Document:

Exhibit 10.1

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

among

 

TRUEBLUE,
INC.

 

as
Borrower,

 

The
Several Lenders from Time to Time Parties Hereto, and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

 

as
Documentation Agent, Syndication Agent and

 

Administrative
Agent

 

Dated as
of April 15, 2008

 

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

 

as
Arranger and Sole Book Runner

 

 

TABLE OF
CONTENTS

 

	
  1.

  	
  DEFINITIONS

  	
  1 

  
	
   

  	
  1.1

  	
  Defined Terms

  	
   

  	
  1

  
	
   

  	
  1.2

  	
  Other Definitional
  Provisions

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  AMOUNT AND TERMS OF
  REVOLVING COMMITMENTS

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  2.1

  	
  Revolving Commitments

  	
  21

  
	
   

  	
  2.2

  	
  Increase in Revolving
  Commitment

  	
  21

  
	
   

  	
  2.3

  	
  Procedure for Revolving
  Loan Borrowing

  	
  22

  
	
   

  	
  2.4

  	
  Unused Commitment Fees,
  etc.

  	
  23

  
	
   

  	
  2.5

  	
  Termination or
  Reduction of Revolving Commitments

  	
  23

  
	
   

  	
  2.6

  	
  Optional Prepayments

  	
  23

  
	
   

  	
  2.7

  	
  Mandatory Prepayments
  and Commitment Reductions

  	
  24

  
	
   

  	
  2.8

  	
  Conversion and
  Continuation Options

  	
  24

  
	
   

  	
  2.9

  	
  Limitations on LIBOR
  Tranches

  	
  25

  
	
   

  	
  2.10

  	
  Interest Rates and
  Payment Dates

  	
  25

  
	
   

  	
  2.11

  	
  Computation of Interest
  and Fees

  	
  26

  
	
   

  	
  2.12

  	
  Inability to Determine
  Interest Rate

  	
  26

  
	
   

  	
  2.13

  	
  Pro Rata Treatment and
  Payments

  	
  27

  
	
   

  	
  2.14

  	
  Requirements of Law

  	
  28

  
	
   

  	
  2.15

  	
  Taxes

  	
  30

  
	
   

  	
  2.16

  	
  Indemnity

  	
  32

  
	
   

  	
  2.17

  	
  Change of Lending
  Office

  	
  32

  
	
   

  	
  2.18

  	
  Replacement of Lenders

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  LETTERS OF CREDIT

  	
  33

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  L/C Commitment

  	
  33

  
	
   

  	
  3.2

  	
  Procedure for Issuance
  of Letter of Credit

  	
  34

  
	
   

  	
  3.3

  	
  Fees and Other Charges

  	
  34

  
	
   

  	
  3.4

  	
  L/C Participations

  	
  34

  
	
   

  	
  3.5

  	
  Reimbursement
  Obligation of the Borrower

  	
  36

  
	
   

  	
  3.6

  	
  Obligations Absolute

  	
  36

  
	
   

  	
  3.7

  	
  Letter of Credit
  Payments

  	
  36

  
	
   

  	
  3.8

  	
  Letter of Credit Applications

  	
  37

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  SWING LINE LOANS 

  	
  37

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4.1

  	
  Swing Line Commitment

  	
  37

  
	
   

  	
  4.2

  	
  Procedure for Borrowing
  Swing Line Loan

  	
  37

  
	
   

  	
  4.3

  	
  Swing Line Note

  	
  38

  
	
   

  	
  4.4

  	
  Refinancing of Swing
  Line Loans

  	
  38

  
	
   

  	
  4.5

  	
  Repayment of
  Participations

  	
  39

  
	
   

  	
  4.6

  	
  Interest Rate

  	
  40

  
	
   

  	
  4.7

  	
  Interest for Account of
  Swing Line Lender

  	
  40

  
	
   

  	
  4.8

  	
  Optional Prepayments

  	
  40

  
						

 

i

 

	
   

  	
  4.9 

  	
  Mandatory Repayment

  	
  40

  
	
   

  	
   

  	
   

  
	
  5.

  	
  REPRESENTATIONS AND
  WARRANTIES

  	
  40

  
	
   

  	
   

  
	
   

  	
  5.1

  	
  Financial Condition

  	
  41

  
	
   

  	
  5.2 

  	
  No Change

  	
  41

  
	
   

  	
  5.3

  	
  Existence; Compliance
  with Law

  	
  41

  
	
   

  	
  5.4

  	
  Power; Authorization;
  Enforceable Obligations

  	
  41

  
	
   

  	
  5.5

  	
  No Legal Bar

  	
  42

  
	
   

  	
  5.6

  	
  Litigation

  	
  42

  
	
   

  	
  5.7

  	
  No Default

  	
  42

  
	
   

  	
  5 8

  	
  Ownership of Property;
  Liens

  	
  42

  
	
   

  	
  5.9

  	
  Intellectual Property

  	
  42

  
	
   

  	
  5.10

  	
  Taxes

  	
  43

  
	
   

  	
  5.11

  	
  Federal Regulations

  	
  43

  
	
   

  	
  5.12 

  	
  Labor Matters

  	
  43

  
	
   

  	
  5.13

  	
  ERISA

  	
  43

  
	
   

  	
  5.14

  	
  Investment Company Act;
  Other Regulations

  	
  44

  
	
   

  	
  5.15 

  	
  Subsidiaries

  	
  44

  
	
   

  	
  5.16

  	
  Use of Proceeds

  	
  44

  
	
   

  	
  5.17 

  	
  Environmental Matters

  	
  44

  
	
   

  	
  5.18 

  	
  Accuracy of
  Information, etc

  	
  45

  
	
   

  	
  5.19 

  	
  Security Documents

  	
  46

  
	
   

  	
  5.20

  	
  Solvency

  	
  46

  
	
   

  	
   

  	
   

  
	
  6.

  	
  CONDITIONS PRECEDENT

  	
  46

  
	
   

  	
   

  	
   

  
	
   

  	
  6.1

  	
  Conditions to Initial
  Extension of Credit

  	
  46

  
	
   

  	
   

  	
  (a)

  	
  Credit Agreement

  	
  46

  
	
   

  	
   

  	
  (b)

  	
  Guarantee and
  Collateral Agreement

  	
  46

  
	
   

  	
   

  	
  (c)

  	
  Notes

  	
  46

  
	
   

  	
   

  	
  (d)

  	
  Due Diligence

  	
  47

  
	
   

  	
   

  	
  (e)

  	
  Absence of Litigation

  	
  47

  
	
   

  	
   

  	
  (f)

  	
  Absence of Material
  Adverse Effect

  	
  47

  
	
   

  	
   

  	
  (g)

  	
  Lien Searches

  	
  47

  
	
   

  	
   

  	
  (h)

  	
  Fees

  	
  47

  
	
   

  	
   

  	
  (i)

  	
  Closing
  Certificate; Certified Articles of Incorporation; Good Standing Certificates

  	
  47

  
	
   

  	
   

  	
  (j)

  	
  Legal Opinions

  	
  48

  
	
   

  	
   

  	
  (k)

  	
  Pledged Stock; Stock
  Powers; Pledged Notes

  	
  48

  
	
   

  	
   

  	
  (l)

  	
  Filings, Registrations
  and Recordings

  	
  48

  
	
   

  	
   

  	
  (m)

  	
  Insurance

  	
  48

  
	
   

  	
  6.2

  	
  Conditions to Each
  Extension of Credit

  	
  48

  
	
   

  	
   

  	
  (a)

  	
  Representations and
  Warranties

  	
  49

  
	
   

  	
   

  	
  (b)

  	
  No Default

  	
  49

  
	
   

  	
   

  	
  (c)

  	
  Absence of Material
  Adverse Effect

  	
  49

  
	
   

  	
   

  	
  (d)

  	
  Absence of Litigation

  	
  49

  

 

ii

 

	 
	
  7.

  	
  AFFIRMATIVE COVENANTS

  	
  49

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
  7.1

  	
  Financial Statements

  	
  49

  
	 
	
   

  	
  7.2

  	
  Certificates; Other
  Information

  	
  50

  
	 
	
   

  	
  7.3

  	
  Payment of Obligations

  	
  52

  
	 
	
   

  	
  7.4

  	
  Maintenance of
  Existence; Compliance

  	
  52

  
	 
	
   

  	
  7.5

  	
  Maintenance of Property;
  Insurance

  	
  52

  
	 
	
   

  	
  7.6

  	
  Inspection of Property;
  Books and Records; Discussions

  	
  52

  
	 
	
   

  	
  7.7

  	
  Notices

  	
  52

  
	 
	
   

  	
  7.8

  	
  Environmental Laws

  	
  53

  
	 
	
   

  	
  7.9

  	
  Additional Collateral,
  etc.

  	
  53

  
	 
	
   

  	
  7.10 

  	
  Further Assurances

  	
  54

  
	 
	
   

  	
   

  	
   

  	
   

  
	 
	
  8.

  	
  NEGATIVE COVENANTS

  	
  55

  
	 
	
   

  	
   

  	
   

  	
   

  
	 
	
   

  	
  8.1

  	
  Financial Condition
  Covenants

  	
  55

  
	 
	
   

  	
   

  	
  (a)

  	
  Consolidated Leverage
  Ratio

  	
  55

  
	 
	
   

  	
   

  	
  (b)

  	
  Consolidated Fixed
  Charge Coverage Ratio

  	
  55

  
	 
	
   

  	
  8.2

  	
  Indebtedness

  	
  55

  
	 
	
   

  	
  8.3

  	
  Liens

  	
  56

  
	 
	
   

  	
  8.4

  	
  Fundamental Changes

  	
  57

  
	 
	
   

  	
  8.5

  	
  Disposition of Property

  	
  58

  
	 
	
   

  	
  8.6

  	
  Restricted Payments

  	
  58

  
	 
	
   

  	
  8.7

  	
  Investments

  	
  59

  
	 
	
   

  	
  8.8

  	
  Transactions with
  Affiliates

  	
  60

  
	 
	
   

  	
  8.9

  	
  Sales and Leasebacks

  	
  60

  
	 
	
   

  	
  8.10 

  	
  Swap Agreements

  	
  60

  
	 
	
   

  	
  8.11 

  	
  Changes in Fiscal
  Periods

  	
  60

  
	 
	
   

  	
  8.12 

  	
  Negative Pledge Clauses

  	
  60

  
	 
	
   

  	
  8.13 

  	
  Clauses Restricting
  Subsidiary Distributions

  	
  60

  
	 
	
   

  	
  8 14 

  	
  Lines of Business

  	
  61

  
	 
	
   

  	
   

  	
   

  	
   

  
	 
	
  9.

  	
  EVENTS OF DEFAULT

  	
  61

  
	 
	
   

  	
   

  	
   

  
	 
	
  10.

  	
  THE AGENTS

  	
  64

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
  10.1 

  	
  Appointment

  	
  64

  
	 
	
   

  	
  10.2 

  	
  Delegation of Duties

  	
  64

  
	
   

  	
  10.3 

  	
  Exculpatory Provisions

  	
  65

  
	
   

  	
  10.4

  	
  Reliance by
  Administrative Agent

  	
  65

  
	
   

  	
  10.5 

  	
  Notice of Default

  	
  66

  
	
   

  	
  10.6

  	
  Non-Reliance on Agents
  and Other Lenders

  	
  66

  
	
   

  	
  10.7 

  	
  Indemnification

  	
  66

  
	
   

  	
  10.8

  	
  Agent in Its Individual
  Capacity

  	
  67

  
	
   

  	
  10.9 

  	
  Successor
  Administrative Agent

  	
  67

  
	
   

  	
  10.10 

  	
  Documentation Agent and
  Syndication Agent

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
  MISCELLANEOUS

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  11.1 

  	
  Amendments and Waivers

  	
  68

  
							

 

iii

 

	
   

  	
  11.2

  	
  Notices

  	
  69

  
	
   

  	
  11.3

  	
  No Waiver; Cumulative
  Remedies

  	
  70

  
	
   

  	
  11.4

  	
  Survival of
  Representations and Warranties

  	
  70

  
	
   

  	
  11.5

  	
  Payment of Expenses and
  Taxes

  	
  70

  
	
   

  	
  11.6

  	
  Successors and Assigns;
  Participations and Assignments

  	
  72

  
	
   

  	
  11.7

  	
  Adjustments; Set-off

  	
  75

  
	
   

  	
  11.8

  	
  Counterparts

  	
  75

  
	
   

  	
  11.9

  	
  Severability

  	
  75

  
	
   

  	
  11.10

  	
  Integration

  	
  76

  
	
   

  	
  11.11

  	
  GOVERNING LAW

  	
  76

  
	
   

  	
  11.12

  	
  Submission To
  Jurisdiction; Waivers

  	
  76

  
	
   

  	
  11.13

  	
  Acknowledgements

  	
  77

  
	
   

  	
  11.14

  	
  Releases of Guarantees
  and Liens

  	
  77

  
	
   

  	
  11.15

  	
  Confidentiality

  	
  77

  
	
   

  	
  11.16

  	
  USA Patriot Act Notice

  	
  78

  
	
   

  	
  11.17

  	
  WAIVERS OF JURY TRIAL

  	
  78

  
	
   

  	
  11.18

  	
  StatutoryNotice

  	
  78

  

 

iv

 

	
  SCHEDULES:

  
	
   

  
	
  1.1

  	
  Revolving Commitments

  
	
  5.4

  	
  Consents,
  Authorizations, Filings and Notices

  
	
  5.15

  	
  Subsidiaries

  
	
  5.19

  	
  UCC Filing
  Jurisdictions

  
	
  8.2(d)

  	
  Existing
  Indebtedness

  
	
  8.3(f)

  	
  Existing Liens

  
	
   

  	
   

  
	
  EXHIBITS:

  
	
   

  
	
  A

  	
  Form of Assignment
  and Assumption

  
	
  B

  	
  Form of Compliance
  Certificate

  
	
  C

  	
  Form of Guarantee
  and Collateral Agreement

  
	
  D

  	
  Form of Swing Line
  Note

  
	
  E

  	
  Form of Exemption
  Certificate

  
	
  F

  	
  Form of Closing
  Certificate

  
	
  G

  	
  Form of Legal
  Opinion of Borrower’s Counsel

  

 

v

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of April 15, 2008 (this “Agreement”),
among TRUEBLUE, INC. (f/k/a Labor Ready, Inc.), a Washington corporation
(the “Borrower”), the several banks and other financial institutions or
entities from time to time parties to this Agreement (the “Lenders”) and
WELLS FARGO BANK, NATIONAL ASSOCIATION, as documentation agent (in such
capacity, the “Documentation Agent”), syndication agent (in such
capacity, the “Syndication Agent”), issuing lender (in such capacity,
the “Issuing Lender”), swing line lender (in such capacity, the “Swing
Line Lender”) and administrative agent (in such capacity, the “Administrative
Agent”).

 

RECITALS

 

A.          On or about December 13, 2005,
the Borrower, the Lenders, the Documentation Agent, the Syndication Agent and
the Administrative Agent entered into that certain Credit Agreement (together
with all amendments, supplements, exhibits, and modifications thereto, the “Existing
Credit Agreement”) whereby the Lenders agreed to extend certain credit
facilities to the Borrower.

 

B.           The Borrower, the Lenders and the
Administrative Agent desire to amend and restate the Existing Credit Agreement
on the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and conditions set forth herein, the
parties hereto (a) agree that the Existing Credit Agreement is hereby
amended and restated in its entirety as provided herein, (b) further agree
that all of the Loan Documents executed in connection with or relating to the
Existing Credit Agreement shall remain in full force and effect, except as
specifically provided in this Agreement and (c) further agree as follows:

 

1.             DEFINITIONS

 

1.1         Defined Terms

 

As used in this
Agreement, the terms listed in this Section 1.1 shall have the respective
meanings set forth in this Section 1.1.

 

“Act”: the USA
Patriot Act (Title III of Pub. L. 10756 (signed into law October 26,
2001)).

 

1

 

“Adjustment Date”:
as defined in the definition of “Applicable Margin”.

 

“Administrative Agent”:
Wells Fargo Bank, National Association as the administrative agent for the
Lenders under this Agreement and the other Loan Documents, together with any of
its successors.

 

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

 

“Agents”: the
collective reference to the Syndication Agent, the Documentation Agent and the
Administrative Agent.

 

“Aggregate Exposure”:
with respect to any Lender at any time, an amount equal to (a) until the
Closing Date, the aggregate amount of such Lender’s Revolving Commitments at
such time and (b) thereafter, the sum of the amount of such Lender’s
Revolving Commitment then in effect or, if the Revolving Commitments have been
terminated, the amount of such Lender’s Revolving Extensions of Credit then
outstanding.

 

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

 

“Agreement”: as
defined in the preamble hereto.

 

“Applicable Margin”:
for each Type of Revolving Loan, the number of basis points (“bps”) set
forth under the relevant column heading in the pricing grid below:

 

	
  Tier

  	
   

  	
  Consolidated

  Leverage Ratio

  	
   

  	
  LIBOR

  Margin/Annual

  Letter of Credit Fee

  	
   

  	
  Base Rate

  Margin

  	
   

  	
  Unused

  Commitment

  Fee Rate

  	
   

  
	
  I

  	
   

  	
  Less than 1.00:1.00

  	
   

  	
  50.0 bps

  	
   

  	
  -100.0 bps

  	
   

  	
  12.5 bps

  	
   

  
	
  II

  	
   

  	
  Greater than or equal to 1.00:1.00 and less than
  1.750:1.00

  	
   

  	
  75.0 bps

  	
   

  	
  -50.0 bps

  	
   

  	
  17.5 bps

  	
   

  
	
  III

  	
   

  	
  Greater than or equal to 1.750:1.00

  	
   

  	
  100.0 bps

  	
   

  	
  -25.0 bps

  	
   

  	
  20.0 bps

  	
   

  

 

2

 

For the purposes of the
pricing grid set forth above, changes in the Applicable Margin resulting from
changes in the Consolidated Leverage Ratio shall become effective on the date
(the “Adjustment Date”) that is three Business Days after the date on
which financial statements are delivered to the Lenders pursuant to Section 7.1
and shall remain in effect until the next change to be effected pursuant to
this paragraph. From the date of this Agreement until the first Adjustment
Date, Tier I shall apply for the Applicable Margin, Annual Letter of Credit Fee
and Unused Commitment Fee Rate. If any financial statements referred to above
are not delivered within the time periods specified in Section 7.1, then,
until the date that is three Business Days after the date on which such
financial statements are delivered, the highest rate set forth in each column
of the pricing grid shall apply. In addition, at all times while an Event of
Default shall have occurred and be continuing, the highest rate set forth in
each column of the pricing grid shall apply, and if applicable, the default
rate of interest provided for in Section 2.10(c) shall apply. Each
determination of the Consolidated Leverage Ratio pursuant to the pricing grid
shall be made in a manner consistent with the determination thereof pursuant to
Section 8.1.

 

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

 

“Approved Fund”:
as defined in Section 11.6(b).

 

“Arranger”: Wells
Fargo Bank, National Association, in its capacities as arranger with respect to
the Revolving Facility.

 

“Asset Sale”: any
Disposition of property or series of related Dispositions of property
(excluding any such Disposition permitted by clause (a), (b), (c) or (d) of
Section 8.5) that yields gross proceeds to any Group Member (valued at the
initial principal amount thereof in the case of non-cash proceeds consisting of
notes or other debt securities and valued at fair market value in the case of
other non-cash proceeds) in excess of $5,000,000.

 

“Assignee”: as
defined in Section 11.6(b).

 

“Assignment and
Assumption”: the Assignment and Assumption Agreement, substantially in the
form of Exhibit A.

 

“Available Revolving
Commitment”: as to any Lender at any time, an amount equal to the excess,
if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such
Lender’s Revolving Extensions of Credit then outstanding.

 

“Base Rate”: on
any date, the rate of interest most recently announced within Wells Fargo Bank,
National Association at its principal office as its Prime Rate, with the
understanding that the Prime Rate is one of Wells Fargo Bank, National
Association’s base rates and serves as the basis upon which effective rates of
interest are calculated for those loans making reference thereto, and is
evidenced by the recording thereof in such internal publication or publications
as Wells Fargo Bank, National Association may designate, with

 

3

 

any change in the rate of
interest to become effective on the date each Prime Rate change is announced
within Wells Fargo Bank, National Association.

 

“Base Rate Loans”:
Revolving Loans or Swing Line Loans the rate of interest applicable to which is
based upon the Base Rate.

 

“Benefited Lender”:
as defined in Section 11.7(a).

 

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

 

“Borrower”: as
defined in the preamble hereto.

 

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

 

“Business”: as
defined in Section 5.17(b).

 

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

 

“Capital Expenditures”:
for any period, with respect to any Person, the aggregate of all expenditures
by such Person and its Subsidiaries for the acquisition or leasing (pursuant to
a capital lease) of fixed or capital assets or additions to equipment
(including replacements, capitalized repairs and improvements during such
period) that should be capitalized under GAAP on a consolidated balance sheet
of such Person and its Subsidiaries.

 

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

 

“Capital Stock”:
any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent ownership
interests in a Person (other than a corporation) and any and all warrants,
rights or options to purchase any of the foregoing.

 

“Cash Equivalents”:
(a) marketable direct obligations issued by, or unconditionally guaranteed
by, the United States Government or issued by any agency thereof and backed by
the full faith and credit of the United States, in each case maturing within
one year from the date of acquisition; or (b) certificates of deposit,
time deposits, eurodollar time deposits or overnight bank deposits having
maturities of six months or less from the date of acquisition

 

4

 

issued by any Lender or
by any commercial bank organized under the laws of the United States or any
state thereof having combined capital and surplus of not less than
$500,000,000; (c) commercial paper of an issuer rated at least A-1 by
Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s
Investors Service, Inc. (“Moody’s”), or carrying an equivalent
rating by a nationally recognized rating agency, if both of the two named
rating agencies cease publishing ratings of commercial paper issuers generally,
and maturing within six months from the date of acquisition; (d) repurchase
obligations of any Lender or of any commercial bank satisfying the requirements
of clause (b) of this definition, having a term of not more than 30 days,
with respect to securities issued or fully guaranteed or insured by the United
States government; (e) securities with maturities of one year or less from
the date of acquisition issued or fully guaranteed by any state, commonwealth
or territory of the United States, by any political subdivision or taxing
authority of any such state, commonwealth or territory or by any foreign
government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are
rated at least A by S&P or A by Moody’s; (f) securities with
maturities of six months or less from the date of acquisition backed by standby
letters of credit issued by any Lender or any commercial bank satisfying the
requirements of clause (b) of this definition; (g) money market
mutual or similar funds that invest exclusively in assets satisfying the
requirements of clauses (a) through (f) of this definition; (h) money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7
under the Investment Company Act of 1940, as amended, (ii) are rated AAA
by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least
$5,000,000,000; or (i) other short-term liquid assets approved in writing
by the Administrative Agent.

 

“Change of Control”:
the occurrence of any of the following:

 

(i)            the
direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the properties or assets of the Borrower and its
Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of
the Securities Exchange Act of 1934, as amended);

 

(ii)           the
adoption of a plan relating to the liquidation or dissolution of the Borrower;
or

 

(iii)          the
Borrower consolidates with, or merges with or into, any Person.

 

“Closing Date”:
the date on which the conditions precedent set forth in Section 6.1 shall
have been satisfied, which date is December 13, 2005.

 

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

 

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

 

“Commonly Controlled
Entity”: an entity, whether or not incorporated, that is under common
control with the Borrower within the meaning of Section 4001 of ERISA or
is part

 

5

 

of a group that includes
the Borrower and that is treated as a single employer under Section 414 of
the Code.

 

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

 

“Consolidated Adjusted
EBITDA”: for any period, Consolidated EBITDA for such period, minus the sum
of (a) income tax expense, determined on a consolidated basis in
accordance with GAAP, (b) dividends and distributions paid to the Borrower’s
shareholders, (c) cash paid for the redemption, repurchase or retirement
of Capital Stock of the Borrower (excluding (i) the repurchase of up to
$188,000,000 of the Capital Stock of the Borrower during the Borrower’s 2007
fiscal year and (ii) the repurchase of up to $50,000,000 of the Capital
Stock of the Borrower during any fiscal year of the Borrower after the Borrower’s
2007 fiscal year) and (d) Consolidated Unfinanced Capital Expenditures.

 

“Consolidated EBITDA”:
for any period, Consolidated Net Income for such period plus, without
duplication and to the extent reflected as a charge in the statement of such
Consolidated Net Income for such period, the sum of (a) income tax
expense, (b) interest expense (including fees for Letters of Credit payable
pursuant to Section 4.3, but net of capitalized interest expense), (c) depreciation
and amortization expense, (d) non-cash expenses resulting from the grant
of stock options or the issuance of restricted stock to employees of any Group
Member and (e) any extraordinary or non-recurring non-cash expenses or
losses, and minus, (a) to the extent included in the statement of such
Consolidated Net Income for such period, the sum of any extraordinary, unusual
or non-recurring income or gains and (b) any cash payments made during
such period in respect of items described in clause (e) above subsequent
to the fiscal quarter in which the relevant non-cash expenses or losses were
reflected as a charge in the statement of Consolidated Net Income, all as
determined on a consolidated basis. For the purposes of calculating
Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a
“Reference Period”), (i) if at any time during such Reference
Period any of the Group Members shall have made any Material Disposition, the
Consolidated EBITDA for such Reference Period shall be reduced by an amount
equal to the Consolidated EBITDA (if positive) attributable to the property
that is the subject of such Material Disposition for such Reference Period or
increased by an amount equal to the Consolidated EBITDA (if negative)
attributable thereto for such Reference Period and (ii) if during such
Reference Period any of the Group Members shall have made a Material
Acquisition, Consolidated EBITDA for such Reference Period shall be calculated
after giving pro forma effect thereto as if such Material Acquisition occurred
on the first day of such Reference Period, such pro forma calculations subject
to the Administrative Agent’s approval.

 

“Consolidated Fixed
Charge Coverage Ratio”: the ratio of (a) Consolidated Adjusted EBITDA
to (b) Consolidated Fixed Charges.

 

“Consolidated Fixed
Charges”: for any four fiscal quarter period, the sum of the following,
determined on a consolidated basis in accordance with GAAP: (a) interest
expense of the Borrower (including fees for Letters of Credit payable pursuant
to

 

6

 

Section 4.3) and (b) the
aggregate amount of all required principal payments (including the principal
component of payments on Capital Lease Obligations) on Indebtedness of the
Group Members.

 

“Consolidated Leverage
Ratio”: the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated
EBITDA for such period.

 

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

 

“Consolidated Total
Debt”: at any date, (a) the aggregate principal amount of all
Indebtedness of the Borrower at such date, determined on a consolidated basis
in accordance with GAAP plus, without duplication of the Indebtedness in clause
(a), (b) the L/C Obligations and the undrawn and unexpired amount of any
letters of credit other than the Letters of Credit; provided that as to
clause (b), there shall be excluded any (i) Letter of Credit with respect
to which the Reimbursement Obligations thereunder are fully secured by cash or
Cash Equivalents pledged to the Administrative Agent for the benefit of the
Lenders and the Issuing Lender to secure only the Reimbursement Obligations
with respect to such specific Letter of Credit and (ii) letter of credit
issued for the account of WAHI or LRAC with respect to which the reimbursement
obligations thereunder are fully secured by cash or Cash Equivalents pledged to
the issuer thereof or collateral agent for such issuer to secure only the
reimbursement obligations with respect to such specific letter of credit.

 

“Consolidated
Unfinanced Capital Expenditures”: Capital Expenditures of the Borrower,
determined on a consolidated basis in accordance with GAAP (other than
Permitted Acquisitions) that are not financed by Capital Lease Obligations or
with the proceeds of interest bearing, amortizing Indebtedness.

 

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

 

“Default”: any of
the events specified in Section 9, whether or not any requirement for the
giving of notice, the lapse of time, or both, has been satisfied.

 

7

 

“Disposition”:
with respect to any property, any sale, lease, sale and leaseback, assignment,
conveyance, transfer or other disposition thereof. The terms “Dispose”
and “Disposed of” shall have correlative meanings.

 

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

 

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

 

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

 

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

 

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

 

“Event of Default”:
any of the events specified in Section 9, provided that any
requirement for the giving of notice, the lapse of time, or both, has been
satisfied.

 

“Excluded Foreign
Subsidiary”: any Foreign Subsidiary in respect of which either (a) the
pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the
guaranteeing by such Subsidiary of the Obligations could reasonably be expected
to result in adverse tax consequences to the Borrower.

 

“Existing Indebtedness”:
as defined in Section 9.2(d).

 

“Federal Funds Effective
Rate”: for any day, the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by
federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any
day that is a Business Day, the average of the quotations for the day of such
transactions received by Wells Fargo Bank, National Association from three
federal funds brokers of recognized standing selected by it.

 

“Fee Payment Date”:
(a) the third Business Day following the last day of each March, June, September and
December, (b) the last day of the Revolving Commitment Period and (c) any
date that the Borrower terminates the Revolving Commitments pursuant to Section 2.5.

 

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

 

8

 

“Funding Office”:
the office of the Administrative Agent specified in Section 11.2 or such
other office as may be specified from time to time by the Administrative Agent
as its funding office by written notice to the Borrower and the Lenders.

 

“GAAP”: generally
accepted accounting principles in the United States as in effect from time to
time, except that for purposes of Section 8.1, GAAP shall be determined on
the basis of such principles in effect on the date hereof and consistent with
those used in the preparation of the most recent audited financial statements
referred to in Section 5.1. In the event that any “Accounting Change” (as
defined below) shall occur and such change results in a change in the method of
calculation of financial covenants, standards or terms in this Agreement, then
the Borrower and the Administrative Agent agree to enter into negotiations in
order to amend such provisions of this Agreement so as to reflect equitably
such Accounting Changes with the desired result that the criteria for
evaluating the Borrower’s financial condition shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such
time as such an amendment shall have been executed and delivered by the
Borrower, the Administrative Agent and the Required Lenders, all financial
covenants, standards and terms in this Agreement shall continue to be
calculated or construed as if such Accounting Changes had not occurred. “Accounting
Changes” refers to changes in generally accepted accounting principles in the
United States.

 

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

 

“Group Members”:
the collective reference to the Borrower and its Subsidiaries.

 

“Guarantee and
Collateral Agreement”: the Amended and Restated Guarantee and Collateral
Agreement dated the date of this Agreement to be executed and delivered to the
Administrative Agent by the Borrower and each Guarantor in the form of Exhibit C.

 

“Guarantee Obligation”:
as to any Person (the “guaranteeing person”), any obligation, including
a reimbursement, counterindemnity or similar obligation, of the guaranteeing
person that guarantees or in effect guarantees, or which is given to induce the
creation of a separate obligation by another Person (including any bank under
any letter of credit) that guarantees or in effect guarantees, any
Indebtedness, leases, dividends, obligations to assure or hold harmless the
owner of any primary obligation against loss in respect thereof, purchase or
payment obligations, working capital or equity capital obligations or other
obligations of any other third Person in any manner, whether directly or
indirectly; provided, however, that the term Guarantee Obligation
shall not include endorsements of instruments for deposit or collection in the
ordinary course of business. The amount of any Guarantee Obligation of any
guaranteeing person shall be deemed to be the lower of (x) an amount equal
to the stated or determinable amount of the primary obligation in respect of
which such Guarantee Obligation is made and (y) the maximum amount for
which such guaranteeing person may be liable pursuant to the terms of the
instrument

 

9

 

embodying such Guarantee
Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case
the amount of such Guarantee Obligation shall be such guaranteeing person’s
maximum reasonably anticipated liability in respect thereof as determined by
the Borrower in good faith.

 

“Guarantors”: the
collective reference to the Subsidiary Guarantors and any other guarantor of
the Obligations.

 

“Increase Effective
Date”: as defined in the Section 2.2(a).

 

“Indebtedness”: of
any Person at any date, without duplication, (a) all indebtedness of such
Person for borrowed money, (b) all obligations of such Person for the deferred
purchase price of property or services (other than current trade payables
incurred in the ordinary course of such Person’s business), (c) all
obligations of such Person evidenced by notes, bonds, debentures or other
similar instruments, (d) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to property
acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession
or sale of such property), (e) all Capital Lease Obligations of such
Person, (f) all obligations of such Person, contingent or otherwise, as an
account party or applicant under or in respect of acceptances, letters of
credit or similar arrangements (excluding surety bonds), (g) the
liquidation value of all mandatorily redeemable preferred Capital Stock of such
Person, (h) all Guarantee Obligations of such Person in respect of obligations
of the kind referred to in clauses (a) through (g) above, (i) all
obligations of the kind referred to in clauses (a) through (h) above
secured by (or for which the holder of such obligation has an existing right,
contingent or otherwise, to be secured by) any Lien on property (including
accounts and contract rights) owned by such Person, whether or not such Person
has assumed or become liable for the payment of such obligation, and (j) for
the purposes of Section 9(e) only, all obligations of such Person in
respect of Swap Agreements. Indebtedness does not include the amount of any
holdback or reserve established by agreement with the sellers in connection
with Borrower’s acquisition of Contractor’s Labor Pool, Inc. to the extent
the amount of such holdback or reserve is held in escrow for the payment of
Borrower’s obligations under such agreement. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership
in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such
Indebtedness expressly provide that such Person is not liable therefor.

 

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

 

“Insolvent”:
pertaining to a condition of Insolvency.

 

“Intellectual Property”:
the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or
foreign

 

10

 

laws or otherwise,
including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue
at law or in equity for any infringement or other impairment thereof, including
the right to receive all proceeds and damages therefrom.

 

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

 

“Interest Period”:
as to any LIBOR Loan, (a) initially, the period commencing on the
borrowing or conversion date, as the case may be, with respect to such LIBOR
Loan and ending one, two, three or six months thereafter, as selected by the
Borrower in its notice of borrowing or notice of conversion, as the case may
be, given with respect thereto; and (b) thereafter, each period commencing
on the last day of the next preceding Interest Period applicable to such LIBOR
Loan and ending one, two, three or six months thereafter, as selected by the
Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M.,
San Francisco, California time, on the date that is three Business Days prior
to the last day of the then current Interest Period with respect thereto; provided
that, all of the foregoing provisions relating to Interest Periods are subject
to the following:

 

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

 

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

 

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

 

“Investments”: as
defined in Section 8.7.

 

“Issuing
Lender”: Wells Fargo Bank, National Association or any affiliate thereof,
in its capacity as issuer of any Letter of Credit, or any successor issuer of
Letters of Credit hereunder.

 

“L/C Commitment”:
the amount of the Total Revolving Commitments.

 

11

 

“L/C Obligations”:
at any time, an amount equal to the sum of (a) the aggregate then undrawn
and unexpired amount of the then outstanding Letters of Credit and (b) the
aggregate amount of drawings under Letters of Credit that have not then been
reimbursed pursuant to Section 3.5.

 

“L/C Participants”:
with respect to any Letter of Credit, the collective reference to all the Lenders
other than the Issuing Lender of such Letter of Credit.

 

“Lenders”: as
defined in the preamble hereto. 

 

“Letters of Credit”:
as defined in Section 3.1(a).

 

“LIBOR Base Rate”:
with respect to any LIBOR Loan for any Interest Period, the per annum rate appearing
on Reuters Screen LIBOR01-02 Page under the heading “British Bankers
Association LIBOR Rates” (or on any successor or substitute Reuters screen of
such service, or any successor to or substitute for such service, providing
rate quotations comparable to those currently provided on such Reuters screen
in the event such Reuters screen is no longer published or readily available as
determined by the Administrative Agent from time to time for purposes of
providing quotations of interest rates in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for United States Dollar
deposits with a maturity comparable to such Interest Period. In the event that
such rate is not available at such time for any reason, then the “LIBOR Base
Rate” with respect to such LIBOR Loan for such Interest Period shall be the
rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which United
States Dollar deposits in a comparable amount to such LIBOR Loan and for a
maturity comparable to such Interest Period are offered by the principal London
office of the Administrative Agent in same day or immediately available funds
in the London interbank market at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period. When “LIBOR
Base Rate” is used in reference to any Revolving Loan, such term refers to
whether such Revolving Loan is bearing interest at a rate determined by reference
to the LIBOR Rate.

 

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

 

“LIBOR Pricing Options’
the option granted pursuant to Section 2.10 to have the interest on any
portion of the Revolving Loans computed on the basis of a LIBOR Rate.

 

“LIBOR Rate”: for
any Interest Period means the rate, rounded upward to the next highest 1/100%,
obtained by dividing (a) the LIBOR Base Rate for such Interest Period by (b) an
amount equal to 1 minus the LIBOR Reserve Rate; provided,  however,
that if at any time during such Interest Period the LIBOR Reserve Rate
applicable to any outstanding LIBOR Pricing Option changes, the LIBOR Rate for
such Interest Period will automatically be adjusted to reflect such change,
effective as of the date of such change to the extent required by the
Requirement of law implementing such change.

 

12

 

“LIBOR Reserve Rate”:
the stated maximum rate (expressed as a decimal) of all reserves (including any
basic, supplemental, marginal or emergency reserve or any reserve asset), if
any, as from time to time in effect, required by any Requirement of Law to be
maintained by a member bank of the Federal Reserve System, with deposits
comparable in amount to those held by the Administrative Agent, against (a) “Eurocurrency
liabilities” as specified in Regulation D of the Board of Governors of the
Federal Reserve System applicable to LIBOR Pricing Options, (b) any other
category of liabilities that includes deposits by reference to which the
interest rate on portions of the Loans subject to LIBOR Pricing Options is
determined, (c) the principal amount of or interest on any portion of the
Loans subject to a LIBOR Pricing Option or (d) any other category of extensions
of credit, or other assets, that includes loans subject to a LIBOR Pricing
Option by a non-United States office of any of the Lenders to United States
residents, in each case without the benefits of credits for prorations,
exceptions or offsets that may be available to a Lender. The rate of interest
applicable to any outstanding LIBOR Loans shall be adjusted automatically on
and as of the effective date of any change in the LIBOR Reserve Rate.

 

“LIBOR Tranche”:
the collective reference to LIBOR Loans under a particular Revolving Facility
whose then current Interest Periods begin on the same date and end on the same
later date (whether or not such Revolving Loans shall originally have been made
on the same day).

 

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

 

“Loan Documents”:
this Agreement, the Security Documents, the Notes and any amendment, waiver,
supplement or other modification to any of the foregoing.

 

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

 

“LRAC”: Labor
Ready Assurance Company, an entity organized under the laws of the Cayman
Islands.

 

“Majority Lenders”:
at any time, the holders of 51% or more of (a) until the Closing Date, the
Revolving Commitments then in effect and, (b) thereafter, the Total
Revolving Commitments then in effect or, if the Revolving Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding.

 

“Material Acquisition”
means any acquisition of property or series of related acquisitions of property
that (a) constitutes assets comprising all or substantially all of an
operating unit of a business or constitutes all or substantially all of the
common stock of a Person and (b) involves the payment of consideration by
Group Members in excess of $5,000,000.

 

13

 

“Material Adverse
Effect”: a material adverse effect on (a) the business, property, operations,
condition (financial or otherwise) or prospects of the Borrower or the Group
Members taken as a whole or (b) the validity or enforceability of this
Agreement or any of the other Loan Documents or the rights or remedies of the
Administrative Agent or the Lenders hereunder or thereunder.

 

“Material Disposition”
means any Disposition of property or series of related Dispositions of property
that yields gross proceeds to Group Members in excess of $5,000,000.

 

“Materials of
Environmental Concern”: any gasoline or petroleum (including crude oil or
any fraction thereof) or petroleum products or any hazardous or toxic
substances, materials or wastes, defined or regulated as such in or under any
Environmental Law, including asbestos, polychlorinated biphenyls and
urea-formaldehyde insulation.

 

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

 

“Net Cash Proceeds”:
(a) in connection with any Asset Sale or any Recovery Event, the proceeds
thereof in the form of cash and Cash Equivalents (including any such proceeds
received by way of deferred payment of principal pursuant to a note or
installment receivable or purchase price adjustment receivable or otherwise,
but only as and when received), net of attorneys’ fees, accountants’ fees,
investment banking fees, amounts required to be applied to the repayment of
Indebtedness secured by a Lien expressly permitted hereunder on any asset that
is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant
to a Security Document) and other customary fees and expenses actually incurred
in connection therewith and net of taxes paid or reasonably estimated to be
payable as a result thereof (after taking into account any available tax
credits or deductions and any tax sharing arrangements) and (b) in connection
with any issuance or sale of Capital Stock or any incurrence of Indebtedness,
the cash proceeds received from such issuance or incurrence, net of attorneys’
fees, investment banking fees, accountants’ fees, underwriting discounts and
commissions and other customary fees and expenses actually incurred in
connection therewith.

 

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

 

“Non-U.S. Lender”:
as defined in Section 2.15(d).

 

“Notes”: the
collective reference to any promissory note evidencing Revolving Loans and the
Swing Line Note.

 

“Obligations”: the
unpaid principal of and interest on (including interest accruing after the
maturity of the Revolving Loans, Swing Line Loans and Reimbursement Obligations
and interest accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to
the Borrower, whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding) the Revolving Loans, Swing Line Loans and all
other obligations and liabilities of the Borrower to the Administrative Agent
or to any Lender (or, in the case of Specified

 

14

 

Swap Agreements, any
affiliate of any Lender), whether direct or indirect, absolute or contingent,
due or to become due, or now existing or hereafter incurred, which may arise
under, out of, or in connection with, this Agreement, any other Loan Document,
the Letters of Credit, any Specified Swap Agreement or any other document made,
delivered or given in connection herewith or therewith, whether on account of
principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses (including all fees, charges and disbursements of counsel to the
Administrative Agent or to any Lender that are required to be paid by the
Borrower pursuant hereto) or otherwise.

 

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

 

“Participant”: as
defined in Section 11.6(c).

 

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

 

“Permitted Acquisition”:
an acquisition of all or substantially all of the assets or of the assets
constituting a line of business or substantially all of the Capital Stock of
any Person where (a) no Default or Event of Default shall have occurred
and be continuing on the date such Permitted Acquisition is consummated, before
or after giving effect thereto, (b) the business acquired (or Person
acquired) is principally engaged in the same line of business (or a business
reasonably related thereto) as the Borrower, (c) the Borrower shall have
demonstrated to the Administrative Agent compliance with the covenants set
forth in Section 8.1(i) on a pro forma basis (calculated for the
relevant period as if such acquisition had occurred on the first day of the
relevant period), for the most recent full fiscal quarter immediately preceding
such consummation date for which the relevant financial information has been
delivered pursuant to Section 7.1 and (ii) on a projected basis, for
each of the four fiscal quarters following the quarter referred to in the
preceding clause (i), (d) the Borrower shall have delivered to the
Administrative Agent for itself and for distribution to each Lender copies of
the most recent audited financial statements (or if unavailable, the most
recent unaudited financial statements) of the acquired Person together with
such other information that the Administrative Agent may reasonably request, (e) the
fair market value of the consideration paid (including the amount of any
Indebtedness or other obligations or liabilities assumed or acquired) in
connection with such Permitted Acquisition together with that for other
Permitted Acquisitions during any 12-month period, shall not be in excess of
$50,000,000; provided that notwithstanding the $50,000,000 limitation,
the Required Lenders have approved the Borrower’s acquisition of TLC Services
Group, Inc., PlaneTechs, LLC and Personal Management, Inc., and provided,
further, that the fair market value of the consideration paid for such
acquisitions shall be included for purposes of the $50,000,000 limitation
during the relevant 12-month period as it relates to any other acquisitions, (f) the
acquired Person shall have generated positive EBITDA (calculated in the same
manner as the calculation of Consolidated EBITDA) during the most recent
12-month period ended immediately prior to the consummation of the acquisition
and (g) a Responsible Officer of

 

15

 

the Borrower shall have
delivered to the Administrative Agent a Pro Forma Compliance Certificate. “Pro
Forma Compliance Certificate” means a certificate to the Administrative
Agent certifying as to the accuracy of clauses (a) through (e) above
and providing a detailed computation of compliance with clause (c) above.

 

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

 

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

 

“Projections”: as
defined in Section 7.2(c).

 

“Properties”: as
defined in Section 5.17(a).

 

“Proposed Increase”:
as defined in the Section 2.2(a).

 

“Recovery Event”:
any settlement of or payment in respect of any property or casualty insurance
claim, other than a worker’s compensation claim, or any condemnation proceeding
relating to any asset of any Group Member.

 

“Register”: as
defined in Section 11.6(b).

 

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

 

“Reimbursement
Obligation”: the obligation of the Borrower to reimburse the Issuing Lender
pursuant to Section 3.5 for amounts drawn under Letters of Credit.

 

“Reinvestment Deferred
Amount”: with respect to any Reinvestment Event, the aggregate Net Cash
Proceeds received by any Group Member in connection therewith that are not
applied to reduce the Revolving Loans pursuant to Section 2.7(b) as a
result of the delivery of a Reinvestment Notice.

 

“Reinvestment Event”:
any Asset Sale or Recovery Event in respect of which the Borrower has delivered
a Reinvestment Notice.

 

“Reinvestment Notice”:
a written notice executed by a Responsible Officer stating that no Event of
Default has occurred and is continuing and that the Borrower (directly or
indirectly through a Subsidiary) intends and expects to use all or a specified
portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire
or repair assets useful in its business.

 

“Reinvestment
Prepayment Amount”: with respect to any Reinvestment Event, the
Reinvestment Deferred Amount relating thereto less any amount expended prior to
the

 

16

 

relevant Reinvestment
Prepayment Date to acquire or repair assets useful in the Borrower’s business.

 

“Reinvestment
Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the
date occurring 360 days after such Reinvestment Event and (b) the date on
which the Borrower shall have determined not to, or shall have otherwise ceased
to, acquire or repair assets useful in the Borrower’s business with all or any
portion of the relevant Reinvestment Deferred Amount.

 

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

 

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

 

“Required Lenders”:
at any time, the holders of 67% or more of (a) until the Closing Date, the
Revolving Commitments then in effect and (b) thereafter, the Total
Revolving Commitments then in effect or, if the Revolving Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding.

 

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

 

“Responsible Officer”:
the chief executive officer, president, chief financial officer or vice
president of finance of the Borrower.

 

“Restricted Payments”:
as defined in Section 8.6.

 

“Revolving Commitment”:
as to any Lender, the obligation of such Lender, to make Revolving Loans,
participate in Letters of Credit and Swing Line Loans in an aggregate principal
and/or face amount not to exceed the amount set forth under the heading “Revolving
Commitment” opposite such Lender’s name on Schedule 1.1 or in the Assignment
and Assumption pursuant to which such Lender became a party hereto, as the same
may be changed from time to time pursuant to the terms hereof. The original
amount of the Total Revolving Commitments is $80,000,000.

 

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

 

“Revolving Extensions
of Credit”: as to any Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then
outstanding, (b) the amount equal to such Lender’s Revolving Percentage of
the L/C

 

17

 

Obligations then
outstanding and (c) the amount equal to such Lender’s Revolving Percentage
of the Swing Line Loans then outstanding.

 

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

 

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

 

“Revolving Percentage”:
as to any Lender at any time, the percentage which such Lender’s Revolving
Commitment then constitutes of the Total Revolving Commitments or, at any time
after the Revolving Commitments shall have expired or terminated, the
percentage which the aggregate principal amount of such Lender’s Revolving
Loans then outstanding constitutes of the aggregate principal amount of the
Revolving Loans then outstanding, provided, that, in the event that the
Revolving Loans are paid in full prior to the reduction to zero of the Total
Revolving Extensions of Credit, the Revolving Percentages shall be determined
in a manner designed to ensure that the other outstanding Revolving Extensions
of Credit shall be held by the Lenders on a comparable basis.

 

“Revolving Termination
Date”: April 15, 2011.

 

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

 

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

 

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

 

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

 

18

 

“Specified Swap
Agreement”: any Swap Agreement entered into by the Borrower and any Lender
or affiliate thereof in respect of interest rates or currency exchange rates
that is approved by the Required Lenders.

 

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

 

“Subsidiary Guarantor”:
each Subsidiary of the Borrower other than any Excluded Foreign Subsidiary and
WAHI, LRAC, Labor Ready Funding Corporation, Labor Ready, Inc. PAC and
Labor Ready GEO/ALA, LLP.

 

“Swap Agreement”:
any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference
to, one or more rates, currencies, commodities, equity or debt instruments or
securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any
combination of these transactions; provided that no phantom stock or
similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower
or any of its Subsidiaries shall be a “Swap Agreement”.

 

“Swing Line Lender”:
Wells Fargo Bank, National Association or any affiliate thereof, in its
capacity as provider of Swing Line Loans, or any successor swing line lender
hereunder.

 

“Swing Line Loans”:
as defined in Section 4.1.

 

“Swing Line Note”:
the promissory note of the Borrower, substantially in the form of Exhibit D
attached hereto, evidencing the obligation of the Borrower to repay the Swing
Line Loans.

 

“Swing Line Sublimit”:
$10,000,000.

 

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

 

“Total Revolving
Commitments”: at any time, the aggregate amount of the Revolving
Commitments then in effect.

 

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

 

19

 

“Transferee”: any
Assignee or Participant.

 

“Type”: as to any
Revolving Loan, its nature as a Base Rate Loan or a LIBOR Loan.

 

“Unused Commitment Fee
Rate”: the Unused Commitment Fee Rate determined pursuant to the pricing
grid set forth in the definition of “Applicable Margin”.

 

“United States”:
the United States of America.

 

“WAHI”: Workers
Assurance of Hawaii, Inc., a Hawaii corporation.

 

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

 

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

 

1.2          Other Definitional Provisions

 

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

 

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

 

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

 

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

 

20

 

2.                               AMOUNT AND TERMS OF REVOLVING COMMITMENTS

 

2.1          Revolving Commitments

 

(a)           Subject to the terms and conditions
hereof, each Lender severally agrees to make revolving credit loans (“Revolving
Loans”) to the Borrower, from time to time during the Revolving Commitment
Period, in an aggregate principal amount at any one time outstanding which,
when added to the amount equal to such Lender’s Revolving Percentage of the L/C
Obligations then outstanding and such Lender’s Revolving Percentage of Swing
Line Loans then outstanding, does not exceed the amount of such Lender’s
Revolving Commitment. No Lender shall be obligated to make a Revolving Loan if,
after giving effect to such Revolving Loan, the aggregate Revolving Extensions
of Credit exceed the Total Revolving Commitments. During the Revolving
Commitment Period the Borrower may use the Revolving Commitments by borrowing,
prepaying the Revolving Loans in whole or in part, and reborrowing, all in
accordance with the terms and conditions hereof. The Revolving Loans may from
time to time be LIBOR Loans or Base Rate Loans, as determined by the Borrower
and notified to the Administrative Agent in accordance with Sections 2.3 and
2.8.

 

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

 

2.2          Increase in Revolving Commitment

 

(a)           Prior to the Revolving Termination
Date, the Borrower may request an increase to the Total Revolving Commitments
(the “Proposed Increase”) by delivering to the Administrative Agent a
written notice of a proposed increase stating the date on which the proposed
increase is to be effective (the “Increase Effective Date”), provided
that (i) each single Proposed Increase shall be in an amount equal to or
greater than $25,000,000, (ii) after giving effect to such Proposed
Increase, the number of increases made by the Borrower pursuant to this Section 2.2(a) shall
not exceed three, (iii) after giving effect to such Proposed Increase, the
aggregate amount of all Proposed Increases requested pursuant to this Section 2.2(a) shall
not exceed $80,000,000, (iv) the Borrower has not given notice pursuant to
Section 2.5 to reduce the amount of the Total Revolving Commitments and (v) each
of the conditions precedent set forth in Section 6.2 are satisfied as of
the Increase Effective Date.

 

(b)           So long as each of the requirements
sent forth in Section 2.2(a) are satisfied, the Administrative Agent
shall invite each Lender to increase its Revolving Commitment (it being
understood that each Lender shall have the right but not the obligation to
increase its Revolving Commitment in amounts determined by the Administrative
Agent) in connection with the Proposed Increase and may, if necessary to meet
the full amount of the Proposed Increase, invite any other financial
institution reasonably satisfactory to the Administrative Agent and the
Borrower to become a Lender in connection with the Proposed Increase. Such
financial institution shall enter into a joinder agreement, in form and
substance reasonably satisfactory to the Administrative Agent, with the
Borrower and the Administrative Agent and may, with the consent of the Borrower
and the Required Lenders, effect such

 

21

 

amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate, in
the opinion of the Administrative Agent, to join such financial institution as
a Lender under this Agreement and the Loan Documents.

 

(c)           Each Proposed Increase shall increase
the Total Revolving Commitments on the Increase Effective Date upon (i) entire
amount of Approved Increase being committed to by Lenders as determined by the
Administrative Agent and (ii) the Borrower executing and delivering such
documents and instruments as may be reasonably requested by the Administrative
Agent.

 

(d)           To the extent any Letter of Credit or
Swing Line Loan is outstanding when the Total Revolving Commitments are
increased pursuant to this Section 2.2, each Lender’s risk participation
in outstanding L/C Obligations and outstanding Swing Line Loans shall be
adjusted based upon such Lender’s adjusted Revolving Percentage.

 

(e)           All references in this Agreement and
the Loan Documents to Revolving Loans and Revolving Extensions of Credit shall
be deemed, unless context otherwise requires, to include Revolving Loans and
Revolving Extensions of Credit made pursuant to this Section 2.2, which
shall benefit equally and ratably from the guarantees and Liens created by the
Loan Documents.

 

2.3          Procedure for Revolving Loan Borrowing

 

The Borrower may borrow
under the Revolving Commitments during the Revolving Commitment Period on any
Business Day, provided that the Borrower shall give the Administrative
Agent irrevocable notice (which notice must be received by the Administrative
Agent prior to 11:00 A.M., San Francisco, California time, (a) three
Business Days prior to the requested Borrowing Date, in the case of LIBOR
Loans, or (b) one Business Day prior to the requested Borrowing Date, in
the case of Base Rate Loans) (provided that any such notice of a
borrowing of Base Rate Loans under the Revolving Facility to finance payments
required by Section 3.5 may be given not later than 10:00 A.M., San
Francisco, California time, on the date of the proposed borrowing), specifying (i) the
amount and Type of Revolving Loans to be borrowed, (ii) the requested
Borrowing Date and (iii) in the case of LIBOR Loans, the respective
amounts of each Type of Revolving Loan and the respective lengths of the
initial Interest Period therefor. Each borrowing under the Revolving
Commitments shall be in an amount equal to $1,000,000 or a greater multiple of
$500,000 (or, if the then aggregate Available Revolving Commitments are less
than $1,000,000, such lesser amount). Upon receipt of any such notice from the
Borrower, the Administrative Agent shall promptly notify each Lender thereof.
Each Lender will make the amount of its pro rata share of each borrowing
available to the Administrative Agent for the account of the Borrower at the
Funding Office prior to 12:00 Noon, San Francisco, California time, on the Borrowing
Date requested by the Borrower in funds immediately available to the
Administrative Agent. Such borrowing will then be made available to the
Borrower by the Administrative Agent crediting the account of the Borrower on
the books of such office with the aggregate of the amounts made available to
the Administrative Agent by the Lenders and in like funds as received by the
Administrative Agent.

 

22

 

2.4          Unused Commitment Fees, etc.

 

(a)           Concurrently with the execution of
this Agreement, the Borrower agrees to pay to the Administrative Agent for the
account of each Lender under the Existing Credit Agreement the unused
commitment fee accrued thereunder through the day immediately preceding the
date of this Agreement. The Borrower agrees to pay to the Administrative Agent
for the account of each Lender under this Agreement an unused commitment fee
for the period from and including the date of this Agreement to the last day of
the Revolving Commitment Period, computed at the Unused Commitment Fee Rate
under the Existing Credit Agreement through the date immediately preceding the
date of this Agreement and thereafter at the Unused Commitment Fee Rate set
forth in this Agreement, in each case on the average daily amount of the
Available Revolving Commitment of such Lender during the period for which
payment is made, payable quarterly in arrears on each Fee Payment Date,
commencing on the first such date to occur after the date hereof. For purposes
of this Section 2.4(a), the outstanding amount of Swing Line Loans shall
not constitute usage of the Revolving Facility.

 

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

 

2.5          Termination or Reduction of Revolving
Commitments

 

The Borrower shall have
the right, upon not less than three Business Days’ notice to the Administrative
Agent, to terminate the Revolving Commitments or, from time to time, to reduce
the amount of the Revolving Commitments; provided that no such
termination or reduction of Revolving Commitments shall be permitted if, after
giving effect thereto and to any prepayments of the Revolving Loans made on the
effective date thereof, the Total Revolving Extensions of Credit would exceed
the Total Revolving Commitments. Any such reduction shall be in an amount equal
to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving
Commitments then in effect. If, after giving effect to any reduction of the
Revolving Commitments, the L/C Commitment or the Swing Line Sublimit exceeds
the amount of the Revolving Commitments, the L/C Commitment and the Swing Line
Sublimit shall be automatically reduced by the amount of such excess.

 

2.6          Optional Prepayments

 

The Borrower may at any
time and from time to time prepay the Revolving Loans, in whole or in part,
without premium or penalty, upon irrevocable notice delivered to the Administrative
Agent no later than 11:00 A.M., San Francisco, California time, three
Business Days prior thereto, in the case of LIBOR Loans, and no later than
11:00 A.M., San Francisco, California time, one Business Day prior
thereto, in the case of Base Rate Loans, which notice shall specify the date
and amount of prepayment and whether the prepayment is of LIBOR Loans or Base
Rate Loans; provided, that if a LIBOR Loan is prepaid on any day other
than the last day of the Interest Period applicable thereto, the Borrower shall
also pay any amounts owing pursuant to Section 2.16. Upon receipt of any
such notice the

 

23

 

Administrative Agent
shall promptly notify each relevant Lender thereof. If any such notice is given,
the amount specified in such notice shall be due and payable on the date
specified therein, together with (except in the case of Revolving Loans that
are Base Rate Loans) accrued interest to such date on the amount prepaid.
Partial prepayments of a LIBOR Loan shall be in an aggregate principal amount
of not less than $1,000,000 or a greater multiple of $500,000 (or if the then
aggregate amount of the outstanding LIBOR Loans is less than $1,000,000, such
lesser amount).

 

2.7          Mandatory Prepayments and Commitment
Reductions

 

(a)           If any Capital Stock or Indebtedness
shall be issued or incurred by any Group Member (excluding any Indebtedness
incurred in accordance with Section 8.2 and the Net Cash Proceeds received
by the Borrower from the exercise of stock options) an amount equal to 100% of
the Net Cash Proceeds in respect of the issuance of such Capital Stock and the
incurrence of such Indebtedness, in each case, shall be applied on the date of
such issuance or incurrence toward the prepayment of the Revolving Loans to the
extent Revolving Loans are then outstanding.

 

(b)           If on any date any Group Member shall
receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a
Reinvestment Notice shall be delivered in respect thereof, such Net Cash
Proceeds shall be applied on such date toward the prepayment of the Revolving
Loans to the extent Revolving Loans are then outstanding; provided,
that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds
of Asset Sales and Recovery Events that may be excluded from the foregoing
requirement pursuant to a Reinvestment Notice shall not exceed $5,000,000 in
any fiscal year of the Borrower and (ii) on each Reinvestment Prepayment
Date, an amount equal to the Reinvestment Prepayment Amount with respect to the
relevant Reinvestment Event shall be applied toward the prepayment of the
Revolving Loans to the extent Revolving Loans are then outstanding.

 

(c)           Amounts to be applied in connection
with prepayments made pursuant to Section 2.6 shall be applied to the
prepayment of the Revolving Loans. The application of any prepayment pursuant
to Section 2.7 shall be made, first, to Base Rate Loans and, second, to
LIBOR Loans. Each prepayment of the Revolving Loans under Section 2.7
shall be accompanied by accrued interest to the date of such prepayment on the
amount prepaid.

 

2.8          Conversion and Continuation Options

 

(a)           The Borrower may elect from time to
time to convert LIBOR Loans to Base Rate Loans by giving the Administrative
Agent prior irrevocable notice of such election no later than 11:00 A.M.,
San Francisco, California time, on the Business Day preceding the proposed
conversion date, provided that any such conversion of LIBOR Loans may
only be made on the last day of an Interest Period with respect thereto. The
Borrower may elect from time to time to convert Base Rate Loans to LIBOR Loans
by giving the Administrative Agent prior irrevocable notice of such election no
later than 11:00 A.M., San Francisco, California time, on the third
Business Day preceding the proposed conversion date (which notice shall specify
the length of the initial Interest Period therefor), provided that no
Base

 

24

 

Rate Loan under the
Revolving Facility may be converted into a LIBOR Loan when any Event of Default
has occurred and is continuing and the Administrative Agent or any Lender in
respect of the Revolving Facility has determined in its sole discretion not to
permit such conversions. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof.

 

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

 

2.9          Limitations on LIBOR Tranches

 

Notwithstanding anything
to the contrary in this Agreement, all borrowings, conversions and
continuations of LIBOR Loans and all selections of Interest Periods shall be in
such amounts and be made pursuant to such elections so that, (a) after
giving effect thereto, the aggregate principal amount of the LIBOR Loans
comprising each LIBOR Tranche shall be equal to $1,000,000 or a whole multiple
of $500,000 in excess thereof and (b) no more than 12 LIBOR Tranches shall
be outstanding at any one time.

 

2.10        Interest Rates and Payment Dates

 

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

 

(b)           Each Base Rate Loan under the
Revolving Facility shall bear interest at a rate per annum equal to the Base
Rate plus the Applicable Margin.

 

(c)           (i) If all or a portion of the
principal amount of any Revolving Loan, Swing Line Loan or Reimbursement
Obligation shall not be paid when due (whether at the stated maturity, by
acceleration or otherwise), all outstanding Revolving Loans, Swing Line Loans
and Reimbursement Obligations (whether or not overdue) shall bear interest at a
rate per annum equal to (x) in the case of the Revolving Loans, the rate
that would otherwise be applicable thereto pursuant to the foregoing provisions
of this Section plus 2%, (y) in the case of the Swing Line Loans, the
rate that would otherwise be applicable thereto plus 2% or (z) in the case
of Reimbursement Obligations, the rate applicable to Base Rate Loans under the
Revolving Facility plus 2%, and (ii) if all or a portion of any interest
payable on any

 

25

 

Revolving Loan, Swing
Line Loan or Reimbursement Obligation or any commitment fee (including any
unused commitment fee) or other amount payable hereunder shall not be paid when
due (whether at the stated maturity, by acceleration or otherwise), such
overdue amount shall bear interest at a rate per annum equal to the rate then
applicable to Base Rate Loans or Swing Line Loans (if applicable) under the
Revolving Facility plus 2% (or, in the case of any such other amounts that do
not relate to the Revolving Facility or the Swing Line Loans, the rate then
applicable to Base Rate Loans under the Revolving Facility plus 2%), in each
case, with respect to clauses (i) and (ii) above, from the date of
such non-payment until such amount is paid in full (as well after as before
judgment).

 

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

 

2.11        Computation of Interest and Fees

 

(a)           Interest and fees payable pursuant to
this Agreement shall be calculated on the basis of a 360-day year for the
actual days elapsed. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of each determination of a LIBOR
Rate. Any change in the interest rate on a Revolving Loan resulting from a
change in the Base Rate or the Eurocurrency Reserve Requirements shall become
effective as of the opening of business on the day on which such change becomes
effective. The Administrative Agent shall as soon as practicable notify the
Borrower and the relevant Lenders of the effective date and the amount of each
such change in interest rate. Notwithstanding anything to the contrary in this
Section, the Borrower shall not be required to compensate a Lender pursuant to
this Section for any change in Eurocurrency Reserve Requirement that
occurs more than three months prior to the date that such Lender notifies the
Borrower of such change; provided that, if the change in Eurocurrency
Reserve Requirement has a retroactive effect, then such three-month period
shall be extended to include the period of such retroactive effect.

 

(b)           Each determination of an interest
rate by the Administrative Agent pursuant to any provision of this Agreement
shall be conclusive and binding on the Borrower and the Lenders in the absence
of manifest error. The Administrative Agent shall, at the request of the
Borrower, deliver to the Borrower a statement showing the quotations used by
the Administrative Agent in determining any interest rate pursuant to Section 2.10(a).

 

2.12        Inability to Determine Interest Rate 

 

If prior to the
first day of any Interest Period:

 

(a)           the Administrative
Agent shall have determined (which determination shall be conclusive and
binding upon the Borrower) that, by reason of circumstances affecting the
relevant market, adequate and reasonable means do not exist for ascertaining
the LIBOR Rate for such Interest Period, or

 

26

 

(b)           the Administrative
Agent shall have received notice from any Lender in respect of the Revolving
Facility that the LIBOR Rate determined or to be determined for such Interest
Period will not adequately and fairly reflect the cost to such Lender (as
conclusively certified by such Lender) of making or maintaining their affected
Revolving Loans during such Interest Period,

 

the Administrative Agent
shall give telecopy or telephonic notice thereof to the Borrower and the
relevant Lenders as soon as practicable thereafter. If such notice is given (x) any
LIBOR Loans under the Revolving Facility requested to be made on the first day
of such Interest Period shall be made as Base Rate Loans, (y) any
Revolving Loans under the Revolving Facility that were to have been converted
on the first day of such Interest Period to LIBOR Loans shall be continued as
Base Rate Loans and (z) any outstanding LIBOR Loans under the Revolving
Facility shall be converted, on the last day of the then-current Interest
Period, to Base Rate Loans. Until such notice has been withdrawn by the
Administrative Agent, no further LIBOR Loans under the Revolving Facility shall
be made or continued as such, nor shall the Borrower have the right to convert
Revolving Loans under the Revolving Facility to LIBOR Loans.

 

2.13        Pro Rata Treatment and Payments

 

(a)           Each borrowing by the Borrower from
the Lenders under the Revolving Facility, each payment by the Borrower on
account of any unused commitment fee and any reduction of the Revolving
Commitments of the Lenders shall be made pro rata according to the respective
Revolving Percentages of the Lenders.

 

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

 

(c)           All payments (including prepayments)
to be made by the Borrower hereunder, whether on account of principal,
interest, fees or otherwise, shall be made without setoff or counterclaim and
shall be made prior to 12:00 Noon, San Francisco, California time, on the due
date thereof to the Administrative Agent, for the account of the Lenders, at
the Funding Office, in Dollars and in immediately available funds. The
Administrative Agent shall distribute such payments to the Lenders promptly
upon receipt in like funds as received. If any payment hereunder (other than
payments on the LIBOR Loans) becomes due and payable on a day other than a
Business Day, such payment shall be extended to the next succeeding Business
Day. If any payment on a LIBOR Loan becomes due and payable on a day other than
a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such
payment into another calendar month, in which event such payment shall be made
on the immediately preceding Business Day. In the case of any extension of any
payment of principal pursuant to the preceding two sentences, interest thereon
shall be payable at the then applicable rate during such extension.

 

27

 

(d)           Unless the Administrative Agent shall
have been notified in writing by any Lender prior to a borrowing that such
Lender will not make the amount that would constitute its share of such
borrowing available to the Administrative Agent, the Administrative Agent may
assume that such Lender is making such amount available to the Administrative
Agent, and the Administrative Agent may, in reliance upon such assumption in
its sole discretion, make available to the Borrower a corresponding amount. If
such amount is not made available to the Administrative Agent by the required
time on the Borrowing Date therefor, such Lender shall pay to the
Administrative Agent, on demand, such amount with interest thereon, at a rate
equal to the greater of (i) the Federal Funds Effective Rate and (ii) a
rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, for the period until such Lender makes
such amount immediately available to the Administrative Agent. A certificate of
the Administrative Agent submitted to any Lender with respect to any amounts
owing under this paragraph shall be conclusive in the absence of manifest
error. If such Lender’s share of such borrowing is not made available to the
Administrative Agent by such Lender within three Business Days after such
Borrowing Date, the Administrative Agent shall also be entitled to recover such
amount with interest thereon at the rate per annum applicable to such borrowing
under the Revolving Facility, on demand, from the Borrower. Nothing herein
shall be deemed to limit the rights of the Administrative Agent or the Borrower
against any Lender.

 

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

 

2.14        Requirements of Law

 

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

 

(i)            shall subject any
Lender to any tax of any kind whatsoever with respect to this Agreement, any
Letter of Credit, any Application or any LIBOR Loan made by it, or change the
basis of taxation of payments to such Lender in respect thereof (except for
Non-Excluded Taxes covered by Section 2.15 and changes in the rate of tax
on the overall net income of such Lender);

 

28

 

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

 

(iii)          shall
impose on such Lender any other condition;

 

and the result of any of
the foregoing is to increase the cost to such Lender, by an amount that such
Lender deems to be material, of making, converting into, continuing or
maintaining LIBOR Loans or issuing or participating in Letters of Credit, or to
reduce any amount receivable hereunder in respect thereof, then, in any such
case, the Borrower shall promptly pay such Lender, upon its demand, any
additional amounts necessary to compensate such Lender for such increased cost
or reduced amount receivable. If any Lender becomes entitled to claim any
additional amounts pursuant to this paragraph, it shall promptly notify the
Borrower (with a copy to the Administrative Agent) of the event by reason of
which it has become so entitled.

 

(b)           If
any Lender shall have reasonably determined that the adoption of or any change
in any Requirement of Law of general application regarding capital adequacy or
in the interpretation or application thereof or compliance by such Lender or
any corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing
the rate of return on such Lender’s or such corporation’s capital as a
consequence of its obligations hereunder or under or in respect of any Letter
of Credit to a level below that which such Lender or such corporation could
have achieved but for such adoption, change or compliance (taking into
consideration such Lender’s or such corporation’s policies with respect to
capital adequacy) by an amount deemed by such Lender to be material, then from
time to time, after submission by such Lender to the Borrower (with a copy to
the Administrative Agent) of a written request therefor, the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender
or such corporation for such reduction.

 

(c)           A
certificate as to any additional amounts payable pursuant to this Section submitted
by any Lender to the Borrower (with a copy to the Administrative Agent) shall be
conclusive in the absence of manifest error. Notwithstanding anything to the
contrary in this Section, the Borrower shall not be required to compensate a
Lender pursuant to this Section for any amounts incurred more than three
months prior to the date that such Lender notifies the Borrower of such Lender’s
intention to claim compensation therefor; provided that, if the
circumstances giving rise to such claim have a retroactive effect, then such
three-month period shall be extended to include the period of such retroactive
effect. Borrower shall not have any obligation under this Section to the
extent any increased cost, reduction in the rate of return on capital of a
Lender or any increased requirements regarding capital adequacy applicable to a
Lender are directly attributable to any willful misconduct of the Lender or any
alleged unsafe, unsound or illegal practice engaged in by the Lender. The
obligations of the

 

29

 

Borrower pursuant to this
Section shall survive the termination of this Agreement and the payment of
the Revolving Loans and all other amounts payable hereunder.

 

2.15         Taxes

 

(a)             All
payments made by the Borrower under this Agreement shall be made free and clear
of, and without deduction or withholding for or on account of, any present or
future income, stamp or other taxes, levies, imposts, duties, charges, fees,
deductions or withholdings, now or hereafter imposed, levied, collected,
withheld or assessed by any Governmental Authority, excluding income, gross
receipts, franchise and any similar taxes imposed on the Administrative Agent
or any Lender as a result of a present or former connection between the
Administrative Agent or such Lender and the jurisdiction of the Governmental
Authority imposing such tax or any political subdivision or taxing authority
thereof or therein (other than any such connection arising solely from the
Administrative Agent or such Lender having executed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any
other Loan Document). If any such non- excluded taxes, levies, imposts, duties,
charges, fees, deductions or withholdings (“Non- Excluded Taxes”) or
Other Taxes are required to be withheld from any amounts payable to the
Administrative Agent or any Lender hereunder, the amounts so payable to the
Administrative Agent or such Lender shall be increased to the extent necessary
to yield to the Administrative Agent or such Lender (after payment of all
Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable
hereunder at the rates or in the amounts specified in this Agreement, provided,
however, that the Borrower shall not be required to increase any such
amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that
are attributable to such Lender’s failure to comply with the requirements of
paragraph(d) or (e) of this Section, (ii) that are United States
withholding taxes imposed on amounts payable to such Lender at the time such
Lender becomes a party to this Agreement, except to the extent that such Lender’s
assignor (if any) was entitled, at the time of assignment, to receive
additional amounts from the Borrower with respect to such Non-Excluded Taxes
pursuant to this paragraph, or (iii) that are attributable to such Lender’s
failure to provide Borrower with the taxpayer identification information
necessary to avoid mandatory withholding.

 

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

 

(c)             Whenever
any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly
as possible thereafter the Borrower shall send to the Administrative Agent for
its own account or for the account of the relevant Lender, as the case may be,
a certified copy of an original official receipt received by the Borrower
showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes or
Other Taxes when due to the appropriate taxing authority or fails to remit to
the Administrative Agent the required receipts or other required documentary
evidence, the Borrower shall indemnify the Administrative Agent and the Lenders
for any incremental taxes, interest or penalties that may become payable by the
Administrative Agent or any Lender as a result of any such failure.

 

30

 

(d)           Each
Lender (or Transferee) that is not a “U.S. Person” as defined in Section 7701(a)(30)
of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the
Administrative Agent (or, in the case of a Participant, to the Lender from
which the related participation shall have been purchased) two copies of either
U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the
case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax
under Section 871(h) or 881(c) of the Code with respect to
payments of “portfolio interest”, a statement substantially in the form of Exhibit E
and a Form W-8BEN, or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or a reduced rate of, U.S. federal withholding tax on
all payments by the Borrower under this Agreement and the other Loan Documents.
Such forms shall be delivered by each Non-U.S. Lender on or before the date it
becomes a party to this Agreement (or, in the case of any Participant, on or
before the date such Participant purchases the related participation). In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Non-U.S.
Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it
determines that it is no longer in a position to provide any previously
delivered certificate to the Borrower (or any other form of certification
adopted by the U.S. taxing authorities for such purpose). Notwithstanding any
other provision of this paragraph, a Non-U.S. Lender shall not be required to
deliver any form pursuant to this paragraph that such Non-U.S. Lender is not
legally able to deliver.

 

(e)           A
Lender that is entitled to an exemption from or reduction of non-U.S.
withholding tax under the law of the jurisdiction in which the Borrower is
located, or any treaty to which such jurisdiction is a party, with respect to
payments under this Agreement shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate, provided that such Lender
is legally entitled to complete, execute and deliver such documentation and in
such Lender’s judgment such completion, execution or submission would not
materially prejudice the legal position of such Lender.

 

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

 

31

 

Agent or any Lender to
make available its tax returns (or any other information relating to its taxes
which it deems confidential) to the Borrower or any other Person.

 

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

 

2.16      Indemnity

 

The
Borrower agrees to indemnify each Lender for, and to hold each Lender harmless
from, any loss or expense that such Lender may sustain or incur as a
consequence of (a) default by the Borrower in making a borrowing of,
conversion into or continuation of LIBOR Loans after the Borrower has given a
notice requesting the same in accordance with the provisions of this Agreement,
(b) default by the Borrower in making any prepayment of or conversion from
LIBOR Loans after the Borrower has given a notice thereof in accordance with
the provisions of this Agreement or (c) the making of a prepayment of
LIBOR Loans on a day that is not the last day of an Interest Period with
respect thereto. Such indemnification may include an amount equal to the
excess, if any, of (i) the amount of interest that would have accrued on
the amount so prepaid, or not so borrowed, converted or continued, for the
period from the date of such prepayment or of such failure to borrow, convert
or continue to the last day of such Interest Period (or, in the case of a
failure to borrow, convert or continue, the Interest Period that would have
commenced on the date of such failure) in each case at the applicable rate of
interest for such Revolving Loans provided for herein (excluding, however, the
Applicable Margin included therein, if any) over (ii) the amount of
interest (as reasonably determined by such Lender) that would have accrued to
such Lender on such amount by placing such amount on deposit for a comparable
period with leading banks in the interbank eurodollar market. A certificate as
to any amounts payable pursuant to this Section submitted to the Borrower
by any Lender shall be conclusive in the absence of manifest error. This
covenant shall survive the termination of this Agreement and the payment of the
Revolving Loans and all other amounts payable hereunder.

 

2.17      Change of Lending Office

 

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

 

2.18      Replacement of Lenders

 

The
Borrower shall be permitted to replace any Lender that (a) requests
reimbursement for amounts owing pursuant to Section 2.14 or 2.15(a) or
(b) defaults in its

 

32

 

obligation to make
Revolving Loans hereunder, with a replacement financial institution; provided
that (i) such replacement does not conflict with any Requirement of Law, (ii) no
Event of Default shall have occurred and be continuing at the time of such
replacement, (iii) prior to any such replacement, such Lender shall have
taken no action under Section 2.17 so as to eliminate the continued need
for payment of amounts owing pursuant to Section Sections 2.14 or 2.15(a),
(iv) the replacement financial institution shall purchase, at par (or such
lesser amount agreed to by the Lender being replaced), all Revolving Loans and
other amounts owing to such replaced Lender on or prior to the date of
replacement, (v) the Borrower shall be liable to such replaced Lender
under Section 2.16 if any LIBOR Loan owing to such replaced Lender shall
be purchased other than on the last day of the Interest Period relating
thereto, (vi) the replacement financial institution, if not already a
Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the
replaced Lender shall be obligated to make such replacement in accordance with
the provisions of Section 11.6 (provided that the Borrower shall be
obligated to pay the registration and processing fee referred to therein), (viii) until
such time as such replacement shall be consummated, the Borrower shall pay all
additional amounts (if any) required pursuant to Section 2.14 or 2.15(a),
as the case may be, and (ix) any such replacement shall not be deemed to
be a waiver of any rights that the Borrower, the Administrative Agent or any
other Lender shall have against the replaced Lender.

 

3.                                         LETTERS
OF CREDIT 

 

3.1          L/C
Commitment

 

(a)             Subject
to the terms and conditions hereof, the Issuing Lender, in reliance on the
agreements of the other Lenders set forth in Section 3.4(a), agrees to
issue letters of credit (“Letters of Credit”) for the account of the
Borrower on any Business Day during the Revolving Commitment Period in such
form as may be approved from time to time by the Issuing Lender; provided
that the Issuing Lender shall have no obligation to issue any Letter of Credit
if (i) there is a termination of the Revolving Commitments pursuant to Section 9,
(ii) after giving effect to such issuance, the L/C Obligations would
exceed the L/C Commitment or (iii) after giving effect to such issuance,
the aggregate amount of the Available Revolving Commitments would be less than
zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire
no later than the earlier of (x) the first anniversary of its date of
issuance and (y) the date that is five Business Days prior to the
Revolving Termination Date, provided that any Letter of Credit with a
one-year term may provide for the renewal thereof for additional one-year
periods (which shall in no event extend beyond the date referred to in clause (y) above)
unless the Issuing Lender provides notice of non- renewal to the beneficiary of
such Letter of Credit.

 

(b)           The
Issuing Lender shall not at any time be obligated to issue any Letter of Credit
if such issuance would conflict with, or cause the Issuing Lender or any L/C
Participant to exceed any limits imposed by, any applicable Requirement of Law.
In the event the Issuing Lender refuses to issue a Letter of Credit based
solely upon the provisions of this Section 3.1(b), the obligation of the
Borrower to pay any unused commitment fee payable pursuant to Section 2.4
shall abate, which abatement shall be effective as of the date

 

33

 

of such refusal, and
shall continue until such time as the Issuing Lender notifies the Borrower in
writing that it is able to issue Letters of Credit as provided herein.

 

3.2         Procedure for Issuance of Letter of
Credit

 

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

 

3.3         Fees and Other Charges

 

(a)          The
Borrower will pay a fee on all outstanding Letters of Credit at a per annum
rate equal to the Applicable Margin then in effect with respect to LIBOR Loans
under the Revolving Facility, shared ratably among the Lenders and payable in
arrears on each Fee Payment Date. In addition, the Borrower shall pay to the
Issuing Lender for its own account a fronting fee in a per annum amount agreed
upon by the Borrower and the Issuing Lender on the undrawn and unexpired amount
of each Letter of Credit issued by the Issuing Lender, payable concurrently
with the issuance, renewal or extension of the such Letter of Credit.

 

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

 

3.4         L/C Participations

 

(a)          The
Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant,
and, to induce the Issuing Lender to issue Letters of Credit, each L/C
Participant irrevocably agrees to accept and purchase and hereby accepts and
purchases from the Issuing Lender, on the terms and conditions set forth below,
for such L/C Participant’s own account and risk an undivided interest equal to
such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations
and rights under and in respect of each Letter of Credit and the amount of each
draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with
the Issuing Lender that, if a draft is paid under any Letter of Credit for
which the Issuing

 

34

 

Lender is not reimbursed
in full by the Borrower in accordance with the terms of this Agreement, such
L/C Participant shall pay to the Issuing Lender upon demand at the Issuing
Lender’s address for notices specified herein an amount equal to such L/C
Participant’s Revolving Percentage of the amount of such draft, or any part
thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay
such amount shall be absolute and unconditional and shall not be affected by
any circumstance, including (i) any setoff, counterclaim, recoupment,
defense or other right that such L/C Participant may have against the Issuing
Lender, the Borrower or any other Person for any reason whatsoever, (ii) the
occurrence or continuance of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 6, (iii) any
adverse change in the condition (financial or otherwise) of the Borrower, (iv) any
breach of this Agreement or any other Loan Document by the Borrower, any other
Loan Party or any other L/C Participant or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

 

(b)           If
any amount required to be paid by any L/C Participant to the Issuing Lender
pursuant to Section 3.4(a) in respect of any unreimbursed portion of
any payment made by the Issuing Lender under any Letter of Credit is paid to
the Issuing Lender within three Business Days after the date such payment is
due, such L/C Participant shall pay to the Issuing Lender on demand an amount
equal to the product of (i) such amount, times (ii) the daily average
Federal Funds Effective Rate during the period from and including the date such
payment is required to the date on which such payment is immediately available
to the Issuing Lender, times (iii) a fraction the numerator of which is
the number of days that elapse during such period and the denominator of which
is 360. If any such amount required to be paid by any L/C Participant pursuant
to Section 3.4(a) is not made available to the Issuing Lender by such
L/C Participant within three Business Days after the date such payment is due,
the Issuing Lender shall be entitled to recover from such L/C Participant, on
demand, such amount with interest thereon calculated from such due date at the
rate per annum applicable to Base Rate Loans under the Revolving Facility. A certificate
of the Issuing Lender submitted to any L/C Participant with respect to any
amounts owing under this Section shall be conclusive in the absence of
manifest error.

 

(c)           Whenever,
at any time after the Issuing Lender has made payment under any Letter of
Credit and has received from any L/C Participant its pro rata share of such
payment in accordance with Section 3.4(a), the Issuing Lender receives any
payment related to such Letter of Credit (whether directly from the Borrower or
otherwise, including proceeds of collateral applied thereto by the Issuing
Lender), or any payment of interest on account thereof, the Issuing Lender will
distribute to such L/C Participant its pro rata share thereof; provided,
however, that in the event that any such payment received by the Issuing
Lender shall be required to be returned by the Issuing Lender, such L/C
Participant shall return to the Issuing Lender the portion thereof previously
distributed by the Issuing Lender to it.

 

35

 

3.5         Reimbursement Obligation of the
Borrower

 

If any
draft is paid under any Letter of Credit, the Borrower shall reimburse the
Issuing Lender for the amount of (a) the draft so paid and (b) any
taxes, fees, charges or other costs or expenses incurred by the Issuing Lender
in connection with such payment, not later than 12:00 Noon, San Francisco,
California time, on (i) the Business Day that the Borrower receives notice
of such draft, if such notice is received on such day prior to 10:00 A.M.,
San Francisco, California time, or (ii) if clause (i) above does not
apply, the Business Day immediately following the day that the Borrower
receives such notice. Each such payment shall be made to the Issuing Lender at
its address for notices referred to herein in Dollars and in immediately
available funds. Interest shall be payable on any such amounts from the date on
which the relevant draft is paid until payment in full at the rate set forth in
(x) until the Business Day next succeeding the date of the relevant
notice, Section 2.10(b) and (y) thereafter, Section 2.10(c).

 

3.6         Obligations Absolute

 

The
Borrower’s obligations under this Section 3 shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff,
counterclaim or defense to payment that the Borrower may have or have had
against the Issuing Lender, any beneficiary of a Letter of Credit or any other
Person. The Borrower also agrees with the Issuing Lender that, absent the gross
negligence or willful misconduct of the Issuing Lender, the Issuing Lender
shall not be responsible for, and the Borrower’s Reimbursement Obligations
under Section 3.5 shall not be affected by, among other things, the
validity or genuineness of documents or of any endorsements thereon, even
though such documents shall in fact prove to be invalid, fraudulent or forged,
or any dispute between or among the Borrower and any beneficiary of any Letter
of Credit or any other party to which such Letter of Credit may be transferred
or any claims whatsoever of the Borrower against any beneficiary of such Letter
of Credit or any such transferee. The Issuing Lender shall not be liable for
any error, omission, interruption or delay in transmission, dispatch or
delivery of any message or advice, however transmitted, in connection with any
Letter of Credit, except for errors or omissions resulting from the gross
negligence or willful misconduct of the Issuing Lender. The Borrower agrees
that any action taken or omitted by the Issuing Lender under or in connection
with any Letter of Credit or the related drafts or documents, if done in the
absence of gross negligence or willful misconduct, shall be binding on the
Borrower and shall not result in any liability of the Issuing Lender to the
Borrower.

 

3.7         Letter of Credit Payments

 

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

 

36

 

3.8         Letter of Credit Applications

 

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

 

4.           SWING LINE LOANS

 

4.1         Swing Line Commitment

 

The
Swing Line Lender agrees, in reliance upon the agreements of the other Lenders
set forth in this Section 4.1, to make loans (“Swing Line Loans”)
to the Borrower from time to time on any Business Day during the Revolving
Commitment Period in an aggregate outstanding amount not to exceed the Swing
Line Sublimit. The Swing Line Lender may make Swing Line Loans notwithstanding
the fact that such loan aggregated with the Aggregate Exposure of the Lender
acting as Swing Line Lender may exceed the amount of such Lender’s Revolving
Commitment; provided, however, the Swing Line Lender shall have
no obligation to issue any Swing Line Loan if there is a termination of the
Revolving Commitments pursuant to Section 9; and provided further,
the Swing Line Lender shall have no obligation to issue any Swing Line Loan if,
after giving effect to such loan, (i) the aggregate amount of the
Available Revolving Commitments would be less than zero, (ii) a default of
any Lender’s obligations to fund under Section 4.5 exists or any Lender is
in breach of its commitment to fund Revolving Loans hereunder, unless the Swing
Line Lender has entered into satisfactory arrangements with the Borrower or
such Lender to eliminate the Swing Line Lender’s risk with respect to such
Lender, (iii) any Lender’s Revolving Extensions of Credit exceeds such
Lender’s Revolving Commitment or (iv) the Borrower will use the proceeds
of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the
foregoing limits and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 4.1, prepay under Section 4.5,
and reborrow under this Section 4.1. Each Swing Line Loan shall be a Base
Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the Swing Line Lender a risk participation in such Swing Line Loan in an
amount equal to such Lender’s Revolving Percentage of such Swing Line Loan.

 

4.2         Procedure for Borrowing Swing Line Loan

 

Each
borrowing of a Swing Line Loan shall be made upon the Borrower’s irrevocable
notice to the Swing Line Lender and the Administrative Agent, which may be
given by telephone. Each such notice must be received by the Swing Line Lender
and the Administrative Agent no later than 12:00 Noon, San Francisco,
California time, on the requested borrowing date, and shall specify (a) the
amount to be borrowed, which shall be a minimum of $100,000 and (b) the
requested borrowing date, which shall be a Business Day. Subject to the terms
and conditions hereof, the Swing Line Lender will, not later than 2:00 P.M.,
San Francisco, California time, on the borrowing date specified in such notice,
make the amount of its Swing Line Loan available to the Borrower at its office
by crediting

 

37

 

the account of the
Borrower on the books of the Swing Line Lender in immediately available funds.

 

4.3         Swing Line Note

 

The
Swing Line Loans shall be evidenced by a single Swing Line Note, payable to the
order of Swing Line Lender in an amount equal to the Swing Line Sublimit.

 

4.4         Refinancing of Swing Line Loans

 

(a)          The
Swing Line Lender at any time in its sole and absolute discretion may request,
on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line
Lender to so request on its behalf), that each Lender make a Base Rate Loan
under the Revolving Facility in an amount equal to such Lender’s Revolving
Percentage of the amount of Swing Line Loans then outstanding. Such request
shall be made in writing and in accordance with the requirements of Section 2.3,
without regard to the minimum and multiples specified therein for the principal
amount of Base Rate Loans, but subject to the unutilized portion of the Total
Revolving Commitments. The Swing Line Lender shall furnish the Borrower with a
copy of the applicable notice promptly after delivering such notice to the
Administrative Agent. Each Lender shall make an amount equal to its Revolving
Percentage of the amount specified in such notice available to the
Administrative Agent in immediately available funds for the account of the
Swing Line Lender at the Administrative Agent’s Office no later than 12:00
Noon, San Francisco, California time, on the day specified in such notice,
whereupon, subject to Section 4.4(b), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan under the Revolving
Facility to the Borrower in such amount. The Administrative Agent shall remit
the funds so received to the Swing Line Lender.

 

(b)         If
for any reason any Swing Line Loan cannot be refinanced by a borrowing in
accordance with Section 4.4(a), the request for Base Rate Loans under the
Revolving Commitment submitted by the Swing Line Lender as set forth herein
shall be deemed to be a request by the Swing Line Lender that each of the Lenders
fund its risk participation in the relevant Swing Line Loan and each Lender’s
payment to the Administrative Agent for the account of the Swing Line Lender
pursuant to Section 4.4(a) shall be deemed payment in respect of such
participation.

 

38

 

(c)           If any Lender fails to
make available to the Administrative Agent for the account of the Swing Line
Lender any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 4.4 by the time specified in Section 4.4(a),
the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such
payment is immediately available to the Swing Line Lender at a rate per annum
equal to the greater of the Federal Funds Rate and a rate determined by the
Swing Line Lender in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily
charged by the Swing Line Lender in connection with the foregoing. If such
Lender pays such amount (with interest and fees as aforesaid), the amount so
paid shall constitute such Lender’s Revolving Loan included in the relevant
borrowing or funded participation in the relevant Swing Line Loan, as the case
may be. A certificate of the Swing Line Lender submitted to any Lender (through
the Administrative Agent) with respect to any amounts owing under this
subsection (c) shall be conclusive absent manifest error.

 

(d)           Each Lender’s
obligation to make Revolving Loans or to purchase and fund risk participations
in Swing Line Loans pursuant to this Section 4.4 shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any
setoff, counterclaim, recoupment, defense or other right which such Lender may
have against the Swing Line Lender, the Borrower or any other Person for any
reason whatsoever, (ii) the occurrence or continuance of a Default, or (iii) any
other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to
make Revolving Loans pursuant to this Section 4.4 is subject to the
conditions set forth in Section 4. No such funding of risk participations
shall relieve or otherwise impair the obligation of the Borrower to repay Swing
Line Loans, together with interest as provided herein.

 

4.5          Repayment of
Participations

 

(a)           At any time after any
Lender has purchased and funded a risk participation in a Swing Line Loan, if
the Swing Line Lender receives any payment on account of such Swing Line Loan,
the Swing Line Lender will distribute to such Lender its Revolving Percentage
thereof in the same funds as those received by the Swing Line Lender.

 

(b)           If any payment received
by the Swing Line Lender in respect of principal or interest on any Swing Line
Loan is required to be returned to the Borrower by the Swing Line Lender
(including pursuant to any settlement entered into by the Swing Line Lender in
its discretion), each Lender shall pay to the Swing Line Lender its Revolving
Percentage thereof on demand by the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per
annum equal to the Federal Funds Rate. The Administrative Agent will make such
demand upon the request of the Swing Line Lender. The obligations of the
Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

39

 

4.6          Interest Rate

 

Each Swing Line Loan
shall bear interest on the outstanding principal amount thereof, for each day
from the date such Swing Line Loan is made until it becomes due, at a rate per
annum equal to the Base Rate plus the Applicable Margin. Such interest shall be
payable to the Swing Line Lender on each Interest Payment Date for a Base Rate
Loan. Any overdue principal of or interest on any Swing Line Loan shall bear interest,
payable on demand, for each day until paid at a rate per annum equal to the sum
of 2% plus the rate otherwise applicable to such Swing Line Loan for such day.
All interest and commitment fees shall be computed on the basis of a year of
360 days and paid for the actual number of days elapsed.

 

4.7          Interest for Account of
Swing Line Lender

 

The Swing Line Lender
shall be responsible for invoicing the Borrower for interest on the Swing Line
Loans. Until each Lender funds its Revolving Loan or risk participation
pursuant to Section 4.4 to refinance such Lender’s Revolving Percentage of
any Swing Line Loan, interest in respect of such Revolving Percentage shall be
solely for the account of the Swing Line Lender.

 

4.8          Optional Prepayments

 

The Borrower may, upon
notice to the Swing Line Lender (with a copy to the Administrative Agent), at
any time and from time to time, voluntarily prepay Swing Line Loans in whole or
in part without premium or penalty; provided that (a) such notice
must be received by the Swing Line Lender and the Administrative Agent no later
than 12:00 Noon, San Francisco, California time, on the date of the prepayment
and (b) any such prepayment shall be in a minimum principal amount of
$100,000. Upon giving notice of prepayment, Borrower shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the
date specified in such notice.

 

4.9          Mandatory Repayment

 

(a)           The Borrower shall
repay each Swing Line Loan on the earlier to occur of (i) the first Business
Day after written demand for such repayment is made by the Swing Line Lender or
(ii) the Revolving Termination Date.

 

(b)           The Borrower shall make
all payments of principal and interest in respect of the Swing Line Loans
directly to the Swing Line Lender.

 

5.             REPRESENTATIONS AND
WARRANTIES

 

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

 

40

 

5.1          Financial Condition

 

The audited consolidated
balance sheets of the Borrower as at December 28, 2007, and the related
consolidated statements of income and of cash flows for the fiscal year ended
on such date, present fairly the consolidated financial condition of the
Borrower, as at such date, and the consolidated results of its operations and
its consolidated cash flows for the fiscal year then ended. Such financial
statements, including the related schedules and notes thereto, have been
prepared in accordance with GAAP applied consistently throughout the periods
involved (except as approved by the firm of accountants preparing such
financial statements and disclosed therein). No Group Member has any material
Guarantee Obligations, contingent liabilities and liabilities for taxes, or any
long-term leases or unusual forward or long-term commitments, including any
interest rate or foreign currency swap or exchange transaction or other
obligation in respect of derivatives, that are not reflected in the December 28,
2007 financial statements referred to in this paragraph. During the period from
December 29, 2007 to and including the date hereof there has been no Disposition
by any Group Member of any material part of its business or property.

 

5.2          No Change

 

Since December 28,
2007, there has been no development or event that has had or could reasonably
be expected to have a Material Adverse Effect.

 

5.3          Existence; Compliance
with Law

 

Each Group Member (a) is
duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (b) has the power and authority, and the
legal right, to own and operate its property, to lease the property it operates
as lessee and to conduct the business in which it is currently engaged, (c) is
duly qualified as a foreign corporation or other organization and in good
standing under the laws of each jurisdiction where its ownership, lease or
operation of property or the conduct of its business requires such
qualification and (d) is in compliance with all Requirements of Law except
to the extent that the failure to comply therewith could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

5.4          Power; Authorization;
Enforceable Obligations

 

Each Loan Party has the
power and authority, and the legal right, to make, deliver and perform the Loan
Documents to which it is a party and, in the case of the Borrower, to obtain
extensions of credit hereunder. Each Loan Party has taken all necessary
organizational action to authorize the execution, delivery and performance of
the Loan Documents to which it is a party and, in the case of the Borrower, to
authorize the extensions of credit on the terms and conditions of this
Agreement. No consent or authorization of, filing with, notice to or other act
by or in respect of, any Governmental Authority or any other Person is required
in connection with the extensions of credit hereunder or with the execution,
delivery, performance, validity or enforceability of this Agreement or any of
the Loan Documents, except (i) consents, authorizations, filings and
notices described in Schedule 5.4, which consents, authorizations, filings and
notices have been obtained or made and are in full force

 

41

 

and effect and (ii) the
filings referred to in Section 5.19. Each Loan Document has been duly
executed and delivered on behalf of each Loan Party party thereto. This
Agreement constitutes, and each other Loan Document upon execution will
constitute, a legal, valid and binding obligation of each Loan Party party
thereto, enforceable against each such Loan Party in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

5.5          No Legal Bar

 

The execution, delivery
and performance of this Agreement and the other Loan Documents, the issuance of
Letters of Credit, the borrowings hereunder and the use of the proceeds thereof
will not violate any Requirement of Law or any Contractual Obligation of any
Group Member and will not result in, or require, the creation or imposition of
any Lien on any of their respective properties or revenues pursuant to any
Requirement of Law or any such Contractual Obligation (other than the Liens
created by the Security Documents). No Requirement of Law or Contractual
Obligation applicable to the Borrower or any of its Subsidiaries could
reasonably be expected to have a Material Adverse Effect.

 

5.6          Litigation

 

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

 

5.7          No Default

 

No Group Member is in
default under or with respect to any of its Contractual Obligations in any respect
that could reasonably be expected to have a Material Adverse Effect. No Default
or Event of Default has occurred and is continuing.

 

5.8          Ownership of Property;
Liens

 

Each Group Member has
title in fee simple to, or a valid leasehold interest in, all its real
property, and good title to, or a valid leasehold interest in, all its other
property, and none of such property is subject to any Lien except as permitted
by Section 8.3.

 

5.9          Intellectual Property

 

Each Group Member owns,
or is licensed to use, all Intellectual Property necessary for the conduct of
its business as currently conducted. No material claim has been asserted and is
pending by any Person challenging or questioning the use of any Intellectual
Property or the validity or effectiveness of any Intellectual Property, nor
does the Borrower know of

 

42

 

any valid basis for any
such claim. The use of Intellectual Property by each Group Member does not
infringe on the rights of any Person in any material respect.

 

5.10        Taxes

 

Each Group Member has
filed or caused to be filed all Federal, state and other material tax returns
that are required to be filed and has paid all taxes shown to be due and
payable on said returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its
property by any Governmental Authority (other than any the amount or validity
of which are currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided
on the books of the relevant Group Member); no tax Lien has been filed, and, to
the knowledge of the Borrower, no claim is being asserted, with respect to any
such tax, fee or other charge.

 

5.11        Federal Regulations

 

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

 

5.12        Labor Matters

 

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

 

5.13        ERISA

 

Neither a Reportable
Event nor an “accumulated funding deficiency” (within the meaning of Section 412
of the Code or Section 302 of ERISA) has occurred during the five-year
period prior to the date on which this representation is made or deemed made
with respect to any Plan, and each Plan has complied in all material respects
with the applicable provisions of ERISA and the Code. No termination of a
Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan
has arisen, during such five-year period. The present value of all accrued
benefits under each Single Employer Plan (based on those

 

43

 

assumptions used to fund
such Plans) did not, as of the last annual valuation date prior to the date on
which this representation is made or deemed made, exceed the value of the
assets of such Plan allocable to such accrued benefits by a material amount.
Neither the Borrower nor any Commonly Controlled Entity has had a complete or
partial withdrawal from any Multiemployer Plan that has resulted or could
reasonably be expected to result in a material liability under ERISA, and
neither the Borrower nor any Commonly Controlled Entity would become subject to
any material liability under ERISA if the Borrower or any such Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as
of the valuation date most closely preceding the date on which this
representation is made or deemed made. No such Multiemployer Plan is in
Reorganization or Insolvent.

 

5.14        Investment Company Act;
Other Regulations

 

No Loan Party is an “investment
company”, or a company “controlled” by an “investment company”, within the
meaning of the Investment Company Act of 1940, as amended. No Loan Party is
subject to regulation under any Requirement of Law (other than Regulation X of
the Board) that limits its ability to incur Indebtedness.

 

5.15        Subsidiaries

 

Except as disclosed to
the Administrative Agent by the Borrower in writing from time to time after the
Closing Date, (a) Schedule 5.15 sets forth the name and jurisdiction of
incorporation of each Subsidiary and, as to each such Subsidiary, the
percentage of each class of Capital Stock owned by any Loan Party and (b) there
are no outstanding subscriptions, options, warrants, calls, rights or other
agreements or commitments (other than stock options granted to employees or
directors and directors’ qualifying shares and commitments to issue restricted
stock to employees or directors) of any nature relating to any Capital Stock of
the Borrower or any Subsidiary, except as created by the Loan Documents.

 

5.16        Use of Proceeds

 

The proceeds of the Revolving
Loans, Swing Line Loans and the Letters of Credit, shall be used for general
corporate purposes.

 

5.17        Environmental Matters

 

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

 

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

 

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

 

44

 

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

 

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

 

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

 

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

 

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

 

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

 

5.18        Accuracy of Information,
etc.

 

No statement or
information contained in this Agreement, any other Loan Document or any other
document, certificate or statement furnished by or on behalf of any Loan Party
to the Administrative Agent or the Lenders, or any of them, for use in
connection with the transactions contemplated by this Agreement or the other
Loan Documents, contained as of the date such statement, information, document
or certificate was so furnished, any untrue statement of a material fact or
omitted to state a material fact necessary to make the statements contained
herein or therein not misleading. There is no fact known to any Loan Party that
could reasonably be expected to have a Material Adverse Effect that has not
been expressly disclosed herein, in the other Loan Documents or in any other
documents, certificates and statements furnished to the Administrative Agent
and the Lenders for use in connection with the transactions contemplated hereby
and by the other Loan Documents.

 

45

 

5.19        Security Documents

 

The Guarantee and
Collateral Agreement is in full force and effect and is effective to create in
favor of the Administrative Agent, for the benefit of the Lenders, a legal,
valid and enforceable security interest in the Collateral described therein and
proceeds thereof. In the case of the Pledged Stock described in the Guarantee
and Collateral Agreement, when stock certificates representing such Pledged
Stock are delivered to the Administrative Agent, and in the case of the other
Collateral described in the Guarantee and Collateral Agreement, when financing
statements and other filings specified on Schedule 5.19 in appropriate form are
filed in the offices specified on Schedule 5.19, the Guarantee and Collateral
Agreement shall constitute a fully perfected Lien on, and security interest in,
all right, title and interest of the Loan Parties in such Collateral and the
proceeds thereof, as security for the Obligations (as defined in the Guarantee
and Collateral Agreement), in each case prior and superior in right to any
other Person (except, in the case of Collateral other than Pledged Stock, Liens
permitted by Section 8.3).

 

5.20        Solvency

 

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

 

6.           CONDITIONS PRECEDENT

 

6.1          Conditions to Initial
Extension of Credit

 

The effectiveness of this
Amendment is subject to the satisfaction of the following conditions precedent:

 

(a)           Credit Agreement

 

The Administrative Agent
shall have received this Agreement executed and delivered by the Administrative
Agent, the Borrower and each Person listed on Schedule 1.1.

 

(b)           Guarantee and Collateral
Agreement

 

The Administrative Agent
shall have received the Guarantee and Collateral Agreement, executed and
delivered by the Borrower and each Subsidiary Guarantor, which Guarantee and
Collateral Agreement shall constitute an amendment and restatement of the
Guarantee and Collateral Agreement executed and delivered concurrently with the
execution and delivery of the Existing Credit Agreement.

 

(c)           Notes

 

The Administrative Agent
shall have received, executed and delivered by the Borrower, a Note for the
benefit of any Lender requesting a Note to further evidence the Borrower’s
obligations to such Lender.

 

46

 

(d)           Due Diligence

 

The Administrative Agent
shall have completed and approved its due diligence review of the Group
Members, including a Collateral examination conducted by the Administrative
Agent (at the Borrower’s sole cost) deemed acceptable to the Administrative
Agent in its sole discretion.

 

(e)           Absence of Litigation

 

There shall not exist any
action, suit, investigation, litigation or proceeding pending or threatened in
any court or before any arbitrator or governmental authority that have or could
reasonably be expected to have a Material Adverse Effect on the Borrower or any
of the transactions contemplated by this Agreement, and the Administrative
Agent shall have received an executed certificate in a form acceptable to the
Administrative Agent from a Responsible Officer of the Borrower so certifying.

 

(f)            Absence of Material
Adverse Effect

 

There shall not have
occurred any Material Adverse Effect since December 28, 2007, or material
decline (as determined by the Administrative Agent) in the market value of the
Collateral or any material portion of the assets of the Group Members, and the
Administrative Agent shall have received an executed certificate in a form
acceptable to the Administrative Agent from a Responsible Officer of the
Borrower so certifying.

 

(g)           Lien Searches

 

The Administrative Agent
shall have received the results of a recent lien search in each of the
jurisdictions where assets of each the Loan Parties are located and in the Loan
Parties’ respective jurisdiction of organization, and such search shall reveal
no liens on any of the assets of the Loan Parties except for liens permitted by
Section 7.3 or discharged on or prior to the date of this Agreement
pursuant to documentation satisfactory to the Administrative Agent.

 

(h)           Fees

 

The Lenders and the
Administrative Agent shall have received all fees required to be paid, and all
expenses for which invoices have been presented (including the reasonable fees
and expenses of legal counsel), on or before the date of this Agreement. All
such amounts may be paid with proceeds of Revolving Loans made on the date of
this Agreement Date and will be reflected in the funding instructions given by
the Borrower to the Administrative Agent on or before the date of this
Agreement.

 

(i)            Closing Certificate;
Certified Articles of Incorporation; Good Standing Certificates

 

The Administrative Agent
shall have received (i) a certificate of each Loan Party, dated the date
of this Agreement, substantially in the form of Exhibit F, with
appropriate

 

47

 

insertions and
attachments, including the articles or certificate of incorporation of each
Loan Party that is a corporation certified by the relevant authority of the
jurisdiction of organization of such Loan Party, and (ii) a good standing
certificate or equivalent certificate for each Loan Party from its jurisdiction
of organization.

 

(j)            Legal Opinions

 

The Administrative Agent
shall have received the executed legal opinion of Lane Powell PC, counsel to
the Borrower, substantially in the form of Exhibit G.

 

(k)           Pledged Stock; Stock
Powers; Pledged Notes

 

The Administrative Agent
shall have received (i) the certificates representing the shares of
Capital Stock pledged pursuant to the Guarantee and Collateral Agreement,
together with an undated stock power for each such certificate executed in
blank by a duly authorized officer of the pledgor thereof, (ii) control
agreement with respect to each pledge by any Loan Party of any uncertificated
Capital Stock of any Person that is not a corporation in a form acceptable to
the Administrative Agent and (iii) each promissory note (if any) pledged
to the Administrative Agent pursuant to the Guarantee and Collateral Agreement
endorsed in blank (or accompanied by an executed transfer form in blank) by the
pledgor thereof.

 

(l)            Filings, Registrations
and Recordings

 

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

 

(m)          Insurance

 

The Administrative Agent
shall have received insurance certificates satisfying the requirements of Section 6.2(b) of
the Guarantee and Collateral Agreement.

 

6.2          Conditions to Each
Extension of Credit

 

The agreement of each
Lender to make any extension of credit requested to be made by it on any date
(including its initial extension of credit) is subject to the satisfaction of
the following conditions precedent:

 

48

 

(a)        Representations and
Warranties

 

Each of the
representations and warranties made by any Loan Party in or pursuant to the
Loan Documents shall be true and correct in all material respects on and as of
such date as if made on and as of such date.

 

(b)        No Default

 

No Default or Event of
Default shall have occurred and be continuing on such date or after giving
effect to the extensions of credit requested to be made on such date.

 

(c)        Absence of Material
Adverse Effect

 

There shall not have
occurred and be continuing any Material Adverse Effect since December 28,
2007, or material decline (as determined by the Administrative Agent) in the
market value of the Collateral or any material portion of the assets of the
Group Members.

 

(d)        Absence of Litigation

 

There shall not exist any
action, suit, investigation, litigation or proceeding pending or threatened in
any court or before any arbitrator or governmental authority that have or could
reasonably be expected to have a Material Adverse Effect.

 

Each borrowing by and
issuance of a Letter of Credit on behalf of the Borrower hereunder shall
constitute a representation and warranty by the Borrower as of the date of such
extension of credit that the conditions contained in this Section 6.2 have
been satisfied.

 

7.             AFFIRMATIVE COVENANTS

 

The Borrower hereby
agrees that, so long as the Revolving Commitments remain in effect, any Letter
of Credit remains outstanding or any Revolving Loan, Swing Line Loan or other
amount is owing to any Lender or the Administrative Agent hereunder, the
Borrower shall and shall cause each of its Subsidiaries to:

 

7.1          Financial Statements

 

Furnish to the
Administrative Agent and each Lender:

 

(a)        as soon as
available, but in any event within the earlier of (i) 90 days after the
end of each fiscal year of the Borrower and (ii) the date following the
end of each fiscal year of the Borrower on which the Borrower is required to
file its audited annual financial statements with the SEC, (A) a copy of
the audited consolidated balance sheet of the Group Members as at the end of
such year and the related audited consolidated statements of income and of cash
flows for such year, setting forth in each case in comparative form the figures
for the previous year, reported on without a “going concern” or like
qualification or exception, or qualification arising out of the scope of the
audit, by the Borrower’s certified public accountants as of the date of this

 

49

 

Agreement or other
independent certified public accountants of nationally recognized standing and (B) the
unaudited consolidating balance sheet of the Group Members as at the end of
such year and the related unaudited consolidating statement of income for such
year, setting forth in each case in comparative form the figures for the
previous year, certified by a Responsible Officer as being fairly stated in all
material respects;

 

(b)        as soon as
available, but in any event within 180 days after the end of each fiscal year
of WAHI, a copy of the audited consolidated balance sheet of WAHI as at the end
of such year and the related audited consolidated statements of income and of
cash flows of WAHI for such year, setting forth in each case in comparative
form the figures for the previous year, reported on without a “going concern”
or like qualification or exception, or qualification arising out of the scope
of the audit, by WAHI’s certified public accountants as of the date of this
Agreement or other independent certified public accountants of nationally
recognized standing;

 

(c)        as soon as
available, but in any event not later than the earlier of (i) 45 days
after the end of each of the first three quarterly periods of each fiscal year
of the Borrower and (ii) the date following the end of each of the first
three quarterly periods of each fiscal year of the Borrower on which the
Borrower is required to file its unaudited interim financial statements with
the SEC, the unaudited consolidated and consolidating balance sheet of the
Group Members as at the end of such quarter and the related unaudited
consolidated and consolidating statements of income and consolidated statement
of cash flows for such quarter and the portion of the fiscal year through the
end of such quarter, setting forth in each case in comparative form the figures
for the previous year, certified by a Responsible Officer as being fairly
stated in all material respects (subject to normal year-end audit adjustments);
and

 

(d)        promptly
upon request of the Administrative Agent, the financial statement referred to
in clauses (a), (b) and (c) above on a consolidating basis.

 

All such financial
statements shall be complete and correct in all material respects and shall be
prepared in reasonable detail and in accordance with GAAP applied (except as approved
by such accountants or officer, as the case may be, and disclosed in reasonable
detail therein) consistently throughout the periods reflected therein and with
prior periods.

 

7.2          Certificates; Other
Information

 

Furnish to the
Administrative Agent and each Lender (or, in the case of clause (f), to the
relevant Lender):

 

(a)        concurrently
with the delivery of the financial statements referred to in Section 7.1(a),
a certificate of the independent certified public accountants reporting on such
financial statements stating that in making the examination necessary therefor
no knowledge was obtained of any Default or Event of Default, except as
specified in such certificate;

 

50

 

(b)        concurrently
with the delivery of any financial statements pursuant to Section 6.1, (i) a
certificate of a Responsible Officer stating that, to the best of each such
Responsible Officer’s knowledge, each Loan Party during such period has
observed or performed all of its covenants and other agreements, and satisfied
every condition contained in this Agreement and the other Loan Documents to
which it is a party to be observed, performed or satisfied by it, and that such
Responsible Officer has obtained no knowledge of any Default or Event of
Default except as specified in such certificate and (ii) in the case of
quarterly or annual financial statements, (x) a Compliance Certificate
containing all information and calculations necessary for determining
compliance by each Group Member with the provisions of this Agreement referred
to therein as of the last day of the fiscal quarter or fiscal year of the
Borrower, as the case may be, and (y) to the extent not previously
disclosed to the Administrative Agent, a description of any change in the
jurisdiction of organization of any Loan Party and a list of any Intellectual
Property acquired by any Loan Party since the date of the most recent report
delivered pursuant to this clause (y);

 

(c)        as soon as
available, and in any event no later than March 31 of each year, a
detailed consolidated budget for all fiscal years commencing on January 1
of such fiscal year through the last day of the fiscal year in which the
Revolving Termination Date occurs (including a projected consolidated balance
sheet of the Group Members, the related consolidated statements of projected
cash flow, projected changes in financial position and projected income and a
description of the underlying assumptions applicable thereto), and, as soon as
available, significant revisions, if any, of such budget and projections with
respect to such fiscal year (collectively, the “Projections”), which
Projections shall in each case be accompanied by a certificate of a Responsible
Officer stating that such Projections are based on reasonable estimates,
information and assumptions and that such Responsible Officer has no reason to
believe that such Projections are incorrect or misleading in any material
respect;

 

(d)        within five
days after the same are sent, copies of all financial statements and reports
that the Borrower sends to the holders of any class of its debt securities or
public equity securities and, within five days after the same are filed, copies
of all financial statements and reports that the Borrower may make to, or file with,
the SEC (10-K and 10-Q reports filed with the SEC shall be deemed to have been
furnished to the Administrative Agent and each Lender upon the filing thereof;
other reports filed with the SEC shall be deemed to have been furnished to the
Administrative Agent and each Lender upon the Borrower’s written notice to the
Administrative Agent of the filing thereof); and

 

(e)        promptly,
such additional financial and other information as any Lender may from time to
time reasonably request.

 

51

 

7.3          Payment of Obligations

 

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

 

7.4          Maintenance of
Existence; Compliance

 

(a)           (i) Preserve,
renew and keep in full force and effect its organizational existence and (ii) take
all reasonable action to maintain all rights, privileges and franchises
necessary or desirable in the normal conduct of its business, except, in each
case, as otherwise permitted by Section 8.4 and except, in the case of
clause (ii) above, to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect; and (b) comply
with all Contractual Obligations and Requirements of Law except to the extent
that failure to comply therewith could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

7.5          Maintenance of Property;
Insurance

 

(a) Keep all
property useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted and (b) maintain with financially sound
and reputable insurance companies insurance on all its property in at least
such amounts and against at least such risks (but including in any event public
liability, product liability and business interruption) as are usually insured
against in the same general area by companies engaged in the same or a similar
business.

 

7.6          Inspection of Property;
Books and Records; Discussions

 

(a) Keep proper
books of records and account in which full, true and correct entries in
conformity with GAAP and all Requirements of Law shall be made of all dealings
and transactions in relation to its business and activities and (b) permit
representatives of any Lender to visit and inspect any of its properties and
examine and make abstracts from any of its books and records at any reasonable
time and as often as may reasonably be desired and to discuss the business,
operations, properties and financial and other condition of the Group Members
with officers and employees of the Group Members and with their independent
certified public accountants.

 

7.7          Notices

 

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

 

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

 

(b)           any (i) default
or event of default under any Contractual Obligation of any Group Member or (ii) litigation,
investigation or proceeding that may exist at any

 

52

 

time between any Group
Member and any Governmental Authority, that in either case, if not cured or if
adversely determined, as the case may be, could reasonably be expected to have
a Material Adverse Effect;

 

(c)           any
litigation or proceeding affecting any Group Member (i) in which the
amount involved is $2,000,000 or more and not covered by insurance, (ii) in
which injunctive or similar relief is sought or (iii) which relates to any
Loan Document;

 

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

 

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

 

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

 

7.8          Environmental Laws

 

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

 

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

 

7.9          Additional Collateral,
etc.

 

(a)           With respect to any
property acquired after the Closing Date by any Group Member (other than (x) any
property described in paragraph (b) or (c) below, (y) any
property subject to a Lien expressly permitted by Section 8.3(g) and (z) property
acquired by any Excluded Foreign Subsidiary) as to which the Administrative
Agent, for the benefit of the Lenders, does not have a perfected Lien, promptly
(i) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement or such

 

53

 

other documents as the
Administrative Agent reasonably deems necessary or advisable to grant to the
Administrative Agent, for the benefit of the Lenders, a security interest in
such property and (ii) take all actions necessary or advisable to grant to
the Administrative Agent, for the benefit of the Lenders, a perfected first
priority security interest in such property, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required
by the Guarantee and Collateral Agreement or by law or as may be reasonably
requested by the Administrative Agent.

 

(b)           With respect to any new
Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired
after the Closing Date by any Group Member (which, for the purposes of this
paragraph (b), shall include any existing Subsidiary that ceases to be an
Excluded Foreign Subsidiary), promptly (i) cause such new Subsidiary (A) to
become a party to the Guarantee and Collateral Agreement, (B) to take such
actions necessary or advisable to grant to the Administrative Agent for the
benefit of the Lenders a perfected first priority security interest in the
Collateral described in the Guarantee and Collateral Agreement with respect to
such new Subsidiary, including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guarantee and
Collateral Agreement or by law or as may be requested by the Administrative
Agent and (C) to deliver to the Administrative Agent a certificate of such
Subsidiary, in a form reasonable to the Administrative Agent, and (ii) if
requested by the Administrative Agent, deliver to the Administrative Agent
legal opinions relating to the matters described above, which opinions shall be
in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent.

 

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

 

7.10        Further Assurances

 

Within ten days of
request by the Administrative Agent, duly execute and deliver or cause to be
duly executed and delivered to the Administrative Agent such further
instruments, agreements and documents and do or cause to be done such further
acts as may

 

54

 

be necessary or proper in
the reasonable opinion of the Administrative Agent to carry out more
effectively the provisions and purpose of this Agreement and the other Loan
Documents.

 

8.             NEGATIVE COVENANTS

 

The Borrower agrees that,
so long as the Revolving Commitments remain in effect, any Letter of Credit
remains outstanding or any Revolving Loan or other amount is owing to any
Lender or the Administrative Agent hereunder, the Borrower shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, without the
prior written consent of the Administrative Agent and the Required Lenders:

 

8.1          Financial Condition
Covenants

 

(a)        Consolidated Leverage
Ratio

 

Permit the Consolidated
Leverage Ratio as at the last day of any fiscal quarter of the Borrower for the
four fiscal quarters then ended to exceed 2.50:1.00.

 

(b)        Consolidated Fixed Charge
Coverage Ratio

 

Permit the Consolidated
Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the
Borrower for the four fiscal quarters then ended to be less than 1.50:1.00.

 

8.2          Indebtedness

 

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

 

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

 

(b)        Indebtedness
of the Borrower to any Wholly Owned Subsidiary Guarantor and of any Wholly
Owned Subsidiary Guarantor to the Borrower or any other Subsidiary;

 

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

 

(d)        Indebtedness
outstanding on the date hereof and listed on Schedule 8.2(d) and any
refinancings, refundings, renewals or extensions thereof (without increasing,
or shortening the maturity of, the principal amount thereof) (“Existing
Indebtedness”);

 

(e)        Indebtedness
(including, without limitation, Capital Lease Obligations) secured by Liens
permitted by Section 8.3(g) and in an aggregate principal amount not
to exceed $10,000,000 at any one time outstanding;

 

55

 

(f)         Indebtedness
of a Subsidiary acquired pursuant to a Permitted Acquisition (or Indebtedness
assumed by the Borrower or any of its Wholly Owned Subsidiaries pursuant to a
Permitted Acquisition as a result of a merger or consolidation or the
acquisition of an asset securing such Indebtedness) (the “Permitted Acquired
Debt”), so long as (A) such Indebtedness was not incurred in
connection with, or in anticipation or contemplation of, such Permitted
Acquisition and (B) the sum of all such Indebtedness under this clause (f) shall
not exceed an aggregate amount equal to $30,000,000 at any one time
outstanding;

 

(g)        additional
Indebtedness of the Borrower or any of its Subsidiaries in an aggregate
principal amount (for the Borrower and all Subsidiaries) not to exceed $1,000,000 at any one time outstanding; and

 

(h)        Reimbursement
obligations under letters of credit issued for the account of WAHI or LRAC to
the extent such letters of credit are secured by cash or Cash Equivalents
pledged to secure only the reimbursement obligations with respect to such
letters of credit.

 

8.3          Liens

 

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

 

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

 

(b)        carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business that are not overdue for a period of
more than 30 days or that are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are
maintained on the books of the Borrower or its Subsidiaries, as the case may
be, in conformity with GAAP;

 

(c)        pledges or
deposits of cash and Cash Equivalents to secure obligations under workers’
compensation, unemployment insurance and other social security legislation or
to secure reimbursement obligations under letters of credit that secure
obligations under workers’ compensation, unemployment insurance and other
social security legislation;

 

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

 

56

 

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

 

(f)         Liens in
existence on the date hereof listed on Schedule 8.3(f), securing Indebtedness
permitted by Section 8.2(d) or 8.2(i), provided that no such
Lien is spread to cover any additional property after the Closing Date and that
the amount of Indebtedness secured thereby is not increased;

 

(g)        Liens
securing Indebtedness of the Borrower or any other Subsidiary incurred pursuant
to Section 8.2(e) to finance the acquisition of fixed or capital
assets, provided that (i) such Liens shall be created substantially
simultaneously with the acquisition of such fixed or capital assets, (ii) such
Liens do not at any time encumber any property other than the property financed
by such Indebtedness and (iii) the amount of Indebtedness secured thereby
is not increased;

 

(h)        Liens
created pursuant to the Security Documents;

 

(i)         Liens on property
or assets of an acquired Subsidiary of the Borrower pursuant to a Permitted
Acquisition, which liens were in existence at the time such Subsidiary is
acquired pursuant to the Permitted Acquisition; provided that (i) any
Indebtedness that is secured by such Liens is permitted to exist under Section 8.2(f),
(ii) such Liens are not incurred in connection with, or in contemplation
or anticipation of, such Permitted Acquisition and do not attach to any asset
of the Borrower or any of its other Subsidiaries and (iii) the encumbered
assets continue to be owned by the acquired Subsidiary;

 

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

 

(k)        Liens not
otherwise permitted by this Section so long as the aggregate outstanding
principal amount of the obligations secured does not exceed (as to the Borrower
and all Subsidiaries) $1,000,000 at any one time.

 

8.4          Fundamental Changes

 

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

 

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

 

57

 

(b)        any
Subsidiary of the Borrower may Dispose of any or all of its assets (i) to
the Borrower or any Wholly Owned Subsidiary Guarantor (upon voluntary
liquidation or otherwise) or (ii) pursuant to a Disposition permitted by Section 8.5;
and

 

(c)        any
Investment expressly permitted by Section 8.7 may be structured as a
merger, consolidation or amalgamation.

 

8.5          Disposition of Property

 

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

 

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

 

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

 

(c)        Dispositions
permitted by clause (i) of Section 8.4(b);

 

(d)        the sale or
issuance of any Subsidiary’s Capital Stock to the Borrower or any Wholly Owned
Subsidiary Guarantor; and

 

(e)        the Disposition
of other property having a fair market value not to exceed $1,000,000 in the
aggregate for any fiscal year of the Borrower.

 

8.6          Restricted Payments

 

Declare or pay any
dividend (other than dividends payable solely in common stock of the Person
making such dividend) on, or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase, redemption,
defeasance, retirement or other acquisition of, any Capital Stock of any Group
Member, whether now or hereafter outstanding, or make any other distribution in
respect thereof, either directly or indirectly, whether in cash or property or
in obligations of any Group Member (collectively, “Restricted  Payments”) until the Borrower shall have
demonstrated to the Administrative Agent compliance with the covenants set
forth in Section 8.1 on a pro forma basis (calculated for the relevant
period as if such proposed event had occurred on the last day of the relevant
period), for the most recent full fiscal quarter immediately preceding such
proposed event for which the relevant financial information has been delivered
pursuant to Section 7.1. Notwithstanding the foregoing and without regard
to the calculation of covenants set forth in Section 8.1 on a pro forma
basis, any Subsidiary may make Restricted Payments to the Borrower or any
Wholly Owned Subsidiary Guarantor.

 

58

 

8.7                               Investments

 

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

 

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

 

(b)                investments
in Cash Equivalents;

 

(c)                Guarantee
Obligations permitted by Section 8.2;

 

(d)                loans and
advances to employees of any Group Member in the ordinary course of business
(including for travel, entertainment and relocation expenses) in an aggregate
amount for all Group Members not to exceed $500,000 at any one time
outstanding;

 

(e)                Investments in
assets useful in the business of the Group Members made by the Borrower or any
of its Subsidiaries with the proceeds of any Reinvestment Deferred Amount;

 

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

 

(g)                Investments in
Excluded Foreign Subsidiaries in an amount not exceeding $15,000,000 in any
fiscal year of the Borrower;

 

(h)                So long as
WAHI is a Subsidiary of the Borrower, investments in WAHI in an aggregate
amount not to exceed 110% of the aggregate amount of workers’ compensation
liabilities transferred by the Group Members to WAHI;

 

(i)                 So long as
LRAC is a Subsidiary of the Borrower, investments in LRAC in an aggregate
amount not to exceed 110% of the aggregate amount of workers’ compensation
liabilities transferred by the Group Members to LRAC.

 

(j)                 Permitted
Acquisitions (including any Investments owned by a Person acquired in a
Permitted Acquisition); and

 

(k)                in addition to
Investments otherwise expressly permitted by this Section, Investments by the
Borrower or any of its Subsidiaries in an aggregate amount (valued at cost) not
to exceed $1,000,000 in the aggregate during the term of this Agreement.

 

59

 

8.8          Transactions
with Affiliates

 

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

 

8.9                               Sales
and Leasebacks

 

Enter into any
arrangement with any Person providing for the leasing by any Group Member of personal
property that has been or is to be sold or transferred by such Group Member to
such Person or to any other Person to whom funds have been or are to be
advanced by such Person on the security of such property or rental obligations
of such Group Member.

 

8.10                        Swap
Agreements

 

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

 

8.11                        Changes
in Fiscal Periods

 

Permit (a) the
fiscal year of the Borrower to end on a day other than the last Friday of any
calendar year or (b) change the Borrower’s method of determining fiscal
quarters.

 

8.12                        Negative
Pledge Clauses

 

Enter into or suffer to
exist or become effective any agreement that prohibits or limits the ability of
any Group Member to create, incur, assume or suffer to exist any Lien upon any
of its property or revenues, whether now owned or hereafter acquired other than
(a) this Agreement and the other Loan Documents and (b) any
agreements governing any purchase money Liens or Capital Lease Obligations
otherwise permitted hereby (in which case, any prohibition or limitation shall
only be effective against the assets financed thereby).

 

8.13                        Clauses
Restricting Subsidiary Distributions

 

Enter into or suffer to
exist or become effective any consensual encumbrance or restriction on the
ability of any Subsidiary of the Borrower to (a) make Restricted Payments
in respect of any Capital Stock of such Subsidiary held by, or pay any
Indebtedness owed to, the Borrower or any other Subsidiary of the Borrower, (b) make
loans or advances to, or

 

60

 

other Investments in, the
Borrower or any other Subsidiary of the Borrower or (c) transfer any of
its assets to the Borrower or any other Subsidiary of the Borrower, except for
such encumbrances or restrictions existing under or by reason of (i) any
restrictions existing under the Loan Documents and (ii) any restrictions
with respect to a Subsidiary imposed pursuant to an agreement that has been
entered into in connection with the Disposition of all or substantially all of
the Capital Stock or assets of such Subsidiary.

 

8.14                        Lines
of Business

 

Enter into any business,
either directly or through any Subsidiary, except for those businesses in which
the Group Members are engaged on the date of this Agreement or that are
reasonably related thereto.

 

9.           EVENTS OF DEFAULT

 

If any of the following
events shall occur and be continuing:

 

(a)                the Borrower
shall fail to pay any principal of any Revolving Loan, Swing Line Loan or
Reimbursement Obligation when due in accordance with the terms hereof; or the
Borrower shall fail to pay any interest on any Revolving Loan, Swing Line Loan
or Reimbursement Obligation, or any other amount payable hereunder or under any
other Loan Document, within five days after any such interest or other amount
becomes due in accordance with the terms hereof; or

 

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

 

(c)                any Loan Party
shall default in the observance or performance of any agreement contained in
clause (i) or (ii) of Section 7.4(a) (with respect to the
Borrower only), Section 7.7(a) or Section 8 of this Agreement or
Sections 5.5 and 5.7(b) of the Guarantee and Collateral Agreement; or

 

(d)                any Loan Party
shall default in the observance or performance of any other agreement contained
in this Agreement or any other Loan Document (other than as provided in
paragraphs (a) through (c) of this Section), and such default shall
continue unremedied for a period of 30 days after notice to the Borrower from
the Administrative Agent or the Required Lenders; or

 

(e)                any Group
Member shall (i) default in making any payment of any principal of any
Indebtedness (including any Guarantee Obligation, but excluding the Revolving
Loans) on the scheduled or original due date with respect thereto; or (ii) default
in making any payment of any interest on any such Indebtedness beyond the
period of grace, if any, provided in the instrument or agreement under which
such

 

61

 

Indebtedness was created;
or (iii) default in the observance or performance of any other agreement
or condition relating to any such Indebtedness or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event shall
occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such Indebtedness to become due
prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable; provided, that a
default, event or condition described in clause (i), (ii) or (iii) of
this paragraph (e) shall not at any time constitute an Event of Default
unless, at such time, one or more defaults, events or conditions of the type
described in clauses (i), (ii) and (iii) of this paragraph (e) shall
have occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $3,000,000; or

 

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

 

(g)                (i) any
Person shall engage in any “prohibited transaction” (as defined in Section 406
of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated
funding deficiency” (as defined in Section 302 of ERISA), whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC
or a Plan shall arise on the assets of any Group Member or any Commonly
Controlled Entity, (iii) a Reportable Event shall occur with respect to,
or proceedings shall commence to have a trustee appointed, or a trustee shall
be appointed, to administer or to terminate, any Single Employer Plan, which
Reportable Event or

 

62

 

commencement of
proceedings or appointment of a trustee is, in the reasonable opinion of the
Required Lenders, likely to result in the termination of such Plan for purposes
of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for
purposes of Title IV of ERISA, (v) any Group Member or any Commonly
Controlled Entity shall, or in the reasonable opinion of the Required Lenders
is likely to, incur any liability in connection with a withdrawal from, or the
Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other
event or condition shall occur or exist with respect to a Plan; and in each
case in clauses (i) through (vi) above, such event or condition,
together with all other such events or conditions, if any, could, in the sole judgment
of the Required Lenders, reasonably be expected to have a Material Adverse
Effect; or

 

(h)                one or more
judgments or decrees shall be entered against any Group Member involving in the
aggregate a liability (not paid or fully covered by insurance as to which the
relevant insurance company has acknowledged coverage) of $1,000,000 or more,
and all such judgments or decrees shall not have been vacated, discharged,
satisfied, stayed or bonded pending appeal within 30 days from the entry
thereof; or

 

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

 

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

 

(k)                (i) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended) shall become, or obtain rights
(whether by means or warrants, options or otherwise) to become, the “beneficial
owner” (as defined in Rules 1 3(d)-3 and 1 3(d)-5 under the Securities
Exchange Act of 1934, as amended), directly or indirectly, of more than 35% of
the outstanding common stock of the Borrower; or (ii) a Change of Control
shall occur.

 

then, and in any such
event, (A) if such event is an Event of Default specified in clause (i) or
(ii) of paragraph (f) above with respect to the Borrower,
automatically the Revolving Commitments shall immediately terminate and the
Revolving Loans, the Swing Line Loans (each with accrued interest thereon) and
all other amounts owing under this Agreement and the other Loan Documents
(including all amounts of L/C Obligations, whether or not the beneficiaries of
the then outstanding Letters of Credit shall have presented the documents
required thereunder) shall immediately become due and payable, and (B) if
such event is any other Event of Default, either or both of the following
actions may be taken: (i) with the consent of the Majority Lenders, the
Administrative Agent may, or upon the request of the Majority Lenders, the
Administrative Agent shall, by notice to the Borrower declare the Revolving
Commitments to be terminated forthwith, whereupon the Revolving

 

63

 

Commitments shall
immediately terminate; and (ii) with the consent of the Majority Lenders,
the Administrative Agent may, or upon the request of the Majority Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Revolving
Loans, the Swing Line Loans (each with accrued interest thereon) and all other
amounts owing under this Agreement and the other Loan Documents (including all
amounts of L/C Obligations, whether or not the beneficiaries of the then
outstanding Letters of Credit shall have presented the documents required
thereunder) to be due and payable forthwith, whereupon the same shall
immediately become due and payable. With respect to all Letters of Credit to
which presentment for honor shall not have occurred at the time of an
acceleration pursuant to this paragraph, the Borrower shall at such time
deposit in a cash collateral interest bearing account opened by the
Administrative Agent an amount equal to the aggregate then undrawn and
unexpired amount of such Letters of Credit. Amounts held in such cash
collateral account shall be applied by the Administrative Agent to the payment
of drafts drawn under such Letters of Credit, and the unused portion thereof
after all such Letters of Credit shall have expired or been fully drawn upon,
if any, shall be applied to repay other obligations of the Borrower hereunder
and under the other Loan Documents. After all such Letters of Credit shall have
expired or been fully drawn upon, all Reimbursement Obligations shall have been
satisfied and all other obligations of the Borrower hereunder and under the
other Loan Documents shall have been paid in full, the balance, if any, in such
cash collateral account shall be returned to the Borrower (or such other Person
as may be lawfully entitled thereto). Except as expressly provided above in
this Section, presentment, demand, protest and all other notices of any kind
are hereby expressly waived by the Borrower.

 

10.          THE AGENTS

 

10.1        Appointment

 

Each Lender hereby
irrevocably designates and appoints the Administrative Agent as the agent of
such Lender under this Agreement and the other Loan Documents, and each such
Lender irrevocably authorizes the Administrative Agent, in such capacity, to
take such action on its behalf under the provisions of this Agreement and the other
Loan Documents and to exercise such powers and perform such duties as are
expressly delegated to the Administrative Agent by the terms of this Agreement
and the other Loan Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.

 

10.2        Delegation
of Duties

 

The Administrative Agent
may execute any of its duties under this Agreement and the other Loan Documents
by or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Administrative
Agent

 

64

 

shall not be responsible
for the negligence or misconduct of any agents or attorneys in-fact selected by
it with reasonable care.

 

10.3        Exculpatory
Provisions

 

Neither any Agent nor any
of their respective officers, directors, employees, agents, attorneys-in-fact
or affiliates shall be (i) liable for any action lawfully taken or omitted
to be taken by it or such Person under or in connection with this Agreement or
any other Loan Document (except to the extent that any of the foregoing are
found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from its or such Person’s own gross negligence or
willful misconduct) or (ii) responsible in any manner to any of the
Lenders for any recitals, statements, representations or warranties made by any
Loan Party or any officer thereof contained in this Agreement or any other Loan
Document or in any certificate, report, statement or other document referred to
or provided for in, or received by the Agents under or in connection with, this
Agreement or any other Loan Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan
Document or for any failure of any Loan Party a party thereto to perform its
obligations hereunder or thereunder. The Agents shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or
records of any Loan Party.

 

10.4        Reliance
by Administrative Agent

 

The Administrative Agent
shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including counsel to the Borrower), independent
accountants and other experts selected by the Administrative Agent. The
Administrative Agent may deem and treat the payee of any Note as the owner
thereof for all purposes unless a written notice of assignment, negotiation or
transfer thereof shall have been filed with the Administrative Agent. The
Administrative Agent shall be fully justified in failing or refusing to take
any action under this Agreement or any other Loan Document unless it shall
first receive such advice or concurrence of the Required Lenders (or, if so
specified by this Agreement, all Lenders) as it deems appropriate or it shall
first be indemnified to its satisfaction by the Lenders against any and all liability
and expense that may be incurred by it by reason of taking or continuing to
take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the
other Loan Documents in accordance with a request of the Required Lenders (or,
if so specified by this Agreement, all Lenders), and such request and any
action taken or failure to act pursuant thereto shall be binding upon all the
Lenders and all future holders of the Revolving Loans.

 

65

 

10.5        Notice of Default

 

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

 

10.6        Non-Reliance on Agents and Other Lenders

 

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

 

10.7        Indemnification

 

The Lenders agree to
indemnify each Agent in its capacity as such (to the extent not reimbursed by
the Borrower and without limiting the obligation of the Borrower to do so),
ratably according to their respective Aggregate Exposure Percentages in effect
on the date on which indemnification is sought under this Section (or, if
indemnification is sought after the

 

66

 

date upon which the
Revolving Commitments shall have terminated and the Revolving Loans shall have
been paid in full, ratably in accordance with such Aggregate Exposure
Percentages immediately prior to such date), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever that may at any
time (whether before or after the payment of the Revolving Loans) be imposed
on, incurred by or asserted against such Agent in any way relating to or
arising out of, the Revolving Commitments, this Agreement, any of the other
Loan Documents or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken
or omitted by such Agent under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from such Agent’s
gross negligence or willful misconduct. The agreements in this Section shall
survive the payment of the Revolving Loans and all other amounts payable
hereunder.

 

10.8        Agent in Its Individual Capacity

 

Each Agent and its
affiliates may make loans to, accept deposits from and generally engage in any
kind of business with any Loan Party as though such Agent were not an Agent.
With respect to its Revolving Loans or Swing Line Loans made or renewed by it
and with respect to any Letter of Credit issued or participated in by it, each
Agent shall have the same rights and powers under this Agreement and the other
Loan Documents as any Lender and may exercise the same as though it were not an
Agent, and the terms “Lender” and “Lenders” shall include each Agent in its
individual capacity.

 

10.9        Successor Administrative Agent

 

The Administrative Agent
may resign as Administrative Agent upon 10 days’ notice to the Lenders and the
Borrower. If the Administrative Agent shall resign as Administrative Agent
under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 9(a) or
Section 9(f) with respect to the Borrower shall have occurred and be
continuing) be subject to approval by the Borrower (which approval shall not be
unreasonably withheld or delayed), whereupon such successor agent shall succeed
to the rights, powers and duties of the Administrative Agent, and the term “Administrative
Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as
Administrative Agent shall be terminated, without any other or further act or
deed on the part of such former Administrative Agent or any of the parties to
this Agreement or any holders of the Revolving Loans. If no successor agent has
accepted appointment as Administrative Agent by the date that is 10 days
following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become
effective, and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above. After any retiring
Administrative Agent’s resignation

 

67

 

as Administrative Agent,
the provisions of this Section 10 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Administrative Agent
under this Agreement and the other Loan Documents.

 

10.10      Documentation Agent and Syndication Agent

 

Neither the Documentation
Agent nor the Syndication Agent shall have any duties or responsibilities
hereunder in its capacity as such.

 

11.          MISCELLANEOUS

 

11.1        Amendments and Waivers

 

Neither this Agreement,
any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 11.1.
The Required Lenders and each Loan Party party to the relevant Loan Document
may, or, with the written consent of the Required Lenders, the Administrative
Agent and each Loan Party party to the relevant Loan Document may, from time to
time, (a) enter into written amendments, supplements or modifications
hereto and to the other Loan Documents for the purpose of adding any provisions
to this Agreement or the other Loan Documents or changing in any manner the
rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive,
on such terms and conditions as the Required Lenders or the Administrative
Agent, as the case may be, may specify in such instrument, any of the
requirements of this Agreement or the other Loan Documents or any Default or
Event of Default and its consequences; provided, however, that no such
waiver and no such amendment, supplement or modification shall (i) forgive
or reduce the principal amount or extend the final scheduled date of maturity
of any Revolving Loan, reduce the stated rate of any interest or fee payable
hereunder (except in connection with the waiver of applicability of any
post-default increase in interest rates (which waiver shall be effective with
the consent of the Required Lenders)) or extend the scheduled date of any
payment thereof, or increase the amount or extend the expiration date of any
Lender’s Revolving Commitment, in each case without the written consent of each
Lender directly affected thereby; (ii) eliminate or reduce the voting
rights of any Lender under this Section 11.1 without the written consent
of such Lender; (iii) reduce any percentage specified in the definition of
Required Lenders, consent to the assignment or transfer by the Borrower of any
of its rights and obligations under this Agreement and the other Loan
Documents, release all or substantially all of the Collateral or release all or
substantially all of the Guarantors from their obligations under the Guarantee
and Collateral Agreement, in each case without the written consent of all
Lenders; (iv) amend, modify or waive any provision of Section 2.13
without the written consent of the Required Lenders; (v) reduce the amount
of the Net Cash Proceeds required to be applied to prepay Revolving Loans under
the Agreement without the written consent of the Required Lenders; (vi) amend,
modify or waive any provision of Section 10 without the written consent of
the Administrative Agent; (vii) amend, modify or waive any provision of Section 4
without the written consent of the Issuing Lender. Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the
Lenders and shall be binding upon the Loan Parties, the Lenders, the
Administrative Agent and all future

 

68

 

holders of the Revolving
Loans. In the case of any waiver, the Loan Parties, the Lenders and the
Administrative Agent shall be restored to their former position and rights
hereunder and under the other Loan Documents, and any Default or Event of
Default waived shall be deemed to be cured and not continuing; but no such
waiver shall extend to any subsequent or other Default or Event of Default, or
impair any right consequent thereon.

 

11.2        Notices

 

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

 

	
  Borrower:

  	
   

  	
  TrueBlue, Inc.

  
	
   

  	
   

  	
  1015 A Street

  
	
   

  	
   

  	
  Tacoma, Washington
  98402

  
	
   

  	
   

  	
  Attention: Vice
  President, Finance 

  
	
   

  	
   

  	
  Telecopy: (800)
  587-9257

  
	
   

  	
   

  	
  Telephone: (800)
  991-4991

  
	
   

  	
   

  	
   

  
	
  Administrative Agent:

  	
   

  	
  Wells Fargo Bank,
  National Association

  
	
   

  	
   

  	
  Commercial Banking
  Office

  
	
   

  	
   

  	
  1201 Pacific Avenue,
  Third Floor 

  
	
   

  	
   

  	
  Tacoma, Washington
  98402 

  
	
   

  	
   

  	
  Attention: Gregory J.
  Unruh

  
	
   

  	
   

  	
  Email Address:
  gregory.j.unruh@wellsfargo.com

  
	
   

  	
   

  	
  Telecopy: (253)
  593-5215

  
	
   

  	
   

  	
  Telephone: (253)
  593-5257

  

 

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

 

Notices and other
communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices pursuant
to Section 2 unless otherwise agreed by the Administrative Agent and the
applicable Lender. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or
communications.

 

69

 

11.3        No Waiver; Cumulative Remedies

 

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

 

11.4        Survival of Representations and
Warranties

 

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

 

11.5        Payment of Expenses and Taxes

 

(a)           The Borrower agrees (i) to pay
or reimburse the Administrative Agent for all its out-of-pocket costs and
expenses incurred in connection with the development, preparation and execution
of, and any amendment, supplement or modification to, this Agreement and the
other Loan Documents and any other documents prepared in connection herewith or
therewith, and the consummation and administration of the transactions
contemplated hereby and thereby, including the reasonable fees and
disbursements of counsel to the Administrative Agent, collateral examination
costs and filing and recording fees and expenses, with statements with respect
to the foregoing to be submitted to the Borrower prior to the date of this
Agreement (in the case of amounts to be paid on the date of this Agreement) and
from time to time thereafter on a quarterly basis or such other periodic basis
as the Administrative Agent shall deem appropriate, (ii) to pay or
reimburse each Lender and the Administrative Agent for all its costs and
expenses incurred in connection with the enforcement or preservation of any
rights under this Agreement, the other Loan Documents and any such other
documents, including the reasonable fees and disbursements of counsel
(including the allocated fees and expenses of in-house counsel) to each Lender
and of counsel to the Administrative Agent, (iii) to pay, indemnify, and
hold each Lender and the Administrative Agent harmless from, any and all
recording and filing fees and any and all liabilities with respect to, or
resulting from any delay by the Borrower in paying, stamp, excise and other
taxes, if any, that may be payable or determined to be payable in connection
with the execution and delivery of, or consummation or administration of any of
the transactions contemplated by, or any amendment, supplement or modification
of, or any waiver or consent under or in respect of, this Agreement, the other
Loan Documents and any such other documents, and (iv) to pay, indemnify,
and hold each Lender and the Administrative Agent and their respective
officers, directors, employees, affiliates, agents and controlling persons
(each, an “Indemnitee”) harmless from and against any and all other
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery,

 

70

 

enforcement, performance
and administration of this Agreement, the other Loan Documents and any such
other documents, including any of the foregoing relating to the use of proceeds
of the Revolving Loans or the violation of, noncompliance with or liability
under, any Environmental Law applicable to the operations of any Group Member
or any of the Properties and the reasonable fees and expenses of legal counsel
in connection with claims, actions or proceedings by any Indemnitee against any
Loan Party under any Loan Document (all the foregoing in this clause (iv),
collectively, the “Indemnified Liabilities”), provided, that the
Borrower shall have no obligation hereunder to any Indemnitee with respect to
Indemnified Liabilities to the extent such Indemnified Liabilities resulted
from the gross negligence or willful misconduct of such Indemnitee. Without
limiting the foregoing, and to the extent permitted by applicable law, the
Borrower agrees not to assert and to cause its Subsidiaries not to assert, and
hereby waives and agrees to cause its Subsidiaries to waive, all rights for
contribution or any other rights of recovery with respect to all claims,
demands, penalties, fines, liabilities, settlements, damages, costs and
expenses of whatever kind or nature, under or related to Environmental Laws,
that any of them might have by statute or otherwise against any Indemnitee. All
amounts due under this Section 11.5 shall be payable not later than 10
days after written demand therefor. The agreements in this Section 11.5
shall survive repayment of the Revolving Loans and all other amounts payable
hereunder.

 

(b)           If any claim, action or proceeding
shall be brought or asserted against any Indemnitee in respect of which the indemnity
provided in this Section 11.5 may be sought from the Borrower, each such
Indemnitee or a representative of the Indemnitees shall promptly notify the
Borrower in writing of its claim of indemnification with respect to such claim,
action or proceeding. In such event, the Indemnitees shall keep the Borrower
apprised of the status of any such matter and shall provide the Borrower with a
reasonable opportunity to consult with the Indemnitees as to the defense or
settlement of such matter. An Indemnitee’s failure to so notify the Borrower
promptly following its receipt of notice or actual knowledge of any claim,
action or proceeding shall relieve the Borrower from any liability under this Section 11.5
to such Indemnitee in connection with the defense or indemnity with respect to
such claim, action or proceeding to the extent the Borrower has been prejudiced
by such delay in notification. The Borrower shall, at its expense, have the
right to employ separate counsel in any action or proceeding and to participate
in the defense thereof except to the extent that counsel for an Indemnitee
determines that such participation could reasonably be prejudicial to such
Indemnitee. The Lenders agree to cooperate with the Borrower in connection with
any claim, action, suit or proceeding brought by or against them in connection
with the indemnification granted hereunder.

 

71

 

11.6        Successors and Assigns;
Participations and Assignments

 

(a)           The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any affiliate of the Issuing
Lender that issues any Letter of Credit), except that (i) the Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void) and (ii) no
Lender may assign or otherwise transfer its rights or obligations hereunder
except in accordance with this Section.

 

(b)           (i)            Subject to the conditions set forth in
paragraph (b)(ii) below, any Lender may assign to one or more assignees
(each, an “Assignee”) all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Revolving Commitments
and the Revolving Loans and Swing Line Loans at the time owing to it) with the
prior written consent of:

 

(A)          the Borrower (such consent not to be
unreasonably withheld), provided that no consent of the Borrower shall
be required for an assignment to a Lender, an affiliate of a Lender, an
Approved Fund (as defined below) or, if an Event of Default has occurred and is
continuing, any other Person;

 

(B)                                the Administrative Agent;

 

(C)                                the Issuing Lender; and

 

(D)                               the Swing Line Lender.

 

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

 

(A)          except in the case of an assignment to a
Lender, an affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Revolving Commitments or
Revolving Loans under the Revolving Facility, the amount of the Revolving
Commitments or Revolving Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not
be less than $5,000,000 unless each of the Borrower and the Administrative
Agent otherwise consent, provided that (1) no such consent of the
Borrower shall be required if an Event of Default has occurred and is
continuing and (2) such amounts shall be aggregated in respect of each
Lender and its affiliates or Approved Funds, if any;

 

72

 

(B)               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; and

 

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

 

For the purposes of this Section 11.6,
the term “Approved Fund” has the following meaning:

 

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

 

(iii)         Subject to acceptance and recording thereof
pursuant to paragraph (b)(iv) below, from and after the effective date
specified in each Assignment and Assumption the Assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering
all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.14, 2.15, 2.16 and 11.5). Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply
with this Section 11.6 shall be treated for purposes of this Agreement as
a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (c) of this Section.

 

(iv)        The
Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Revolving Commitments of, and principal amount of the
Revolving Loans and L/C Obligations owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrower, the Administrative Agent, the Issuing
Lender 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.

 

(v)         Upon
its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an Assignee, the Assignee’s completed administrative
questionnaire (unless the Assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in paragraph (b) of this Section and
any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Assumption
and record the information contained therein in the

 

73

 

Register. No assignment
shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this paragraph.

 

(c)             (i)          Any Lender may, without
the consent of the Borrower or the Administrative Agent, sell participations to
one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of its Revolving Commitments and the Revolving Loans and Swing
Line Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance
of such obligations and (C) the Borrower, the Administrative Agent, the
Issuing Lender and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that when the sale of a
participation to a Participant is made with the Borrower’s prior written
consent (which consent shall not be required if there exists an Event of
Default) the agreement may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver that
(1) requires the consent of each Lender directly affected thereby pursuant
to the proviso to the second sentence of Section 10.1 and (2) directly
affects such Participant. Subject to paragraph (c)(ii) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law and when the sale of a participation to
a Participant is made with the Borrower’s prior written consent (which consent
shall not be required if there exists an Event of Default) the, Participant
also shall be entitled to the benefits of Section 11.7(b) as though it were a
Lender, provided such Participant shall be subject to Section 11.7(a) as
though it were a Lender.

 

(ii)         A Participant shall not
be entitled to receive any greater payment under Section 2.14 or 2.15 than
the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrower’s prior written consent. Any
Participant that is a Non-U.S. Lender shall not be entitled to the benefits of Section 2.15
unless such Participant complies with Section 2.14(d).

 

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

 

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

 

74

 

11.7        Adjustments;
Set-off

 

(a)           Except
to the extent that this Agreement expressly provides for payments to be
allocated to a particular Lender or to the Lenders under the Revolving
Facility, if any Lender (a “Benefited Lender”) shall, at any time after
the Revolving Loans and other amounts payable hereunder shall immediately
become due and payable pursuant to Section 9, receive any payment of all
or part of the Obligations owing to it, or receive any collateral in respect
thereof (whether voluntarily or involuntarily, by set-off, pursuant to events
or proceedings of the nature referred to in Section 9(f), or otherwise),
in a greater proportion than any such payment to or collateral received by any
other Lender, if any, in respect of the Obligations owing to such other Lender,
such Benefited Lender shall purchase for cash from the other Lenders a
participating interest in such portion of the Obligations owing to each such
other Lender, or shall provide such other Lenders with the benefits of any such
collateral, as shall be necessary to cause such Benefited Lender to share the
excess payment or benefits of such collateral ratably with each of the Lenders;
provided, however, that if all or any portion of such excess payment or
benefits is thereafter recovered from such Benefited Lender, such purchase
shall be rescinded, and the purchase price and benefits returned, to the extent
of such recovery, but without interest.

 

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

 

11.8        Counterparts

 

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

 

11.9        Severability

 

Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such

 

75

 

prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

11.10      Integration

 

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

 

11.11      GOVERNING LAW

 

THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF WASHINGTON, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

11.12      Submission To Jurisdiction;
Waivers

 

The Borrower hereby
irrevocably and unconditionally:

 

(a)                submits
for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the courts of the state of Washington,
the courts of the United States for the Western District of Washington, and
appellate courts from any thereof;

 

(b)                consents
that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

 

(c)                agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and

 

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

 

76

 

11.13      Acknowledgements

 

The
Borrower hereby acknowledges that:

 

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

 

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

 

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

 

11.14      Releases
of Guarantees and Liens

 

(a)           Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the
Administrative Agent is hereby irrevocably authorized by each Lender (without
requirement of notice to or consent of any Lender except as expressly required
by Section 11.1) to take any action requested by the Borrower having the
effect of releasing any Collateral or guarantee obligations (i) to the
extent necessary to permit consummation of any transaction not prohibited by
any Loan Document or that has been consented to in accordance with Section 11.1
or (ii) under the circumstances described in paragraph (b) below.

 

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

 

11.15      Confidentiality

 

Each
of the Administrative Agent and each Lender agrees to keep confidential all non-public
information provided to it by any Loan Party, the Administrative Agent or any
Lender pursuant to or in connection with this Agreement that is designated by
the provider thereof as confidential; provided that nothing herein shall
prevent the Administrative Agent or any Lender from disclosing any such
information (a) to the Administrative Agent, any other Lender or any
affiliate thereof, (b) subject to an agreement to comply with the
provisions of this Section, to any actual or prospective Transferee or any
direct or indirect counterparty to any Swap Agreement (or any professional
advisor to such counterparty),

 

77

 

(c) to its
employees, directors, agents, attorneys, accountants and other professional advisors
or those of any of its affiliates, (d) upon the request or demand of any
Governmental Authority, (e) in response to any order of any court or other
Governmental Authority or as may otherwise be required pursuant to any
Requirement of Law, (f) if requested or required to do so in connection
with any litigation or similar proceeding, (g) that has been publicly
disclosed, (h) to the National Association of Insurance Commissioners or
any similar organization or any nationally recognized rating agency that
requires access to information about a Lender’s investment portfolio in
connection with ratings issued with respect to such Lender, or (i) in
connection with the exercise of any remedy hereunder or under any other Loan
Document.

 

11.16  USA Patriot Act Notice

 

Each Lender that
is subject to the Act and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notify Borrower that, pursuant to the requirements
of the Act, they are each required to obtain, verify and record information that
identifies Borrower and each other Loan Party, which information includes the
name and address of Borrower and each other Loan Party and other information
that will allow such Lender or the Administrative Agent, as applicable, to
identify Borrower and each other Loan Party in accordance with the Act.

 

11.17  WAIVERS OF JURY TRIAL

 

THE
BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

11.18  Statutory Notice

 

ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

 

[The remainder of this page intentionally left
blank.]

 

78

 

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

 

 

	
   

  	
  TRUEBLUE, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Derrek L. Gafford

  
	
   

  	
   

  	
  Vice President of
  Finance and Accounting/Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK,
  NATIONAL

  
	
   

  	
  ASSOCIATION, as
  Administrative Agent, Syndication

  Agent, Documentation Agent, Swing Line Lender,

  Issuing Lender and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
								

 

S-1

 

SCHEDULE
1.1

Revolving Commitments

 

	
  Name of Lender

  	
   

  	
  Revolving

  Commitment

  	
   

  
	
  Wells Fargo
  Bank, National Association

  	
   

  	
  $

  	
  50,000,000

  	
   

  
	
  Bank of America,
  N.A.

  	
   

  	
  $

  	
  30,000,000

  	
   

  
	
  Total:

  	
   

  	
  $

  	
  80,000,000.00

  	
   

  

 

1Exhibit 10.1

 

Execution Copy

 

FIFTH AMENDMENT TO

THIRD
AMENDED AND RESTATED CREDIT AGREEMENT

AND
CONSENT OF GUARANTORS

 

This FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is dated as of April 9, 2008, and entered into by and
among FLEETWOOD ENTERPRISES, INC.  (“Fleetwood”), FLEETWOOD HOLDINGS INC. and
its Subsidiaries listed on the signature pages hereof (collectively, “Borrowers”),
the banks and other financial institutions signatory hereto that are parties as
Lenders to the Credit Agreement referred to below (the “Lenders”), and BANK OF AMERICA, N.A., as administrative agent and
collateral agent (in such capacity, the “Agent”) for the Lenders.

 

Recitals

 

Whereas,
Fleetwood, the Borrowers, the Lenders, and the Agent have entered into that
certain Third Amended and Restated Credit Agreement dated as of January 5,
2007, as amended by that certain First Amendment to Third Amended and Restated
Credit Agreement and Consent of Guarantors dated as of May 25, 2007, that
certain Second Amendment to Third Amended and Restated Credit Agreement and
Consent of Guarantors dated as of September 18, 2007, that certain Third
Amendment to Third Amended and Restated Credit Agreement and Consent of
Guarantors dated as of January 16, 2008, and that certain Fourth Amendment
to Third Amended and Restated Credit Agreement and Consent of Guarantors dated
as of March 5, 2008 (as amended, amended and restated, extended,
supplemented or otherwise modified from time to time, the “Credit Agreement”).  Any terms defined in the Credit Agreement and
not defined in this Amendment are used herein as defined in the Credit
Agreement;

 

Whereas,
the Borrowers have requested an amendment to the Credit Agreement to permit
them to substitute Term Loan Collateral with cash collateral; and

 

Whereas,
the Lenders and the Agent are willing to agree to the amendment requested by
the Borrowers, on the terms and conditions set forth in this Amendment;

 

Now Therefore, in consideration of the premises
and the mutual agreements set forth herein, Fleetwood, the Borrowers, the
Lenders, and the Agent agree as follows:

 

1.     AMENDMENT TO CREDIT
AGREEMENT.  Subject to the
conditions and upon the terms set forth in this Amendment and in reliance on
the representations and warranties of Fleetwood and the Borrowers set forth in
this Amendment, the Credit Agreement is hereby amended as follows:

 

1

 

1.1   Amendment to Section 2.8.  Section 2.8 shall be amended by
deleting such section in its entirety and replacing it with the following:

 

“2.8         Substitution of Collateral with Real
Estate.  The Borrowers may from time
to time provide substitute Real Estate collateral (the “Substituted Property”)
for any Collateral constituting Real Estate or any Substituted Cash Collateral;
provided that for each such substitution (a “Property Substitution”)
the following conditions are satisfied with respect to such Property
Substitution and the applicable Substituted Property:

 

(a)           no
Default or Event of Default has occurred and is continuing both before and
after giving effect to such Property Substitution;

 

(b)           the
Flexibility Conditions are satisfied as of the date of and both before and
immediately after giving effect to such Property Substitution;

 

(c)           the
applicable Substituted Property is free and clear of all Liens other than Liens
described in clauses (a), (b) and (e) of the definition of Permitted
Liens;

 

(d)           Agent
shall have received an appraisal (in form and substance and by an appraiser
reasonably satisfactory to the Agent) for the applicable Substituted Property
(the “Substituted Property Appraisal”), dated no more than six (6) months
prior to the date of such Property Substitution;

 

(e)           the
appraised value of the applicable Substituted Property, as set forth in the
Substituted Property Appraisal shall be equal to or greater than either (x) the
value, as reasonably determined by the Agent, of the portion of the Collateral
being replaced, to the extent the same is Real Estate or (y) approximately
100%, as reasonably determined by the Agent, of the amount of the Collateral
being replaced, to the extent the same is Substituted Cash Collateral (the “Replaced
Property”);

 

(f)            the
Agent shall have received each of the following:

 

(i)                   a fully executed Mortgage (the “Substituted
Property Mortgage”) with respect to each parcel of the Substituted
Property, in substantially the form of the Mortgages delivered on or prior to
the Closing Date, with such modifications thereto as shall be advisable and are
reasonably acceptable to the Agent with respect to the local jurisdictions in
which the Substituted Property is located;

 

(ii)                an ALTA extended
coverage title policy or policies, in form and substance and in amounts and
with such endorsements as are reasonably acceptable to the Agent, with respect
to each Substituted Property Mortgage;

 

(iii)             duly executed UCC-3
Termination Statements or such other instruments or evidence, in form and
substance satisfactory to the Agent, as shall be necessary to terminate and
satisfy all Liens, if any, on the Substituted Property;

 

2

 

(iv)            to the extent
reasonably requested by the Agent or the Majority Lenders, environmental
audits, surveys, title reports and any other document reasonably requested by
the Agent, the Majority Lenders or any Lender, as applicable, with respect to
the Substituted Property, in each case in form and substance satisfactory to
the Agent, the Majority Lenders and such Lender, as applicable; and

 

(v)               opinions of counsel
for the Borrower which is the owner of the Substituted Property as the Agent
shall reasonably request, in a form, scope and substance reasonably
satisfactory to the Agent and its counsel

 

(g)           Borrowers
shall have paid all reasonable costs related to such Property Substitution,
including, but not limited to, reasonable attorney’s fees or fees related to
appraisers, and consultants, filing fees and the cost of ALTA extended coverage
title policies for the Substituted Property required above, in connection with
any request for Property Substitution, and as a condition to such substitution,
the Borrowers shall have provided evidence to the Agent that Borrowers have
paid, or made arrangement satisfactory to the Agent for the payment of, all
such costs which became due and payable prior to or concurrently with such
Property Substitution; and

 

(h)           the
Borrowers shall execute such other documents and agreements as the Agent may
require to encumber the Substituted Property and amend the Loan Documents to
reflect the replacement of the Substituted Property for the Replaced Property;
and

 

(i)            no
default or event of default has occurred and is continuing both before and
after giving effect to such Property Substitution under the terms of any
Subordinated Debt.

 

Upon a substitution of Substituted Property pursuant to the provisions
of this Section 2.8, all Liens on the Replaced Property in favor of
the Agent for the benefit of itself and the Lenders shall be released and the
Lenders hereby authorize the Agent (i) to execute such documents and take
such further action as reasonably requested by the Borrowers or determined by
the Agent, in furtherance of this Section 2.8 and (ii) to
transfer from the Term Loan Cash Collateral Account any Replaced Property that
formerly constituted Substituted Cash Collateral for further application in
accordance with Section 3.4(d).  For the avoidance of doubt, following the
substitution of any Replaced Property with any Substituted Property in
accordance with this Section 2.8, such Replaced Property shall no
longer constitute Mortgaged Property, Term Loan Collateral or Real Estate
Subfacility Assets for any purpose under this Agreement and Schedule 6.11
shall be deemed modified accordingly.

 

Notwithstanding anything contained herein to the contrary,
the Borrowers may, at any time and from time to time direct the Agent to
release all or a portion of the Substituted Cash Collateral from the Term Loan
Cash Collateral Account and apply all such released Substituted Cash Collateral
to prepay the principal of the Term Loan in accordance with Section 3.4(c)(ii).”

 

1.2           Addition of new Section 2.9.  A new Section 2.9
shall be added immediately after Section 2.8 as follows:

 

3

 

“2.9         Substitution of Term Loan Collateral
with Cash Collateral.  The Borrowers
may from time to time provide substitute cash collateral (the “Substituted
Cash Collateral”) for any Term Loan Collateral (“Replaced Term Loan
Collateral”); provided that for each such substitution (a “Cash
Collateral Substitution”) the following conditions are satisfied with
respect to such Cash Collateral Substitution and the applicable Substituted
Cash Collateral:

 

(a)           no
Default or Event of Default has occurred and is continuing both before and
after giving effect to such Cash Collateral Substitution;

 

(b)           the
Flexibility Conditions are satisfied as of the date of and both before and
immediately after giving effect to such Cash Collateral Substitution;

 

(c)           such
Substituted Cash Collateral is limited to the Net Proceeds (or a portion
thereof at least equal to the 100% requirement set forth in Section 2.9(e)(i))
from the sale of Term Loan Collateral that becomes Replaced Term Loan
Collateral concurrently with such sale;

 

(d)           the
applicable Substituted Cash Collateral is free and clear of all Liens other
than Liens described in clauses (a), (b) and (n) (solely to the
extent such liens are in favor of the depositary bank party to the Term Loan
Cash Collateral Account Agreement) of the definition of Permitted Liens;

 

(e)           such Cash
Collateral Substitution (i) shall be equal to or greater than 100% of the
value attributed to the Replaced Term Loan Collateral as set forth Schedule
6.11, as such schedule may be deemed amended in accordance with Section 2.8,
and (ii) shall be deposited into a segregated cash collateral account (the
“Term Loan Cash Collateral Account”) held with the Collateral Agent, on terms
satisfactory to the Collateral Agent, and in the name of the Collateral Agent
and for the benefit of the Lenders;

 

(f)            the Agent shall have received
each of the following:

 

(i)            a
fully executed restricted account agreement (the “Term Loan Cash Collateral
Account Agreement”) with respect to the Term Loan Cash Collateral Account
in form and substance reasonably acceptable to the Agent; and

 

(ii)           opinions of counsel for the Borrower
which is the owner of the Substituted Cash Collateral as the Agent shall
reasonably request, in a form, scope and substance reasonably satisfactory to
the Agent and its counsel;

 

(g)           the
Borrowers shall execute such other documents and agreements as the Agent may
require to encumber the Substituted Cash Collateral and amend the Loan
Documents to reflect the replacement of the Substituted Cash Collateral for the
Replaced Term Loan Collateral; and

 

(h)           no
default or event of default has occurred and is continuing both before and
after giving effect to such Cash Collateral Substitution under the terms of any
Subordinated Debt.

 

4

 

Upon a substitution of Substituted Cash Collateral pursuant to the
provisions of this Section 2.9, all Liens on the Replaced Term Loan
Collateral in favor of the Agent for the benefit of itself and the Lenders
shall be released and the Lenders hereby authorize the Agent to execute such
documents and take such further action as reasonably requested by the Borrowers
or determined by the Agent, in furtherance of this Section 2.9.  For the
avoidance of doubt, following the substitution of any Replaced Term Loan
Collateral with any Substituted Cash Collateral in accordance with this Section 2.9,
such Replaced Term Loan Collateral shall no longer constitute Mortgaged
Property or Term Loan Collateral for any purpose under this Agreement and Schedule
6.11 shall be deemed modified accordingly.”

 

1.3           Amendment to Section 3.4.  Clauses (c) and (d) of Section 3.4
shall be amended by deleting such clauses (c) and (d) in their
entirety and replacing it with the following:

 

“(c)                   Immediately
upon any receipt by any Loan Party of proceeds of (i) any disposition of
any Term Loan Collateral (other than, for the avoidance of doubt, the
disposition of Term Loan Collateral described in Section 2.9(c) made
concurrently with both such Term Loan Collateral becoming Replaced Term Loan
Collateral and the deposit of that portion of the Net Proceeds thereof
constituting Substituted Cash Collateral into the Term Loan Cash Collateral
Account in accordance with Section 2.9), FMC shall repay the Term
Loan in an amount equal to all such proceeds, net of (A) commissions and
other customary transaction costs, fees and expenses properly attributable to
such transaction and payable by a Loan Party in connection therewith (other
than any amounts payable to any Affiliate), (B) transfer taxes, (C) amounts
payable to holders of senior Liens (to the extent that such Liens are Permitted
Liens), if any and (D) an appropriate reserve for income taxes in
accordance with GAAP in connection therewith (the “Net Proceeds”) or (ii) any
withdrawal of funds from the Term Loan Cash Collateral Account made without a
corresponding replacement of such Term Loan Collateral with Collateral
constituting Real Estate in accordance with Section 2.8 hereof, FMC shall
repay the Term Loan in an amount equal to all such proceeds.  After the Term Loan has been repaid in full,
any remaining Net Proceeds or proceeds of the withdrawal of such funds shall be
applied to the Revolving Loans, but without reduction of the Revolving Credit
Commitments.

 

(d)                     Immediately
upon any receipt by any Loan Party of proceeds (excluding (i) assets or
other property received in exchange for any Equipment sold, traded-in or
exchanged pursuant to Section 7.9(b) hereof, (ii) proceeds
deposited as Substituted Cash Collateral into the Term Loan Cash Collateral
Account, but solely for so long as (x) such proceeds are so deposited or (y) if
so deposited and then subsequently released, are released solely in accordance
with the final paragraph of Section 2.8 and applied to prepay the Term
Loan in accordance with Section 3.4(c)(ii) and (iii) proceeds of
dispositions applied in accordance with Section 3.4(c)) of any disposition
of any assets (other than Inventory sold in the ordinary course of business
and), the Borrowers shall repay the Revolving Loans in an amount equal to the
Net Proceeds of such disposition, but without reduction of the Revolving Credit
Commitments.”

 

1.4           Amendment to Section 7.9.  Subclause (j) of Section 7.9
shall be amended by inserting the words “and to the extent” immediately prior
to the words “required by Section 3.4(c)” in the fifth line
thereof.

 

5

 

1.5           Amendment to Section 11.1.  Subclause (C) of Section 11.1(a)(ii) shall
be amended by inserting the words “, Section 2.9” immediately
following the words “permitted by Section 2.8” in the second line thereof.

 

1.6           Amendment to Section 12.11.  Subclause (vi) of Section 12.11(a) shall
be amended by deleting such subclause (vi) in its entirety and replacing
it with the following:

 

“(vi) constituting Replaced
Property or Replaced Term Loan Collateral (as such terms are defined in Section 2.8
and Section 2.9, respectively), provided that the conditions to
release set forth in such Section 2.8 or Section 2.9, as
applicable, have been satisfied;”

 

1.7           Amendment to Annex A to Credit Agreement
(Definitions).  Annex A
shall be amended as follows:

 

(a)           The following definitions shall be
added to Annex A of the Credit Agreement in alphabetical order:

 

““Cash
Collateral Substitution” has the meaning specified in Section 2.9.”

 

““Replaced
Term Loan Collateral” has the meaning specified in Section 2.9.”

 

““Substituted
Cash Collateral” has the meaning specified in Section 2.9.”

 

““Term
Loan Cash Collateral Account “ has the meaning specified in Section 2.9(e).”

 

““Term
Loan Cash Collateral Account Agreement” has the meaning specified in Section 2.9(f).”

 

(b)           The
definitions of each of the terms “Mortgaged Property”, “Net Proceeds” and “Term
Loan Collateral” shall be deleted in their entirety and replaced with the
following definitions:

 

““Mortgaged
Property” means the Real Estate identified as such on  Schedule 6.11 attached hereto (as substituted pursuant to Section 2.8
or Section 2.9 from time to time). 
For the avoidance of doubt, following the substitution of any Replaced
Property or Replaced Term Loan Collateral with any Substituted Property or
Substituted Cash Collateral in accordance with Section 2.8 or Section 2.9,
such Replaced Property shall no longer constitute Mortgaged Property for any
purpose hereunder and Schedule 6.11 shall be deemed modified
accordingly.”

 

““Net Proceeds” has the meaning specified in Section 3.4(c).”

 

‘“Term Loan Collateral” means the Real
Estate identified as such Schedule 6.11 attached hereto (as substituted pursuant to Section 2.8 and Section 2.9
from time to time) and any Substituted Cash Collateral.  For the avoidance of doubt, following the
substitution of any Replaced Property with any Substituted Property in
accordance with Section 2.8 or the

 

6

 

substitution of any Replaced Term
Loan Collateral with any Substituted Cash Collateral in accordance with Section 2.9,
such Replaced Property or Replaced Term Loan Collateral shall no longer
constitute Term Loan Collateral for any purpose hereunder and Schedule 6.11
shall be deemed modified accordingly.”

 

2.     REPRESENTATIONS AND
WARRANTIES OF FLEETWOOD AND THE BORROWERS. 
In order to induce the Lenders and the Agent to enter into
this Amendment, each of Fleetwood and each Borrower represents and warrants to
each Lender and the Agent that the following statements are true, correct and
complete:

 

2.1   Power and Authority.  Each of the Loan Parties has all corporate
power and authority to enter into this Amendment and, as applicable, the
Consent of Guarantors attached hereto (the “Consent”), and to carry out
the transactions contemplated by, and to perform its obligations under or in
respect of, the Credit Agreement.

 

2.2   Corporate Action.  The execution and delivery of this Amendment
and the Consent and the performance of the obligations of each Loan Party under
or in respect of the Credit Agreement as amended hereby have been duly
authorized by all necessary corporate action on the part of each of the Loan
Parties.

 

2.3   No Conflict or Violation
or Required Consent or Approval. 
The execution and delivery of this Amendment and the performance of the
obligations of each Loan Party under or in respect of the Credit Agreement as
amended hereby do not and will not conflict with or violate (a) any
provision of the governing documents of any Loan Party or any of its
Subsidiaries, (b) any Requirement of Law, (c) any order, judgment or
decree of any court or other governmental agency binding on any Loan Party or
any of its Subsidiaries, or (d) any indenture, agreement or instrument to
which any Loan Party or any of its Subsidiaries is a party or by which any Loan
Party or any of its Subsidiaries, or any property of any of them, is bound, and
do not and will not require any consent or approval of any Person.

 

2.4   Execution, Delivery and
Enforceability.  This
Amendment and the Consent have been duly executed and delivered by each Loan
Party which is a party thereto and are the legal, valid and binding obligations
of such Loan Party, enforceable in accordance with their terms, except as
enforceability may be affected by applicable bankruptcy, insolvency, and
similar proceedings affecting the rights of creditors generally, and general
principles of equity.  The Agent’s Liens
in the Collateral continue to be valid, binding and enforceable first priority
Liens which secure the Obligations.

 

2.5   No Default or Event of
Default.  No event has
occurred and is continuing or will result from the execution and delivery of
this Amendment or the Consent that would constitute a Default or an Event of
Default.

 

2.6   Representations and
Warranties.  Each of the
representations and warranties contained in the Loan Documents is and will be
true and correct in all material respects on and as of the date hereof and as
of the effective date of this Amendment, except to the extent that such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects as of such
earlier date.

 

7

 

3.     CONDITIONS TO
EFFECTIVENESS OF THIS AMENDMENT.  This
Amendment shall be effective only if and when signed by, and when counterparts
hereof shall have been delivered to the Agent (by hand delivery, mail or
telecopy) by, Fleetwood, the Borrowers and each Lender and only if and when
each of the following conditions is satisfied:

 

3.1   Consent of
Guarantors.  Each of the
Guarantors shall have executed and delivered to the Agent the Consent.

 

3.2   No Default or Event of
Default; Accuracy of Representations and Warranties.  No Default or Event of Default shall exist
and each of the representations and warranties made by the Loan Parties herein
and in or pursuant to the Loan Documents shall be true and correct in all
material respects as if made on and as of the date on which this Amendment
becomes effective (except that any such representation or warranty that is
expressly stated as being made only as of a specified earlier date shall be
true and correct as of such earlier date), and the Borrowers shall have delivered
to the Agent a certificate confirming such matters.

 

3.3   Delivery
of Documents.  The Agent
shall have received such documents as the Agent may reasonably request in
connection with this Amendment.

 

4.     EFFECTIVE DATE.  This
Amendment shall become effective (the “Effective Date”) on the date of
the satisfaction of the conditions set forth in Section 3.

 

5.     EFFECT OF AMENDMENT;
RATIFICATION.  This Amendment
is a Loan Document.  From and after the
date on which this Amendment becomes effective, all references in the Loan
Documents to the Credit Agreement shall mean the Credit Agreement as amended
hereby.  Except as expressly amended
hereby or waived herein, the Credit Agreement and the other Loan Documents,
including the Liens granted thereunder, shall remain in full force and effect,
and all terms and provisions thereof are hereby ratified and confirmed.

 

6.     Each of Fleetwood and the Borrowers
confirms that as amended hereby, each of the Loan Documents is in full force
and effect, and that none of the Credit Parties has any defenses, setoffs or
counterclaims to its Obligations.

 

7.     APPLICABLE LAW.  THE VALIDITY, INTERPRETATIONS AND
ENFORCEMENT OF THIS AMENDMENT AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION
WITH THIS AMENDMENT, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE,
SHALL BE GOVERNED BY THE INTERNAL LAWS AND DECISIONS OF THE STATE OF
CALIFORNIA; PROVIDED THAT THE AGENT AND THE LENDERS SHALL RETAIN ALL RIGHTS
ARISING UNDER FEDERAL LAW.

 

8.     NO WAIVER. 
The execution, delivery and effectiveness of this Amendment
does not constitute a waiver of any Default or Event of Default, amend or
modify any provision of
any Loan Document except as expressly set forth herein or constitute a course
of dealing or any other basis for altering the Obligations of any Loan Party.

 

9.     COMPLETE AGREEMENT.  This Amendment sets forth the
complete agreement of the parties in respect of any amendment to any of the
provisions of any Loan Document or any waiver thereof.  The execution, delivery and effectiveness of
this Amendment

 

8

 

do not constitute a waiver of any
Default or Event of Default, amend or modify any provision of any Loan Document
except as expressly set forth herein or constitute a course of dealing or any
other basis for altering the Obligations of any Loan Party.

 

10.   CAPTIONS;
COUNTERPARTS.  The catchlines
and captions herein are intended solely for convenience of reference and shall
not be used to interpret or construe the provisions hereof.  This Amendment may be executed by one or more
of the parties to this Amendment on any number of separate counterparts
(including by telecopy), all of which taken together shall constitute but one
and the same instrument.

 

[signatures follow; remainder of page intentionally
left blank]

 

9

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed
this Amendment as of the date set forth above.

 

	
  BORROWERS

  	
   

  	
  FLEETWOOD
  HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF ARIZONA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF CALIFORNIA,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF FLORIDA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF GEORGIA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF IDAHO, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF INDIANA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF KENTUCKY, 

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF NORTH

  CAROLINA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF OREGON, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF

  PENNSYLVANIA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF TENNESSEE,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF TEXAS, L.P.

  
	
   

  	
   

  	
  By:

  	
  FLEETWOOD
  GENERAL PARTNER

  
	
   

  	
   

  	
  OF
  TEXAS, INC., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF VIRGINIA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES OF WASHINGTON,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  MOTOR HOMES OF

  CALIFORNIA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  MOTOR HOMES OF

  INDIANA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  MOTOR HOMES OF

  PENNSYLVANIA, INC.

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-1

 

	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  CALIFORNIA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  INDIANA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  KENTUCKY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  MARYLAND, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  OHIO, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  OREGON, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  TRAVEL TRAILERS OF

  TEXAS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  FOLDING TRAILERS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GOLD
  SHIELD, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GOLD
  SHIELD OF INDIANA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HAUSER
  LAKE LUMBER OPERATION,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CONTINENTAL
  LUMBER PRODUCTS,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  GENERAL PARTNER OF

  TEXAS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLEETWOOD
  HOMES INVESTMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Boyd R.
  Plowman

  
	
   

  	
   

  	
  Name:

  	
  Boyd R. Plowman

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and Chief

  
	
   

  	
   

  	
   

  	
  Financial Officer

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-2

 

	
  GUARANTOR

  	
   

  	
  FLEETWOOD
  ENTERPRISES, INC., as the

  
	
   

  	
   

  	
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Boyd R.
  Plowman

  
	
   

  	
   

  	
  Name:

  	
  Boyd R. Plowman

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and Chief

  
	
   

  	
   

  	
   

  	
  Financial Officer

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-3

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed
this Amendment as of the date set forth above.

 

 

	
   

  	
   

  	
  BANK OF
  AMERICA, N.A., as the Agent and

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Todd
  Eggertsen

  
	
   

  	
   

  	
  Name:

  	
  Todd Eggertsen

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-4

 

	
   

  	
   

  	
  WELLS
  FARGO FOOTHILL, INC., fka

  
	
   

  	
   

  	
  FOOTHILL
  CAPITAL CORPORATION, as

  
	
   

  	
   

  	
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Juan
  Barrera

  
	
   

  	
   

  	
  Name:

  	
  Juan Barrera

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-5

 

	
   

  	
   

  	
  THE
  CIT GROUP/BUSINESS CREDIT,

  
	
   

  	
   

  	
  INC., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Mark J.
  Long

  
	
   

  	
   

  	
  Name:

  	
  Mark J. Long

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

Fifth Amendment and Consent of
Guarantors

 

S-6

 

	
   

  	
   

  	
  TEXTRON
  FINANCIAL CORPORATION,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Norbert
  Schmidt

  
	
   

  	
   

  	
  Name:

  	
  Norbert Schmidt

  
	
   

  	
   

  	
  Title:

  	
  Senior Account
  Executive

  

 

Fifth Amendment and Consent of
Guarantors

 

S-7

 

	
   

  	
   

  	
  PNC
  BANK, NATIONAL ASSOCIATION,
  as

  
	
   

  	
   

  	
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Robin
  L. Arriola

  
	
   

  	
   

  	
  Name:

  	
  Robin L. Arriola

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

S-8

 

	
   

  	
   

  	
  WACHOVIA CAPITAL FINANCE 

  
	
   

  	
   

  	
  CORPORATION (WESTERN), as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Gary
  Whitaker

  
	
   

  	
   

  	
  Name:

  	
  Gary Whitaker

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

S-9

 

CONSENT
OF GUARANTORS

 

Each
of the undersigned is a Guarantor of the Obligations of the Borrowers under the
Credit Agreement and hereby (a) consents to the foregoing Amendment, (b) acknowledges
that notwithstanding the execution and delivery of the foregoing Amendment, the
obligations of each of the undersigned Guarantors are not impaired or affected
and the Guaranties continue in full force and effect, and (c) ratifies its
Guaranty and each of the Loan Documents to which it is a party.

 

IN
WITNESS WHEREOF, each of the undersigned has executed and delivered this
CONSENT OF GUARANTORS as of the       day of
                ,
2008.

 

 

	
  GUARANTORS

  	
   

  	
  FLEETWOOD
  ENTERPRISES, INC.

  
	
   

  	
   

  	
  FLEETWOOD
  CANADA LTD.

  
	
   

  	
   

  	
  FLEETWOOD
  INTERNATIONAL INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Boyd R.
  Plowman

  
	
   

  	
   

  	
  Name:

  	
  Boyd R. Plowman

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and Chief

  
	
   

  	
   

  	
   

  	
  Financial Officer

  

 

S-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]