Document:

exv10w27

EXHIBIT 10.27

CONFIDENTIAL TREATMENT

REQUESTED PURSUANT TO RULE 406

Execution Form

DATED 5TH NOVEMBER 2010

THE SELLERS LISTED IN SCHEDULE 1 HERETO

and

THE PURCHASERS LISTED IN SCHEDULE 1 HERETO

 

AIRCRAFT SALE AND PURCHASE AGREEMENT

 

 

 

CONTENTS

	 	 	 	 
	Clause	 	Page
	1. Interpretation

	 	 	1
	2. Representations and Warranties

	 	 	1
	3. Agreement to Sell and Purchase

	 	 	2
	4. Conditions Precedent

	 	 	4
	5. Purchase Price

	 	 	6
	6. Invoice

	 	 	9
	7. Delivery

	 	 	10
	8. Condition of Aircraft

	 	 	11
	9. Manufacturer’s Warranties

	 	 	12
	10. Registration Fees

	 	 	13
	11. [*]

	 	 	13
	12. Further Provisions

	 	 	15
	13. Law and Jurisdiction

	 	 	18
	14. Brokers and Other Third Parties

	 	 	20
	Schedule 1 Sellers and Related Aircraft

	 	 	23
	Schedule 2 Lease Documents

	 	 	25
	Schedule 3 Definitions

	 	 	29
	Schedule 4 Conditions Precedent

	 	 	34
	Part A Seller Conditions Precedent

	 	 	34
	Part B Purchaser Conditions Precedent

	 	 	35
	Schedule 5 Representations and Warranties

	 	 	37
	Part A Seller’s Representations and Warranties

	 	 	37
	Part B Purchaser’s Representations and Warranties

	 	 	40
	Schedule 6 Confirmatory Bill of Sale

	 	 	41
	Schedule 7 Acceptance Certificate

	 	 	42
	Schedule 8 Form of Invoice

	 	 	43

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

 

 

THIS AGREEMENT is made on 5th November 2010

BETWEEN:

	(1)	 	THE SELLERS LISTED IN SCHEDULE 1 HERETO; and
	 
	(2)	 	THE PURCHASERS LISTED IN SCHEDULE 1 HERETO.

IT IS AGREED as follows

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement capitalised words and expressions have the meaning specified in Schedule
3, except where the context otherwise requires.
	 
	1.2	 	Construction
	 
	 	 	Headings are to be ignored in construing this Agreement and unless the contrary intention is
stated, a reference to:

	 	1.2.1	 	any “Seller”, any “Purchaser” or any other Person includes, without prejudice
to the provisions of this Agreement restricting transfer or assignment, any permitted
successor or assignee;
	 
	 	1.2.2	 	words importing the plural shall include the singular and vice versa;
	 
	 	1.2.3	 	any document, other than the Lease Documents, shall include that document as
amended, novated, assigned or supplemented;
	 
	 	1.2.4	 	a Clause or a Schedule is a reference to a clause of or a schedule to this
Agreement; and
	 
	 	1.2.5	 	any Law, or to any specified provision of any Law, is a reference to such Law
or provision as amended, substituted or re-enacted.

	2.	 	REPRESENTATIONS AND WARRANTIES
	 
	2.1	 	Seller Representations and Warranties
	 
	 	 	The relevant Seller in respect of each Aircraft represents and warrants (in respect of
itself only) to the relevant Purchaser in respect of such Aircraft that the statements
contained in Schedule 5, Part A are at the date hereof, and on each applicable Delivery Date
will be (by reference to the facts and circumstances then subsisting), true and accurate.
The relevant Seller acknowledges and agrees that the relevant Purchaser has entered into
this Agreement in reliance on the truth and accuracy of the relevant Seller’s
representations and warranties under this Agreement.
	 
	2.2	 	Purchaser Representations and Warranties
	 
	 	 	The relevant Purchaser in respect of each Aircraft represents and warrants (in respect of
itself only) to the relevant Seller in respect of such Aircraft that the statements
contained in Schedule 5, Part B are at the date hereof, and on each applicable Delivery Date
will be (by reference to the facts and circumstances then subsisting), true and accurate.
The relevant

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	 	 	Purchaser acknowledges and agrees that the relevant Seller has entered into this Agreement
in reliance on the truth and accuracy of the Purchaser’s representations and warranties
under this Agreement.
	 
	3.	 	AGREEMENT TO SELL AND PURCHASE
	 
	3.1	 	Agreement
	 
	 	 	Subject to and in accordance with the provisions of this Agreement:

	 	3.1.1	 	the Seller of each Aircraft agrees to sell such Aircraft to the relevant
Purchaser of such Aircraft, and such Purchaser agrees to purchase such Aircraft from
such Seller in an “as is, where is” condition;
	 
	 	3.1.2	 	the Seller of each Aircraft shall pass to the relevant Purchaser on the
applicable Delivery Date full legal and beneficial and good and marketable title to
such Aircraft with full title guarantee (except in relation to Aircraft No. 3, in
respect of which, the provisions of Clause 3.7 apply), subject in each case to the
Novated Lease and Permitted Liens but free and clear of all other Security Interests.
Title to each such Aircraft shall pass to the relevant Purchaser in accordance with
Clause 7.1 (Delivery); and
	 
	 	3.1.3	 	It is the intention of the Sellers and the Purchasers that
Aircraft No.5 shall
be the first Aircraft sold by the relevant Seller to the relevant Purchaser under this
Agreement and if such sale is not consummated by the Final Delivery Date, then unless
otherwise agreed by the parties to this Agreement, the relevant Seller shall not be
obliged to sell any Aircraft to the relevant Purchaser and the relevant Purchaser shall
not be obliged to purchase any such Aircraft from the relevant Seller under this
Agreement.

	3.2	 	Registration
	 
	 	 	On or before the applicable Delivery Date in respect of each Aircraft, the Seller of such
Aircraft shall deliver, or procure that the relevant Lessee delivers, to the Air Authority
such documents as are necessary to instruct the Air Authority to record, to the extent
permitted by law, the relevant Purchaser or any Purchaser Nominee which is the owner or
lessor of such Aircraft as the new owner or lessor of such Aircraft in the aircraft register
maintained by the Air Authority.
	 
	3.3	 	Security Interests
	 
	 	 	Each Aircraft shall as of the applicable Delivery Date be free and clear of all Security
Interests other than the Novated Lease and Permitted Liens.
	 
	3.4	 	Passage of Title & Risk
	 
	 	 	Risk of loss or destruction of any Aircraft shall pass to the relevant Purchaser upon
Delivery in respect of such Aircraft.
	 
	3.5	 	Damage before Delivery
	 
	 	 	If before Delivery in respect of any of Aircraft No. 1, Aircraft No. 2, Aircraft No. 3 or
Aircraft No. 4 , such Aircraft suffers damage which does not constitute an Event of Loss but
for which

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	 	 	the likely cost of repair would exceed
[*] or if before Delivery, Aircraft No.5
suffers damage which does not constitute an Event of Loss but for which the likely cost of
repair would exceed [*], then:

	 	3.5.1	 	the relevant Seller shall promptly notify the relevant Purchaser of such
damage and whether in the relevant Seller’s view such damage can be repaired prior to
the applicable Scheduled Closing Date or any other date as agreed between the parties;
	 
	 	3.5.2	 	the relevant Purchaser shall in light of the relevant Seller’s notice, notify
the relevant Seller whether the relevant Purchaser is prepared to proceed subject to
the damage being repaired to the relevant Purchaser’s satisfaction prior to the
applicable Scheduled Closing Date or any other date as agreed between the parties. If
the relevant Purchaser is prepared to proceed on the basis of the repair, the relevant
Seller shall procure the timely repair to the relevant Purchaser’s reasonable
satisfaction. However if (i) the repair is not so completed and the relevant Aircraft
is not delivered to the relevant Purchaser on or before the applicable Scheduled
Closing Date or any other date as agreed between the parties or (ii) the relevant
Purchaser notifies the relevant Seller in writing that the relevant Purchaser is not
prepared to proceed on the basis of the repair, the relevant Seller shall refund the
relevant Deposit plus interest in accordance with the provisions of Clause 5.2.2 to the
relevant Purchaser within three (3) Business Days from the date of notice by such
Purchaser, then none of the parties to this Agreement shall have any further obligation
or liability with respect to such Aircraft under this Agreement to any of the other
parties to this Agreement other than as set out in Clause 12.8 and Clause 4.3.

	3.6	 	Event of Loss before Delivery
	 
	 	 	If before Delivery of any Aircraft such Aircraft suffers an Event of Loss, then with effect
from the date of such Event of Loss the rights and obligations of the parties hereunder in
respect of such Aircraft shall be discharged so that no party shall be liable to any other
party in respect of such Aircraft save that the relevant Seller shall refund the relevant
Deposit plus interest in accordance with the provisions of Clause 5.2.2 to the relevant
Purchaser within three (3) Business Days from the relevant Seller becoming aware of the
occurrence of such Event of Loss, and other than as set out in Clause 12.8 and Clause 4.3.
	 
	3.7	 	Transfer Arrangements relating to Aircraft No. 3

	 	3.7.1	 	GECAS has advised the Parent Purchaser that as regards Aircraft No. 3:
	 
	 	 	 	[*]

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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	 	3.7.2	 	[*]

	4.	 	CONDITIONS PRECEDENT
	 
	4.1	 	Seller Conditions

	 	4.1.1	 	The obligation of the Seller of each Aircraft to sell such Aircraft to the
relevant Purchaser shall be subject to fulfilment of each of Seller Conditions
Precedent applicable to such Aircraft on or prior to the applicable Delivery Date
(except to the extent that such Seller agrees in writing in its absolute discretion to
waive or defer any such condition).
	 
	 	4.1.2	 	The Seller Conditions Precedent have been inserted for the benefit of each
Seller and may, in respect of any Aircraft, be waived in writing, in whole or in part
and with or without conditions, by the Seller of such Aircraft without prejudicing the
right of such Seller to receive fulfilment of such conditions, in whole or in part, at
any later time.
	 
	 	4.1.3	 	If any of Seller Conditions Precedent in respect of an Aircraft remain
outstanding on the applicable Final Delivery Date and are not waived or deferred in
writing by the Seller of such Aircraft, such Seller may at any time after 5pm in London
on the applicable Final Delivery Date terminate the obligation of such Seller to sell
such Aircraft to the relevant Purchaser by notice to the relevant Purchaser, whereupon
none of the parties to this Agreement shall have any further obligation or liability
with respect to such Aircraft under this Agreement to any of the other parties to this
Agreement save that the relevant Seller shall refund the relevant Deposit plus interest
in accordance with the provisions of Clause 5.2.2 to the relevant Purchaser within
three (3) Business Days from the date of such notice by such Purchaser, and other than
as set out in Clause 12.8 and Clause 4.3.

	4.2	 	Purchaser Conditions

	 	4.2.1	 	The obligation of the Purchaser of each Aircraft to purchase such Aircraft
shall be subject to fulfilment of each of Purchaser Conditions Precedent applicable to
such Aircraft on or prior to the applicable Delivery Date (except to the extent that
such Purchaser agrees in writing in its absolute discretion to waive or defer any such
condition).

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

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	 	4.2.2	 	The Purchaser Conditions Precedent have been inserted for the benefit of each
Purchaser and may, in respect of any Aircraft, be waived in writing, in whole or in
part and with or without conditions, by the Purchaser of such Aircraft without
prejudicing the right of such Purchaser to receive fulfilment of such conditions, in
whole or in part, at any later time.
	 
	 	4.2.3	 	If any of the Purchaser Conditions Precedent in respect of an Aircraft remain
outstanding on the applicable Final Delivery Date and prior to payment of the Purchase
Price and are not waived or deferred in writing by the Purchaser of such Aircraft, such
Purchaser may at any time after 5pm in London on the applicable Final Delivery Date
terminate the obligation of such Purchaser to purchase such Aircraft from the relevant
Seller by notice to the relevant Seller, whereupon none of the parties to this
Agreement shall have any further obligation or liability with respect to such Aircraft
under this Agreement to any of the other parties to this Agreement save that the
relevant Seller shall refund the relevant Deposit plus interest in accordance with the
provisions of Clause 5.2.2 to the relevant Purchaser within three (3) Business Days
from the date of such notice by such Purchaser, and other than as set out in Clause
12.8 and Clause 4.3.

	4.3	 	Breach
	 
	 	 	If at any time the relevant Purchaser, GECAS or any affiliate of GECAS or any Seller
wilfully breaches or all part of this Agreement or any Transaction Document or any Other
Agreement, GECAS and the Sellers (in the case of a breach by the relevant Purchaser) or the
relevant Purchaser (in the case of a breach by GECAS, any affiliate of GECAS or any Seller)
shall be entitled by notice in writing to the defaulting party to terminate this Agreement
in its entirety in relation to Aircraft which then remain unsold, whereupon none of the
parties to this Agreement shall have any further obligation or liability hereunder save that
if the relevant termination notice is issued by the relevant Purchaser, the relevant Seller
shall refund the relevant Deposit(s) plus interest in accordance with the provisions of
Clause 5.2.2 to such Purchaser within three (3) Business Days from the date of the relevant
notice of termination.
	 
	4.4	 	Transaction Fee Reimbursement

	 	4.4.1	 	If for any reason (other than as specified in Clause 4.4.2 below) the Delivery
of any Aircraft has not occurred on or before the Final Delivery Date, then in addition
to refund of the relevant Deposit(s) plus interest in accordance with the provisions of
Clause 5.2.2, GECAS on behalf of the relevant Seller will reimburse Purchaser’s
transaction expenses in the amount of [*] (“Transaction Fee Reimbursement”) in respect
of any such Aircraft as consideration for the loss of the Aircraft from the portfolio
to be acquired hereunder.
	 
	 	4.4.2	 	GECAS will not have the obligation to make a Transaction Fee Reimbursement
pursuant to Clause 4.4.1 if the sale of Aircraft No. 5 to the Purchaser has not already
completed or if the failure of Delivery of an Aircraft by the Final Delivery Date is
the result of any of the following occurrences (i) any wilful breach by the relevant
Purchaser of any of its obligations under this Agreement (including the failure by the
relevant Purchaser to satisfy any of the Seller Conditions Precedent within the control

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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	 	 	 	of such Purchaser) or (ii) any material damage or Event of Loss occurs pursuant to
Clauses 3.5 or 3.6 in respect of such Aircraft or (iii) Purchaser has not used all
reasonable commercial efforts to agree to the Lease Novation in respect of such
Aircraft and to consummate the sale and lease novation of such Aircraft or (iv) an
Event of Default occurs under the relevant Lease and the relevant Lessor has
terminated the leasing of such Aircraft. Furthermore, if the parties agree to
substitute a comparable aircraft leased to a comparable lessee and subject to
comparable lease documents and pricing terms in replacement of any Aircraft which
fails to deliver to the Purchaser by the Final Delivery Date, then GECAS will not be
required to make any such Transaction Fee Reimbursement in relation to the Aircraft
so replaced.

	 	4.4.3	 	Notwithstanding the provisions of Clauses 4.4.1 and 4.4.2, if the sale of
Aircraft No. 5 to the Purchaser does not occur (other than as a result of the wilful
breach by the relevant Purchaser of any of its obligations under this Agreement
(including the failure by the relevant Purchaser to satisfy any of the Seller
Conditions Precedent within the control of such Purchaser)) on or before the Final
Delivery Date and accordingly, none of the Aircraft is sold by the relevant Sellers to
the relevant Purchasers, then in addition to refund of the relevant Deposit(s) plus
interest in accordance with the provisions of Clause 5.2.2, GECAS on behalf of the
relevant Seller will reimburse the Purchaser’s transaction expenses in a single amount
of [*] covering all of the Aircraft arising from the failure to consummate the sale of
the Aircraft to the Purchasers.

	5.	 	PURCHASE PRICE
	 
	5.1	 	Amount
	 
	 	 	The base purchase price for each Aircraft shall be the amount specified as such in Schedule
1 opposite such Aircraft (the “Base Purchase Price”).
	 
	5.2	 	Deposit
	 
	 	 	Each Purchaser shall pay the relevant Deposit for the relevant Aircraft to the relevant
Seller within five (5) Business Days following the date of execution and delivery of this
Agreement. The relevant Deposit in respect of any Aircraft shall be refunded to the relevant
Purchaser in respect of such Aircraft free and clear of any set-off, counterclaim or other
deduction together with interest accrued on such Deposit for such Aircraft at a rate equal
to [*] for the period commencing on the date on which the Deposit for such Aircraft was
received by GECAS to (but excluding) the day on which the Deposit for such Aircraft is
received by the Purchaser only in the following events as contemplated by Clause 3.5, Clause
3.6, Clause 4.2.3, Clause 4.3 or Clause 8.2.
	 
	5.3	 	Amount of Purchase Price

	 	5.3.1	 	In respect of each Aircraft, the Base Purchase Price of such Aircraft shall be:

	 	(a)	 	decreased by an amount equal to [*]; and
	 
	 	(b)	 	increased by an amount equal to [*].

	 	 	(such Base Purchase Price as so adjusted pursuant to this Clause 5.2 in respect of the
Delivered Aircraft is called the “Purchase Price”).

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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	5.4	 	Payment of Purchase Price
	 
	 	 	Subject to the provisions of this Agreement, on the Delivery Date in respect of an Aircraft
the Purchaser of such Aircraft shall pay to the Seller of such Aircraft (the “Net Purchase
Price”) an amount equal to the Purchase Price of such Aircraft less the amount of (i) the
Deposit in respect of such Aircraft, (ii) if held in cash, the Lease Security Deposit
applicable to such Aircraft to the extent then held by such Seller at such Delivery Date,
(iii) if Supplemental Rent is payable under the relevant Lease in respect of such Aircraft,
the accrued Supplemental Rent amounts (but only to the extent not already made available,
refunded or paid to the relevant Lessee as required by the express provisions of the
relevant Lease) to the extent then held by such Seller at such Delivery Date and (iv) any
Rent received by Seller in respect of the relevant Aircraft relating to the period after the
Delivery Date. The time of payment shall be of the essence of this Agreement.
	 
	5.5	 	Payments

	 	5.5.1	 	All payments by any party to any other party under this Agreement and the
other Transaction Documents will be made for value on the due date in Dollars and in
immediately available funds settled through New York Clearing House System or such
other funds as may for the time being be customary for the settlement in New York City
of payments in Dollars and by wire transfer to:

	 	(a)	 	in the case of any Seller:
	 
	 	 	 	[*]
	 
	 	 	 	or such other account as such Seller may from time to time advise to each
Purchaser by not less than ten (10) Business Days prior written notice; and
	 
	 	(b)	 	in the case of any Purchaser, to such account as such Purchaser may
from time to time advise to each Seller in writing.

	 	5.5.2	 	No payment shall be considered made by a party hereto until it is received in
the account of the relevant other party to the Agreement. Promptly upon becoming aware
of receipt of the Purchase Price in respect of an Aircraft, the Seller of such Aircraft
will ask its bank to send confirmation of receipt of such Purchase Price to it and,
once received, such Seller will promptly send such confirmation to the Purchaser of
such Aircraft.

	5.6	 	No Withholdings

	 	5.6.1	 	Payment of the Net Purchase Price in respect of an Aircraft to be made by any
Purchaser of an Aircraft under this Agreement and all other payments required to be
made by it hereunder (including but not limited to the payment of the Deposit) shall be
made without set off or counterclaim whatsoever.

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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	 	5.6.2	 	All payments to be made by any Seller or any Purchaser under this Agreement
and the other Transaction Documents shall be made in full without any deduction or
withholding in respect of Taxes or otherwise unless the deduction is required by Law,
in which event such paying party shall:

	 	(a)	 	ensure that the deduction or withholding does not exceed the minimum
amount legally required;
	 
	 	(b)	 	promptly pay to the other party entitled to receive the relevant
payment such additional amount so that the net amount received by such other
party will equal the full amount which would have been received by it had no
such deduction or withholding been made;
	 
	 	(c)	 	pay to the relevant taxation authority or other authorities within the
period for payment permitted by Law the full amount of the deduction or
withholding (including, but without prejudice to the generality of the
foregoing, the full amount of any deduction or withholding from any additional
amount paid pursuant to this sub-clause); and
	 
	 	(d)	 	if requested, provide such other party, within the period for payment
permitted by the relevant law, with an official receipt of the relevant
taxation authorities involved in respect of all amounts so deducted or withheld
or if such receipts are not issued by the taxation authorities concerned on
payment to them of amounts so deducted or withheld, a certificate of deduction
or equivalent evidence of the relevant deduction or withholding.

	 	 	[*]

	5.7	 	Taxes

	 	5.7.1	 	Without prejudice to Clause 7.3 (Delivery Location), each Seller in respect of
an Aircraft and the Purchaser in respect of such Aircraft will co-operate so that the
Delivery Location in respect of such Aircraft shall be in a jurisdiction where the
imposition upon any Seller and/or any Purchaser of any Taxes arising out of the sale of
such Aircraft pursuant to this Agreement is minimised.
	 
	 	5.7.2	 	[*]
	 
	 	5.7.2	 	[*]

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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	5.8	 	Lease Security Deposit and Supplemental Rent
	 
	 	 	The Seller in respect of an Aircraft shall, on the Delivery Date in respect of such
Aircraft, transfer (by way of permitted deduction from the Purchase Price in accordance with
Clause 5.3 (ii) and (iii)) to the Purchaser in respect of such Aircraft (or a Purchaser
Nominee which is the lessor of such Aircraft) (a) if held in cash, the Lease Security
Deposit (or if there is a letter of credit, such Seller shall transfer such issued letter of
credit or procure the issuance of a letter of credit acceptable to such Purchaser in respect
of such Lease Security Deposit to such Purchaser or such Purchaser Nominee) then held by
such Seller at the Delivery Date in respect of such Aircraft and (b) if Supplemental Rent is
payable under the relevant Lease in respect of such Aircraft, the accrued Supplemental Rent
amounts (but only to the extent not already made available, refunded or paid to the relevant
Lessee as required by the express provisions of the relevant Lease) to the extent then held
by such Seller at the Delivery Date in respect of such Aircraft.
	 
	5.9	 	Late Receipt of Rent or Supplemental Rent
	 
	 	 	If, after Delivery in respect of an Aircraft, the Seller of such Aircraft receives from the
Lessee in respect of such Aircraft any amount of Rent or Supplemental Rent payable by such
Lessee pursuant to the relevant Lease (notwithstanding the relevant Lease Novation), such
Seller shall procure that such Rent or Supplemental Rent is promptly and, in any case,
within two (2) Business Days, paid to the Purchaser of such Aircraft (and pending such
payment shall hold the same on trust for such Purchaser). Such payment shall be made in
full, free of all Taxes, duties, withholdings or deductions and without any set-off or
counterclaim whatsoever.
	 
	6.	 	INVOICE
	 
	 	 	The Invoice in respect of an Aircraft shall be delivered by the relevant Seller to the
relevant Purchaser at least three (3) Business Days prior to the relevant Delivery Date.

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	7.	 	DELIVERY
	 
	7.1	 	Delivery
	 
	 	 	Subject to satisfaction (or waiver or deferral with the agreement in writing of the relevant
Seller) of the Seller Conditions Precedent in respect of any Aircraft, the Seller of such
Aircraft shall tender such Aircraft for Delivery and effect the transfer of all of such
Seller’s right, title and interest in and to such Aircraft to the relevant Purchaser on the
applicable Delivery Date by execution and delivery of a Bill of Sale in respect of such
Aircraft to the relevant Purchaser. Simultaneously with the delivery of a Bill of Sale in
respect of such Aircraft, all of the relevant Seller’s right, title and interest in and to
such Aircraft (including the relevant Aircraft Documents) will pass from the relevant Seller
to the relevant Purchaser but the relevant Purchaser acknowledges that each Aircraft
(including the relevant Aircraft Documents) will, upon and following such transfer of title,
remain in the possession of the relevant Lessee and the relevant Seller shall not be obliged
to give or effect physical delivery of any Aircraft (including the relevant Aircraft
Documents) to any Purchaser. Provided that the Purchaser Conditions Precedent in respect of
an Aircraft have been satisfied (or waived by the relevant Purchaser), the relevant
Purchaser shall execute and deliver to the relevant Seller on the applicable Delivery Date
an Acceptance Certificate in respect of such Aircraft, which shall be conclusive evidence
(as between the relevant Purchaser and the relevant Seller) of the matters therein stated.
	 
	7.2	 	Delivery Date
	 
	 	 	The parties currently anticipate that Delivery in respect of an Aircraft will take place on
the applicable Scheduled Closing Date and shall each use reasonable efforts so that Delivery
in respect of such Aircraft does then take place but in any event Delivery in respect of
such Aircraft shall occur no later than 5p.m. in London on the Final Delivery Date in
respect of such Aircraft.
	 
	7.3	 	Delivery Location
	 
	 	 	At the time of delivery of the Bill of Sale in respect of an Aircraft on the applicable
Delivery Date such Aircraft shall be located in one of the following locations (the
“Delivery Location”):

	 	7.3.1	 	the Expected Delivery Location; or
	 
	 	7.3.2	 	international airspace; or
	 
	 	7.3.3	 	with the agreement of the parties, another jurisdiction provided that in the
case of this Clause 7.3.3, where such Aircraft is not located in international airspace
both of the following conditions are satisfied:

	 	(a)	 	the Lex Situs Opinion (the cost of which is to be split equally
between the relevant Purchaser and the relevant Seller) is issued to the
relevant Seller and the relevant Purchaser on or prior to Delivery in respect
of such Aircraft; and
	 
	 	(b)	 	the relevant Seller and the relevant Purchaser are satisfied (each in
their sole discretion) that no Taxes will be imposed upon such Seller such
Purchaser, the relevant Lessee or the relevant Aircraft as a result of the
delivery of such Bill of Sale or transfer of title to the relevant Aircraft
whilst such Aircraft is located in such jurisdiction, other than any Taxes
which the relevant Seller or the relevant Purchaser may agree in writing to
bear.

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	8.	 	CONDITION OF AIRCRAFT
	 
	8.1	 	Disclaimers

	 	8.1.1	 	EACH AIRCRAFT, EACH ENGINE AND EACH PART IS BEING SOLD AND DELIVERED “AS IS”
AND “WHERE IS”, AND WITHOUT ANY REPRESENTATION, GUARANTEE OR WARRANTY OF ANY SELLER
EXPRESS OR IMPLIED, OF ANY KIND, ARISING BY LAW OR OTHERWISE EXCEPT AS EXPRESSLY SET
FORTH IN THIS AGREEMENT AND THE RELEVANT BILL OF SALE; AND
	 
	 	8.1.2	 	WITHOUT LIMITING THE GENERALITY OF THE FOREGOING EACH PURCHASER
UNCONDITIONALLY AGREES THAT AS BETWEEN ITSELF AND EACH SELLER EACH AIRCRAFT AND EACH
PART THEREOF IS TO BE SOLD AND PURCHASED IN AN “AS IS, WHERE IS” CONDITION AS AT THE
APPLICABLE DELIVERY DATE, AND NO TERM, CONDITION, WARRANTY, REPRESENTATION OR COVENANT
OF ANY KIND HAS BEEN ACCEPTED, MADE OR IS GIVEN BY ANY SELLER OR ITS SERVANTS OR AGENTS
IN RESPECT OF THE AIRWORTHINESS, VALUE, QUALITY, DURABILITY, DATE PROCESSING,
CONDITION, DESIGN, OPERATION, DESCRIPTION, MERCHANTABILITY OR FITNESS FOR USE OR
PURPOSE OF ANY AIRCRAFT OR ANY PART THEREOF, AS TO THE ABSENCE OF LATENT, INHERENT OR
OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE), AS TO THE COMPLETENESS OR CONDITION OF ANY
AIRCRAFT DOCUMENTS, OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, COPYRIGHT,
DESIGN, OR OTHER PROPRIETARY RIGHTS; AND EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT AND THE RELEVANT BILL OF SALE, ALL CONDITIONS, WARRANTIES AND REPRESENTATIONS
(OR OBLIGATION OR LIABILITY, IN CONTRACT OR IN TORT) IN RELATION TO ANY OF THOSE
MATTERS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, ARE EXPRESSLY EXCLUDED.

	8.2	 	Acceptance Certificate
	 
	 	 	The purchase of the Aircraft by the relevant Purchaser shall be subject to such Purchaser’s
satisfactory inspection of the relevant Aircraft. The relevant Purchaser shall undertake a
preliminary inspection of the relevant Aircraft and the Other Aircraft (including the
Aircraft Documents) by not later than [*] (or such later date as may be agreed by the
relevant Seller and the relevant Purchaser) to satisfy itself that the relevant Aircraft is
in a satisfactory condition. The relevant Seller shall procure that the relevant Aircraft
and the Aircraft Documents are made available to the relevant Purchaser so that such
Purchaser may complete such preliminary inspection, provided always, that such preliminary
inspections shall not unreasonably interfere with the relevant Lessee’s operation and use of
the Aircraft. If following such preliminary inspection of the Aircraft and/or the Aircraft
Documents the relevant Purchaser determines that any such relevant Aircraft and/or the
related Aircraft Documents are not in a satisfactory condition and such Purchaser does not
wish to proceed with the purchase of such Aircraft, then the relevant Purchaser shall notify
the relevant Seller in writing of such position within five (5) Business Days of such
preliminary inspection being completed, in which case, the relevant Seller shall refund the
relevant Deposit plus interest in accordance with the provisions of Clause 5.2.2 to the
relevant Purchaser within three (3) Business Days from the date of such notice by the
relevant Purchaser, and neither party shall have any further obligations or liabilities to
the other party in relation to the relevant Aircraft following such return of Deposit and
payment of interest, other than as set out in Clause 12.8

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

- 11 -

 

	 	 	and Clause 4.3. Delivery of the Acceptance Certificate in respect of any Aircraft by the
relevant Purchaser to the relevant Seller shall be conclusive proof as between each of the
parties hereto that the Purchaser of such Aircraft has examined and investigated such
Aircraft and each part thereof and that such Aircraft and each part thereof is in every way
satisfactory to such Purchaser.

	8.3	 	Lessee and the Lease
	 
	 	 	Without prejudice to any representation and/or warranty made to any Purchaser in this
Agreement or any other Transaction Document by any Seller, each Purchaser acknowledges that
it has been and will be solely responsible for making its own independent investigation and
appraisal of the operations, financial condition, creditworthiness, status and affairs of
each Lessee, and of the provisions of each Lease and each other Lease Document, and has not
relied, and will not at any time rely, on any Seller:

	 	8.3.1	 	to provide any Purchaser with any information relating to any such matters; or
	 
	 	8.3.2	 	to check or enquire into the adequacy, accuracy or completeness of any
information provided by any Lessee pursuant to or in relation to the Lease or other
Lease Documents applicable to such Lessee; or
	 
	 	8.3.3	 	to assess or keep under review any of such matters.
	 
	 	Execution of this Agreement by the Purchasers shall constitute the agreement of and
confirmation by the Purchasers of such Aircraft that it has completed its due diligence in
relation to the Lease Documents that have been provided to the relevant Purchaser prior to
the date of this Agreement in respect of such Aircraft and that it is satisfied in all
respects with the Lease Documents in respect of such Aircraft.

	9.	 	MANUFACTURER’S WARRANTIES

	 	9.1.1	 	The Seller of each Aircraft shall, on the Delivery Date in respect of such
Aircraft, assign to the relevant Purchaser, without recourse and subject to any rights
of the relevant Lessee, all such Seller’s rights, title and interest (to the extent
that such assignment is permitted by the terms thereof) in:

	 	(a)	 	all agreements between such Seller and the Manufacturer relating to
warranties with respect to such Aircraft (by way of the Assignment of
Warranties); and
	 
	 	(b)	 	all agreements between such Seller and the Engine Manufacturer
relating to warranties with respect to relevant Engines applicable to such
Aircraft (by way of the Engine Warranty Assignment).

	 	9.1.2	 	The Seller of each Aircraft hereby assigns to the Purchaser of such Aircraft,
with effect from Delivery in respect of such Aircraft, all of such Seller’s rights,
title and interest (to the extent that such assignment is permitted by the terms
thereof, and subject to the interests of the relevant Lessee) all agreements between
such Seller and the manufacturer of any equipment not manufactured by the Manufacturer
or the Engine Manufacturer and installed on such Aircraft on the applicable Delivery
Date (if any) relating to warranties with respect to such Aircraft. After any Delivery
Date, a Seller will provide the relevant Purchaser with assistance and cooperation
reasonably requested by such Purchaser in connection with obtaining the benefit of any
such warranties assigned by such Seller hereunder.

- 12 -

 

	 	9.1.3	 	The Seller of each Aircraft agrees to give notice to, and obtain the consent
of, the Manufacturer and the Engine Manufacturer with respect to such assignment at or
before Delivery in respect of such Aircraft. After Delivery in respect of such
Aircraft, the relevant Purchaser shall pursue any warranty claims at its own expense.

	10.	 	REGISTRATION FEES
	 
	 	 	The relevant Seller shall bear, and hold harmless the relevant Purchaser from, any duties or
fees payable to the Air Authority in connection with the transfer of title to any Aircraft
from such Seller to such Purchaser or any Purchaser Nominee which is the owner of such
Aircraft.
	 
	11.	 	[*]
	 
	11.1	 	[*]

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

- 13 -

 

	11.2	 	[*]

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 14 -

 

	11.3	 	Liability Insurance

	 	11.3.1	 	Each Purchaser shall ensure that for the period of two years from the relevant
Delivery Date in respect of each Aircraft, the relevant Lessee shall be required to
maintain insurances under the terms of the relevant Novated Lease in accordance with
the requirements of the Lease Novation.
	 
	 	11.3.2	 	Each Purchaser shall ensure that the Lessee in respect of each Aircraft is required
under the terms of the relevant Novated Lease to provide the relevant Seller with a
copy of any renewal or replacement certificate in accordance with Clause 0 whilst such
insurance coverage remains in force.

	12.	 	FURTHER PROVISIONS
	 
	12.1	 	Benefit of Agreement
	 
	 	 	No party shall assign or transfer all or any of its rights and/or obligations under this
Agreement without the prior written consent of the relevant Seller (in the case of any
assignment or transfer by any Purchaser) or the relevant Purchaser (in the case of any
assignment or transfer by any Seller) provided that a Purchaser may assign its rights under
this Agreement to its financiers pursuant to any financing of the relevant Aircraft to be
purchased by it with the consent of the relevant Seller (such consent not to be unreasonably
withheld where (i) the relevant Seller is satisfied that it shall not incur, or it is
indemnified to its satisfaction against, any costs in relation to such assignment and (ii)
the relevant Seller has completed any necessary know your customer checks and due diligence
in relation to any assignee and is satisfied in its absolute discretion with the result of
such checks and due diligence).

- 15 -

 

	12.2	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of separate counterparts and each counterpart
shall when executed and delivered be an original document but all counterparts shall
together constitute one and the same instrument
	 
	12.3	 	Waivers and Variation
	 
	 	 	Rights of a party, arising under this Agreement or the general law, shall not be waived or
varied unless done so expressly in writing and only then in that specific case, on that
specific occasion and on any terms specified.
	 
	12.4	 	Third Party Rights
	 
	 	 	A Person who is not a party to this Agreement has no direct right under the Contract (Rights
of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement nor to object
or be consulted about any amendments to this Agreement.
	 
	12.5	 	Notices
	 
	 	 	Any notice in connection with this Agreement shall be given in writing and in English. A
notice shall be delivered personally or by post, email or facsimile as detailed below (or as
otherwise notified by the receiving party from time to time). A notice shall be deemed
received — if posted, three (3) days after it is mailed; if sent by hand or courier, when it
is delivered; if faxed, when the fax is sent and on confirmation by the recipient of actual
receipt; and, if by email, when received into the ‘In Box’ of the recipient and a “delivery
receipt” generated

	 	 	 

	 

	 	to any Seller at:
	 
	 	 
	 

	 	GE Capital Aviation Services Limited
	 

	 	Aviation House
	 

	 	Shannon
	 

	 	County Clare
	 

	 	Ireland
	 
	 	 
	 

	 	Fax: +353 61 706 867
	 

	 	Email: [*]
	 

	 	Attention: Contracts Leader
	 
	 	 
	 

	 	to any Purchaser at:
	 
	 	 
	 

	 	Air Lease Corporation
	 

	 	2000 Avenue of the Stars
	 

	 	Suite 600N
	 

	 	Los Angeles
	 

	 	California CA 90067
	 

	 	United States of America
	 
	 	 
	 

	 	Fax: +1 310 553 0999 Email: legalnotices@airleasecorp.com
	 

	 	Attention: Legal Department

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

- 16 -

 

	12.6	 	Invalidity of any Provision
	 
	 	 	If any part of this Agreement becomes invalid, illegal or unenforceable under any applicable
law, the validity, legality and enforceability of the remaining provisions shall not in any
way be affected.
	 
	12.7	 	Entire Agreement
	 
	 	 	This Agreement constitutes the entire agreement between the parties hereto in relation to
the sale and purchase of each Aircraft and supersedes all previous proposals,
representations, agreements and other written and oral communications in relation thereto.
	 
	12.8	 	Costs and Expenses
	 
	 	 	Except where this Agreement states differently, each party shall bear its own fees, costs
and expenses arising out of or connected with this Agreement provided that the relevant
Seller shall pay (i) the relevant Lessee’s costs and expenses incurred in connection with
the relevant Lease Novation and (ii) any costs incurred in connection with ferrying the
relevant Aircraft to an appropriate Delivery Location subject to the relevant Purchaser
reimbursing the relevant Seller for [*]% of such costs referred to in subparagraphs (i) and
(ii) of this Clause 12.8.
	 
	12.9	 	Further Assurances
	 
	 	 	Each party agrees from time to time to do and perform such other and further acts and
execute and deliver any and all such other instruments as may be required by law or
reasonably requested by the other party to establish, maintain and protect the rights and
remedies of the parties and to carry out and effect the intent and purpose of this Agreement
(including such further acts as may be required to register the interests, to the extent
permitted by law, of the Purchaser of any Aircraft (or any Purchaser Nominee who is the
owner or lessor of such Aircraft) in the applicable aircraft register or if applicable, any
other register, maintained by the applicable Air Authority).
	 
	12.10	 	Cape Town Convention
	 
	 	 	Each Purchaser agrees that it will not, and it will procure that no financier of any
Purchaser will, file an interest at the International Registry in relation to any Aircraft
until the actual Delivery Date for such Aircraft; provided that the parties will cooperate
in good faith regarding the filing of prospective interest if and to the extent that same
are required by any Purchaser’s potential financiers.
	 
	12.11	 	Rights Cumulative, Waivers; Third Party Financiers
	 
	 	 	The rights of each of the parties under this Agreement are cumulative, may be exercised as
often as each party considers appropriate and are in addition to its rights under general
law. The rights of each of the parties (whether arising under this Agreement or the general
law) shall not be capable of being waived or varied otherwise than by an express waiver or
variation in writing; and in particular any failure to exercise or any delay in exercising
any of such rights shall not operate as a waiver or variation of that or any other such
right; any defective or partial exercise of any of such rights shall not preclude any other
or further exercise of that or any other such right; and no act or course of conduct or
negotiation on the part of any party or on its behalf shall in any way preclude it from
exercising any such right

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

- 17 -

 

	 	 	or constitute a suspension or any variation of any such right. If a Purchaser elects to
finance its acquisition of an Aircraft, the relevant Seller and the Purchaser shall mutually
cooperate and make good faith reasonable efforts (including requesting the assistance of the
relevant Lessee) to protect at the Purchaser’s cost the interest of Purchaser’s lenders in
the Aircraft and the Leases, provided that such cooperation and good faith efforts shall not
extend to changing any commercial terms of the Lease.
	 
	12.12	 	Survival
	 
	 	 	All indemnities, representations and warranties of any Seller and any Purchaser shall
survive, and remain in full force and effect, notwithstanding the expiration or other
termination of this Agreement.
	 
	12.13	 	Confidentiality
	 
	 	 	Each Purchaser and each Seller shall, and shall procure that their respective officers,
employees and agents shall, keep confidential and shall not for a period of [*] years from
the date of this Agreement, without the prior written consent of the other parties, disclose
to any third party, the economic terms of this Agreement or any documents or materials
supplied by or on behalf of another party in connection with this Agreement containing such
economic terms, save that any such party shall be entitled to make such disclosure:

	 	12.13.1	 	if required to do so by an order of a court of competent jurisdiction whether in
pursuance of any procedure for discovering documents or otherwise or pursuant to any
law;
	 
	 	12.13.2	 	if required so to do, to any fiscal, monetary, tax, regulatory, governmental or
other competent authority or in connection with any filings that may be required in any
relevant jurisdiction; or
	 
	 	12.13.3	 	to its auditors or tax or legal advisors or other professional advisers;
	 
	 	12.13.4	 	in the case of the Seller, to the Lessee (other than in relation to the Base
Purchase Price, Net Purchase Amount and any provision of the Sale Documents relating to
the price paid by the Purchaser to purchase the Aircraft) and to any of the Seller’s
affiliates;
	 
	 	12.13.5	 	in the case of the Purchaser, to its directors and investors and to its financiers
to the extent necessary in connection with any financing of the Aircraft provided that
in each case on the condition that such third parties treat the information on a
confidential basis.

	13.	 	LAW AND JURISDICTION
	 
	13.1	 	Governing Law
	 
	 	 	This Agreement and any non-contractual obligations arising out of or in connection with this
Agreement shall be governed by, and construed in accordance with, the laws of England. The
U.N. Convention on Contracts for the International Sales of Goods is not applicable to this
Agreement.

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

- 18 -

 

	13.2	 	Dispute Resolution
	 
	 	 	The courts of England are to have jurisdiction to settle any disputes arising out of or
relating to this Agreement (including in relation to non-contractual obligations arising in
connection with this Agreement or regarding the existence, validity or termination of this
Agreement or the consequences of its nullity) and the parties submit themselves and their
assets to the non-exclusive jurisdiction of those courts in relation to such disputes. A
judgment or order of those courts in connection with this Agreement is conclusive and
binding and may be enforced in the courts of any other jurisdiction. No party will seek or
be entitled to contest and/or delay and/or obstruct registration or enforcement of such
judgment and/or order.
	 
	13.3	 	Process
	 
	 	 	Without prejudice to any other mode of service, each party consents to the service of
process relating to any proceedings under Clause 13.2 (Dispute Resolution) at its address as
applicable under Clause 12.5 (Notices) provided a copy of the process is also sent by fax to
the fax number there specified. Further if a dispute arises, each of the relevant Seller and
the relevant Purchaser undertakes to appoint an agent at an address in England to accept
service of proceedings issued by any party under this Clause 13.3 (Process) within five (5)
Business Days of being requested in writing by such party to make such appointment.
	 
	13.4	 	Waivers
	 
	 	 	Each Purchaser and each Seller:

	 	13.4.1	 	waives to the fullest extent permitted by law any objection which it may now or
hereafter have to the courts referred to in Clause 13.2 (Dispute Resolution) on grounds
of inconvenient forum or otherwise as regards proceedings in connection with this
Agreement; and
	 
	 	13.4.2	 	agrees that a judgment or order of any court referred to in Clause 13.2 (Dispute
Resolution) in connection with this Agreement is conclusive and binding on it and may
be enforced against it in the courts of any other jurisdiction.

	13.5	 	No Immunity
	 
	 	 	Each Seller and each Purchaser irrevocably and unconditionally:

	 	13.5.1	 	agrees that if any other party brings legal proceeding against it or its assets in
relation to this Agreement, no immunity from such legal proceedings (which will be
deemed to include without limitation, suit, attachment prior to judgment, other
attachment, the obtaining of judgment, execution or other enforcement) will be claimed
by or on behalf of itself or with respect to its assets;
	 
	 	13.5.2	 	waives any such right of immunity which it or its assets now has or may in the future
acquire; and
	 
	 	13.5.3	 	consents generally in respect of any such proceedings to the giving of any relief or
the issue of any process in connection with such proceedings including, without
limitation, the making, enforcement or execution against any property whatsoever
(irrespective of its use or intended use) of any order of judgment which may be made or
given in such proceedings.

- 19 -

 

	14.	 	BROKERS AND OTHER THIRD PARTIES
	 
	14.1	 	No Brokers
	 
	 	 	Each party represents and warrants to the other parties that it has not paid, agreed to pay
or caused to be paid directly or indirectly in any form, any commission, percentage,
contingent fee, brokerage or other similar payments of any kind, in connection with the
establishment or operation of this Agreement, to any Person (other than fees payable by each
party to its legal advisers, tax advisers or other professional consultants).
	 
	14.2	 	Indemnity
	 
	 	 	Each party agrees to indemnify and hold the other parties harmless from and against any and
all claims, suits, damages, costs and expenses (including, but not limited to reasonable
attorneys’ fees) asserted by any agent, broker or other third party for any commission or
compensation of any nature whatsoever based upon this Agreement or any Transaction Documents
or any Aircraft, if such claim, suit, damage, cost or expense arises out of any breach by
the indemnifying party, its employees or agents of Clause 14.1 (No Brokers).

IN WITNESS whereof this Agreement has been signed on the day and year first above written.

The Sellers

CELESTIAL AVIATION TRADING 62 LIMITED

	 	 	 	 	 

	By:

	 	/s/ Declan Hartnett
 

	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 
	 
	 	 	 	 
	Signed at:

	 	Shannon Ireland	 	 

CELESTIAL AVIATION TRADING 63 LIMITED

	 	 	 	 	 

	By:

	 	/s/ Declan Hartnett
 

	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 
	 
	 	 	 	 
	Signed at:

	 	Shannon Ireland	 	 

CELESTIAL AVIATION TRADING 7 LIMITED

	 	 	 	 	 

	By:

	 	/s/ Declan Hartnett
 

	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 
	 
	 	 	 	 
	Signed at:

	 	Shannon Ireland	 	 

- 20 -

 

CELESTIAL AVIATION TRADING 24 LIMITED

	 	 	 	 	 

	By:

	 	/s/ Declan Hartnett
 

	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 
	 
	 	 	 	 
	Signed at:

	 	Shannon Ireland	 	 

CELESTIAL AVIATION TRADING 27 LIMITED

	 	 	 	 	 

	By:

	 	/s/ Declan Hartnett
 

	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 
	 
	 	 	 	 
	Signed at:

	 	Shannon Ireland	 	 

The Purchasers

ALC B378 34253, LLC

By: Air Lease Corporation, its manager

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

ALC B378 34254, LLC

By: ALC Warehouse Borrower, LLC

By: Air Lease Corporation, its manager

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

- 21 -

 

ALC B378 35228, LLC

By: ALC Warehouse Borrower, LLC

By: Air Lease Corporation, its manager

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

ALC B378 36529, LLC

By: ALC Warehouse Borrower, LLC

By: Air Lease Corporation, its manager

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

ALC B773 35254, LLC

By: ALC Warehouse Borrower, LLC

By: Air Lease Corporation, its manager

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

Air Lease Corporation

	 	 	 	 	 

	By:

	 	/s/ John L. Plueger
 

	 	 
	 
	 	 	 	 
	Title:

	 	President & COO	 	 

- 22 -

 

SCHEDULE 1

Sellers and Related Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Lease	 	 	Supplemental	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Lease	 	 	Security	 	 	Rent Balance	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Base	 	 	 	 	 	 	Security	 	 	Deposit	 	 	As at	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Purchase	 	 	 	 	 	 	Cash	 	 	(Letter of	 	 	September 30	 	 	 	 
	Aircraft	 	 	 	 	 	 	 	 	 	Aircraft	 	 	Aircraft	 	 	Engine	 	 	Engine	 	 	Price	 	 	Deposit	 	 	Deposit	 	 	Credit)	 	 	2010	 	 	 	 
	No.	 	Seller	 	 	Purchaser	 	 	Type	 	 	MSN	 	 	Type	 	 	MSNs	 	 	($)	 	 	($)	 	 	($)	 	 	($)	 	 	($)	 	 	Lessee	 
	1.
	 	Celestial Aviation Trading 62 Limited	 	ALC B378 34253, LLC	 	 	B737-800	 	 	 	34253	 	 	CFM56-7B26	 	 	893698
892700	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.
	 	Celestial Aviation Trading 63 Limited	 	ALC B378 34254, LLC	 	 	B737-800	 	 	 	34254	 	 	CFM56-7B26	 	 	893766
893760	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.
	 	Celestial Aviation Trading 7 Limited	 	AirLease Corporation or its Purchaser Nominee	 	 	B737-800	 	 	 	35228	 	 	CFM56-7B26/3	 	 	896529
896530	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4.
	 	Celestial Aviation Trading 24 Limited	 	ALC B378 36529, LLC	 	 	B737-800	 	 	 	36529	 	 	CFM56-7B26/3	 	 	896413
896414	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.
	 	Celestial Aviation Trading 27 Limited	 	ALC B773 35254  LLC	 	B777-300ER	 	 	35254	 	 	GE90-115B	 	 	906296
906297	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

			
	* 	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 23 -

 

Aircraft to be subject to separate sale and purchase agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Celestial Aviation Trading 71 Limited
	 	 	ALC B378 35217, LLC	 	 	 	B737-800	 	 	 	35217	 	 	CFM56-7B26/3	 	 	894111
894112	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

			
	* 	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 24 -

 

SCHEDULE 2

LEASE DOCUMENTS

Aircraft No.1

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated 12 April 2005 between Celestial Aviation
Trading 62 Limited as lessor and [*] as lessee.
	 
	 	2.	 	Amendment to the Aircraft Specific Lease Agreement dated 7 November 2005 between
Celestial Aviation Trading 62 Limited as lessor and [*] as lessee.
	 
	 	3.	 	Aircraft Warranty and Customer Support Assignment Agreement dated February 10 2006
between Celestial Aviation Trading 62 Limited as assignor, and [*] as assignee and includes
an Acknowledgement addressed to Celestial Aviation Trading 62 Limited and [*] from The
Boeing Company.
	 
	 	4.	 	Assignment of Engine Warranties dated February 10 2006 between the Celestial Aviation
Trading 62 Limited as assignee, [*] as operator and GECC as assignor along with Notice
addressed to General Electric Aircraft Engines from GECC.
	 
	 	5.	 	Certificate of Acceptance dated 10 February 2006 between Celestial Aviation Trading 62
Limited as lessor and [*] as lessee.
	 
	 	6.	 	Notice of Exercise of Extension Option from Celestial Aviation Trading 62 Limited dated
4 December 2009.
	 
	 	7.	 	Common Terms Agreement dated 12 April 2005 between GECAS and [*].
	 
	 	8.	 	Common Terms Agreement Amendment dated 29 June 2006 between GECAS and [*].

Aircraft No.2

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated 1 April, 2005 between Celestial Aviation
Trading 63 Limited as lessor, [*] as lessee and [*] as consenting party.
	 
	 	2.	 	Amendment No.1 to Aircraft Specific Lease Agreements dated 18 October 2005 between
Celestial Aviation Trading 63 Limited as lessor and [*] as lessee.
	 
	 	3.	 	Aircraft Warranty and Customer Support Assignment Agreement dated March 21, 2006
between Celestial Aviation Trading 63 Limited and [*] along with Acknowledgement addressed
to Celestial Aviation Trading 63 Limited and [*] from The Boeing Company.
	 
	 	4.	 	Assignment of Engine Warranties dated March 21, 2006 between GECC, Celestial Aviation
Trading 63 Limited and [*] as operator along with Notice to General Electric Aircraft
Engines from GECC.

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 25 -

 

	 	5.	 	Certificate of Acceptance dated March 21, 2006 between Celestial Aviation Trading 63
Limited as the lessor, [*] as the lessee and [*] as consenting party.
	 
	 	6.	 	Common Terms Agreement dated 21 January 2004 between [*], Aviation Financial Services,
Inc. and [*].
	 
	 	7.	 	Novation and Amendment Agreement dated 30 July 2010 between [*] as assignor, [*] as
assignee, Celestial Aviation Trading 63 Limited as lessor and [*] as consenting party.

Aircraft No.3

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated 3 July 2006 between [*] as lessee and GECAS
Aircraft Leasing Norway AS as lessor.
	 
	 	2.	 	Aircraft Warranty and Customer Support Assignment Agreement dated June 4 2008 between
Celestial Aviation Trading 7 Limited as assignor, GECAS Aircraft Leasing Norway AS as
assignee and [*] as operator together with the Consent and Agreement from The Boeing
Company addressed to Celestial Aviation Trading 7 Limited, GECAS Aircraft Leasing Norway AS
and [*].
	 
	 	3.	 	Amendment to the Aircraft Specific Lease Agreement dated 14 September 2007 between
GECAS Aircraft Leasing Norway AS as lessor and [*] as lessee.
	 
	 	4.	 	Assignment of Engine Warranties dated 4 June 2008 between GECC, [*], GECAS Aircraft
Leasing Norway AS and Celestial Aviation Trading 7 Limited.
	 
	 	5.	 	Certificate of Acceptance dated 4 June 2008 between GECAS Aircraft Leasing Norway AS as
lessor and [*] as lessee.
	 
	 	6.	 	Head Lease Agreement dated 28 May 2008 between Celestial Aviation Trading 7 Limited as
lessor and GECAS Aircraft Leasing Norway AS as lessee.
	 
	 	7.	 	Conditional Sale Agreement dated 4 June 2008 between Celestial Aviation Trading 7
Limited as buyer and SC Air 737Q Co., Ltd. as seller.
	 
	 	8.	 	Participation Agreement dated 4 June 2008 between Celestial Aviation Trading 7 Limited
as vendor, SC Air 737Q Co., Ltd. as purchaser, GECAS Aircraft Leasing Norway AS as lessor
and [*] as Lessee.
	 
	 	9.	 	Acceptance Certificate dated 4 June 2008 between SC Air 737Q Co., Ltd. and GECAS
Aircraft Leasing Norway AS.

Aircraft No.4

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated 19 March 2007 between Celestial Aviation
Trading 24 Limited as lessor and the [*] as lessee.
	 
	 	2.	 	Amendment to the Aircraft Specific Lease Agreement dated 7 April 2008 between Celestial
Aviation Trading 24 Limited as lessor and [*] as lessee.

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 26 -

 

	 	3.	 	Certificate of Acceptance dated 8 April 2008 between [*] as lessee and Celestial
Aviation Trading 24 Limited as lessor.
	 
	 	4.	 	Common Terms Agreement dated 19 March 2007 between Celestial Aviation Trading 24
Limited and [*].
	 
	 	5.	 	Engine Warranties Letter dated 1 April 2007 from [*] and GECC to CFM International S.A.

Aircraft No.5

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated March 11, 2009 between Celestial Aviation
Trading 27 Limited as lessor and [*] as lessee.
	 
	 	2.	 	Lease Supplement No.1 dated March 12, 2009 between Celestial Aviation Trading 27
Limited as lessor and [*] as lessee.
	 
	 	3.	 	Consent to Assignment of Engine Warranty dated March 12, 2009 signed by Manufacturer.
	 
	 	4.	 	Engine Warranty Assignment dated March 12, 2009 between [*] as assignor and Celestial
Aviation Trading 27 Limited as assignee together with the Consent of General Electric
Company.
	 
	 	5.	 	Certificates of Technical Acceptance dated March 11, 2009 between Celestial Aviation
Trading 27 Limited as lessor and [*] as lessee.
	 
	 	6.	 	Amended and Restated Common Terms Agreement dated October 15 2006 between GECAS and
[*].

Lease Documents for Aircraft to be subject to separate sale and purchase agreement:

[*]

	 	1.	 	Aircraft Specific Lease Agreement dated 20 July 2005 between [*] as the lessee and
Celestial Aviation Trading 72 Limited as the lessor.
	 
	 	2.	 	Aircraft Specific Lease Novation Agreement dated 20 July 2005 between Celestial
Aviation Trading 71 Limited as the new lessor, [*] as lessee and Celestial Aviation Trading
72 Limited as existing lessor.
	 
	 	3.	 	Amendment Agreement to the Specific Lease Agreement dated 21 February 2006 between
Celestial Aviation Trading 71 Limited as lessor and [*] as lessee.
	 
	 	4.	 	Rectification and Amendment Letter to the Aircraft Specific Lease Agreement, dated 8
November 2005 between GECAS, Celestial Aviation Trading 72 Limited and the [*].
	 
	 	5.	 	Aircraft Warranty and Customer Support Assignment Agreement dated August 22 2007
between Celestial Aviation Trading 71 Limited and [*]. Together with the Consent and
Agreement from The Boeing Company addressed to Celestial Aviation Trading 71 Limited and
[*].

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 27 -

 

	 	6.	 	Assignment of Engine Warranties dated August 22 2007 between Celestial Aviation Trading
71 Limited, [*] and GECC as assignor along with Notice addressed to General Electric
Aircraft Engines from GECC.
	 
	 	7.	 	Common Terms Agreement dated 20 July 2005 between GECAS and [*].

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 28 -

 

SCHEDULE 3

Definitions

“Acceptance Certificate” means, for any Aircraft, a certificate of technical acceptance in respect
of such Aircraft substantially in the form of Schedule 7;

“Air Authority” means, for any Aircraft, the civil aviation authority of the State of Registration;

“Aircraft” means any each or all, as the context may require, of the aircraft described in Schedule
1 and listed as Aircraft No. 1, Aircraft No. 2, Aircraft
No. 3, Aircraft No. 4 and Aircraft No.5
(which term includes, where the context admits, a separate reference to all relevant Engines, Parts
and Aircraft Documents);

“Aircraft Documents” means, for any Aircraft, the documents, data and records identified or
referred to in or attached to the original acceptance certificate signed by the relevant Lessee and
all additions, renewals and replacements made from time to time thereto prior to Delivery in
respect of the relevant Aircraft, to the extent that Seller of such Aircraft has acquired title
thereto as at the Effective Time;

“Aircraft Specific Lease Agreement” or “Aircraft Lease Agreement” means, for any Aircraft, the
Aircraft Specific Lease Agreement or Aircraft Lease Agreement, as the case may be, as specified in
relation to such Aircraft in Schedule 2;

“Assignment of Warranties” means, for any Aircraft, an assignment of warranties in respect of such
Aircraft to be agreed between the relevant Seller and the relevant Purchaser prior to Delivery in
respect of such Aircraft;

“Base Purchase Price”, for any Aircraft, is defined in Clause 5.1;

“Bill of Sale” means, for any Aircraft, a bill of sale in respect of such Aircraft duly executed by
the relevant Seller in respect of such Aircraft and substantially in the form of Schedule 6;

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business
in London, Dublin and New York;

“Cape Town Convention” means the Convention on International Interests in Mobile Equipment and its
Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town on 16 November 2001;

“Common Terms Agreement” means, for any Aircraft, the Aircraft Lease Common Terms Agreement as
specified in relation to such Aircraft in Schedule 2;

“Delivery” means, for any Aircraft, the transfer of title to such Aircraft by the relevant Seller
to the relevant Purchaser hereunder as provided in Clause 7.1 (Delivery);

“Delivery Date” means, for any Aircraft, the date, being a Business Day, on which Delivery in
respect of such Aircraft occurs;

“Delivery Location”, for any Aircraft, is defined in Clause 7.3;

“Deposit” means, for any Aircraft, the deposit amount specified opposite such Aircraft in Schedule
1;

“Effective Time” means, for any Aircraft, the time when each of the parties thereto has executed
and delivered the applicable Effective Time Notice;

“Effective Time Notice” has, for any Aircraft, the meaning provided in the applicable Lease
Novation;

- 29 -

 

“Engine Manufacturer” means CFM International S.A. in respect of Aircraft No.1, Aircraft No.2,
Aircraft No. 3, Aircraft No.4 and the Other Aircraft and means General Electric in respect of
Aircraft No. 5;

“Engine Warranty Assignment” means, for any Aircraft, an assignment of warranties in respect of the
Engines applicable to such Aircraft to be agreed between the relevant Seller and the relevant
Purchaser prior to Delivery in respect of such Aircraft;

“Engines” means, for any Aircraft, the engines specified opposite such Aircraft in Schedule 1
together with all equipment and accessories belonging to, installed in, or appurtenant to, such
engines;

“Event of Default” has the meaning, for any Aircraft, given to it in the relevant Lease applicable
to such Aircraft;

“Event of Loss” has the meaning, for any Aircraft, given to it in the relevant Lease applicable to
such Aircraft;

“Expected Delivery Location” means, for any Aircraft, such location to be agreed between the
relevant Seller and the relevant Purchaser prior to the Delivery Date in respect of such Aircraft;

“Final Delivery Date” means [*], provided that in the event a Delivery of an Aircraft has not
occurred by the Final Delivery Date as a consequence of circumstances outside the control of either
of the parties to this Agreement, including a failure to obtain the cooperation of a Lessee to the
transactions contemplated by this Agreement or the location of the Aircraft does not meet the
requirements of this Agreement, the Final Delivery Date shall automatically be extended until such
circumstances are no longer an obstacle to the Delivery, provided further that in no event shall
the Final Delivery Date extend beyond [*];

or, for any Aircraft, such other date as the Seller of such Aircraft and the Purchaser of such
Aircraft may agree;

“Government Entity” means:

	(a)	 	any national government, political subdivision thereof, or local jurisdiction
therein;

	(b)	 	any instrumentality, board, commission, court, or agency of any of the above, however
constituted; and

	(c)	 	any association, organisation or institution of which any of the above is a member or
to whose jurisdiction any thereof is subject or in whose activities any of the above is a
participant;

“International Registry” means the registry established pursuant to the Cape Town Convention;

“Invoice” means, for any Aircraft, an invoice in respect of the sale of such Aircraft substantially
in the form of Schedule 8;

“Law” includes (a) any statute, decree, constitution, regulation, order, judgment or other
directive of any Government Entity; (b) any treaty, pact, compact or other agreement to which any
Government Entity is a signatory or party; (c) any judicial or administrative interpretation or
application of any Law described in (a) or (b) above; and (d) any amendment or revision of any Law
described in (a), (b) or (c) above;

 

			
	*	 	Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 30 -

 

“Lease” means, for any Aircraft, the Aircraft Specific Lease Agreement or Aircraft Lease
Agreement as the case may be in respect of such Aircraft between the Seller or Lessor of such
Aircraft and the relevant Lessee, incorporating, in respect of such Aircraft, the provisions of the
Common Terms Agreement for such Aircraft, in each case as amended from time to time prior to the
Effective Time;

“Lease Damage Notification Threshold” has the meaning, for any Aircraft, given to the term “Damage
Notification Threshold” in the relevant Lease applicable to such Aircraft;

“Lease Documents” means the documents listed as such in Schedule 2 in relation to any Aircraft;

“Lease Novation” means a novation agreement in respect of the relevant Lease applicable to the
relevant Aircraft between the Seller of such Aircraft, the New Lessor in respect of such Aircraft
and relevant Lessee;

“Lease Security Deposit” means in respect of each Aircraft the amount specified in Schedule 1
opposite such Aircraft in the form of cash or a letter of credit held (or to be held) by the Seller
of such Aircraft in respect of the security deposit paid by the relevant Lessee under the relevant
Lease:

“Lessee” means, for any Aircraft, the person specified as the lessee of such Aircraft opposite such
Aircraft in Schedule 1;

“Lessor” means, for any Aircraft, the person (if not the relevant Seller) named as the “lessor” in
the Lease relating to such Aircraft immediately prior to its novation pursuant to the relevant
Lease Novation;

“Lex Situs Opinion” means, for any Aircraft, an opinion of counsel acceptable to each of the
relevant Purchaser and the relevant Seller in respect of such Aircraft in the jurisdiction in which
such Aircraft is located at Delivery in respect of such Aircraft, in form and substance
satisfactory to both such Purchaser and such Seller;

“LIBOR” means the London Interbank Offer Rate in respect of Dollar borrowings for a [*] month
period as shown on the Bloomberg BBAM1 page on the date that interest starts to accrue on the
Deposit pursuant to Clause 5.22.

“Losses” means losses, liabilities, claims, proceedings, penalties, judgments, damages, costs and
expenses;

“Manufacturer” means The Boeing Company;

“Net Purchase Price”, for any Aircraft, is defined in Clause 5.4;

“New Lessor” means for any Aircraft, the person (if not the relevant Purchaser) named as the “new
lessor” in the Lease relating to such Aircraft immediately after its novation pursuant to the
relevant Lease Novation;

“Novated Lease” means, for any Aircraft, the Lease in respect of such Aircraft as novated and
amended by the applicable Lease Novation;

“Other Agreement” means any sale agreement, or related agreement, entered into between Celestial
Aviation Trading 71 Limited seller and ALC B378 35217 LLC as purchaser in relation to the Other
Aircraft;

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 31 -

 

“Other Aircraft” means the B737-800 aircraft with manufacturer’s serial number 35217 which is
leased to [*];

“Parent Purchaser” means Air Lease Corporation, a corporation established in the State of Delaware
of 2000 Avenue of the Stars, Suite 600N, Los Angeles, CA90067, United States of America;

“Part” means, for any Aircraft, whether or not installed on such Aircraft, any component,
furnishing or equipment (other than a complete Engine) furnished with such Aircraft on the
applicable Delivery Date;

“Permitted Liens” means any Security Interest created by or resulting from debts or liabilities or
actions of any Purchaser, any Purchaser Nominee or any New Lessor; and the rights conferred by the
Lease Documents in respect of such Aircraft and Security Interests which the relevant Lessee is
permitted under the Lease in respect of such Aircraft to allow to subsist (but excluding any
Security Interest created by or attributable to debts or liabilities of any Seller or any of its
subsidiaries or affiliates);

“Person” means any individual person, corporation, partnership, firm, joint stock company, joint
venture, trust, estate, unincorporated organisation, association, Government Entity, or
organisation or association of which any of the above is a member or a participant;

“Purchase Price”, for any Aircraft, is defined in Clause 5.3;

“Purchaser Conditions Precedent” means, for any Aircraft, the conditions set out in Part B of
Schedule 4;

“Purchaser Nominee” means any wholly owned subsidiary of the Parent Purchaser or such other
person that complies with the relevant Seller’s and GE Capital Aviation Services Limited’s know
your customer checks and due diligence;

“Rent”, for any Aircraft, has the meaning given to it in the relevant Lease;

“Rent Date” for any Aircraft, has the meaning given to it in the relevant Lease;

“Scheduled Closing Date” means for each Aircraft, the date which is the soonest practicable date
following execution of the Lease Novation for such Aircraft on which the sale of the Aircraft may
be accomplished in accordance with such Lease Novation and this Agreement;

“Security Interest” means any security interest, mortgage, charge, pledge, lien, encumbrance,
assignment, hypothecation, right of set-off or any other agreement or arrangement having the effect
of conferring security;

“Seller Conditions Precedent” means, for any Aircraft, the conditions specified in Part A of
Schedule 4;

“State of Design” has the meaning given to it in the relevant Lease;

“State of Registration” means for:

	(a)	 	Aircraft No. 1 [*];

	(b)	 	Aircraft No. 2 [*];

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 32 -

 

	(c)	 	Aircraft No. 3 [*];

	(d)	 	Aircraft No. 4 [*]; and

	(e)	 	Aircraft No. 5 [*].

“State of Registration Opinion” means a legal opinion from lawyers in the State of Registration in
form and substance satisfactory to the relevant Seller and the relevant Purchaser;

“Supplemental Rent” in respect of any Aircraft, has the meaning ascribed to it in the relevant
Lease, including, if relevant, amounts held by the lessor under such Lease as “Maintenance
Reserves” or the like in respect of maintenance of the airframe, engines, landing gear and other
parts and components of the relevant Aircraft;

“Taxes” means any and all present and future taxes, duties, withholdings, levies, assessments,
imposts, fees and other governmental charges of all kinds (including without limitation any sale or
transfer tax, any VAT or similar tax and any stamp, documentary, registration or similar tax),
together with any penalties, fines, surcharges and interest thereon and any additions thereto;

“Transaction Documents” means, for any Aircraft, this Agreement, the applicable Lease Novation, the
applicable Bill of Sale, the applicable Acceptance Certificate, the applicable Assignment of
Warranties, the applicable Engine Warranty Assignment and any agreement amending or supplementing
any of the foregoing documents and any agreement or document agreed by the relevant Seller and the
relevant Purchaser as being a Transaction Document;

“US$” and “Dollars” means the lawful currency of the United States of America, and (in relation to
all payments in dollars to be made under this Agreement) same day funds; and

“VAT” means value added tax and any goods and services, sales, consumption or turnover tax,
imposition or levy of a like nature.

 

			
	*	 	Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 33 -

 

SCHEDULE 4

Conditions Precedent

PART A
Seller Conditions Precedent

	1.	 	Seller shall have received each of the following documents and evidence in respect of
the relevant Aircraft on or prior to the Delivery Date of such Aircraft:

	 	(a)	 	a certified copy of the certificate of incorporation and the up-to-date
memorandum and articles of association of the relevant Purchaser and the resolutions of
the board of directors and power of attorney from such Purchaser in relation to the
execution of this Agreement and the other Transaction Documents relating to such
Aircraft;
	 
	 	(b)	 	the Acceptance Certificate relating to such Aircraft duly executed by the
relevant Purchaser;
	 
	 	(c)	 	copies of each Transaction Document relating to such Aircraft (other than the
relevant Bill of Sale and Effective Time Notice) duly executed by the parties thereto
(other than the relevant Seller);
	 
	 	(d)	 	if the relevant Aircraft is not delivered in the Expected Delivery Location or
international airspace, the Lex Situs Opinion (the cost of which is to be split equally
between the relevant Purchaser and Seller) duly signed by counsel providing the same;
	 
	 	(e)	 	all conditions precedent specified in the Lease Novation relating to such
Aircraft, including without limitation a revised insurance certificate, (other than
those conditions precedent expressed to be solely for the benefit of the relevant New
Lessor) have been fulfilled or waived to the satisfaction of the relevant Seller;
	 
	 	(f)	 	an opinion from tax advisers to the relevant Seller, at no cost to the relevant
Purchaser, confirming the absence of any Taxes in the jurisdiction in which the relevant
Aircraft is delivered arising as a result of such transfer; and
	 
	 	(g)	 	an opinion of in-house counsel to the Parent Purchaser regarding due execution
of the Transaction Documents relating to such Aircraft by the relevant Purchaser.

	2.	 	The relevant Seller shall have received the Purchase Price in respect of the relevant
Aircraft in accordance with the provisions of this Agreement.
	 
	3.	 	The relevant Seller shall be satisfied that the Delivery Location, and the
arrangements described in Clause 7 (Delivery), do not give rise to any Taxes, other than Taxes
which the relevant Seller or Purchaser shall have agreed in writing to bear.
	 
	4.	 	The representations given by the relevant Purchaser in the Transaction Documents
relating to the relevant Aircraft being true and accurate on the relevant Delivery Date.
	 
	5.	 	The relevant Purchaser not being in default of its obligations under this Agreement or
any Other Agreement.
	 
	6.	 	No change having occurred after the date of this Agreement in any applicable Law which
would make it illegal for the relevant Seller to perform any of its obligations under any
Transaction Documents relating to the relevant Aircraft to which it is a party (and any other

- 34 -

 

	 	 	documents or agreements to be entered into pursuant thereto); provided that if any such
change has occurred the parties shall use all reasonable co-operative endeavours to
restructure the transaction contemplated by such documents so as to avoid the aforementioned
illegality.

PART B

Purchaser Conditions Precedent

	1.	 	Purchaser shall have received each of the following documents and evidence in respect
of the relevant Aircraft on or prior to the Delivery Date of such Aircraft:

	 	(a)	 	a certified copy of the certificate of incorporation and up-to-date memorandum
and articles of association of the relevant Seller and the resolutions of the board of
directors and power of attorney from such Seller in relation to the execution of this
Agreement and the other Transaction Documents relating to such Aircraft;
	 
	 	(b)	 	signed originals (or, where signed originals are not in the relevant Seller’s
possession, certified true copies) of each of the Lease Documents (including any chattel
paper originals) relating to such Aircraft (provided that each original Common Terms
Agreement shall be retained by the relevant Seller) and a certified true copy of the
relevant Common Terms Agreement;
	 
	 	(c)	 	copies of each Transaction Document relating to such Aircraft (other than the
relevant Bill of Sale, the Effective Time Notice and the Acceptance Certificate) duly
executed by the parties thereto (other than the relevant Purchaser);
	 
	 	(d)	 	if the relevant Aircraft is not delivered in the Expected Delivery Location or
international airspace, the Lex Situs Opinion (the cost of which is to be split equally
between the relevant Purchaser and Seller) duly signed by counsel providing the same;
	 
	 	(e)	 	an opinion from tax advisers to the relevant Purchaser, at no cost to the
relevant Seller, confirming the absence of any Taxes in the jurisdiction in which the
relevant Aircraft is delivered arising as a result of such transfer;
	 
	 	(f)	 	all conditions precedent specified in the Lease Novation relating to such
Aircraft (other than those conditions precedent expressed to be solely for the benefit
of the relevant Seller) have been fulfilled or waived to the satisfaction of the
relevant New Lessor;
	 
	 	(g)	 	a priority search certificate at or immediately prior to Delivery in respect of
such Aircraft showing no existing International Interest which is superior in priority
to the relevant Seller’s ownership of such Aircraft;
	 
	 	(h)	 	an opinion of Irish counsel to the relevant Seller, at no cost to the relevant
Purchaser, regarding due execution of the Transaction Documents relating to such
Aircraft by the relevant Seller; and
	 
	 	(i)	 	originals of each bill of sale in the relevant Seller’s possession in respect
of such Aircraft which has been executed and delivered in respect of previous title
transfers of such Aircraft since it was delivered by the relevant Manufacturer.

	2.	 	The relevant Purchaser shall be satisfied that the Delivery Location, and the
arrangements described in Clause 7 (Delivery), do not give rise to any Taxes, other than any
Taxes which the relevant Seller or Purchaser shall have agreed in writing to bear.

- 35 -

 

	3.	 	Neither the relevant Aircraft nor any Engine relating to such Aircraft shall have
suffered an Event of Loss.
	 
	4.	 	The representations given by the relevant Seller in the Transaction Documents relating
to the relevant Aircraft being true and accurate on the Delivery Date.
	 
	5.	 	The relevant Seller not being in default of its obligations under this Agreement or
any other Transaction Document or any Lease Document, in each case relating to the relevant
Aircraft.
	 
	6.	 	No change having occurred after the date of this Agreement in any applicable Law which
would make it illegal for the relevant Purchaser to perform any of its obligations under any
Transaction Documents relating to such Aircraft to which it is a party (and any other
documents or agreements to be entered into pursuant thereto); provided that if any such change
has occurred the parties shall use all reasonable co-operative endeavours to restructure the
transaction contemplated by such documents so as to avoid the aforementioned illegality.
	 
	7.	 	No Event of Default shall have occurred and be continuing under the Lease Documents
relating to the relevant Aircraft nor shall relevant Lessee be in default with respect to any
of its obligations to make scheduled payments to the relevant Seller under the relevant Lease.
	 
	8.	 	The relevant Purchaser shall have inspected the Aircraft (including the Aircraft
Documents) to its satisfaction in accordance with Clause 8.2 and the relevant Aircraft shall,
on the Delivery Date, not have suffered any damage above the Dollar thresholds specified in
Clause 3.5 unless the damage has been rectified to the reasonable satisfaction of the relevant
Purchaser as provided for in Clause 3.5.2.
	 
	9.	 	The relevant Aircraft and the relevant Lease shall be free of any Security Interests
other than the Novated Lease and the Permitted Liens.
	 
	10.	 	The relevant Purchaser shall have received written confirmation from the relevant Seller that
there are no outstanding invoices that such Seller has received from the relevant Lessee or a
third party maintenance provider in respect of maintenance contribution claims (corresponding
to Supplemental Rent (or, if applicable, maintenance reserve) payments made by the relevant
Lessee) payable by the relevant Seller or Lessor under the relevant Lease.

- 36 -

 

SCHEDULE 5

Representations and Warranties

PART A

Seller’s Representations and Warranties

	1.	 	General Representations and Warranties: The relevant Seller in respect of each
Aircraft represents and warrants to the relevant Purchaser in respect of such Aircraft that
the following statements are now and on the relevant Delivery Date will be, true and accurate:
	 
	1.1	 	such Seller duly exists under the laws of Ireland and has the power to enter into and
implement the transactions contemplated by the Transaction Documents relating to such Aircraft
to which it is a party;
	 
	1.2	 	the execution, delivery and performance of the Transaction Documents relating to such
Aircraft to which it is a party have been duly authorised by all necessary corporate action on
the part of such Seller;
	 
	1.3	 	the Transaction Documents relating to such Aircraft to which it is a party constitute
legal, valid and binding obligations of such Seller;
	 
	1.4	 	each consent required by such Seller to authorise, or required by it in connection
with the execution, delivery, performance, legality, validity or enforceability of the
Transaction Documents relating to such Aircraft to which it is a party has been obtained and
is in full force and effect, and there is no default in the observance or performance of any
of the conditions and restrictions (if any) imposed on or in connection therewith; and
	 
	1.5	 	the execution, delivery and performance by such Seller of the Transaction Documents
relating to such Aircraft to which it is a party will not (i) conflict with, or result in any
material breach of, any of the terms of, or constitute a default under, any agreement or
document to which it is a party or by which it or any of its property or assets may be bound
or (ii) contravene or conflict with the provisions of its constitutive documents.
	 
	2.	 	The Aircraft and the Lease: The relevant Seller in respect of each Aircraft further
represents and warrants to the relevant Purchaser in respect of such Aircraft on the relevant
Delivery Date as follows:
	 
	2.1	 	such Seller will at Delivery have full legal and beneficial title in and to such
Aircraft (except that Seller holds only beneficial and not legal title to Aircraft No.3), free
and clear of all Security Interests other than the Novated Lease relating to such Aircraft and
Permitted Liens;
	 
	2.2	 	to its knowledge there are no claims or actions pending or threatened in respect of
such Aircraft which, if unsatisfied, would give rise to a Security Interest over such Aircraft
in favour of any third party;
	 
	2.3	 	so far as concerns the obligations of such Seller all authorisations, consents,
registrations and notifications required in connection with the entry into, performance,
validity and enforceability of, this Agreement, the transactions contemplated by this
Agreement and the Transaction Documents relating to such Aircraft to which it is a party, have
been (or will on or before Delivery have been) obtained or effected (as appropriate) and are
(or will on their being obtained or effected be) in full force and effect;

- 37 -

 

	2.4	 	to its knowledge, since the inspection by the Purchaser of such Aircraft, such
Aircraft has not been involved in any incident which caused damage to such Aircraft that would
exceed the Lease Damage Notification Threshold to repair;
	 
	2.5	 	to its knowledge, no compulsory airworthiness directives or service bulletins
designated by the State of Design as “mandatory” are outstanding against such Aircraft;
	 
	2.6	 	the information provided by such Seller to such Purchaser prior to Delivery of such
Aircraft as to the identities of all such Seller’s predecessors in title to such Aircraft is
complete and accurate;
	 
	2.7	 	it is not aware of any Event of Loss having occurred with respect to such Aircraft or
any of the Engines relating to such Aircraft;
	 
	2.8	 	the Lease Documents relating to such Aircraft constitute the entire agreement between
such Seller and Lessee with respect to such Aircraft immediately prior to Delivery (other than
as contemplated by the relevant Lease Novation) and there have been no other amendments or
modifications entered into with respect to such Lease Documents that will continue to have
effect following the Effective Time with respect to such Aircraft or which have not been
disclosed;
	 
	2.9	 	such Seller is not in default in respect of any of its obligations to the relevant
Lessee under the relevant Lease Documents;
	 
	2.10	 	the relevant Lessee has not prepaid any Rent nor has the relevant Lessee been
relieved of of its obligation to pay Rent during the Lease relating to such Aircraft other
than under and in accordance with the terms of the relevant Lease;
	 
	2.11	 	it has not assigned or transferred any of its rights or obligations under the Lease
Documents relating to such Aircraft except pursuant to the relevant Lease Novation;
	 
	2.12	 	it is not aware that any Event of Default has occurred and is continuing under the
relevant Lease Documents;
	 
	2.13	 	such Seller has not consented to any assignment by the relevant Lessee of its rights
under the relevant Lease or to any sublease of such Aircraft except as disclosed to such
Purchaser or, so far as such Seller is aware, to any transfer of possession of such Aircraft
except as permitted by the terms of the relevant Lease;
	 
	2.14	 	in the case of each relevant Seller, there is no actual litigation or arbitration,
dispute resolution or proceedings before any court or arbitrator involving that Seller which
by itself or together with any other such proceedings or claim, if determined adversely to it, could be reasonably expected to have a material adverse effect on the Lessor’s or Lessee’s
ability to perform its obligations under the relevant Lease Documents or on such Seller’s
ability to perform its obligations under the other Transaction Documents;
	 
	2.15	 	to such Seller’s knowledge, no claim has been made by any relevant Seller for any
Tax indemnification by the relevant Seller or the relevant Lessor against the relevant Lessee
under the Lease Document; and
	 
	2.16	 	the amount of each of the Deposit and Supplemental Rent Balances (as of September 30
2010) as set forth in Schedule 1 hereto for the relevant Aircraft is true, accurate and
correct

- 38 -

 

References above to “its knowledge” or such like implies that the relevant Seller has made diligent
enquiry before making that representation or warranty.

- 39 -

 

PART B

Purchaser’s Representations and Warranties

	1.	 	The relevant Purchaser in respect of each Aircraft represents and warrants to the
relevant Seller in respect of such Aircraft that the following statements are now and on the
relevant Delivery Date will be, true and accurate:
	 
	1.1	 	such Purchaser duly exists under the laws of the State of Delaware and has the power
to enter into and implement the transactions contemplated by the Transaction Documents
relating to such Aircraft to which it is a party;
	 
	1.2	 	the execution, delivery and performance of the Transaction Documents relating to such
Aircraft to which it is a party have been duly authorised by all necessary corporate action on
the part of such Purchaser;
	 
	1.3	 	the Transaction Documents relating to such Aircraft to which it is a party constitute
legal, valid and binding obligations of such Purchaser;
	 
	1.4	 	each consent required by such Purchaser to authorise, or required by it in connection
with the execution, delivery, performance, legality, validity or enforceability of the
Transaction Documents relating to such Aircraft to which it is a party has been obtained and
is in full force and effect (or will be obtained and in full force and effect prior to
Delivery in respect of such Aircraft), and there is no default in the observance or
performance of any of the conditions and restrictions (if any) imposed on or in connection
therewith; and
	 
	1.5	 	the execution, delivery and performance by such Purchaser of the Transaction
Documents relating to such Aircraft to which it is a party will not (i) conflict with, or
result in any material breach of, any of the terms of, or constitute a default under any
agreement or document to which it is a party or by which it or any of its property or assets
may be bound or (ii) contravene or conflict with the provisions of its constitutive documents.

- 40 -

 

SCHEDULE 6

Confirmatory Bill of Sale

KNOW ALL MEN BY THESE PRESENTS that [•] (“Seller”) in consideration of value received, the receipt
of which is hereby acknowledged, does hereby grant, sell, transfer and deliver to [•]
(“Purchaser”), all of its right, title and interest in and to the following Aircraft and engines
and all Parts and all equipment, accessories and parts belonging to, installed in or appurtenant to
such Aircraft or engines, together with the Aircraft Documents, in each case to the extent that
title thereto has been vested in Seller (collectively, the “Equipment”):

one (1) [•] model [•] aircraft bearing manufacturer’s serial number [•] and with
two (2)
installed [•] engines bearing manufacturer’s serial nos. [•] and [•] (the “Aircraft”),

TO HAVE AND TO HOLD said Equipment unto Purchaser forever.

Seller hereby warrants to Purchaser that it is the [legal and]1 beneficial
owner of the Equipment, that there is hereby conveyed to Purchaser, on the date hereof, good and
marketable title to the Equipment, with full title guarantee free and clear of all Security
Interests other than the Novated Lease and any Permitted Liens. This Bill of Sale is made and
delivered pursuant to the provisions of that certain Aircraft Sale Agreement dated [•]
between, amongst others, Seller and Purchaser (the “Sale Agreement”). The Delivery Location is
[•] and the time of delivery of this Bill of Sale is [•]. The terms “Aircraft
Documents”, “Delivery Location”, “Lease”, “Novated Lease”, “Permitted Liens”, “Parts” and “Security
Interests” shall have the same meanings in this Bill of Sale as in the Sale Agreement.

Except as otherwise provided in the Sale Agreement, the Aircraft is sold as-is and where-is.

This Bill of Sale and any non-contractual obligations arising out of or in connection with this
Bill of Sale shall be governed by and construed in accordance with the laws of England.

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be duly executed, this ______ day of
______ 20[•].

[•]

By:

Name:

Place of Signing:

 

			
	1	 	The relevant Seller holds beneficial
ownership of, but not legal title to, Aircraft No. 3

- 41 -

 

SCHEDULE 7

Acceptance Certificate

relating to [•] Aircraft,

manufacturer’s serial number [•] (the “Aircraft”)

[•] (the “Purchaser”) hereby certifies that pursuant to the aircraft sale and purchase agreement
dated ___________________ between amongst others, [•] (the “Seller”) and Purchaser (the
“Agreement”):

	(a)	 	Purchaser has inspected the Aircraft, and found the Aircraft to be complete and
satisfactory;
	 
	(b)	 	Purchaser has accepted delivery of the Aircraft at [•] hours G.M.T. at
[location];
	 
	(c)	 	Purchaser has inspected all of the Aircraft Documents and found them to be complete
and satisfactory;

This Acceptance Certificate and any non-contractual obligations arising out of or in connection
with this Acceptance Certificate shall be governed by and construed in accordance with the laws of
England.

Date: _____________________

Duly executed for Purchaser by:

By:

Title:

- 42 -

 

SCHEDULE 8

Form of Invoice

[On GE Capital Aviation Services Limited headed paper]

[Insert Purchaser name and address]

	 	 	 
	INVOICE [NO./REF.]	 	DATE
	[•]	 	[•]
	DESCRIPTION

	 	PRICE
	 
	 	 
	We debit you with:
	 	 
	 
	 	 
	One (1) [•] Aircraft
	 	 
	 
	 	 
	Manufacturer Serial Number: [•]
	 	 
	 
	 	 
	Registration Mark: [•]
	 	 
	 
	 	 
	Equipped with a set of two (2) [•] Engines,
	 	 
	 
	 	 
	Engines Serial Numbers:   L/H 1: [•]
	 	 
	                                            R/H 2: [•]
	 	 
	 
	 	 
	Attested to the sum of
	 	 
	 
	 	 
	US DOLLARS — [•] MILLION
	 	 
	 
	 	 
	 

	 	USD [•]
	Payment at delivery by transfer to our account no [*]
	 	 
	 
	 	 
	[Insert bank address]
	 	 
	 
	 	 
	SWIFT: [•]-
	 	 

 

	
	* Confidential material omitted and filed
separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment.

- 43 -exv10w1

Exhibit 10.1

EXECUTION VERSION

 

Published CUSIP Number: 81725VAG0

Revolving Credit CUSIP Number: 81725VAH8

CREDIT AGREEMENT

among

SENSIENT TECHNOLOGIES CORPORATION

and

CERTAIN SUBSIDIARIES OF SENSIENT TECHNOLOGIES CORPORATION,

as Borrowers,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Syndication Agent,

BANK OF AMERICA, N.A.,

TD BANK, N.A.,

and

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Co-Documentation Agents,

and

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO

Effective Date: April 7, 2011

 

$350,000,000 Revolving Credit Facility

 

WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Sole Book Runner

 

TABLE OF CONTENTS

	 	 	 	 	 

	ARTICLE I Definitions
	 	 	1	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Times
	 	 	18	 
	Section 1.3 Accounting Terms and Determinations
	 	 	18	 
	 
	 	 	 	 
	ARTICLE II Amount and Terms of the Loans and Letters of Credit
	 	 	18	 
	Section 2.1 Revolving Advances
	 	 	18	 
	Section 2.2 Procedure for Making Revolving Advances
	 	 	19	 
	Section 2.3 Interest
	 	 	20	 
	Section 2.4 Limitation of Outstandings
	 	 	21	 
	Section 2.5 Principal and Interest Payment Dates
	 	 	22	 
	Section 2.6 Default Rates
	 	 	22	 
	Section 2.7 Letters of Credit
	 	 	23	 
	Section 2.8 Facility Fee
	 	 	25	 
	Section 2.9 Other Fees
	 	 	26	 
	Section 2.10 Termination or Reduction of the Commitment
	 	 	26	 
	Section 2.11 Voluntary Prepayments
	 	 	26	 
	Section 2.12 Computation of Interest and Fees
	 	 	26	 
	Section 2.13 Payments
	 	 	27	 
	Section 2.14 Payment on Non-Business Days
	 	 	28	 
	Section 2.15 Use of Advances and Letters of Credit
	 	 	28	 
	Section 2.16 Funding Indemnification
	 	 	28	 
	Section 2.17 Taxes
	 	 	29	 
	Section 2.18 Increased Costs; Eurocurrency Rate Availability
	 	 	32	 
	Section 2.19 Guarantees
	 	 	35	 
	Section 2.20 Swing Line
	 	 	37	 
	Section 2.21 Substitution of Lender
	 	 	39	 
	Section 2.22 Increase of Aggregate Commitment Amount
	 	 	39	 
	 
	 	 	 	 
	ARTICLE III Conditions Precedent
	 	 	41	 
	Section 3.1 Conditions to Effectiveness and Initial Credit Extensions
	 	 	41	 
	Section 3.2 Additional Conditions Precedent to Credit Extensions to Designated Subsidiaries
	 	 	42	 
	Section 3.3 Conditions Precedent to All Credit Extensions
	 	 	43	 
	 
	 	 	 	 
	ARTICLE IV Representations and Warranties
	 	 	43	 
	Section 4.1 Corporate Existence and Power
	 	 	43	 
	Section 4.2 Authorization of Borrowing; No Conflict as to Law or Agreements
	 	 	43	 
	Section 4.3 Legal Agreements
	 	 	44	 
	Section 4.4 Subsidiaries
	 	 	44	 
	Section 4.5 Financial Condition
	 	 	44	 
	Section 4.6 Adverse Change
	 	 	44	 
	Section 4.7 Litigation
	 	 	45	 

-i-

 

	 	 	 	 	 

	Section 4.8 Hazardous Substances
	 	 	45	 
	Section 4.9 Regulation U
	 	 	45	 
	Section 4.10 Taxes
	 	 	45	 
	Section 4.11 Burdensome Restrictions
	 	 	45	 
	Section 4.12 Titles and Liens
	 	 	46	 
	Section 4.13 ERISA
	 	 	46	 
	Section 4.14 Investment Company Act
	 	 	46	 
	Section 4.15 Solvency
	 	 	46	 
	Section 4.16 Swap Obligations
	 	 	46	 
	Section 4.17 Insurance
	 	 	47	 
	Section 4.18 Compliance With Laws
	 	 	47	 
	Section 4.19 No Contractual Default
	 	 	47	 
	 
	 	 	 	 
	ARTICLE V Affirmative Covenants of the Company
	 	 	47	 
	Section 5.1 Financial Statements
	 	 	47	 
	Section 5.2 Books and Records; Inspection and Examination
	 	 	49	 
	Section 5.3 Compliance with Laws
	 	 	49	 
	Section 5.4 Payment of Taxes and Other Claims
	 	 	50	 
	Section 5.5 Maintenance of Properties
	 	 	50	 
	Section 5.6 Insurance
	 	 	50	 
	Section 5.7 Preservation of Corporate Existence
	 	 	50	 
	Section 5.8 Use of Proceeds
	 	 	50	 
	 
	 	 	 	 
	ARTICLE VI Negative Covenants
	 	 	51	 
	Section 6.1 Liens
	 	 	51	 
	Section 6.2 Sale of Assets
	 	 	52	 
	Section 6.3 Consolidation and Merger
	 	 	53	 
	Section 6.4 Hazardous Substances
	 	 	53	 
	Section 6.5 Restrictions on Nature of Business
	 	 	53	 
	Section 6.6 Transactions with Affiliates
	 	 	54	 
	Section 6.7 Restrictive Agreements
	 	 	54	 
	Section 6.8 Leverage Ratio
	 	 	54	 
	Section 6.9 Fixed Charge Coverage Ratio
	 	 	54	 
	Section 6.10 Adjusted Net Worth
	 	 	54	 
	Section 6.11 Investments
	 	 	54	 
	Section 6.12 Guarantees
	 	 	56	 
	Section 6.13 Priority Debt
	 	 	56	 
	 
	 	 	 	 
	ARTICLE VII Events of Default, Rights and Remedies
	 	 	57	 
	Section 7.1 Events of Default
	 	 	57	 
	Section 7.2 Rights and Remedies
	 	 	59	 
	Section 7.3 Pledge of Cash Collateral Account
	 	 	60	 
	Section 7.4 Crediting of Payments and Proceeds
	 	 	61	 
	 
	 	 	 	 
	ARTICLE VIII The Administrative Agent
	 	 	61	 
	Section 8.1 Authorization
	 	 	61	 
	Section 8.2 Distribution of Payments and Proceeds
	 	 	61	 

-ii-

 

	 	 	 	 	 

	Section 8.3 Expenses
	 	 	62	 
	Section 8.4 Payments Received Directly by Lenders
	 	 	62	 
	Section 8.5 Indemnification
	 	 	63	 
	Section 8.6 Exculpation
	 	 	63	 
	Section 8.7 Administrative Agent and Affiliates
	 	 	64	 
	Section 8.8 Credit Investigation
	 	 	64	 
	Section 8.9 Resignation
	 	 	64	 
	Section 8.10 Disclosure of Information
	 	 	65	 
	Section 8.11 Titles
	 	 	65	 
	 
	 	 	 	 
	ARTICLE IX Miscellaneous
	 	 	66	 
	Section 9.1 No Waiver; Cumulative Remedies
	 	 	66	 
	Section 9.2 Designation of Designated Subsidiaries
	 	 	66	 
	Section 9.3 Amendments, Etc.
	 	 	66	 
	Section 9.4 Notices
	 	 	68	 
	Section 9.5 Costs and Expenses
	 	 	69	 
	Section 9.6 Indemnification by Borrowers
	 	 	69	 
	Section 9.7 Execution in Counterparts
	 	 	70	 
	Section 9.8 Binding Effect, Assignment and Participations
	 	 	70	 
	Section 9.9 Governing Law
	 	 	74	 
	Section 9.10 Severability of Provisions
	 	 	74	 
	Section 9.11 Consent to Jurisdiction
	 	 	74	 
	Section 9.12 Waiver of Jury Trial
	 	 	74	 
	Section 9.13 Integration; Effectiveness; Electronic Execution
	 	 	74	 
	Section 9.14 Recalculation of Covenants Following Accounting Practices Change
	 	 	75	 
	Section 9.15 Right of Set Off
	 	 	75	 
	Section 9.16 Headings
	 	 	75	 
	Section 9.17 Non-Liability of Lenders
	 	 	75	 
	Section 9.18 Customer Identification — USA Patriot Act Notice
	 	 	76	 
	Section 9.19 Existing Credit Agreement Matters
	 	 	76	 

-iii-

 

EXHIBITS AND SCHEDULES

	 	 	 

	Exhibit A

	 	Commitment Amounts and Addresses
	Exhibit B

	 	Revolving Note
	Exhibit C

	 	Swing Line Note
	Exhibit D

	 	Compliance Certificate
	Exhibit E

	 	Assignment and Assumption
	Exhibit F

	 	Borrowing Certificate
	Exhibit G

	 	Designation Letter
	 
	 	 
	Schedule 1.1

	 	Existing Letters of Credit
	Schedule 4.2

	 	Consents
	Schedule 4.4

	 	Subsidiaries
	Schedule 4.7

	 	Litigation
	Schedule 4.8

	 	Environmental Matters
	Schedule 6.1

	 	Liens
	Schedule 6.11

	 	Existing Investments
	Schedule 6.12

	 	Guaranties, Etc.

-iv-

 

CREDIT AGREEMENT

Dated as of April 7, 2011

     Sensient Technologies Corporation, a Wisconsin corporation; the Lenders, as defined below; and
Wells Fargo Bank, National Association, a national banking association, as Administrative Agent,
agree as follows:

ARTICLE I

Definitions

Section 1.1 Definitions.

     For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires, the terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the singular.

     “Accounting Practices Change” means any change in the Company’s accounting practices that is
required under the standards of the Financial Accounting Standards Board or is inconsistent with
the accounting practices applied in the financial statements of the Company referred to in Section
4.5.

     “Acquisition Target” means any Person becoming a Subsidiary of the Company after the date
hereof; any Person that is merged into or consolidated with the Company or any Subsidiary of the
Company after the date hereof; or any Person with respect to which all or a substantial part of
that Person’s assets are acquired by the Company or any Subsidiary of the Company after the date
hereof.

     “Act” means the Securities Act of 1933, as amended.

     “Additional Commitment Amount” has the meaning set forth in Section 2.22(a).

     “Adjusted Net Worth” means, as of the date of any determination, the aggregate amount of the
capital stock accounts (net of treasury stock, at cost), plus (or minus, in the case of a deficit)
(a) the surplus in retained earnings of the Company and its Subsidiaries as determined in
accordance with GAAP, minus (b) all Investments of the Company and its Subsidiaries other than
those specified in paragraphs (a) through (j) of Section 6.11.

     “Administrative Agent” means Wells Fargo acting in its capacity as administrative agent for
itself and the other Lenders hereunder.

     “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the
Administrative Agent.

     “Advance” means a Revolving Advance or a Swing Line Advance.

     “Affected Lender” has the meaning set forth in Section 2.21.

 

 

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with such Person. A Person shall be deemed to
control another Person if the controlling Person owns 25% or more of the voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise. Unless otherwise specified, “Affiliate”
means an Affiliate of the Company or a Subsidiary.

     “Aggregate Commitment Amount” means $350,000,000, as such amount may be reduced pursuant to
Section 2.10 or increased pursuant to Section 2.22.

     “Agreement” means this Credit Agreement, as it may be amended, modified or restated from time
to time in accordance with Section 9.3.

     “Alternative Currency” means Canadian dollars, English pounds, Euros, Swiss francs, or any
other currency (other than Dollars) requested by any Borrower and acceptable to all of the Lenders
and the Issuing Bank (with respect to Alternative Currency Letters of Credit).

     “Alternative Currency Funding” means a Borrowing or any portion thereof that is made in an
Alternative Currency.

     “Alternative Currency Letter of Credit” means a Letter of Credit denominated in an Alternative
Currency.

     “Applicable Margin” means the corresponding percentages per annum as set forth below based on
the Leverage Ratio:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Revolving Credit Loans
	 	 	 	 	 	 	 	 	Eurocurrency	 	 
	Pricing Level	 	Leverage Ratio	 	Facility Fee Rate	 	Rate Margin	 	Base Rate Margin
	I

	 	Less than 1.50 to 1.00
	 	 	.20	%	 	 	1.30	%	 	 	.30	%
	II

	 	Greater than or equal
to 1.50 to 1.00 but
less than 2.00 to
1.00
	 	 	.25	%	 	 	1.50	%	 	 	.50	%
	III

	 	Greater than or equal
to 2.00 to 1.00 but
less than 2.50 to
1.00
	 	 	.30	%	 	 	1.70	%	 	 	.70	%
	IV

	 	Greater than or equal
to 2.50 to 1.00 but
less than 3.00 to
1.00
	 	 	.35	%	 	 	1.90	%	 	 	.90	%
	V

	 	Greater than or equal
to 3.00 to 1.00
	 	 	.40	%	 	 	2.10	%	 	 	1.10	%

-2-

 

The Applicable Margin shall be determined and adjusted quarterly on the date (each a
“Calculation Date”) five (5) Business Days after the day by which the Company is required to
provide a Compliance Certificate pursuant to Section 5.1 for the most recently ended fiscal quarter
of the Company; provided that (a) the Applicable Margin shall be based on Pricing Level II
until the first Calculation Date occurring after the date hereof and, thereafter the pricing level
shall be determined by reference to the Leverage Ratio as of the last day of the most recently
ended fiscal quarter of the Company preceding the applicable Calculation Date, and (b) if the
Company fails to provide the Compliance Certificate as required by Section 5.1 for the most
recently ended fiscal quarter of the Company preceding the applicable Calculation Date, the
Applicable Margin from such Calculation Date shall be based on Pricing Level V until such time as
an appropriate Compliance Certificate is provided, at which time the pricing level shall be
determined by reference to the Leverage Ratio as of the last day of the most recently ended fiscal
quarter of the Company preceding such Calculation Date. The Applicable Margin shall be effective
from, and including, one Calculation Date until, but excluding, the next Calculation Date. Any
adjustment in the Applicable Margin shall be applicable to all Credit Extensions then existing or
subsequently made or issued.

Notwithstanding the foregoing, in the event that any financial statement or Compliance Certificate
delivered pursuant to Section 5.1 is shown to be inaccurate (regardless of whether (a) this
Agreement is in effect, (b) the Commitments are in effect, or (c) any extension of credit is
outstanding when such inaccuracy is discovered or such financial statement or Compliance
Certificate was delivered), and such inaccuracy, if corrected, would have led to the application of
a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin
applied for such Applicable Period, then (i) the Company shall immediately deliver to the
Administrative Agent a corrected Compliance Certificate for such Applicable Period, (ii) the
Applicable Margin for such Applicable Period shall be determined as if the Leverage Ratio in the
corrected Compliance Certificate were applicable for such Applicable Period, and (iii) the
Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent the
accrued additional interest and fees owing as a result of such increased Applicable Margin for such
Applicable Period, which payment shall be promptly applied by the Administrative Agent in
accordance with Section 8.2. Nothing in this paragraph shall limit any other rights of the
Administrative Agent and any Lender under this Agreement. The Borrowers’ obligations under this
paragraph shall survive the termination of the Commitments and the repayment of all other
Obligations hereunder.

     “Approved Fund” means any fund that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course 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.

     “Arranger” means Wells Fargo Securities, LLC, in its capacity as sole lead arranger and sole
book runner, and its successors.

     “Asset Securitization” shall mean a sale, other transfer or factoring arrangement by the
Company and/or one or more of its Subsidiaries of accounts, related general intangibles and chattel
paper, and the related security and collections with respect thereto to a special purpose
Subsidiary (an “SPV”), and the sale, pledge or other transfer by that SPV in connection
with

-3-

 

financing provided to that SPV, which financing shall be “non-recourse” to the Company and its
Subsidiaries (other than the SPV) except pursuant to the Standard Securitization Undertakings.

     “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.8), and accepted by
the Administrative Agent, in substantially the form attached as Exhibit E or any other form
approved by the Administrative Agent.

     “Attributable Securitization Indebtedness” shall mean, at any time with respect to an Asset
Securitization by the Company or any of its Subsidiaries, the principal amount of indebtedness
which (a) if the financing received by an SPV as part of such Asset Securitization is treated as a
secured lending arrangement, is the principal amount of such indebtedness, or (b) if the financing
received by the relevant SPV is structured as a purchase agreement, would be outstanding at such
time if such financing were structured as a secured lending arrangement rather than a purchase
agreement, and in any such case which indebtedness is without recourse to the Company or any of its
Subsidiaries (other than such SPV or pursuant to Standard Securitization Undertakings), in each
case, together with interest payable thereon and fees payable in connection therewith.

     “Base Rate” means an annual rate equal to the Reference Rate, plus the Base Rate Margin, which
rate shall change when and as the Reference Rate or any component of the Base Rate Margin changes.

     “Base Rate Funding” means any Borrowing, or any portion of the principal balance of the
Advances, bearing interest at the Base Rate.

     “Base Rate Margin” means a percentage, determined as set forth in the definition of Applicable
Margin.

     “Borrower” means the Company or any Designated Subsidiary. The parties acknowledge that, as
of the date hereof, the Company is the only Borrower hereunder.

     “Borrowing” means a borrowing under Article II consisting of Revolving Advances made to a
Borrower at the same time by each of the Lenders severally.

     “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in California, Wisconsin, New York or North Carolina are authorized or required by law to
remain closed, and (a) if such day relates to any interest rate settings as to Eurocurrency Rate
Fundings denominated in Euro, any fundings, disbursements, settlements and payments in Euro in
respect of any such Eurocurrency Rate Fundings, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Funding, the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open (or if such payment
system ceases to be operative, such other payment system (if any) reasonably determined by the
Administrative Agent to be a suitable replacement); (b) if such day relates to any interest rate
settings as to a Eurocurrency Rate Funding denominated in an Alternative Currency other than Euro,
dealings in deposits in the relevant Alternative Currency are conducted by and between banks in
London or other applicable offshore interbank market for such currency; and (c) if such day relates
to any

-4-

 

fundings, disbursements, settlements and payments in a currency other than Euro in respect of
a Eurocurrency Rate Funding denominated in a currency other than Euro, or any other dealings in any
currency other than Euro to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Funding (other than any interest rate settings), on which banks are open for
foreign exchange business in the principal financial center of the country of such currency.

     “Capitalized Lease” means any lease that in accordance with GAAP should be capitalized on the
balance sheet of the lessee thereunder.

     “Cash Collateral Account” means an interest-bearing account maintained with the Administrative
Agent in which funds are deposited pursuant to Section 2.7(h) or Section 7.2(c).

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law, but excluding any non-binding
recommendation of any Governmental Authority) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to
Basel III (as defined below), shall, in each case, be deemed to be a “Change in Law” regardless of
the date enacted, adopted or issued. “Basel III” means, collectively, those certain Consultative
Documents issued by the Basel Committee of Banking Supervisors of the Bank for International
Settlements entitled “Strengthening the Resilience of the Banking Sector” issued December 17, 2009,
“International Framework for Liquidity Risk Measurement, Standards and Monitoring” issued December
17, 2009, “Countercyclical Capital Buffer Proposal” issued July 16, 2010 and “Capitalization of
Bank Exposures to Central Counterparties” issued December 20, 2010.

     “Change of Control” means, with respect to any corporation, either (a) the acquisition by any
“person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act) of
beneficial ownership (as defined in Rules 13d-3 and 13d-5 of the SEC, except that a Person shall be
deemed to have beneficial ownership of all securities that such Person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of 30% or more of the then outstanding voting capital stock of such corporation; or (b)
a change in the composition of the Governing Board of such corporation or any corporate parent of
such corporation such that continuing directors cease to constitute more than 50% of such Governing
Board. As used in this definition, “continuing directors” means, as of any date, (a) those members
of the Governing Board of the applicable corporation who assumed office prior to such date, and (b)
those members of the Governing Board of the applicable corporation who assumed office after such
date and whose appointment or nomination for election by that corporation’s shareholders was
approved by a vote of at least 50% of the directors of such corporation in office immediately prior
to such appointment or nomination.

-5-

 

     “Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated
thereunder, each as amended or modified from time to time.

     “Commitment” means, with respect to each Lender, that Lender’s commitment to make Advances and
participate in Letters of Credit and Swing Line Advance pursuant to Article II.

     “Commitment Amount” means, with respect to each Lender, the amount set forth opposite that
Lender’s name in Exhibit A or on any Assignment and Assumption, unless said amount is reduced
pursuant to Section 2.10 or 7.2 or increased pursuant to Section 2.22, in which event it means the
amount to which said amount is reduced or increased.

     “Commitment Termination Date” means April 7, 2016, or the earlier date of termination in whole
of the Commitments pursuant to Section 2.10 or 7.2.

     “Communications” has the meaning set forth in Section 9.4(c).

     “Company” means Sensient Technologies Corporation, a Wisconsin corporation and a party to this
Agreement.

     “Company Guarantor Subsidiary” means a Designated Subsidiary which is party to a Guaranty
which is in full force and effect and pursuant to which such Designated Subsidiary guarantees the
Obligations of the Company hereunder.

     “Compliance Certificate” means a certificate in substantially the form of Exhibit D, or such
other form as the Company and the Administrative Agent may from time to time agree upon in writing,
executed by a Responsible Officer of the Company, (a) setting forth relevant facts in reasonable
detail the computations as to whether or not the Company is in compliance with the requirements set
forth in the Financial Covenants, (b) stating that the financial statements delivered therewith
have been prepared in accordance with GAAP, subject, in the case of interim financial statements,
to year-end audit adjustments, and (c) stating whether or not such officer has knowledge of the
occurrence of any Default or Event of Default hereunder not theretofore reported or remedied and,
if so, stating in reasonable detail the facts with respect thereto.

     “Consolidated Priority Debt” means all Priority Debt of the Company and its Subsidiaries
determined on a consolidated basis eliminating inter-company items; provided that there shall be
excluded from any calculation of Consolidated Priority Debt, without duplication, (a) Total Funded
Debt of a Company Guarantor Subsidiary (other than Total Funded Debt of a Designated Subsidiary
secured by a Lien created or incurred within the limitations of Section 6.1), (b) Total Funded Debt
of the Company or any Subsidiary secured by Liens granted to secure other senior Total Funded Debt
on a pari passu basis with the Obligations and (c) the Obligations of any Designated Subsidiary.

     “Consolidated Total Assets” means as at any date of any determination thereof, total assets of
the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP as
shown on the most recent balance sheet of the Company and its Subsidiaries for its most recently
ended fiscal year.

-6-

 

     “Credit Extension” means the making of any Advance or the issuance of any Letter of Credit.

     “Default” means an event that, with the giving of notice, the passage of time or both, would
constitute an Event of Default.

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Revolving
Advances, Borrowings, participations in Letters of Credit or participations in Swing Line Advances
required to be funded by it hereunder within one Business Day of the date required to be funded by
it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within one Business Day of the date when due,
unless such amount is the subject of a good faith dispute, (c) has notified the Borrowers, the
Administrative Agent or any other Lender in writing that it does not intend to comply with any of
its funding obligations under this Agreement or has made a public statement to the effect that it
does not intend to comply or has failed to comply with its funding obligations under this Agreement
or under other agreements in which it commits or is obligated to extend credit, or (d) has become
or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment.

     “Designated Subsidiary” means any corporate Subsidiary of the Company designated for borrowing
privileges under this Agreement pursuant to Section 9.2.

     “Designation Letter” means a letter in the form of Exhibit G.

     “Disclosed Information” has the meaning set forth in Section 8.10.

     “Dollar Equivalent” means (a) with respect to a Borrowing, Advance or Letter of Credit made or
denominated in Dollars, the amount of such Borrowing, Advance or Letter of Credit, and (b) with
respect to an Alternative Currency Funding or Alternative Currency Letter of Credit, the amount in
freely-transferable Dollars that the Administrative Agent may purchase for the amount and in the
currency of such Alternative Currency Funding or Alternative Currency Letter of Credit on the spot
market on the day of determination, determined at the Administrative Agent’s discretion within the
period of three Business Days preceding the day of such Alternative Currency Funding, as of the
first day of the Interest Period applicable to such Alternative Currency Funding, on the date of
the issuance of or any draw under such Alternative Currency Letter of Credit, on the last Business
Day of each month and at such other times as the Administrative Agent shall determine in accordance
with this Agreement or in its sole discretion.

     “Dollars” means United States Dollars.

     “EBITDA” means, with respect to any period, EBITR with respect to that period, less (to the
extent included in EBITR) Rental Expense, plus (to the extent deducted in determining net income
for purposes of EBITR) depreciation and amortization. For purposes of this Agreement, EBITDA shall
be computed on a Pro Forma Basis.

     “EBITR” means, with respect to any period:

-7-

 

	 	(a)	 	(i) the after-tax net income of the Company and its Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP, excluding (ii)
non-operating gains and losses (including extraordinary or unusual gains and losses,
gains and losses from discontinuance of operations, gains and losses arising from the
sale of assets other than inventory, and other non-recurring gains and losses)

	 	plus 	 	 

	 	(b)	 	the sum of the following to the extent deducted in arriving at the after-tax
net income determined in clause (a)(i) of this definition (but without duplication for
any item):

	 	(i)	 	Interest Expense,

	 	(ii)	 	income tax expense of the Company and its Subsidiaries, and

	 	(iii)	 	Rental Expense.

     “Effective Date” means the first date on or after the date hereof on which all conditions set
forth in Section 3.1 have been satisfied.

     “Eligible Subsidiary” means a Subsidiary of the Company that (a) is a corporation or limited
liability company, (b) is wholly-owned (directly or indirectly) by the Company, and (c) if such
Subsidiary is a Foreign Subsidiary, has been expressly approved by the Administrative Agent and
each Lender as a Borrower hereunder.

     “Entitled Person” has the meaning set forth in Section 2.13(b).

     “Environmental Law” means the Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. § 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. § 6901
et seq., the Hazardous Materials Transportation Act, 49 U.S.C. § 1802 et seq., the
Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Federal Water Pollution Control
Act, 33 U.S.C. § 1252 et seq., the Clean Water Act, 33 U.S.C. § 1321 et seq., the
Clean Air Act, 42 U.S.C. § 7401 et seq., and any other federal, state, county, municipal,
local or other statute, law, ordinance or regulation which may relate to or deal with human health
or the environment, all as may be from time to time amended.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) that is, along
with the Company, a member of a controlled group of corporations or a controlled group of trades or
businesses, as described in sections 414(b) and 414(c), respectively, of the Code.

     “Eurocurrency Base Rate” means,

     (a) for any interest rate calculation with respect to a Eurocurrency Rate Funding, the rate of
interest per annum determined on the basis of the rate for deposits in the applicable currency for
a period equal to the applicable Interest Period which appears on Reuters Screen

-8-

 

LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two
(2) Business Days prior to the first day of the applicable Interest Period (rounded upward, if
necessary, to the nearest 1/100th of 1%). If, for any reason, such rate does not appear on Reuters
Screen LIBOR01 Page (or any applicable successor page), then the Eurocurrency Base Rate shall be
determined by the Administrative Agent to be the arithmetic average of the rate per annum at which
deposits in Dollars in the applicable currency minimum amounts of at least the Dollar Equivalent of
$5,000,000 would be offered by first class banks in the London interbank market to the
Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business Days prior to the
first day of the applicable Interest Period for a period equal to such Interest Period; and

     (b) for any interest rate calculation with respect to a Base Rate Funding, the rate of
interest per annum determined on the basis of the rate for deposits in Dollars in minimum amounts
of at least $5,000,000 for a period equal to one month (commencing on the date of determination of
such interest rate) which appears on the Reuters Screen LIBOR01 Page (or any applicable successor
page) at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is
not a Business Day, then the immediately preceding Business Day (rounded upward, if necessary, to
the nearest 1/100th of 1%). If, for any reason, such rate does not appear on Reuters Screen
LIBOR01 Page (or any applicable successor page) then Eurocurrency Base Rate for such Base Rate
Funding shall be determined by the Administrative Agent to be the arithmetic average of the rate
per annum at which deposits in Dollars in minimum amounts of at least $5,000,000 would be offered
by first class banks in the London interbank market to the Administrative Agent at approximately
11:00 a.m. (London time) on such date of determination for a period equal to one month commencing
on such date of determination.

     Each calculation by the Administrative Agent of Eurocurrency Base Rate shall be conclusive and
binding for all purposes, absent manifest error.

     “Eurocurrency Rate” means the annual rate (rounded upwards, if necessary, to the next
1/100th of 1%) equal to the sum of (a) the rate obtained by dividing (i) the applicable
Eurocurrency Base Rate for funds to be made available on the first day of any Interest Period in an
amount approximately equal to the amount for which a Eurocurrency Rate has been requested and
maturing at the end of such Interest Period, by (ii) a percentage equal to 100% minus the Federal
Reserve System reserve requirement (expressed as a percentage) imposed under Regulation D on
Eurocurrency liabilities, and (b) the Eurocurrency Rate Margin.

     “Eurocurrency Rate Advance” means an Advance which is part of a Eurocurrency Rate Funding.

     “Eurocurrency Rate Funding” means any Borrowing, or any portion of the principal balance of
the Revolving Advances, bearing interest at a Eurocurrency Rate (including any Alternative Currency
Funding).

     “Eurocurrency Rate Margin” means a percentage, determined as set forth in the definition of
Applicable Margin.

-9-

 

     “Event of Default” has the meaning specified in Section 7.1.

     “Excess Balance” has the meaning set forth in Section 7.3.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Excluded Taxes” has the meaning specified in Section 2.17.

     “Existing Credit Agreement” means the credit agreement dated as of June 15, 2007 to which the
Company, Wells Fargo, as administrative agent, and the Lenders (as defined therein) are parties, as
such credit agreement has been amended and modified prior to the date hereof.

     “Existing Letters of Credit” means those letters of credit existing on the date hereof, issued
pursuant to the Existing Credit Agreement and identified on Schedule 1.1.

     “Facility Fee Rate” means a percentage, determined as set forth in the definition of
Applicable Margin.

     “FATCA” means Sections 1471 through 1474 of the Code (as of the date hereof and also including
any amendments that provide either a comparable mechanism or other commercially reasonable
mechanism to avoid such tax) and any regulations or official interpretations thereof (including,
without limitation, any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the
U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under
such provisions).

     “Federal Funds Rate” means at any time an interest rate per annum equal to the weighted
average of the rates for overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers, as published for such day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day which is a Business Day, the average of
the quotations for such day for such transactions received by the Administrative Agent from three
federal funds brokers of recognized standing selected by it, it being understood that the Federal
Funds Rate for any day which is not a Business Day shall be the Federal Funds Rate for the next
preceding Business Day.

     “Fee Letter” means the separate agreement dated February 16, 2011 among the Company, the
Administrative Agent and the Arranger setting forth the terms of certain fees to be paid by the
Company.

     “Financial Covenant” means any of the Company’s obligations set forth in Sections, 6.8, 6.9,
6.10 and 6.13.

     “Fixed Charge Coverage Ratio” means, as of the end of any fiscal quarter of the Company, the
ratio of EBITR to the sum of Interest Expense and Rental Expense, determined with respect to the
Company and its Subsidiaries for the period of four consecutive fiscal quarters ending on such
quarter-end.

     “Foreign Subsidiary” means a Subsidiary of the Company that is organized under the laws of a
jurisdiction outside of the United States of America (including any state or territory

-10-

 

thereof and the District of Columbia) and that is not dually incorporated under the laws of
the United States of America, any state thereof or the District of Columbia.

     “GAAP” means generally accepted accounting principles as in effect from time to time applied
on a basis consistent with the accounting practices applied in the financial statements of the
Company referred to in Section 4.5, except for changes concurred in by Company’s independent public
accountants and disclosed in Company’s financial statements or the notes thereto.

     “Governing Board” means, with respect to any corporation, limited liability company or similar
Person, the board of directors, board of governors or other body or entity that sets overall
institutional direction for such Person.

     “Governmental Authority” means the government of the United States or any other nation, or of
any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

     “Guaranty” means, collectively, each and every guaranty (including joinders, supplements and
amendments thereof or thereto) delivered by a Borrower pursuant to Section 2.19.

     “Hazardous Substance” means any asbestos, urea-formaldehyde, polychlorinated biphenyls,
nuclear fuel or material, chemical waste, radioactive material, explosives, known carcinogens,
petroleum products and by-products and other dangerous, toxic or hazardous pollutants,
contaminants, chemicals, materials or substances listed or identified in, or regulated by, any
Environmental Law.

     “Increased Amount Date” has the meaning set forth in Section 2.22(a).

     “Incremental Advance” has the meaning set forth in Section 2.22(a)(ii).

     “Incremental Lender” has the meaning set forth in Section 2.22(a).

     “Indemnified Liabilities” has the meaning set forth in Section 9.6.

     “Indemnitee” and “Indemnitees” has the meaning set forth in Section 9.6.

     “Interest Expense” means, with respect to any period, the aggregate interest expense
(including capitalized interest) of the Company and its Subsidiaries (determined on a consolidated
basis) for such period, including but not limited to the interest portion of any Capitalized Lease.

     “Interest Period” means, with respect to any Eurocurrency Rate Funding, a period of one, two,
three or six months beginning on a Business Day, as elected by a Borrower; provided,
however, that if an Interest Period would otherwise end on a day which is not a Business
Day,

-11-

 

such Interest Period shall end on the next following Business Day (unless such next following
Business Day is the first Business Day of a calendar month, in which case such Interest Period
shall end on the next preceding Business Day).

     “Investment” means any stock or other securities or evidence of indebtedness of, loans or
advances to, or other interest in, any Person.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Issuing Bank” means Wells Fargo, or a Lender designated pursuant to Section 2.21, acting as
the bank issuing Letters of Credit.

     “Judgment Currency” has the meaning set forth in Section 2.13(b).

     “L/C Amount” means the sum of (a) the aggregate face amount of any issued and outstanding
Letters of Credit, plus (b) amounts drawn under Letters of Credit for which the Lenders have
neither been reimbursed nor effected a Borrowing.

     “L/C Application” has the meaning set forth in Section 2.7(b).

     “L/C Sublimit” means $20,000,000.

     “Lender Party” means the Lenders, the Administrative Agent, the Arranger, the Swing Line
Lender and the Issuing Bank.

     “Lenders” means Wells Fargo, acting on its own behalf and not as Administrative Agent, each of
the undersigned banks and any financial institution that becomes a Lender pursuant to the
procedures set forth in Section 9.8 or otherwise, collectively.

     “Letter of Credit” has the meaning set forth in Section 2.7(a).

     “Leverage Ratio” means, as of the end of any fiscal quarter of the Company, the ratio of (a)
Total Funded Debt as of that quarter-end, to (b) EBITDA during the period of four fiscal quarters
ending on that quarter-end, all determined with respect to the Company and its Subsidiaries on a
consolidated basis.

     “Lien” means any mortgage, deed of trust, lien, pledge, security interest or other charge or
encumbrance, of any kind whatsoever, including but not limited to the interest of the lessor or
titleholder under any Capitalized Lease, title retention contract or similar agreement.

     “Loan Documents” means this Agreement, the Notes, any L/C Application, the Fee Letter, any
Guaranty, any Designation Letter and any amendments of any of the foregoing.

     “Material Adverse Change” means a material adverse change on (a) the business, condition
(financial or otherwise), or operations of the Company and its Subsidiaries taken as a whole or (b)
the ability of the Company to perform its Obligations under this Agreement.

     “Material Part of the Assets” has the meaning set forth in Section 6.2.

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     “Maximum Aggregate Commitment Amount” means $450,000,000, unless said amount is reduced
pursuant to Section 2.10, in which event it means the amount to which said amount is reduced.

     “Moody’s” means Moody’s Investors Service, Inc. (or any legal successor thereto that is a
nationally recognized statistical rating organization).

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

     “Note” means a Revolving Note or the Swing Line Note.

     “Obligations” means each and every debt, liability and obligation of every type and
description arising under any of the Loan Documents which any Borrower may now or at any time
hereafter owe to any Lender, the Administrative Agent or the Arranger, whether such debt, liability
or obligation now exists or is hereafter created or incurred, whether it is direct or indirect, due
or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or
sole, joint, several or joint and several, including but not limited to principal of and interest
on the Notes and all fees due under this Agreement, the Fee Letter or any other Loan Document.

     “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or liability of
such Person with respect to accounts or notes receivable sold by such Person, (b) any liability
under any Sale and Leaseback Transaction which is not a Capitalized Lease, and (c) all Synthetic
Lease Obligations of such Person.

     “Organizational Documents” means, (a) with respect to any corporation, the articles of
incorporation and bylaws of such corporation, (b) with respect to any partnership, the partnership
agreement of such partnership, (c) with respect to any limited liability company, the articles of
organization and operating agreement of such company, and (d) with respect to any entity, any and
all other shareholder, partner or member control agreements and similar organizational documents
relating to such entity.

     “Outstandings” means, at any time, an amount equal to the sum of (a) the aggregate principal
balance of the Advances then outstanding, and (b) the L/C Amount then outstanding.

     “Participant” has the meaning set forth in Section 9.8(d).

     “Participant Register” has the meaning set forth in Section 9.8(d).

     “Patriot Act” has the meaning set forth in Section 9.18.

     “Payee” has the meaning set forth in Section 2.17(a).

     “Percentage” means, with respect to each Lender, the ratio of (a) that Lender’s Commitment
Amount, to (b) the aggregate Commitment Amounts of all of the Lenders. For purposes of this
definition only, following the Commitment Termination Date, each Lender’s

-13-

 

Commitment Amount shall be deemed to be the principal balance outstanding of that Lender’s
Revolving Note.

     “Permitted Swap Obligations” means all obligations (contingent or otherwise) of the Company or
any Subsidiary thereof existing or arising under Swap Contracts, provided that each of the
following criteria is satisfied: (a) such obligations are (or were) entered into by such Person or
its Subsidiaries in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments or assets held or to be held by such Person and not for
purposes of speculation or taking a “market view;” and (b) such Swap Contracts do not contain any
provision (“walk-away” provision) exonerating the non-defaulting party from its obligations to make
payments on outstanding transactions to the defaulting party.

     “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     “Plan” means an employee benefit plan or other plan established or maintained by the Company
or any Subsidiary or ERISA Affiliate and covered by Title IV of ERISA.

     “Platform” means SyndTrak Online or another similar electronic system.

     “Prime Rate” means, at any time, the rate of interest per annum publicly announced from time
to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be
effective as of the opening of business on the day such change in such prime rate occurs. The
prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to
its customers or other banks.

     “Priority Debt” means (a) any item of Total Funded Debt of the Company secured by a Lien
created or incurred within the limitations of Section 6.1(m), and (b) any item of Total Funded Debt
of any Subsidiary (other than any item of Total Funded Debt of a wholly-owned Subsidiary owing to
another wholly-owned Subsidiary).

     “Pro Forma Basis” means, for purposes of calculating EBITDA for any period, that each
Specified Transaction that has been consummated during the applicable period (and all other
Specified Transactions that have been consummated by the Company or any Subsidiary during the
applicable period) and the following transactions in connection therewith shall be deemed to have
occurred as of the first day of the applicable period of measurement in such test or covenant: (a)
income statement items (whether positive or negative) attributable to the property or Person
subject to such Specified Transaction, (i) in the case of a disposition of all or substantially all
of the capital stock of a Subsidiary or any division, business unit, product line or line of
business, shall be excluded and (ii) in the case of an acquisition, shall be included, (b) any
retirement of Total Funded Debt and (c) any Total Funded Debt incurred or assumed by the Company or
any of its Subsidiaries in connection therewith and if such Total Funded Debt has a floating or
formula rate, shall have an implied rate of interest for the applicable period for purposes of this
definition determined by utilizing the rate that is or would be in effect with respect to such
Total Funded Debt as at the relevant date of determination; provided, that the foregoing pro forma
adjustments may be applied to EBITDA solely to the extent that such

-14-

 

adjustments (to the extent exceeding $50,000,000 with respect to any Specified Transaction)
are made on a basis reasonably satisfactory to the Administrative Agent (after receipt of such
related information or certificates from the Company as it deems appropriate).

     “Reference Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds
Rate plus .50% and (c) the Eurocurrency Base Rate plus 1.00%; each change in the
Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime
Rate, the Federal Funds Rate or the Eurocurrency Base Rate.

     “Register” has the meaning set forth in Section 9.8(c).

     “Rental Expense” means, with respect to any period, the aggregate amount of rental payments
made by the Company and its Subsidiaries (determined on a consolidated basis) for such period with
respect to operating leases.

     “Reportable Event” means (a) a “reportable event,” described in Section 4043 of ERISA and the
regulations issued thereunder, in respect of any Plan, as to which notice is required to be given
to the Pension Benefit Guaranty Corporation, (b) a withdrawal from any Plan, as described in
Section 4063 of ERISA, (c) an action to terminate a Plan for which a notice is required to be filed
under Section 4041 of ERISA, or (d) a complete or partial withdrawal from a Multiemployer Plan as
described in Sections 4203 and 4205 of ERISA.

     “Required Lenders” means one or more Lenders having an aggregate Percentage greater than 50%;
provided that the Commitment of, and the portion of the Credit Extensions, as applicable,
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders.

     “Responsible Officer” of any Person means the chief financial officer, controller, chief
accounting officer or treasurer thereof.

     “Revolving Advance” means an advance by a Lender to any Borrower pursuant to Section 2.1.

     “Revolving Note” has the meaning set forth in Section 2.1.

     “S&P” means Standard & Poor’s Ratings Group, a division of McGraw-Hill Corporation (or any
legal successor thereto that is a nationally recognized statistical rating organization).

     “Sale and Leaseback Transaction” means any arrangement, directly or indirectly, with any
Person whereby a seller or transferor shall sell or otherwise transfer any real or personal
property and concurrently therewith lease, or repurchase under an extended purchase contract,
conditional sales or other title retention agreement, the same or substantially similar property.

     “SEC” means the Securities and Exchange Commission.

     “Solvent” means, with respect to any Person, that as of the date of determination (a) the fair
market value of the property of such Person is (i) greater than the total liabilities (including
contingent liabilities) of such Person, and (ii) not less than the amount that will be required to

-15-

 

pay the probable liabilities on such Person’s debts as they come due, considering all
financing alternatives and potential asset sales reasonably available to such Person; (b) such
Person’s capital is not unreasonably small in relation to its business or any contemplated or
undertaken transaction; (c) such Person does not intend to incur, or believe (nor should it
reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become
due; and (d) such Person is “solvent” within the meaning given that term and similar terms under
applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition,
the amount of any contingent liability at any time shall be computed as the amount that, in light
of all of the facts and circumstances existing at such time, represents the amount that would
reasonably be expected to become an actual or matured liability.

     “Specified Currency” has the meaning set forth in Section 2.13(b).

     “Specified Transactions” means (a) any disposition of all or substantially all of the assets
or capital stock of any Subsidiary of the Company or any division, business unit, product line or
line of business that is material to the business of the Company and its Subsidiaries as a whole or
(b) any acquisition (by merger, consolidation or otherwise) of any company or any division,
business unit, product line or line of business that is material to the business of the Company and
its Subsidiaries as a whole. For purposes hereof, any of the foregoing transactions which either
(i) results in $50,000,000 or more of net adjustments to EBITDA or (ii) is designated as such by
the Company to the Administrative Agent in writing within ten (10) Business Days of the
consummation thereof shall be deemed material to the business of the Company and its Subsidiaries
as a whole.

     “SPV” has the meaning provided in the definition of “Asset Securitization”.

     “Standard Securitization Undertakings” shall mean, with respect to an Asset Securitization,
representations, warranties, covenants and indemnities entered into by the Company or any
Subsidiary thereof in connection with such Asset Securitization, which are reasonably customary in
asset securitizations for the types of assets subject to the respective Asset Securitization.

     “Subsidiary” means (a) any corporation of which more than 50% of the outstanding shares of
capital stock having general voting power under ordinary circumstances to elect a majority of the
Governing Board of such corporation, irrespective of whether or not at the time stock of any other
class or classes shall have or might have voting power by reason of the happening of any
contingency, is at the time directly or indirectly owned by the Company, by the Company and one or
more other Subsidiaries, or by one or more other Subsidiaries, (b) any partnership of which more
than 50% of the partnership interest therein are directly or indirectly owned by the Company, by
the Company and one or more other Subsidiaries, or by one or more other Subsidiaries, and (c) any
limited liability company or other form of business organization the effective control of which is
held by the Company, the Company and one or more other Subsidiaries, or by one or more other
Subsidiaries.

     “Substitute Lender” has the meaning set forth in Section 2.21.

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     “Swap Contracts” means any agreement, whether or not in writing, relating to any transaction
that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity
or equity index swap or option, bond, note or bill option, interest rate option, forward foreign
exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap,
swaption, currency option or any other similar transaction (including any option to enter into any
of the foregoing) or any combination of the foregoing, and, unless the context otherwise clearly
requires, any master agreement relating to or governing any or all of the foregoing.

     “Swing Line Advance” has the meaning provided in Section 2.20.

     “Swing Line Lender” has the meaning provided in Section 2.20.

     “Swing Line Note” has the meaning provided in Section 2.20.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called
synthetic or off-balance sheet or tax retention lease or (b) an agreement for the use or possession
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 indebtedness of such
Person (without regard to accounting treatment). The amount of Synthetic Lease Obligations of any
Person under any such lease or agreement shall be the amount which would be shown as a liability on
a balance sheet of such Person prepared in accordance with GAAP if such lease or agreement were
accounted for as a Capitalized Lease.

     “Term Agreement” means the term credit agreement dated as of October 7, 2008 to which the
Company, Wells Fargo, as administrative agent, and the Lenders (as defined therein) are parties, as
from time to time modified and in effect.

     “Total Funded Debt” of any Person means (without duplication) (a) all indebtedness of such
Person for borrowed money; (b) the deferred and unpaid balance of the purchase price owing by such
Person on account of any assets or services purchased (other than trade payables and other accrued
liabilities incurred in the ordinary course of business) if such purchase price is (i) due more
than nine months from the date of incurrence of the obligation in respect thereof or (ii) evidenced
by a note or a similar written instrument; (c) all Capitalized Lease obligations; (d) all
indebtedness secured by a Lien on any property owned by such Person, whether or not such
indebtedness has been assumed by such Person or is non-recourse to such Person; (e) notes payable
and drafts accepted representing extensions of credit whether or not representing obligations for
borrowed money (other than such notes or drafts for the deferred purchase price of assets or
services to the extent such purchase price is excluded from clause (b) above); (f) indebtedness
evidenced by bonds, notes or similar written instrument; (g) the face amount of all letters of
credit and bankers’ acceptances issued for the account of such Person, and without duplication, all
drafts drawn thereunder (other than such letters of credit, bankers’ acceptances and drafts for the
deferred purchase price of assets or services to the extent such purchase price is excluded from
clause (b) above); (h) net obligations of such Person under Swap Contracts which constitute
interest rate agreements or currency agreements; (i) guaranty obligations of such Person with
respect to Total Funded Debt of another Person (including Affiliates); (j) Off-Balance Sheet
Liabilities; and (k) all Attributable Securitization Indebtedness; provided,

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however, that in no event shall any calculation of Total Funded Debt of the Company
include deferred taxes.

     “Transfer” has the meaning provided in Section 6.2.

     “Welfare Plan” means a “welfare plan” as defined in Section 3(1) of ERISA.

     “Wells Fargo” means Wells Fargo Bank, National Association, a national banking association and
a party to this Agreement.

Section 1.2 Times.

     Unless otherwise specified, all references herein to times of day shall be references to
Eastern Time (daylight or standard, as applicable).

Section 1.3 Accounting Terms and Determinations.

     Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be
delivered hereunder shall be prepared in accordance with GAAP; provided that in the event
of any Accounting Practices Change, then the Company’s compliance with the covenants set forth in
the Financial Covenants shall be determined on the basis of generally accepted accounting
principles in effect immediately before giving effect to the Accounting Practices Change, until
such covenants are amended in a manner satisfactory to the Company and the Required Lenders in
accordance with Section 9.14 hereof.

ARTICLE II

Amount and Terms of the Loans and Letters of Credit

Section 2.1 Revolving Advances.

     Each Lender agrees, severally but not jointly, on the terms and subject to the conditions
hereinafter set forth, to make Revolving Advances to the Borrowers from time to time during the
period from the date hereof to and including the Commitment Termination Date in an aggregate amount
not to exceed at any time outstanding that Lender’s Commitment Amount, less that Lender’s
Percentage (giving effect to Section 2.7(j) with respect to Letters of Credit) of the sum of the
then outstanding Swing Line Advances and the then outstanding L/C Amount. The total amount of the
Revolving Advances outstanding hereunder at any time shall not exceed the Aggregate Commitment
Amount minus the sum of the then outstanding Swing Line Advances and the then outstanding
L/C Amount. Within the limits of each Lender’s Commitment Amount, the Borrowers may borrow, prepay
pursuant to Section 2.11 and reborrow under this Section 2.1. If so requested by any Lender, the
obligation of any Borrower to repay Revolving Advances made by that Lender shall be evidenced by a
single promissory note of such Borrower (each, a “Revolving Note”) payable to the order of that
Lender, substantially in the form of Exhibit B hereto. The Revolving Advances shall bear interest
on the unpaid principal amount thereof from the date thereof until paid as set forth in Section
2.3.

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Section 2.2 Procedure for Making Revolving Advances.

     Each Borrowing under Section 2.1 shall occur following written notice from a Borrower to the
Administrative Agent or telephonic request from any person purporting to be authorized to request
Advances on behalf of a Borrower. Each such notice or request shall specify (a) the identity of
the Borrower (if other than the Company), (b) the date of the requested Borrowing, (c) the amount
thereof, (d) if any portion of such Borrowing will bear interest at a Eurocurrency Rate or be made
in an Alternative Currency, the Interest Period selected by the applicable Borrower with respect
thereto, and (e) if such Borrowing will be made in an Alternative Currency, the Alternative
Currency in which such Borrowing will be made. Such notice or request must be received by the
Administrative Agent not later than 11:00 a.m. on the day on which such Borrowing is to occur or,
if all or any portion of the Borrowing will bear interest at a Eurocurrency Rate or be made in an
Alternative Currency, not later than three Business Days (or in the case of an Alternative Currency
Funding, four Business Days) prior to the date on which such Borrowing is to occur. Concurrent
with any such notice or request, the applicable Borrower shall deliver to the Administrative Agent
in writing (which may be by facsimile transmission) the certificate required by Section 3.3(b).
Upon receiving a request for a Borrowing under Section 2.1, and in any event not later than 1:30
p.m. on the date that the requested Borrowing is to occur, or, if the requested Borrowing is to
bear interest at a Eurocurrency Rate or be made in an Alternative Currency, the close of business
on the day that the request is received, the Administrative Agent will notify the Lenders of the
amount of the requested Borrowing, the amount of each Lender’s Revolving Advance with respect
thereto, and, if applicable, the fact that the Borrowing will bear interest at a Eurocurrency Rate
and the Interest Period selected by the applicable Borrower. Upon fulfillment of the applicable
conditions set forth in Article III, each Lender shall remit its Percentage of the requested
Borrowing to the Administrative Agent in immediately available funds. So long as a Lender receives
notice of the requested Borrowing prior to 1:30 p.m. on the date that the requested Borrowing is to
occur, or, if the requested Borrowing is to bear interest at a Eurocurrency Rate, the close of
business on the day that the request is received, that Lender will make its Revolving Advance with
respect to that Borrowing available to the Administrative Agent by wire transfer of immediately
available funds to the Administrative Agent not later than 3:00 p.m. on the date called for in such
notice. Prior to the close of business on the day of the requested Borrowing, the Administrative
Agent shall disburse such funds by crediting the same to the applicable Borrower’s demand deposit
account maintained with the Administrative Agent or in such other manner as the Administrative
Agent and the applicable Borrower may from time to time agree. The Administrative Agent shall have
no obligation to disburse the requested Borrowing if any condition set forth in Article III has not
been satisfied on the day of the requested Borrowing. Each Borrowing shall be in the amount of
$500,000 or an integral multiple of $100,000 greater than $500,000; provided,
however, that any portion of such Borrowing bearing interest at a Eurocurrency Rate must be
in the amount of $3,000,000 or an integral multiple of $1,000,000 greater than $3,000,000. The
applicable Borrower shall promptly confirm each telephonic request for an Advance by executing and
delivering an appropriate confirmation certificate to the Administrative Agent. However, the
Borrowers shall be obligated to repay all Advances for which any Borrower actually received the
moneys (including but not limited to all Advances the proceeds of which were deposited in any
account of a Borrower) or in respect of which the Administrative Agent reasonably believed the
person requesting the same to be authorized to do so, notwithstanding the fact that the person
requesting the same was not in fact authorized so to do. Any request for an Advance shall be

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deemed to be a representation that the statements set forth in Section 3.3 are correct.
Notwithstanding the foregoing or any other provision hereof, Borrowings which are not denominated
in Dollars (and continuations, payments and prepayments thereof) may be made in such amounts and
increments in the applicable Alternative Currency as may from time to time be prescribed by or
acceptable to the Administrative Agent acting reasonably.

Section 2.3 Interest.

     (a) The Revolving Advances shall bear interest on the unpaid principal amount thereof from the
date thereof until paid as set forth in this Section 2.3.

     (b) Except as set forth in this Section, the principal balance of each Revolving Advance shall
bear interest at the Base Rate.

     (c) The principal balance of each Eurocurrency Rate Funding shall bear interest at the
Eurocurrency Rate applicable thereto during the Interest Period applicable thereto.

     (d) At the election of a Borrower, which may be exercised from time to time, a Borrower may
request in writing or by telephone that a Eurocurrency Rate be applicable for the portion of the
outstanding principal balance of the Revolving Advances to that Borrower (including any Revolving
Advance requested or to be requested) and for the Interest Period indicated by that Borrower in its
request; provided, however, that in no event shall more than eight Eurocurrency
Rate Fundings be outstanding at any one time as to all Borrowers combined; and provided further
that this paragraph (d) (other than the preceding proviso) shall not be applicable to Alternative
Currency Fundings. The portion of the outstanding balance of the Revolving Advances for which a
Eurocurrency Rate is requested (i) must be in the amount (as to all Revolving Advances combined) of
$3,000,000 or an integral multiple of $1,000,000 greater than $3,000,000, and (ii) if such request
relates to Revolving Advances already outstanding, must, on the first day of the applicable
Interest Period, either (1) bear interest at the Base Rate, or (2) bear interest at a Eurocurrency
Rate with respect to which the Interest Period expires on such first day. In no event may a
Borrower select an Interest Period extending beyond the Commitment Termination Date. A request for
a Eurocurrency Rate (i) must be received by the Administrative Agent before 10:00 a.m. on the day
three Business Days before the first day of the proposed Interest Period (and the Administrative
Agent shall give the Lenders prompt notice thereof), and (ii) may not be rescinded by a Borrower
after such request has been made. Subject to the terms and conditions set forth herein, the
applicable Eurocurrency Rate shall (subject to fluctuations in the applicable Eurocurrency Rate
Margin) be the interest rate applicable for the proposed Interest Period to the portion of the
outstanding principal balance of the Revolving Advances to which the Eurocurrency Rate request
related (and the remaining part of the principal balance of the Revolving Advances, if any, shall
continue to bear interest at the rate or rates previously applicable to such amounts). At the
termination of such Interest Period, the interest rate applicable to the portion of the principal
balance of the Revolving Advances to which the Eurocurrency Rate request was applicable shall
revert to the Base Rate unless a new Eurocurrency Rate request is made by a Borrower in accordance
with this Agreement. Notwithstanding anything to the contrary in this Section, (i) the
Administrative Agent shall have no obligation to permit the application of a Eurocurrency Rate for
any Interest Period if any Lender, in its sole discretion, determines that deposits in amounts
equal to the requested amount,

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maturing at the end of the proposed Interest Period are not readily available to such Lender
from major banks in the London interbank market, and (ii) without the consent of the Required
Lenders, the Administrative Agent will not permit the application of a Eurocurrency Rate for any
interest period if a Default or Event of Default has occurred and is continuing when the request
for the Eurocurrency Rate is made. Absent manifest error, the records of the Administrative Agent
shall be conclusive evidence as to the amount of the Revolving Advances bearing interest at a
Eurocurrency Rate, the applicable Eurocurrency Rate and the date on which the Interest Period
applicable to such Eurocurrency Rate expires.

     (e) If any Lender, in its sole discretion, determines that it is unlawful for it to continue
to maintain its portion of any Eurocurrency Rate Funding outstanding at the time of such
determination, such Lender may, by notice to the Administrative Agent and the Company, require the
immediate repayment thereof or, if legally permissible, convert its portion of such Eurocurrency
Rate Funding to a Revolving Advance bearing interest at the Base Rate in an amount equal to the
Dollar Equivalent of such portion of the applicable Eurocurrency Rate Funding. Any such Revolving
Advance shall be applied to the prepayment of that Lender’s portion of such Eurocurrency Rate
Funding, but (i) no amount shall be required to be paid under Section 2.16 on account of such
prepayment, and (ii) except as provided in Section 7.2 upon acceleration of the Obligations, no
interest shall be due and payable with respect to such Revolving Advance until the end of the
applicable Interest Period.

     (f) Unless the Borrowers repay an Alternative Currency Funding on the expiration of the
Interest Period applicable thereto in the applicable Alternative Currency (whether through a new
Borrowing in the applicable Alternative Currency or otherwise), the outstanding principal balance
of such Alternative Currency Funding shall be converted from the applicable Alternative Currency to
Dollars on the expiration of such Interest Period. Upon any such conversion to Dollars, the Dollar
Equivalent resulting from such conversion (as determined by the Administrative Agent) shall be
deemed a Borrowing by the applicable Borrower from the Lenders hereunder consisting of Revolving
Advances by each Lender in proportion to their shares of the corresponding Alternative Currency
Funding. The principal balance of such Borrowing shall initially bear interest at the Base Rate,
but the rate of interest that applies to such Borrowing may be converted in accordance with
paragraph (d).

     (g) If, as a result of any conversion of an Alternative Currency Funding to Dollars pursuant
to paragraph (f) or any conversion of the Lenders’ reimbursement obligation with respect to any
Alternative Currency Letter of Credit pursuant to Section 2.7, the sum of the Dollar Equivalent of
all Outstandings exceeds the aggregate Commitment Amounts of the Lenders, the Borrowers shall on
demand by the Administrative Agent repay the amount of such excess, together with interest thereon
from the date of such conversion until payment at the Base Rate.

Section 2.4 Limitation of Outstandings.

     If at any time (as determined by the Administrative Agent acting reasonably, based upon the
Dollar Equivalent of all Outstandings), (a) solely because of currency fluctuation, the outstanding
principal amount of all Revolving Advances plus the sum of the then outstanding Swing Line Advances
and the then outstanding L/C Amount exceeds one hundred and three

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percent (103%) of the Aggregate Commitment Amount or (b) for any other reason, the outstanding
principal amount of all Revolving Advances plus the sum of all then outstanding Swing Line Advances
and the then outstanding L/C Amount exceeds the Aggregate Commitment Amount, then, in each such
case, the Administrative Agent shall so notify the Company in writing and such notice shall include
a reasonably detailed calculation of the excess amount, and, within two Business Days following the
receipt of such notice by the Company, the Company shall do, or cause to be done, any of the
following (or any combination of the following) solely to the extent necessary for the Dollar
Equivalent of all Outstandings not to exceed the Aggregate Commitment Amount: the Company shall, or
shall cause another Borrower to, as applicable, (i) repay outstanding Swing Line Advances (and/or
reduce any pending request for a borrowing of such Swing Line Advances submitted in respect of such
Swing Line Advances on such day) in whole or in part (ii) repay outstanding Revolving Advances
which are Base Rate Fundings (and/or reduce any pending requests for a borrowing or continuation or
conversion of such Base Rate Fundings submitted in respect of such fundings on such day) in whole
or in part (iii) repay outstanding Revolving Advances which are Eurocurrency Rate Fundings
denominated in Dollars (and/or reduce any pending requests for a borrowing or continuation or
conversion of such fundings submitted in respect of such fundings on such day) in whole or in part
(iv) repay outstanding Alternative Currency Fundings (and/or reduce any pending requests for a
borrowing or continuation or conversion of such fundings submitted in respect of such fundings on
such day) in whole or in part or (v) with respect to any Letters of Credit then outstanding, make a
payment of cash collateral into a cash collateral account opened by the Administrative Agent for
the benefit of the Lenders (such cash collateral to be applied in accordance with Section 2.7(j)),
and the Dollar Equivalent of such cash collateral shall be applied towards reduction of any excess
of the Dollar Equivalent of all Outstandings over the Aggregate Commitment Amount.

Section 2.5 Principal and Interest Payment Dates.

     (a) Interest. Interest accruing at the Base Rate shall be due and payable on the last
day of each March, June, September and December and on the Commitment Termination Date and, after
the Commitment Termination Date, upon demand. Interest accruing at a Eurocurrency Rate shall be
due and payable on the last day of the applicable Interest Period or, if an Interest Period is in
excess of three months, on the date that is three months after the beginning of the Interest Period
and after each such interest payment date thereafter, on the last day of the Interest Period and on
the Commitment Termination Date and, after the Commitment Termination Date, upon demand.

     (b) Principal. The principal balance of the Revolving Advances shall be due and
payable in full on the Commitment Termination Date.

Section 2.6 Default Rates.

     Upon the occurrence of any Event of Default, and so long as such Event of Default continues
without written waiver thereof by the Lenders, a default increment equal to 200 basis points
(2.00%) shall be added to the Base Rate Margin, Eurocurrency Rate Margin and Facility Fee Rate.
Inclusion of such default increment in calculating the Base Rate Margin, Eurocurrency

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Rate Margin and Facility Fee Rate shall not be deemed a waiver or excuse of any such Event of
Default.

Section 2.7 Letters of Credit.

     (a) Any Borrower may from time to time request that the Issuing Bank issue one or more letters
of credit (each, together with each Existing Letter of Credit, a “Letter of Credit”) for the
account of that Borrower. No Letter of Credit shall be issued if (i) the Dollar Equivalent of the
face amount of that Letter of Credit, together with the sum of the then-applicable L/C Amount and
the aggregate principal balance of the Advances then outstanding, would exceed the aggregate
Commitment Amounts, or (ii) the Dollar Equivalent of the face amount of that Letter of Credit,
together with the then-applicable L/C Amount, would exceed the L/C Sublimit.

     (b) At least three days prior to the issuance of each Letter of Credit, the applicable
Borrower shall execute a letter of credit application and reimbursement agreement in the Issuing
Bank’s standard form, as required by the Issuing Bank (an “L/C Application”).

     (c) Each Letter of Credit shall be denominated in Dollars or an Alternative Currency specified
by the applicable Borrower in its application and reimbursement agreement.

     (d) Each Letter of Credit shall be issued in a form acceptable to the Issuing Bank. Unless
otherwise approved by all of the Lenders, no Letter of Credit shall have an initial or any renewal
term ending more than one year after the date of issuance or renewal, as applicable, or ending
later than five Business Days prior to the Commitment Termination Date; provided,
however, that a Letter of Credit may have a term extending for up to one year after the
Commitment Termination Date subject to the requirement that the Borrowers either provide cash
collateral in an amount equal to the L/C Amount of such Letter of Credit pursuant to Section 2.7(h)
or cause a “back to back” standby letter of credit satisfactory to the Issuing Bank to be provided
to the Issuing Bank at or prior to the time of the issuance of such Letter of Credit.

     (e) A letter of credit fee shall be due and payable to the Administrative Agent for the
benefit of the Lenders in connection with each Letter of Credit. The letter of credit fee payable
with respect to each standby Letter of Credit shall be computed at an annual rate equal to the
applicable Eurocurrency Rate Margin in effect from time to time, applied to the face amount of such
Letter of Credit outstanding from time to time, from and including the date of issuance of such
Letter of Credit until the expiration thereof, payable in arrears on the last day of each calendar
quarter and on the expiration date of such Letter of Credit. The letter of credit fee payable with
respect to each commercial Letter of Credit shall be computed at an annual rate equal to one half
(50%) of the applicable Eurocurrency Rate Margin in effect on the issuance date, applied to the
initial face amount of such Letter of Credit, payable on the date of issuance. In addition to the
applicable letter of credit fee, a fronting fee shall be due and payable to the Administrative
Agent for the account of the Issuing Bank in connection with each Letter of Credit, in the amount
specified in the Fee Letter. In addition, the Borrowers shall pay or reimburse the Issuing Bank
for such additional fees as are specified in the Fee Letter and for such normal and customary costs
and expenses as are incurred or charged by the Issuing Bank in issuing, effecting payment under,
amending or otherwise administering any Letter of Credit. Notwithstanding the foregoing, for any
period during which a Lender is a Defaulting Lender,

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such Defaulting Lender shall not be entitled to receive any letter of credit fees pursuant to
this Section 2.7(e) otherwise payable to the account of such Defaulting Lender with respect to any
Letter of Credit as to which such Defaulting Lender has not provided cash collateral or other
credit support arrangements satisfactory to the Issuing Bank pursuant to Section 2.7(k), but
instead, the Borrower shall pay to the non-Defaulting Lenders the amount of such letter of credit
commissions in accordance with the upward adjustments in their respective Percentages allocable to
such Letter of Credit pursuant to Section 2.7(j), with the balance of such fee, if any, payable to
the Issuing Bank for its own account.

     (f) The Borrowers shall pay the amount of each draft drawn under any Letter of Credit to the
Issuing Bank on demand (or, if demand is not earlier made, on the Commitment Termination Date),
together with interest at the Base Rate from the date that such draft is paid by the Issuing Bank
until payment of such amount in full. The Issuing Bank shall provide notice to the Company or the
applicable Borrower of payment of the draft within one Business Day of such payment. The Issuing
Bank may (at its option) charge any deposit account maintained by any Borrower with the Issuing
Bank for the amount of any draft drawn under a Letter of Credit. Unless the Borrowers make such
payment with respect to an Alternative Currency Letter of Credit in the applicable Alternative
Currency on the same Business Day as the day of payment of such draft by the Issuing Bank, the
Borrowers’ obligation to pay the amount of such draft shall be converted from the applicable
Alternative Currency to Dollars following such payment by the Issuing Bank.

     (g) Each Lender shall be deemed to hold a participation interest in each Letter of Credit
equal to that Lender’s Percentage of the face amount of that Letter of Credit. If the Issuing Bank
makes any payment pursuant to the terms of any Letter of Credit and is not promptly reimbursed, the
Issuing Bank may request that each other Lender pay such Lender’s Percentage of the unreimbursed
amount (which amount shall, in the case of an Alternative Currency Letter of Credit, have been
converted to Dollars as set forth in Section 2.7(f)). Upon receipt of any such request prior to
1:30 p.m. on a Business Day, the recipient shall be unconditionally and irrevocably obligated to
pay its Percentage of the unreimbursed amount to the Issuing Bank in immediately available funds
prior to 3:00 p.m. on such date. Notices received after 1:30 p.m. shall be deemed to have been
received on the following Business Day. If payment is not made by a Lender when due hereunder,
interest on the unpaid amount shall accrue from and including the date of the Issuing Bank’s
request to the date of payment at the Federal Funds Rate. After making any payment to the Issuing
Bank under this subsection in connection with a particular Letter of Credit, a Lender shall be
entitled to participate to the extent of its Percentage in the related reimbursements received by
the Issuing Bank from the Borrowers or otherwise. Upon receiving any such reimbursement, the
Issuing Bank will distribute to each Lender its Percentage of such reimbursement. At the option of
the Administrative Agent, payment by the Lenders hereunder may be deemed a Revolving Advance.

     (h) Unless otherwise agreed by each Lender in writing, the Borrowers shall deposit in the Cash
Collateral Account, on the fifth Business Day preceding the Commitment Termination Date, an amount
equal to the then-applicable L/C Amount, less the balance (if any) then outstanding in the Cash
Collateral Account. Such deposit shall be made (i) with respect to each Alternative Currency
Letter of Credit, in the applicable Alternative Currency, and (ii) with respect to each Letter of
Credit denominated in Dollars, in Dollars.

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     (i) From and after the effectiveness of the obligation of the Lenders to make the initial
Credit Extension as described in Section 3.1, each of the Existing Letters of Credit shall
constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit
issued and outstanding hereunder.

     (j) 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 or fund participations in Letters
of Credit pursuant to this Section 2.7, the “Percentage” of each non-Defaulting Lender shall be
computed without giving effect to the Commitment of such Defaulting Lender; provided that
(i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes
a Defaulting Lender, no Default or Event of Default exists and (ii) the aggregate obligation of
each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and
Swing Line Advances shall not exceed the positive difference, if any, of (A) the Commitment of that
non-Defaulting Lender minus (B) the aggregate outstanding principal amount of the Revolving
Advances of that Lender.

     (k) Notwithstanding anything to the contrary contained in this Section 2.7, the Issuing Bank
shall not be obligated to issue any Letter of Credit at a time when any other Lender is a
Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to it to
eliminate the Issuing Bank’s risk with respect to any such Defaulting Lender’s reimbursement
obligations hereunder (it being understood that arrangements pursuant to Section 2.7(j) or cash
collateralizing such Defaulting Lender’s Percentage of the liability with respect to such Letter of
Credit shall be deemed satisfactory to the Issuing Bank). On demand by the Issuing Bank or the
Administrative Agent from time to time, the Borrowers shall cash collateralize each Defaulting
Lender’s Percentage of the outstanding L/C Amount on terms reasonably satisfactory to the
Administrative Agent and the Issuing Bank. Any such cash collateral shall be deposited in a
separate account with the Administrative Agent, subject to the exclusive dominion and control of
the Administrative Agent, as collateral (solely for the benefit of the Issuing Bank) for the
payment and performance of each Defaulting Lender’s Percentage of outstanding Letters of Credit.
Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank
immediately for each Defaulting Lender’s Percentage of any drawing under any Letter of Credit which
has not otherwise been reimbursed by the Borrowers or such Defaulting Lender pursuant to the terms
of this Section 2.7.

Section 2.8 Facility Fee.

     (a) The Company shall pay to the Administrative Agent, for the benefit of the Lenders, a
facility fee computed each day from the Effective Date through the Commitment Termination Date (and
thereafter so long as there shall be any Outstandings) at an annual rate equal to the Facility Fee
Rate in effect on such day applied to the Aggregate Commitment Amount (whether used or unused)
hereunder; provided, however, that for any period during which such Lender is a Defaulting Lender,
such Defaulting Lender (i) shall not be entitled to receive any such facility fee (and the Company
shall not be required to pay any such fee that otherwise would have been required to have been paid
to such Defaulting Lender).

     (b) The facility fee set forth in this Section shall be due and payable quarterly in arrears
on the last day of each March, June, September and December during the term of the

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Commitments. Any facility fees remaining unpaid on the Commitment Termination Date shall be
due and payable on that date and any facility fees accruing thereafter shall be payable upon
demand.

Section 2.9 Other Fees.

     The Borrowers shall pay to the Administrative Agent and the Arranger (a) for the benefit of
the Lenders, the upfront fee set forth in the Fee Letter, and (b) for the Administrative Agent’s
and Arranger’s own account and not for the benefit of the Lenders, certain additional fees in the
amounts set forth in the Fee Letter.

Section 2.10 Termination or Reduction of the Commitment.

     The Company shall have the right at any time and from time to time upon three Business Days’
prior notice to the Administrative Agent (which shall promptly notify the Lenders) permanently to
terminate the Commitments in whole or permanently to reduce the Commitment Amounts in part, without
penalty or premium, provided that (a) the Commitments may not be terminated while any Advance or
L/C Amount remains outstanding, (b) each partial reduction shall be in the aggregate amount of
$5,000,000 or a multiple thereof, (c) any partial reduction of the Commitment Amounts shall be pro
rata as to each Lender in accordance with that Lender’s Percentage, and (d) no reduction shall
reduce the Commitment Amounts to an amount less than the sum of the aggregate Credit Extensions
outstanding (after giving effect to any prepayments of Advances to be made on or prior to the
effective date of such reduction) at the time. Each reduction in the Commitment Amounts hereunder
shall constitute a corresponding reduction in the Maximum Aggregate Commitment Amount.

Section 2.11 Voluntary Prepayments.

     The Borrowers may prepay the Advances in whole or in part, without penalty or premium, at any
time and from time to time; provided that (a) any prepayment of the Revolving Advances
shall be applied pro rata to the prepayment of each Lender’s Revolving Advances, (b) any prepayment
of the full amount of the Advances shall include accrued interest thereon, (c) any prepayment of
any Eurocurrency Rate Funding shall be accompanied by compensation as specified in Section 2.16,
(d) any prepayment of any Eurocurrency Rate Funding that is not an Alternative Currency Funding
shall be made only upon three Business Days’ prior notice, and any prepayment of any Alternative
Currency Funding shall be made only upon four Business Days’ prior notice, and (e) each prepayment
of the Revolving Advances (other than prepayment of the Revolving Advances in full) shall be in the
principal amount of $1,000,000 or an integral multiple of $1,000,000. Each partial prepayment of
principal on the Advances shall be applied, first, to that portion of such Advances bearing
interest at the Base Rate, and, second, to that portion of such Advances bearing interest at a
Eurocurrency Rate, in inverse order of the maturities of the Interest Periods applicable thereto.

Section 2.12 Computation of Interest and Fees.

     All interest on Base Rate Fundings accruing based on the Prime Rate will be calculated based
on the actual days elapsed in a year of 365 or 366 days, as the case may be. All other

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interest and all fees hereunder shall be computed on the basis of actual number of days
elapsed in a year of 360 days.

Section 2.13 Payments.

     (a) All payments of the Obligations shall be made to the Administrative Agent in immediately
available funds, without setoff or counterclaim at such office as the Administrative Agent may from
time to time designate. All payments of principal and interest on any Advance shall be made in
Dollars, except that Alternative Currency Fundings and reimbursement obligations arising from
Alternative Currency Letters of Credit shall be repaid in that same Alternative Currency or
converted as set forth in Section 2.7(f). Payments received after noon on any day shall be deemed
received on the next succeeding Business Day. Subject to Section 9.8(c), the Advances made by each
Lender shall be evidenced by one or more accounts or records maintained by such Lender and the
Administrative Agent in the ordinary course of business. Each Borrower hereby authorizes the
Administrative Agent to charge against any demand deposit account the Borrowers maintain with the
Administrative Agent an amount equal to the accrued interest and fees from time to time due and
payable to the Lender Parties under the Notes or hereunder, or (at the Lenders’ option) to effect a
Borrowing in such amount, all without receipt of any request for such charge or Borrowing.

     (b) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum
due hereunder in Dollars or any Alternative Currency (the “Specified Currency”) into another
currency (the “Judgment Currency”), the rate of exchange which shall be applied shall be that at
which in accordance with normal banking procedures the Administrative Agent could purchase the
Specified Currency with that amount of the Judgment Currency on the Business Day next preceding the
day on which such judgment is rendered. The obligation of the Borrowers with respect to any such
sum due from it to the Administrative Agent or any Lender (each, an “Entitled Person”) shall,
notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged
only to the extent that on the Business Day following receipt by such Entitled Person of any sum
adjudged to be due hereunder or under the Notes in the Judgment Currency, such Entitled Person may
in accordance with normal banking procedures purchase and transfer to the required location of
payment the Alternative Currency with the amount of the Judgment Currency so adjudged to be due;
and the Borrowers hereby, as a separate obligation and notwithstanding any such judgment, agree to
indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the
applicable Alternative Currency, any difference between the sum originally due to such Entitled
Person in the Alternative Currency and the amount of the Alternative Currency so purchased and
transferred on that Business Day.

     (c) 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, or
otherwise, and including any amounts made available to the Administrative Agent for the account of
such Defaulting Lender pursuant to Section 2.7), 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 amounts owing by such Defaulting Lender to the Issuing Bank
and/or the Swing Line Lender hereunder; third, if so

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determined by the Administrative Agent or requested by the Issuing Bank and/or the Swing Line
Lender, to be held as cash collateral for future funding obligations of such Defaulting Lender of
any participation in any Swing Line Advance or Letter of Credit; fourth, as the Company may
request (so long as no Default or Event of Default exists), to the funding of any Advance 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 Company, to be held in a non-interest bearing deposit account and
released in order to satisfy obligations of such Defaulting Lender to fund Advances under this
Agreement; sixth, to the payment of any amounts owing to the Administrative Agent, the
Lenders, the Issuing Bank or Swing Line Lender as a result of any judgment of a court of competent
jurisdiction obtained by the Administrative Agent, any Lender, the Issuing Bank or Swing Line
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 Default or Event of Default
exists, to the payment of any amounts owing to the Company as a result of any judgment of a court
of competent jurisdiction obtained by the Company 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 (i) such payment is a payment of the principal amount of any Revolving
Advances or funded participations in Swing Line Advances or Letters of Credit in respect of which
such Defaulting Lender has not fully funded its appropriate share and (ii) such Revolving Advances
or funded participations in Swing Line Advances or Letters of Credit were made at a time when the
conditions set forth in Section 3.3 were satisfied or waived, such payment shall be applied solely
to pay the Revolving Advances of, and funded participations in Swing Line Advances or Letters of
Credit owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Revolving Advances of, or funded participations in Swing Line Advances or Letters of
Credit 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 2.13(c) shall be deemed paid to and redirected by
such Defaulting Lender, and each Lender irrevocably consents hereto.

Section 2.14 Payment on Non-Business Days.

     Whenever any payment to be made hereunder or under the Notes shall be stated to be due on a
day other than a Business Day, such payment may be made on the next succeeding Business Day, and
such extension of time shall in each case be included in the computation of payment of interest
thereon.

Section 2.15 Use of Advances and Letters of Credit.

     The proceeds of each Borrowing, and each Letter of Credit, shall be used by the Borrowers for
their general corporate purposes (including commercial paper backup).

Section 2.16 Funding Indemnification.

     The Borrowers shall, in addition to other amounts payable hereunder, also compensate any
Lender, upon written request by that Lender (which request shall set forth the basis for requesting
such amounts), for all losses and expenses in respect of any interest or other

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consideration paid by that Lender to lenders of funds borrowed by it or deposited with it to
maintain any portion of the principal balance of that Lender’s Eurocurrency Rate Fundings which
that Lender may sustain to the extent not otherwise compensated for hereunder and not mitigated by
the reemployment of such funds if any prepayment of any such portion occurs on a date that is not
the expiration date of the relevant Interest Period or if a Borrowing or prepayment in whole or in
part of a Eurocurrency Rate Funding fails to occur. A certificate as to any such loss or expense
(including calculations, in reasonable detail, showing how that Lender computed such loss or
expense) shall be promptly submitted by that Lender to the Company and shall, in the absence of
manifest error, be conclusive and binding as to the amount thereof. Such loss or expense may be
computed as though that Lender acquired deposits in the London interbank market to fund that
portion of the principal balance whether or not that Lender actually did so.

Section 2.17 Taxes.

     (a) All payments made by the Borrowers to the Administrative Agent or any Lender (herein any
“Payee”) under this Agreement or any of the Loan Documents shall be made free and clear of and
without deduction or withholding for or on account of any present or future “Taxes” (as defined or
below) imposed by any governmental or other taxing authority, except as required by law. As used
herein, the term “Taxes” shall include all income, excise and other taxes, duties or charges of
whatever nature imposed on a Payee (other than (i) taxes based on or measured by the net income of
the Payee, taxes based on or measured by the gross receipts of the Payee (excluding any withholding
taxes and gross income taxes corresponding to withholding taxes imposed under applicable law) and
franchise taxes, (ii) taxes on doing business or measured by or imposed upon the capital or net
worth of any such Payee, (iii) branch profits taxes or similar taxes, in the case of (i) — (iii)
imposed by the government or other taxing authority of the country, state or political subdivision
in which such Payee is organized or incorporated or in which such Payee’s principal executive
office or the office through which the Payee is acting is located or in which the Payee is
otherwise subject to taxation, (iv) any taxes imposed as a result of a present or former connection
between the Payee and the jurisdiction imposing such taxes; (other than a connection arising solely
from such Payee having executed, delivered, enforced, became a party to, performed its obligations
or received payments under, or engaged in any other transaction pursuant to this Agreement or any
Loan Document) and (v) any taxes imposed by FATCA (such excluded taxes specified in (i) — (v) being
herein called “Excluded Taxes”)). If any Borrower is compelled by law to make any such deductions
or withholdings of Taxes it will:

	 	(i)	 	pay to the relevant authorities the full amount required to be
so withheld or deducted;
	 
	 	(ii)	 	except to the extent that such deduction or withholding of
Taxes results from the failure by any Payee to comply with Section 2.17(d) or
the relevant Assignment and Assumption, pay such additional amounts (including,
without limitation, any penalties, interest or expenses) as may be necessary in
order that the net amount received by each Payee after such deductions or
withholdings of Taxes (including any required deduction or withholding on such
additional amounts) shall equal the amount such Payee would have received had
no such deductions or withholdings been made; and

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	 	(iii)	 	promptly forward to the Administrative Agent (for delivery to
such Payee) an official receipt or other documentation reasonably satisfactory
to the Administrative Agent evidencing such payment to such authorities.

     (b) If any Taxes required to be deducted or withheld and paid to the relevant authority, are
subject to indemnification by any Borrower pursuant to Section 2.17(a) and are directly asserted
against any Payee, such Payee may pay such Taxes and the Borrowers promptly shall reimburse such
Payee to the full extent otherwise required by Section 2.17(a). The obligations of the Borrowers
under this Section 2.17 shall survive any termination of this Agreement.

     (c) Any Payee that is a “United States Person” (within the meaning of Section 7701(a)(30) of
the Code) shall deliver to the Company and the Administrative Agent on or prior to the date on
which such Payee becomes a Payee under this Agreement (and from time to time thereafter upon the
request of the Company or the Administrative Agent), executed originals of Internal Revenue Service
Form W-9 certifying that such Payee is a United States Person. In addition, each Payee will deliver
to the Company and the Administrative Agent new executed originals Internal Revenue Service Form
W-9 promptly upon learning of the obsolescence or invalidity of any form previously delivered by
such Payee or will promptly notify the Company and the Administrative Agent of any legal inability
to do so.

     (d) If any Payee is organized under the laws of any jurisdiction other than the United States
or any state thereof, such Payee will, prior to the date it becomes a party hereto, furnish to the
Administrative Agent and the Company either original, accurate and duly executed U.S. Internal
Revenue Service Form W-8BEN, or original, accurate and duly executed U.S. Internal Revenue Service
Form W-8ECI (or, in each case, any successor forms), as applicable, wherein such Payee will certify
as to such Payee’s entitlement to complete exemption from U.S. federal withholding tax on all
payments under any Loan Document. In addition, each Payee will deliver such forms promptly upon
learning of the obsolescence or invalidity of any forms previously delivered by such Payee;
provided, however, that a Payee shall not be obligated to deliver such additional
forms claiming complete exemption from U.S. federal withholding tax on all payments under the Loan
Documents pursuant to this sentence if it is unable to deliver such forms as a result of a change,
after the date the Payee becomes a party hereto, in statute, tax treaty or regulation since the
date of any U.S. Internal Revenue Service Form W-8BEN or U.S. Internal Revenue Service Form W-8ECI
(or, in each case, any successor forms), as applicable, previously delivered by such Payee. In
addition, each Payee shall deliver, to the extent legally entitled to do so, upon reasonable
request by any Borrower, to such Borrower and the Administrative Agent, such other original,
accurate and duly executed forms and documents as may be reasonably required to establish the legal
entitlement of such Payee to an exemption from tax or withholding with respect to payments under
this Agreement or any other Loan Documents. The Borrowers shall not be required to pay additional
amounts to any Payee (or reimburse any Payee for) pursuant to this Section 2.17 to the extent that
the obligation to pay such additional amounts would not have arisen but for the failure of such
Payee to comply with this Section 2.17(d).

     (e) If a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding tax imposed by FATCA if such Lender fails to comply with any

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requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable), such Lender shall (i) enter into such agreements with the IRS as necessary to
establish an exemption from withholding under FATCA; (ii) comply with any certification,
documentation, information, reporting or other requirement necessary to establish an exemption from
withholding under FATCA; (iii) provide any documentation reasonably requested by the Company or the
Administrative Agent sufficient for the Administrative Agent and the Company to comply with their
respective obligations, if any, under FATCA and to determine that such Lender has complied such
applicable requirements; and (iv) provide a certification signed by the chief financial officer,
principal accounting officer, treasurer or controller of such Lender certifying that such Lender
has complied with any necessary requirements to establish an exemption from withholding under
FATCA. To the extent that the relevant documentation provided pursuant to this paragraph is
rendered obsolete or inaccurate in any material respect as a result of changes in circumstances
with respect to the status of a Lender or Issuing Bank, such Lender or Issuing Bank shall, to the
extent permitted by applicable law, deliver to the Company and the Administrative Agent revised
and/or updated documentation sufficient for the Company and the Administrative Agent to confirm
such Lender’s or such Issuing Bank’s compliance with their respective obligations under FATCA.

     (f) The amount that the Borrowers shall be required to pay to any Payee pursuant to Section
2.17(a) or (b) shall be reduced by the amount of any refund, credit or allowance which such Payee
receives in respect of Taxes as to which it has received additional amounts or has been indemnified
by the Borrowers as reasonably determined by such Payee; provided, however, that
(i) such Payee’s determination of the amount of such refund, credit or allowance and the date on
which it is received shall be conclusive, absent manifest error, (ii) no Payee shall be obliged to
disclose information regarding its tax affairs or tax computations, (iii) nothing herein shall
interfere with a Payee’s right to manage its tax affairs in whatever manner it sees fit, and (iv)
if such Payee shall subsequently determine that it has lost the benefit of all or a portion of such
refund, credit or allowance, the Borrowers shall promptly remit to such Payee the amount certified
by such Payee to be the amount necessary to restore such Payee to the position it would have been
in if no payment of such refund, credit or allowance or such portion thereof, as applicable, had
been made pursuant to this Section 2.17(f).

     (g) If the U.S. Internal Revenue Service or any other Governmental Authority of the United
States or any other country or any political subdivision thereof asserts a claim that the
Administrative Agent or any Borrower did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form, if any, required to be delivered under
paragraph (d) above was not delivered or properly completed, because such Lender failed to notify
the Administrative Agent or that Borrower of a change in circumstances which rendered its exemption
from withholding ineffective, or due to any other act, or failure to act, of such Lender), such
Lender shall indemnify the Administrative Agent or that Borrower, as applicable, fully for all
amounts paid, directly or indirectly, by the Administrative Agent or that Borrower, as applicable,
as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes
imposed by any jurisdiction on amounts payable to the Administrative Agent or that Borrower, as
applicable, under this subsection, together with all costs and expenses related thereto (including
attorneys fees and time charges of attorneys for the Administrative Agent or that Borrower, as
applicable, which attorneys may be employees of the Administrative Agent or

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that Borrower, as applicable). The obligations of the Lender under this Section 2.17(g) shall
survive the payment of the Obligations and termination of this Agreement.

     (h) Each Lender shall severally indemnify (i) the Administrative Agent within ten (10) days
after demand therefor, for any Taxes (other than Excluded Taxes), but only to the extent that the
Company has not already indemnified the Administrative Agent for such Taxes and without limiting
the obligation of the Borrowers to do so and (ii) the Administrative Agent and the Borrowers, as
applicable, within ten (10) days after demand therefor, for the full amount of any Excluded Taxes
attributable to such Lender that are payable or paid by the Administrative Agent, or the Borrowers,
as applicable, and reasonable expenses arising therefrom or with respect thereto, whether or not
such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by
the Administrative Agent or the Borrowers, as applicable, shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender, as the case may be, under any Loan Document against any
amount due to the Administrative Agent under this paragraph (h). The agreements in this paragraph
(h) shall survive the resignation and/or replacement of the Administrative Agent. The Company
shall indemnify the Administrative Agent, within ten (10) days after demand therefor, for any
amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as
required by this paragraph (h); provided that, such Lender shall indemnify the Company to
the extent of any payment the Company makes to the Administrative Agent pursuant to this sentence.
In addition, the Company shall indemnify the Administrative Agent, each Lender, and the Issuing
Bank, within ten (10) days after demand therefore, for any incremental Taxes that may become
payable by such Administrative Agent, Lender (or its beneficial owners) or Issuing Bank as a result
of any failure of any Borrower to pay any Taxes required to be borne by the Borrowers under Section
2.17(a) or (b) (excluding Taxes or additional amounts resulting from a failure of the Payee to
comply with Section 2.17(d)) when due to the appropriate Governmental Authority (except to the
extent that such failure results from any failure of the Administrative Agent) or to deliver to
such Administrative Agent, pursuant to Section 2.17(a), documentation evidencing the payment of
Taxes.

Section 2.18 Increased Costs; Eurocurrency Rate Availability.

     (a) Increased Costs Generally. If any Change in Law binding on or applicable to any
Lender or the Issuing Bank shall:

	 	(i)	 	impose, modify or deem applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets of,
deposits with or for the account of, or advances, loans or other credit
extended or participated in by, such Lender (except any reserve requirement
reflected in the Eurocurrency Rate) or the Issuing Bank, as the case may be;
	 
	 	(ii)	 	subject such Lender or the Issuing Bank, as the case may be, to
any tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any Eurocurrency Rate
Advance

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	 	 	 	made by it, or change the basis of taxation of payments to such Lender or
the Issuing Bank, as the case may be, in respect thereof (except for taxes
deducted, withheld or otherwise covered by Sections 2.17(a) and (b) or any
Excluded Tax payable by such Lender or the Issuing Bank); or
	 
	 	(iii)	 	impose on such Lender or the Issuing Bank, as the case may be,
or the London interbank market any other condition, cost or expense (other than
any taxes) affecting this Agreement or Eurocurrency Rate Advances made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making,
converting into or maintaining any Eurocurrency Rate Advance (or of maintaining its obligation to
make any such Advance), or to increase the cost to such Lender or the Issuing Bank of participating
in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in
or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount)
then, upon written request of such Lender or the Issuing Bank, as the case may be, that complies
with paragraph (c) below, the Borrowers shall promptly pay to any such Lender or the Issuing Bank,
as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Bank, as the case may be, for such additional costs incurred or reduction suffered.

     (b) Capital Requirements. If any Lender or the Issuing Bank determines that any
Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender or
such Lender’s or the Issuing Bank’s holding company, if any, regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital
or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence
of this Agreement, the Commitment of such Lender or the Advances made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a
level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s
holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s
holding company with respect to capital adequacy), then from time to time within ten Business Days
following written request of such Lender or such Issuing Bank, as the case may be, that complies
with paragraph (c) below, the Borrowers shall promptly pay to such Lender or the Issuing Bank, as
the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

     (c) Certificates for Reimbursement. Any request from any Lender or the Issuing Bank
for payment of additional amounts pursuant to Section 2.18(a) or (b) shall include certification
(i) that one of the events described in Section 2.18(a) or (b) has occurred and describing in
reasonable detail the nature of such event, (ii) as to the reduction of the rate of return on
capital resulting from such event and (iii) as to the additional amount or amounts requested by
such Lender or the Issuing Bank, as the case may be, and a reasonably detailed explanation of the
calculation thereof. A certificate of a Lender or the Issuing Bank complying with the immediately
preceding sentence and setting forth the amount or amounts necessary to

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compensate such Lender or the Issuing Bank or its holding company, as the case may be, as
specified in paragraph (a) or (b) of this Section and delivered to the Company shall be conclusive
absent manifest error. The Borrowers shall pay such Lender or the Issuing Bank, as the case may
be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
Notwithstanding the foregoing, neither any Lender nor the Issuing Bank shall make demand for
payment of increased costs under this Section unless such Lender or the Issuing Bank, as the case
may be, is generally imposing such increased costs on its similarly situated customers.

     (d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or
the Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not
be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased
costs incurred or reductions suffered more than six (6) months prior to the date that such Lender
or the Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim
compensation therefor (except that if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be extended to include
the period of retroactive effect thereof).

     (e) Additional Reserve Costs. For so long as any Lender is required to make special
deposits with the Bank of England and/or The Financial Services Authority (or, in either case, any
other authority which replaces all or any of its functions) or to comply with reserve assets,
liquidity, cash margin or other requirements of any monetary or other authority (including any such
requirement imposed by the Bank of England, the European Central Bank or the European System of
Central Banks, but excluding requirements reflected in the computation of the Eurocurrency Rate) in
respect of any of such Lender’s Eurocurrency Rate Advances, such Lender shall be entitled to
require the applicable Borrower to pay, contemporaneously with each payment of interest on each of
such Lender’s Advances subject to such requirements, additional interest on such Advance at a rate
per annum specified by such Lender to be the cost to such Lender of complying with such
requirements in relation to such Advance. Any additional interest owed pursuant to this subsection
shall be determined in reasonable detail by the applicable Lender, which determination shall be
conclusive absent manifest error, and notified to the applicable Borrower (with a copy to the
Administrative Agent) at least five Business Days before each date on which interest is payable for
the applicable Advance, and such additional interest so notified to the applicable Borrower by such
Lender shall be payable to the Administrative Agent for the account of such Lender on each date on
which interest is payable for such Advance.

     (f) Limitation on Obligations of Company. Notwithstanding anything to the contrary in
Section 2.17 or this Section 2.18, if a Lender changes its applicable lending office (other than
(i) pursuant to paragraph (g) below or (ii) after an Event of Default under Section 7.1(a), (h) or
(i) has occurred and is continuing) and the effect of such change, as of the date of such change,
would be to cause the Company to become obligated to pay any additional amount or compensation
under Section 2.17 and this Section 2.18, the Company shall not be obligated to pay such additional
amount.

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     (g) Designation of a Different Lending Office. If any Lender requires the Borrowers
to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.17, or requests compensation under Section 2.18, then such Lender
shall use reasonable efforts to designate a different lending office for funding or booking its
Advances hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i)
would eliminate or reduce amounts payable pursuant to Section 2.17 or Section 2.18, as the case may
be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.

     (h) Eurocurrency Rate Availability. If the Required Lenders or the Administrative
Agent determine that, by reason of circumstances affecting the relevant market, in connection with
any request for a Eurocurrency Rate Funding or a conversion to or continuation thereof that (i)
Dollar deposits are not being offered to banks in the London interbank market for the applicable
amount and Interest Period of such Eurocurrency Rate Funding and as a result the Eurocurrency Base
Rate cannot be determined as provided in the definition thereof, (ii) adequate and reasonable means
do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect
to a proposed Eurocurrency Rate Funding, or (iii) the Eurocurrency Rate for any requested Interest
Period with respect to a proposed Eurocurrency Rate Funding does not adequately and fairly reflect
the cost to such Lenders of funding such Advance, the Administrative Agent will promptly so notify
the Company and each Lender. Thereafter, the obligation of the Lenders to make or maintain
Eurocurrency Rate Fundings shall be suspended (as set forth in the immediately following sentence
with respect to pending or outstanding Eurocurrency Rate Fundings) until the Administrative Agent
(acting on its own or at the instruction of the Required Lenders) revokes such notice. Upon
receipt of such notice, (a) the Borrower may revoke any pending request for a Borrowing of,
conversion to or continuation of Eurocurrency Rate Funding or, failing that, will be deemed to have
converted such request into a request for a Base Rate Funding in the amount specified therein and
(b) any Advances that were to be continued as Eurocurrency Rate Advances shall, on the first day of
the Interest Period immediately succeeding the date of receipt of such notice (or if such notice
has been received on the first day of an Interest Period, on such date), be continued as Advances
bearing interest at the Base Rate.

Section 2.19 Guarantees.

     (a) Delivery of Subsidiary Guaranties. Concurrent with the designation by the Company
of any Subsidiary as a “Designated Subsidiary” under Section 9.2, the Company (subject to Section
2.19(c)) will deliver to the Administrative Agent (i) a guaranty (or joinder to a guaranty
previously delivered pursuant to this Section 2.19(a)), executed by such Subsidiary, in form and
substance satisfactory to the Administrative Agent, guarantying payment by such Designated
Subsidiary of all Obligations of all other Borrowers, (ii) a certificate of the secretary or other
appropriate officer of such Subsidiary, in form and substance satisfactory to the Administrative
Agent, (1) certifying that the execution, delivery and performance of such guaranty or joinder have
been duly approved by all necessary action of the Governing Board of such Subsidiary, and attaching
true and correct copies of the applicable resolutions granting such

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approval, (2) certifying that attached to such certificate are true and correct copies of the
Organizational Documents of such Subsidiary, together with such copies, and (3) certifying the
names of the officers of such Subsidiary that are authorized to sign that guaranty or joinder; and
(iii) an opinion of counsel to that Subsidiary, opining as to the due execution, delivery and
enforceability of such guaranty and joinder, in form and substance satisfactory to the
Administrative Agent.

     (b) Company Guaranty. In addition, concurrent with the designation by the Company of
the initial “Designated Subsidiary” under Section 9.2, if any, the Company will deliver to the
Administrative Agent (i) a guaranty, executed by the Company, in form and substance satisfactory to
the Administrative Agent, guarantying payment by the Company of all Obligations of all other
present and future Borrowers, (ii) a certificate of the secretary or other appropriate officer of
the Company, in form and substance satisfactory to the Administrative Agent, (1) certifying that
the execution, delivery and performance of that guaranty have been duly approved by all necessary
action of the Governing Board of the Company, and attaching true and correct copies of the
applicable resolutions granting such approval, (2) certifying that attached to such certificate are
true and correct copies of the Organizational Documents of the Company, together with such copies,
and (3) certifying the names of the officers of the Company that are authorized to sign that
guaranty; and (iii) an opinion of counsel to that Subsidiary, opining as to the due execution,
delivery and enforceability of such guaranty, in form and substance satisfactory to the
Administrative Agent.

     (c) Foreign Borrowers: Non-Liability for Domestic Borrowings. Notwithstanding any
other provision of this Agreement or any other Loan Document, no Borrower that is a Foreign
Subsidiary shall have any obligation or liability hereunder or under the Guaranty (i) on account of
any borrowings by any Borrower other than such Foreign Subsidiary or (ii) under Section 9.6 on
account of the actions or inactions of any Borrower other than such Foreign Subsidiary, in each
case to the extent that (1) (A) such obligation or liability in respect of the Obligations of such
other Borrower or Borrowers is prohibited by applicable law governing such Foreign Subsidiary or
(B) the Company has reasonably determined that such obligation or liability in respect of the
Obligations of such other Borrower or Borrowers would have a material adverse tax consequence for
the Company or any Subsidiary (including any material consequence arising from the operation of
Section 956 of the Code) and (2) in either case, the Company has so indicated in the applicable
Designation Letter. To the extent that at the time any Foreign Subsidiary becomes a Designated
Subsidiary, the circumstances in clause (1)(A) or (1)(B) above are applicable to such Foreign
Subsidiary with respect to any other Borrower or Borrowers and the Company has so indicated in the
applicable Designation Letter, (x) in the case of a Foreign Subsidiary as to which either of such
clauses is applicable in respect of the Obligations of all other Borrowers, such Foreign
Subsidiary shall not be obligated to execute the Guaranty and (y) in the case of a Foreign
Subsidiary as to which either of such clauses is applicable in respect of the Obligations of only
certain other Borrowers, such Foreign Subsidiary shall be obligated to execute the Guaranty or a
joinder thereto on terms which limit such Foreign Subsidiary’s guarantee thereunder to the
Obligations of the Borrower or Borrowers as to which such circumstances do not apply. The
Administrative Agent is authorized from time to time in connection with the designation of new
Designated Subsidiaries to consent to and enter into such amendments or modifications of the
Guaranty as it deems appropriate to assure that no Foreign Subsidiary which is a Borrower is
obligated under the Guaranty in respect of the Obligations of

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any other Borrower as to which the circumstances in clause (1)(A) or (1)(B) above are
applicable in the case of such Designated Subsidiary. The Company agrees that from time to time in
connection with the designation of new Designated Subsidiaries it shall cause pre-existing
Designated Subsidiaries to execute such amendments or modifications of the Guaranty as the
Administrative Agent deems appropriate to assure that each Designated Subsidiary is liable under
the Guaranty for the Obligations of all other Borrowers as to which the circumstances in clause
(1)(A) or (1)(B) above are not applicable in the case of such Designated Subsidiary.

Section 2.20 Swing Line.

     In order to accommodate the Company’s need for short-term revolving credit, Wells Fargo (in
such capacity, the “Swing Line Lender”) may, from time to time and in its sole discretion, make
Advances in Dollars to the Company on the terms and subject to the conditions set forth in this
Section (each a “Swing Line Advance”).

     (a) Swing Line Advances may be made during the period from the date of this Agreement through
and including the Commitment Termination Date.

     (b) The maximum amount of Swing Line Advances that may be outstanding at any given time shall
be $20,000,000; provided, however, that the sum of the Swing Line Advances plus the
aggregate amount of Advances outstanding under Section 2.1 and the L/C Amount shall never exceed
the sum of the Commitment Amounts.

     (c) Each Swing Line Advance shall occur following written or telephonic request to the Swing
Line Lender from any person purporting to be authorized to request Advances on behalf of the
Company. Each such notice or request must be received by the Swing Line Lender no later than 3:00
p.m. on the Business Day on which the Swing Line Advance is to occur and shall specify (i) that the
Company is requesting a Swing Line Advance, and (ii) the amount thereof. Prior to the close of
business on the day it receives the notice or request, the Swing Line Lender shall disburse the
Swing Line Advance by crediting the same to the Company’s demand deposit account maintained with
the Administrative Agent or in such other manner as the Swing Line Lender and the Company may from
time to time agree in writing.

     The Swing Line Lender shall have no obligation to and shall not, disburse any Swing Line
Advance if any condition set forth in Article III has not been satisfied on the day of the
requested Swing Line Advance. Each Swing Line Advance shall be in the amount of $500,000 or an
integral multiple thereof.

     (d) Each Swing Line Advance shall bear interest at an annual rate equal to the Base Rate.
Interest on the Swing Line Advance shall be payable in arrears on the last day of each calendar
quarter, and on the Commitment Termination Date.

     (e) The Swing Line Advances shall, at the option of the Swing Line Lender, be evidenced by and
repayable in accordance with a single promissory note of the Company (the “Swing Line Note”)
payable to the order of the Swing Line Lender, substantially in the form of Exhibit C hereto.

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     (f) The Company shall repay the then-outstanding principal of the Swing Line Advances in full
from time to time on the 15th day and the final day of each month and upon such repayment in full,
shall not request another Swing Line Advance for at least one full Business Day. The Company may
use the proceeds of an Advance made pursuant to Section 2.1 to repay any Swing Line Advance.

     (g) The Swing Line Lender may at any time and from time to time (whether before or after the
occurrence of an Event of Default), by notice to the Administrative Agent not later than 1:00 p.m.
on any Business Day, request that the Lenders refund the Swing Line Advance by making Advances to
the Company pursuant to Section 2.1 in an aggregate principal amount equal to the then outstanding
principal amount of the Swing Line Advances plus interest accrued thereon to and including the date
of such notice and request. Upon receiving such notice and request, and in any event not later
than 2:00 p.m. on the date of the notice and request, the Administrative Agent shall notify each
Lender of the amount of the requested Borrowing, that the proceeds of the Borrowing are to be used
to repay a Swing Line Advance and of the amount of each Lender’s Advance with respect thereto.
Unless one of the events described in Sections 7.1(h) or (i) shall have occurred with respect to
the Company, then subject to the provisions of Section 2.20(i) below, so long as a Lender receives
such notice from the Administrative Agent prior to 2:00 p.m. on the date the requested Borrowing is
to occur, each Lender shall make its Advance with respect to that Borrowing available to the
Administrative Agent by wire transfer of immediately available funds to the Administrative Agent
not later than 3:00 p.m. on the same day. Prior to the close of business on the same day, the
Administrative Agent will disburse the Borrowing by crediting the same to the account of the Swing
Line Lender. Any Advances made by Lenders pursuant to this Section 2.20(g) shall initially bear
interest at the Base Rate, but the rate of interest that applies to such Advances may be converted
pursuant to Section 2.3(d), and such Advances shall in all other respects be treated in the same
manner as Advances made pursuant to Section 2.1. Each Lender acknowledges and agrees that its
obligation to refund Swing Line Advances in accordance with the terms of this Section is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including, without
limitation, non-satisfaction of the conditions set forth in Article III.

     (h) The Company may prepay any Swing Line Advance on the Business Day it is made or on any
subsequent Business Day; provided, however, that each such prepayment shall be in
the principal amount of $500,000 or an integral multiple thereof.

     (i) In the event that one of the Events of Default described in Sections 7.1(h) or (i) shall
have occurred, the Administrative Agent shall immediately notify the Swing Line Lender and the
Lenders, and, if any Swing Line Advances or interest thereon is outstanding on such day it receives
notice, each Lender will purchase from the Swing Line Lender an undivided participation interest in
the Swing Line Advance and interest thereon in an amount equal to its Percentage of such Swing Line
Advance. Upon request, each Lender will promptly transfer to the Swing Line Lender, in immediately
available funds, the amount of its participation and upon receipt thereof the Swing Line Lender
will deliver to such Lender a loan participation certificate, dated the date of receipt of such
funds and in such amount. Thereafter, the Swing Line Lender shall make no further Swing Line
Advances, any payments received directly by the Swing Line Lender with respect to the Swing Line
Advances shall be treated as excess payments subject to

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Section 8.4, and all other payments made by the Company shall be applied in the manner
required by Section 8.2.

     (j) Any Swing Line Advances that are outstanding on the Commitment Termination Date shall be
paid in full on such date, with all accrued interest.

     (k) No Borrower other than the Company may borrow any Swing Line Advance.

Section 2.21 Substitution of Lender.

     Upon the receipt by the Company from any Lender (an “Affected Lender”) of a notice of
illegality under Section 2.3(e) or a claim for compensation under Sections 2.17 or 2.18, or if any
Lender shall be a Defaulting Lender, the Company may: (a) request that one or more of the other
Lenders assume all or part of such Affected Lender’s or Defaulting Lender’s Advances and Commitment
(which request each such other Lender may decline or agree to in its sole discretion); or (b)
designate a replacement bank or other entity satisfactory to the Company to acquire and assume all
or part of such Affected Lender’s or Defaulting Lender’s Advances and Commitment at the face amount
thereof (a “Substitute Lender”). Any such designation of a Substitute Lender under clause (b)
shall be subject to the prior written consent of the Administrative Agent (which consent shall not
unreasonably be withheld). Any transfer of Advances or Commitments pursuant to this Section shall
be made in accordance with Section 9.8, and the Affected Lender or Defaulting Lender, as applicable
shall be entitled to payment in full of the principal amount of its outstanding Advances, all
accrued interest thereon, and all accrued fees to the date of such transfer. Upon the receipt by
the Company from the Issuing Bank of a claim for compensation under Sections 2.17 or 2.18, the
Company may elect to replace the Issuing Bank as such by designating another Lender (which has
consented to such designation) to act as Issuing Bank, whereupon such other Lender shall act as the
Issuing Bank and have the rights and obligations of the Issuing Bank; provided, however, that (i)
such replacement shall not diminish or impair the rights of the replaced Issuing Bank or the
obligations of the Borrowers and the other Lenders relative to Letters of Credit issued by the
replaced Issuing Bank prior to its replacement and (ii) the new Issuing Bank shall not have the
rights or obligations of the “Issuing Bank” relative to Letters of Credit issued by its predecessor
Issuing Bank.

Section 2.22 Increase of Aggregate Commitment Amount.

     (a) So long as no Default or Event of Default has occurred and is continuing, the Company may
by written notice to the Administrative Agent, propose to increase the Aggregate Commitment Amount
by a multiple of $5,000,000 that is not less than $10,000,000 and not greater than $100,000,000
(the amount of any such increase, the “Additional Commitment Amount”). In no event shall any such
increase cause the Aggregate Commitment Amount to exceed the Maximum Aggregate Commitment Amount.
Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Company
proposes that any Additional Commitment Amount shall be effective, which shall be a date not less
than thirty (30) days after the date on which such notice is delivered to Administrative Agent.
The Company may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any
other Person reasonably satisfactory to the Administrative Agent, the Issuing Bank and the Swing
Line

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Lender, to provide an Additional Commitment Amount (any such Person, an “Incremental Lender”).
Any Lender or any Incremental Lender offered or approached to provide all or a portion of any
Additional Commitment Amount may elect or decline, in its sole discretion, to provide such
Additional Commitment Amount. Any Additional Commitment Amount shall become effective as of such
Increased Amount Date; provided that:

	 	(i)	 	no Default or Event of Default shall exist on such Increased
Amount Date before or after giving effect to any Additional Commitment Amount;
	 
	 	(ii)	 	any loan made pursuant to such Additional Commitment Amount
(each an “Incremental Advance”) shall be a “Revolving Advance” for all purposes
hereof and shall be subject to the same terms and conditions as the Revolving
Advances and shall be guaranteed to the same extent as the other Credit
Extensions on a pari passu basis;
	 
	 	(iii)	 	such Additional Commitment Amounts shall be effected pursuant
to one or more agreements in form and substance satisfactory to the
Administrative Agent and the Borrowers executed and delivered by the Borrowers,
the Administrative Agent and the applicable Incremental Lenders (which
agreement or agreements may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be
necessary or appropriate, in the opinion of the Administrative Agent, to effect
the provisions of this Section 2.22); and
	 
	 	(iv)	 	the Company shall deliver or cause to be delivered any
customary legal opinions or other documents (including, without limitation, a
resolution duly adopted by the board of directors (or equivalent governing
body) of the Company authorizing such Incremental Advances (for the avoidance
of doubt, resolutions duly adopted by the board of directors (or equivalent
governing body)) of the Company delivered pursuant to Section 3.1(c) which
authorize such Incremental Advances shall be sufficient as to the Company so
long as such resolutions are certified as of the applicable Increased Amount
Date as remaining in full force and effect) reasonably requested by the
Administrative Agent in connection with any such transaction.

     (b) The outstanding Revolving Advances and Percentages of Swing Line Advances and L/C Amounts
will be reallocated by the Administrative Agent on the applicable Increased Amount Date among the
Lenders (including the Incremental Lenders) in accordance with their revised Percentages (and the
Lenders (including the Incremental Lenders) agree to make all payments and adjustments necessary to
effect such reallocation and the Company shall pay any and all costs required pursuant to Section
2.16 in connection with such reallocation as if such reallocation were a repayment).

     (c) On any Increased Amount Date on which any Additional Commitment Amount becomes effective,
each Incremental Lender with an Additional Commitment Amount shall become a Lender hereunder with
respect to such Additional Commitment Amount. Thereafter it

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shall be entitled to the same voting rights as the existing Lenders and shall be included in
any determination of the Required Lenders. The Incremental Lenders will not constitute a separate
voting class for any purposes under this Agreement.

     (d) In no event shall the Company make more than three requests for an Additional Commitment
Amount pursuant to this Section 2.22.

ARTICLE III

Conditions Precedent

Section 3.1 Conditions to Effectiveness and Initial Credit Extensions.

     The obligation of the Lenders to consummate this Agreement and to make or participate in the
initial Credit Extension is subject to the delivery of the below documents, each in form and
substance satisfactory to the Administrative Agent, and the satisfaction of the other conditions
below:

     (a) This Agreement, duly executed by the Company, the Administrative Agent and each of the
Lenders.

     (b) Any Notes requested by Lenders pursuant to Section 2.1, dated the date hereof and properly
executed on behalf of the Company.

     (c) A certificate of the secretary or an assistant secretary of the Company (i) certifying
that the execution, delivery and performance of the Loan Documents and other documents contemplated
hereunder have been duly approved by all necessary action of the Governing Board of the Company,
and attaching true and correct copies of the applicable resolutions granting such approval, (ii)
certifying that attached to such certificate are true and correct copies of the Organizational
Documents of the Company (in the case of the articles of incorporation of the Company, certified as
of April 30, 2010 by the Secretary of State of its jurisdiction of incorporation and certified by
the secretary or an assistant secretary of the Company as not having been amended or modified since
such date), together with such copies, and (iii) certifying the names of the officers of the
Company who are authorized to sign the Loan Documents and other documents contemplated hereunder,
together with the true signatures of such officers.

     (d) A certificate from the president or Responsible Officer of the Company to the effect that
(i) all representations and warranties of the Company contained in this Agreement and the other
Loan Documents are correct on and as of the Effective Date (except to the extent any such
representation or warranty relates solely to an earlier date), and (ii) No event has occurred and
is continuing, or would result from any Credit Extension being made on the date hereof, which
constitutes a Default or an Event of Default.

     (e) A certificate of good standing of the Company from the Secretary of State of its
jurisdiction of incorporation, dated not more than ten days before the date hereof.

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     (f) A signed copy of an opinion of John L. Hammond, Vice President, Secretary and General
Counsel of the Company, addressed to the Administrative Agent and the Lenders and in form and
substance satisfactory to the Administrative Agent.

     (g) All existing indebtedness of the Borrowers and its Subsidiaries under the Existing Credit
Agreement (except contingent reimbursement obligations in respect of the Existing Letters of
Credit) and Term Agreement shall be repaid in full and all commitments under such agreements shall
be terminated and the Administrative Agent shall have received pay-off letters in form and
substance satisfactory to it evidencing such repayment and termination.

     (h) The Company shall have paid all fees required to be paid as of the date hereof under this
Agreement or the Fee Letter, including fees of counsel for the Administrative Agent for which a
statement has been received.

     (i) Such other documents (including “know your customer” information) as the Administrative
Agent or the Required Lenders may reasonably deem necessary or advisable in connection with the
initial Credit Extensions.

Section 3.2 Additional Conditions Precedent to Credit Extensions to Designated Subsidiaries.

     The obligation of the Lender Parties to provide any Credit Extension to any Designated
Subsidiary is subject to the further condition precedent that the Administrative Agent shall have
received, on or before the day of the first Credit Extension to such Designated Subsidiary, all of
the following, in form and substance reasonably satisfactory to the Administrative Agent;

     (a) A Designation Letter, duly executed by such Designated Subsidiary and the Company.

     (b) A certificate of an appropriate officer (or individual performing the function thereof) of
such Designated Subsidiary (i) certifying that the execution, delivery and performance of the Loan
Documents and other documents contemplated hereunder have been duly approved by all necessary
action of the Governing Board of such Designated Subsidiary, and attaching true and correct copies
of the applicable resolutions granting such approval, (ii) certifying that attached to such
certificate are true and correct copies of the Organizational Documents of such Designated
Subsidiary, together with such copies, and (iii) certifying the names of the officers of such
Designated Subsidiary who are authorized to sign the Designation Letter and other documents
contemplated hereunder, together with the true signatures of such officers.

     (c) A certificate of good standing (or equivalent certificate or confirmation, in each case to
the extent available in the applicable jurisdiction) of such Designated Subsidiary, dated not more
than ten days before such date.

     (d) A signed copy of an opinion of counsel for such Designated Subsidiary, addressed to the
Administrative Agent and the Lenders, opining as to the due execution, delivery and enforceability
of the Loan Documents to which such Designated Subsidiary is a party and as to such other matters
as the Administrative Agent may reasonably request.

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     (e) To the extent not previously delivered, such documents as are required by Section 2.19(a).

     (f) Such other documents (including “know your customer” information) as the Administrative
Agent or the Required Lenders may reasonably deem necessary or advisable in connection with the
initial Credit Extension to such Designated Subsidiary.

Section 3.3 Conditions Precedent to All Credit Extensions.

     The obligation of the Lender Parties to provide any Credit Extension is subject to the further
conditions precedent that on the date of such Credit Extension:

     (a) The representations and warranties contained in Article IV are correct on and as of the
date of such Credit Extension as though made on and as of such date, except to the extent that such
representations and warranties relate solely to an earlier date.

     (b) The Borrower requesting such Credit Extension has delivered to the Administrative Agent a
certificate in the form of Exhibit F hereto, duly executed by a person authorized to request Credit
Extensions on behalf of that Borrower.

     (c) No event has occurred and is continuing, or would result from such Credit Extension, which
constitutes a Default or an Event of Default.

ARTICLE IV

Representations and Warranties

     The Company represents and warrants to the Lenders as follows:

Section 4.1 Corporate Existence and Power.

     The Company and its Subsidiaries are each corporations duly incorporated, validly existing and
in good standing under the laws of their respective jurisdictions of incorporation, and are each
duly licensed or qualified to transact business in all jurisdictions where the character of the
property owned or leased or the nature of the business transacted by them makes such licensing or
qualification necessary, except where the failure to be so licensed or qualified (a) will not
permanently preclude the Company or any Subsidiary from maintaining any material action in any such
jurisdiction even though such action arose in whole or in part during the period of such failure,
and (b) will not result in any other Material Adverse Change. The Company has (and, upon becoming
a Borrower hereunder, each Designated Subsidiary will have) all requisite power and authority,
corporate or otherwise, to conduct its business, to own its properties and to execute and deliver,
and to perform all of its obligations under, the Loan Documents.

Section 4.2 Authorization of Borrowing; No Conflict as to Law or Agreements.

     The execution, delivery and performance by the Borrowers of the Loan Documents, the borrowings
from time to time hereunder, the issuance of the Notes, and the consummation of the transactions
herein and therein contemplated, have been duly authorized by all necessary

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corporate action and do not and will not (a) require any consent or approval of the
stockholders of any Borrower, or any authorization, consent, approval, order, filing, registration
or qualification by or with any governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, other than those consents described in Schedule 4.2, each of
which has been obtained and is in full force and effect, (b) violate any provision of any law, rule
or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal
Reserve System and Section 7 of the Exchange Act or any regulation promulgated thereunder) or of
any order, writ, injunction or decree presently in effect having applicability to any Borrower or
of the Organizational Documents of any Borrower, (c) result in a breach of or constitute a default
under any indenture or loan or credit agreement or any other material agreement, lease or
instrument to which the Company or any Subsidiary is a party or by which it or its properties may
be bound or affected, or (d) result in, or require, the creation or imposition of any Lien or other
charge or encumbrance of any nature upon or with respect to any of the properties now owned or
hereafter acquired by the Company or any Subsidiary.

Section 4.3 Legal Agreements.

     This Agreement and the other Loan Documents constitute the legal, valid and binding
obligations of the Borrowers, enforceable against the Borrowers in accordance with their respective
terms, except to the extent that such enforcement may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally or by general equitable
principles.

Section 4.4 Subsidiaries.

     Schedule 4.4 hereto is a complete and correct list of all Subsidiaries as of the date of this
Agreement and of the percentage of the ownership of the Company or any other Subsidiary in each as
of the date of this Agreement. Except as otherwise indicated in that Schedule, all shares of each
Subsidiary owned by the Company or by any such other Subsidiary are validly issued and fully paid
and non-assessable.

Section 4.5 Financial Condition.

     The Company has heretofore furnished to the Lenders the audited consolidated financial
statements of the Company and its Subsidiaries for the year ended December 31, 2010. Those
financial statements fairly present in all material respects the financial condition of the Company
on the date thereof and the results of its operations and cash flows for the period then ended, and
were prepared in accordance with GAAP. The information, exhibits and reports furnished by the
Company to the Lender Parties, taken as a whole, in connection with the negotiation of or
compliance with the Loan Documents did not contain any material misstatement of fact or omit to
state a material fact or any fact necessary to make the statements contained therein not
misleading.

Section 4.6 Adverse Change.

     There has been no Material Adverse Change between December 31, 2010 and the date of this
Agreement.

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Section 4.7 Litigation.

     Except as set forth in Schedule 4.7, there are no actions, suits or proceedings pending or, to
the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or the
properties of the Company or any Subsidiary before any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, which could reasonably
be expected to effect a Material Adverse Change. Other than any liability incident to any
litigation, arbitration or proceeding which could not reasonably be expected to effect a Material
Adverse Change, the Company knows of no material contingent obligations not provided for or
disclosed in the financial statements referred to in Section 4.5.

Section 4.8 Hazardous Substances.

     Except as set forth in Schedule 4.8, to the best of the Company’s knowledge, (a) neither the
Company nor any Subsidiary or other Person has ever caused or permitted any Hazardous Substance to
be disposed of on, under or at any real property which is operated by the Company or any Subsidiary
or in which the Company or any Subsidiary has any interest, except to the extent that such disposal
can not reasonably be expected to result in a Material Adverse Change; and (b) no such real
property has ever been used (either by the Company or by any Subsidiary or other Person) as a dump
site or permanent or temporary storage site for any Hazardous Substance in a manner that could
reasonably be expected to result in a Material Adverse Change.

Section 4.9 Regulation U.

     Neither the Company nor any Subsidiary is engaged in the business of extending credit for the
purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used
to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing
or carrying any margin stock.

Section 4.10 Taxes.

     The Company and its Subsidiaries have each paid or caused to be paid to the proper authorities
when due all federal and all material state and local taxes required to be withheld and paid by
them. The Company and its Subsidiaries have each filed all federal, state and local tax returns
which to the knowledge of the officers of the Company or any Subsidiary are required to be filed,
and the Company and its Subsidiaries have each paid or caused to be paid to the respective taxing
authorities all taxes as shown on said returns or on any assessment received by it to the extent
such taxes have become due, other than taxes whose amount, applicability or validity is being
contested in good faith by appropriate proceedings and for which the Company or applicable
Subsidiary has provided adequate reserves in accordance with GAAP and to the extent that nonpayment
would not result in a Material Adverse Change.

Section 4.11 Burdensome Restrictions.

     Neither the Company nor any Subsidiary is a party to or bound by any agreement, or subject to
any restriction in any Organizational Document, or any requirement of law, which would reasonably
be expected to effect a Material Adverse Change. Neither the Company nor

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any Subsidiary is a party to any presently effective agreement that, if entered into after the
date hereof, would constitute a breach of Section 6.7.

Section 4.12 Titles and Liens.

     The Company or one of its Subsidiaries has good title to each of the properties and assets
material to the operations of the Company and its Subsidiaries, taken as a whole, which it purports
to own or which are reflected as owned on its books and records, in each case free and clear of all
Liens and encumbrances, except for Liens and encumbrances permitted by Section 6.1 and covenants,
restrictions, rights, easements and irregularities in title which do not materially interfere with
the business or operations of the Company and its Subsidiaries taken as a whole.

Section 4.13 ERISA.

     The present value of all accumulated benefit obligations under each Plan (based on assumptions
used for purposes of FASB No. 87) did not, as of any January 1, hereafter exceed by more than
$20,000,000 the value of the assets of such Plan, and the present value of all accumulated benefit
obligations of all under funded Plans (based on FASB No. 87 assumptions) did not, as of any January
1, hereafter, exceed by more than $20,000,000 the value of the assets of all under funded Plans,
and no liability to the Pension Benefit Guaranty Corporation or the Internal Revenue Service in
excess of such amount has been, or is expected by the Company or any Subsidiary or ERISA Affiliate
to be, incurred with respect to any Plan that could become a liability of the Company or any
Subsidiary except to the extent that any such circumstance could not reasonably be expected to
result in a Material Adverse Change. Except as disclosed in Company’s financial statements,
neither the Company nor any Subsidiary has any contingent liability with respect to any
post-retirement benefit under a Welfare Plan in excess of $20,000,000, other than liability for
continuation coverage described in Part 6 of Subtitle B of Title I of ERISA.

Section 4.14 Investment Company Act.

     No Borrower is, and no Borrower will at any time be, an “investment company,” as such term is
defined in the Investment Company Act.

Section 4.15 Solvency.

     Each Borrower is and, upon the making of any Advance and the issuance of any Letter of Credit,
will be, Solvent.

Section 4.16 Swap Obligations.

     Neither the Company nor any of its Subsidiaries has incurred any outstanding obligations under
any Swap Contracts, other than Permitted Swap Obligations.

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Section 4.17 Insurance.

     The properties of the Company and its Subsidiaries are insured with responsible and reputable
insurance companies not Affiliates of the Company, in such amounts, with such deductibles and
covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where the Company and such Subsidiaries operate.

Section 4.18 Compliance With Laws.

     The Company and its Subsidiaries have complied with all applicable statutes, rules,
regulations, orders and restrictions of any domestic or foreign government or any instrumentality
or agency thereof having jurisdiction over the conduct of their respective businesses or the
ownership of their respective properties, assets and rights, where failure to comply would result
in a Material Adverse Change.

Section 4.19 No Contractual Default.

     Neither the Company nor any Subsidiary is in violation of any term of any contract, agreement,
judgment or decree, the violation of which would (individually or together with all other such
violations in existence) result in a Material Adverse Change.

ARTICLE V

Affirmative Covenants of the Company

     So long as any Obligations (other than obligations of indemnification described in Section 9.6
that are not then due and payable) remain unpaid or any Commitment or L/C Amount shall be
outstanding, the Company will comply with the following requirements, unless the Required Lenders
shall otherwise consent in writing:

Section 5.1 Financial Statements.

     The Company will deliver to the Administrative Agent and each Lender:

     (a) As soon as available, and in any event within 90 days after the end of each fiscal year of
the Company, a copy of the annual audit report of the Company and its Subsidiaries prepared by
nationally recognized independent certified public accountants, which annual report shall include
the balance sheet of the Company and its Subsidiaries as at the end of such fiscal year and the
related statements of income, shareholders’ equity and cash flows of the Company and its
Subsidiaries for the fiscal year then ended, all presented on a consolidated basis in reasonable
detail and all prepared in accordance with GAAP.

     (b) As soon as available and in any event within 60 days after the end of each of the first
three quarters of each fiscal year of the Company, the balance sheet of the Company and its
Subsidiaries as at the end of such quarter and related statements of earnings and cash flows of the
Company and its Subsidiaries for such quarter and for the year to date, in reasonable detail and
prepared on a consolidated basis in accordance with GAAP, subject to year-end adjustments.

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     (c) Concurrent with the delivery of any financial statements under paragraph (a) or (b), a
Compliance Certificate, duly executed by the chief financial officer or treasurer of the Company.

     (d) Promptly after the sending or filing thereof, copies of all regular and periodic financial
reports which the Company or any Subsidiary shall file with the SEC or any national securities
exchange.

     (e) Immediately after the commencement thereof, notice in writing of all litigation and of all
proceedings before any governmental or regulatory agency affecting the Company or any Subsidiary of
the type described in Section 4.7 or which seek a monetary recovery against the Company or any
Subsidiary combined in excess of $10,000,000.

     (f) As promptly as practicable (but in any event not later than five Business Days) after an
officer of the Company obtains knowledge of the occurrence of any Default or Event of Default,
notice of such occurrence, together with a detailed statement by a Responsible Officer of the
Company of the steps being taken by the Company to cure the effect of such event.

     (g) Promptly upon becoming aware of any Reportable Event or the occurrence of a prohibited
transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in connection with any
Plan or any trust created thereunder, which could reasonably be expected to result in a liability
to Company or any Subsidiary in excess of $20,000,000, a written notice specifying the nature
thereof, what action the Company has taken, is taking or proposes to take with respect thereto,
and, when known, any action taken or threatened by the Internal Revenue Service, the Pension
Benefit Guaranty Corporation or the Department of Labor with respect thereto.

     (h) Promptly upon their receipt, copies of (i) all notices received by the Company, any
Subsidiary or ERISA Affiliate of the Pension Benefit Guaranty Corporation’s intent to terminate any
Plan or to have a trustee appointed to administer any Plan, and (ii) all notices received by the
Company, any Subsidiary or any ERISA Affiliate from a Multiemployer Plan concerning the imposition
or amount of withdrawal liability imposed pursuant to Section 4202 of ERISA, which withdrawal
liability individually or in the aggregate exceeds 20,000,000.

     (i) All notices required to be delivered under Section 9.14.

     (j) Such other information respecting the financial condition and results of operations of the
Company or any Subsidiary as any Lender may from time to time reasonably request.

     Documents required to be delivered pursuant to this Article may be delivered electronically
and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company
posts such documents, or provides a link thereto on the Company’s website on the Internet at the
website address of sensient-tech.com; or (ii) on which such documents are posted on the
Company’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided that: (i) the Company shall deliver paper copies of
such documents to the Administrative Agent or any Lender if the Administrative Agent or such
Lender, as the case may be, requests the Company to deliver such paper copies until a

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written request to cease delivering paper copies is given by the Administrative Agent or such
Lender, as applicable, and (ii) the Company shall notify the Administrative Agent (by telecopier or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Company shall be required to provide paper copies
of the officer’s Compliance Certificates required by Section 5.1(c) to the Administrative Agent.
Except for such officer’s Compliance Certificates, the Administrative Agent shall have no
obligation to request the delivery or to maintain copies of the documents referred to above, and in
any event shall have no responsibility to monitor compliance by the Company with any such request
for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents.

Section 5.2 Books and Records; Inspection and Examination.

     The Company will keep, and will cause each Subsidiary to keep, accurate books of record and
account for itself in which true and complete entries will be made in accordance with GAAP. Upon
request of any Applicable Party, as defined below, the Company will, and will cause each Subsidiary
to, give any representative of such Applicable Party access to, and permit such representative to
examine, copy or make extracts from, any and all books, records and documents in its possession
(except to the extent that such access is restricted by law or by a bona fide non-disclosure
agreement not entered into primarily for the purpose of evading the requirements of this Section),
to inspect any of its properties (subject to such physical security requirements as the Company or
the applicable Subsidiary may require) and to discuss its affairs, finances and accounts with any
of its principal officers, all at such times during normal business hours, upon reasonable notice,
and as often as such Applicable Party may reasonably request. As used in this Section 5.2,
“Applicable Party” means (a) so long as any Event of Default has occurred and is continuing, the
Administrative Agent or any Lender, and (b) at all other times, the Administrative Agent. The
provisions of this Section 5.2 shall in no way preclude any Lender from discussing the general
affairs, finances and accounts of the Company with any of its principal officers at such times
during normal business hours and as often as may be agreed to between the Company and such Lender.

Section 5.3 Compliance with Laws.

     The Company will, and will cause each Subsidiary to, comply with the requirements of
applicable laws and regulations, the non-compliance with which would effect a Material Adverse
Change. In addition, and without limiting the foregoing sentence, the Company will (a) ensure, and
cause each Subsidiary to ensure, that no Person who owns a controlling interest in or otherwise
controls the Company or any Subsidiary is or shall be listed on the Specially Designated Nationals
and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control
(“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not use or permit
the use of the proceeds of any Advance to violate any of the foreign asset control regulations of
OFAC or any enabling statute or Executive Order relating thereto, and (c) comply, and cause each
Subsidiary to comply, with all applicable Bank Secrecy Act laws and regulations, as amended.

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Section 5.4 Payment of Taxes and Other Claims.

     The Company will, and will cause each Subsidiary to, pay or discharge, when due, (a) all
taxes, assessments and governmental charges levied or imposed upon it or upon its income or
profits, or upon any properties belonging to it, prior to the date on which penalties attach
thereto, (b) all federal, state and local taxes required to be withheld by it, and (c) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge
upon any properties of the Company or any Subsidiary; provided, that neither the Company
nor any Subsidiary shall be required to pay any such tax, assessment, charge or claim (i) whose
amount, applicability or validity is being contested in good faith by appropriate proceedings and
for which the Company or such Subsidiary has provided adequate reserves in accordance with GAAP or
(ii) where failure to pay such tax, assessment, charge or claim could not reasonably be expected to
result in a liability in excess of $5,000,000.

Section 5.5 Maintenance of Properties.

     The Company will keep and maintain, and will cause each Subsidiary to keep and maintain, all
of its properties necessary or useful in its business in good condition, repair and working order;
provided, however, that nothing in this Section shall prevent the Company or any
Subsidiary from discontinuing the operation and maintenance of, or disposing of, any of its
properties if (a) (i) such discontinuance or disposition is, in the reasonable judgment of the
Company or that Subsidiary, desirable in the conduct of its business, and (ii) no Default or Event
of Default exists at the time of, or will be caused by, such discontinuance or disposition or (b)
such discontinuance or disposition relates to obsolete or worn-out property.

Section 5.6 Insurance.

     The Company will, and will cause each Subsidiary to, obtain and maintain insurance with
insurers reasonably believed by the Company or such Subsidiary to be responsible and reputable, in
such amounts and against such risks as are consistent with sound business practice.

Section 5.7 Preservation of Corporate Existence.

     The Company will, and will cause each Subsidiary to, preserve and maintain its corporate
existence and all of its rights, privileges and franchises; provided, however, that
neither the Company nor any Subsidiary shall be required to preserve any of its rights, privileges
and franchises or to maintain its corporate existence if (a) its Governing Board shall reasonably
determine that the preservation or maintenance thereof is no longer desirable in the conduct of the
business of the Company or that Subsidiary, and (b) no Default or Event of Default exists upon, or
will be caused by, the termination of such right, privilege, franchise or existence;
provided, further, that in no event shall the foregoing be construed to permit the
Company to terminate its corporate existence.

Section 5.8 Use of Proceeds.

     The Company will, and will cause each Subsidiary to, use the proceeds of the Advances and L/C
Amounts for general corporate purposes (including, without limitation, for the purpose of
refinancing the Existing Credit Agreement and the Term Agreement and/or for the support of

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commercial paper) and to repay outstanding Advances and L/C Amounts. The Company will not,
nor will it permit any Subsidiary to, use any of the proceeds of the Advances and L/C Amounts to
purchase or carry any “margin stock” (as defined in Regulation U) or to make any acquisition of any
corporation, limited liability company or other business entity unless, prior to making such
acquisition, the Company or such Subsidiary shall have obtained written approval from the Governing
Board of such entity.

ARTICLE VI

Negative Covenants

     So long as any Obligations (other than obligations of indemnification described in Section 9.6
that are not then due and payable) remain unpaid or any Commitment or L/C Amount shall be
outstanding, the Company agrees that, without the prior written consent of the Required Lenders:

Section 6.1 Liens.

     The Company will not create, incur, assume or suffer to exist any Lien on any of its assets,
now owned or hereafter acquired, and will not permit any Subsidiary to create, incur, assume or
suffer to exist any Lien on any of such Subsidiary’s assets, now owned or hereafter acquired,
except the following:

     (a) Liens for taxes or assessments or other governmental charges to the extent not required to
be paid by Section 5.4.

     (b) Materialmen’s, merchants’, carriers’ worker’s, repairer’s, or other like liens arising in
the ordinary course of business to the extent not required to be paid by Section 5.4.

     (c) Pledges or deposits to secure obligations under worker’s compensation laws, unemployment
insurance, social security and other similar laws, or to secure the performance of bids, tenders,
contracts (other than for the repayment of borrowed money) or leases or to secure statutory
obligations or surety or appeal bonds, or to secure indemnity, performance or other similar bonds
in the ordinary course of business.

     (d) Zoning restrictions, easements, licenses, restrictions on the use of real property or
minor irregularities in title thereto, which do not materially impair the use of such property in
the operation of the business of the Company and its Subsidiaries taken as a whole or the value of
such property for the purpose of such business.

     (e) Purchase money Liens upon or in property acquired after the date hereof, provided that (i)
such Lien is created not later than the 120th day following the acquisition or completion of
construction of such property by the Company or its applicable Subsidiary, and (ii) no such Lien
extends or shall extend to or cover any property of the Company or its Subsidiaries other than the
property then being acquired, fixed improvements then or thereafter erected thereon and
improvements and modifications thereto necessary to maintain such properties in working order.

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     (f) Liens granted by any Acquisition Target prior to the acquisition by the Company or any
Subsidiary of any interest in such Acquisition Target or its assets, so long as (i) such Lien was
granted by the Acquisition Target prior to such acquisition and not in contemplation thereof, and
(ii) no such Lien extends to any assets of the Company or any Subsidiary other than the assets of
the Acquisition Target and improvements and modifications thereto necessary to maintain such
properties in working order or, in the case of an asset transfer, the assets so acquired by the
Company or the applicable Subsidiary and improvements and modifications thereto.

     (g) Liens (other than those described in subsection (e)) securing any indebtedness for
borrowed money in existence on the date hereof and listed in Schedule 6.1 hereto.

     (h) Liens securing any refinancing of indebtedness secured by the Liens described in
paragraphs (e) and (f), so long as the amount of such indebtedness secured by any such Lien does
not exceed the amount of such refinanced indebtedness immediately prior to the refinancing and such
Liens do not extend to assets other than those encumbered prior to such refinancing and
improvements and modifications thereto.

     (i) Liens granted by any Subsidiary of the Company in favor of the Company or any wholly-owned
Subsidiary of the Company.

     (j) Liens on patents, patent applications, trademarks, trademark applications, trade names,
copyrights, technology and know-how to the extent such Liens arise from the granting (i) of
exclusive licenses with respect to the foregoing if such licenses relate to either (1) intellectual
property which is immaterial and not necessary for the on-going conduct of the businesses of the
Company and its Subsidiaries or (2) uses that would not materially restrict the conduct of the
on-going businesses of the Company and its Subsidiaries and (ii) of non-exclusive licenses to use
any of the foregoing to any Person, in any case in the ordinary course of business of the Company
or any of its Subsidiaries.

     (k) Possessory Liens in favor of lessees or sublessees of properties leased or subleased by
the Company or any of its Subsidiaries to such Persons.

     (l) Liens created on assets transferred to an SPV pursuant to Asset Securitizations (which
assets shall be of the types described in the definition of Asset Securitization contained herein),
securing Attributable Securitization Indebtedness permitted to be outstanding pursuant to Section
6.2.

     (m) Liens not otherwise described in this Section 6.1, so long as the aggregate amount of
indebtedness secured by all such Liens does not at any time exceed 10% of Adjusted Net Worth.

Section 6.2 Sale of Assets.

     The Company will not, and will not permit any Subsidiary to, sell, lease, assign, transfer or
otherwise dispose of (each a “Transfer”) all or a Material Part of the Assets of the Company and
its Subsidiaries (whether in one transaction or in a series of transactions) to any other Person
other than (a) in the ordinary course of business, (b) any transfer of an interest in accounts or

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notes receivable pursuant to an Asset Securitization; provided, that (i) such transfer
qualifies as a sale under GAAP, (ii) the amount of all Attributable Securitization Indebtedness
does not at any time exceed $100,000,000 in the aggregate, (iii) at least 80% of the proceeds of
such transfers are paid in cash and (iv) the Company and its Subsidiaries do not retain a residual
liability therefor in excess of 10% of the amount of any such financing, and (c) dispositions of
property no longer used or useful in the business of the Company or any Subsidiary;
provided, however, that a wholly-owned Subsidiary of the Company may sell, lease,
or transfer all or a substantial part of its assets to the Company or another wholly-owned
Subsidiary of the Company, and the Company or such other wholly-owned Subsidiary, as the case may
be, may acquire all or substantially all of the assets of the Subsidiary so to be sold, leased or
transferred to it, and any such sale, lease or transfer shall not be included in determining if the
Company and/or its Subsidiaries disposed of a Material Part of the Assets. For purposes hereof,
“Material Part of the Assets” means assets (x) which, together with all other assets (in each case
valued at net book value) previously Transferred during the twelve-month period then ending (other
than pursuant to clauses (a) through (c) above), exceed 10% of Consolidated Total Assets or (y)
which, together with all other assets (in each case valued at net book value) previously
Transferred (other than pursuant to clauses (a) through (c) above) during the period from the date
of this Agreement to and including the date of the Transfer of such assets exceed 30% of
Consolidated Total Assets.

Section 6.3 Consolidation and Merger.

     The Company will not consolidate with or merge into any Person, or permit any other Person to
merge into it, or acquire (in a transaction analogous in purpose or effect to a consolidation or
merger) all or substantially all of the assets of any other Person; provided,
however, that the restrictions contained in this Section shall not apply to or prevent the
consolidation or merger of (a) any Person with, or a conveyance or transfer of its assets to, the
Company so long as (i) no Default or Event of Default exists at the time of, or will be caused by,
such consolidation, merger, conveyance or transfer, and (ii) the Company shall be the continuing or
surviving corporation, or (b) the merger of a wholly-owned Subsidiary with the Company, provided
that the Company is the legally surviving entity, or (c) the merger of a wholly-owned Subsidiary
with another wholly-owned Subsidiary.

Section 6.4 Hazardous Substances.

     The Company will not, and will not permit any Subsidiary to, cause or permit any Hazardous
Substance to be disposed of in any manner, or on, under or at any real property which is operated
by the Company or any Subsidiary or in which the Company or any Subsidiary has any interest, if
such disposition could reasonably be expected to result in a Material Adverse Change.

Section 6.5 Restrictions on Nature of Business.

     The Company and its Subsidiaries will not engage in any business materially different from
those businesses in which they are presently engaged.

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Section 6.6 Transactions with Affiliates.

     Neither the Company nor any Subsidiary will make any loan or capital contribution to, or any
other investment in, any Affiliate, or pay any dividend to any Affiliate, or make any other cash
transfer to any Affiliate; provided, however, that the foregoing shall not prohibit
any of the following:

     (a) Transactions made upon fair and reasonable terms no less favorable to the Company or
applicable Subsidiary than would be obtained, taking into account all facts and circumstances, in a
comparable arm’s-length transaction with a Person not an Affiliate.

     (b) Loans or contributions of capital to Subsidiaries, so long as such transaction (if
constituting a sale, lease, assignment, transfer or other disposition of assets) does not violate
Section 6.2 of this Agreement.

Section 6.7 Restrictive Agreements.

     The Company will not, and will not permit any Subsidiary to, enter into any agreement
(excluding this Agreement) limiting the ability of any Subsidiary to make any payments directly or
indirectly to the Company, by way of dividends, advances, repayments of loans or advances,
reimbursements of management and any other intercompany charges, expenses and accruals or other
returns on investments, or any other agreement or arrangement which restricts the ability of any
such Subsidiary to make any payment, directly or indirectly, to the Company.

Section 6.8 Leverage Ratio.

     The Company will not permit its Leverage Ratio, determined as at the end of each fiscal
quarter of the Company, to be greater than 3.50 to 1.

Section 6.9 Fixed Charge Coverage Ratio.

     The Company will not permit its Fixed Charge Coverage Ratio, determined as at the end of each
fiscal quarter of the Company, to be less than 2.00 to 1.

Section 6.10 Adjusted Net Worth.

     The Company will not permit its Adjusted Net Worth, determined as of the end of each fiscal
quarter of the Company, to be less than the greater of (a) $625,000,000 and (b) such greater amount
as may be from time to time required by the terms of any new senior indebtedness or amendments of
existing senior indebtedness of the Company or its Subsidiaries; provided that this Section
6.10 shall cease to be in effect at any time and for so long as no other senior indebtedness of the
Company or its Subsidiaries contains a consolidated net worth — related covenant or default.

Section 6.11 Investments.

     Neither the Company nor any of its Subsidiaries will purchase or hold beneficially any
Investment, except:

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     (a) Investments in its Subsidiaries, including investments in connection with acquisitions.

     (b) Existing investments described on Schedule 6.11.

     (c) Investments in commercial paper of corporations organized under the laws of the United
States or any state thereof maturing in 270 days or less from the date of issuance which, at the
time of acquisition by the Company or any Subsidiary, is accorded a rating of “A-1” by S&P or “P-1”
by Moody’s.

     (d) Investments in direct obligations of the United States of America or any agency or
instrumentality of the United States of America, the payment or guarantee of which constitutes a
full faith and credit obligation of the United States of America, in either case, maturing within
twelve months from the date of acquisition thereof.

     (e) Investments in certificates of deposit and time deposits maturing within one year from the
date of issuance thereof, either (i) issued by a bank or trust company organized under the laws of
the United States or any state thereof, Canada or any province thereof, or any member state of the
European Union as of April 30, 2004 (other than Greece), having in each such case capital, surplus
and undivided profits aggregating at least U.S. $100,000,000 (or the equivalent under local
currency), provided that at the time of acquisition thereof by the Company or a Subsidiary, the
senior unsecured long-term debt of such bank or trust company or of the holding company of such
bank or trust company is rated “A” or better by S&P, or “A2” or better by Moody’s, or (ii) issued
by any bank or trust company organized under the laws of the United States or any state thereof to
the extent that such Investments are fully insured by the Federal Depository Insurance Corporation.

     (f) Investments in repurchase agreements with respect to any Investment described in paragraph
(d) above entered into with a depository institution or trust company of the type described in (e)
above acting as principal, so long as such repurchase agreements are by their terms to be performed
by the repurchase obligor and such repurchase agreements are deposited with a bank or trust company
of the type described in clause (e) above.

     (g) Investments in (i) variable rate demand notes of any state of the United States or any
municipality organized under the laws of any state of the United States or any political
subdivision thereof which, at the time of acquisition by the Company, are accorded either of the
two highest ratings by S&P or Moody’s, Inc., provided that in each such case, such notes permit the
Company to require the issuer thereof to repurchase such notes within not more than 12 months from
the date of acquisition thereof by the Company, and (ii) notes of any state of the United States or
any municipality thereof organized under the laws of any state of the United States or any
political subdivision thereof which are provided unconditional credit support by, and are
unconditionally putable within a period not to exceed one year from the date of acquisition thereof
by the Company or applicable Subsidiary to financial institutions rated “A” or better by S&P or
Moody’s.

     (h) Investments in (i) preferred stocks which, at the date of acquisition by the Company or
any Subsidiary, are accorded one of the three highest ratings by S&P or Moody’s or

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(ii) adjustable rate preferred stock funds rated “A-” or better by S&P or “A-3” or better by
Moody’s.

     (i) Investments by any Foreign Subsidiary in direct obligations of the country in which such
Foreign Subsidiary is organized, in each such case maturing within 12 months from the date of
acquisition thereof by such Foreign Subsidiary.

     (j) Advances in the form of progress payments, prepaid rent or security deposits made or
incurred in the ordinary course of business.

     (k) Investments of the Company and its Subsidiaries not described in the foregoing paragraphs
(a) through (j), so long as the aggregate amount of all such Investments shall not at any time
exceed the greater of (i) U.S. $50,000,000 or (ii) 10% of the aggregate amount of the capital stock
accounts (net of treasury stock, at cost) plus (or minus in the case of a deficit) the surplus and
retained earnings of the Company as determined in accordance with GAAP as at the time of making
such Investment.

Section 6.12 Guarantees.

     Neither the Company nor any of its Subsidiaries will assume, guarantee, endorse or otherwise
become directly or contingently liable in connection with any obligations of any other Person,
except:

     (a) The endorsement of negotiable instruments by the Company or any of its Subsidiaries for
deposit or collection or similar transactions in the ordinary course of business.

     (b) Guaranties, endorsements and other direct or contingent liabilities in connection with the
obligations of other Persons in existence on the date hereof and listed in Schedule 6.12 hereto.

     (c) Contingent obligations (i) of the Company with respect to obligations of its Subsidiaries
and (ii) of any of the Company’s Subsidiaries with respect to obligations of the Company or another
such Subsidiary.

     (d) Contingent obligations with respect to surety, appeal and performance bonds obtained by
the Company or any of its Subsidiaries in the ordinary course of business.

Section 6.13 Priority Debt.

     The Company will not, and will not permit any Subsidiary to, create, issue, assume, guarantee
or otherwise incur or in any manner become liable in respect of any Priority Debt, unless at the
time of creation, issuance, assumption, guarantee or incurrence thereof and after giving effect
thereto and to the application of the proceeds thereof, (a) the aggregate amount of Total Funded
Debt of the Company and its Subsidiaries secured by any Lien created or incurred within the
limitations of Section 6.1 would not exceed 10% of Adjusted Net Worth and (b) the aggregate amount
of all Consolidated Priority Debt (including, without limitation all Total Funded Debt of the
Company and its Subsidiaries secured by any Lien created or incurred within the limitations of
Section 6.1) would not exceed 20% of Adjusted Net Worth.

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ARTICLE VII

Events of Default, Rights and Remedies

Section 7.1 Events of Default.

     “Event of Default”, wherever used herein, means any one of the following events:

     (a) Default in the payment of any principal of any Advance or L/C Amount when it becomes due
and payable; or default in the payment of any other Obligations when the same become due and
payable and the continuance of such default for five Business Days.

     (b) Default in the performance, or breach, of any covenant or agreement on the part of the
Company contained in any of Sections 5.1(f), 6.1 through 6.3, or 6.6 through 6.13, inclusive.

     (c) Default in the performance, or breach, of any covenant or agreement of the Borrowers in
this Agreement or any other Loan Document (excluding any covenant or agreement a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with), and the
continuance of such default or breach for a period of 30 days after the Administrative Agent, at
the request of any Lender, has given notice to the Company specifying such default or breach and
requiring it to be remedied.

     (d) Any representation or warranty made by any Borrower in this Agreement or any other Loan
Document or by any Borrower (or any of its officers) in any certificate, instrument, or statement
contemplated by or made or delivered pursuant to or in connection with this Agreement, shall prove
to have been incorrect in any material respect when made.

     (e) Any Loan Document or any material provision thereof shall for any reason cease to be valid
and binding on any Borrower party thereto or any Borrower shall assert that any Loan Documents are
not enforceable in accordance with their terms.

     (f) A default in the payment when due (after giving effect to any applicable grace periods) of
principal or interest with respect to any item of Total Funded Debt of the Company or any of its
Subsidiaries (other than any Obligations) if the aggregate amount of all such items of Total Funded
Debt as to which such payment defaults exist is not less than $10,000,000.

     (g) A default (other than a default described in paragraph (f)) under any agreement relating
to any item of Total Funded Debt of the Company or any Subsidiary (other than under any of the Loan
Documents) or under any indenture or other instrument under which any such agreement has been
issued or by which it is governed and the expiration of the applicable period of grace, if any,
specified in such agreement if the effect of such default is to cause or to permit the holder of
such item of Total Funded Debt (or trustee or agent on behalf of such holder) to cause such item of
Total Funded Debt to come due prior to its stated maturity (or to cause or to permit the
counterparty in respect of a Swap Contract to elect an early termination date in respect of such
Swap Contract); provided, however, that no Event of Default shall be deemed to have
occurred under this paragraph if the aggregate amount owing as to all such items of Total Funded
Debt as to which such defaults have occurred and are continuing is less than $10,000,000;

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provided, further, that if such default shall be cured by the Company or such
Subsidiary, or waived by the holders of such items of Total Funded Debt or counterparties in
respect of such Swap Contracts, in each case prior to the commencement of any action under Section
7.2 and as may be permitted by such evidence of indebtedness, indenture, other instrument, or Swap
Contract, then the Event of Default hereunder by reason of such default shall be deemed likewise to
have been thereupon cured or waived.

     (h) The Company or any Subsidiary shall be adjudicated a bankrupt or insolvent, or admit in
writing its inability to pay its debts as they mature, or make an assignment for the benefit of
creditors; or the Company or any Subsidiary shall apply for or consent to the appointment of any
receiver, trustee, or similar officer for it or for all or any substantial part of its property; or
such receiver, trustee or similar officer shall be appointed without the application or consent of
the Company or such Subsidiary, and such appointment shall continue undischarged for a period of 60
days; or the Company or any Subsidiary shall institute (by petition, application, answer, consent
or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
dissolution, liquidation or similar proceeding relating to it under the laws of any jurisdiction;
or any such proceeding shall be instituted (by petition, application or otherwise) against the
Company or any Subsidiary and shall continue undischarged for 60 days; or any judgment, writ,
warrant of attachment or execution or similar process shall be issued or levied against a
substantial part of the property of the Company or any Subsidiary and such judgment, writ, or
similar process shall not be released, vacated, stayed or fully bonded within 60 days after its
issue or levy.

     (i) A petition shall be filed by the Company or any Subsidiary under the United States
Bankruptcy Code naming the Company or that Subsidiary as debtor; or an involuntary petition shall
be filed against the Company or any Subsidiary under the United States Bankruptcy Code, and such
petition shall not have been dismissed within 60 days after such filing; or an order for relief
shall be entered in any case under the United States Bankruptcy Code naming the Company or any
Subsidiary as debtor.

     (j) A Change of Control shall occur with respect to the Company.

     (k) The rendering against the Company or any Subsidiary of a final judgment, decree or order
for the payment of money if the amount of such judgment, decree or order, together with the amount
of all other such judgments, decrees and orders then outstanding, less (in each case) the portion
thereof covered by insurance proceeds, is greater than $5,000,000 and if such judgment, decree or
order remains unsatisfied and in effect for any period of 30 consecutive days without a stay of
execution.

     (l) Any Plan shall have been terminated as a result of which the Company or any Subsidiary or
ERISA Affiliate has incurred an unfunded liability in excess of $20,000,000; or a trustee shall
have been appointed by an appropriate United States District Court to administer any Plan or the
Pension Benefit Guaranty Corporation shall have instituted proceedings to terminate any Plan or to
appoint a trustee to administer any Plan and in either case such action could reasonably be
expected to result in liability to the Company or any Subsidiary in excess of $20,000,000, or the
Company or any Subsidiary or ERISA Affiliate shall have incurred withdrawal liability in excess of
$20,000,000 in respect of any Multiemployer Plan; or the

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Company or any Subsidiary or ERISA Affiliate shall have incurred any joint and several
liability to the Internal Revenue Service or the Department of Labor, or the Company or any
Subsidiary shall have incurred any other liability to the Internal Revenue Service or the
Department of Labor, in excess of $20,000,000 with respect to any Plan; or any Reportable Event
that the Required Lenders may determine in good faith could reasonably be expected to constitute
grounds for the termination of any Plan by the Pension Benefit Guaranty Corporation, for the
appointment by the appropriate United States District Court of a trustee to administer any Plan or
for the imposition of withdrawal liability with respect to a Multiemployer Plan, and which, in any
such case, could reasonably be expected to result in liability to Company or any Subsidiary or
ERISA Affiliate in excess of $20,000,000, shall have occurred and be continuing 30 days after
written notice to such effect shall have been given to the Company by the Lenders;
provided, however, that no Event of Default shall be deemed to have occurred under
this paragraph unless such event or events describe in this paragraph (either individually or
together) with any other such event or events, could reasonably be expected to result in a Material
Adverse Change.

     (m) Any court, government or governmental agency shall condemn, seize or otherwise
appropriate, or take custody or control of, all or any Material Part of the Assets (as defined in
Section 6.2) of the Company and its Subsidiaries.

     (n) Failure of the Borrowers to maintain or deposit in the Cash Collateral Account on or after
the fifth Business Day preceding the Commitment Termination Date (or earlier, if required by
Section 7.2(c)) an amount equal to the face amount of all outstanding Letters of Credit.

Section 7.2 Rights and Remedies.

     Upon the occurrence of an Event of Default or at any time thereafter until such Event of
Default is waived by the Required Lenders or cured, the Administrative Agent may, with the consent
of the Required Lenders, and shall, upon the request of the Required Lenders, exercise any or all
of the following rights and remedies:

     (a) The Administrative Agent may, by notice to the Company, declare the Commitments, the Swing
Line Lender’s commitment under Section 2.20 and the Issuing Bank’s commitment under Section 2.7 to
be terminated, whereupon the same shall forthwith terminate.

     (b) The Administrative Agent may, by notice to the Company, declare the entire unpaid
principal amount of the Obligations then outstanding, all interest accrued and unpaid thereon, and
all other amounts payable under this Agreement to be forthwith due and payable, whereupon the
Obligations, all such accrued interest and all such amounts shall become and be forthwith due and
payable, without presentment, demand, protest or further notice of any kind, all of which are
hereby expressly waived by the Borrowers.

     (c) If any Letter of Credit remains outstanding, the Administrative Agent may, by notice to
the Company, require the Borrowers to deposit in the Cash Collateral Account immediately available
funds equal to the aggregate face amount of all such outstanding Letters of Credit (less any
amounts then on deposit in the Cash Collateral Account). Such funds shall be deposited (i) with
respect to each Alternative Currency Letter of Credit, in the applicable

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Alternative Currency, and (ii) with respect to each Letter of Credit denominated in Dollars,
in Dollars.

     (d) The Lenders may, without notice to the Borrowers and without further action, apply any and
all money owing by any Lender to any Borrower to the payment of the Obligations then outstanding,
including interest accrued thereon, and of all other sums then owing by the Borrowers hereunder.
For purposes of this paragraph (d), “Lender” means the Lenders, as defined elsewhere in this
Agreement, and any participant in the loans made hereunder; provided, however, that
each such participant, by exercising its rights under this paragraph (d), agrees that it shall be
obligated under Section 8.4 with respect to such payment as if it were a Lender for purposes of
that Section.

     (e) The Administrative Agent may exercise and enforce all rights and remedies available to it
in respect of the Cash Collateral Account.

     (f) The Administrative Agent, the Swing Line Lender, the Issuing Bank and the Lenders may
exercise any other rights and remedies available to them by law or agreement.

Notwithstanding the foregoing, upon the occurrence of an Event of Default described in Section
7.1(i) hereof (whether or not such Event of Default also arises under Section 7.1(h) hereof), the
Commitments shall terminate and the entire unpaid principal amount of the Obligations then
outstanding, all interest accrued and unpaid thereon, and all other amounts payable under this
Agreement shall be immediately due and payable without presentment, demand, protest or notice of
any kind.

Section 7.3 Pledge of Cash Collateral Account.

     The Borrowers hereby pledge, and grant the Administrative Agent, as agent for the Lenders,
including the Issuing Bank, a security interest in, all sums held in the Cash Collateral Account
from time to time and all proceeds thereof as security for the payment of the Obligations,
specifically including (without limitation) the Borrowers’ obligation to reimburse the Issuing Bank
for any amount drawn under any Letter of Credit, whether such reimbursement obligation arises
directly under this Agreement or under a separate reimbursement agreement. Upon request of the
Company, the Administrative Agent shall permit the Borrowers to withdraw from the Cash Collateral
Account, so long as no Default or Event of Default then exists, the lesser of (a) the Excess
Balance (as defined below), or (b) the balance of the Cash Collateral Account. If a Default or
Event of Default then exists, the Administrative Agent shall, upon the request of the Company,
apply the Excess Balance to the payment of the Obligations. As used herein, “Excess Balance” means
(y) after the fifth Business Day preceding the Commitment Termination Date, the amount by which the
balance of the Cash Collateral Account exceeds the L/C Amount, and (z) prior to the fifth Business
Day preceding the Commitment Termination Date, the balance of the Cash Collateral Account. The
Administrative Agent shall have full control of the Cash Collateral Account, and, except as set
forth above, the Borrowers shall have no right to withdraw the funds maintained in the Cash
Collateral Account.

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Section 7.4 Crediting of Payments and Proceeds.

     In the event that the Obligations have been accelerated pursuant to Section 7.2 or the
Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any
other Loan Document, all payments received by the Lenders upon the Obligations having been
accelerated and all net proceeds from the enforcement of the Obligations shall be applied:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts, including attorney fees, payable to the Administrative Agent in its
capacity as such, the Issuing Bank in its capacity as such and the Swing Line Lender in its
capacity as such (ratably among the Administrative Agent, the Issuing Bank and Swing Line Lender in
proportion to the respective amounts described in this clause First payable to them);

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders under the Loan
Documents, including attorney fees (ratably among the Lenders in proportion to the respective
amounts described in this clause Second payable to them);

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Advances and outstanding L/C Amounts (ratably among the Lenders in proportion to
the respective amounts described in this clause Third payable to them);

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Advances and unpaid L/C Amounts (ratably among the Lenders, in proportion to the respective
amounts described in this clause Fourth held by them);

     Fifth, to the Administrative Agent for the account of the Issuing Bank, to cash
collateralize any Letter of Credit Obligations then outstanding; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrowers or as otherwise required by applicable law.

ARTICLE VIII

The Administrative Agent

Section 8.1 Authorization.

     Each Lender, the holder of each Note and the Issuing Bank irrevocably appoints and authorizes
the Administrative Agent to act on its behalf to the extent provided herein or in any document or
instrument delivered hereunder or in connection herewith, and to take such other action as may be
reasonably incidental thereto.

Section 8.2 Distribution of Payments and Proceeds.

     (a) After deduction of any costs of collection as hereinafter provided, the Administrative
Agent shall remit to each Lender that Lender’s Percentage of all payments of principal, interest,
Letter of Credit fees payable under Section 2.7(e) and facility fees payable under Section 2.8 that
are received by the Administrative Agent under the Loan Documents.

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Each Lender’s interest in the Loan Documents shall be payable solely from payments,
collections and proceeds actually received by the Administrative Agent under the Loan Documents;
and the Administrative Agent’s only liability to the Lenders hereunder shall be to account for each
Lender’s Percentage of such payments, collections and proceeds in accordance with this Agreement.
If the Administrative Agent is ever required for any reason to refund any such payments,
collections or proceeds, each Lender will refund to the Administrative Agent, upon demand, its
Percentage of such payments, collections or proceeds, together with its Percentage of interest or
penalties, if any, payable by the Administrative Agent in connection with such refund. The
Administrative Agent may, in its sole discretion, make payment to the Lenders in anticipation of
receipt of payment from the Borrowers. If the Administrative Agent fails to receive any such
anticipated payment from the Borrowers, each Lender shall promptly refund to the Administrative
Agent, upon demand, any such payment made to it in anticipation of payment from the Borrowers,
together with interest for each day on such amount until so refunded at a rate equal to the Federal
Funds Rate for each such date.

     (b) Notwithstanding the foregoing, if any Lender has wrongfully refused to fund its Percentage
of any Borrowing or other Advance or purchase its participation in a Swing Line Advance or in a
Letter of Credit as required hereunder, or if the principal balance of any Lender’s Obligations is
for any other reason less than its Percentage of the aggregate principal balances of the Lenders’
Obligations then outstanding, the Administrative Agent may remit all payments received by it to the
other Lenders until such payments have reduced the aggregate amounts owed by the Borrowers to the
extent that the aggregate amount owing to such Lender hereunder is equal to its Percentage of the
aggregate amount owing to all of the Lenders hereunder. The provisions of this paragraph are
intended only to set forth certain rules for the application of payments, proceeds and collections
in the event that a Lender has breached its obligations hereunder and shall not be deemed to excuse
any Lender from such obligations.

Section 8.3 Expenses.

     All payments, collections and proceeds received or effected by the Administrative Agent may be
applied, first, to pay or reimburse the Administrative Agent for all costs, expenses, damages and
liabilities at any time incurred by or imposed upon the Administrative Agent in connection with
this Agreement or any other Loan Document (including but not limited to all reasonable attorney’s
fees, foreclosure expenses and advances made to protect the security of collateral, if any, but
excluding any costs, expenses, damages or liabilities arising from the gross negligence or willful
misconduct of the Administrative Agent). If the Administrative Agent does not receive payments,
collections or proceeds from the Borrowers or their properties sufficient to cover any such costs,
expenses, damages or liabilities within 30 days after their incurrence or imposition, each Lender
shall, upon demand, remit to the Administrative Agent its Percentage of the difference between (a)
such costs, expenses, damages and liabilities, and (b) such payments, collections and proceeds.

Section 8.4 Payments Received Directly by Lenders.

     If any Lender or other holder of a Note shall obtain any payment or other recovery (whether
voluntary, involuntary, by application of offset or otherwise) on account of principal of or
interest on any Advance other than through distributions made in accordance with Section 8.2,

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such Lender or holder shall promptly give notice of such fact to the Administrative Agent and
shall purchase from the other Lenders or holders such participations in the Obligations held by
them as shall be necessary to cause the purchasing Lender or holder to share the excess payment or
other recovery ratably with each of them; provided, however, that if all or any
portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender
or holder, the purchase shall be rescinded and the purchasing Lender restored to the extent of such
recovery (but without interest thereon). The provisions of this Section shall not be construed to
apply to (a) any payment made pursuant to and in accordance with the express terms of this
Agreement or (b) any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Revolving Advances or participations in Swing Line Advances and
Letters of Credit to any assignee or participant, other than to the Company or any of its
Subsidiaries (as to which the provisions of this Section shall apply).

Section 8.5 Indemnification.

     The Administrative Agent shall not be required to do any act hereunder or under any other
document or instrument delivered hereunder or in connection herewith, or to prosecute or defend any
suit in respect of this Agreement or the Notes or any documents or instrument delivered hereunder
or in connection herewith unless indemnified to its satisfaction by the holders of the Obligations
against loss, cost, liability and expense (other than any such loss, cost, liability or expense
attributable to the Administrative Agent’s own gross negligence or willful misconduct). If any
indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the
Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for
additional indemnity and not commence or cease to do the acts indemnified against until such
additional indemnity is furnished.

Section 8.6 Exculpation.

     (a) The Administrative Agent shall be entitled to rely upon advice of counsel concerning legal
matters, and upon this Agreement, any Loan Document and any schedule, certificate, statement,
report, notice or other writing which it in good faith believes to be genuine or to have been
presented by a proper person. Neither the Administrative Agent nor any of its directors, officers,
employees or agents shall (i) be responsible for any recitals, representations or warranties
contained in, or for the execution, validity, genuineness, effectiveness or enforceability of this
Agreement, any Loan Document, or any other instrument or document delivered hereunder or in
connection herewith, (ii) be responsible for the validity, genuineness, perfection, effectiveness,
enforceability, existence, value or enforcement of any collateral security, (iii) be under any duty
to inquire into or pass upon any of the foregoing matters or upon the satisfaction of any condition
set forth in Sections 3.1, 3.2 or 3.3 (other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent pursuant to thereto), or to make any inquiry concerning
the performance by the Borrowers or any other obligor of its obligations (it being understood and
agreed that the Administrative Agent shall not be deemed to have knowledge of any Material Adverse
Change, Default or Event of Default unless the Administrative Agent has received written notice
thereof from the Company or any Lender, referring to this Agreement, describing such Material
Adverse Change, Default or Event of Default), or (iv) in any event, be liable as such for any
action taken or omitted by it or them, except for its or their own gross negligence or willful
misconduct. The appointment of Wells

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Fargo as Administrative Agent hereunder shall in no way impair or affect any of the rights and
powers of, or impose any duties or obligations upon, Wells Fargo in its individual capacity.

     (b) The term “agent” is used herein in reference to the Administrative Agent merely as a
matter of custom. It is intended to reflect only an administrative relationship between the
Administrative Agent and the other Lender Parties, in each case as independent contracting parties.
However, the obligations of the Administrative Agent shall be limited to those expressly set forth
herein. In no event shall the use of such term create or imply any fiduciary relationship or any
other obligation arising under the general law of agency, 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.

Section 8.7 Administrative Agent and Affiliates.

     The Administrative Agent shall have the same rights and powers hereunder in its individual
capacity as any other Lender, and may exercise or refrain from exercising the same as though it
were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept
deposits from and generally engage in any kind of business with the Borrowers as fully as if the
Administrative Agent were not the Administrative Agent hereunder.

Section 8.8 Credit Investigation.

     Each Lender acknowledges that it has made its own independent credit decision and
investigation and taken such care on its own behalf as would have been the case had its Commitment
been granted and the Advances made directly by such Lender to the Borrowers without the
intervention of the Administrative Agent or any other Lender. Each Lender agrees and acknowledges
that the Administrative Agent makes no representations or warranties about the creditworthiness of
the Company or any other Borrower or other party to this Agreement or with respect to the legality,
validity, sufficiency or enforceability of this Agreement, any Loan Document, or any other
instrument or document delivered hereunder or in connection herewith.

Section 8.9 Resignation.

     The Administrative Agent may resign as such at any time upon at least 30 days’ prior notice to
the Company and the Lenders. In the event of any resignation of the Administrative Agent, the
Required Lenders shall as promptly as practicable appoint a Lender as a successor Administrative
Agent; provided, however, that so long as no Default or Event of Default has
occurred and is continuing at such time, no such successor Administrative Agent may be appointed
without the prior written consent of the Company. If no such successor Administrative Agent shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30
days after the resigning Administrative Agent’s giving of notice of resignation, then the resigning
Administrative Agent may, on behalf of the Lenders, appoint a Lender as a successor Administrative
Agent, which shall be a commercial bank organized under the laws of the United States of America or
of any State thereof. Upon the acceptance of any appointment as Administrative Agent hereunder by
a successor Administrative Agent, such successor Administrative Agent shall thereupon be entitled
to receive from the prior Administrative Agent such documents of transfer and assignment as such
successor

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Administrative Agent may reasonably request and the resigning Administrative Agent shall be
discharged from its duties and obligations under this Agreement. After any resignation pursuant to
this Section, the provisions of this Section shall inure to the benefit of the retiring
Administrative Agent as to any actions taken or omitted to be taken by it while it was an
Administrative Agent hereunder.

Section 8.10 Disclosure of Information.

     The Lender Parties shall keep confidential (and cause their respective officers, directors,
employees, agents and representatives to keep confidential) all information, materials and
documents furnished by the Company and its Subsidiaries to the Administrative Agent or the Lenders
(the “Disclosed Information”). Notwithstanding the foregoing, the Administrative Agent and each
Lender may disclose Disclosed Information (a) to the Administrative Agent or any other Lender; (b)
to any Affiliate of any Lender in connection with the transactions contemplated hereby, provided
that such Affiliate has been informed of the confidential nature of such information; (c) to legal
counsel, accountants and other professional advisors to the Administrative Agent or such Lender;
(d) to any regulatory body having jurisdiction over any Lender or the Administrative Agent
(including in connection with a pledge or assignment permitted by Section 9.8(f)); (e) to the
extent required by applicable laws and regulations or by any subpoena or similar legal process, or
requested by any governmental agency or authority; (f) to the extent such Disclosed Information (i)
becomes publicly available other than as a result of a breach of this Agreement, (ii) becomes
available to the Administrative Agent or such Lender on a non-confidential basis from a source
other than the Company or a Subsidiary, or (iii) was available to the Administrative Agent or such
Lender on a non-confidential basis prior to its disclosure to the Administrative Agent or such
Lender by the Company or a Subsidiary; (g) to the extent the Company or such Subsidiary shall have
consented to such disclosure in writing; (h) to the extent reasonably deemed necessary by the
Administrative Agent or any Lender in the enforcement of the remedies of the Lender Parties
provided under the Loan Documents; or (i) in connection with any potential assignment or
participation in the interest granted hereunder, provided that any such potential assignee or
participant shall have executed a confidentiality agreement imposing on such potential assignee or
participant substantially the same obligations as are imposed on the Lender Parties under this
Section 8.10.

Section 8.11 Titles.

     The Persons identified on the title page as “Sole Book Runner”, “Sole Lead Arranger”,
“Syndication Agent”, and “Co-Documentation Agent” shall have no right, power, obligation or
liability under this Agreement or any other Loan Document on account of such identification other
than those applicable to such Persons in their capacity (if any) as Lenders. Each Lender
acknowledges that it has not relied, and will not rely, on any Person so identified in deciding to
enter into this Agreement or in taking or omitting any action hereunder.

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ARTICLE IX

Miscellaneous

Section 9.1 No Waiver; Cumulative Remedies.

     No failure or delay on the part of the Lenders in exercising any right, power or remedy under
the Loan Documents shall operate as a waiver thereof; nor shall any Lender’s acceptance of payments
while any Default or Event of Default is outstanding operate as a waiver of such Default or Event
of Default, or any right, power or remedy under the Loan Documents; nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further exercise thereof or the
exercise of any other right, power or remedy under the Loan Documents. The remedies provided in
the Loan Documents are cumulative and not exclusive of any remedies provided by law.

Section 9.2 Designation of Designated Subsidiaries.

     At any time and from time to time, the Company may designate any Eligible Subsidiary as a
“Designated Subsidiary” by delivering to the Administrative Agent a Designation Letter, duly
executed by the Company and such Eligible Subsidiary. Upon receipt of such Designation Letter by
the Administrative Agent, and approval of the Administrative Agent if required to confirm that the
applicable Subsidiary is an Eligible Subsidiary, such Eligible Subsidiary shall thereupon become a
“Designated Subsidiary” for purposes of this Agreement and, as such, shall have all of the rights
and obligations of a Borrower hereunder. The Administrative Agent shall promptly notify each
Lender of each such designation by the Company and the identity of such Eligible Subsidiary. The
Company’s designation of an Eligible Subsidiary as such shall be irrevocable, and no Subsidiary
shall cease to be a Designated Subsidiary without the prior written consent of the Required Lenders
(and, in any event, no Eligible Subsidiary shall cease to be a Designated Subsidiary unless all of
its non-contingent Obligations have been paid in full). Upon request of any Lender, each
Designated Subsidiary shall execute any Revolving Note delivered hereunder, but the failure of the
Borrowers other than the Company to execute such Revolving Note shall not diminish the liability of
any Borrower with respect to the indebtedness evidenced thereby.

Section 9.3 Amendments, Etc.

     No amendment or waiver of any provision of any Loan Document or consent to any departure by
the Borrowers therefrom shall be effective unless the same shall be in writing and signed by the
Required Lenders (or by the Administrative Agent with the consent or at the request of the Required
Lenders), and any such waiver shall be effective only in the specific instance and for the specific
purpose for which given. Notwithstanding the foregoing:

     (a) No such amendment or waiver shall be effective to do any of the following unless signed by
each of the Lenders (or by the Administrative Agent with the consent or at the request of each of
the Lenders):

	 	(i)	 	Increase the Commitment Amount of any Lender or extend the
Commitment Termination Date.

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	 	(ii)	 	Permit any Borrower to assign its rights under this Agreement.
	 
	 	(iii)	 	Amend this Section, the definition of “Required Lenders” in
Section 1.1, or any provision herein providing for consent or other action by
all Lenders.
	 
	 	(iv)	 	Forgive any indebtedness of any Borrower arising under this
Agreement or any L/C Application or evidenced by the Notes, or reduce the rate
of interest or any fees charged under this Agreement or the Notes.
	 
	 	(v)	 	Postpone or delay any date fixed by this Agreement or any other
Loan Document for any payment of principal, interest, facility fees or other
material amounts due to any Lender Party hereunder or under any other Loan
Document.
	 
	 	(vi)	 	Amend Section 2.10(c), 2.11(a) or 8.2(a) in a manner that would
alter the pro rata sharing required thereby.
	 
	 	(vii)	 	Release the Company from its obligations under the Guaranty.

     (b) No amendment, waiver or consent shall affect the rights or duties of the Administrative
Agent under this Agreement or any other Loan Document unless in writing and signed by the
Administrative Agent.

     (c) No amendment, modification or (except as provided elsewhere herein) termination of this
Agreement or waiver of any rights of any Borrower or obligations of any Lender or the
Administrative Agent hereunder shall be effective unless that Borrower shall have consented thereto
in writing.

     (d) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
consent right hereunder or any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased nor may its Commitment
(or the maturity of its Advances) be extended without the consent of such Lender.

Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably
authorizes the Administrative Agent on its behalf, and without further consent, to enter into
amendments or modifications to this Agreement (including, without limitation, amendments to this
Section 9.3) or any of the other Loan Documents or to enter into additional Loan Documents as the
Administrative Agent reasonably deems appropriate in order to effectuate the terms of Section 2.22
(including, without limitation, as applicable, (i) to permit the Incremental Lenders to share
ratably in the benefits of this Agreement and the other Loan Documents and (ii) to include the
incremental Commitments, or outstanding incremental Advances, in any determination of (1) Required
Lenders, as applicable or (2) similar required lender terms applicable thereto); provided
that no amendment or modification shall result in any increase in the amount of any Lender’s
Commitment or any increase in any Lender’s Commitment Percentage, in each case, without the written
consent of such affected Lender.

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Section 9.4 Notices.

     (a) Generally. Except as otherwise expressly provided herein, all notices and other
communications hereunder shall be in writing and shall be (i) personally delivered, (ii)
transmitted by registered mail, postage prepaid, (iii) sent by Federal Express or similar expedited
delivery service, or (iv) transmitted by telecopy, in each case addressed or transmitted by
telecopy to the party to whom notice is being given at its address or telecopier number (as the
case may be) as set forth in Exhibit A or in any applicable Assignment and Assumption; or, as to
each party, at such other address or telecopier number as may hereafter be designated in a notice
by that party to the other party complying with the terms of this Section. All such notices or
other communications shall be deemed to have been given on (w) the date received if delivered
personally, (x) five business days after the date of posting, if delivered by mail, (y) the date of
receipt, if delivered by Federal Express or similar expedited delivery service, or (z) the date of
transmission if delivered by telecopy, except that notices or requests to the Lenders pursuant to
any of the provisions of Article II shall not be effective as to any Lender until received by that
Lender. Notice given by any Lender Party to the Company at the address and/or telecopier number
determined as set forth in this Section shall be deemed sufficient as to all Borrowers, regardless
of whether the other Borrowers are sent separate copies of such notice or even specifically
identified in such notice. The Company shall be deemed to be authorized to provide any
communication hereunder (including but not limited to requests for Advances and requests regarding
interest rates under Section 2.3) on behalf of any Borrower.

     (b) Electronic Communications. Notices and other communications to the Lenders and
the Issuing Bank hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing
Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. 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, (i)
notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement),
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 (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

     (c) Use of Platform to Distribute Communications. The Administrative Agent may make
any material delivered by any Borrower to the Administrative Agent, as well as any amendments,
waivers, consents, and other written information, documents, instruments and other materials
relating to the Company or any of its Subsidiaries, or any other materials or matters relating to
any Loan Documents, or any of the transactions contemplated hereby or thereby

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(collectively, the “Communications”) available to the Lender Parties by posting such notices
on the Platform. The Borrowers acknowledge that (i) the distribution of material through an
electronic medium is not necessarily secure and that there are confidentiality and other risks
associated with such distribution, (ii) the Platform is provided “as is” and “as available” and
(iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy,
completeness, timeliness, sufficiency, or sequencing of the Communications posted on the Platform.
The Administrative Agent and its Affiliates expressly disclaim with respect to the Platform any
liability for errors in transmission, incorrect or incomplete downloading, delays in posting or
delivery, or problems accessing the Communications posted on the Platform and any liability for any
losses, costs, expenses or liabilities that may be suffered or incurred in connection with the
Platform. No warranty of any kind, express, implied or statutory, including any warranty of
merchantability, fitness for a particular purpose, non-infringement of third party rights or
freedom from viruses or other code defects, is made by the Administrative Agent or any of its
Affiliates in connection with the Platform.

Section 9.5 Costs and Expenses.

     The Company agrees to pay on demand (a) all costs and expenses incurred by the Administrative
Agent in connection with the negotiation, preparation, execution, administration or amendment of
the Loan Documents and the other instruments and documents to be delivered hereunder and
thereunder, and (b) all costs and expenses incurred by the Administrative Agent or any Lender in
connection with the workout or enforcement of the Loan Documents and the other instruments and
documents to be delivered hereunder and thereunder; including, in each case, reasonable fees and
out-of-pocket expenses of counsel with respect thereto, whether paid to outside counsel or
allocated to the Administrative Agent or such Lender by in-house counsel. The Company also agrees
to pay and reimburse the Administrative Agent for all of its out-of-pocket and allocated costs
incurred in connection with each audit or examination conducted by the Administrative Agent, its
employees or agents, which audits and examinations shall be for the sole benefit of the Lender
Parties.

Section 9.6 Indemnification by Borrowers.

     Each Borrower hereby agrees to indemnify each Lender Party and each officer, director,
employee and agent thereof (herein individually each called an “Indemnitee” and collectively called
the “Indemnitees”) from and against any and all losses, claims, damages, reasonable expenses
(including, without limitation, reasonable attorneys’ fees) and liabilities (all of the foregoing
being herein called the “Indemnified Liabilities”) incurred by an Indemnitee (a) in connection with
or arising out of the execution or delivery of this Agreement or any agreement or instrument
contemplated hereby, the performance by the parties hereto of their respective obligations
hereunder or the use of the proceeds of any Advance or Letter of Credit hereunder or (b) in
connection with or arising out of any actual or alleged presence or release of Hazardous Substances
on or from any property owned or operated by the Company or any Subsidiary or any claim that any
Environmental Law has been breached with respect to any activity or property of the Company or any
Subsidiary except, in either case, with respect to taxes, which shall be governed by Section 2.17,
and except for any portion of such losses, claims, damages, expenses or liabilities incurred solely
as a result of the gross negligence or willful misconduct of the applicable Indemnitee. If and to
the extent that the foregoing indemnity may be unenforceable

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for any reason, each Borrower hereby agrees to make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.
All obligations provided for in this Section shall survive any termination of this Agreement.
Notwithstanding the foregoing, the Borrowers shall not be obligated to indemnify any Indemnitee in
respect of any Indemnified Liabilities arising as a result of the Issuing Bank’s failure to pay any
Letter of Credit after the presentation to it of a request strictly complying with the terms and
conditions of such Letter of Credit.

Section 9.7 Execution in Counterparts.

     This Agreement and the other Loan Documents may be executed in any number of counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which
counterparts of this Agreement or such other Loan Document, as the case may be, taken together,
shall constitute but one and the same instrument.

Section 9.8 Binding Effect, Assignment and Participations.

     (a) Successors and Assigns Generally. 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, except that no Borrower may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this
Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this
Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of paragraph (f) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and,
to the extent expressly contemplated hereby, Indemnities and Affiliates of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Advances at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

	 	(i)	 	Minimum Amounts.
	 
	 		 	(1) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Advances at the time owing to it or in
the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, no minimum amount need be assigned; and
	 
	 		 	(2) in any case not described in paragraph (b)(i)(1) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Advances
outstanding thereunder) or, if the Commitment is not then in

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	 	 	 	effect, the principal outstanding balance of the Advances 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 or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $5,000,000,
unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Company otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided that
the Company shall be deemed to have given its consent five (5) Business Days
after the date written notice thereof has been delivered by the assigning
Lender (through the Administrative Agent) unless such consent is expressly
refused by the Company prior to such fifth (5th) Business Day;
	 
	 	(ii)	 	Proportionate Amounts. Each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Advances or the
Commitment assigned;
	 
	 	(iii)	 	Required Consents. No consent shall be required for
any assignment except to the extent required by paragraph (b)(i)(2) of this
Section and, in addition:
	 
	 		 	(1) the consent of the Company (such consent not to be unreasonably
withheld) shall be required unless (A) an Event of Default has occurred and
is continuing at the time of such assignment or (B) such assignment is to a
Lender, an Affiliate of a Lender or an Approved Fund;
	 
	 		 	 (2) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments if such
assignment is to a Person that is not a Lender, an Affiliate of such Lender
or an Approved Fund with respect to such Lender; and
	 
	 		 	 (3) the consents of the Issuing Bank and the Swing Line Lender (such
consents not to be unreasonably withheld or delayed) shall be required for
any assignment that increases the obligation of the assignee to participate
in exposure under one or more Letters of Credit (whether or not then
outstanding) or for any assignment.
	 
	 	(iv)	 	Assignment and Assumption. The parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500 for
each assignment and the assignee, if it is not a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire. On or prior to the
effective date of each assignment, the assigning Lender shall surrender any
outstanding Notes held by it all or a portion of which are being assigned. Any
Notes surrendered by the assigning Lender shall be

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	 	 	 	returned by the Administrative Agent to the Company marked “cancelled”. No
such surrender or cancellation shall reduce, affect or impair the obligation
of the Borrowers assigned to the assignee nor limit the Borrowers’
obligation to provide a new Note or Notes to the assignee pursuant to
Section 2.1.
	 
	 	(v)	 	No Assignment to Certain Persons. No such assignment
shall be made to the Company or any of the Company’s Affiliates or
Subsidiaries.
	 
	 	(vi)	 	No Assignment to Natural Persons. No such assignment
shall be made to a natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement
(provided that such assignee shall be entitled to receive payments to which it is entitled under
either Section 2.17 or 2.18 as of the date of such assignment only to the extent such payments do
not exceed the payments to which the assigning Lender would be entitled under such Section as of
such date), 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 (other than
obligations under Sections 2.17(g) and (h)) (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
2.16, 2.17, 2.18, 9.5 and 9.6 with respect to facts and circumstances occurring prior to the
effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this paragraph 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 paragraph (d) of this Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrowers, shall maintain at one of its offices in Charlotte, North Carolina or such other
office as may be determined by the Administrative Agent, a copy of each Assignment and Assumption
and each Lender agreement (delivered pursuant to Section 2.22) delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitment of, and principal
amounts of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the
Company, the Administrative Agent and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
Company and any Lender (but only to the extent of entries in the Register that are applicable to
such Lender), at any reasonable time and from time to time upon reasonable prior notice.

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrowers or the Administrative Agent, in accordance with applicable law, sell participations
to any Person (other than a natural person or the Company or any of the Company’s Affiliates or

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Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Advances
owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Company, the Administrative Agent, Issuing Bank,
Swing Line 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.

     Any agreement or instrument 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 or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver or modification described in Section
9.3 that directly affects such Participant and could not be affected by a vote of the Required
Lenders. Subject to paragraph (e) of this Section, the Borrowers agree that each Participant shall
be entitled to the benefits of (and shall have the related obligations under) Sections 2.16, 2.17
and 2.18 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 9.15 as though it were a Lender, provided such
Participant agrees to be subject to Section 8.4 as though it were a Lender. Each Lender that sells
a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in
the Participant Register shall be conclusive absent manifest error, and each Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 2.17 or 2.18 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 Company’s prior written consent. No
Participant shall be entitled to the benefits of Section 2.17 unless the Company is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the
Borrowers, to comply with Section 2.17 as though it were a Lender.

     (f) Certain Pledges. 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 without limitation any pledge or assignment to secure obligations to a Federal Reserve
Bank or central bank, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as
a party hereto.

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Section 9.9 Governing Law.

     The Loan Documents shall be governed by, and construed in accordance with, the laws of the
State of New York.

Section 9.10 Severability of Provisions.

     Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof.

Section 9.11 Consent to Jurisdiction.

     Each party irrevocably (a) agrees that any suit, action or other legal proceeding arising out
of or relating to this Agreement or any other Loan Document may be brought in a court of record in
New York County in the State of New York or in the courts of the United States located in such
State, (b) consents to the jurisdiction of each such court in any suit, action or proceeding, (c)
waives any objection which it may have to the laying of venue of any such suit, action or
proceeding in any such courts and any claim that any such suit, action or proceeding has been
brought in an inconvenient forum, and (d) agrees that a final judgment in any such suit, action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

Section 9.12 Waiver of Jury Trial.

     THE BORROWERS AND THE LENDER PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT AND THE NOTES OR THE
RELATIONSHIPS ESTABLISHED HEREUNDER.

Section 9.13 Integration; Effectiveness; Electronic Execution.

     (a) Integration; Effectiveness. This Agreement and the other Loan Documents, and any
separate letter agreements with respect to fees payable to the Administrative Agent, constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. In
the event of any conflict between the provisions of this Agreement and those of any other Loan
Document, the provisions of this Agreement shall control; provided that the inclusion of
supplemental rights or remedies in favor of the Administrative Agent or the Lenders in any other
Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted
with the joint participation of the respective parties thereto and shall be construed neither
against nor in favor of any party, but rather in accordance with the fair meaning thereof. Except
as provided in Section 3.1, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto.

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     (b) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Loan Document shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

Section 9.14 Recalculation of Covenants Following Accounting Practices Change.

     The Company shall notify the Administrative Agent of any Accounting Practices Change promptly
upon becoming aware of the same. Promptly following such notice, the Company and the Lenders shall
negotiate in good faith in order to effect any adjustments to the Financial Covenants and other
provisions hereof necessary to reflect the effects of such Accounting Practices Change.

Section 9.15 Right of Set Off.

     If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank,
the Swing Line Lender and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final, in whatever currency) at
any time held and other obligations (in whatever currency) at any time owing by such Lender, the
Issuing Bank, the Swing Line Lender or any such Affiliate to or for the credit or the account of
any Borrower against any and all of the obligations of such Borrower now or hereafter existing
under this Agreement or any other Loan Document to such Lender, the Issuing Bank or the Swing Line
Lender, irrespective of whether or not such Lender, the Issuing Bank or the Swing Line Lender shall
have made any demand under this Agreement or any other Loan Document and although such obligations
of such Borrower may be contingent or unmatured or are owed to a branch or office of such Lender,
the Issuing Bank or the Swing Line Lender different from the branch or office holding such deposit
or obligated on such indebtedness. The rights of each Lender, the Issuing Bank, the Swing Line
Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the Issuing Bank, the Swing Line
Lender or their respective Affiliates may have. Each Lender, the Issuing Bank and the Swing Line
Lender agree to notify the Company and the Administrative Agent promptly after any such setoff and
application; provided that the failure to give such notice shall not affect the validity of such
setoff and application.

Section 9.16 Headings.

     Article and Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose.

Section 9.17 Non-Liability of Lenders.

     The relationship between the Borrowers on the one hand and the Lenders, the Issuing Bank and
the Administrative Agent on the other hand shall be solely that of borrower and lender.

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Neither the Administrative Agent, any Lender nor the Issuing Bank shall have any fiduciary
responsibilities to the Borrowers. Neither the Administrative Agent, any Lender nor the Issuing
Bank undertakes any responsibility to any Borrower to review or inform the Borrowers of any matter
in connection with any phase of the Borrowers’ business or operations. The Borrowers agree that
neither the Administrative Agent, any Lender nor the Issuing Bank shall have liability to the
Borrowers (whether sounding in tort, contract or otherwise) for losses suffered by any Borrower in
connection with, arising out of, or in any way related to, the transactions contemplated and the
relationship established by the Loan Documents, or any act, omission or event occurring in
connection therewith, unless it is determined in a final non-appealable judgment by a court of
competent jurisdiction that such losses resulted from (a) the gross negligence or willful
misconduct of the party from which recovery is sought or (b) the Issuing Bank’s failure to pay any
Letter of Credit after the presentation to it of a request strictly complying with the terms and
conditions of such Letter of Credit. Neither the Administrative Agent, any Lender nor the Issuing
Bank shall have any liability with respect to, and each Borrower hereby waives, releases and agrees
not to sue for, any special, indirect or consequential damages suffered by any Borrower in
connection with, arising out of, or in any way related to the Loan Documents or the transactions
contemplated thereby.

Section 9.18 Customer Identification — USA Patriot Act Notice.

     The Administrative Agent hereby notifies the Borrowers that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Patriot
Act”), and the Administrative Agent’s policies and practices, each Lender is required to obtain,
verify and record certain information and documentation that identifies each Borrower, which
information includes the name and address of each Borrower and such other information that will
allow each Lender to identify each Borrower in accordance with the Patriot Act.

Section 9.19 Existing Credit Agreement Matters

     The Lenders hereunder which are “Lenders” under the Existing Credit Agreement (which Lenders
constitute the “Required Lenders” under the Existing Credit Agreement) hereby (a) waive the
requirement set forth in Section 2.10 of the Existing Credit Agreement that notice of a termination
of the “Commitments” thereunder be given three “Business Days’” in advance and (b) waive the
requirement set forth in Section 2.11 of the Existing Credit Agreement that notice of prepayments
of certain “Advances” be given a specified number of “Business Days’” in advance. The Borrower and
such Lenders agree that upon the effectiveness of this Agreement, all such notice requirements
shall be deemed satisfied and all “Commitments” under the Existing Credit Agreement shall be
terminated.

[Signature Pages Follow]

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

	 	 	 	 	 
	 	SENSIENT TECHNOLOGIES CORPORATION

 	 
	 	By  	 	 
	 	 	Name:  	John F. Collopy 	 
	 	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative
Agent and as a Lender

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	TD BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	COMPASS BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ING BANK N.V., DUBLIN BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	KEY BANK NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

SCHEDULE 1.1

EXISTING LETTERS OF CREDIT

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Amount	 	 	Issue Date	 	 	Expiry/Maturity Date	 	 	Beneficiary
	 
	$	2,871,051	 	 	 	12/5/2008	 	 	 	11/17/2011	 	 	Pennsylvania
Department of
Environmental
Protection, Bureau of
Waste Management
	$	2,200,000	 	 	 	12/8/2008	 	 	 	12/9/2011	 	 	Zurich American
Insurance Company

	$	550,000	 	 	 	1/21/2009	 	 	 	1/31/2012	 	 	Federal Insurance
Company

	$	784,657	 	 	 	4/2/2010	 	 	 	4/10/2011	 	 	ACE American
Insurance Company

 

 

SCHEDULE 4.2

CONSENTS

The approvals or authorizations of the following

regulatory bodies, depending upon the

characterization of the Borrowings under the Agreement,

may be required and have each been obtained

and are in full force and effect:

None required

 

 

SCHEDULE 4.4

SUBSIDIARIES

	 	 	 	 	 	 	 
	 	 	State or Other	 	 	% of
	 	 	Jurisdiction of	 	 	Ownership if
	Name	 	Incorporation	 	 	Not 100%
	 
	UNITED STATES
	 	 	 	 	 	 
	 
	Sensient Technologies Corporation

	 	Wisconsin
	 	 	PARENT

	Pointing Color Inc.

	 	Delaware	 	 	 	 
	Sensient Colors LLC

	 	Delaware	 	 	 	 
	Sensient Dehydrated Flavors LLC

	 	Delaware	 	 	 	 
	Sensient Flavors International, Inc.

	 	Indiana	 	 	 	 
	Sensient Flavors LLC

	 	Delaware	 	 	 	 
	Sensient Food Colors LP

	 	Missouri	 	 	 	 
	Sensient Holding Company LLC

	 	Delaware	 	 	 	 
	Sensient Imaging Technologies Inc.

	 	California	 	 	 	 
	Sensient Technologies Holding Company LLC

	 	Delaware	 	 	 	 
	Sensient Wisconsin L.L.C

	 	Wisconsin	 	 	 	 
	FOREIGN
	 	 	 	 	 	 
	 
	Sensient Colors S.A.

	 	Argentina	 	 	 	 
	Sensient Technologies Australia Pty, Ltd.

	 	Australia	 	 	 	 
	Sensient Flavors Austria GmbH

	 	Austria	 	 	 	 
	Biolux Finance NV

	 	Belgium	 	 	 	 
	Promavil N.V.

	 	Belgium	 	 	 	 
	Sensient Flavors Biolux NV

	 	Belgium	 	 	 	 
	Sensient Flavors Belgium NV

	 	Belgium	 	 	 	 
	Les Colorants Wackherr Do Brasil Ltda

	 	Brazil
	 	 	50	%
	Sensient Technologies Brazil Ltda.

	 	Brazil	 	 	 	 
	Universal Holdings Cayman

	 	British West Indies	 	 	 	 
	Pointing Canada Limited

	 	Canada	 	 	 	 
	Sensient Colors Canada Limited

	 	Canada	 	 	 	 
	Sensient Dehydrated Flavors Canada, Inc.

	 	Canada	 	 	 	 
	Sensient Finance (Alberta) Limited Partnership

	 	Canada	 	 	 	 
	Sensient Flavors Canada, Inc.

	 	Canada	 	 	 	 
	Sensient Holding (Alberta) Limited Partnership

	 	Canada	 	 	 	 
	Sensient Dehydrated Flavors (Quingdao) Co. Ltd.

	 	China	 	 	 	 
	Sensient Technologies Corporation (China) Ltd

	 	China	 	 	 	 
	Sensient Technologies Hong Kong Ltd

	 	China	 	 	 	 
	Sensient Technologies Colombia Ltda.

	 	Colombia	 	 	 	 
	Sensient Costa Rica S.r.l.

	 	Costa Rica	 	 	 	 
	Sensient Flavors Central America S.R.L.

	 	Costa Rica	 	 	 	 
	Sensient Food Colors Czech Republic S.R.O.

	 	Czech Repub.	 	 	 	 
	Sensient Flavors Finland OY

	 	Finland	 	 	 	 
	Societe Civile Immobiliere Griseda

	 	France	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	State or Other	 	 	% of
	 	 	Jurisdiction of	 	 	Ownership if
	Name	 	Incorporation	 	 	Not 100%
	 
	Sensient Cosmetic Technologies

	 	France	 	 	 	 
	Sensient Flavors & Fragrances SAS

	 	France	 	 	 	 
	Sensient Flavors Strasbourg

	 	France	 	 	 	 
	Sensient Food Colors France

	 	France	 	 	 	 
	Sensient Dehydrated Flavors SAS

	 	France	 	 	 	 
	Sensient Technologies Holding Deutschland GmbH

	 	Germany	 	 	 	 
	Sensient Flavors & Fragrances GmbH & Co KG

	 	Germany	 	 	 	 
	Sensient Essential Oils Germany GmbH

	 	Germany	 	 	 	 
	Sensient Flavors GmbH

	 	Germany	 	 	 	 
	Sensient Technologies Real Estate GmbH

	 	Germany	 	 	 	 
	Sensient Imaging Technologies GmbH

	 	Germany	 	 	 	 
	Sensient Vermogensverwaltungsgesellschaft GmbH

	 	Germany	 	 	 	 
	Sensient Food Colors Germany GmbH

	 	Germany	 	 	 	 
	Sensient Fragrances Guatemala, S.A.

	 	Guatemala	 	 	 	 
	Sensient Food Colors Hungary KFT

	 	Hungary	 	 	 	 
	PT Sensient Technologies Indonesia

	 	Indonesia	 	 	 	 
	Sensient India Private Limited

	 	India	 	 	 	 
	Sensient Finance Ireland Limited

	 	Ireland	 	 	 	 
	Sensient Flavors S.R.L.

	 	Italy	 	 	 	 
	Sensient Food Colors Italy S.R.L.

	 	Italy	 	 	 	 
	Sensient Technologies Corporation (Japan)

	 	Japan	 	 	 	 
	Sensient Finance Luxembourg S.a.r.l.

	 	Luxembourg	 	 	 	 
	Sensient Holding Luxembourg S.A.R.L.

	 	Luxembourg	 	 	 	 
	Sensient Technologies Luxembourg S.a.r.l.

	 	Luxembourg	 	 	 	 
	Sensient Holdings Malta Ltd

	 	Malta	 	 	 	 
	Sensient Imaging Technologies S.A. De C.V.

	 	Mexico	 	 	 	 
	Sensient Colors S.A. De C.V.

	 	Mexico	 	 	 	 
	Sensient Flavors Mexico, S.A. De C.V.

	 	Mexico	 	 	 	 
	Sensient Fragrances Mexico S.A. de C.V.

	 	Mexico	 	 	 	 
	Sensient Dehydrated Flavors BV

	 	Netherlands	 	 	 	 
	Sensient Food Colors The Netherlands BV

	 	Netherlands	 	 	 	 
	Sensient Holdings I B.V.

	 	Netherlands	 	 	 	 
	Sensient Holdings II B.V.

	 	Netherlands	 	 	 	 
	Sensient Holdings III B.V.

	 	Netherlands	 	 	 	 
	Sensient Technologies (Philippines), Inc.

	 	Philippines	 	 	 	 
	LCW Polska Ltd

	 	Poland
	 	 	60	%
	Sensient Flavors Poland Sp. Z o.O.

	 	Poland	 	 	 	 
	Sensient Food Colors Poland Sp. Z o.O.

	 	Poland	 	 	 	 
	Sensient Flavors Romania S.R.L.

	 	Romania	 	 	 	 
	Sensient Food Colors Romania S.R.L

	 	Romania	 	 	 	 
	Sensient Food Colors Smn D.O.O.

	 	Serbia & Montenegro	 	 	 	 
	Sensient Technologies Asia Pacific PTE, Ltd.

	 	Singapore	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	State or Other	 	 	% of
	 	 	Jurisdiction of	 	 	Ownership if
	Name	 	Incorporation	 	 	Not 100%
	 
	Sensient Colors South Africa (Proprietary) Limited

	 	South Africa	 	 	 	 
	Sensient Fragrances, S.A.

	 	Spain	 	 	 	 
	Sensient Flavors Scandinavia AB

	 	Sweden	 	 	 	 
	Sensient Imaging Technologies Ltd.

	 	Switzerland	 	 	 	 
	Sensient Technologies (Thailand), Ltd.

	 	Thailand	 	 	 	 
	DC Flavours Limited

	 	U.K.	 	 	 	 
	Pointing Chemicals Limited

	 	U.K.	 	 	 	 
	Pointing Holdings Limited

	 	U.K.	 	 	 	 
	Pointing International Ltd.

	 	U.K.	 	 	 	 
	Pointing Limited

	 	U.K.	 	 	 	 
	Sensient Colors UK Limited

	 	U.K.	 	 	 	 
	Sensient Flavors Limited

	 	U.K.	 	 	 	 
	Sensient Flavors Wales Limited

	 	U.K.	 	 	 	 
	Sensient Holdings UK

	 	U.K.	 	 	 	 
	Sensient Technologies Limited

	 	U.K.	 	 	 	 

 

 

SCHEDULE 4.7

LITIGATION

Cherry Blossom Litigation

In June 2009, Sensient sued one of its product vendors, Cherry Blossom LLC (“Cherry Blossom”), a
supplier of processed cherry products in Michigan, when Cherry Blossom prepared to close its
facility and refused to return to Sensient raw cherries to which Sensient held title.

Sensient sued for conversion, breach of contract, possession of the cherries, and money damages of
approximately $0.5 million. Cherry Blossom and its lender opposed the claim.
Cherry Blossom counter-claimed against Sensient, primarily relating to ownership of certain cherry
processing formulas. Sensient sold Cherry Blossom certain materials containing formulas used in the
processing of cherries. Cherry Blossom claims it has an exclusive right to use Sensient’s formulas.
On June 22, 2009, Cherry Blossom moved for an injunction to prohibit
Sensient from using its cherry processing formulas. The court denied that motion.

Crossroads Debt, LLC (“Crossroads”), a secured lender to Cherry Blossom, intervened in the case and
asserted multiple claims against Cherry Blossom related to Cherry Blossom’s $1.4 million debt to
Crossroads. Crossroads also asserted cross-claims against Sensient related to offsets Sensient took
against its payments to Cherry Blossom for the processed cherry product Sensient purchased from
Cherry Blossom.

Under Sensient’s contract with Cherry Blossom, Cherry Blossom would purchase Sensient’s raw
cherries for use in making finished cherry product. Sensient then purchased the finished product
from Cherry Blossom at a purchase price reduced by setoffs for the amount Cherry Blossom owed
Sensient for raw cherries. Eventually, Cherry Blossom directed Sensient to make payments directly
to Crossroads, which Sensient did for about seven months, until Cherry Blossom ceased operations.

At a mediation on March 24, 2010, Crossroads claimed for the first time that because Sensient paid
for the finished cherry product by offsetting antecedent debt, Sensient was not a “buyer in the
ordinary course of business” as defined by the Uniform Commercial Code. As a result, Crossroads
claimed that Sensient was not entitled to take such offsets because Crossroads claimed it had a
perfected senior lien on the offset funds. Crossroads sought the imposition of a constructive trust
over $1.4 million of such funds and a judgment requiring their return by Sensient. The total
exposure could have exceeded this amount due to interest.

In addition, Sensient asserted indemnification claims against Crossroads related to a U.S.
Department of Labor “hot goods” issue. The U.S. Department of Labor prohibited Sensient from
selling in interstate commerce cherries made by Cherry Blossom’s employees and for which Sensient
had paid Cherry Blossom because Cherry Blossom failed to pay its employees their wages earned when
they processed the cherries.

Crossroads moved for summary disposition on April 12, 2010, based on the Uniform Commercial Code
argument it raised at mediation on March 24, 2010. Sensient opposed the motion and argued that
Sensient was entitled to summary disposition, not Crossroads. At a

Page 1 of 3

 

hearing on the motion, the court ruled in Sensient’s favor, dismissing all of Crossroads’ claims
against Sensient.

On May 27, 2010, Cherry Blossom filed a bankruptcy petition in U.S. Bankruptcy Court for the
Western District of Michigan. Such filing triggered an automatic stay of all litigation pending
against Cherry Blossom, including the instant case. The state court determined that the automatic
stay in Cherry Blossom’s bankruptcy case did not prevent it from signing the order granting
Sensient summary judgment disposing of Crossroads’ claims in Sensient’s favor. The court also
decided that the bankruptcy filing stayed indefinitely the remaining claims regarding possession of
the cherries, hot goods, and returned goods.

The bankruptcy trustee stipulated to lift the stay as to the issue of possession of the 2006
cherries, and on September 7, 2010, the Michigan state court lifted the administrative stay over
the three remaining issues: (1) Sensient’s claim for reimbursement from Crossroads in connection
with the U.S. Department of Labor hot goods issue described above; (2) Sensient’s claim for
reimbursement from Crossroads for certain returned goods; and (3) ownership of the 2006 cherry
inventory. The court accepted the parties’ stipulation that these three issues could be resolved on
briefs and set a schedule accordingly.

The Court ordered the parties to file simultaneously opening briefs on October 1, 2010, and file
simultaneously reply briefs on October 8, 2010. The Court heard oral argument on these three issues
on December 6, 2010. On January 10, 2011, the Court entered an order that Crossroads is entitled to
the first lien position on the remaining cherry inventory and denying Sensient’s claims against
Crossroads for reimbursement. Pursuant to the Court’s order of January 10, 2011, any proceeds from
the sale of the remaining cherry inventory will be paid to the Court and then released to
Crossroads. Sensient intends to appeal the Court’s decision regarding these three issues. Sensient
also intends to move the Court to stay the enforcement of its January 10, 2011, order pending
appeal.

S.A.M. (Amaral) v. Sensient Technologies Corp., et al.

On August 5, 2010, the owners and operators of a 135-acre vineyard near the dehydration facility
formerly operated by Sensient Dehydrated Flavors, LLC (“SDF”) in Greenfield, California, filed a
lawsuit in California state court in Monterey, California. The lawsuit names as defendants both
Sensient Technologies Corporation (“Sensient”) and SDF and a response to the complaint was filed on
October 1. The suit sets out claims for nuisance per se, trespass and negligence per se and alleges
almost a million dollars in losses plus punitive damages, all based on the fact that, between the
summer of 2007 and early October 2009, SDF was processing onions that allegedly caused an “onion
taint” in the grapes and wine produced from the plaintiffs’ vineyard. While SDF had an air permit
covering its operations, its Monterey County use permit specifically named only chili peppers,
celery and parsley, but not onions, as commodities that could be dehydrated at the Greenfield
facility. SDF’s effort to modify the Greenfield facility’s use permit to specifically include the
processing of onions was blocked by local vineyard owners, and SDF has since closed its Greenfield
facility and consolidated its onion dehydration operations at its fully-permitted and more
efficient facility at Livingston, California.

Page 2 of 3

 

This lawsuit follows an earlier lawsuit (J. Lohr Vineyards and Wines v. Sensient Technologies) (the
“Lohr lawsuit”) brought by a larger, adjacent landowner. The Lohr lawsuit was settled in December
2009, with an agreement that included SDF’s abandonment of onion processing at its Greenfield
facility but did not require the payment of any settlement amount to Lohr despite Lohr’s
substantial damage claims. The S.A.M. plaintiffs have essentially copied, and seek to rely upon,
the factual allegations and expert analyses developed in the Lohr lawsuit before a settlement was
reached. The S.A.M. plaintiffs will not, however, be receiving any assistance from Lohr. Sensient
and SDF believe the S.A.M. plaintiffs’ claims are without merit and intend to pursue a vigorous
defense. Trial has been set to commence on October 31, 2011, and the parties have been directed to
attend a mandatory settlement conference on September 30, 2011.

Daito Kasei Kogyo Co. Ltd. v. Sensient Cosmetic Technologies SAS

In 1992 Sensient Cosmetic Technologies SAS (“SCT”) and Daito Kasei Kogyo Co., Ltd. (“Daito”)
entered into a distribution agreement pursuant to which SCT became the exclusive distributor in
Europe of coloring agents and ingredients manufactured in Japan by Daito and, in turn, Daito became
the exclusive distributor in Japan of certain products produced in France by SCT. By 2008, the sale
of Daito products represented €4 million of SCT’s sales. In contrast, Daito’s sales of SCT’s
products in Japan amounted to only €0.4 million in 2008. The agreement was entered into for an
initial period to end on December 31, 1993 and was tacitly renewed for two-year periods through
December 31, 2009, subject to a requirement of six months notice for termination.

On July 7, 2009, Daito notified SCT of its decision to terminate SCT’s distributorship in Europe,
with effect as of February 10, 2010. SCT informed Daito that the notice of termination was
insufficient in light of the lengthy commercial relationship between the parties. Daito eventually
ostensibly agreed to extend the notice period but the commercial relationship did not function as
it had in the past. On August 10, 2010, SCT filed a complaint before the Paris Commercial Court
alleging that Daito wrongfully terminated its long-standing established commercial relationship
with SCT, that SCT should have been given a notice period of thirty-six months in light of the
twenty-year relationship between the parties and that Daito should pay damages to SCT of over €3.8
million.

On January 26, 2011, Daito filed a response in a hearing of the Court in which it denied any
liability for SCT’s claims and asserted counter-claims of €1.5 million for unlawful termination of
Daito’s distributorship in Japan, unlawful termination of an alleged “agency contract” in Japan and
SCT’s cancellation of certain Daito orders in October, 2010.
The court has scheduled a hearing on March 23, 2011, at which SCT will file its response to Daito’s
defenses and counter-claims.

The Company is involved in various other claims and litigation arising in the normal course of
business. In the judgment of management, which relies in part on information from Company counsel,
the ultimate resolution of these actions will not materially affect the consolidated financial
statements of the Company except as described above.

Page 3 of 3

 

SCHEDULE 4.8

ENVIRONMENTAL MATTERS

None

 

SCHEDULE 6.1

LIENS

None

 

Schedule 6.10

EXISTING INVESTMENTS

Sensient Technologies Corporation

Investments

in Thousands

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Location	 	% Owned by 
SXT or 
Other Subs	 	Amount	 	 	 	 	 	 	SXT Portion Owned by:
	Joint ventures:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LCW-Les Colorants Wackherr do
	 	Brazil	 	50%	}	 	 	 	 	 	 	 	 	Les Colorants Wackherr
	Brasil Ltda
	 	 	 	 	 	 	 	 	 	 	 	 	 
	LCW Polska Ltd
	 	Poland	 	60%	$	1,827	 	 	 	 	 	 	Les Colorants Wackherr
	Sub-total
	 	 	 	 	 	 	 	 	 	$	1,827	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Low income housing
investments:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Boston Capital
	 	 	 	 	 	$	101	 	 	 	 	 	 	 
	Columbia Housing
	 	 	 	 	 	 	91	 	 	 	 	 	 	 
	Related Partners III
	 	 	 	 	 	 	71	 	 	 	 	 	 	 
	Sub-total
	 	 	 	 	 	 	 	 	 	$	263	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Total
	 	 	 	 	 	 	 	 	 	$	2,090	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

SCHEDULE 6.11

GUARANTIES, ETC.

None

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