
any sale or other transaction or event.

          (c) No Group Member or Immaterial Subsidiary shall maintain any depository account, operating
account, securities account or other bank or investment account outside of the United States;
provided, that the Excluded Foreign Subsidiaries may maintain depository accounts,
operating accounts, securities accounts or other bank or investment accounts outside the United
States provided that the aggregate value of all assets in all such accounts shall at no time exceed
$10,000,000.

     6.10 Audits.
At reasonable times and as often as may be reasonably desired, on one (1) Business Day’s
notice (provided that no notice is required if an Event of Default has occurred and
is continuing), the Administrative Agent, any Lender, or any of their agents, shall have the right
to inspect the Collateral and the right to audit, copy, and make abstracts from any and all of any
Group Member’s books and records including ledgers, federal and state tax returns, records
regarding assets or liabilities, the Collateral, business operations or financial condition, and
all computer programs or storage or any equipment containing such information, to visit and inspect
any of the Group Member’s properties, and to discuss the business, operations, properties and
financial and other condition of the Group Members with officers and employees of the Group Members
and with their independent certified public accountants. The foregoing inspections and audits
shall be at Borrower’s expense, and the charge therefor shall be $850 per person per day (or such
higher amount as shall represent the Administrative Agent’s then-current standard charge for the
same), plus reasonable out-of-pocket expenses; provided, prior to the occurrence and
continuance of an Event of Default, that such expenses shall not exceed $15,000 in any year, so
long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall be
not obligated to reimburse the Administrative Agent or such Lender for more than one (1) audit per
year.

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     6.11 Additional Collateral, etc.

          (a) With respect to any property (to the extent included in the definition of Collateral)
acquired after the Closing Date by any Loan Party (other than (x) any property described in
paragraph (b), (c) or (d) below, and (y) any property subject to a Lien expressly permitted by
Section 7.3(g)) as to which the Administrative Agent, for the benefit of the Secured Parties, does
not have a perfected Lien, promptly (and in any event within three (3) Business Days)(i)
execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral
Agreement or such other documents as the Administrative Agent deems necessary or advisable to
evidence that they are a Guarantor and to grant to the Administrative Agent, for the benefit of the
Secured Parties, a security interest in such property and (ii) take all actions necessary or
advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected
first priority (except as expressly permitted by Section 7.3) security interest in such property,
including the filing of Uniform Commercial Code financing statements in such jurisdictions as may
be required by the Guarantee and Collateral Agreement or by law or as may be requested by the
Administrative Agent.

          (b) With respect to any fee interest in any real property having a value (together with
improvements thereof) of at least $500,000 acquired after the Closing Date by any Loan Party (other
than any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly (i)
execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the
benefit of the Secured Parties, covering such real property, (ii) if requested by the
Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering
such real property in an amount at least equal to the purchase price of such real property (or such
other amount as shall be reasonably specified by the Administrative Agent) as well as a current
ALTA survey thereof, together with a surveyor’s certificate, and (y) any consents or estoppels
reasonably deemed necessary or advisable by the Administrative Agent in connection with such
Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative
Agent and (iii) if requested by the Administrative Agent,
deliver to the Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent.

          (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary or an
Immaterial Subsidiary) created or acquired after the Closing Date by any Group Member (which, for
the purposes of this Section 6.11(c), shall include any existing Subsidiary that ceases to be an
Excluded Foreign Subsidiary or Immaterial Subsidiary), promptly (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement as the
Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the
benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock
of such new Subsidiary (other than an Excluded Foreign Subsidiary or an Immaterial Subsidiary) that
is owned by any Loan Party, (ii) deliver to the Administrative Agent such documents and instruments
as may be required to grant, perfect, protect and ensure the priority of such security interest,
including but not limited to, the certificates representing such Capital Stock, together with
undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant
Group Member, (iii) cause such new Subsidiary (other than an Excluded Foreign Subsidiary or an
Immaterial Subsidiary) (x) to become a Borrower or a

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Subsidiary Guarantor party to this Agreement
and/or the Guarantee and Collateral Agreement, (y) to take such actions necessary or advisable to
grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first
priority security interest in the Collateral described in the Guarantee and Collateral Agreement,
with respect to such new Subsidiary (other than an Excluded Foreign Subsidiary or an Immaterial
Subsidiary), including the filing of Uniform Commercial Code financing statements in such
jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be
requested by the Administrative Agent and (z) to deliver to the Administrative Agent a certificate
of such Subsidiary (other than an Excluded Foreign Subsidiary or an Immaterial Subsidiary), in a
form reasonably satisfactory to the Administrative Agent, with appropriate insertions and
attachments, (iv) if requested by the Administrative Agent, deliver to the Administrative Agent
legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent, and (v) in the
case of a new Borrower hereunder, deliver an allonge executed by such new Borrower to each Lender
amending its Note.

          (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing
Date by any Loan Party, promptly (i) execute and deliver to the Administrative Agent such
amendments to the Guarantee and Collateral Agreement, as the Administrative Agent deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a
perfected first priority security interest in the Capital Stock of such new Excluded Foreign
Subsidiary that is owned by any such Group Member (provided that in no event shall
more than 65% of the total outstanding voting Capital Stock of any such new Excluded Foreign
Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock, together with undated stock powers, in blank, executed and
delivered by a duly authorized officer of the relevant Group Member, and take such other action as
may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the
Administrative Agent’s security interest therein, and (iii) if reasonably requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and
from counsel, reasonably satisfactory to the Administrative Agent.

          (e) Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement
or bailee letter, as applicable, from the lessor of each leased property or bailee with respect to
any warehouse, processor or converter facility or other location where Collateral is stored or
located, which agreement or letter shall contain a waiver or subordination of all Liens or claims
that the landlord or bailee may assert against the Collateral at that location, and shall otherwise
be reasonably satisfactory in form and substance to the Administrative Agent. After the Closing
Date, no real property or warehouse space shall be leased by any Loan Party and no Inventory shall
be shipped to a processor or converter under arrangements established after the Closing Date,
without the prior written consent of the Administrative Agent or unless and until a reasonably
satisfactory landlord agreement or bailee letter, as appropriate, shall first have been obtained
with respect to such location. Each Loan Party shall timely and fully pay and perform its
obligations under all leases and other agreements with respect to each leased location or public
warehouse where any Collateral is or may be located.

     6.12 Use of Proceeds. Use the proceeds of each Credit Extension only for the purposes set
forth in Section 4.16 and not prohibited under Section 4.11.

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     6.13 Designated Senior Indebtedness. Cause the Loan Documents and all of the Obligations to
be deemed “Designated Senior Indebtedness” or a similar concept thereof for purposes of any
Indebtedness of the Loan Parties.

     6.14 Further Assurances. Execute any further instruments and take such further action as the
Administrative Agent reasonably deems necessary to perfect, protect, ensure the priority of or
continue the Administrative Agent’s Lien on the Collateral or to effect the purposes of this
Agreement.

SECTION 7

NEGATIVE COVENANTS

     Borrower hereby agrees that, until all Commitments have been terminated and the principal of
and interest on each Loan, all fees and all other expenses or amounts payable under any Loan
Document (other than inchoate indemnity obligations) shall have been paid in full and all Letters
of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed
in full, the Borrower shall not, as to itself, nor shall the Borrower permit any of its
Subsidiaries to, directly or indirectly:

     7.1 Financial Condition Covenants.

          (a) Modified Quick Ratio. Permit the Quick Ratio to be tested as of the last day of each
month, to be less than 2.00 to 1.00; provided that Borrower shall not be required
to
comply with the foregoing covenant for the months ending on April 30, 2011, May 31, 2011,
April 30, 2012 and May 31, 2012, so long as the Borrower has unrestricted cash on deposit with the
Administrative Agent of not less than $50,000,000 as of the applicable month-end date.

          (b) Minimum EBITDAR. Permit EBITDAR to be less than (i) $25,000,000 for the twelve months
ending on March 31, 2011 and June 30, 2011, and (ii) $35,000,000 for the twelve months ending on
September 30, 2011 and on the last day of each fiscal quarter thereafter.

          (c) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio, calculated as of the
last day of each fiscal quarter on a trailing twelve month basis, during the periods set forth
below to be less than the ratio set forth below opposite such period:

	 	 	 
	 	 	Consolidated Fixed Charge
	Period	 	Coverage Ratio
	January 1, 2011 through June 30, 2011

	 	1.25:1.00
	July 1, 2011 and thereafter

	 	1.75:1.00

     7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to
exist any Indebtedness, except:

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          (a) Indebtedness of any Loan Party pursuant to any Loan Document;

          (b) so long as an Intercompany Subordination Agreement is in full force and effect,
Indebtedness of (i) the Borrower or any Subsidiary Guarantor to any other Loan Party or (ii) any
Subsidiary (which is not a Subsidiary Guarantor) to any other Subsidiary (which is not a Subsidiary
Guarantor);

          (c) Guarantee Obligations incurred in the ordinary course of business by the Borrower and its
Subsidiaries of obligations of any Wholly Owned Subsidiary Guarantor;

          (d) Indebtedness outstanding on the date hereof and listed on Schedule 7.2(d) and any
refinancings, refundings, renewals or extensions thereof (without shortening the maturity thereof,
increasing the principal amount thereof or increasing the rate of interest thereon);

          (e) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens
permitted by Section 7.3(g) in an aggregate principal amount not to exceed $500,000 at any
one time outstanding and any refinancings, refundings, renewals or extensions thereof (without
shortening the maturity thereof, increasing the principal amount thereof or increasing the rate of
interest thereon);

          (f) Surety Indebtedness;

     Indebtedness of the type described in clause (b) of the definition of Indebtedness consisting
of earn-out or other acquisition-related obligations incurred in connection with acquisitions by
the Borrower or any of its Subsidiaries that are otherwise permitted by the terms of this
Agreement; provided, that, the total amount of such Indebtedness consisting of
earn-out or other acquisition-related obligations shall not exceed (i) $1,000,000 for any single
acquisition or (ii) $3,000,000 in the aggregate for all acquisitions during the term of this
Agreement; and

          (g) additional Indebtedness of the Borrower or any of its Subsidiaries in an aggregate
principal amount (for the Borrower and all Subsidiaries) not to exceed $500,000 at any one time
outstanding.

     7.3 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property,
whether now owned or hereafter acquired, except:

          (a) Liens for taxes not yet due or that are being contested in good faith by appropriate
proceedings; provided that adequate reserves with respect thereto are maintained on
the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP;

          (b) carriers’, warehousemen’s, landlord’s, mechanics’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business that are not overdue for a period of more
than thirty (30) days or that are being contested in good faith by appropriate proceedings;

          (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and
other social security legislation;

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          (d) deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business;

          (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the
ordinary course of business that, in the aggregate, are not substantial in amount and that do not
in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the Borrower or its Subsidiaries;

          (f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness
permitted by Section 7.2(d); provided that no such Lien is spread to cover any
additional property after the Closing Date and that the amount of Indebtedness secured thereby is
not increased;

          (g) Liens securing Indebtedness of the Borrower or any Subsidiary incurred pursuant to Section
7.2(e) to finance the acquisition of fixed or capital assets; provided that (i)
such Liens shall be created substantially simultaneously with the acquisition of such fixed or
capital assets, (ii) such Liens do not at any time encumber any property other than the property
financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not
increased;

          (h) Liens created pursuant to the Security Documents;

          (i) any interest or title of a lessor under any lease entered into by the Borrower or any
Subsidiary in the ordinary course of its business and covering only the assets so leased;

          (j) judgment Liens that do not constitute a Default or Event of Default under Section 8.1(h)
of this Agreement; and

          (k) Liens not otherwise permitted by this Section 7.3 securing obligations permitted hereunder
so long as neither (i) the aggregate outstanding principal amount of the obligations secured
thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred)
of the assets subject thereto exceeds (as to the Borrower and its Subsidiaries) $500,000 at any one
time.

     7.4 Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate,
wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or
substantially all of its property or business, except that:

          (a) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower
(provided that the Borrower shall be the continuing or surviving Person) or with or
into any Wholly Owned Subsidiary Guarantor (provided that the Wholly Owned
Subsidiary Guarantor shall be the continuing or surviving Person);

          (b) any Subsidiary of the Borrower may Dispose of any or all of its assets (i) to the Borrower
or any Wholly Owned Subsidiary Guarantor (upon voluntary liquidation or otherwise) or (ii) pursuant
to a Disposition permitted by Section 7.5; and

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          (c) any Investment expressly permitted by Section 7.8 may be structured as a merger,
consolidation or amalgamation.

     7.5 Disposition of Property. Dispose of any of its property, whether now owned or hereafter
acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital
Stock to any Person, except:

          (a) the Disposition of obsolete, worn out, or surplus property in the ordinary course of
business;

          (b) the sale of Inventory in the ordinary course of business;

          (c) Dispositions permitted by clause (i) of Section 7.4(b);

          (d) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Wholly Owned
Subsidiary Guarantor so long as such Capital Stock is pledged to the Administrative Agent for the
benefit of the Secured Parties;

          (e) subject in all respects to Section 8.1(k), the sale or issuance of the Borrower’s Capital
Stock;

          (f) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the
terms of this Agreement or the other Loan Documents;

          (g) the licensing of patents, trademarks, copyrights, and other intellectual property rights
on a non exclusive basis in the ordinary course of business; and

          (h) the Disposition of other property having a fair market value not to exceed $500,000 in the
aggregate for any fiscal year of the Borrower.

     7.6 Restricted Payments. Make any payment or prepayment of principal of, premium, if any, or
interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal
defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness, or
declare or pay any dividend (other than dividends payable solely in common stock of the Person
making such dividend) on, or make any payment on account of, or set apart assets for a sinking or
other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of,
any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other
distribution in respect thereof, either directly or indirectly, whether in cash or property or
in obligations of any Group Member (collectively, “Restricted Payments”), except that:

          (a) any Subsidiary may make Restricted Payments to its parent (provided such parent is
a Loan Party or, if such parent is not a Loan Party, such Restricted Payment is promptly
distributed to a Loan Party), to the Borrower, or to any Wholly Owned Subsidiary Guarantor; and

          (b) so long as no Default or Event of Default shall have occurred and be continuing, the
Borrower may: (i) purchase common stock or common stock options from

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present or former officers, directors or employees of any Group Member upon the death,
disability or termination of employment of such officer, director, or employee; provided
that the aggregate amount of payments under this clause (i) shall not exceed $250,000
during any fiscal year of the Borrower; and (ii) repurchase or redeem common stock of EnerNOC held
by its public stockholders, provided that both immediately before and after making
such repurchase or redemption pursuant to this clause (ii), the Borrower and its Subsidiaries shall
be in pro forma compliance with all of the covenants set forth in Section 7.1 and no Default or
Event of Default shall have occurred and be continuing and provided further
that the aggregate amount of repurchases under this clause (ii) shall not exceed $1,000,000
during any fiscal year of the Borrower.

     7.7 Investments. Make any advance, loan, extension of credit (by way of guarantee or
otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or
other debt securities of, or any assets constituting a business unit of, or make any other
investment in, any Person (all of the foregoing, “Investments”), except:

          (a) extensions of trade credit in the ordinary course of business;

          (b) Investments in cash and Cash Equivalents;

          (c) Guarantee Obligations permitted by Section 7.2;

          (d) loans and advances to employees of any Group Member in the ordinary course of business
(including for travel, entertainment and relocation expenses) in an aggregate amount for all Group
Members not to exceed $250,000 at any one time outstanding;

          (e) intercompany Investments by any Group Member in the Borrower or any Person that, prior to
such investment, is a Wholly Owned Subsidiary Guarantor;

          (f) Investments in the ordinary course of business consisting of endorsements of negotiable
instruments for collection or deposit;

          (g) Investments received in settlement of amounts due to the Borrower or any of its
Subsidiaries effected in the ordinary course of business or owing to the Borrower or any of
its Subsidiaries as a result of Insolvency proceedings involving an Account Debtor or upon the
foreclosure or enforcement of any Lien in favor of the Borrower or its Subsidiaries;

          (h) Permitted Acquisitions; and

          (i) (i) Investments of a Subsidiary that is not a Borrower hereunder in or to other
Subsidiaries or a Borrower, (ii) Investments of a Borrower in another Borrower, and (iii)
Investments by Borrower in Subsidiaries that are not Borrowers hereunder for the ordinary and
necessary current operating expenses of such Subsidiaries so long as the aggregate amount of such
Investments does not exceed Five Million Dollars ($5,000,000.00) per fiscal year.

     7.8 Modifications of Certain Preferred Stock and Debt Instrument. (a) Amend, modify, waive
or otherwise change, or consent or agree to any amendment, modification, waiver or other change to,
any of the terms of any Preferred Stock (i) that would move to an earlier date

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the scheduled redemption date or increase the amount of any scheduled redemption payment or increase the rate or
move to an earlier date any date for payment of dividends thereon or (ii) that would be otherwise
materially adverse to any Lender or any other Secured Party; or (b) amend, modify, waive or
otherwise change, or consent or agree to any amendment, modification, waiver or other change to,
any of the terms of any Indebtedness permitted by Section 7.2 (other than Indebtedness pursuant to
any Loan Document) that would shorten the maturity or increase the amount of any payment of
principal thereof or the rate of interest thereon or shorten any date for payment of interest
thereon or that would be otherwise materially adverse to any Lender or any other Secured Party.

     7.9 Transactions with Affiliates. Enter into any transaction, including any purchase, sale,
lease or exchange of property, the rendering of any service or the payment of any management,
advisory or similar fees, with any Affiliate (other than the Borrower or any Wholly Owned
Subsidiary Guarantor) unless such transaction is (a) otherwise permitted under this Agreement, (b)
in the ordinary course of business of the relevant Group Member, and (c) upon fair and reasonable
terms no less favorable to the relevant Group Member than it would obtain in a comparable arm’s
length transaction with a Person that is not an Affiliate.

     7.10 Sale Leaseback Transactions. Enter into any Sale Leaseback Transaction.

     7.11 Swap Agreements. Enter into any Swap Agreement, except (a) Swap Agreements entered into
to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than
those in respect of Capital Stock) and (b) Swap Agreements entered into to effectively cap, collar
or exchange interest rates (from fixed to floating rates, from one floating rate to another
floating rate or otherwise) with respect to any interest-bearing liability or investment of the
Borrower or any Subsidiary.

     7.12 Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other
than December 31 or change the Borrower’s method of determining fiscal quarters.

     7.13 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement
that prohibits or limits the ability of any Group Member to create, incur, assume or suffer to
exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to
secure its obligations under the Loan Documents to which it is a party other than (a) this
Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or
Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation
shall only be effective against the assets financed thereby) and (c) customary restrictions on the
assignment of leases, licenses and other agreements.

     7.14 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become
effective any consensual encumbrance or restriction on the ability of any Subsidiary of the
Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held
by, or pay any Indebtedness owed to, the Borrower or any Subsidiary of the Borrower, (b) make loans
or advances to, or other Investments in, the Borrower or any Subsidiary of the Borrower or (c)
transfer any of its assets to the Borrower or any Subsidiary of the Borrower, except for such
encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the
Loan Documents, (ii) any restrictions with respect to a Subsidiary imposed

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pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the
Capital Stock or assets of such Subsidiary, (iii) customary restrictions on the assignment of
leases, licenses and other agreements, and (iv) restrictions of the nature referred to in clause
(c) above under agreements governing purchase money liens or Capital Lease Obligations otherwise
permitted hereby which restrictions are only effective against the assets financed thereby.

     7.15 Lines of Business. In the case of the Borrower and its Subsidiaries, enter into any
business, either directly or through any Subsidiary, except for those businesses in which the
Borrower and its Subsidiaries are engaged on the date of this Agreement or that are reasonably
related thereto.

     7.16 Amendments to Organizational Agreements and Material Contracts. No Loan Party shall (a)
amend or permit any amendments to any Loan Party’s organizational documents, if such amendment
would be adverse to the Administrative Agent or the Lenders or (b) amend or permit any amendments
to, or terminate or waive any provision of,
any material Contractual Obligation if such amendment, termination, or waiver would be adverse
to Administrative Agent or the Lenders.

SECTION 8

EVENTS OF DEFAULT

     8.1 Events of Default. If any of the following events shall occur:

          (a) the Borrower shall fail to pay any principal of any Loan when due in accordance with the
terms hereof; or the Borrower shall fail to pay any interest on any Loan, or any other amount
payable hereunder or under any other Loan Document, within three (3) Business Days after any such
interest or other amount becomes due in accordance with the terms hereof; or

          (b) any representation or warranty made or deemed made by any Loan Party herein or in any
other Loan Document or that is contained in any certificate, document or financial or other
statement furnished by it at any time under or in connection with this Agreement or any such other
Loan Document shall prove to have been inaccurate in any material respect on or as of the date made
or deemed made (or if any representation or warranty is expressly stated to have been made as of a
specific date, inaccurate in any material respect as of such specific date); or

          (c) (1) any Loan Party shall default in the observance or performance of any agreement
contained in clause (i) or (ii) of Section 6.4(a) (with respect to the Borrower only), Sections
6.5(b), 6.7(a), 6.9, 6.10, 6.12, 6.13, or Section 7 of this Agreement or (2) an “Event of Default”
under and as defined in any Mortgage shall have occurred or (3) any Loan Party shall default in the
observance or performance of any agreement contained in Sections 6.1 or 6.2 of this Agreement, and
such default shall continue unremedied for a period of three (3) days thereafter, or

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          (d) any Loan Party shall default in the observance or performance of any other agreement
contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a)
through (c) of this Section 8), and such default shall continue unremedied for a period of thirty
(30) days thereafter; or

          (e) any Group Member shall (i) default in making any payment of any principal of any
Indebtedness (including any Guarantee Obligation, but excluding the Loans) on the scheduled or
original due date with respect thereto, or (ii) default in making any payment of any interest on
any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement
under which such Indebtedness was created, or (iii) default in the observance or performance of any
other agreement or condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or
other event or condition is to (x) cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated maturity or, in
the case of any such Indebtedness constituting a Guarantee Obligation, to become payable or (y) to
cause, with the giving of notice if required, any Group Member to purchase or redeem or make an
offer to purchase or redeem such Indebtedness prior to its stated maturity; provided
that a default, event or condition described in clauses (i), (ii) or (iii) of this
paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or
more defaults, events or conditions of the type described in clauses (i), (ii) or (iii) of this
paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $500,000; or

          (f) (i) any Group Member shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or
any Group Member shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against any Group Member any case, proceeding or other action of a nature
referred to in clause (i) above that (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of
sixty (60) days; or (iii) there shall be commenced against any Group Member any case, proceeding or
other action seeking issuance of a warrant of attachment, execution, distraint or similar process
against all or any substantial part of its assets that results in the entry of an order for any
such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within
sixty (60) days from the entry thereof; or (iv) any Group Member shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in clauses (i), (ii), or (iii) above; or (v) any Group Member shall generally not, or shall
be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

          (g) (i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of
ERISA or Section 4975 of the Code) involving any Plan; (ii) any “accumulated

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funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan
or any Lien in favor of the PBGC or a Plan shall arise on the assets of any Group Member or any
Commonly Controlled Entity; (iii) a Reportable Event shall occur with respect to, or proceedings
shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to
terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or
appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in
the termination of such Plan for purposes of Title IV of ERISA; (iv) any Single Employer Plan shall
terminate for purposes of Title IV of ERISA; (v) any Group Member or any Commonly Controlled Entity
shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability in
connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan; or (vi) any other event or condition
shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above,
such event or condition, together with all other such events or conditions, if any, could, in the
sole judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect; or

          (h) one or more judgments or decrees shall be entered against any Group Member involving in
the aggregate a liability (not paid or fully covered by insurance as to which the relevant
insurance company has acknowledged coverage) of $500,000 or more, and all such judgments or decrees
shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30) days
from the entry thereof; or

          (i) any of the Security Documents shall cease, for any reason, to be in full force and effect,
or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of
the Security Documents shall cease to be enforceable and of the same effect and priority purported
to be created thereby; or

          (j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall
cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any
Loan Party shall so assert; or

          (k) a Change of Control shall occur; or

          (l) any of the Governmental Approvals shall have been (i) revoked, rescinded, suspended,
modified in an adverse manner or not renewed in the ordinary course for a full term or (ii) subject
to any decision by a Governmental Authority that designates a hearing with respect to any
applications for renewal of any of the Governmental Approvals or that could result in the
Governmental Authority taking any of the actions described in clause (i) above, and such decision
or such revocation, rescission, suspension, modification or nonrenewal (A) has, or could reasonably
be expected to have, a Material Adverse Effect, or (B) adversely affects the legal qualifications
of any Group Member to hold any of the Governmental Approvals in any applicable jurisdiction and
such revocation, rescission, suspension, modification or nonrenewal could reasonably be expected to
affect the status of or legal qualifications of any Group Member to hold any of the Governmental
Approvals in any other jurisdiction;

then, during the continuance of any such event, (a) if such event is an Event of Default specified
in clauses (i) or (ii) of paragraph (f) above with respect to the Borrower, the Commitments shall
immediately terminate automatically and the Loans (with accrued interest thereon) and all other

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amounts owing under this Agreement and the other Loan Documents shall automatically immediately
become due and payable, and (b) if such event is any other Event of Default, either or both of the
following actions may be taken: (i) with the consent of the Required Lenders, the Administrative
Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Borrower declare the Revolving Commitments to be terminated forthwith, whereupon the
Revolving Commitments shall immediately terminate; and (ii) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Loans
(with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan
Documents to be due and payable forthwith, whereupon the same shall immediately become due and
payable. With respect to all Letters of Credit with respect to which presentment for honor shall
not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at
such time deposit in a cash collateral account opened by the Administrative Agent an amount equal
to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such
cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn
under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall
have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the
Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have
expired or been fully drawn upon and all amounts drawn thereunder have been reimbursed in full and
all other obligations of the Borrower hereunder and under the other Loan Documents shall have been
paid in full, the balance, if any, in such cash collateral account shall be returned to the
Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided
above in this Section, presentment, demand, protest and all other notices of any kind are hereby
expressly waived by the Borrower.

     8.2 Application of Funds. After the exercise of remedies provided for in Section 8.1
(or after the Loans have automatically become immediately due and payable as set forth in the
proviso to Section 8.1), any amounts received on account of the Obligations shall be
applied by the Administrative Agent in the following order:

          (a) first, to pay any costs and expenses (including cost or expense reimbursements) or
indemnities then due to the Administrative Agent under the Loan Documents, until paid in full;

          (b) second, to pay any fees or premiums then due to the Administrative Agent under the
Loan Documents until paid in full;

          (c) third, ratably, to pay any costs and expenses (including cost or expense
reimbursements) or indemnities then due to any of the Lenders under the Loan Documents, until paid
in full;

          (d) fourth, ratably, to pay any fees or premiums then due to any of the Lenders under
the Loan Documents until paid in full;

          (e) fifth, to pay interest accrued in respect of the Swingline Loans until paid in
full;

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          (f) sixth, to pay the principal of all Swingline Loans until paid in full;

          (g) seventh, ratably, to pay interest accrued in respect of the Revolving Loans until
paid in full;

          (h) eighth, ratably, (i) to pay the principal of all Revolving Loans until paid in
full, and (ii) to the Administrative Agent, to be held by the Administrative Agent for the benefit
of the Issuing Lender (and for the ratable benefit of each of the Revolving Lenders that have an
obligation to pay to the Administrative Agent, for the account of the Issuing Lender, a share of
each L/C Disbursement), as cash collateral in an amount up to 105% of the L/C Exposure (to the
extent permitted by applicable law, such cash collateral shall be applied to the reimbursement of
any L/C Disbursement as and when such disbursement occurs and, if a Letter of Credit expires
undrawn, the cash collateral held by the Administrative Agent in respect of such Letter of Credit
shall, to the extent permitted by applicable law, be reapplied pursuant to this Section
8.2, beginning with tier (a) hereof);

          (i) ninth, to pay any other Obligations (including being paid, ratably, to the Lenders
on account of all amounts then due and payable in respect of Cash Management Services, FX Forward
Agreements, and Specified Swap Agreements, with any balance to be paid to the Administrative Agent,
to be held by the Administrative Agent, for the ratable benefit of the Lenders, as cash collateral
(which cash collateral may be released by the Administrative Agent to the applicable Lender and
applied by such Lender to the payment or reimbursement of any amounts due and payable with respect
to Cash Management Services, FX Forward Agreements, or Specified Swap Agreements owed to the
applicable Lender as and when such amounts first become due and payable and, if and at such time as
all such Obligations arising from Cash Management Services, FX Forward Agreements, and Specified
Swap Agreements are paid or otherwise satisfied in full, the cash collateral held by the
Administrative Agent in respect of such Cash Management Services, FX Forward Agreements, and
Specified Swap Agreements shall be reapplied pursuant to this Section 8.2, beginning with
tier (a) hereof); and

          (j) tenth, to the Borrower or such other Person entitled thereto under applicable law.

SECTION 9

THE ADMINISTRATIVE AGENT

     9.1 Appointment and Authority.

          (a) Each of the Lenders hereby irrevocably appoints SVB to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.

          (b) The provisions of Section 9 are solely for the benefit of the Administrative Agent, the
Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights
as a third party beneficiary of any of such provisions. Notwithstanding any

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provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities to any Lender or any other Person, except those expressly set forth
herein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other
Loan Document or otherwise exist against the Administrative Agent.

     9.2 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Section 9 shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as the Administrative Agent.

     9.3 Exculpatory Provisions. The Administrative Agent shall have no duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent shall not:

          (a) be subject to any fiduciary or other implied duties, regardless of whether any Default or
any Event of Default has occurred;

          (b) have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents
that the Administrative Agent is required to exercise as directed in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), as applicable; provided that the
Administrative Agent shall not be required to take any action that, in its opinion or the opinion
of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan
Document or applicable law; and

          (c) except as expressly set forth herein and in the other Loan Documents, have any duty to
disclose, and the Administrative Agent shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by any Person serving as the Administrative Agent or any of its Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 10.1) or (ii) in the absence of its own
gross negligence or willful misconduct.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other

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document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or
document or (v) the satisfaction of any condition set forth in Section 5 or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

     9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message,
internet or intranet website posting or other distribution) believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative
Agent shall have received notice to the contrary from such Lender prior to the making of such Loan
or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts. The Administrative Agent may deem and treat the payee of
any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation
or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent
shall be fully justified in failing or refusing to take any action under this Agreement or any
other Loan Document unless it shall first receive such advice or concurrence of the Required
Lenders (or such other number or percentage of Lenders as shall be provided for herein or in the
other Loan Documents) as it deems appropriate or it shall first be indemnified to its satisfaction
by the Lenders against any and all liability and expense that may be incurred by it by reason of
taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Required Lenders (or such other number or percentage
of Lenders as shall be provided for herein or in the other Loan Documents), and such request and
any action taken or failure to act pursuant thereto shall be binding upon the Lenders and all
future holders of the Loans.

     9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence
of any Default or Event of Default unless the Administrative Agent has received notice from a
Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of default”. In the event that the Administrative Agent
receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The
Administrative Agent shall take such action with respect to such Default or Event of Default as
shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders); provided that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be obligated to) take such
action or refrain from taking such action with

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respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

     9.6 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly
acknowledges that neither the Administrative Agent nor any of its officers, directors, employees,
agents, attorneys in fact or Affiliates has made any representations or warranties to it and that
no act by the Administrative Agent hereafter taken, including any review of the affairs of a Group
Member or any affiliate of a Group Member, shall be deemed to constitute any representation or
warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative
Agent that it has, independently and without reliance upon the Administrative Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property, financial and other
condition and creditworthiness of the Group Members and their Affiliates and made its own decision
to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it
will, independently and without reliance upon the Administrative Agent or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, financial and other condition and
creditworthiness of the Group Members and their affiliates. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder,
the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit
or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of any Group Member or any Affiliate of a Group Member
that may come into the possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys in fact or Affiliates.

     9.7 Indemnification. Each of the Lenders agrees to indemnify the Administrative Agent in its
capacity as such (to the extent not reimbursed by the Borrower or any other Loan Party and without
limiting the obligation of the Borrower or any other Loan Party to do so), according to its
Aggregate Exposure Percentage in effect on the date on which indemnification is sought under this
Section 9.7 (or, if indemnification is sought after the date upon which the Commitments shall have
terminated and the Loans shall have been paid in full, in accordance with its Aggregate
Exposure Percentage immediately prior to such date), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever that may at any time (whether before or after the payment of
the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way
relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or
any documents contemplated by or referred to herein or therein or the transactions contemplated
hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection
with any of the foregoing; provided that no Lender shall be liable for the payment
of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted primarily from the Administrative Agent’s gross
negligence or willful misconduct. The agreements in this Section shall survive the payment of the
Loans and all other amounts payable hereunder.

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     9.8 Agent in Its Individual Capacity. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include each such Person serving as the Administrative Agent hereunder in its individual capacity.
Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

     9.9 Successor Administrative Agent. The Administrative Agent may at any time give notice of
its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor, which shall be a bank with an office in the State of New York, or an Affiliate of any
such commercial bank with an office in the State of New York. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within thirty (30)
days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting
the qualifications set forth above; provided that, if the retiring Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such
appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that, in the case of any
collateral security held by the Administrative Agent on behalf of the Secured Parties under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed and such collateral
security is assigned to such successor Administrative Agent) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent
as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder
or under the other Loan Documents (if not already discharged therefrom as provided above in this
paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Section 9 and Section 10.5 shall continue in
effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring Administrative Agent was acting as the Administrative Agent.

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SECTION 10

MISCELLANEOUS

     10.1 Amendments and Waivers.

          (a) Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be
amended, supplemented or modified except in accordance with the provisions of this Section 10.1.
The Required Lenders and each Loan Party party to the relevant Loan Document may, from time to
time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan
Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or
changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or
(ii) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as
the case may be, may specify in such instrument, any of the requirements of this Agreement or the
other Loan Documents or any Default or Event of Default and its consequences; provided
that no such waiver and no such amendment, supplement or modification shall (A) forgive the
principal amount or extend the final scheduled date of maturity of any Loan, reduce the stated rate
of any interest or fee payable hereunder (except that any amendment or modification of defined
terms used in the financial covenants in this Agreement shall not constitute a reduction in the
rate of interest or fees for purposes of this clause (A)) or extend the scheduled date of any
payment thereof, or increase the amount or extend the expiration date of any Lender’s Revolving
Commitment, in each case without the written consent of each Lender directly affected thereby; (B)
eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written
consent of such Lender; (C) reduce any percentage specified in the definition of Required Lenders,
consent to the assignment or transfer by the Borrower of any of its rights and obligations under
this Agreement and the other Loan Documents, release all or substantially all of the Collateral or
release all or substantially all of the Subsidiary Guarantors from their obligations under the
Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; (D)
(i) amend, modify or waive the requirements of Section 2.13 in a manner that adversely affects
Revolving Lenders without the written consent of each Revolving Lender, (ii) amend, modify or waive
the pro rata requirements of Section 2.13 in a manner that adversely affects the L/C Lenders
without the written consent of all L/C Lenders, or (iii) amend, modify, or waive the provisions of
Section 8.2 in a manner that would alter the pro rata sharing of payments required thereby without
the written consent of all Lenders; (E) amend the definition of Obligations to delete any
obligation from the definition thereof without the written consent of all Lenders; (F) amend,
modify or waive any provision of Section 9 without the written consent of the Administrative Agent;
(G) amend, modify or waive any provision of Section 2.3 or 2.4 without the written consent of the
Swingline Lender; (H) amend, modify or waive any provision of Section 3 without the written consent
of each Issuing Lender; or (I) amend, modify or waive any provision of Section 8.2 without the
written consent of all Lenders. Any such waiver and any such amendment, supplement or modification
shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders,
the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan
Parties, the Lenders and the Administrative Agent shall be restored to their former position and
rights hereunder and under the other Loan Documents, and any Default or Event of Default waived
shall be deemed to be cured during the period such

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waiver is effective; but no such waiver shall extend to any subsequent or other Default or
Event of Default, or impair any right consequent thereon.

               (b) Notwithstanding the foregoing, this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent, the Borrower, (i) to
add one or more additional credit facilities to this Agreement and to permit the extensions of
credit from time to time outstanding thereunder and the accrued interest and fees in respect
thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Revolving Extensions of Credit and the accrued interest and fees in respect thereof and (ii) to
include appropriately the Lenders holding such credit facilities in any determination of the
Required Lenders.

          10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to
be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided
herein, shall be deemed to have been duly given or made when delivered, or three Business Days
after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set
forth in an administrative questionnaire delivered to the Administrative Agent in the case of the
Lenders, or to such other address as may be hereafter notified by the respective parties hereto:

	 	 	 	 	 

	 

	 	Borrower:

	 	c/o EnerNOC, Inc.

101 Federal Street

Boston, Massachusetts 02110

Attention: Michael J. Berdik

Facsimile No.: (617) 224-9910

with a copy to:

Goodwin Procter LLP

53 State Street

Boston, Massachusetts 02109

Attention: Mark Smith, Esq. 

Facsimile No.: (617)523-1231

	 

	 	Administrative Agent:
	 	

Silicon Valley Bank

275 Grove Street

Suite 2-200

Newton, Massachusetts 02466

Attention: Mr. Dave Rodriguez

Facsimile No.: (617) 969-5478

with a copy to:

Riemer & Braunstein, LLP

3 Center Plaza

Boston, MA 02108

Attn.: Charles W. Stavros, Esq.

Facsimile No.: (617) 692-3441

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provided that any notice, request or demand to or upon the Administrative Agent or
the Lenders shall not be effective until received.

     Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices pursuant to Section 2 unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (a) notices and other communications sent to
an email address shall be deemed received upon the sender’s receipt of an acknowledgment from the
intended recipient (such as by the “return receipt requested” function, as available, return email
or other written acknowledgment); provided that, if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next Business Day
for the recipient; and (b) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its email address as
described in the foregoing clause (a) of notification that such notice or communication is
available and identifying the website address therefor.

     10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder
or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

     10.4 Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Loan Documents and in any document, certificate or statement delivered
pursuant hereto or in connection herewith shall survive the execution and delivery of this
Agreement and the making of the Loans and other extensions of credit hereunder.

     10.5 Payment of Expenses and Taxes. Except with respect to taxes (which shall be governed
exclusively by Section 2.15), the Borrower agrees (a) to pay or reimburse the Administrative Agent
for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with
the development, preparation and execution of, and any amendment, supplement or modification to,
this Agreement and the other Loan Documents and any other documents prepared in connection herewith
or therewith, and the consummation and administration of the transactions contemplated hereby and
thereby, including the reasonable and documented fees and disbursements of counsel to the
Administrative Agent and filing and recording fees and expenses, with statements with respect to
the foregoing to be submitted to the

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Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and
from time to time thereafter on a quarterly basis or such other periodic basis as the
Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender, Issuing Lender
and the Administrative Agent for all its reasonable and documented costs and expenses incurred in
connection with the enforcement or preservation of any rights under this Agreement, the other Loan
Documents and any such other documents, including the reasonable and documented fees and
disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each
Lender and of counsel to the Administrative Agent, and (c) to pay, indemnify, and hold each Lender,
Issuing Lender and the Administrative Agent and their respective officers, directors, employees,
affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any
and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect to or arising out of
or in connection with the execution, delivery, enforcement, performance and administration of this
Agreement, the other Loan Documents and any such other documents (regardless of whether any
Indemnitee is a party hereto and regardless or whether any such matter is initiated by a third
party, the Borrower, any other Loan Party or any other Person), including any of the foregoing
relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability
under, any Environmental Law applicable to the operations of any Group Member or any of the
Properties and the reasonable fees and expenses of legal counsel in connection with claims, actions
or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing
in this clause (c), collectively, the “Indemnified Liabilities”); provided that the
Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified
Liabilities to the extent such Indemnified Liabilities are found by a final and non-appealable
decision of a court of competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by
applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and
hereby waives and agrees to cause their respective Subsidiaries to waive, all rights for
contribution or any other rights of recovery with respect to all claims, demands, penalties, fines,
liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related
to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee.
All amounts due under this Section 10.5 shall be payable not later than ten (10) Business Days
after written demand therefor. Statements payable by the Borrower pursuant to this Section 10.5
shall be submitted to Michael J. Berdik (Telecopy No. 617-224-9910), at the address of the Borrower
set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the
Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5
shall survive repayment of the Loans and all other amounts payable hereunder.

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     10.6 Successors and Assigns; Participations and Assignments.

          (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any
affiliate of the Issuing Lender that issues any Letter of Credit), except that the Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such
consent shall be null and void).

          (b) (i) Subject to the conditions set forth below in Section 10.6(b)(ii), any Lender may
assign to one or more Eligible Assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans at the time owing to it)
with the prior written consent of:

                    (A) the Administrative Agent (such consent not to be unreasonably withheld or delayed); and

                    (B) with respect to any proposed assignment of all or a portion of the L/C Commitment, the
Swingline Lender and the Issuing Lender.

               (ii) Assignments shall be subject to the following additional conditions:

                    (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved
Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans
under any Facility, the amount of the Commitments or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000
(provided that simultaneous assignments to or by two (2) or more Approved Funds
shall be aggregated for purposes of determining such amount), unless each of the Borrower and the
Administrative Agent otherwise consent; provided that no such consent of the
Borrower shall be required if an Event of Default has occurred;

                    (B) the parties to each assignment of all or a portion of any Revolving Commitment shall (1)
electronically execute and deliver to the Administrative Agent an Assignment and Assumption via an
electronic settlement system acceptable to the Administrative Agent or (2) manually execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee of $3,500, payable by the assigning or assignee Lender as they shall mutually
agree; and

                    (C) the Eligible Assignee, if it shall not already be a Lender, shall deliver to the
Administrative Agent an administrative questionnaire.

For the purposes of this Section 10.6, the term “Approved Fund” means any Person (other than a
natural person) that is engaged in making, purchasing, holding or investing in bank loans and
similar extensions of credit in the ordinary course of its business and that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender.

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               (iii) Subject to acceptance and recording thereof pursuant to Section 10.6(b)(iv) below, from
and after the effective date specified in each Assignment and Assumption the Eligible Assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.19, 2.20 and 10.5). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with Section 10.6(c).

               (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in the United States a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Revolving
Lenders, and the Revolving Commitments of, and principal amount of the Revolving Loans and interest
owing to, each Revolving Lender pursuant to the terms hereof from time to time, and the names and
addresses of the L/C Lenders, and the L/C Commitments of, and principal amounts and interest owing
to, each L/C Lender pursuant to the terms hereof from time to time (the “Revolving Loan Register”).
The entries in the Revolving Loan Register shall be conclusive, and the Borrower, the
Administrative Agent, the Issuing Lender and the Lenders shall treat each Person whose name is
recorded in the Revolving Loan Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Revolving Loan Register
shall be available for inspection by the Borrower, the Issuing Lender, the Administrative Agent and
any Lender, at any reasonable time and from time to time upon reasonable prior notice.
Notwithstanding anything to the contrary contained in the Loan Documents, the Loans are registered
obligations, the right, title and interest of the Lenders and their assignees in and to such Loans
shall be transferable only upon notation of such transfer in the Revolving Loan Register and no
assignment thereof shall be effective until recorded therein. This Section 10.6(b)(iv) shall be
construed so that the Loans are at all times maintained in “registered form” within the meaning of
Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

               (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an Eligible Assignee, the Eligible Assignee’s completed administrative questionnaire
(unless the Eligible Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in Section 10.6(b) and any written consent to such assignment required by Section
10.6(b) (in each case, to the extent required), the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Revolving Loan
Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Revolving Loan Register as provided in this paragraph.

          (c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or

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a portion of its Commitments and the Loans owing to it); provided that (A)
such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. In no case shall a Participant have the right to enforce any of the terms of any
Loan Document. Any agreement pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that
such agreement may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, modification or waiver that (1) requires the consent of each Lender directly
affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (2) directly
affects such Participant. Subject to Section 10.6(c)(ii), the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as
if it were a Lender and had acquired its interest by assignment pursuant to Section 10.6(b). To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section
10.7(b) as though it were a Lender; provided that such Participant shall be subject
to Section 10.7(a) as though it were a Lender.

               (ii) A Participant shall not be entitled to receive any greater payment under Sections 2.14 or
2.15 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s express prior written consent as to the Participant’s entitlement to such
greater payment. No Participant shall be entitled to the benefits of Section 2.15 unless such
Participant complies with Section 2.15(e).

          (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or Eligible Assignee for such Lender as a party hereto.

          (e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue
Notes to any Lender requiring Notes to facilitate transactions of the type described in Section
10.6(d) above.

          (f) Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the
Commitments or Loans, as the case may be, represents and warrants as of the Closing Date or as of
the effective date of the applicable Assignment and Assumption that: (i) it is an Eligible
Assignee; (ii) it has experience and expertise in the making of or investing in commitments, loans
or investments such as the Commitments and Loans; and (iii) it will make or invest in its
Commitments and Loans for its own account in the ordinary course of its business and without a view
to distribution of such Commitments and Loans within the meaning of the Securities Act or the
Securities Exchange Act of 1934, or other federal securities laws (it being understood that,
subject to the provisions of this Section 10.6, the disposition of such

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Commitments and Loans or any interests therein shall at all times remain within its exclusive
control).

     10.7 Adjustments; Set-off.

          (a) Except to the extent that this Agreement expressly provides for payments to be allocated
to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefitted
Lender”) shall, at any time after the Loans and other amounts payable hereunder shall immediately
become due and payable pursuant to Section 8, receive any payment of all or part of the Obligations
owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by
set-off, pursuant to events or proceedings of the nature referred to in Section 8.1(f), or
otherwise), in a greater proportion than any such payment to or collateral received by any other
Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender
shall purchase for cash from the other Lenders a participating interest in such portion of the
Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits
of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess
payment or benefits of such collateral ratably with each of the Lenders; provided
that if all or any portion of such excess payment or benefits is thereafter recovered from
such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits
returned, to the extent of such recovery, but without interest.

          (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall
have the right, without prior notice to the Borrower, any such notice being expressly waived by the
Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the
Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and
appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at
any time held or owing by such Lender or any branch or agency thereof to or for the credit or the
account of the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower
and the Administrative Agent after any such setoff and application made by such Lender;
provided that the failure to give such notice shall not affect the validity of such
setoff and application.

     10.8 Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed signature page of
this Agreement by facsimile or other electronic transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement signed by all the
parties shall be lodged with the Borrower and the Administrative Agent.

     10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

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     10.10 Integration. This Agreement and the other Loan Documents represent the entire
agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject
matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set
forth or referred to herein or in the other Loan Documents.

     10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

     10.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and
unconditionally:

          (a) submit to the exclusive jurisdiction of the State and Federal courts in the Southern
District of the State of New York; provided that nothing in this Agreement shall be
deemed to operate to preclude Administrative Agent or any Lender from bringing suit or taking other
legal action in any other jurisdiction to realize on the Collateral or any other security for the
Obligations, or to enforce a judgment or other court order in favor of Administrative Agent or such
Lender. Borrower expressly submits and consents in advance to such jurisdiction in any action or
suit commenced in any such court, and Borrower hereby waives any objection that it may have based
upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to
the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower
hereby waives personal service of the summons, complaints, and other process issued in such action
or suit and agrees that service of such summons, complaints, and other process may be made by
registered or certified mail addressed to Borrower at the addresses set forth in Section 10.2 of
this Agreement and that service so made shall be deemed completed upon the earlier to occur of
Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage
prepaid;

          (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, WAIVES THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY
CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS
WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS COUNSEL; and

          (c) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages.

     10.13 Acknowledgements. The Borrower hereby acknowledges that:

          (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents;

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          (b) none of the Administrative Agent nor any Lender has any fiduciary relationship with or
duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between the Administrative Agent and Lenders, on one hand, and the
Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and

          (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the
Lenders.

     10.14 Releases of Guarantees and Liens.

          (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of
notice to or consent of any Lender except as expressly required by Section 10.1) to take any action
requested by the Borrower having the effect of releasing any Collateral or guarantee obligations
(i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan
Document or that has been consented to in accordance with Section 10.1 or (ii) under the
circumstances described in Section 10.14(b) below.

          (b) At such time as the Loans and all Obligations shall have been paid in full, the
Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral
shall be released from the Liens created by the Security Documents, and the Security Documents and
all obligations (other than those expressly stated to survive such termination) of the
Administrative Agent and each Loan Party under the Security Documents shall terminate, all without
delivery of any instrument or performance of any act by any Person.

     10.15 Confidentiality. The Administrative Agent and each Lender agrees to keep confidential
all non-public information provided to it by any Loan Party, the Administrative Agent or any Lender
pursuant to or in connection with this Agreement that is designated by the provider thereof as
confidential; provided that nothing herein shall prevent the Administrative Agent
or any Lender from disclosing any such information (a) to the Administrative Agent, any other
Lender or any Affiliate thereof, (b) subject to an agreement to comply with the provisions of this
Section 10.15, to any actual or prospective Transferee or any direct or indirect counterparty to
any Swap Agreement (or any professional advisor to such counterparty), (c) to its employees,
directors, agents, attorneys, accountants and other professional advisors or those of any of its
Affiliates, (d) upon the request or demand of any Governmental Authority, (e) in response to any
order of any court or other Governmental Authority or as may otherwise be required pursuant to any
Requirement of Law, (f) if requested or required to do so in connection with any litigation or
similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of
Insurance Commissioners or any similar organization or any nationally recognized rating agency
that requires access to information about a Lender’s investment portfolio in connection with
ratings issued with respect to such Lender, or (i) in connection with the exercise of any remedy
hereunder or under any other Loan Document. Notwithstanding anything herein to the contrary, any
party to this Agreement (and any employee, representative, or other agent of any party to this
Agreement) may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of the transactions contemplated by this

87

 

Agreement and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to such tax treatment
and tax structure. However, any such information relating to the tax treatment or tax structure is
required to be kept confidential to the extent necessary to comply with any applicable federal or
state securities laws.

     10.16 Additional Waivers.

          (a) The Obligations are the joint and several obligation of each Loan Party. To the fullest
extent permitted by applicable law, the obligations of each Loan Party shall not be affected by (i)
the failure of any Lender or the Administrative Agent to assert any claim or demand or to enforce
or exercise any right or remedy against any other Loan Party under the provisions of this
Agreement, any other Loan Document or otherwise, (ii) any rescission, waiver, amendment or
modification of, or any release from any of the terms or provisions of, this Agreement or any other
Loan Document, or (iii) the failure to perfect any security interest in, or the release of, any of
the Collateral or other security held by or on behalf of the Administrative Agent or any other
Lender.

          (b) The obligations of each Loan Party shall not be subject to any reduction, limitation,
impairment or termination for any reason (other than the indefeasible payment in full in cash of
the Obligations after the termination of the Commitments), including any claim of waiver, release,
surrender, alteration or compromise of any of the Obligations, and shall not be subject to any
defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of any of the Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of each Loan Party hereunder shall not be discharged
or impaired or otherwise affected by the failure of the Administrative Agent or any Lender to
assert any claim or demand or to enforce any remedy under this Agreement, any other Loan Document
or any other agreement, by any waiver or modification of any provision of any thereof, any default,
failure or delay, willful or otherwise, in the performance of any of the Obligations, or by any
other act or omission that may or might in any manner or to any extent vary the risk of any Loan
Party or that would otherwise operate as a discharge of any Loan Party as a matter of law or equity
(other than the indefeasible payment in full in cash of all the Obligations after the termination
of the Commitments).

          (c) To the fullest extent permitted by applicable law, each Loan Party waives any defense
based on or arising out of any defense of any other Loan Party or the unenforceability of the
Obligations or any part thereof from any cause, or the cessation from any cause of the liability of
any other Loan Party, other than the indefeasible payment in full in cash of all the Obligations
and the termination of the Commitments. The Administrative Agent and the Lenders may, at their
election, foreclose on any security held by one or more of them by one or more judicial or
non-judicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or
adjust any part of the Obligations, make any other accommodation
with any other Loan Party, or exercise any other right or remedy available to them against any
other Loan Party, without affecting or impairing in any way the liability of any Loan Party
hereunder except to the extent that all the Obligations have been indefeasibly paid in full in cash
and the Commitments have been terminated. Each Loan Party waives any defense arising out of any
such election even though such election operates, pursuant to applicable law, to impair or to

88

 

extinguish any right of reimbursement or subrogation or other right or remedy of such Loan Party
against any other Loan Party, as the case may be, or any security.

          (d) Each Borrower is obligated to repay the Obligations as joint and several obligors under
this Agreement. Upon payment by any Loan Party of any Obligations, all rights of such Loan Party
against any other Loan Party arising as a result thereof by way of right of subrogation,
contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior
in right of payment to the prior indefeasible payment in full in cash of all the Obligations and
the termination of the Commitments. In addition, any indebtedness of any Loan Party now or
hereafter held by any other Loan Party is hereby subordinated in right of payment to the prior
indefeasible payment in full of the Obligations and no Loan Party will demand, sue for or otherwise
attempt to collect any such indebtedness. If any amount shall erroneously be paid to any Loan
Party on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right
or (ii) any such indebtedness of any Loan Party, such amount shall be held in trust for the benefit
of the Administrative Agent and the Lenders and shall forthwith be paid to the Administrative Agent
to be credited against the payment of the Obligations, whether matured or unmatured, in accordance
with the terms of this Agreement and the other Loan Documents. Subject to the foregoing, to the
extent that any Borrower shall, under this Agreement as a joint and several obligor, repay any of
the Obligations made to another Borrower hereunder or other Obligations incurred directly and
primarily by any other Borrower (an “Accommodation Payment”), then the Borrower making such
Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed
by, each of the other Borrowers in an amount, for each of such other Borrowers, equal to a fraction
of such Accommodation Payment, the numerator of which fraction is such other Borrower’s Allocable
Amount and the denominator of which is the sum of the Allocable Amounts of all of the Borrowers.
As of any date of determination, the “Allocable Amount” of each Borrower shall be equal to the
maximum amount of liability for Accommodation Payments which could be asserted against such
Borrower hereunder without (a) rendering such Borrower “insolvent” within the meaning of Section
101(31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or
Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), or (b) leaving such Borrower with
unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code,
Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Borrower unable to pay its
debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of
the UFTA, or Section 5 of the UFCA.

     10.17 Patriot Act. Each Lender and the Administrative Agent (for itself and not on behalf of
any other party) hereby notifies the Borrower that, pursuant to the requirements of the Patriot
Act, it is required to obtain, verify and record information that identifies the Borrower, which
information includes the names and addresses and other information that will allow such Lender or
the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot
Act.
The Borrower will, and will cause each of its Subsidiaries to, provide, to the extent
commercially reasonable or required by any Requirement of Law, such information and take such
actions as are reasonably requested by the Administrative Agent or any Lender to assist the
Administrative Agent and the Lenders in maintaining compliance with the Patriot Act.

[Remainder of page intentionally left blank.]

89

 

     In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	 	BORROWER

ENERNOC, INC.

 	 
	 	By:  	/s/ Timothy Weller	 
	 	 	Name:  	Timothy Weller	 
	 	 	Title:  	Chief Financial Officer and Treasurer	 
	 
	 	ENOC SECURITIES CORPORATION

 	 
	 	By:  	/s/ Timothy Weller	 
	 	 	Name:  	Timothy Weller	 
	 	 	Title:  	Treasurer	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SILICON VALLEY BANK,

as Administrative Agent, Issuing Lender, Swingline

Lender and as a Lender

 	 
	 	By:  	/s/ Win Bear	 
	 	 	Name:  	Win Bear	 
	 	 	Title:  	Deal Team Leader	 
	 
	 	TD BANK, N.A.

 	 
	 	By:  	/s/ Amy L. Hackett	 
	 	 	Name:  	Amy LeBlanc Hackett	 
	 	 	Title:  	SVP	 
	 

2

 

FIRST AMENDMENT TO CREDIT AGREEMENT

          This First Amendment to Credit Agreement (this “Amendment”) is made as of this
30th day of June, 2011 (the “First Amendment Effective Date”) by and among (a)
(i) ENERNOC, INC., a Delaware corporation (“EnerNOC”) and (ii) ENOC SECURITIES CORPORATION,
a Massachusetts corporation (“ENOC Securities”) (hereinafter, EnerNOC and ENOC Securities
are, jointly and severally, individually and collectively, referred to as the “Borrower”),
(b) the Lenders party hereto, (c) the several banks and other financial institutions or entities
from time to time parties hereto (the “Lenders”), (d) SILICON VALLEY BANK
(“SVB”), as Administrative Agent; (e) SVB, as an Issuing Lender; and (f) SVB, as Swingline
Lender.

W I T N E S S E T H:

     WHEREAS, the parties hereto are party to that certain Credit Agreement dated as of April 15,
2011 (as amended, modified, supplemented or restated and in effect from time to time, the
“Credit Agreement”); and

     WHEREAS, the parties hereto have agreed to modify and amend certain terms and conditions of
the Credit Agreement, subject to the terms and conditions contained herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

     1. Capitalized Terms. All capitalized terms used herein and not otherwise defined
shall have the same meaning herein as in the Credit Agreement.

     2. Amendment to Section 1.1 of the Credit Agreement. The Credit Agreement is hereby
amended by deleting the following text appearing in the definition entitled “Permitted Acquisition”
appearing alphabetically in Section 1.1 thereof:

     “(d) the total consideration for such purchases or other acquisitions shall not
exceed (i) $5,000,000 for any single purchase or acquisition or (ii) $15,000,000 in
the aggregate for all purchases or acquisitions during the term of this Agreement;”

     and inserting in lieu thereof the following:

     “(d) the total consideration for such purchases or other acquisitions shall not
exceed $5,000,000 in the aggregate for all purchases or acquisitions during the term
of this Agreement;”

     3. Conditions Precedent to Effectiveness. This Amendment shall not be effective until
each of the following conditions precedent have been fulfilled to the satisfaction of the
Administrative Agent:

3

 

(a) This Amendment shall have been duly executed and delivered by the respective parties
hereto. The Administrative Agent shall have received a fully executed copy hereof and
of each other document required hereunder.

(b) All necessary consents and approvals to this Amendment shall have been obtained.

(c) After giving effect to this Amendment, no Default or Event of Default shall have
occurred and be continuing.

(d) After giving effect to this Amendment, the representations and warranties herein and
in the Credit Agreement and the other Loan Documents shall be true and correct in all
respects on and as of the date hereof, as though made on such date (except to the
extent that such representations and warranties relate solely to an earlier date).

(e) All other documents and legal matters in connection with the transactions
contemplated by this Amendment shall have been delivered, executed, or recorded and
shall be in form and substance satisfactory to the Administrative Agent, in its sole
discretion.

     4. Representations and Warranties. The Borrower hereby represents and warrants to the
Administrative Agent and the Lenders as follows:

          (a) It (i) is duly organized and existing and in good standing under the laws of the
jurisdiction of its organization, (ii) is qualified to do business in any state where the failure
to be so qualified reasonably could be expected to have a Material Adverse Effect on the Borrower
or its business, and (iii) has all requisite power and authority to own and operate its properties,
to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan
Documents to which it is a party and to carry out the transactions contemplated thereby.

          (b) The execution, delivery, and performance by it of this Amendment and the performance by it
of each Loan Document to which it is or will be a party (i) have been duly authorized by all
necessary action (ii) do not and will not (A) violate any material provision of federal, state or
local law, rule or regulation, or any order, judgment, decree, writ, injunction or award of any
arbitrator, court or Governmental Authority finding on it or its Subsidiaries, the governing
documents of it or its Subsidiaries, or any order, judgment or decree of any court or other
Governmental Authority binding on it or its Subsidiaries, (B) conflict with, result in a breach of,
or constitute (with due notice or lapse of time or both) a default under any material Contractual
Obligation of it or its Subsidiaries, except to the extent that any such conflict, breach or
default could not individually or in the aggregate reasonably be expected to have a Material
Adverse Effect on the Borrower or its business, (C) result in or require the creation or imposition
of any Lien of any nature whatsoever upon any properties or assets of any Group Member, other than
permitted Liens, or (D) require any approval of any Group Member’s interest holders or any approval
or consent of any Person under any material Contractual Obligation of any Group Member, other than
consents or approvals that have been obtained and that are still in force and effect and except, in
the case of material Contractual Obligations, for consents or approvals, the failure to obtain
could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect
on the Borrower or its business.

4

 

          (c) No authorization or approval or other action by, and no notice to or filing with, a
Governmental Authority is required in connection with the due execution, delivery and performance
by it of this Amendment or any other Loan Document to which it is or will be a party.

          (d) This Amendment is, and each other Loan Document to which it is or will be a party, when
executed and delivered by each Person that is a party thereto, will be the legally valid and
binding obligation of such Person, enforceable against such Person in accordance with its
respective terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally.

          (e) No injunction, writ, restraining order, or other order of any nature prohibiting, directly
or indirectly, the consummation of the transactions contemplated herein has been issued and remains
in force by any Governmental Authority against any Group Member.

          (f) The representations and warranties set forth in this Amendment, the Credit Agreement, as
amended by this Amendment and after giving effect hereto, and the other Loan Documents to which it
is a party are true and correct in all respects on and as of the date hereof, as though made on
such date (except to the extent that such representations and warranties relate solely to an
earlier date).

          (g) This Amendment has been entered into without force or duress, of the free will of the
Borrower, and the decision of the Borrower to enter into this Amendment is a fully informed
decision and the Borrower is aware of all legal and other ramifications of each decision.

          (h) The Borrower has read and understands this Amendment, has consulted with and been
represented by independent legal counsel of its own choosing in negotiations for and the
preparation of this Amendment, has read this Amendment in full and final form, and has been advised
by its counsel of its rights and obligations hereunder and thereunder.

     5. Collateral Information Certificate. The Borrower has delivered an updated
Collateral Information Certificate dated as of June 30, 2011 (“Updated Collateral Information
Certificate”), which Updated Collateral Information Certificate shall supersede in all respects
that certain Collateral Information Certificate dated as of April 15, 2011 delivered by the
Borrower to the Administrative Agent. The parties agree that all references in the Credit Agreement
to “Collateral Information Certificate” with respect to Borrower shall hereinafter be deemed to be
a reference to the Updated Collateral Information Certificate..

     6. Payment of Costs and Fees. The Borrower shall pay to the Administrative Agent and
each Lender all reasonable costs, out-of-pocket expenses, and fees and charges of every kind in
connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto. In addition thereto, the Borrower agrees to reimburse
the Administrative Agent and each Lender on demand for its reasonable costs arising out of this

5

 

Amendment and all documents or instruments relating hereto (which costs include, without
limitation, the reasonable fees and expenses of any attorneys retained by the Administrative
Agent or any Lender).

     7. Release by Group Members. The Borrower hereby acknowledges and agrees that as of the
date hereof to the knowledge of the Borrower, the Borrower has no offsets, defenses, claims, or
counterclaims against the Administrative Agent or any Lender with respect to the Obligations, or
otherwise, and that if the Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against the Administrative Agent or any Lender, whether known or unknown, at law or
in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES the Administrative
Agent and each Lender from any liability thereunder.

     8. Choice of Law. This Amendment and the rights of the parties hereunder, shall be
determined under, governed by, and construed in accordance with the laws of the State of New York.

     9. Amendments. This Amendment cannot be altered, amended, changed or modified in any
respect or particular unless each such alteration, amendment, change or modification shall have
been agreed to by each of the parties and reduced to writing in its entirety and signed and
delivered by each party.

     10. Counterpart Execution. This Amendment may be executed in any number of counterparts,
all of which when taken together shall constitute one and the same instrument, and any of the
parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed
counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be
equally as effective as delivery of an original executed counterpart of this Amendment. Any party
delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of
transmission also shall deliver an original executed counterpart of this Amendment, but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Amendment.

     11. Effect on Loan Documents.

     (a) The Credit Agreement, as amended hereby, and each of the other Loan Documents shall
be and remain in full force and effect in accordance with their respective terms and hereby are
ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment
shall not operate, except as expressly set forth herein, as a modification or waiver of any right,
power, or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other
Loan Document. The consents, modifications and other agreements herein are limited to the
specifics hereof (including facts or occurrences on which the same are based), shall not apply with
respect to any facts or occurrences other than those on which the same are based, shall not excuse
any non-compliance with the Loan Documents, and shall not operate as a consent or waiver to any
matter under the Loan Documents. Except for the amendments to the Credit Agreement expressly set
forth herein, the Credit Agreement and other Loan Documents shall remain unchanged and in full
force and effect. The execution, delivery and performance of this Amendment shall not operate as a
waiver of or, except as expressly set forth herein, as an amendment of, any right, power or remedy
of the Lenders in effect prior to the

6

 

date hereof. The amendments, consents, modifications and
other agreements set forth herein are limited to the specifics hereof, shall not apply with respect
to any facts or occurrences other than those on which the same are based, and except as expressly set forth herein, shall neither
excuse any future non-compliance with the Credit Agreement, nor operate as a waiver of any Default
or Event of Default. To the extent any terms or provisions of this Amendment conflict with those
of the Credit Agreement or other Loan Documents, the terms and provisions of this Amendment shall
control.

     (b) Upon and after the Amendment Closing Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,
“therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a
reference to the Credit Agreement as modified and amended hereby.

     (c) To the extent that any terms and conditions in any of the Loan Documents shall contradict
or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this
Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect
the terms and conditions of the Credit Agreement as modified or amended hereby.

     (d) This Amendment is a Loan Document.

     (e) Unless the context of this Amendment clearly requires otherwise, references to the plural
include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the
inclusive meaning represented by the phrase “and/or”.

     12. Entire Agreement. This Amendment, and terms and provisions hereof, the Credit
Agreement and the other Loan Documents constitute the entire understanding and agreement between
the parties hereto with respect to the subject matter hereof and supersedes any and all prior or
contemporaneous amendments or understandings with respect to the subject matter hereof, whether
express or implied, oral or written.

     13. Integration. This Amendment, together with the other Loan Documents, incorporates all
negotiations of the parties hereto with respect to the subject matter hereof and is the final
expression and agreement of the parties hereto with respect to the subject matter hereof.

     14. Reaffirmation of Obligations. The Borrower hereby reaffirms its obligations under
each Loan Document to which it is a party. The Borrower hereby further ratifies and reaffirms the
validity and enforceability of all of the Liens heretofore granted, pursuant to and in connection
with the Collateral Agreement or any other Loan Document to the Administrative Agent on behalf and
for the benefit of the Lenders and the Issuing Lender, as collateral security for the obligations
under the Loan Documents in accordance with their respective terms, and acknowledges that all of
such Liens, and all collateral heretofore pledged as security for such obligations, continues to be
and remain collateral for such obligations from and after the date hereof.

7

 

     15. Ratification. The Borrower hereby restates, ratifies and reaffirms each and every
term and condition set forth in the Credit Agreement and the Loan Documents effective as of the
date hereof and as amended hereby.

     16. Severability. In case any provision in this Amendment shall be invalid, illegal or
unenforceable, such provision shall be severable from the remainder of this Amendment and the
validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

[SIGNATURE PAGE FOLLOWS]

8

 

     In Witness Whereof, the parties hereto have caused this Amendment to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above
written.

        .

	 	 	 	 	 
	 	BORROWER

ENERNOC, INC.

 	 
	 	By:  	/s/ Timothy Weller
 	 
	 	 	Name:  	Timothy Weller 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	ENOC SECURITIES CORPORATION

 	 
	 	By:  	/s/ Timothy Weller
 	 
	 	 	Name:  	Timothy Weller 	 
	 	 	Title:  	Treasurer 	 
	 

[Signature Page to First Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	SILICON VALLEY BANK,

as Administrative Agent, Issuing Lender, Swingline

Lender and as a Lender

 	 
	 	By:  	/s/ Win Bear
 	 
	 	 	Name:  	Win Bear 	 
	 	 	Title:  	Deal Team Leader 	 

[Signature Page to First Amendment to Credit Agreement]

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TD BANK, N.A.

As a Lender

 	 
	 	By:  	/s/ Amy L Hackett
 	 
	 	 	Name:  	Amy LeBlanc Hackett 	 
	 	 	Title:  	SVP 	 
	 

2exv10w2

Exhibit 10.2

 

GUARANTEE AND COLLATERAL AGREEMENT

Dated as of April 15, 2011

made by

ENERNOC, INC.,

AND

ENOC SECURITIES CORPORATION

and

THE OTHER GRANTORS referred to herein

in favor of

SILICON VALLEY BANK,

as Administrative Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. DEFINED TERMS
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	1.2 Other Definitional Provisions
	 	 	4	 
	 
	 	 	 	 
	SECTION 2. GUARANTEE
	 	 	4	 
	2.1 Guarantee
	 	 	4	 
	2.2 Right of Contribution
	 	 	5	 
	2.3 No Subrogation
	 	 	5	 
	2.4 Amendments, etc. with respect to the Borrower Obligations
	 	 	5	 
	2.5 Guarantee Absolute and Unconditional
	 	 	6	 
	2.6 Reinstatement
	 	 	6	 
	2.7 Payments
	 	 	6	 
	 
	 	 	 	 
	SECTION 3. GRANT OF SECURITY INTEREST
	 	 	7	 
	 
	 	 	 	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	4.1 Title; No Other Liens
	 	 	8	 
	4.2 Perfected Liens
	 	 	8	 
	4.3 Jurisdiction of Organization; Chief Executive Office
	 	 	9	 
	4.4 Inventory and Equipment
	 	 	9	 
	4.5 Farm Products
	 	 	9	 
	4.6 Investment Property
	 	 	9	 
	4.7 Investment Accounts
	 	 	9	 
	4.8 Receivables
	 	 	9	 
	4.9 Intellectual Property
	 	 	10	 
	 
	 	 	 	 
	SECTION 5. COVENANTS
	 	 	10	 
	5.1 Delivery of Instruments, Certificated Securities and Chattel Paper
	 	 	10	 
	5.2 Maintenance of Insurance
	 	 	10	 
	5.3 Payment of Obligations
	 	 	11	 
	5.4 Maintenance of Perfected Security Interest; Further Documentation
	 	 	11	 
	5.5 Changes in Locations, Name, etc.
	 	 	11	 
	5.6 Notices
	 	 	12	 
	5.7 Investment Property
	 	 	12	 
	5.8 Investment Accounts
	 	 	13	 
	5.9 Receivables
	 	 	13	 
	5.10 Intellectual Property
	 	 	13	 
	 
	 	 	 	 
	SECTION 6. REMEDIAL PROVISIONS
	 	 	14	 
	6.1 Certain Matters Relating to Receivables
	 	 	14	 
	6.2 Communications with Obligors; Grantors Remain Liable
	 	 	15	 
	6.3 Investment Property
	 	 	15	 
	6.4 Proceeds to be Turned Over To Administrative Agent
	 	 	16	 
	6.5 Application of Proceeds
	 	 	16	 
	6.6 Code and Other Remedies
	 	 	17	 
	6.7 Registration Rights
	 	 	17	 
	6.8 Deficiency
	 	 	18	 

i

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 7. THE ADMINISTRATIVE AGENT
	 	 	18	 
	7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc.
	 	 	18	 
	7.2 Duty of Administrative Agent
	 	 	19	 
	7.3 Execution of Financing Statements
	 	 	20	 
	7.4 Authority of Administrative Agent
	 	 	20	 
	 
	 	 	 	 
	SECTION 8. MISCELLANEOUS
	 	 	20	 
	8.1 Amendments in Writing
	 	 	20	 
	8.2 Notices
	 	 	20	 
	8.3 No Waiver by Course of Conduct; Cumulative Remedies
	 	 	20	 
	8.4 Enforcement Expenses; Indemnification
	 	 	21	 
	8.5 Successors and Assigns
	 	 	21	 
	8.6 Set-Off
	 	 	21	 
	8.7 Counterparts
	 	 	21	 
	8.8 Severability
	 	 	22	 
	8.9 Section Headings
	 	 	22	 
	8.10 Integration
	 	 	22	 
	8.11 GOVERNING LAW
	 	 	22	 
	8.12 Submission To Jurisdiction; Waivers
	 	 	22	 
	8.13 Acknowledgements
	 	 	23	 
	8.14 Additional Grantors
	 	 	23	 
	8.15 Releases
	 	 	23	 
	8.16 WAIVER OF JURY TRIAL
	 	 	23	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 
	Schedule 1 Notice Addresses
	 	 	 	 
	Schedule 2 Investment Property
	 	 	 	 
	Schedule 3 Perfection Matters
	 	 	 	 
	Schedule 4 Jurisdictions of Organization and Chief Executive Offices, etc.
	 	 	 	 
	Schedule 5 Equipment and Inventory Locations
	 	 	 	 
	Schedule 6 Intellectual Property
	 	 	 	 

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          GUARANTEE AND COLLATERAL AGREEMENT (this “Agreement”), dated as of April 15, 2011,
made by each of the signatories hereto (together with any other entity that may become a party
hereto as provided herein, the “Grantors”), in favor of SILICON VALLEY BANK, as
Administrative Agent (together with its successors, in such capacity, the “Administrative
Agent”) for the Lenders from time to time parties to the Credit Agreement, dated as of the date
hereof (as amended, amended and restated, supplemented, restructured or otherwise modified, renewed
or replaced from time to time, the “Credit Agreement”), among ENERNOC, INC., a Delaware
corporation (“EnerNOC”), ENOC SECURITIES CORPORATION, a Massachusetts corporation
(“ENOC Securities”) (hereinafter, EnerNOC and ENOC Securities are, jointly and severally,
individually and collectively, referred to as the “Borrower”), the Lenders party thereto
and the Administrative Agent.

INTRODUCTORY STATEMENTS

          WHEREAS, each Borrower is a member of an affiliated group of companies that includes each
other Grantor;

          WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in
part to enable the Borrower to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses;

          WHEREAS, certain of the Qualified Counterparties may enter into Specified Swap Agreements with
the Borrower, any Subsidiary of the Borrower or any other Loan Party;

          WHEREAS, Borrower and the other Grantors are engaged in related businesses, and each Grantor
derives substantial direct and indirect benefit from the extensions of credit under the Credit
Agreement and from the Specified Swap Agreements; and

          WHEREAS, it is a condition precedent to the Closing Date that the Grantors shall have executed
and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured
Parties.

          NOW, THEREFORE, in consideration of the above premises, the parties hereto hereby agree as
follows:

SECTION 1. DEFINED TERMS

     1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the
following terms are used herein as defined in the New York UCC: Accounts, Certificated Security,
Chattel Paper, Commercial Tort Claims, Commodities Accounts, Deposit Accounts, Documents,
Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory,
Letter-of-Credit Rights, Securities Accounts, Securities Entitlements, Supporting Obligations, and
Uncertificated Securities.

     (b) The following terms shall have the following meanings:

          “Agreement”: as defined in the preamble hereto.

          “Administrative Agent”: as defined in the preamble hereto.

 

 

          “Borrower”: as defined in the preamble hereto.

          “Borrower Obligations”: the Obligations of the Borrower.

          “Collateral”: as defined in Section 3.

          “Collateral Account”: any collateral account established by the Administrative Agent
as provided in Section 6.1 or 6.4.

          “Collateral Documents”: the reference to Security Documents as defined in the Credit
Agreement.

          “Copyright Licenses”: any written agreement naming any Grantor as licensor or
licensee (including, without limitation, those listed on Schedule 6), granting any right
under any Copyright, including, without limitation, the grant of rights to manufacture, distribute,
exploit and sell materials derived from any Copyright.

          “Copyrights”: (i) all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished (including, without limitation, those listed on Schedule 6), all
registrations and recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United States Copyright
Office, and (ii) the right to obtain all renewals thereof.

          “Deposit Account”: as defined in the Uniform Commercial Code of any applicable
jurisdiction and, in any event, including, without limitation, any demand, time, savings, passbook
or like account maintained with a depositary institution.

          “Discharge of Obligations”: as defined in Section 2.1(d).

          “EnerNOC”: as defined in the preamble hereto.

          “ENOC Securities”: as defined in the preamble hereto.

          “Foreign Subsidiary”: any direct Subsidiary of any Grantor organized under the laws
of any jurisdiction outside the United States of America.

          “Foreign Subsidiary Voting Stock”: the voting Capital Stock of any Foreign
Subsidiary.

          “Guarantor Obligations”: as defined in Section 2.1(a).

          “Grantor”: as defined in the preamble hereto.

          “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property of any Grantor, whether arising under United States,
multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the
Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses,
and all rights to sue at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.

          “Intercompany Note”: any promissory note evidencing loans made by any Grantor to
Borrower or any of its Subsidiaries.

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          “Investment Accounts”: the collective reference to the Securities Accounts,
Commodities Accounts and Deposit Accounts.

          “Investment Property”: the collective reference to (i) all “investment property” as
such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary
Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting
“investment property” as so defined, all Pledged Notes and all Pledged Stock.

          “Issuers”: the collective reference to each issuer of any Investment Property.

          “New York UCC”: the Uniform Commercial Code as from time to time in effect in the
State of New York.

          “Obligations”: as defined in the Credit Agreement and including, without limitation,
(i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each Guarantor,
its Guarantor Obligations.

          “Patent License”: all agreements, whether written or oral, providing for the grant by
or to any Grantor of any right under any Patent, including, without limitation, the right to
manufacture, use or sell any invention covered in whole or in part by a Patent, including, without
limitation, any of the foregoing referred to on Schedule 6.

          “Patents”: (i) all letters patent of the United States, any other country or any
political subdivision thereof, all reissues and extensions thereof and all goodwill associated
therewith, including, without limitation, any of the foregoing referred to on Schedule 6,
(ii) all applications for letters patent of the United States or any other country and all
divisions, continuations and continuations-in-part thereof, including, without limitation, any of
the foregoing referred to on Schedule 6, and (iii) all rights to obtain any reissues or
extensions of the foregoing.

          “Pledged Notes”: all promissory notes listed on Schedule 2 and all other
promissory notes issued to or held by any Grantor.

          “Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together
with any other shares, stock certificates, options, interests or rights of any nature whatsoever in
respect of the Capital Stock of any Person that may be issued or granted to, or held by, any
Grantor while this Agreement is in effect; provided that in no event shall more than 65% of
the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary be required to be
pledged hereunder.

          “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the New
York UCC and, in any event, shall include, without limitation, all dividends or other income from
the Investment Property, collections thereon or distributions or payments with respect thereto.

          “Receivable”: any right to payment for goods sold or leased or for services rendered,
whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has
been earned by performance (including, without limitation, any Account).

          “Trademark License”: any agreement, whether written or oral, providing for the grant
by or to any Grantor of any right to use any Trademark, including, without limitation, any of the
foregoing referred to on Schedule 6.

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          “Trademarks”: (i) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos, Internet domain
names and other source or business identifiers, and all goodwill associated therewith, now existing
or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in
connection therewith, whether in the United States Patent and Trademark Office or in any similar
office or agency of the United States, any State thereof or any other country or any political
subdivision thereof, or otherwise, and all common-law rights related thereto, including, without
limitation, any of the foregoing referred to on Schedule 6, and (ii) the right to obtain
all renewals thereof.

     1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section and Schedule
references are to the Sections and Schedules of this Agreement unless otherwise specified.

     (b) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

     (c) Where the context requires, terms relating to the Collateral or any part thereof, when
used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part
thereof.

SECTION 2. GUARANTEE

     2.1 Guarantee.

     (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably,
guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties and their
respective successors, endorsees, transferees and assigns, the prompt and complete payment and
performance by the Borrower when due (whether at the stated maturity, by acceleration or otherwise)
of the Borrower Obligations (collectively, the “Guarantor Obligations”).

     (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed
the amount which can be guaranteed by such Guarantor under applicable federal and state laws
relating to the insolvency of debtors (after giving effect to the right of contribution established
in Section 2.2).

     (c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time
exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee
contained in this Section 2 or affecting the rights and remedies of the Administrative
Agent or any other Secured Party hereunder.

     (d) The guarantee contained in this Section 2 shall remain in full force and effect
until all the Borrower Obligations (other than inchoate Indemnity obligations) and the obligations
of each Guarantor
under the guarantee contained in this Section 2 (other than inchoate Indemnity
obligations) shall have been satisfied by payment in full, no Letter of Credit shall be
outstanding, and the Commitments shall be terminated (the “Discharge of Obligations”),
notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be
free from any Borrower Obligations.

     (e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other
Person or received or collected by the Administrative Agent or any other Secured Party from the
Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or

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proceeding or any set-off or appropriation or application at any time or from time to time in
reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release
or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such
payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or
any payment received or collected from such Guarantor in respect of the Borrower Obligations),
remain liable for the Borrower Obligations after giving effect to such payment up to the maximum
liability of such Guarantor hereunder until the Discharge of Obligations.

     2.2 Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent
that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and
against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such
payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and
conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect
limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent and
the other Secured Parties, and each Subsidiary Guarantor shall remain liable to the Administrative
Agent and the other Secured Parties for the full amount guaranteed by such Subsidiary Guarantor
hereunder.

     2.3 No Subrogation. No Guarantor shall be entitled to be subrogated to any of the rights
of the Administrative Agent or any other Secured Party against the Borrower or any other Guarantor
or any collateral security or guarantee or right of offset held by the Administrative Agent or any
other Secured Party for the payment of the Borrower Obligations, nor shall any Guarantor seek or be
entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in
respect of payments made by such Guarantor hereunder, in each case, until the Discharge of
Obligations. If any amount shall be paid to any Guarantor on account of such subrogation rights at
any time when all of the Borrower Obligations shall not have been paid in full (other than inchoate
Indemnity obligations), such amount shall be held by such Guarantor in trust for the Administrative
Agent and the other Secured Parties, segregated from other funds of such Guarantor, and shall,
forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact
form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if
required), to be applied in such order as set forth in Section 6.5 hereof irrespective of
the occurrence or the continuance of any Event of Default.

     2.4 Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall
remain obligated hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any
of the Borrower Obligations made by the Administrative Agent or any other Secured Party may be
rescinded by the Administrative Agent or such Secured Party and any of the Borrower Obligations
continued, and the Borrower Obligations, or the liability of any other Person upon
or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended,
modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or
any other Secured Party, and the Credit Agreement and the other Loan Documents and any other
documents executed and delivered in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all
Lenders, as the case may be) may agree with the Borrower from time to time, and any collateral
security, guarantee or right of offset at any time held by the Administrative Agent or any other
Secured Party for the payment of the Borrower Obligations may be sold, exchanged, waived,
surrendered or released. Neither the Administrative Agent nor any other Secured Party shall have
any obligation to protect, secure, perfect or insure any Lien at any time held by it as security
for the Borrower Obligations or for the guarantee contained in this Section 2 or any
property subject thereto.

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     2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof
of reliance by the Administrative Agent or any other Secured Party upon the guarantee contained in
this Section 2 or acceptance of the guarantee contained in this Section 2; the
Borrower Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee
contained in this Section 2; and all dealings between the Borrower and any of the
Guarantors, on the one hand, and the Administrative Agent and the other Secured Parties, on the
other hand, likewise shall be conclusively presumed to have been had or consummated in reliance
upon the guarantee contained in this Section 2. Each Guarantor waives diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the
Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be construed as
a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations
or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by the Administrative Agent or any other Secured Party, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance) which may at any
time be available to or be asserted by the Borrower or any other Person against the Administrative
Agent or any other Secured Party, or (c) any other circumstance whatsoever (with or without notice
to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to
constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of
such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any
other instance. When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Guarantor, the Administrative Agent or any other Secured Party may, but shall
be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as
it may have against the Borrower, any other Guarantor or any other Person or against any collateral
security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and
any failure by the Administrative Agent or any other Secured Party to make any such demand, to
pursue such other rights or remedies or to collect any payments from the Borrower, any other
Guarantor or any other Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other
Person or any such collateral security, guarantee or right of offset, shall not relieve any
Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of the Administrative Agent or
any other Secured Party against any Guarantor. For the purposes hereof “demand” shall include the
commencement and continuance of any legal proceedings.

     2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower
Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or
any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or
any substantial part of its property, or otherwise, all as though such payments had not been made.

     2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to
the Administrative Agent without set-off or counterclaim in Dollars at the Revolving Loan Funding
Office.

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SECTION 3. GRANT OF SECURITY INTEREST

          Each Grantor hereby grants to the Administrative Agent, for the ratable benefit of the Secured
Parties, a security interest in, all of the following property now owned or at any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire
any right, title or interest (collectively, the “Collateral”), as collateral security for
the prompt and complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of such Grantor’s Obligations:

     (a) all Accounts;

     (b) all Chattel Paper;

     (c) all Deposit Accounts;

     (d) all Documents;

     (e) all Equipment;

     (f) all Fixtures;

     (g) all General Intangibles;

     (h) all Goods;

     (i) all Instruments;

     (j) all Intellectual Property;

     (k) all Inventory;

     (l) all Investment Property;

     (m) all Letter-of-Credit Rights;

     (n) all other property not otherwise described above;

     (o) all books and records pertaining to the Collateral; and

     (p) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of
any and all of the foregoing and all collateral security and guarantees given by any Person with
respect to any of the foregoing;

          provided, however, that notwithstanding any of the other provisions set forth
in this Section 3, (x) this Agreement shall not constitute a grant of a security interest
in any property to the extent that such grant of a security interest is prohibited by any
Requirement of Law of a Governmental Authority or constitutes a breach or default under or results
in the termination of or requires any consent not obtained under, any contract, license, agreement,
instrument or other document evidencing or giving rise to such property, except (i) to the extent
that the terms in such contract, license, instrument or other document providing for such
prohibition, breach, default or termination, or requiring such consent are not permitted under
Section 7.13 of the Credit Agreement or (ii) to the extent that such Requirement of Law or
the term in such contract, license, agreement, instrument or other document providing for such

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prohibition, breach, default or termination or requiring such consent is ineffective under Section
9-406, 9-407, 9-408 or 9-409 of the New York UCC (or any successor provision or provisions) of any
relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of
equity; provided, however, that such security interest shall attach immediately at
such time as such Requirement of Law is not effective or applicable, or such prohibition, breach,
default or termination is no longer applicable or is waived, and to the extent severable, shall
attach immediately to any portion of the Collateral that does not result in such consequences; (y)
no United States intent-to-use trademark or service mark application shall be included in the
Collateral to the extent that, and solely during the period in which, the grant of a security
interest therein would impair the validity or enforceability of such intent-to-use trademark or
service mark application under Federal law; provided, however, after such period,
each Grantor acknowledges that such interest in such trademark or service mark application shall be
subject to a security interest in favor of the Administrative Agent and shall be included in the
Collateral; and (z) no Grantor shall be required at any time to pledge hereunder more than 65% of
the total outstanding Excluded Foreign Subsidiary Voting Stock of any of its Excluded Foreign
Subsidiaries.

SECTION 4. REPRESENTATIONS AND WARRANTIES

          To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each
Grantor hereby represents and warrants to the Administrative Agent and each other Secured Party
that:

     4.1 Title; No Other Liens. Except for the Liens permitted to exist on the Collateral by
the Credit Agreement, such Grantor owns each item of the Collateral free and clear of any and all
Liens or claims of others. No financing statement, fixture filing or other public notice with
respect to all or any part of the Collateral is on file or of record or will be filed in any public
office, except such as have been filed as permitted by the Credit Agreement. For the avoidance of
doubt, it is understood and agreed that any Grantor may, as part of its business, grant licenses to
third parties to use Intellectual Property owned or developed by a Grantor. For purposes of this
Agreement and the other Loan Documents, such licensing activity shall not constitute a “Lien” on
such Intellectual Property. The Administrative Agent and each other Secured Party understands that
any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may
limit the ability of the Administrative Agent to utilize, sell, lease or transfer the related
Intellectual Property or otherwise realize value from such Intellectual Property pursuant hereto.

     4.2 Perfected Liens. The security interests granted to the Administrative Agent pursuant to this Agreement (i)
upon completion of the filings and other actions specified on Schedule 3 (which, in the
case of all filings and other documents referred to on said Schedule, have been delivered to the
Administrative Agent in completed and duly (if applicable) executed form), or upon the
Administrative Agent’s obtaining control (within the meanings of Section 8-106, 9-104, and 9-106 of
the UCC) over certain Collateral, will constitute valid perfected security interests in all of the
Collateral (to the extent that such security interests can be perfected by filing or through
“control” under the UCC) in favor of the Administrative Agent, for the ratable benefit of the
Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance
with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase
any Collateral from such Grantor and (ii) are prior to all other Liens on the Collateral in
existence on the date hereof except for unrecorded Liens permitted by the Credit Agreement which
have priority over the Liens on the Collateral by operation of law, and in the case of Collateral
other than Pledged Stock and Pledged Notes, Liens permitted by Section 7.3 of the Credit
Agreement. Each Grantor has the right to remove the Fixtures in which such Grantor has an interest
within the meaning of Section 9-334(f)(2) of the New York UCC.

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     4.3 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such
Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization
(if any), and the location of such Grantor’s chief executive office or sole place of business, as
the case may be, are specified on Schedule 4.

     4.4 Inventory and Equipment. On the date hereof (a) the Inventory and (b) the Equipment
(other than mobile goods) are kept at the locations listed on Schedule 5.

     4.5 Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm
Products.

     4.6 Investment Property. (a) The shares of Pledged Stock pledged by such Grantor
hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of
each Issuer owned by such Grantor or, in the case of Foreign Subsidiary Voting Stock, if less, 65%
of the outstanding Foreign Subsidiary Voting Stock of each relevant Issuer.

     (b) All the shares of the Pledged Stock of each Subsidiary of such Grantor have been duly and
validly issued and are fully paid and nonassessable.

     (c) Such Grantor is the record and beneficial owner of, and has title to, the Pledged Stock
and Pledged Notes pledged by it hereunder, free of any and all Liens or options in favor of, or
adverse claims of, any other Person, except the security interests created by this Agreement.

     4.7 Investment Accounts. (a) Schedule 2 sets forth under the headings “Securities
Accounts” and “Commodities Accounts”, respectively, all of the Securities Accounts and Commodities
Accounts in which each Grantor has an interest. Each Grantor, as applicable, is the sole
entitlement holder of each such Securities Account and Commodities Account, and such Grantor has
not consented to, and is not otherwise aware
of, any Person (other than the Administrative Agent) having “control” (within the meanings of
Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or
Commodity Account or any securities or other property credited thereto;

     (b) Schedule 2 sets forth under the heading “Deposit Accounts” all of the Deposit
Accounts in which each Grantor has an interest and each Grantor is the sole account holder of each
such Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any
Person (other than the Administrative Agent) having either sole dominion and control (within the
meaning of common law) or “control” (within the meaning of Section 9-104 of the UCC) over, or any
other interest in, any such Deposit Account or any money or other property deposited therein; and

     (c) Each Grantor has taken all actions necessary or desirable to: (i) establish the
Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over
any Certificated Securities; (ii) establish the Administrative Agent’s “control” (within the
meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Accounts
constituting Securities Accounts, Commodities Accounts, Securities Entitlements or Uncertificated
Securities; (iii) establish the Administrative Agent’s “control” (within the meaning of Section
9-104 of the UCC) over all Deposit Accounts; and (iv) deliver all Instruments to the Administrative
Agent to the extent required hereunder.

     4.8 Receivables. No amount payable to such Grantor under or in connection with any
Receivable is evidenced by any Instrument (other than checks, drafts or other Instruments that will
be promptly deposited in an Investment Account) or Chattel Paper which has not been delivered to
the Administrative Agent. None of the account debtors or other obligors in respect of any
Receivable in

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excess of $200,000 in the aggregate is the government of the United States or any
agency or instrumentality thereof.

     4.9 Intellectual Property. (a) Schedule 6 lists all registrations and
applications for Intellectual Property (including, without limitation, registered Copyrights,
Patents, Trademarks and all applications therefor) as well as all Copyright Licenses, Patent
Licenses and Trademark Licenses, in each case owned by such Grantor in its own name on the date
hereof.

     (b) Each Grantor owns, is licensed to use, or otherwise has valid rights to use all
Intellectual Property necessary for the conduct of its business as currently conducted. The use of
such Intellectual Property by each Grantor does not, to the knowledge of the Grantors, infringe on
the rights of any Person in any material respect. No material claim has been asserted and is
pending by any Person challenging or questioning the use of any Intellectual Property or the
validity or effectiveness of any Intellectual Property, nor does any Grantor know of any valid
basis for any such claim.

     (c) Except as set forth in Schedule 6, on the date hereof, none of the Intellectual
Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is
the licensor or franchisor.

     (d) No holding, decision or judgment has been rendered by any Governmental Authority which
would limit, cancel or question the validity of, or such Grantor’s rights in, any Intellectual
Property in any respect that could reasonably be expected to have a Material Adverse Effect.

     (e) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on
the date hereof (i) seeking to limit, cancel or question the validity of any material Intellectual
Property or such Grantor’s ownership interest therein, or (ii) which, if adversely determined,
would have a material adverse effect on the value of any material Intellectual Property.

SECTION 5. COVENANTS

          Each Grantor covenants and agrees with the Administrative Agent and the other Secured Parties
that, from and after the date of this Agreement until the Discharge of Obligations:

     5.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount
payable under or in connection with any of the Collateral shall be or become evidenced by any
Instrument (other than checks, drafts or other Instruments that will be promptly deposited in an
Investment Account), Certificated Security or Chattel Paper evidencing an amount in excess of
$250,000, individually or in the aggregate, such Instrument, Certificated Security or Chattel Paper
shall be promptly delivered to the Administrative Agent, duly indorsed in a manner satisfactory to
the Administrative Agent, to be held as Collateral pursuant to this Agreement.

     5.2 Maintenance of Insurance. (a) Such Grantor will maintain, with financially sound and
reputable companies, insurance policies (i) insuring the Inventory and Equipment against loss by
fire, explosion, theft and such other casualties as may be reasonably satisfactory to the
Administrative Agent and (ii) insuring such Grantor, the Administrative Agent and the other Secured
Parties against liability for personal injury and property damage relating to such Inventory and
Equipment, such policies to be in such form and amounts and against such risks as are usually
insured against in the same general area by companies engaged in the same or similar business.

     (b) All such insurance shall (i) provide that no cancellation, material reduction in amount or
material change in coverage thereof shall be effective until at least thirty (30) days after
receipt by the

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Administrative Agent of written notice thereof, (ii) name the Administrative Agent
as an additional insured party or loss payee, as applicable, (iii) to the extent available on
commercially reasonable terms, and if reasonably requested by the Administrative Agent, include a
breach of warranty clause and (iv) be reasonably satisfactory in all other respects to the
Administrative Agent.

     5.3 Payment of Obligations. Such Grantor will pay and discharge or otherwise satisfy at
or before maturity or before they become delinquent, as the case may be, all taxes, assessments and
governmental charges or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including, without limitation, claims for labor,
materials and supplies) against or with respect to the Collateral (other than Liens permitted under
Section 7.3 of the Credit Agreement), except that no such tax, assessment, charge, levy or
claim need be paid if the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been
provided on the books of such Grantor.

     5.4 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor
shall maintain the security interests of the Secured Parties created by this Agreement as perfected
security interests having at least the priority described in Section 4.2 and
shall defend such security interests against the claims and demands of all Persons whomsoever,
subject to the rights of such Grantor under the Loan Documents to dispose of the Collateral.

     (b) Such Grantor will furnish to the Administrative Agent from time to time statements and
schedules further identifying and describing the assets and property of such Grantor and such other
reports in connection therewith as the Administrative Agent may reasonably request, all in
reasonable detail.

     (c) At any time and from time to time, upon the written request of the Administrative Agent,
and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver,
and have recorded, such further instruments and documents and take such further actions as the
Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without
limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code
(or other similar laws) in effect in any jurisdiction with respect to the security interests
created hereby and (ii) in the case of Investment Property, Investment Accounts, Letter-of-Credit
Rights and any other relevant Collateral, taking any actions necessary to enable the Administrative
Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with
respect thereto to the extent required hereunder.

     5.5 Changes in Locations, Name, etc. Such Grantor will not, except upon fifteen (15)
days’ (or such shorter period as may be agreed to by the Administrative Agent) prior written notice
to the Administrative Agent and delivery to the Administrative Agent of (a) all additional executed
financing statements and other documents reasonably requested by the Administrative Agent to
maintain the validity, perfection and priority of the security interests provided for herein and
(b) if applicable, a written supplement to Schedule 4 showing the relevant new jurisdiction
of organization, location of chief executive office or sole place of business, as appropriate:

     (i) change its jurisdiction of organization, identification number from the jurisdiction of
organization (if any) or the location of its chief executive office or sole place of business,
as appropriate, from that referred to in Section 4.3;

     (ii) change its name; or

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     (iii) except with respect to any location where Collateral with a book value, individually
or in the aggregate, of less than $100,000 is located, operate in any state or other
jurisdiction in addition to those in which such Grantor is operating as of the Closing Date.

     5.6 Notices. Such Grantor will advise the Administrative Agent promptly, in reasonable
detail, of:

     (a) any Lien (other than Liens permitted under the Credit Agreement) on any of the Collateral;
and

     (b) the occurrence of any other event which could reasonably be expected to have a material
adverse effect on the aggregate value of the Collateral or on the security interests created
hereby.

     5.7 Investment Property. (a) If such Grantor shall become entitled to receive or shall receive any certificate
(including, without limitation, any certificate representing a dividend or a distribution in
connection with any reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights in respect of the Capital Stock of any
Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any
shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as
the agent of the Administrative Agent and the other Secured Parties, hold the same in trust for the
Administrative Agent and the other Secured Parties and deliver the same forthwith to the
Administrative Agent in the exact form received, duly indorsed by such Grantor to the
Administrative Agent, if required, together with an undated stock power covering such certificate
duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature
guaranteed, to be held by the Administrative Agent, subject to the terms hereof, as additional
collateral security for the Obligations. Any sums paid upon or in respect of the Investment
Property upon the liquidation or dissolution of any Issuer shall, unless otherwise subject to a
perfected security interest in favor of the Administrative Agent, be paid over to the
Administrative Agent to be held by it hereunder as additional collateral security for the
Obligations, and in case any distribution of capital shall be made on or in respect of the
Investment Property or any property shall be distributed upon or with respect to the Investment
Property pursuant to the recapitalization or reclassification of the capital of any Issuer or
pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject
to a perfected security interest in favor of the Administrative Agent, be delivered to the
Administrative Agent to be held by it hereunder as additional collateral security for the
Obligations. If any sums of money or property so paid or distributed in respect of such Investment
Property shall be received by such Grantor, such Grantor shall, until such money or property is
paid or delivered to the Administrative Agent, unless otherwise subject to a perfected security
interest in favor of the Administrative Agent, hold such money or property in trust for the
Administrative Agent and the other Secured Parties, segregated from other funds of such Grantor, as
additional collateral security for the Obligations.

     (b) Without the prior written consent of the Administrative Agent, and except as permitted by
the Credit Agreement, such Grantor will not (i) vote to enable, or take any other action to permit,
any Issuer to issue any Capital Stock of any nature or to issue any other securities convertible
into or granting the right to purchase or exchange for any Capital Stock of any nature of any
Issuer, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with
respect to, the Investment Property or Proceeds thereof, (iii) create, incur or permit to exist any
Lien or option in favor of, or any claim of any Person with respect to, any of the Investment
Property or Proceeds thereof, or any interest therein, except for the security interests created by
this Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of
such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment Property
or Proceeds thereof.

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          (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will
be bound by the terms of this Agreement relating to the Capital Stock issued by it and will comply
with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative
Agent promptly in writing of the occurrence of any of the events described in Section
5.7(a) with respect to the Capital Stock issued by it and (iii) the terms of Sections
6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all
actions that may be required of it pursuant to Section 6.3(c) or 6.7 with respect
to the Capital Stock issued by it.

          5.8 Investment Accounts. With respect to any Investment Accounts consisting of Securities
Accounts or Securities Entitlements, it shall enter into and shall cause the securities
intermediary maintaining such Securities Account or Securities Entitlement to enter into an
agreement in form and substance reasonably satisfactory to the Administrative Agent pursuant to
which it shall agree to comply with the Administrative Agent’s “entitlement orders” without further
consent by such Grantor. With respect to any Investment Account that is a “Deposit Account,” it
shall enter into and shall cause the depositary institution maintaining such account to enter into
an agreement in form and substance reasonably satisfactory to the Administrative Agent, pursuant to
which the Administrative Agent shall have “control” (within the meaning of Section 9-104 of the
UCC) over such Deposit Account.

          5.9 Receivables. Other than in the ordinary course of business consistent with its past
practice, such Grantor will not (i) grant any extension of the time of payment of any Receivable,
(ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release,
wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or
discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any
manner that could adversely affect the value thereof.

          5.10 Intellectual Property. (a) Such Grantor (either itself or through licensees) will
(i) continue to use each material Trademark in order to maintain such material Trademark in full
force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of
products and services offered under such material Trademark, (iii) use such material Trademark with
the appropriate notice of registration and all other notices and legends required by applicable
Requirements of Law, (iv) not adopt or use any mark which is confusingly similar or a colorable
imitation of such material Trademark unless the Administrative Agent, for the ratable benefit of
the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this
Agreement, and (v) not (and not knowingly permit any licensee or sublicensee thereof to) do any act
or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any
way.

          (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any
act, whereby any material Patent may become forfeited, abandoned or dedicated to the public.

          (c) Such Grantor (either itself or through licensees) will not (and will not permit any
licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any such
material Copyrights may become invalidated or otherwise impaired. Such Grantor will not (either
itself or through licensees) do any act whereby any material portion of such Copyrights may fall
into the public domain.

          (d) Such Grantor (either itself or through licensees) will not do any act that knowingly uses
any material Intellectual Property to infringe the intellectual property rights of any other
Person.

          (e) Such Grantor will notify the Administrative Agent promptly if it knows, or has reason to
know, that any application or registration relating to any material Intellectual Property may
become forfeited, abandoned or dedicated to the public, or of any adverse determination or
development (including, without limitation, the institution of, or any such determination or
development in, any

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proceeding in the United States Patent and Trademark Office, the United States
Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, or
the validity of, any material Intellectual Property or such Grantor’s right to register the same or
to own and maintain the same.

          (f) Whenever such Grantor, either by itself or through any agent, employee, licensee or
designee, shall file an application for the registration of any Intellectual Property with the
United States Patent and Trademark Office, the United States Copyright Office or any similar office
or agency in any other country or any political subdivision thereof, such Grantor shall report such
filing to the Administrative Agent within forty-five (45) days after the last day of the fiscal
quarter in which such filing occurs, or, in the case of registration of a copyright, not less than
fourteen (14) days (or such shorter period as may be agreed to by the Administrative Agent) prior
to such registration. Upon request of the Administrative Agent, such Grantor shall execute and
deliver, and have recorded, any and all agreements, instruments, documents, and papers as the
Administrative Agent may reasonably request to evidence the Administrative Agent’s and the other
Secured Parties’ security interest in any Copyright, Patent or Trademark and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby.

          (g) Such Grantor will take all reasonable and necessary steps, including, without limitation,
in any proceeding before the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency in any other country or any political subdivision thereof,
to maintain and pursue each material application (and to obtain the relevant registration) and to
maintain each registration of the material Intellectual Property, including, without limitation,
filing of applications for renewal, affidavits of use and affidavits of incontestability.

          (h) In the event that any material Intellectual Property is infringed, misappropriated or
diluted by a third party, such Grantor shall take such actions as such Grantor shall reasonably
deem appropriate under the circumstances to protect such Intellectual Property.

SECTION 6. REMEDIAL PROVISIONS

               Each Grantor covenants and agrees with the Administrative Agent and the other Secured Parties
that, from and after the date of this Agreement until the Discharge of Obligations:

          6.1 Certain Matters Relating to Receivables. (a) The Administrative Agent hereby
authorizes each Grantor to collect such Grantor’s Receivables and the Administrative Agent may
curtail or terminate said authority at any time after the occurrence and during the continuance of
an Event of Default. If required by the Administrative Agent at any time after the occurrence and
during the continuance of an Event of Default, any payments of Receivables, when collected by any
Grantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such
Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if
required, in a Collateral Account over which the Administrative Agent has control, subject to
withdrawal by the Administrative Agent for the account of the Secured Parties only as provided in
Section 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the
Administrative Agent and the other Secured Parties, segregated from other funds of such
Grantor. After the occurrence of an Event of Default, each such deposit of Proceeds of Receivables
shall be accompanied by a report identifying in reasonable detail the nature and source of the
payments included in the deposit.

          (b) At the Administrative Agent’s request, after the occurrence of an Event of Default each
Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and
relating to, the agreements and transactions which gave rise to the Receivables, including, without
limitation, all original orders, invoices and shipping receipts.

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          6.2 Communications with Obligors; Grantors Remain Liable

          (a) The Administrative Agent in
its own name or in the name of others may at any time after the occurrence and during the
continuance of an Event of Default communicate with obligors under the Receivables to verify with
them to the Administrative Agent’s satisfaction the existence, amount and terms of any Receivables.

          (b) Upon the request of the Administrative Agent, at any time after the occurrence and during
the continuance of an Event of Default, each Grantor shall notify obligors on the Receivables that
the Receivables have been assigned to the Administrative Agent for the ratable benefit of the
Secured Parties and that payments in respect thereof shall be made directly to the Administrative
Agent.

          (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Receivables to observe and perform all the conditions and obligations to be observed
and performed by it thereunder, all in accordance with the terms of any agreement giving rise
thereto. Neither the Administrative Agent nor any other Secured Party shall have any obligation or
liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out
of this Agreement or the receipt by the Administrative Agent or any Lender of any payment relating
thereto, nor shall the Administrative Agent or any other Secured Party be obligated in any manner
to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any
agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the
sufficiency of any payment received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to which it may be
entitled at any time or times.

          6.3 Investment Property. (a) Unless an Event of Default shall have occurred and be
continuing and the Administrative Agent shall have given notice to the relevant Grantor of the
Administrative Agent’s intent to exercise its corresponding rights pursuant to Section
6.3(b), each Grantor shall be permitted to receive all cash dividends paid in respect of the
Pledged Stock and all payments made in respect of the Pledged Notes, to the extent permitted in the
Credit Agreement, and to exercise all voting and corporate or other organizational rights with
respect to the Investment Property; provided, however, that no vote shall be cast
or corporate or other organizational right exercised or other action taken which, in the
Administrative Agent’s reasonable judgment, would impair the Collateral or which would be
inconsistent with or result in any violation of any provision of the Credit Agreement, this
Agreement or any other Loan Document.

          (b) If an Event of Default shall occur and be continuing and the Administrative Agent shall
give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the
Administrative Agent shall have the right to receive any and all cash dividends, payments or other
Proceeds paid in respect of the Investment Property and make application thereof to the Obligations
in such order as set
forth in Section 6.5, and (ii) any or all of the Investment Property shall be
registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or
its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such
Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise
and (y) any and all rights of conversion, exchange and subscription and any other rights,
privileges or options pertaining to such Investment Property as if it were the absolute owner
thereof (including, without limitation, the right to exchange at its discretion any and all of the
Investment Property upon the merger, consolidation, reorganization, recapitalization or other
fundamental change in the corporate or other organizational structure of any Issuer, or upon the
exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to
such Investment Property, and in connection therewith, the right to deposit and deliver any and all
of the Investment Property with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Administrative Agent may determine), all
without liability except to account for property actually received by it, but the Administrative
Agent shall

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have no duty to any Grantor to exercise any such right, privilege or option and shall
not be responsible for any failure to do so or delay in so doing.

          (c) Each Grantor hereby authorizes and instructs each Issuer of any Pledged Stock or Pledged
Notes pledged by such Grantor hereunder to (i) comply with any instruction received by it from the
Administrative Agent in writing that (x) states that an Event of Default has occurred and is
continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other
or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully
protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends
or other payments with respect to the Pledged Stock and Pledged Notes directly to the
Administrative Agent.

          (d) If an Event of Default shall have occurred and be continuing, the Administrative Agent
shall have the right to apply the balance from any Deposit Account, or instruct the bank at which
any Deposit Account is maintained to pay the balance of any Deposit Account to or for the benefit
of the Administrative Agent, to be applied, to the Obligations in such order as set forth in
Section 6.5.

          6.4 Proceeds to be Turned Over To Administrative Agent. In addition to the rights of the
Administrative Agent and the other Secured Parties specified in Section 6.1 with respect to
payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds
received by any Grantor consisting of cash, checks, Cash Equivalents and other near-cash items
shall be held by such Grantor in trust for the Administrative Agent and the other Secured Parties,
segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be
turned over to the Administrative Agent in the exact form received by such Grantor (duly indorsed
by such Grantor to the Administrative Agent, if required). All Proceeds received by the
Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account
over which it maintains control, within the meaning of the New York UCC. All Proceeds while held
by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the
Administrative Agent and the other Secured Parties) shall continue to be held as collateral
security for all the Obligations and shall not constitute payment thereof until applied as provided
in Section 6.5.

          6.5 Application of Proceeds. If an Event of Default shall have occurred and be
continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply
all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account,
in payment of the Obligations in the following order:

          (a) First, to the payment of all costs and expenses of any sale, collection or other
realization on the Collateral, including reasonable compensation to the Administrative Agent and
its agents and counsel, and reimbursement for all other costs, expenses, liabilities and advances
made or incurred by Administrative Agent in connection therewith (including as described in
Section 6.6 hereof), and all amounts for which Administrative Agent is entitled to
indemnification hereunder and all advances made by Administrative Agent hereunder for the account
of the applicable Grantor, and to the payment of all costs and expenses paid or incurred by
Administrative Agent in connection with the exercise of any right or remedy hereunder or under the
Credit Agreement or any other Loan Document and to the payment or reimbursement of all
indemnification obligations, fees, costs and expenses owing to the Administrative Agent hereunder
or under the Credit Agreement or any other Loan Document, all in accordance with the terms hereof
or thereof;

          (b) Second, for application by it towards all other Obligations, pro rata among the Secured
Parties according to the amounts of the Obligations then held by the Secured Parties; and

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          (c) Third, any balance of such Proceeds remaining after the Discharge of Obligations shall be
paid over to or upon the order of such Grantor or to whosoever may be lawfully entitled to receive
the same or as a court of competent jurisdiction may direct.

          6.6 Code and Other Remedies. If an Event of Default shall occur and be continuing, the
Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other
rights and remedies granted to them in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Obligations, all rights and remedies of a secured party
under the New York UCC or any other applicable law. Without limiting the generality of the
foregoing, the Administrative Agent, without demand of performance or other demand, presentment,
protest, advertisement or notice of any kind (except any notice required by law) to or upon any
Grantor or any other Person (all and each of which demands, defenses, advertisements and notices
are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize
upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or
options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or
contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at
any exchange, broker’s board or office of the Administrative Agent or any other Secured Party or
elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem
best, for cash or on credit or for future delivery without assumption of any credit risk. The
Administrative Agent or any other Secured Party shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the
whole or any part of the Collateral so sold, free of any right or equity of redemption in any
Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the
Administrative Agent’s request, to assemble the Collateral and make it available to the
Administrative Agent at places which the Administrative Agent shall reasonably select, whether at
such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any
action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and
expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of
any of the Collateral or in any way relating to the Collateral or the rights of the Administrative
Agent and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’
fees and disbursements, to the payment in whole or in part of the Obligations, in such order as set
forth in Section 6.5, and only after such application and after the payment by the
Administrative Agent of any other amount required by any provision of law, including, without
limitation, Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account for the
surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives
all claims, damages and demands it may acquire against the Administrative Agent or any other
Secured Party arising out of the exercise by them of any rights
hereunder. If any notice of a proposed sale or other disposition of Collateral shall be
required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days
before such sale or other disposition.

          6.7 Registration Rights. Each Grantor recognizes that the Administrative Agent may be
unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions
contained in the Securities Act and applicable state securities laws or otherwise, and may be
compelled to resort to one or more private sales thereof to a restricted group of purchasers which
will be obliged to agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges
and agrees that any such private sale may result in prices and other terms less favorable than if
such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner. The Administrative
Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of
time necessary to permit the Issuer thereof to register such securities for public sale under the
Securities Act, or under applicable state securities laws, even if such Issuer would agree to do
so.

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          6.8 Intellectual Property License. Solely for the purpose of enabling the Administrative
Agent to exercise rights and remedies under this Section 6 and at such time as the Administrative
Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants
to the Administrative Agent, for the benefit of the Secured Parties, an irrevocable, non-exclusive,
worldwide license (exercisable without payment of royalty or other compensation to such Grantor),
subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor
of such Grantor to avoid the risk of invalidation of said Trademarks, to use, operate under,
license, or sublicense any Intellectual Property now owned or hereafter acquired by the Grantors.

          6.9 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of
any sale or other disposition of the Collateral are insufficient to pay its Obligations and the
fees and disbursements of any attorneys employed by the Administrative Agent or any other Secured
Party to collect such deficiency.

SECTION 7. THE ADMINISTRATIVE AGENT

               Each Grantor covenants and agrees with the Administrative Agent and the other Secured Parties
that:

          7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby
irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof,
with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of such Grantor and in the name of such Grantor or in
its own name, for the purpose of carrying out the terms of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the
foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of
such Grantor, without notice to or assent by such Grantor, to do any or all of the following:

          (i) in the name of such Grantor or its own name, or otherwise, take possession of and
indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment
of moneys due under any Receivable or with respect to any other Collateral and file any claim or
take any other action or proceeding in any court of law or equity or otherwise deemed
appropriate by the Administrative Agent for the purpose of collecting any and all such moneys
due under any Receivable or with respect to any other Collateral whenever payable;

          (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any
and all agreements, instruments, documents and papers as the Administrative Agent may request to
evidence the Administrative Agent’s and the other Secured Parties’ security interest in such
Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto
or represented thereby;

          (iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this Agreement and
pay all or any part of the premiums therefor and the costs thereof;

          (iv) execute, in connection with any sale provided for in Section 6.6 or
6.7, any indorsements, assignments or other instruments of conveyance or transfer with
respect to the Collateral; and

          (v) (1) direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the Administrative
Agent or as the

18

 

Administrative Agent shall direct; (2) ask or demand for, collect, and receive
payment of and receipt for, any and all moneys, claims and other amounts due or to become due at
any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices,
freight or express bills, bills of lading, storage or warehouse receipts, drafts against
debtors, assignments, verifications, notices and other documents in connection with any of the
Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in
any court of competent jurisdiction to collect the Collateral or any portion thereof and to
enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding
brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust
any such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Administrative Agent may deem appropriate; (7) assign any Copyright, Patent or
Trademark (along with the goodwill of the business to which any such Copyright, Patent or
Trademark pertains), throughout the world for such term or terms, on such conditions, and in
such manner, as the Administrative Agent shall in its sole discretion determine; and (8)
generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with
any of the Collateral as fully and completely as though the Administrative Agent were the
absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such
Grantor’s expense, at any time, or from time to time, all acts and things which the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the
Administrative Agent’s and the other Secured Parties’ security interests therein and to effect
the intent of this Agreement, all as fully and effectively as such Grantor might do.

     Anything in this Section 7.1(a) to the contrary notwithstanding, the Administrative
Agent agrees that it will not exercise any rights under the power of attorney provided for in this
Section 7.1(a) unless an Event of Default shall have occurred and be continuing.

          (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the
Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or
otherwise cause performance or compliance, with such agreement.

          (c) The expenses of the Administrative Agent incurred in connection with actions undertaken as
provided in this Section 7.1, together with interest thereon at a rate per annum equal to
the highest rate per annum at which interest would then be payable on any category of past due ABR
Loans under the Credit Agreement, from the date of payment by the Administrative Agent to the date
reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on
demand.

          (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the security interests
created hereby are released.

          7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to
the custody, safekeeping and physical preservation of the Collateral in its possession, under
Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the
Administrative Agent deals with similar property for its own account. Neither the Administrative
Agent, any other Secured Party nor any of their respective officers, directors, employees or agents
shall be liable for failure to demand, collect or realize upon any of the Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or any other Person or to take any other action whatsoever with
regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and
the other Secured Parties hereunder are solely to protect the Administrative Agent’s and the other
Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative
Agent or any other Secured Party to exercise any such powers.

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The Administrative Agent and the
other Secured Parties shall be accountable only for amounts that they actually receive as a result
of the exercise of such powers, and neither they nor any of their officers, directors, employees or
agents shall be responsible to any Grantor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct.

          7.3 Authorization of Financing Statements. Pursuant to any applicable law, each Grantor
authorizes the Administrative Agent to file or record financing statements and other filing or
recording documents or instruments with respect to the Collateral without the signature of such
Grantor in such form and in such offices as the Administrative Agent determines appropriate to
perfect the security interests of the Administrative Agent under this Agreement. Each Grantor
authorizes the Administrative Agent to use the collateral description “all personal property,
whether now owned or hereafter acquired” or any other similar collateral description in any such
financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative
Agent of any financing statement with respect to the Collateral made prior to the date hereof.

          7.4 Authority of Administrative Agent. Each Grantor acknowledges that the rights and
responsibilities of the Administrative Agent under this Agreement with respect to any action taken
by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any
option, voting right, request, judgment or other right or remedy provided for herein or resulting
or arising out of this Agreement shall, as between the Administrative Agent and the other Secured
Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as
may exist from time to time among them, but, as between the Administrative Agent and the Grantors,
the Administrative Agent shall be conclusively presumed to be
acting as agent for the Secured Parties with full and valid authority so to act or refrain
from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority.

SECTION 8. MISCELLANEOUS

          8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except in accordance with Section 10.1
of the Credit Agreement.

          8.2 Notices. All notices, requests and demands to or upon the Administrative Agent or any
Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the
Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor
shall be addressed to such Guarantor at its notice address set forth on Schedule 1.

          8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent
nor any other Secured Party shall by any act (except by a written instrument pursuant to
Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right
or remedy hereunder or to have acquiesced in any Default or Event of Default, as applicable. No
failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any
other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No
single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. A waiver by the
Administrative Agent or any other Secured Party of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or
such other Secured Party would otherwise have on any future occasion. The rights and remedies
herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of
any other rights or remedies provided by law.

20

 

          8.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse
the Administrative Agent and each other Secured Party for all its costs and expenses incurred in
collecting against such Guarantor under the guaranty contained in Section 2 of this
Agreement or otherwise enforcing or preserving any rights under this Agreement and the other Loan
Documents to which such Guarantor is a party, including, without limitation, the reasonable and
documented fees and disbursements of counsel (including the allocated fees and expenses of in-house
counsel) to the Administrative Agent and of counsel to each other Secured Party.

          (b) Each Guarantor agrees to pay, and to save the Administrative Agent and each other Secured
Party harmless from, any and all liabilities with respect to, or resulting from any delay in
paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be
payable with respect to any of the Collateral or in connection with any of the transactions
contemplated by this Agreement.

          (c) Each Guarantor agrees to pay, and to save the Administrative Agent and each other Secured
Party harmless from, any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to
the
execution, delivery, enforcement, performance and administration of this Agreement to the
extent the Borrower would be required to do so pursuant to the Credit Agreement.

          (d) The agreements in this Section 8.4 shall survive repayment of the Obligations and
any other amounts payable under the Credit Agreement and the other Loan Documents.

          8.5 Successors and Assigns. This Agreement shall be binding upon the successors and
assigns of each Grantor and shall inure to the benefit of the Administrative Agent and each other
Secured Party and their respective successors and assigns; provided that no Grantor may
assign, transfer or delegate any of its rights or obligations under this Agreement without the
prior written consent of the Administrative Agent.

          8.6 Set-Off. Each Grantor hereby irrevocably authorizes the Administrative Agent and each
other Secured Party and any Affiliate thereof at any time and from time to time after the
occurrence and during the continuance of an Event of Default, without notice to such Grantor or any
other Grantor, any such notice being expressly waived by each Grantor, to set-off and appropriate
and apply any and all deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in each case whether
direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the
Administrative Agent or such Secured Party or such Affiliate to or for the credit or the account of
such Grantor, or any part thereof in such amounts as the Administrative Agent or such Secured Party
may elect, against and on account of the Obligations and liabilities of such Grantor to the
Administrative Agent or such Secured Party hereunder and under the other Loan Documents and claims
of every nature and description of the Administrative Agent or such Secured Party against such
Grantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan
Document or otherwise, as the Administrative Agent or such Secured Party may elect, whether or not
the Administrative Agent or any other Secured Party has made any demand for payment and although
such obligations, liabilities and claims may be contingent or unmatured. The rights of the
Administrative Agent and each other Secured Party under this Section 8.6 are in addition to
other rights and remedies (including, without limitation, other rights of set-off) which the
Administrative Agent or such other Secured Party may have.

          8.7 Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument.

21

 

          8.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

          8.9 Section Headings. The Section headings used in this Agreement are for convenience of reference only and are
not to affect the construction hereof or be taken into consideration in the interpretation hereof.

          8.10 Integration. This Agreement and the other Loan Documents represent the agreement of
the Grantors, the Administrative Agent and the other Secured Parties with respect to the subject
matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Administrative Agent or any other Secured Party relative to subject matter hereof and
thereof not expressly set forth or referred to herein or in the other Loan Documents.

          8.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK

          8.12 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and
unconditionally:

          (a) submits to the exclusive jurisdiction of the State and Federal courts in the
Southern District of the State of New York; provided that nothing in this Agreement shall be
deemed to operate to preclude Administrative Agent or any Lender from bringing suit or
taking other legal action in any other jurisdiction to realize on the Collateral or any
other security for the Obligations, or to enforce a judgment or other court order in favor
of Administrative Agent or such Lender. Each Grantor expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower
hereby waives any objection that it may have based upon lack of personal jurisdiction,
improper venue, or forum non conveniens and hereby consents to the granting of such legal or
equitable relief as is deemed appropriate by such court. Each Grantor hereby waives
personal service of the summons, complaints, and other process issued in such action or suit
and agrees that service of such summons, complaints, and other process may be made by
registered or certified mail addressed to Borrower at the addresses set forth in Section
10.2 of the Credit Agreement and that service so made shall be deemed completed upon the
earlier to occur of such Grantor’s actual receipt thereof or three (3) days after deposit in
the U.S. mails, proper postage prepaid;

          (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, WAIVES THEIR RIGHT TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER LOAN
DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL
OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS
AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL; and

22

 

          (c) waives, to the maximum extent not prohibited by law, any right it may have to claim
or recover in any legal action or proceeding referred to in this Section any special,
exemplary, punitive or consequential damages.

          8.13 Acknowledgements. Each Grantor hereby acknowledges that:

          (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents to which it is a party;

          (b) neither the Administrative Agent nor any other Secured Party has any fiduciary
relationship with or duty to any Grantor arising out of or in connection with this Agreement or any
of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the
Administrative Agent and the other Secured Parties, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and

          (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among any of the Secured Parties or among the
Grantors and any of the Secured Parties.

          8.14 Additional Grantors. Each Subsidiary of the Borrower that is required to become a
party to this Agreement pursuant to Section 6.11 of the Credit Agreement shall become a
Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an
Assumption Agreement in the form of Annex 1 hereto.

          8.15 Releases.(a) Upon the Discharge of Obligations, the Collateral shall be released from
the Liens in favor of the Administrative Agent and the other Secured Parties created hereby, this
Agreement shall terminate with respect to the Administrative Agent and the other Secured Parties,
and all obligations (other than those expressly stated to survive such termination) of each Grantor
to the Administrative Agent or any other Secured Party hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party. At the sole expense of any
Grantor following any such termination, the Administrative Agent shall deliver such documents as
such Grantor shall reasonably request to evidence such termination.

          (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any
Grantor in a transaction permitted by Section 7 of the Credit Agreement, then the
Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to
such Grantor all releases or other documents reasonably necessary or desirable for the release of
the Liens created hereby on such Collateral, as applicable. At the request and sole expense of the
Borrower, a Subsidiary Guarantor shall be released from its obligations hereunder in the event that
all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed
of to a Person other than a Loan Party in a transaction permitted by Section 7 of the
Credit Agreement; provided that the Borrower shall have delivered to the Administrative
Agent, at least ten (10) days (or such shorter period as the Administrative Agent may agree), prior
to the date of the proposed release, a written request for release identifying the relevant
Subsidiary Guarantor and the terms of the sale or other disposition in reasonable detail, including
the price thereof and any expenses in connection therewith, together with a certification by the
Borrower stating that such transaction is in compliance with Section 7 of the Credit
Agreement and the other Loan Documents.

          8.16 WAIVER OF JURY TRIAL. EACH GRANTOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY IN

23

 

ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

[Remainder of page intentionally left blank]

24

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement
to be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	 	Grantors:

ENERNOC, INC.

 	 
	 	By:  	/s/ Timothy Weller
 	 
	 	 	Name:  	Timothy Weller 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	ENOC SECURITIES CORPORATION

 	 
	 	By:  	/s/ Timothy Weller
 	 
	 	 	Name:  	Timothy Weller 	 
	 	 	Title:  	Treasurer 	 
	 

[Signature Page to Guarantee and Collateral Agreement]

 

 

	 	 	 	 	 
	 	SILICON VALLEY BANK,

as Administrative Agent

 	 
	 	By:  	/s/ Win Bear
 	 
	 	 	Name:  	Win Bear 	 
	 	 	Title:  	Deal Team Leader 	 
	 

[Signature Page to Guarantee and Collateral Agreement]

2

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