Document:

EX-10..1

FOURTH AMENDMENT TO AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”) is made and entered into as of the 8th day of June, 2005 by and among WACHOVIA
BANK, NATIONAL ASSOCIATION (formerly known as Congress Financial Corporation (Southwest), a Texas
corporation) (“Lender”), and TST/IMPRESO, INC., a Delaware corporation, which is the
successor-in-interest by merger to TST/Impreso, Inc., a Texas corporation (“TST”),
TST/IMPRESO OF CALIFORNIA, INC., a California corporation (“TST California” and
collectively with TST, the “Borrower”).

WHEREAS, Borrower and Lender are parties to that certain Amended and Restated Loan and
Security Agreement dated as of October 28, 2002 as amended by that certain First Amendment to
Amended and Restated Loan and Security Agreement dated as of May 6, 2004, by that certain Second
Amendment to Amended and Restated Loan and Security Agreement dated as of July 23, 2004, and by
that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of
December 14, 2005 (as amended from time to time, the “Loan Agreement”);

WHEREAS, Borrower and Lender desire to amend the Loan Agreement in the manner provided below;

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

ARTICLE I.

DEFINITIONS

Section 1.01. Definitions. Capitalized terms used in this Amendment, to the extent
not otherwise defined herein, shall have the same meaning as in the Loan Agreement, as amended
hereby.

ARTICLE II.

AMENDMENTS

Section 2.01. Amendment to Section 1 of the Loan Agreement. Effective as of the date
hereof:

(a) Section 1 of the Loan Agreement is hereby amended by amending and
restating the following definition contained therein in its entirety to read as follows:

“‘Interest Rate’ shall mean,

(a) Subject to clause (b) of this definition below:

(i) as to Prime Rate Loans, a rate per annum equal to one-quarter of
one percent (0.25%), plus the Prime Rate,

(ii) as to Eurodollar Rate Loans, a rate per annum equal to two and
one-half percent (2.50%), plus the Adjusted Eurodollar Rate (in each case,
based on the Eurodollar Rate applicable for the Interest Period selected
by Borrower, as in effect three (3) Business Days after the date of
receipt by Lender of the request of Borrower for such Eurodollar Rate
Loans in accordance with the terms hereof, whether such rate is higher or
lower than any rate previously quoted to Borrower).

(b) Notwithstanding anything to the contrary contained in clause
(a) of this definition, the Interest Rate shall mean the rate of two
and one-quarter percent (2.25%) per annum in excess of the Prime Rate as to
Prime Rate Loans and the rate of four and one-half percent (4.50%) per
annum in excess of the Adjusted Eurodollar Rate as to Eurodollar Rate
Loans, at Lender’s option, without notice, (i) either (A) for the period on
and after the date of termination or non-renewal hereof until such time as
all Obligations are indefeasibly paid and satisfied in full in immediately
available funds, or (B) for the period from and after the date of the
occurrence of any Event of Default, and for so long as such Event of
Default is continuing as determined by Lender and (ii) on the Loans to at
any time outstanding in excess of the amounts available to Borrower under
Section 2 (whether or not such excess(es) arise or are made with or
without Lender’s knowledge or consent and whether made before or after an
Event of Default).”

(b) Section 1 of the Loan Agreement is hereby further amended by adding the
following definition thereto to read as follows:

“‘Fourth Amendment Closing Date’ shall mean June 8, 2005”

Section 2.02. Amendment to Section 3.3 of the Loan Agreement. Effective as of the
date hereof, Section 3.3 of the Loan Agreement is hereby amended by adding the following
subsection (d) thereto, which shall read as follows:

“(d) Fourth Amendment Fee. Borrower shall pay to Lender an amendment
fee in connection with that certain Fourth Amendment to Amended and Restated Loan
and Security Agreement in the aggregate amount of $10,000.00 $833.34 of which
shall be payable on The Fourth Amendment Closing Date, and which shall be deemed
fully earned and nonrefundable on such date, and the balance of which shall be
payable in an amount equal to $833.34 per month on the first day of each month for
the first eleven consecutive months following such initial payment date. The
amendment fee in connection with that certain Fourth Amendment to Amended and
Restated Loan and Security Agreement shall be deemed fully earned and
nonrefundable on the date when the same is due and payable hereunder.”

Section 2.03. Amendment to Section 9.20(e) of the Loan Agreement. Effective as of the
date hereof, Section 9.20(e) of the Loan Agreement is hereby amended and restated in its
entirety to read as follows:

“(e) all out-of-pocket expenses and costs heretofore and from time to time
hereafter incurred by Lender during the course of periodic field examinations of
the Collateral and Borrower’s operations, plus a per diem charge at the rate of
$850 per person per day for Lender’s examiners in the field and office, provided
that if no Default or Event of Default has occurred during the applicable calendar
year, the Borrowers shall not be obligated to pay for more than three (3) field
examinations during such calendar year; and”

Section 2.04. Amendment to Section 12.1. Effective as of the date hereof:

(a) Section 12.1(a) of the Loan Agreement is hereby amended by deleting the
date “November 17, 2005” contained therein and substituting “November 17, 2007” in lieu
thereof.

(b) Section 12.1(c) of the Loan Agreement is hereby amended and restated in
its entirety to read as follows:

“(c) If for any reason this Agreement is terminated prior to the end of the
then current term or renewal term of this Agreement, in view of the impracticality
and extreme difficulty of ascertaining actual damages and by mutual agreement of
the parties as to a reasonable calculation of Lender’s lost profits as a result
thereof, Borrower agrees to pay to Lender, upon the effective date of such
termination, an early termination fee in an amount equal to one-half of one
percent (0.5%) of the Maximum Credit if the termination occurs on or after the
Fourth Amendment Closing Date to and including the date immediately preceding the
first anniversary of the Fourth Amendment Closing Date and one-quarter of one
percent (0.25%) of the Maximum Credit if the termination occurs on or after the
first anniversary of the Fourth Amendment Closing Date to and including the
Renewal Date.

Such early termination fee shall be presumed to be the amount of damages
sustained by Lender as a result of such early termination and Borrower agrees that
it is reasonable under the circumstances currently existing. In addition, Lender
shall be entitled to such early termination fee upon the occurrence of any Event
of Default described in Sections 10.1(g) and 10.1(h) hereof, even
if Lender does not exercise its right to terminate this Agreement, but elects, at
its option, to provide financing to Borrower or permit the use of cash collateral
under the United States Bankruptcy Code. The early termination fee provided for
in this Section 12.1 shall be deemed included in the Obligations.
Notwithstanding anything contained herein to the contrary, the early termination
fee shall not apply to any early termination as the result of a complete
refinancing of the Loans by Wachovia Bank, National Association.”

Section 2.05. General Amendment. Effective as of the date hereof, the Loan Agreement
and each of the other documents executed in connection therewith are each hereby amended by
deleting all references in each such agreement to “Congress Financial Corporation (Southwest)” or
“Congress Financial Corporation (Southwest), a Texas corporation” contained therein and inserting
“Wachovia Bank, National Association (formerly known as Congress Financial Corporation
(Southwest))” in lieu thereof.

ARTICLE III.

NO WAIVER

Section 3.01. No Waiver. Nothing contained in this Amendment shall be construed as a
waiver by Lender of any covenant or provision of the Loan Agreement, the other documents and
agreements relating hereto or thereto (hereinafter individually referred to as a “Loan
Document” and collectively referred to as the “Loan Documents”), this Amendment, or of
any other contract or instrument between Borrower and Lender, and the failure of Lender at any time
or times hereafter to require strict performance by Borrower of any provision thereof shall not
waive, affect or diminish any right of Lender to thereafter demand strict compliance therewith.
Lender hereby reserves all rights granted under the Loan Agreement, the other Loan Documents, this
Amendment and any other contract or instrument between Borrower and Lender.

ARTICLE IV.

CONDITIONS PRECEDENT

Section 4.01. Conditions. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent, unless specifically waived by Lender:

(a) Lender shall have received, in form and substance satisfactory to Lender in its
sole discretion, (i) this Amendment, duly executed by Borrower, and (ii) such additional
documents, instruments and information as Lender or its legal counsel may request;

(b) The representations and warranties contained herein, in the Loan Agreement, as
amended hereby, and/or in the other Loan Documents shall be true and correct as of the date
hereof as if made on the date hereof;

(c) No default shall have occurred under the Loan Agreement and be continuing and no
default shall exist under the Loan Agreement unless such default has been specifically
waived in writing by Lender; and

(d) All corporate proceedings taken in connection with the transactions contemplated
by this Amendment and all documents, instruments and other legal matters incident thereto
shall be satisfactory to Lender and its legal counsel, Patton Boggs LLP.

ARTICLE V.

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

Section 5.01. Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Loan Agreement
and except as expressly modified and superseded by this Amendment, the terms and provisions of the
Loan Agreement are ratified and confirmed and shall continue in full force and effect.

Section 5.02. Representations and Warranties. Borrower hereby represents and warrants
to Lender that (i) the execution, delivery and performance of this Amendment and any and all other
Loan Documents executed and/or delivered in connection herewith have been authorized by all
requisite corporate action on the part of Borrower and will not violate the Articles of
Incorporation or Bylaws of Borrower, (ii) the representations and warranties contained in the Loan
Agreement, as amended hereby, and any other Loan Document are true and correct on and as of the
date hereof as though made on and as of the date hereof, (iii) Borrower is in full compliance with
all covenants and agreements contained in the Loan Agreement, as amended hereby, and (iv) Borrower
has not amended its Articles of Incorporation or Bylaws since October 28, 2002.

ARTICLE VI.

MISCELLANEOUS

Section 6.01. Survival of Representations and Warranties. All representations and
warranties made in the Loan Agreement or any other document or documents relating thereto,
including, without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no
investigation by Lender or any closing shall affect the representations and warranties or the right
of Lender to rely upon them.

Section 6.02. Reference to Loan Agreement. Each of the Loan Documents, including the
Loan Agreement and any and all other agreements, documents or instruments now or hereafter executed
and delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement as
amended hereby, are hereby amended so that any reference in such Loan Documents to the Loan
Agreement shall mean a reference to the Loan Agreement as amended hereby.

Section 6.03. Expenses of Lender. As provided in the Loan Agreement, Borrower agrees
to pay all reasonable costs and expenses incurred by Lender in connection with the preparation,
negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto
and any and all amendments, modifications, and supplements thereto, including without limitation
the reasonable costs and fees of Lender’s legal counsel, and all reasonable costs and expenses
incurred by Lender in connection with the enforcement or preservation of any rights under the Loan
Agreement, as amended hereby, or any other Loan Document, including without limitation the
reasonable costs and fees of Lender’s legal counsel.

Section 6.04. Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. Furthermore, in lieu of each such invalid or unenforceable provision there shall
be added automatically as a part of this Amendment a valid and enforceable provision that comes
closest to expressing the intention of such invalid or unenforceable provision.

Section 6.05. APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED
PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN DALLAS, TEXAS AND SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

Section 6.06. Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Lender and Borrower and their respective successors and assigns, except Borrower
may not assign or transfer any of its rights or obligations hereunder without the prior written
consent of Lender.

Section 6.07. Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

Section 6.08. Effect of Waiver. No consent or waiver, express or implied, by Lender
to or for any breach of or deviation from any covenant or condition of the Loan Agreement shall be
deemed a consent or waiver to or of any other breach of the same or any other covenant, condition
or duty.

Section 6.09. Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

Section 6.10. NO ORAL AGREEMENTS. THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

Section 6.11. RELEASE. BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE
ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE “OBLIGATIONS” OR TO
SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. BORROWER HEREBY VOLUNTARILY
AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES,
COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN
WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR
HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY,
AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR
REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY “LOANS”, INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR
OTHER AGREEMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

1

IN WITNESS WHEREOF, this Amendment has been duly executed by Borrower and Lender to be
effective as of the date first above written.

	 	 	 
	LENDER:	 	BORROWER:
	WACHOVIA BANK, NATIONAL

ASSOCIATION (formerly known as

Congress Financial Corporation (Southwest))

	 	TST/IMPRESO, INC.

	 
	 	 
	By: /s/ Joe T. Curdy

	 	By: /s/ Marshall Sorokwasz
	 

	 	 
	Name: Joe T. Curdy

	 	Name: Marshall Sorokwasz
	 

	 	 
	Title:Vice President

	 	Title: President
	 

	 	 
	 
	 	 
	Address:

	 	Chief Executive Office:
	 

	 	 
	 
	 	 
	5001 LBJ Freeway, Suite 1050

Dallas, Texas 75244

	 	652 Southwestern Boulevard

Coppell, Texas 75019
	 
	 	 
	
 
	 	TST/IMPRESO OF CALIFORNIA, INC.
	 
	 	 
	
 
	 	By: /s/ Marshall Sorokwasz
	
 
	 	 

	 	 	 	Name: Marshall Sorokwasz Title: President

Chief Executive Office:

652 Southwestern Boulevard

Coppell, Texas 75019

2

CONSENT, RATIFICATION AND RELEASE

The undersigned hereby consents to the terms of the within and foregoing Amendment, confirms
and ratifies the terms of that certain Guaranty, effective as of April 24, 2001, as amended from
time to time and as executed by the undersigned for the benefit of Lender (the “Guaranty
Documents”), and acknowledges that the Guaranty Documents are in full force and effect and
ratifies the same, that the undersigned has no defense, counterclaim, set-off or any other claim to
diminish the undersigned’s liability under such documents, that the undersigned’s consent is not
required to the effectiveness of the within and foregoing Amendment, and that no consent by the
undersigned is required for the effectiveness of any future amendment, modification, forbearance or
other action with respect to the Obligations, the Collateral, or any of the other Loan Documents.
THE UNDERSIGNED HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, ITS
PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN,
ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW
OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED,
WHICH THE UNDERSIGNED MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, AGENTS,
EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF
CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY “LOANS”,
INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR
RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND
REMEDIES UNDER THE LOAN AGREEMENT OR OTHER AGREEMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS
AMENDMENT.

IMPRESO, INC.

By: /s/ Marshall Sorokwasz

Name: Marshall Sorokwasz Title: President

3EX-10.1

[Published CUSIP Number: ________]

SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

Dated as of June 8, 2005

among

CORINTHIAN COLLEGES, INC.,

a Delaware corporation,

as the Domestic Borrower,

CORINTHIAN CANADA ACQUISITION INC.,

an Ontario corporation,

as the Canadian Borrower,

BANK OF AMERICA, N.A.,

as Domestic Administrative Agent, Domestic Swing Line Lender

and Domestic L/C Issuer,

BANK OF AMERICA, N.A., acting through its Canada Branch,

as Canadian Administrative Agent, Canadian Swing Line Lender

and Canadian L/C Issuer,

UNION BANK OF CALIFORNIA, N.A.,

as Syndication Agent,

U.S. BANK NATIONAL ASSOCIATION

and

JPMORGAN CHASE BANK, N.A.,

as Co-Documentation Agents,

and

The Other Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC,

as

Sole Lead Arranger and Sole Book Manager

1

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of June 8,
2005, among Corinthian Colleges, Inc., a Delaware corporation (the “Domestic Borrower”), Corinthian
Canada Acquisition Inc., an Ontario corporation and wholly-owned subsidiary of the Domestic
Borrower (the “Canadian Borrower” and together with the Domestic Borrower, collectively,
the “Borrowers” and individually, a “Borrower”), each lender from time to time
party hereto (collectively, the “Lenders” and individually, a “Lender”), Union Bank
of California, N.A., as Syndication Agent, U.S. Bank National Association and JPMorgan Chase Bank,
N.A., as Co-Documentation Agents, Bank of America, N.A., as Domestic Administrative Agent, Domestic
Swing Line Lender and Domestic L/C Issuer, and Bank of America, N.A., acting through its Canada
Branch, as Canadian Administrative Agent, Canadian Swing Line Lender and Canadian L/C Issuer.

The Borrowers, certain of the Lenders, Documentation Agents, Syndication Agent and
Administrative Agents are parties to that certain First Amended and Restated Credit Agreement dated
as of August 15, 2003, as amended prior to the date hereof (as so amended, the “Existing Credit
Agreement”).

In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree that the Existing Credit Agreement is hereby amended and restated in its
entirety as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

“Acceptance” has the meaning assigned to that term in Section 2.03(a).

“Acceptance Facility” means the bankers’ acceptance facility established under
Section 2.03.

“Acceptance Usage” means, as at any date, the sum (without duplication) of the
aggregate Face Amount of all Acceptances accepted by Canadian Lenders pursuant to Section
2.03 which have not been repaid by the Canadian Borrower, whether or not due and whether or not
held by any Lender. For purposes of this definition, all Acceptances shall be valued in Dollar
Equivalents as of any date of determination.

“Acquisition” means any transaction or series of related transactions for the purpose
of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the
assets of a Person, or of any line or segment of business or division of a Person, (b) the
acquisition of in excess of 50% of the capital stock, partnership interests, membership interests
or equity (or securities convertible into or exchangeable for such capital stock, partnership
interests, membership interests or equity) of any Person, or otherwise causing any Person to become
a Subsidiary, or (c) a merger, amalgamation or consolidation or any other combination with another
Person (other than a Person that is a Subsidiary) provided that (i) a Borrower or its
Subsidiary is the surviving entity or (ii) after giving effect to such merger, amalgamation or
consolidation, such other Person has become a Subsidiary of a Borrower; provided,
further, that no acquisition described in clauses (a) or (b) above shall constitute an
Acquisition unless the total consideration (including cash, assumed Indebtedness and equity) paid
in respect thereof exceeds $2,500,000; and provided further that in no event shall
the formation or establishment of a Subsidiary or the capitalization of or transfer to such
Subsidiary of any existing assets or business of a Borrower or any Subsidiary constitute an
Acquisition.

“Administrative Agents” means Domestic Administrative Agent and Canadian
Administrative Agent.

“Administrative Agent’s Office” means, with respect to any Administrative Agent, such
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02,
or such other address or account as such Administrative Agent may from time to time notify the
Borrowers and the Lenders.

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

“Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. Without limiting the generality of the
foregoing, a Person shall be deemed to be Controlled by another Person if such other Person
possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary
voting power for the election of directors, managing general partners or the equivalent.

“Aggregate Canadian Commitments” means the Commitments of all the Canadian Lenders
with respect to the Canadian Loans, the Canadian Letters of Credit and the Acceptances, which shall
not exceed $60,000,000 in the aggregate, subject to Section 2.15.

“Aggregate Domestic Commitments” means the Commitments of all the Domestic Lenders
with respect to the Domestic Loans and the Domestic Letters of Credit, which shall not exceed
$175,000,000 in the aggregate, subject to Section 2.15.

“Aggregate Pro Rata Share” means at any time, with respect to each Lender, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is such
Lender’s aggregate Commitments and the denominator of which is the sum of the Aggregate Domestic
Commitments and the Aggregate Canadian Commitments, in each case immediately prior to any
termination of the Commitments.

“Agreement” means this Credit Agreement.

“Applicable Rate” means, from time to time, the following percentages per annum, based
upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agents pursuant to Section 6.02(b):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate
	 	 	 	 	 	 	 	 	Acceptances	 	 
	 	 	Consolidated	 	 	 	 	 	Eurodollar Rate +	 	 
	Pricing Level	 	Leverage Ratio	 	Commitment Fee	 	Letters of Credit	 	Base Rate +
	1

	 	=2.25:1
	 	 	0.250	%	 	 	1.250	%	 	 	0.000	%
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	=2.00:1 but

<2.25:1
	 	

0.200%
	 	

1.000%
	 	

0.000%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3

	 	=1.50:1 but

<2.00:1
	 	

0.150%
	 	

0.750%
	 	

0.000%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	=1.00:1 but

<1.50:1
	 	

0.125%
	 	

0.625%
	 	

0.000%

	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5

	 	<1.00:1
	 	 	0.100	%	 	 	0.500	%	 	 	0.000	%
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day of the month immediately
following the date a Compliance Certificate is delivered pursuant to Section 6.02(b);
provided, however, that if no Compliance Certificate is delivered when due in
accordance with such Section, then Pricing Level 1 shall apply as of the first Business Day after
the date on which such Compliance Certificate was required to have been delivered until the first
Business Day after the delivery of a Compliance Certificate demonstrating that a different Pricing
Level is required. The Applicable Rate in effect from the Closing Date through the date of
delivery of the Compliance Certificate for the fiscal year ended on June 30, 2005 shall be based on
Pricing Level 5.

“Approved Debt Issuance” means an issuance after the Closing Date by a Borrower of
Indebtedness not otherwise permitted under Section 7.03 on terms reasonably acceptable to
the Required Lenders.

“Arranger” means Banc of America Securities LLC, in its capacity as sole lead arranger
and sole book manager.

“Assignment and Assumption” means an Assignment and Assumption substantially in the
form of Exhibit F.

“Attorney Costs” means and includes all reasonable fees, expenses and disbursements of
any law firm or other external counsel and the reasonable allocated cost of internal legal services
and all reasonable expenses and disbursements of internal counsel.

“Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

“Audited Financial Statements” means the audited consolidated balance sheet of the
Domestic Borrower and its Subsidiaries for the fiscal year ended June 30, 2004, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such
fiscal year of the Domestic Borrower and its Subsidiaries, including the notes thereto.

“Auto-Renewal Letter of Credit” has the meaning specified in Section 2.04(b).

“Availability Period” means the period from and including the Closing Date to but
excluding the earlier of the Maturity Date and the date of termination of the Commitments.

“Average Effective Discount Rate” means the lesser of (a) the applicable CDOR Rate
plus seven and one-half one hundredths of one percent (0.075%) per annum and (b)(i) in respect of
any Acceptances to be purchased by a Schedule I Lender pursuant hereto, the arithmetic average of
the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%,
with five-thousandths of 1% being rounded up) quoted by each Schedule I Reference Bank at or about
10:00 a.m. (Toronto time) as the discount rate at which such Schedule I Reference Bank would
purchase, on the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face
Amount equal to and with a term to maturity the same as the Acceptances to be acquired by such
Schedule I Reference Bank on such Drawing Date or (ii) in respect of any Acceptances to be
purchased by any Canadian Lender other than a Schedule I Lender pursuant hereto, the arithmetic
average of the discount rates (calculated on an annual basis and rounded to the nearest
one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each Other Reference
Lender at or about 10:00 a.m. (Toronto time) as the discount rate at which such Other Reference
Lender would purchase, on the relevant Drawing Date, its own bankers’ acceptances having an
aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be
acquired by such Other Reference Lender on such Drawing Date. If any Schedule I Reference Bank or
Other Reference Lender fails to provide its quotation to the Canadian Administrative Agent, the
Average Effective Discount Rate shall be determined on the basis of the quotation by the other
Schedule I Reference Bank(s) or Other Reference Lender(s), as applicable.

“Bank of America” means Bank of America, N.A. and its successors.

“Bank of America Canada” means Bank of America, N.A., acting through its Canada
Branch, and its successors.

“Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a)
in the case of Domestic Loans, the Federal Funds Rate plus 1/2 of 1%, and in the case of Canadian
Loans, the average rate for 30 day Canadian Dollar bankers’ acceptances that appears on the Reuters
Screen CDOR Page at 10:00 a.m. (Toronto time) on that day, plus 0.75% per annum, and (b) the rate
of interest in effect for such day as publicly announced from time to time by Bank of America (in
the case of Domestic Loans) as its “prime rate” for loans in Dollars or Bank of America Canada (in
the case of Canadian Loans) as its “prime rate” for loans in Canadian Dollars. The “prime rate” is
a rate set by Bank of America or Bank of America Canada (as applicable) based upon various factors
including its costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America or Bank of America Canada (as
applicable) shall take effect at the opening of business on the day specified in the public
announcement of such change.

“Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan.

“Base Rate Loan” means a Loan that bears interest based on the Base Rate.

“Borrower Materials” has the meaning specified in Section 6.02.

“Borrowers” has the meaning specified in the introductory paragraph hereto.

“Borrower Account” has the meaning specified in Section 2.13(h).

“Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may
require.

“Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office of the Domestic Administrative Agent is located and, if
such day relates to any Canadian Loan or Canadian Letter of Credit, means any such day other than a
day on which commercial banks are authorized to close under the Laws of, or are in fact closed in,
New York City or the province where the Administrative Agent’s Office of the Canadian
Administrative Agent is located, and, in either case, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank eurodollar market.

“Canadian Administrative Agent” means Bank of America Canada in its capacity as
Canadian administrative agent under any of the Loan Documents, or any Canadian Lender which is a
successor Canadian administrative agent hereunder.

“Canadian Borrower” means Corinthian Canada Acquisition, Inc. and, after the Canadian
Borrower Reorganization, the corporate successor of Corinthian Canada Acquisition, Inc., as
applicable.

“Canadian Borrower Reorganization” means the corporate reorganization of the Canadian
Borrower and certain of its Subsidiaries pursuant to a transaction or series of related
transactions which may include: (i) the issuance of additional common shares of the Canadian
Borrower and/or certain of the Subsidiaries of the Canadian Borrower to its parent in connection
with the repayment, retirement or conversion into equity of Indebtedness owing by the Canadian
Borrower and/or such Subsidiaries of the Canadian Borrower to its parent, and/or (ii) the
continuance of the Canadian Borrower and/or any Subsidiaries of the Canadian Borrower into the
governing jurisdiction of the Canadian Borrower or of any Subsidiary of the Canadian Borrower,
and/or (iii) the winding-up of any Subsidiary of the Canadian Borrower into its parent, and/or (iv
the amalgamation of the Canadian Borrower with any of the Subsidiaries of the Canadian Borrower or
of any Subsidiaries of the Canadian Borrower with any other Subsidiaries of the Canadian Borrower,
and/or (v) the transfer of all or substantially all of the assets of any Subsidiary of the Canadian
Borrower to its parent and the subsequent dissolution of such Subsidiary of the Canadian Borrower

“Canadian Dollar” and “Cdn. $” mean lawful money of Canada.

“Canadian L/C Issuer” means Bank of America Canada in its capacity as issuer of
Canadian Letters of Credit hereunder, or if Bank of America Canada shall have resigned as Canadian
Administrative Agent, any other Canadian Lender and any successor issuer of Canadian Letters of
Credit hereunder.

“Canadian Lender” means any Lender identified as a Canadian Lender on Schedule
2.01 as amended or modified from time to time in accordance with this Agreement.

“Canadian Letter of Credit” means any Letter of Credit issued by the Canadian L/C
Issuer for the account of the Canadian Borrower.

“Canadian Loan” means any Loan extended by a Canadian Lender to the Canadian Borrower.

“Canadian Pension Plan” means a “pension plan,” “plan” or similar arrangement which is
subject to applicable pension benefits legislation in any jurisdiction of Canada and is applicable
to employees resident in Canada of a Borrower or a Subsidiary.

“Canadian Subsidiary” means any Subsidiary that is organized under the laws of Canada
or any political subdivision of Canada.

“Canadian Swing Line” means the revolving credit facility made available by the
Canadian Swing Line Lender pursuant to Section 2.05.

“Canadian Swing Line Borrowing” means a borrowing of a Canadian Swing Line Loan
pursuant to Section 2.05.

“Canadian Swing Line Lender” means Bank of America Canada in its capacity as provider
of Canadian Swing Line Loans, or any Canadian Lender which is a successor swing line lender
hereunder.

“Canadian Swing Line Loan” has the meaning specified in Section 2.05(a).

“Canadian Swing Line Loan Notice” means a notice of a Canadian Swing Line Borrowing
pursuant to Section 2.05(b), which, if in writing, shall be substantially in the form of
Exhibit B.

“Canadian Swing Line Sublimit” means an amount equal to Five Million Dollars
($5,000,000). The Canadian Swing Line Sublimit is part of, and not in addition to, the Aggregate
Canadian Commitments.

“Canadian Welfare Plan” means any medical, health, hospitalization, insurance or other
similar employee benefit or welfare plan, agreement or arrangement applicable to employees resident
in Canada of a Borrower or a Subsidiary.

“Cash Collateralize” means to pledge and deposit with or deliver to the applicable
Administrative Agent, for the benefit of the applicable L/C Issuer and the applicable Lenders, as
collateral for the L/C Obligations and/or the Obligations respecting the Acceptances, cash or
deposit account balances pursuant to documentation in form and substance satisfactory to such
Administrative Agent and L/C Issuer (which documents are hereby consented to by such Lenders).
Derivatives of such term have corresponding meanings. The applicable Borrower hereby grants to
such Administrative Agent, for the benefit of such L/C Issuer and Lenders, a security interest in
all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash
collateral shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America
(in the case of Domestic Letters of Credit) or Bank of America Canada (in the case of Canadian
Letters of Credit and Acceptances).

“CDOR Rate” means, on any day, (a) for Acceptances which have a term to maturity of
1, 2, 3 or 6 months, the annual rate of interest determined by the Canadian Administrative Agent
which is equal to the average of the yield rates per annum applicable to Cdn.$ bankers’ acceptances
with a term to maturity the same as the Acceptances proposed to be issued by the Canadian Borrower,
displayed and identified as such on the Reuters Screen Page CDOR at approximately 10:00 a.m.
(Toronto time) on such day, or if such day is not a Business Day, then on the immediately preceding
Business Day; and (b) for Acceptances which do not have a term to maturity of 1, 2, 3 or 6 months,
the discount rate calculated by the Canadian Administrative Agent by a linear interpolation between
the rates determined in (a) above for the closest maturity dates ending before and after the
maturity date of the Acceptances proposed to be issued by the Canadian Borrower; provided,
however if such rates do not appear on the Reuters Screen Page CDOR, then the “CDOR Rate”
shall be the arithmetic average of the discount rates (calculated on an annual basis and rounded to
the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each
Schedule I Reference Bank at or about 10:00 a.m. (Toronto time) as the discount rate at which such
Schedule I Reference Bank would purchase, on such day, its own bankers’ acceptances having a Face
Amount equal to and with a term to maturity the same as the Acceptances proposed to be issued by
the Canadian Borrower.

“Change of Control” means, with respect to any Person, an event or series of events by
which:

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to
have “beneficial ownership” of all securities that such person or group has the right to acquire
(such right, an “option right”), whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, of 35% or more of the equity securities of such
Person entitled to vote for members of the board of directors or equivalent governing body of such
Person on a fully-diluted basis (and taking into account all such securities that such person or
group has the right to acquire pursuant to any option right); or

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

“Closing Date” means the first date all the conditions precedent in Section
4.01 are satisfied or waived in accordance with Section 4.01 (or, in the case of
Section 4.01(b), waived by the Person entitled to receive the applicable payment).

“Code” means the Internal Revenue Code of 1986.

“Commitment” means, as to each Domestic Lender with respect to Domestic Loans and
Domestic Letters of Credit, and as to each Canadian Lender with respect to Canadian Loans, Canadian
Letters of Credit and Acceptances, its obligation to (a) make Committed Loans to a Borrower
pursuant to Section 2.01, (b) purchase participations in L/C Obligations, (c) purchase
participations in Swing Line Loans, and (d) in the case of the Canadian Lenders, purchase and
discount Acceptances, in an aggregate principal amount at any one time outstanding not to exceed
the amount(s) set forth opposite such Lender’s name on Schedule 2.01, as such amount(s) may
be adjusted from time to time in accordance with this Agreement.

“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of
the same Type and, in the case of Eurodollar Rate Committed Loans, having the same Interest Period.

“Committed Canadian Loan” has the meaning specified in Section 2.01(b).

“Committed Domestic Loan” has the meaning specified in Section 2.01(a).

“Committed Loan” means a Committed Domestic Loan or a Committed Canadian Loan.

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion
of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Committed
Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the
form of Exhibit A.

“Compliance Certificate” means a certificate substantially in the form of Exhibit
E.

“Consolidated Adjusted EBITDA” means, for any period, an amount equal to Consolidated
EBITDA for any Person and its Subsidiaries, as the same has been adjusted to give effect to
factually supportable and identifiable cost savings and expenses which have been approved by the
Domestic Administrative Agent and, in addition and without duplication, such other cost savings and
expenses which would otherwise be accounted for as an adjustment pursuant to Article 11 of
Regulation S-X under the Securities Exchange Act of 1934, as amended, as if such cost savings or
expenses were realized on the first day of the applicable period (collectively, the “S-X
Adjustments”), it being understood that any S-X Adjustments are not subject to the Domestic
Administrative Agent’s approval.

“Consolidated EBITDA” means, for any period, for any Person and its Subsidiaries on a
consolidated basis, an amount equal to the sum of (a) Consolidated Net Income, (b) Consolidated
Interest Charges deducted in determining such Consolidated Net Income, (c) the amount of taxes,
based on or measured by income, used or included in the determination of such Consolidated Net
Income, (d) the amount of depreciation and amortization expense deducted in determining such
Consolidated Net Income, including amortization of deferred debt financing fees and expenses, (e)
all non-cash charges and extraordinary charges deducted in determining such Consolidated Net
Income, and (f) minus all nonrecurring gains and extraordinary gains included in such Consolidated
Net Income.

“Consolidated Fixed Charges” means, for any period, for the Domestic Borrower and its
Subsidiaries on a consolidated basis, the sum of, without duplication, (a) all cash interest
expense (excluding fees and expenses payable in connection with the closing of the Loan Documents),
and (b) all rental expense (determined in accordance with GAAP).

“Consolidated Fixed Charges Coverage Ratio” means, as of any date of determination,
the ratio of (a) Consolidated Pro Forma Adjusted EBITR for the period of the four prior fiscal
quarters ending on such date to (b) Consolidated Fixed Charges for such period.

“Consolidated Funded Indebtedness” means, as of any date of determination, for the
Domestic Borrower and its Subsidiaries on a consolidated basis, the sum of, without duplication,
(a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed
money (including the Loans hereunder) and all obligations evidenced by bonds, debentures, notes,
loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all
obligations arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments that support Indebtedness in
respect of borrowed money or capital leases that have been funded and not repaid, (d) all
obligations in respect of the deferred purchase price of property or services (other than trade
accounts payable in the ordinary course of business), (e) all Indebtedness of any partnership or
joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which the Domestic Borrower or a Subsidiary is a general partner or joint venturer,
unless such Indebtedness is expressly made non-recourse to the Domestic Borrower or such
Subsidiary, (f) Attributable Indebtedness in respect of capital leases and Synthetic Lease
Obligations, and (g) without duplication, all Guarantees with respect to Indebtedness of the types
specified in subsections (a) through (f) above of Persons other than the Domestic Borrower or any
Subsidiary.

“Consolidated Interest Charges” means, for any period, for any Person and its
Subsidiaries on a consolidated basis, the sum of (a) all interest expense of such Person and its
Subsidiaries for such period (net of all interest income), and, without duplication, (b) the
portion of rent expense of such Person and its Subsidiaries with respect to such period under
capital leases that is treated as interest in accordance with GAAP, excluding fees and expenses
payable in connection with the closing of the Loan Documents and the amortization of debt financing
fees and expenses.

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness as of such date to (b) Consolidated Pro Forma Adjusted EBITDA of
the Domestic Borrower and its Subsidiaries for the period of the four fiscal quarters ending on
such date.

“Consolidated Net Income” means, for any period, for any Person and its Subsidiaries
on a consolidated basis, the net income of such Person and its Subsidiaries from continuing
operations (such net income to be exclusive of (a) non-cash charges comprising (i) impairment of
assets, (ii) cumulative effects of changes in accounting principles (all of which are to be in
accordance with GAAP) and (iii) any non-cash stock compensation, including, without limitation, any
effects arising from the application of rule 123® of the Financial Accounting Standards Board;
and (b) extraordinary gains or losses).

“Consolidated Net Worth” means, as of any date of determination, for the Domestic
Borrower and its Subsidiaries on a consolidated basis, Shareholders’ Equity of the Domestic
Borrower and its Subsidiaries on that date.

“Consolidated Pro Forma Adjusted EBITDA” means, for any period, an amount equal to
Consolidated Adjusted EBITDA of the Domestic Borrower and its Subsidiaries, as the same has been
adjusted by the Domestic Borrower (such adjustment to be approved by the Domestic Administrative
Agent, it being understood that any S-X Adjustments by the Domestic Borrower shall not be subject
to the Domestic Administrative Agent’s approval) on a pro forma basis to give
effect to the Consolidated Adjusted EBITDA of any Person or assets acquired during such period (for
which, and to the extent, financial statements are available) pursuant to a Permitted Acquisition
(and not subsequently sold or otherwise disposed of by the Domestic Borrower or any of its
Subsidiaries during such period) as if the Person or assets so acquired were owned by the Domestic
Borrower for such period.

“Consolidated Pro Forma Adjusted EBITR” means, for any period, an amount equal to
Consolidated Pro Forma Adjusted EBITDA of the Domestic Borrower and its Subsidiaries, minus the
amount of depreciation and amortization expense deducted in determining Consolidated Net Income,
including amortization of deferred financing fees and expenses for such period and plus, without
duplication, the consolidated rental expense of the Domestic Borrower and its Subsidiaries
(determined in accordance with GAAP) for such period.

“Consolidated Tangible Assets” means, as of any date, the total assets of the Domestic
Borrower and its Subsidiaries on a consolidated basis minus all Intangible Assets of the Domestic
Borrower and its Subsidiaries on a consolidated basis.

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

“Control” has the meaning specified in the definition of “Affiliate.”

“Corinthian Properties” means Corinthian Property Group, Inc., a Florida corporation
and wholly-owned Subsidiary of the Domestic Borrower.

“Credit Extension” means a Borrowing, an L/C Credit Extension or, in the case of the
Canadian Borrower, the creation of Acceptances by the Canadian Lenders.

“DBNA” means the Depository Bills and Notes Act (Canada), as amended from time to
time, and any successor statute.

“Debtor Relief Laws” means the Bankruptcy Code of the United States, the Bankruptcy
and Insolvency Act (Canada) and the Companies’ Creditors Arrangement Act (Canada) and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States, Canada or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally.

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

“Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the
Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan
plus 2% per annum, in each case to the fullest extent permitted by applicable Laws.

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Committed Loans, participations in L/C Obligations or participations in Swing Line Loans required
to be funded by it hereunder, or has failed to accept any Acceptance required to be accepted by it
hereunder, within one Business Day of the date required to be funded or accepted by it hereunder,
(b) has otherwise failed to pay over to an Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within one Business Day of the date when due, unless the
subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a
bankruptcy or insolvency proceeding.

“Disposition” or “Dispose” means the sale by a Borrower or any of its
Subsidiaries to any Person other than any of its wholly-owned Subsidiaries of (i) any of the stock
of any of Subsidiaries, (ii) substantially all of the assets of any division or line of business of
a Borrower or any of its Subsidiaries, (iii) any notes or accounts receivable or any rights
associated therewith, or (iv) any assets (whether tangible or intangible) of a Borrower or any of
its Subsidiaries outside of the ordinary course of business (other than any such other assets to
the extent that the aggregate value of such assets sold in any single transaction or related series
of transactions is equal to $2,000,000 or less).

“DOE” means the United States Department of Education.

“DOE Ratio” means the Domestic Borrower’s composite score as of any fiscal year end,
as determined by the Secretary of the DOE pursuant to Section 668.172 of the regulations
promulgated by the DOE under Title IV.

“Dollar” and “$” mean lawful money of the United States.

“Dollar Equivalents” means, with respect to any amounts of Canadian Dollars, an
equivalent amount of Dollars determined at the rate of exchange quoted by the Canadian
Administrative Agent on the date of determination for the spot purchase in the foreign exchange
market of Canadian Dollars with Dollars.

“Domestic Administrative Agent” means Bank of America in its capacity as domestic
administrative agent under any of the Loan Documents, or any successor domestic administrative
agent.

“Domestic Borrower” has the meaning specified in the introductory paragraph hereto.

“Domestic L/C Issuer” means Bank of America in its capacity as issuer of Domestic
Letters of Credit hereunder, or if Bank of America shall have resigned as Domestic Administrative
Agent, any other Domestic Lender and any successor issuer of Domestic Letters of Credit hereunder.

“Domestic Lender” means any Lender identified as a Domestic Lender on Schedule
2.01 as amended or modified from time to time in accordance with this Agreement.

“Domestic Letter of Credit” means any Letter of Credit issued by the Domestic L/C
Issuer for the account of the Domestic Borrower.

“Domestic Loan” means any Loan extended by a Domestic Lender to the Domestic Borrower.

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States.

“Domestic Swing Line” means the revolving credit facility made available by the
Domestic Swing Line Lender pursuant to Section 2.05.

“Domestic Swing Line Borrowing” means a borrowing of a Domestic Swing Line Loan
pursuant to Section 2.05.

“Domestic Swing Line Lender” means Bank of America in its capacity as provider of
Domestic Swing Line Loans, or any successor domestic swing line lender hereunder.

“Domestic Swing Line Loan” has the meaning specified in Section 2.05(a).

“Domestic Swing Line Loan Notice” means a notice of a Domestic Swing Line Borrowing
pursuant to Section 2.05(b), which, if in writing, shall be substantially in the form of
Exhibit B.

“Domestic Swing Line Sublimit” means an amount equal to Five Million Dollars
($5,000,000). The Domestic Swing Line Sublimit is part of, and not in addition to, the Aggregate
Domestic Commitments.

“Drafts” means, at any time, either a depository bill within the meaning of the DBNA
or a blank bill of exchange, within the meaning of the Bills of Exchange Act (Canada), drawn by the
Canadian Borrower on a Canadian Lender and bearing such distinguishing letters and numbers as such
Canadian Lender may determine, but which at such time, except as otherwise provided herein, has not
been completed or accepted by such Canadian Lender.

“Drawing” means the acceptance of Acceptances by a Canadian Lender pursuant to
Section 2.03.

“Drawing Date” means any Business Day fixed pursuant to Section 2.03(b) for a
Drawing.

“Drawing Fee” means, with respect to the Drafts drawn by the Canadian Borrower
hereunder and accepted by any Canadian Lender as provided herein on any Drawing Date, an amount
equal to the Applicable Rate per annum on the aggregate Face Amount of such Drafts calculated on
the basis of the term to maturity of such Draft and a year of 365 days.

“Drawing Notice” has the meaning assigned to that term in Section 2.03(b).

“Drawing Purchase Price” means, in respect of Acceptances to be purchased by a
Canadian Lender, the difference between (i) the result (rounded to the nearest whole cent, with
one-half of one cent being rounded up) obtained by dividing the aggregate Face Amount of such
Acceptances by the sum of one plus the product of (x) the applicable Average Effective Discount
Rate multiplied by (y) a fraction the numerator of which is the term of such Acceptances and
denominator of which is 365; and (ii) the applicable Drawing Fee.

“Eligible Assignee” has the meaning specified in Section 10.06(h).

“Environmental Laws” means any and all Federal, state, provincial, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions,
grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

“Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrowers, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with any Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by any Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition which might reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any
liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section
4007 of ERISA, upon any Borrower or any ERISA Affiliate.

“Eurodollar Rate” means, for any Interest Period with respect to a Eurodollar Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”),
as published by Reuters (or other commercially available source providing quotations of BBA LIBOR
as designated from time to time by the Domestic Administrative Agent in the case of Domestic Loans
and the Canadian Administrative Agent in the case of Canadian Loans) at approximately 11:00 a.m.
(London time) two Business Days prior to the commencement of such Interest Period, for deposits in
Dollars in the case of Domestic Loans and Canadian Dollars in the case of Canadian Loans (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “Eurodollar Rate” for such
Interest Period shall be the rate per annum determined by the applicable Administrative Agent to be
the rate at which deposits in Dollars or Canadian Dollars as applicable for delivery on the first
day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan
being made, continued or converted by Bank of America or Bank of America Canada as applicable and
with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch
to major banks in the London interbank eurodollar market at their request at approximately 11:00
a.m. (London time) two Business Days prior to the commencement of such Interest Period.

“Eurodollar Rate Committed Loan” means a Committed Loan that bears interest at a rate
based on the Eurodollar Rate.

“Eurodollar Rate Loan” means a Eurodollar Rate Committed Loan.

“Event of Default” has the meaning specified in Section 8.01.

“Existing Credit Agreement” has the meaning specified in second introductory paragraph
hereto.

“Existing Guaranty” means the First Amended and Restated Guaranty dated as of August
15, 2003 made by the respective Guarantors in favor of the Domestic Administrative Agent on behalf
of the Lenders pursuant to the Existing Credit Agreement.

“Existing Letters of Credit” means the letters of credit issued for the account of the
Borrowers by the L/C Issuers and listed on Schedule 2.04 annexed hereto which will, as of
the Closing Date, be deemed outstanding as Letters of Credit issued pursuant to Section
2.04.

“Face Amount” means, in respect of a Draft or an Acceptance, as the case may be, the
amount payable to the holder thereof on its maturity.

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on
the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next
preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate
is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be
the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank
of America on such day on such transactions as determined by the Domestic Administrative Agent.

“Fee Letter” means the letter agreement dated April 29, 2005, among the Domestic
Borrower, the Domestic Administrative Agent and the Arranger.

“First Amended and Restated Guaranty” means that certain First Amended and Restated
Guaranty of even date herewith from the Guarantors of the Obligations of the Canadian Borrower, as
the same may be amended, restated or otherwise modified from time to time.

“First Amended and Restated Pledge Agreement” means that certain First Amended and
Restated Pledge Agreement of even date herewith from the Canadian Borrower and each Guarantor of
the Obligations of the Canadian Borrower, as applicable, in respect of the pledge of shares held by
the Canadian Borrower and each Guarantor of the Obligations of the Canadian Borrower in Material
Subsidiaries of the Canadian Borrower, as the same may be amended, restated or modified from time
to time.

“Foreign Lender” has the meaning specified in Section 10.14(a).

“Foreign Subsidiary” means any Subsidiary that is organized under the laws of any
jurisdiction other than a political subdivision of the United States, Canada or a political
subdivision of Canada.

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

“Governmental Authority” means any nation or government, any state, province or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court,
administrative tribunal, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government.

“Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

“Guarantors” means, with respect to the Obligations of the Domestic Borrower,
collectively, each Domestic Subsidiary of the Domestic Borrower that is a Material Subsidiary
(other than Corinthian Properties) and any other Domestic Subsidiary that directly owns a Material
Subsidiary, whether now existing or hereafter arising, and means, with respect to the Obligations
of the Canadian Borrower, collectively, the Domestic Borrower, each Domestic Subsidiary thereof
that is a Material Subsidiary (other than Corinthian Properties) and any other Domestic Subsidiary
that directly owns a Material Subsidiary and each Canadian Subsidiary (other than the Canadian
Borrower) of a Borrower that is a Material Subsidiary and any other Canadian Subsidiary that
directly owns a Material Subsidiary, in both cases whether now existing or hereafter existing,
subject (in the case of a new Material Subsidiary) to the time delays set forth in the first
parenthetical of Section 6.12.

“Guaranty Affirmation” means the Guaranty Affirmation made by the Guarantors of the
Obligations of the Domestic Borrower in favor of the Domestic Administrative Agent on behalf of the
Domestic Lenders, substantially in the form of Exhibit D.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

“Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

(a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements, bankers’ acceptances or other similar
instruments;

(b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments;

(c) net obligations of such Person under any Swap Contract in an amount equal to the Swap
Termination Value thereof;

(d) all obligations of such Person to pay the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business);

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other
title retention agreements), whether or not such indebtedness shall have been assumed by such
Person or is limited in recourse;

(f) Attributable Indebtedness of such Person in respect of capital leases and Synthetic Lease
Obligations; and

(g) all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any capital lease or
Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable
Indebtedness in respect thereof as of such date.

“Indemnitees” has the meaning set forth in Section 10.04(b).

“Intangible Assets” means assets that are considered to be intangible assets that are
not subject to amortization under GAAP, including goodwill, trade names, trademarks, patents,
franchises and licenses to the extent that such items are not subject to amortization under GAAP.

“Interbank Reference Rate” means the interest rate expressed as a percentage per annum
which is customarily used by the Canadian Administrative Agent when calculating interest due by it
or owing to it arising from correction of errors between it and other chartered banks.

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however,
that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates
that fall every three months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business
Day of each March, June, September and December and the Maturity Date.

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or (in the case of any Eurodollar Rate Committed Loan)
converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six
months thereafter, as selected by a Borrower in its Committed Loan Notice; provided that:

(i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar
Rate Loan, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;

(ii) any Interest Period pertaining to a Eurodollar Rate Loan 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 the calendar month at the end of such Interest Period; and

(iii) no Interest Period shall extend beyond the scheduled Maturity Date.

“Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person of any of the following: (a) the purchase or other acquisition of 50% or less of
the capital stock, partnership interests, membership interests or equity (or securities convertible
into or exchangeable for such capital stock, partnership interests, membership interests or equity)
of any Person; (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of,
or purchase or other acquisition of any other debt or equity participation or interest in, another
Person, including any partnership or joint venture interest in such other Person, or (c) the
purchase or other acquisition of assets of another Person that does not constitute an Acquisition;
provided that in no event shall an Acquisition constitute an Investment. For purposes of
covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.

“IP Rights” has the meaning set forth in Section 5.16.

“IRS” means the United States Internal Revenue Service.

“Laws” means, collectively, all international, foreign, Federal, state, provincial and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share.

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Committed
Borrowing.

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof.

“L/C Issuers” means, collectively, the Domestic L/C Issuer and the Canadian L/C
Issuer.

“L/C Obligations” means, as at any date of determination, the aggregate undrawn face
amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts,
including all L/C Borrowings.

“Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the L/C Issuers and the Swing Line Lenders.

“Lending Office” means, as to any Lender, the office or offices of such Lender
described as such on Schedule 10.02, or such other office or offices as a Lender may from
time to time notify the Borrowers and the Administrative Agents.

“Letter of Credit” means any letter of credit issued hereunder. A Letter of Credit
may be a commercial letter of credit or a standby letter of credit.

“Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.

“Letter of Credit Expiration Date” means the first anniversary of the Maturity Date
then in effect (or, if such day is not a Business Day, the next preceding Business Day).

“Letter of Credit Sublimit” means, with respect to the Domestic Letters of Credit, an
amount equal to Fifty Million Dollars ($50,000,000) and, with respect to the Canadian Letters of
Credit, an amount equal to Twenty Million Dollars ($20,000,000). The applicable Letter of Credit
Sublimit is part of, and not in addition to, the Aggregate Domestic Commitments and the Aggregate
Canadian Commitments, respectively.

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

“Loan” means an extension of credit by a Lender to a Borrower under Article II in the
form of a Committed Loan or a Swing Line Loan.

“Loan Documents” means this Agreement, each Note, the Fee Letter, the Security
Documents and any Swap Contracts executed with a Lender or any of its Affiliates.

“Loan Parties” means, collectively, each Borrower and each Guarantor.

“Long Term Student Note Receivables” means, the aggregate outstanding principal amount
of loans to students or former students of any Borrower and its Subsidiaries which have a remaining
repayment term of one year or more.

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the business, results of operation or condition (financial or otherwise) of
the Loan Parties taken as a whole; (b) a material impairment of the ability of the Loan Parties,
taken as a whole, to perform their obligations under the Loan Documents; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against any Loan Party of any
Loan Document to which it is a party.

“Material Subsidiary” means, at any time, any Subsidiary of a Borrower that owns more
than $1,000,000 of assets or that had more than $1,000,000 of revenue for the four prior fiscal
quarters; provided that the total consolidated assets of Subsidiaries that are not Material
Subsidiaries shall not exceed $2,000,000 at any time, and provided further that the
total consolidated revenue for the prior four fiscal quarters of all Subsidiaries that are not
Material Subsidiaries shall not exceed $2,000,000.

“Maturity Date” means July 1, 2010.

“Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding three calendar years, has made or been obligated to make
contributions.

“Nonrenewal Notice Date” has the meaning specified in Section 2.04(b)(iii).

“Note” means a promissory note made by a Borrower in favor of a Lender evidencing
Loans made by such Lender, substantially in the form of Exhibit C.

“Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any
Loan, Acceptance or Letter of Credit, whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or any
Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such
proceeding.

“Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

“Other Reference Lenders” means those Canadian Lenders identified as an Other
Reference Lender on Schedule 2.01.

“Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on
any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings
and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be,
occurring on such date; (ii) with respect to any L/C Obligations on any date, the amount of such
L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date
and any other changes in the aggregate amount of the L/C Obligations as of such date, including as
a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any
reductions in the maximum amount available for drawing under Letters of Credit taking effect on
such date; and (iii) with respect to Acceptances on any date, the aggregate Acceptance Usage.

“Participant” has the meaning specified in Section 10.06(d).

“PBGC” means the Pension Benefit Guaranty Corporation.

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by any Borrower or any ERISA Affiliate or to which any Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer plan (as described in Section 4064(a) of ERISA) has made contributions at any time during
the immediately preceding five plan years.

“Permitted Acquisitions” means Acquisitions by any Borrower or any of its Subsidiaries
of Persons and/or assets that meet each of the following criteria:

(i) for each such Acquisition, the prior, effective written consent or approval to such
Acquisition of the board of directors or equivalent governing body of the other party or
parties has been obtained;

(ii) the Borrowers shall have complied with the requirements of Section 6.13,
if applicable;

(iii) the Persons or assets to be acquired are in (or used in) the Post-Secondary
Education Business or other businesses permitted under Section 7.07 hereof;

(iv) if the total consideration paid (including assumed Indebtedness, if any) exceeds
Fifteen Million Dollars ($15,000,000) and, if Person to be acquired is required to be
accredited, it must be accredited by any applicable Governmental Authorities and accrediting
agencies and in full regulatory compliance therewith in all material respects;

(v) immediately before and after giving effect to the proposed Acquisition, no Default
or Event of Default shall have occurred and be continuing and each Borrower and each other
Loan Party must be in compliance with the terms of the Loan Documents and with all material
regulatory requirements;

(vi) within thirty (30) days following consummation of such Acquisition or, in the case
of an Acquisition of a publicly-held Canadian Subsidiary, within four (4) months following
the consummation of such Acquisition, the acquired Person (if any) shall execute the
documents described in Section 6.12 and the Borrowers shall execute or cause the
execution of a Pledge Agreement with respect to the acquired Person’s capital stock,
membership interest or partnership interest, if applicable;

(vii) the aggregate total cash consideration (including assumed Indebtedness, if any)
paid for any such other Acquisition, together with all other Acquisitions made during the
same fiscal quarter as such other Acquisition or any of the three (3) immediately preceding
fiscal quarters, shall be less than the Consolidated Adjusted EBITDA of Domestic Borrower
and its Subsidiaries during the four (4) immediately preceding fiscal quarters; and

(viii) the aggregate total consideration (including cash, assumed Indebtedness and
equity, if any) paid for any such other Acquisitions, together with all other Acquisitions
made during the same fiscal quarter as such other Acquisition or any of the three (3)
immediately preceding fiscal quarters, shall be less than the product of one and one-half
times the Consolidated Adjusted EBITDA of Domestic Borrower and its Subsidiaries during the
four (4) immediately preceding fiscal quarters.

“Permitted Liens” means the following types of Liens (excluding any such Lien imposed
pursuant to Section 401(a)(29) or 412(n) of the Internal Revenue Code or by ERISA):

(i) Liens for taxes, assessments or governmental charges or claims the payment of which
is not, at the time, required by Section 6.04;

(ii) statutory Liens of landlords, statutory Liens of banks and rights of set-off,
statutory Liens of carriers, warehousemen, mechanics, repairmen, workmen and materialmen,
and other Liens imposed by law, in each case incurred in the ordinary course of business (a)
for amounts not yet overdue or (b) for amounts that are overdue and that (in the case of any
such amounts overdue for a period in excess of 30 days) are being contested in good faith by
appropriate proceedings, so long as such reserves or other appropriate provisions, if any,
as shall be required by GAAP shall have been made for any such contested amounts;

(iii) Liens incurred or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other types of social security, or to
secure the performance of tenders, statutory obligations, surety and appeal bonds, bids,
leases, government contracts, trade contracts, performance and return-of-money bonds and
other similar obligations (exclusive of obligations for the payment of borrowed money);

(iv) any attachment or judgment Lien not constituting an Event of Default under
Section 8.01(h);

(v) leases or subleases granted to third parties and not interfering in any material
respect with the ordinary conduct of the business of a Borrower or any of its Subsidiaries;

(vi) easements, rights-of-way, restrictions, encroachments, and other minor defects or
irregularities in title, in each case which do not and will not interfere in any material
respect with the ordinary conduct of the business of a Borrower or any of its Subsidiaries;

(vii) any (a) interest or title of a lessor or sublessor under any lease permitted by
this Agreement, (b) restriction or encumbrance that the interest or title of such lessor or
sublessor may be subject to, or (c) subordination of the interest of the lessee or sublessee
under such lease to any restriction or encumbrance referred to in the preceding clause (b);

(viii) Liens arising from filing UCC or PPSA financing statements relating solely to
leases permitted by this Agreement;

(ix) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

(x) any zoning or similar Law or right reserved to or vested in any governmental office
or agency to control or regulate the use of any real property;

(xi) Liens securing obligations (other than obligations representing Indebtedness for
borrowed money) under operating, reciprocal easement or similar agreements entered into in
the ordinary course of business of a Borrower and its Subsidiaries;

(xii) Licenses of patents, trademarks and other intellectual property rights granted by
a Borrower or any of its Subsidiaries in the ordinary course of business and not interfering
in any material respect with the ordinary conduct of the business of such Borrower or such
Subsidiary; and

(xiii) Liens or reservations contained in the original grant from the Crown in respect
of Canadian real property.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Borrower or any ERISA Affiliate.

“Platform” has the meaning specified in Section 6.02.

“Pledge Agreements” means the Pledge Agreements executed and delivered pursuant to
Section 4.01(a)(iv) of the Existing Credit Agreement.

“Pledge Agreement Affirmation” means the Pledge Agreement Affirmation executed and
delivered pursuant to Section 4.01(a)(vi), as such agreement may be amended, supplemented,
restated or otherwise modified from time to time, which will be in substantially the form of
Exhibit G hereto.

“Post-Secondary Education Business” means the business of operating eligible
institutions of higher education in the U.S. as defined in the Higher Education Act of 1965, as
amended, and the business of operating similar institutions of higher education in Canada.

“Pro Rata Share” means at any time, with respect to each Domestic Lender in regard to
the Domestic Loans and the Domestic Letters of Credit, or with respect to each Canadian Lender in
regard to the Canadian Loans, the Canadian Letters of Credit and the Acceptances, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the
amount of the Commitment of such Lender at such time in regard to the Domestic Loans and the
Domestic Letters of Credit or in regard to the Canadian Loans, the Canadian Letters of Credit and
the Acceptances, and the denominator of which is the amount of the Aggregate Domestic Commitments
or the Aggregate Canadian Commitments as applicable at such time. The initial Pro Rata Share of
each Lender is set forth opposite the name of such Lender on Schedule 2.01.

“Register” has the meaning set forth in Section 10.06(c).

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

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit
Extension, a Letter of Credit Application, (c) with respect to a Domestic Swing Line Loan, a
Domestic Swing Line Loan Notice, (d) with respect to a Canadian Swing Line Loan, a Canadian Swing
Line Loan Notice and (e) with respect to an Acceptance, a Drawing Notice.

“Required Lenders” means, as of any date of determination, Lenders having more than
50% of the sum of the Aggregate Domestic Commitments and the Aggregate Canadian Commitments or, if
the Commitments have been terminated, Lenders holding in the aggregate more than 50% of the Total
Outstandings (taking into account funded participations in L/C Obligations and Swing Line Loans);
provided that the Commitment of, and the outstanding principal amount of the Total Outstandings
(taking into account funded participations in L/C Obligations and Swing Line Loans) held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

“Responsible Officer” means the chief executive officer, president, executive vice
president, senior vice president, chief financial officer, treasurer or assistant treasurer of a
Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan
Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall
be conclusively presumed to have acted on behalf of such Loan Party.

“Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of the
Domestic Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such capital stock or other equity
interest or of any option, warrant or other right to acquire any such capital stock or other equity
interest.

“Schedule I Lender” means any Canadian Lender that is a bank referred to in Schedule I
to the Bank Act (Canada), S.C. 1991, c.46, as amended.

“Schedule I Reference Banks” means those Canadian Lenders identified as a Schedule I
Reference Bank on Schedule 2.01.

“SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

“Security Documents” means the Existing Guaranty, the Guaranty Affirmation, the First
Amended and Restated Guaranty, the Pledge Agreement, the Pledge Agreement Affirmation, the First
Amended and Restated Pledge Agreement and all other collateral security documents hereafter
executed in favor of any Administrative Agent for the benefit of the Lenders.

“Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of the Domestic Borrower and its Subsidiaries as of that date determined in
accordance with GAAP.

“Solvent” means, as to any Person at any time, that (i) the fair value of the property
of such Person is greater than the amount of such Person’s liabilities (whether subordinated,
contingent, unmatured, unliquidated or otherwise); (ii) the present fair saleable value of the
property of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured; (iii) such Person is
able to pay its debts and other liabilities as they mature in the normal course of business; (iv)
such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person’s ability to pay as such debts and liabilities mature; and (v) such Person is
not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute unreasonably small capital.

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Domestic
Subsidiary, Canadian Subsidiary or Foreign Subsidiary or Subsidiaries of a Borrower.

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

“Swing Line Borrowing” means a Domestic Swing Line Borrowing or a Canadian Swing Line
Borrowing.

“Swing Line Lenders” means the Domestic Swing Line Lender and the Canadian Swing Line
Lender.

“Swing Line Loan” means a Domestic Swing Line Loan or a Canadian Swing Line Loan.

“Swing Line Loan Notice” means a Domestic Swing Line Loan Notice or Canadian Swing
Line Loan Notice.

“Syndication Agent” means UBOC, in its sole capacity as syndication agent hereunder.

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

“S-X Adjustment” has the meaning set forth in the definition of the term “Consolidated
Adjusted EBITDA”.

“Title IV” means Title IV of the Higher Education Action of 1965, as amended.

“Total Outstandings” means the aggregate Outstanding Amount of all Loans, all L/C
Obligations and Acceptances.

“Type” means with respect to a Committed Loan to a particular Borrower, its character
as a Base Rate Loan or a Eurodollar Rate Loan.

“UBOC” means Union Bank of California, N.A.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year.

“United States” and “U.S.” mean the United States of America.

“Unreimbursed Amount” has the meaning set forth in Section 2.04(c)(i).

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

(a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.

(b) (i) The words “herein,” “hereto,” “hereof” and “hereunder”
and words of similar import when used in any Loan Document shall refer to such Loan Document as a
whole and not to any particular provision thereof.

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in
which such reference appears.

(iii) The term “including” is by way of example and not limitation.

(iv) The term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however
evidenced, whether in physical or electronic form.

(c) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

(d) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

(e) Any limitations herein expressed in terms of Dollars shall, to the extent such limitations
apply to the sums of Canadian Loans, Canadian Letters of Credit or Acceptances available hereunder
(as denominated in Canadian Dollars), be calculated upon the Dollar Equivalents of such sums.

1.03 Accounting Terms. (a) All accounting terms not specifically or completely defined
herein shall be construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements, except
for the application of FAS 13 from and after the fiscal quarter ended on March 31, 2005 (subject to
adjustment as provided in Section 1.03(b)).

(b) If at any time after the date hereof any change in GAAP (or in the Borrower’s application
of GAAP) would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrowers or the Required Lenders shall so request, the Administrative
Agents, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP (or in the
Borrower’s application of GAAP) (subject to the approval of the Required Lenders); provided
that, until so amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrowers shall provide to the
Administrative Agents and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP.

(c) If at any time any regulatory change in the DOE Ratio would affect the computation of the
DOE Ratio or Section 7.11(d), and either the Borrowers or the Required Lenders shall so
request, the Administrative Agents, the Lenders and the Borrowers shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in
the DOE Ratio; provided that, until so amended, such ratio or requirement shall continue to be
computed in accordance with regulations referred to in the definition of the DOE Ratio prior to
such change therein.

1.04 Rounding. Any financial ratios required to be maintained by the Borrowers pursuant to
this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a)
references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any
Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Law.

1.06 Times of Day. Unless otherwise specified, all references to times of day herein shall be
references to Pacific time (daylight or standard, as applicable), except where such references
pertain to Canadian Loans, Canadian Letters of Credit or Acceptances, in which case such references
shall be to Eastern time (daylight or standard, as applicable).

1.07 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at
such time; provided, however, that with respect to any Letter of Credit that, by
its terms or the terms of any document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

2.01 Committed Loans.

(a) Subject to the terms and conditions set forth herein, each Domestic Lender severally
agrees to make loans (each such loan, a “Committed Domestic Loan”) to the Domestic Borrower
from time to time, on any Business Day during the Availability Period, in an aggregate amount not
to exceed at any time outstanding the amount of such Domestic Lender’s Commitment with respect to
Domestic Loans and Domestic Letters of Credit; provided, however, that after giving
effect to any Committed Borrowing, (i) the Total Outstandings with respect to Domestic Loans and
Domestic Letters of Credit shall not exceed the Aggregate Domestic Commitments, and (ii) the
aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus
such Domestic Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations with respect
to Domestic Letters of Credit, plus such Domestic Lender’s Pro Rata Share of the Outstanding Amount
of all Domestic Swing Line Loans shall not exceed such Lender’s Commitment with respect to Domestic
Loans and Domestic Letters of Credit. Within the limits of each Domestic Lender’s Commitment, and
subject to the other terms and conditions hereof, the Domestic Borrower may borrow under this
Section 2.01(a), prepay under Section 2.06, and reborrow under this Section
2.01(a). Committed Domestic Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
provided herein. Committed Domestic Loans shall be funded and repaid in Dollars.

(b) Subject to the terms and conditions set forth herein, each Canadian Lender severally
agrees to make loans in Canadian Dollars (each such loan, a “Committed Canadian Loan”) to
the Canadian Borrower from time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such Canadian Lender’s
Commitment with respect to Canadian Loans and Canadian Letters of Credit; provided,
however, that after giving effect to any Committed Borrowing, (i) the sum of (A) Total
Outstandings with respect to Canadian Loans and Canadian Letters of Credit and (B) the aggregate
Acceptance Usage shall not exceed the Aggregate Canadian Commitments, and (ii) the aggregate
Outstanding Amount of the Committed Canadian Loans of any Canadian Lender, plus such Canadian
Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations with respect to Canadian
Letters of Credit, plus such Canadian Lender’s Pro Rata Share of the Outstanding Amount of
all Canadian Swing Line Loans, plus such Canadian Lender’s Pro Rata Share of the aggregate
Acceptance Usage shall not exceed such Lender’s Commitment with respect to Canadian Loans, Canadian
Letters of Credit and Acceptances. Within the limits of each Canadian Lender’s Commitment, and
subject to the other terms and conditions hereof, the Canadian Borrower may borrow under this
Section 2.01(b), prepay Committed Canadian Loans under Section 2.06, reborrow
Committed Canadian Loans under this Section 2.01(b) and request the Canadian Lenders to
create Acceptances pursuant to Section 2.03. Committed Canadian Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided herein. Committed Canadian Loans shall be
funded and repaid in Canadian Dollars, and the aggregate sum of Committed Canadian Loans available
hereunder shall be determined upon their Dollar Equivalents.

(c) If the Dollar Equivalent of the sum of Outstanding Amounts of Canadian Loans, L/C
Obligations in respect of Canadian Letters of Credit and the aggregate Acceptance Usage for any
reason shall exceed 100% of the Aggregate Canadian Commitments, the Canadian Borrower shall within
10 Business Days after notice from the Canadian Administrative Agent of such excess repay Canadian
Loans by the amount of such excess. Amounts repaid in accordance with this Section 2.01(c) may be
reborrowed in accordance with the terms and conditions of this Agreement.

2.02 Borrowings, Conversions and Continuations of Committed Loans.

(a) The Domestic Borrower may request Committed Domestic Loans by notice to the Domestic
Administrative Agent, and the Canadian Borrower may request Committed Canadian Loans by notice to
the Canadian Administrative Agent, all as provided below. Each Committed Borrowing, each
conversion of Committed Loans from one Type to the other, and each continuation of Committed Loans
as the same Type shall be made upon the applicable Borrower’s irrevocable notice to the applicable
Administrative Agent, which may be given by telephone. Each such notice from the Domestic Borrower
must be received by the Domestic Administrative Agent not later than 10:00 a.m. (i) three Business
Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar
Rate Committed Loans or of any conversion of Eurodollar Rate Committed Loans to Base Rate Committed
Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans. Each such
notice from the Canadian Borrower must be received by the Canadian Administrative Agent not later
than (i) 1:00 p.m. three Business Days prior to the requested date of any Borrowing of, conversion
to or continuation of Eurodollar Rate Committed Loans or of any conversion of Eurodollar Rate
Committed Loans to Base Rate Committed Loans, and (ii) 11:30 a.m. on the requested date of any
Borrowing of Base Rate Committed Loans. Each such telephonic notice must be confirmed promptly by
delivery to the applicable Administrative Agent of a written Committed Loan Notice, appropriately
completed and signed by a Responsible Officer of the applicable Borrower. Each Committed Borrowing
of, conversion to or continuation of Eurodollar Rate Committed Loans shall be in a principal amount
of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Committed Borrowing of or
conversion to Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written)
shall specify (i) whether the applicable Borrower is requesting a Committed Borrowing, a conversion
of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Committed
Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed,
converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period
with respect thereto. If the applicable Borrower fails to specify a Type of Committed Loan in a
Committed Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or
continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate
Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurodollar Rate Committed Loans.
If the applicable Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar
Rate Committed Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month.

(b) Following receipt of a Committed Loan Notice, the applicable Administrative Agent shall
promptly notify each applicable Lender of its Pro Rata Share of the applicable Committed Loans, and
if no timely notice of a conversion or continuation is provided by the applicable Borrower, such
Administrative Agent shall notify each such Lender of the details of any automatic conversion to
Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing, each
applicable Lender shall make the amount of its Committed Loan available to the applicable
Administrative Agent in immediately available funds at the applicable Administrative Agent’s Office
not later than 11:00 a.m. in the case of Domestic Loans and Canadian Eurodollar Rate Committed
Loans and 1:00 p.m. in the case of Canadian Base Rate Committed Loans on the Business Day specified
in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth
in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section
4.01), the applicable Administrative Agent shall make all funds so received available to the
applicable Borrower in like funds as received by such Administrative Agent by crediting the account
of such Borrower on the books of Bank of America or Bank of America Canada (as applicable) with the
amount of such funds or otherwise disbursing such funds in accordance with the applicable
Borrower’s written instructions; provided, however, that if, on the date of a
Committed Borrowing there are L/C Borrowings by such Borrower outstanding, then the proceeds of
such Borrowing shall be applied, first, to the payment in full of any such L/C Borrowings,
and second, to such Borrower as provided above.

(c) Except as otherwise provided herein, a Eurodollar Rate Committed Loan may be continued or
converted only on the last day of an Interest Period for such Eurodollar Rate Committed Loan.
During the existence of a Default, no Loans may be requested as, converted to or continued as
Eurodollar Rate Committed Loans without the consent of the Required Lenders.

(d) The applicable Administrative Agent shall promptly notify the applicable Borrower and the
applicable Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate
Committed Loans upon determination of such interest rate. The determination of the Eurodollar Rate
by such Administrative Agent shall be conclusive in the absence of manifest error. The applicable
Administrative Agent shall notify the applicable Borrower and the applicable Lenders of any change
in the prime rate of Bank of America or Bank of America Canada (as applicable) used in determining
the Base Rate promptly following the public announcement of such change if any Base Rate Loans are
then outstanding.

(e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from
one Type to the other, and all continuations of Committed Loans as the same Type, there shall not
be more than eight (8) Interest Periods in effect with respect to Domestic Loans and not more than
five (5) Interest Periods in effect with respect to Canadian Loans.

2.03 Acceptances.

(a) In addition to requesting Committed Canadian Loans pursuant to Section 2.01(b), the
Canadian Borrower may request pursuant to this Section 2.03(a), from time to time during
the Availability Period, that the Canadian Lenders create bankers’ acceptances (each, an
“Acceptance”) by accepting Drafts from the Canadian Borrower in an aggregate amount not
exceeding each of the Canadian Lender’s Commitments; provided that the Canadian Borrower
shall not request the creation and purchase of any Acceptance if, after giving effect thereto, the
sum of (i) Total Outstandings with respect to Canadian Loans, Letters of Credit and Acceptance
Usage would exceed the Aggregate Canadian Commitments then in effect, and no Canadian Lender shall
have any obligation to create and purchase any Acceptance if, after giving effect thereto, the sum
of (i) Total Outstandings with respect to Canadian Loans and Letters of Credit of such Canadian
Lender plus (ii) such Canadian Lender’s Pro Rata Share of all Canadian Swing Line Loans, plus (iii)
the aggregate Acceptance Usage of such Canadian Lender would exceed its Commitment with respect to
Canadian Loans, Canadian Letters of Credit and Acceptances.

Each Drawing shall be in an aggregate Face Amount of not less than Cdn.$3,000,000 and in
integral multiples of Cdn.$100,000 and shall consist of the creation and purchase of Acceptances by
Canadian Lenders on the same day in accordance with Section 2.03, ratably in accordance
with their respective Pro Rata Shares; provided that if apportionment of Acceptances among
the Canadian Lenders cannot be made on a pro rata basis in even multiples of Cdn.$100,000, the
Canadian Administrative Agent shall round the allocations among Canadian Lenders consistent with
the Canadian Administrative Agent’s money market practices. There shall not be more than eight (8)
Drawings in effect with respect to Acceptances.

Whenever the Canadian Borrower requests the Canadian Lenders to create Acceptances, each
Canadian Lender that is not permitted by applicable law or by customary market practice to accept
an Acceptance (a “Non BA Lender”) shall, in lieu of accepting its pro rata amount of such
Acceptances, make available to the Canadian Borrower on the Drawing Date a loan (a “BA
Equivalent Loan”) in Canadian Dollars and in an amount equal to the Drawing Purchase Price of
the Acceptances that the Non BA Lender would have been required to accept on the Drawing Date if it
were able to accept Acceptances. To the extent not otherwise deducted in the calculation of the
amount of the BA Equivalent Loan, each Non BA Lender shall also be entitled to deduct from the BA
Equivalent Loan an amount equal to the Drawing Fee that would have been applicable had it been able
to accept Acceptances. The BA Equivalent Loan shall have a term equal to the term of the
Acceptances that the Non BA Lender would otherwise have accepted and the Canadian Borrower shall,
at the end of that term, be obligated to pay the Non BA Lender an amount equal to the aggregate
face amount of the Acceptances that it would otherwise have accepted. All provisions of this
Agreement applicable to Acceptances and Canadian Lenders that accept Acceptances shall apply
mutatis mutandis to BA Equivalent Loans and Non BA Lenders.

(b) Each Drawing shall be made on two Business Days prior written notice, given not later than
1:00 p.m. (Toronto time), by the Canadian Borrower to the Canadian Administrative Agent, which
shall give each Canadian Lender prompt notice thereof and of such Canadian Lender’s ratable portion
of aggregate Face Amount of the Drafts to be accepted under the Drawing. Each such notice of a
Drawing (a “Drawing Notice”) shall be given in substantially the form of Exhibit H
hereto or by telephone confirmed promptly in writing in substantially the form of Exhibit
H, and shall specify therein (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to
be accepted; and (iii) the maturity date for such Drafts (it being agreed and understood that the
Canadian Borrower shall not request a maturity date for Drafts that would be subsequent to the
Maturity Date).

Neither the Canadian Administrative Agent nor any Canadian Lender shall incur any liability to
the Canadian Borrower in acting on the telephonic notice referred to above which the Canadian
Administrative Agent or such Canadian Lender believes in good faith to have been given by a duly
authorized officer or other person authorized to borrow on behalf of the Canadian Borrower or for
otherwise acting in good faith under this Section 2.03, and upon the creation and purchase
or delivery of Acceptances pursuant to any such telephonic notice, the Canadian Borrower shall be
liable with respect thereto as provided herein.

Each Drawing Notice shall be irrevocable and binding on the Canadian Borrower. The Canadian
Borrower shall indemnify each Canadian Lender against any loss or expense incurred by such Canadian
Lender as a result of any failure by the Canadian Borrower to fulfill or honor before the date
specified for any Drawing, the applicable conditions set forth in this Section 2.03 if the
Drawing, as a result of such failure, is not made on such date.

(c) Each Draft presented by the Canadian Borrower shall (i) be in an integral multiple of
Cdn.$100,000; (ii) be dated the date of the Drawing; (iii) mature and be payable by the Canadian
Borrower (in common with all other Drafts presented in connection with such Drawing) on a Business
Day which occurs approximately 30, 60, 90 or 180 days after the date thereof or such shorter period
than 180 days as agreed by the Canadian Borrower and the Canadian Administrative Agent; and (iv) be
otherwise consistent with the provisions of this Agreement relating to the amounts and maturity
dates thereof.

The Canadian Borrower hereby renounces, and shall not claim, any days of grace for the payment
of any Acceptances.

(d) Not later than 11:00 a.m. (Toronto time) on an applicable Drawing Date, each Canadian
Lender shall complete one or more Drafts dated the date of such Drawing, with the maturity date
specified in the applicable Drawing Notice, accept such Drafts, and following fulfillment of any
applicable conditions and as specified in the applicable Drawing Notice, purchase the Acceptances
thereby created for the Drawing Purchase Price.

The failure of any Canadian Lender to create and purchase or deliver Acceptances as part of
any Drawing shall not relieve any other Canadian Lender of its obligation, if any, to create and
purchase or deliver Acceptances hereunder, but a Canadian Lender shall not be responsible for the
failure of any other Canadian Lender to create and purchase or deliver Acceptances on the Drawing
Date for any Drawing.

(e) Subject to Section 2.03(b) and satisfaction of the conditions set forth in
Section 4.03, each Canadian Lender shall, before 12:00 noon (Toronto time) on the
applicable Drawing Date, pay or cause to be paid the Drawing Purchase Price in respect of any
Acceptances to be purchased by such Canadian Lender by depositing or causing to be deposited such
amount to such account maintained by the Canadian Administrative Agent at its Administrative
Agent’s Office as shall have been notified to such Canadian Lender by the Canadian Administrative
Agent, in Canadian Dollars in same day funds. Promptly upon receipt of such funds, the Canadian
Administrative Agent shall make such funds available to the Canadian Borrower by debiting such
account (or causing such account to be debited), and (a) by crediting the Canadian Borrower’s
account, as specified by the Canadian Borrower in writing to the Canadian Administrative Agent
prior thereto, maintained by the Canadian Administrative Agent at its Administrative Agent’s Office
(or causing such account to be credited) with like funds in the aggregate amount of such funds or
(b) by wiring such funds in such amount to the account of the Canadian Borrower with another
financial institution specified prior thereto by the Canadian Borrower in writing to the Canadian
Administrative Agent.

Acceptances purchased by a Canadian Lender hereunder may be held by it for its own account
until maturity or sold by it at any time prior thereto in any relevant market therefor in Canada,
in such Canadian Lender’s sole discretion.

(f) Each Schedule I Reference Bank or Other Reference Lender, as the case may be, agrees to
furnish to the Canadian Administrative Agent timely information for the purpose of determining each
Average Effective Discount Rate. If any one or more of the Schedule I Reference Banks or Other
Reference Lenders shall not furnish such information to the Canadian Administrative Agent, the
Canadian Administrative Agent shall determine such Average Effective Discount Rate on the basis of
timely information furnished by the remaining Schedule I Reference Bank or Other Reference Lender,
as applicable.

The Canadian Administrative Agent shall give prompt notice to the Canadian Borrower and the
Canadian Lenders of each Average Effective Discount Rate determined by the Canadian Administrative
Agent for an applicable Drawing Date and the applicable discount rates, if any, furnished by each
Schedule I Reference Bank and Other Reference Lender for determining any applicable Average
Effective Discount Rate.

(g) The Canadian Borrower unconditionally hereby agrees to pay to the Canadian Administrative
Agent for the account of each Canadian Lender, on the maturity date for each Acceptance an amount
in Canadian Dollars in same day funds equal to the Face Amount of such then-maturing Acceptance.

The obligation of the Canadian Borrower set forth above to pay to the Canadian Administrative
Agent the Face Amount of any then-maturing Acceptance may be satisfied by paying to the Canadian
Administrative Agent at or before 12:00 noon (Toronto time) on the maturity date for such
Acceptance an amount in Canadian Dollars in same day funds equal to the Face Amount of such
Acceptance; provided that the Canadian Borrower shall have given not less than one Business
Day’s prior notice to the Canadian Administrative Agent (which shall promptly notify each Canadian
Lender thereof) of its intent to pay the Canadian Administrative Agent in the manner contemplated
by this sentence. The Canadian Borrower shall make each payment hereunder in respect of
Acceptances by deposit of the required funds to the Canadian Administrative Agent at its
Administrative Agent’s Office. Upon receipt of such payment, the Canadian Administrative Agent
will promptly thereafter cause such payment to be distributed in like funds in payment of
Acceptances ratably (based on the proportion that the aggregate Face Amount of Acceptances accepted
by any Canadian Lender maturing on the relevant date bears to the aggregate Face Amount of
Acceptances accepted by all Canadian Lenders maturing on such date) to Canadian Lenders for their
account. Such payment to the Canadian Administrative Agent shall satisfy the Canadian Borrower’s
obligations under any Acceptances to which it relates and each Canadian Lender that has accepted
such Acceptances shall thereafter be solely responsible for the payment of such Acceptances.

The obligation of the Canadian Borrower set forth in the first paragraph of this Section
2.03(g) to pay to the Canadian Administrative Agent the Face Amount of any then-maturing
Acceptance may be satisfied by the Canadian Borrower requesting that new Drafts in an amount
sufficient to repay any then-maturing Acceptances be accepted and discounted by the Canadian
Lenders in the manner contemplated by Section 2.03 in substitution for any then-maturing
Acceptance (to the extent that such amount is otherwise available hereunder); provided that no
Default or Event of Default shall have occurred and be continuing and the Canadian Borrower shall
have delivered to the Canadian Administrative Agent (which shall promptly provide a copy thereof to
each Canadian Lender) a duly completed Drawing Notice not later than 12:00 noon (Toronto time) one
Business Day prior to such maturity date, together with any other documents, instruments,
certificates and other information contemplated by Section 2.03.

In the event the Canadian Borrower does not or cannot for any reason comply with the
provisions of the two previous paragraphs with respect to the obligation of the Canadian Borrower
to pay to the Canadian Administrative Agent the Face Amount of any then-maturing Acceptance, the
unpaid amount due and payable in respect thereof shall be converted as of such date, and without
any necessity for the Canadian Borrower to request a Committed Borrowing in accordance with
Section 2.02, to, and thereafter be outstanding as, a Base Rate Committed Loan made by
Canadian Lenders in accordance with their Pro Rata Shares, and shall bear interest calculated and
payable as provided in Section 2.09.

(h) The Canadian Borrower hereby appoints each Canadian Lender, acting by any authorized
signatory of such Canadian Lender, the attorney of the Canadian Borrower:

(i) to execute, for and on behalf and in the same name of the Canadian Borrower as
drawer, and to endorse on its behalf, drafts in a form in accordance with Section
2.03(c) and which constitute depository bills for the purpose of the DBNA;

(ii) to complete the amount, date and maturity of such Acceptances; and

(iii) to deposit such Acceptances that have been accepted by such Canadian Lender with
a clearing house (as defined in the DBNA);

provided that such acts in each case are to undertaken by such Canadian Lender in
accordance with instructions given to such Canadian Lender by the Canadian Borrower as provided in
this Section 2.03(h). For certainty, signatures of any authorized signatory of such
Canadian Lender may be mechanically reproduced in facsimile on Acceptances issued in accordance
with this Section 2.03(h) and such facsimile signatures will be binding and effective as if
they had been manually executed by such authorized signatory of such Canadian Lender. Instructions
from the Canadian Borrower to such Canadian Lender relating to the execution, completion,
endorsement and/or discount by such Canadian Lender on behalf of the Canadian Borrower of
Acceptances will be communicated by delivery of a Drawing Notice to the Canadian Administrative
Agent.

(i) If the Canadian Administrative Agent determines in good faith, which determination shall
be final, conclusive and binding upon the Canadian Borrower, and notifies the Canadian Borrower and
each Canadian Lender that, by reason of circumstances affecting the money market (i) there is no
market for Acceptances; or (ii) the demand for Acceptances is insufficient to allow the sale or
trading of the Acceptances created and purchased hereunder; then:

(i) the right of the Canadian Borrower to request a Drawing shall be suspended until
the Canadian Administrative Agent determines that the circumstances causing such suspension
no longer exist and the Canadian Administrative Agent so notifies the Canadian Borrower and
each Canadian Lender; and

(ii) any Drawing Notice which is outstanding shall be cancelled and the Drawing
requested therein shall not be made.

The Canadian Administrative Agent shall promptly notify the Canadian Borrower and each Canadian
Lender of the suspension of its right to request a Drawing and of the termination of any such
suspension.

(j) No repayment of an Acceptance shall be made by the Canadian Borrower to a Canadian Lender
prior to the maturity date thereof except that the Canadian Borrower may prepay the Canadian
Administrative Agent an amount in Canadian Dollars in same day funds equal to the aggregate Face
Amount of all outstanding Acceptances. The Canadian Administrative Agent shall pay each Canadian
Lender its Pro Rata Share of the amount received. Any scheduled repayment shall be made (unless
such repayment has been rescinded or otherwise is required to be returned by such Canadian Lender
to the Canadian Borrower for any reason) in accordance with the provisions of the second paragraph
of Section 2.03(g). Any such payment or prepayment by the Canadian Borrower to the
Canadian Administrative Agent shall satisfy the Canadian Borrower’s obligations under the
Acceptance to which it relates and any such Canadian Lender which has accepted such Acceptance
shall thereafter be solely responsible for the payment of such Acceptance and shall indemnify and
hold the Canadian Borrower harmless against any liabilities, costs or expenses incurred by the
Canadian Borrower as a result of any failure by such Canadian Lender to pay such Acceptance in
accordance with its terms. Following the maturity and indefeasible payment of all Acceptances,
each Canadian Lender shall pay to the Canadian Borrower an amount equal to the interest that would
have accrued had the amount paid to that Canadian Lender been held in an account bearing interest
at the rate customarily paid by that Canadian Lender on deposits of similar size and term pending
payment of the Acceptances as they matured.

(k) The proceeds of any Acceptance created under this Section 2.03 shall be used in
the manner and for the purposes set forth in Section 6.11 with respect to the use of
proceeds of Loans.

2.04 Letters of Credit.

(a) The Letter of Credit Commitment.

(i) The Domestic Borrower may request Domestic Letters of Credit by notice to the
Domestic L/C Issuer and the Domestic Administrative Agent, and the Canadian Borrower may
request Canadian Letters of Credit upon notice to the Canadian L/C Issuer and the Canadian
Administrative Agent, all as provided below. Subject to the terms and conditions set forth
herein, (A) the applicable L/C Issuer agrees, in reliance upon the agreements of the other
applicable Lenders set forth in this Section 2.04, (1) from time to time on any
Business Day during the period from the Closing Date until the Maturity Date, to issue
Letters of Credit for the account of the applicable Borrower, and to amend Letters of Credit
previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts
under the Letters of Credit as required under applicable law; and (B) such Lenders severally
agree to participate in Letters of Credit issued for the account of such Borrower;
provided that the Domestic L/C Issuer shall not be obligated to make any L/C Credit
Extension with respect to any Domestic Letter of Credit, and no Domestic Lender shall be
obligated to participate in, any Domestic Letter of Credit if as of the date of such L/C
Credit Extension, (x) the Total Outstandings with respect to Domestic Loans and Domestic
Letters of Credit would exceed the Aggregate Domestic Commitments, (y) the aggregate
Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus such
Lender’s Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations,
plus such Domestic Lender’s Pro Rata Share of the Outstanding Amount of all Domestic
Swing Line Loans would exceed such Lender’s Commitment with respect to Domestic Loans and
Domestic Letters of Credit, or (z) the Outstanding Amount of the Domestic L/C Obligations
would exceed the Letter of Credit Sublimit; provided, further, the Canadian L/C
Issuer shall not be obligated to make any L/C Credit Extension with respect to any Canadian
Letter of Credit, and no Canadian Lender shall be obligated to participate in any Canadian
Letter of Credit if as of the date of such L/C Credit Extension (x) the Total Outstandings
with respect to Canadian Loans, Canadian Letters of Credit and Acceptances would exceed the
Aggregate Canadian Commitments, (y) the aggregate Outstanding Amount of the Committed
Canadian Loans of any Canadian Lender, plus such Canadian Lender’s Pro Rata Share of the
Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Pro Rata
Share of all Acceptance Usage plus such Canadian Lender’s Pro Rata Share of the Outstanding
Amount of all Canadian Swing Line Loans would exceed such Lender’s Commitment with respect
to Canadian Loans, Canadian Letters of Credit and Acceptances or (z) the Outstanding Amount
of Canadian L/C Obligations would exceed the Letter of Credit Sublimit. Within the
foregoing limits, and subject to the terms and conditions hereof, the Borrowers’ ability to
obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during
the foregoing period, obtain Letters of Credit to replace Letters of Credit that have
expired or that have been drawn upon and reimbursed.

(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

(A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such
Letter of Credit, or any Law applicable to such L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C
Issuer refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon such L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which such L/C
Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or
shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which such L/C Issuer in good faith deems
material to it;

(B) the expiry date of such requested Letter of Credit would occur more than
twelve months after the date of issuance, unless the Required Lenders have approved
such expiry date;

(C) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date;

(D) the issuance of such Letter of Credit would violate one or more policies of
such L/C Issuer; or

(E) such Letter of Credit is in a face amount less than $50,000, in the case of
a commercial Letter of Credit, or $25,000, in the case of a standby Letter of
Credit, or is to be denominated in a currency other than Dollars in the case of
Domestic Letters of Credit and Canadian Dollars in the case of Canadian Letters of
Credit.

(iii) An L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

(b) Procedures for Issuance and Amendment of Letters of Credit.

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the applicable Borrower delivered to the applicable L/C Issuer (with a copy to
the applicable Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of such Borrower. Such L/C
Application must be received by the applicable L/C Issuer and the applicable Administrative
Agent not later than 8:00 a.m. in the case of Domestic Letters of Credit and 12:00 noon in
the case of Canadian Letters of Credit at least two Business Days (or such later date and
time as such L/C Issuer may agree in a particular instance in its sole discretion) prior to
the proposed issuance date or date of amendment, as the case may be. In the case of a
request for an initial issuance of a Letter of Credit, such Letter of Credit Application
shall specify in form and detail satisfactory to the applicable L/C Issuer: (A) the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the
beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any
drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary
in case of any drawing thereunder; and (G) such other matters as such L/C Issuer may
require. In the case of a request for an amendment of any outstanding Letter of Credit,
such Letter of Credit Application shall specify in form and detail satisfactory to the
applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment;
and (D) such other matters as such L/C Issuer may require.

(ii) Promptly after receipt of any Letter of Credit Application, the applicable L/C
Issuer will confirm with the applicable Administrative Agent (by telephone or in writing)
that such Administrative Agent has received a copy of such Letter of Credit Application from
the applicable Borrower and, if not, such L/C Issuer will provide such Administrative Agent
with a copy thereof. Upon receipt by such L/C Issuer of confirmation from such
Administrative Agent that the requested issuance or amendment is permitted in accordance
with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer
shall, on the requested date, issue a Letter of Credit for the account of the applicable
Borrower or enter into the applicable amendment, as the case may be, in each case in
accordance with such L/C Issuer’s usual and customary business practices. Immediately upon
the issuance of each Domestic Letter of Credit, each Domestic Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the Domestic L/C Issuer a
risk participation in such Domestic Letter of Credit in an amount equal to the product of
such Domestic Lender’s Pro Rata Share times the amount of such Domestic Letter of Credit.
Immediately upon the issuance of each Canadian Letter of Credit, each Canadian Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
Canadian L/C Issuer a risk participation in such Canadian Letter of Credit in an amount
equal to the product of such Canadian Lender’s Pro Rata Share times the amount of such
Canadian Letter of Credit.

(iii) If the applicable Borrower so requests in any Letter of Credit Application, the
applicable L/C Issuer may, in it sole and absolute discretion, agree to issue a Letter of
Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of
Credit”); provided that any such Auto-Renewal Letter of Credit must permit such L/C
Issuer to prevent any such renewal at least once in each twelve-month period (commencing
with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless
otherwise directed by the applicable L/C Issuer, the applicable Borrower shall not be
required to make a specific request to such L/C Issuer for any such renewal. Once an
Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) the applicable L/C Issuer to permit the renewal of such
Letter of Credit at any time to a date not later than the Letter of Credit Expiration Date;
provided, however, that such L/C Issuer shall not permit any such renewal if
(A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in
its renewed form under the terms hereof, or (B) it has received notice (which may be by
telephone or in writing) on or before the day that is five Business Days before the
Nonrenewal Notice Date from the applicable Administrative Agent, any applicable Lender or
the applicable Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied.

(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the
applicable L/C Issuer will also deliver to the applicable Borrower and the applicable
Administrative Agent a true and complete copy of such Letter of Credit or amendment.

(c) Drawings and Reimbursements; Funding of Participations.

(i) Upon any drawing under any Letter of Credit, the applicable L/C Issuer shall notify
the applicable Borrower and the applicable Administrative Agent thereof. Not later than
11:00 a.m. on the date of any payment by the applicable L/C Issuer under a Letter of Credit
(each such date, an “Honor Date”), the applicable Borrower shall reimburse the
applicable L/C Issuer through the applicable Administrative Agent in an amount equal to the
amount of such drawing. If such Borrower fails to so reimburse such L/C Issuer by such
time, such Administrative Agent shall promptly notify each applicable Lender of the Honor
Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and such
Lender’s Pro Rata Share thereof. In such event, such Borrower shall be deemed to have
requested a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans, but subject
to the amount of the unutilized portion of the Aggregate Domestic Commitments or Aggregate
Canadian Commitments as applicable and the conditions set forth in Section 4.02
(other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or
Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone
if immediately confirmed in writing; provided that the lack of such an immediate
confirmation shall not affect the conclusiveness or binding effect of such notice.

(ii) Each Lender (including any Lender acting as an L/C Issuer) shall upon any notice
pursuant to Section 2.04(c)(i) make funds available to the applicable Administrative
Agent for the account of the applicable L/C Issuer at the applicable Administrative Agent’s
Office in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than
1:00 p.m. on the Business Day specified in such notice by such Administrative Agent,
whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so
makes funds available shall be deemed to have made a Committed Base Rate Loan to the
applicable Borrower in such amount. The applicable Administrative Agent shall remit the
funds so received to the applicable L/C Issuer.

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Committed Borrowing of Base Rate Loans because the conditions set forth in Section
4.02 cannot be satisfied or for any other reason, the applicable Borrower shall be
deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Lender’s payment to the applicable Administrative Agent for the account of such
L/C Issuer pursuant to Section 2.04(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.04.

(iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this
Section 2.04(c) to reimburse the applicable L/C Issuer for any amount drawn under
any Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount
shall be solely for the account of such L/C Issuer.

(v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the
applicable L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section 2.04(c), shall be absolute and unconditional and shall not be affected by
any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other
right which such Lender may have against such L/C Issuer, the Borrowers or any other Person
for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make Committed Loans
pursuant to this Section 2.04(c) is subject to the conditions set forth in
Section 4.02. Any such reimbursement shall not relieve or otherwise impair the
obligation of the applicable Borrower to reimburse the applicable L/C Issuer for the amount
of any payment made by such L/C Issuer under any Letter of Credit, together with interest as
provided herein.

(vi) If any Lender fails to make available to the applicable Administrative Agent for
the account of the applicable L/C Issuer any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(ii), such L/C Issuer shall be entitled to recover from such
Lender (acting through such 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 such L/C Issuer at a rate per annum equal to the Federal
Funds Rate (in the case of the Domestic L/C Issuer) or the Interbank Reference Rate (in the
case of the Canadian L/C Issuer) from time to time in effect. A certificate of an L/C
Issuer submitted to any Lender (through the applicable Administrative Agent) with respect to
any amounts owing under this clause (vi) shall be conclusive absent manifest error.

(d) Repayment of Participations.

(i) At any time after an L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.04(c), if the applicable Administrative Agent receives for
the account of such L/C Issuer any payment related to such Letter of Credit (whether
directly from the applicable Borrower or otherwise, including proceeds of Cash Collateral
applied thereto by such Administrative Agent), or any payment of interest thereon, such
Administrative Agent will distribute to such Lender its Pro Rata Share thereof in the same
funds as those received by such Administrative Agent.

(ii) If any payment received by an Administrative Agent for the account of an L/C
Issuer pursuant to Section 2.04(c)(i) is required to be returned, each applicable
Lender shall pay to such Administrative Agent for the account of such L/C Issuer its Pro
Rata Share thereof on demand of such Administrative Agent, plus interest thereon from the
date of such demand to the date such amount is returned by such Lender, at a rate per annum
equal to the Federal Funds Rate (in the case of the Domestic L/C Issuer) or the Interbank
Reference Rate (in the case of the Canadian L/C Issuer) from time to time in effect.

(e) Obligations Absolute. The obligation of each Borrower to reimburse the applicable
L/C Issuer for each drawing under a Letter of Credit, and to repay each L/C Borrowing and each
drawing under a Letter of Credit that is refinanced by a Borrowing of Committed Loans, shall be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other agreement or instrument relating thereto;

(ii) the existence of any claim, counterclaim, set-off, defense or other right that
such Borrower may have at any time against any beneficiary or any transferee of such Letter
of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), such L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

(iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

(iv) any payment by such L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

(v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, such Borrower;

provided, that if the payment by such L/C Issuer under the applicable Letter of Credit
shall have constituted gross negligence or willful misconduct of such L/C Issuer under the
circumstances in question, such Borrower shall retain its right to bring a separate action against
such L/C Issuer after such Borrower has made such reimbursement.

The applicable Borrower shall promptly examine a copy of each Letter of Credit and each
amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such
Borrower’s instructions or other irregularity, such Borrower will immediately notify the applicable
L/C Issuer. Such Borrower shall be conclusively deemed to have waived any such claim against such
L/C Issuer and its correspondents unless such notice is given as aforesaid.

(f) Role of L/C Issuers. Each Lender and the Borrowers agree that, in paying any
drawing under a Letter of Credit, the L/C Issuers shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuers, the
Administrative Agents, any of their respective Related Parties, nor any of the respective
correspondents, participants or assignees of the L/C Issuers shall be liable to any Lender for (i)
any action taken or omitted in connection herewith at the request or with the approval of the
Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of
gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Letter of Credit
Application. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or
transferee with respect to its use of any Letter of Credit; provided, however, that
this assumption is not intended to, and shall not, preclude such Borrower’s pursuing such rights
and remedies as it may have against the beneficiary or transferee at law or under any other
agreement. None of the L/C Issuers, the Administrative Agents, any of their respective Related
Parties, nor any of the respective correspondents, participants or assignees of the L/C Issuers,
shall be liable or responsible for any of the matters described in clauses (i) through (v) of
Section 2.04(e); provided, however, that anything in such clauses to the
contrary notwithstanding, a Borrower may have a claim against an L/C Issuer, and an L/C Issuer may
be liable to a Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by such Borrower which such Borrower proves were
caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a
sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of
Credit. In furtherance and not in limitation of the foregoing, the L/C Issuers may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuers shall
not be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

(g) Cash Collateral. Upon the request of the applicable Administrative Agent, (i) if
an L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such
drawing has resulted in an L/C Borrowing, or (ii) if, as of the Maturity Date, (A) any Letter of
Credit issued by such L/C Issuer may for any reason remain outstanding and partially or wholly
undrawn, or (B) any amount remains available to be drawn under any Letter of Credit by reason of
the operation of Section 3.14 of the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in
effect at the time of issuance), the applicable Borrower shall immediately Cash Collateralize the
then Outstanding Amount of all such L/C Borrowings or Letters of Credit, as the case may be (in an
amount equal to such Outstanding Amount of such Letter of Credit Borrowings or Letters of Credit,
as applicable, determined as of the date of such L/C Borrowing or the Maturity Date, as the case
may be).

(h) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the
applicable L/C Issuer and Borrower when a Letter of Credit is issued, (i) the rules of the
“International Standby Practices 1998” published by the Institute of International Banking Law &
Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to
each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for
Documentary Credits, as most recently published by the International Chamber of Commerce (the
“ICC”) at the time of issuance shall apply to each commercial Letter of Credit.

(i) Letter of Credit Fees. Each Borrower shall pay to the applicable Administrative
Agent for the account of each applicable Lender in accordance with its Pro Rata Share a Letter of
Credit fee for each Letter of Credit issued for such Borrower’s account equal to the Applicable
Rate times the average daily maximum amount available to be drawn under each such Letter of Credit
(whether or not such maximum amount is then in effect under such Letter of Credit). Such letter of
credit fees shall be computed on a quarterly basis in arrears. Such letter of credit fees shall be
due and payable on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such Letter of Credit,
and on the Letter of Credit Expiration Date. If there is any change in the Applicable Rate during
any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by
the Applicable Rate separately for each period during such quarter that such Applicable Rate was in
effect.

(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers. Each
Borrower shall pay directly to the applicable L/C Issuer for its own account a fronting fee with
respect to each Letter of Credit issued for such Borrower’s account in the amounts and at the times
specified in the Fee Letter. In addition, each Borrower shall pay directly to the applicable L/C
Issuer for its own account the customary issuance, presentation, amendment and other processing
fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as
from time to time in effect. Such fees and charges are due and payable on demand and are
nonrefundable.

(k) Conflict with Letter of Credit Application. In the event of any conflict between
the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

(l) Existing Letters of Credit. Notwithstanding anything to the contrary herein, as
of the Closing Date, all of the Existing Letters of Credit shall be deemed to be Letters of Credit
issued hereunder and shall be subject to all of the terms and provisions of this Agreement,
including all terms and provisions applicable to Letters of Credit under this Agreement. Each
Lender agrees that its obligations with respect to Letters of Credit pursuant to this Section
2.04 shall include the Existing Letters of Credit as of the Closing Date. With respect to each
Existing Letter of Credit, for the period commencing on the Closing Date to and including the
expiration date of any such Existing Letter of Credit, the applicable Borrower shall pay all fees
and commissions set forth in Section 2.04(i) at the times and in the manner set forth therein.

2.05 Swing Line Loans.

(a) (i) The Domestic Swing Line. Subject to the terms and conditions set forth
herein, the Domestic Swing Line Lender agrees to make loans (each such loan, a “Domestic
Swing Line Loan”) to the Domestic Borrower from time to time on any Business Day during
the Availability Period in an aggregate amount not to exceed at any time outstanding the
amount of the Domestic Swing Line Sublimit, notwithstanding the fact that such Domestic
Swing Line Loans, when aggregated with the Outstanding Amount of Committed Loans of the
Domestic Swing Line Lender in its capacity as a Domestic Lender of Committed Domestic Loans,
may exceed the amount of such Lender’s Commitment regarding Committed Domestic Loans;
provided, however, that after giving effect to any Domestic Swing Line Loan,
(i) the aggregate Outstanding Amount of all Domestic Loans and L/C Obligations regarding
Domestic Letters of Credit shall not exceed the Aggregate Domestic Commitments, and (ii) the
aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender,
plus such Domestic Lender’s Pro Rata Share of the Outstanding Amount of all L/C
Obligations regarding Domestic Letters of Credit, plus such Lender’s Pro Rata Share
of the Outstanding Amount of all Domestic Swing Line Loans shall not exceed such Domestic
Lender’s Commitment regarding Domestic Loans and Domestic Letters of Credit. Within the
foregoing limits, and subject to the other terms and conditions hereof, the Domestic
Borrower may borrow under this Section 2.05, prepay under Section 2.06, and
reborrow under this Section 2.05. Each Domestic Swing Line Loan shall be a Base
Rate Loan. Immediately upon the making of a Domestic Swing Line Loan, each Domestic Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
Domestic Swing Line Lender a risk participation in such Domestic Swing Line Loan in an
amount equal to the product of such Lender’s Pro Rata Share times the amount of such
Domestic Swing Line Loan.

(ii) The Canadian Swing Line. Subject to the terms and conditions set forth
herein, the Canadian Swing Line Lender agrees to make loans (each such loan, a “Canadian
Swing Line Loan”) to the Canadian Borrower from time to time on any Business Day during
the Availability Period in an aggregate amount not to exceed at any time outstanding the
amount of the Canadian Swing Line Sublimit, notwithstanding the fact that such Canadian
Swing Line Loans, when aggregated with the Outstanding Amount of Committed Loans of the
Canadian Swing Line Lender in its capacity as a Canadian Lender of Committed Canadian Loans,
may exceed the amount of such Lender’s Commitment regarding Committed Canadian Loans;
provided, however, that after giving effect to any Canadian Swing Line Loan,
(i) the aggregate Outstanding Amount of all Canadian Loans, L/C Obligations regarding
Canadian Letters of Credit and aggregate Acceptance Usage shall not exceed the Aggregate
Canadian Commitments, and (ii) the aggregate Outstanding Amount of the Committed Canadian
Loans of any Canadian Lender, plus such Canadian Lender’s Pro Rata Share of the
Outstanding Amount of all L/C Obligations regarding Canadian Letters of Credit, plus
such Lender’s Pro Rata Share of the Outstanding Amount of all Canadian Swing Line Loans
plus such Lender’s Pro Rata Share of aggregate Acceptance Usage shall not exceed
such Canadian Lender’s Commitment regarding Canadian Loans, Acceptances and Canadian Letters
of Credit. Within the foregoing limits, and subject to the other terms and conditions
hereof, the Canadian Borrower may borrow under this Section 2.05, prepay under
Section 2.06, and reborrow under this Section 2.05. Each Canadian Swing
Line Loan shall be a Base Rate Loan. Immediately upon the making of a Canadian Swing Line
Loan, each Canadian Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Canadian Swing Line Lender a risk participation in such
Canadian Swing Line Loan in an amount equal to the product of such Lender’s Pro Rata Share
times the amount of such Canadian Swing Line Loan.

(b) (i) Domestic Borrowing Procedures. Each Domestic Swing Line Borrowing
shall be made upon the Domestic Borrower’s irrevocable notice to the Domestic Swing Line
Lender and the Domestic Administrative Agent, which may be given by telephone. Each such
notice must be received by the Domestic Swing Line Lender and the Domestic Administrative
Agent not later than 11:00 a.m. on the requested borrowing date, and shall specify (i) the
amount to be borrowed, which shall be a minimum of $500,000 and (ii) the requested borrowing
date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly
by delivery to the Domestic Swing Line Lender and the Domestic Administrative Agent of a
written Domestic Swing Line Loan Notice, appropriately completed and signed by a Responsible
Officer of the Domestic Borrower. Promptly after receipt by the Domestic Swing Line Lender
of any telephonic Domestic Swing Line Loan Notice, the Domestic Swing Line Lender will
confirm with the Domestic Administrative Agent (by telephone or in writing) that the
Domestic Administrative Agent has also received such Domestic Swing Line Loan Notice and, if
not, the Domestic Swing Line Lender will notify the Domestic Administrative Agent (by
telephone or in writing) of the contents thereof. Unless the Domestic Swing Line Lender has
received notice (by telephone or in writing) from the Domestic Administrative Agent
(including at the request of any Domestic Lender) prior to 11:00 a.m. on the date of the
proposed Domestic Swing Line Borrowing (A) directing the Domestic Swing Line Lender not to
make such Domestic Swing Line Loan as a result of the limitations set forth in the proviso
to the first sentence of Section 2.05(a)(i), or (B) that one or more of the
applicable conditions specified in Section 4.02 is not then satisfied, then, subject
to the terms and conditions hereof, the Domestic Swing Line Lender will, not later than
12:00 noon on the borrowing date specified in such Domestic Swing Line Loan Notice, make the
amount of its Domestic Swing Line Loan available to the Domestic Borrower at its office by
crediting the account of the Domestic Borrower on the books of the Domestic Swing Line
Lender in immediately available funds.

(ii) Canadian Borrowing Procedures. Each Canadian Swing Line Borrowing shall
be made upon the Canadian Borrower’s irrevocable notice to the Canadian Swing Line Lender
and the Canadian Administrative Agent, which may be given by telephone. Each such notice
must be received by the Canadian Swing Line Lender and the Canadian Administrative Agent not
later than 2:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $500,000 and (ii) the requested borrowing date, which
shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery
to the Canadian Swing Line Lender and the Canadian Administrative Agent of a written
Canadian Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer
of the Canadian Borrower. Promptly after receipt by the Canadian Swing Line Lender of any
telephonic Canadian Swing Line Loan Notice, the Canadian Swing Line Lender will confirm with
the Canadian Administrative Agent (by telephone or in writing) that the Canadian
Administrative Agent has also received such Canadian Swing Line Loan Notice and, if not, the
Canadian Swing Line Lender will notify the Canadian Administrative Agent (by telephone or in
writing) of the contents thereof. Unless the Canadian Swing Line Lender has received notice
(by telephone or in writing) from the Canadian Administrative Agent (including at the
request of any Canadian Lender) prior to 2:00 p.m. on the date of the proposed Canadian
Swing Line Borrowing (A) directing the Canadian Swing Line Lender not to make such Canadian
Swing Line Loan as a result of the limitations set forth in the proviso to the first
sentence of Section 2.05(a)(ii), or (B) that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied, then, subject to the
terms and conditions hereof, the Canadian Swing Line Lender will, not later than 3:00 p.m.
on the borrowing date specified in such Canadian Swing Line Loan Notice, make the amount of
its Canadian Swing Line Loan available to the Canadian Borrower at its office by crediting
the account of the Canadian Borrower on the books of the Canadian Swing Line Lender in
immediately available funds.

(c) (i) Refinancing of Domestic Swing Line Loans.

(A) The Domestic Swing Line Lender at any time in its sole and absolute
discretion may request, on behalf of the Domestic Borrower (which hereby irrevocably
requests the Domestic Swing Line Lender to so request on its behalf), that each
Domestic Lender make a Committed Base Rate Loan in an amount equal to such Lender’s
Pro Rata Share of the amount of Domestic Swing Line Loans then outstanding. Such
request shall be made in accordance with the requirements of Section 2.02,
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 Aggregate
Domestic Commitments and the conditions set forth in Section 4.02. The
Domestic Swing Line Lender shall furnish the Domestic Borrower with a copy of the
applicable Committed Loan Notice promptly after delivering such notice to the
Domestic Administrative Agent. Each Domestic Lender shall make an amount equal to
its Pro Rata Share of the amount specified in such Committed Loan Notice available
to the Domestic Administrative Agent in immediately available funds for the account
of the Domestic Swing Line Lender at the Administrative Agent’s Office of the
Domestic Administrative Agent not later than 11:00 a.m. on the day specified in such
Committed Loan Notice, whereupon, subject to Section 2.05(c)(i)(B), each
Domestic Lender that so makes funds available shall be deemed to have made a Base
Rate Committed Loan to the Domestic Borrower in such amount. The Domestic
Administrative Agent shall remit the funds so received to the Domestic Swing Line
Lender.

(B) If for any reason any Committed Borrowing cannot be requested in accordance
with Section 2.05(c)(i)(A) or any Domestic Swing Line Loan cannot be
refinanced by such a Committed Borrowing, the Committed Loan Notice submitted by the
Domestic Swing Line Lender shall be deemed to be a request by the Domestic Swing
Line Lender that each of the Domestic Lenders fund its risk participation in the
relevant Domestic Swing Line Loan and each Domestic Lender’s payment to the Domestic
Administrative Agent for the account of the Domestic Swing Line Lender pursuant to
Section 2.05(c)(i)(A) shall be deemed payment in respect of such
participation.

(C) If any Domestic Lender fails to make available to the Domestic
Administrative Agent for the account of the Domestic Swing Line Lender any amount
required to be paid by such Domestic Lender pursuant to the foregoing provisions of
this Section 2.05(c)(i) by the time specified in Section
2.05(c)(i)(A), the Domestic Swing Line Lender shall be entitled to recover from
such Domestic Lender (acting through the Domestic 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 Domestic
Swing Line Lender at a rate per annum equal to the Federal Funds Rate from time to
time in effect. A certificate of the Domestic Swing Line Lender submitted to any
Domestic Lender (through the Domestic Administrative Agent) with respect to any
amounts owing under this clause (iii) shall be conclusive absent manifest error.

(D) Each Domestic Lender’s obligation to make Committed Loans or to purchase
and fund risk participations in Domestic Swing Line Loans pursuant to this
Section 2.05(c)(i) shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any set-off, counterclaim, recoupment,
defense or other right which such Domestic Lender may have against the Domestic
Swing Line Lender, the Domestic Borrower or any other Person for any reason
whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Domestic Lender’s obligation to make
Committed Domestic Loans pursuant to this Section 2.05(c)(i) is subject to
the conditions set forth in Section 4.02. Any such purchase of
participations shall not relieve or otherwise impair the obligation of the Domestic
Borrower to repay Domestic Swing Line Loans, together with interest as provided
herein.

(ii) Refinancing of Canadian Swing Line Loans.

(A) The Canadian Swing Line Lender at any time in its sole and absolute
discretion may request, on behalf of the Canadian Borrower (which hereby irrevocably
requests the Canadian Swing Line Lender to so request on its behalf), that each
Canadian Lender make a Committed Base Rate Loan in an amount equal to such Lender’s
Pro Rata Share of the amount of Canadian Swing Line Loans then outstanding. Such
request shall be made in accordance with the requirements of Section 2.02,
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 Aggregate
Canadian Commitments and the conditions set forth in Section 4.02. The
Canadian Swing Line Lender shall furnish the Canadian Borrower with a copy of the
applicable Committed Loan Notice promptly after delivering such notice to the
Canadian Administrative Agent. Each Canadian Lender shall make an amount equal to
its Pro Rata Share of the amount specified in such Committed Loan Notice available
to the Canadian Administrative Agent in immediately available funds for the account
of the Canadian Swing Line Lender at the Administrative Agent’s Office of the
Canadian Administrative Agent not later than 11:00 a.m. on the day specified in such
Committed Loan Notice, whereupon, subject to Section 2.05(c)(ii)(B), each
Canadian Lender that so makes funds available shall be deemed to have made a Base
Rate Committed Loan to the Canadian Borrower in such amount. The Canadian
Administrative Agent shall remit the funds so received to the Canadian Swing Line
Lender.

(B) If for any reason any Committed Borrowing cannot be requested in accordance
with Section 2.05(c)(ii)(A) or any Canadian Swing Line Loan cannot be
refinanced by such a Committed Borrowing, the Committed Loan Notice submitted by the
Canadian Swing Line Lender shall be deemed to be a request by the Canadian Swing
Line Lender that each of the Canadian Lenders fund its risk participation in the
relevant Canadian Swing Line Loan and each Canadian Lender’s payment to the Canadian
Administrative Agent for the account of the Canadian Swing Line Lender pursuant to
Section 2.05(c)(ii) shall be deemed payment in respect of such
participation.

(C) If any Canadian Lender fails to make available to the Canadian
Administrative Agent for the account of the Canadian Swing Line Lender any amount
required to be paid by such Canadian Lender pursuant to the foregoing provisions of
this Section 2.05(c)(ii) by the time specified in Section
2.05(c)(ii)(A), the Canadian Swing Line Lender shall be entitled to recover from
such Canadian Lender (acting through the Canadian 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 Canadian
Swing Line Lender at a rate per annum equal to the Interbank Reference Rate from
time to time in effect. A certificate of the Canadian Swing Line Lender submitted
to any Canadian Lender (through the Canadian Administrative Agent) with respect to
any amounts owing under this clause (iii) shall be conclusive absent manifest error.

(D) Each Canadian Lender’s obligation to make Committed Loans or to purchase
and fund risk participations in Canadian Swing Line Loans pursuant to this
Section 2.05(c)(ii) shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any set-off, counterclaim, recoupment,
defense or other right which such Canadian Lender may have against the Canadian
Swing Line Lender, the Canadian Borrower or any other Person for any reason
whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Canadian Lender’s obligation to make
Committed Canadian Loans pursuant to this Section 2.05(c)(ii) is subject to
the conditions set forth in Section 4.02. Any such purchase of
participations shall not relieve or otherwise impair the obligation of the Canadian
Borrower to repay Canadian Swing Line Loans, together with interest as provided
herein.

(d) (i) Repayment of Domestic Participations.

(A) At any time after any Domestic Lender has purchased and funded a
participation in a Domestic Swing Line Loan, if the Domestic Swing Line Lender
receives any payment on account of such Domestic Swing Line Loan, the Domestic Swing
Line Lender will distribute to such Domestic Lender its Pro Rata Share of such
payment (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Domestic Lender’s participation was outstanding and
funded) in the same funds as those received by the Domestic Swing Line Lender.

(B) If any payment received by the Domestic Swing Line Lender in respect of
principal or interest on any Domestic Swing Line Loan is required to be returned by
the Domestic Swing Line Lender, each Domestic Lender shall pay to the Domestic Swing
Line Lender its Pro Rata Share thereof on demand of the Domestic 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 Domestic
Administrative Agent will make such demand upon the request of the Domestic Swing
Line Lender.

(ii) Repayment of Canadian Participations.

(A) At any time after any Canadian Lender has purchased and funded a
participation in a Canadian Swing Line Loan, if the Canadian Swing Line Lender
receives any payment on account of such Canadian Swing Line Loan, the Canadian Swing
Line Lender will distribute to such Canadian Lender its Pro Rata Share of such
payment (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Canadian Lender’s participation was outstanding and
funded) in the same funds as those received by the Canadian Swing Line Lender.

(B) If any payment received by the Canadian Swing Line Lender in respect of
principal or interest on any Canadian Swing Line Loan is required to be returned by
the Canadian Swing Line Lender, each Canadian Lender shall pay to the Canadian Swing
Line Lender its Pro Rata Share thereof on demand of the Canadian 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 Interbank Reference Rate. The Canadian
Administrative Agent will make such demand upon the request of the Canadian Swing
Line Lender.

(e) (i) Interest for Account of Domestic Swing Line Lender. The Domestic Swing
Line Lender shall be responsible for invoicing the Domestic Borrower for interest on the
Domestic Swing Line Loans. Until each Domestic Lender funds its Committed Base Rate Loan or
participation pursuant to this Section 2.05 to refinance such Lender’s Pro Rata
Share of any Domestic Swing Line Loan, interest in respect of such Pro Rata Share shall be
solely for the account of the Domestic Swing Line Lender.

(ii) Interest for Account of Canadian Swing Line Lender. The Canadian Swing
Line Lender shall be responsible for invoicing the Canadian Borrower for interest on the
Canadian Swing Line Loans. Until each Canadian Lender funds its Committed Base Rate Loan or
participation pursuant to this Section 2.05 to refinance such Lender’s Pro Rata
Share of any Canadian Swing Line Loan, interest in respect of such Pro Rata Share shall be
solely for the account of the Canadian Swing Line Lender.

(f) (i) Payments Directly to Domestic Swing Line Lender. The Domestic Borrower
shall make all payments of principal and interest in respect of the Domestic Swing Line
Loans directly to the Domestic Swing Line Lender.

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

2.06 Prepayments.

(a) Each Borrower may, upon notice to the applicable Administrative Agent, at any time or from
time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty;
provided that (i) such notice must be received by such Administrative Agent not later than
10:00 a.m. (Pacific time) (A) three Business Days prior to any date of prepayment of Eurodollar
Rate Committed Loans, and (B) on the date of prepayment of Base Rate Committed Loans; (ii) any
prepayment of Eurodollar Rate Committed Loans shall be in a principal amount of $5,000,000 or a
whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Committed
Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed
Loans to be prepaid. Such Administrative Agent will promptly notify each applicable Lender of its
receipt of each such notice, and of such Lender’s Pro Rata Share of such prepayment. If such
notice is given by a Borrower, the Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein. Any prepayment of
a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any
additional amounts required pursuant to Section 3.05. Each such prepayment shall be
applied to the applicable Committed Loans of the applicable Lenders in accordance with their
respective Pro Rata Shares.

(b) Each Borrower may, upon notice to the applicable Swing Line Lender (with a copy to the
applicable Administrative Agent), at any time or from time to time, voluntarily prepay its Swing
Line Loans in whole or in part without premium or penalty; provided that (i) such notice
must be received by the applicable Swing Line Lender and the applicable Administrative Agent not
later than 10:00 a.m. (Pacific time) on the date of the prepayment, and (ii) any such prepayment
shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and
amount of such prepayment. If such notice is given, the applicable Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein.

(c) If for any reason the Outstanding Amount of all Domestic Loans and Domestic L/C
Obligations at any time exceeds the Aggregate Domestic Commitments then in effect, the Domestic
Borrower shall immediately prepay Domestic Loans and/or Cash Collateralize the Domestic L/C
Obligations in an aggregate amount equal to such excess. If for any reason the Outstanding Amount
of all Canadian Loans, Canadian L/C Obligations and Acceptances at any time exceeds the Aggregate
Canadian Commitments then in effect, the Canadian Borrower shall immediately prepay Canadian Loans
and/or Cash Collateralize the Canadian L/C Obligations and/or Acceptances in an aggregate amount
equal to such excess.

2.07 Reduction or Termination of Commitments.

(a) Each Borrower may, upon notice to the applicable Administrative Agent, terminate the
Aggregate Domestic Commitments or Aggregate Canadian Commitments as applicable, or permanently
reduce the sum thereof to an amount not less than the then Outstanding Amount of all Loans to, and
L/C Obligations and Acceptance Usage of, such Borrower; provided that (i) any such notice
shall be received by such Administrative Agent not later than 10:00 a.m. (Pacific time) two
Business Days prior to the date of termination or reduction, and (ii) any such partial reduction
shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess
thereof;

(b) There shall be a mandatory reduction by a Borrower of the Aggregate Domestic Commitments
or Aggregate Canadian Commitments as applicable, by the following amounts:

(i) not later than twelve months following a Disposition by such Borrower permitted
under Section 7.05(f), by 100% of the net cash proceeds (net of all sale expenses
and taxes actually paid) realized therefrom and not reinvested in property or assets in the
Post-Secondary Education Business or other businesses permitted under Section 7.07
hereof of the Borrowers and their respective Subsidiaries; and

(ii) not later than three Business Days following an Approved Debt Issuance, by 100% of
the net cash proceeds received by such Borrower and any Subsidiary from the issuance thereof
to the extent such proceeds exceed any available basket in Section 7.03.

(c) The applicable Administrative Agent shall promptly notify the applicable Lenders of any
such notice of reduction or termination of the Aggregate Domestic Commitments or Aggregate Canadian
Commitments. Once reduced in accordance with this Section, the Aggregate Domestic Commitments or
Aggregate Canadian Commitments as applicable, may not be increased. Any such reduction shall be
applied to the Commitment of each applicable Lender according to its Pro Rata Share. All fees
accrued on the Aggregate Domestic Commitments or Aggregate Canadian Commitments that are
terminated, until the effective date of any termination, shall be paid on the effective date of
such termination.

2.08 Repayment of Loans.

(a) Each Borrower shall repay to the applicable Lenders on the Maturity Date the aggregate
principal amount of Committed Loans outstanding on such date to such Borrower.

(b) The Domestic Borrower shall repay each Domestic Swing Line Loan on or before the Maturity
Date.

(c) The Canadian Borrower shall repay each Canadian Swing Line Loan on or before the Maturity
Date.

2.09 Interest.

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Committed Loan
shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate;
(ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the applicable Base Rate
plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal
to the applicable Base Rate.

(b) If any amount payable by any Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), upon election by Administrative Agent or
Requisite Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law.
Furthermore, while any Event of Default exists or after acceleration, upon election by
Administrative Agent or Requisite Lenders the Borrowers shall pay interest on the principal amount
of all of their outstanding Obligations at a fluctuating interest rate per annum at all times equal
to the Default Rate to the fullest extent permitted by applicable Law. Accrued and unpaid interest
on past due amounts (including interest on past due interest) shall be due and payable upon demand.

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

2.10 Fees.

In addition to certain fees described in subsections (i) and (j) of Section 2.04:

(a) Commitment Fee. Each Borrower shall pay to the applicable Administrative Agent
for the account of each applicable Lender in accordance with its Pro Rata Share, a commitment fee
equal to the Applicable Rate times the actual daily amount by which the Aggregate Domestic
Commitments or Aggregate Canadian Commitments as applicable, exceed the sum of (i) the Outstanding
Amount of Committed Loans to such Borrower (excluding for the avoidance of doubt any Swing Line
Loans), (ii) the Outstanding Amount of L/C Obligations of such Borrower and (iii), in the case of
the Canadian Borrower, the Outstanding Amount of Acceptance Usage. The commitment fee shall be due
and payable quarterly in arrears on the first Business Day after the end of each March, June,
September and December, commencing with the first such date to occur after the Closing Date, and on
the Maturity Date. The commitment fee shall be calculated quarterly in arrears, and if there is
any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. The commitment fee shall accrue at all times during the
Availability Period, including at any time during which one or more of the conditions in
Article IV is not met.

(b) Other Fees. Each Borrower shall pay to the Arranger, the Administrative Agents
and the Syndication Agent fees in the amounts and at the times specified in the Fee Letter. Such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. The
Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing
in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall
not be refundable.

2.11 Computation of Interest and Fees. Interest on Base Rate Loans shall be calculated on the
basis of a year of 365 or 366 days, as the case may be, and the actual number of days elapsed.
Computation of all other types of interest and all fees shall be calculated on the basis of a year
of 360 days and the actual number of days elapsed, which results in a higher yield to the payee
thereof than a method based on a year of 365 or 366 days. Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the
day on which the Loan or such portion is paid, provided that any Loan that is repaid on the
same day on which it is made shall bear interest for one day. Each rate of interest which is
calculated with reference to a period (the “deemed interest period”) that is less than the actual
number of days in the calendar year of calculation is, for the purposes of the Interest Act
(Canada), equivalent to a rate based on a calendar year calculated by multiplying such rate of
interest by the actual number of days in the calendar year of calculation and dividing by the
number of days in the deemed interest period.

2.12 Evidence of Debt.

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the applicable Administrative Agent in the ordinary course
of business. The accounts or records maintained by the Administrative Agents and each Lender shall
be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to
the Borrowers and the interest and payments thereon. Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to
pay any amount owing with respect to the Loans, L/C Obligations or Acceptances. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agents in respect of such matters, the accounts and records of the
Administrative Agents shall control in the absence of manifest error. Upon the request of any
Lender made through the applicable Administrative Agent, such Lender’s Loans may be evidenced by a
Note in addition to such accounts or records. Each Lender may attach schedules to its Note and
endorse thereon the date, Type (if applicable), amount and maturity of the applicable Loans and
payments with respect thereto.

(b) In addition to the accounts and records referred to in subsection (a), each Lender and the
Administrative Agents shall maintain in accordance with their usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing
Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agents and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agents shall control.

2.13 Payments Generally.

(a) All payments to be made by the Borrowers shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
all payments by the Borrowers hereunder shall be made to the applicable Administrative Agent, for
the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s
Office of such Administrative Agent in Dollars or, in the case of payments regarding Canadian Loans
or Canadian Letters of Credit, in Canadian Dollars, and, in all cases, in immediately available
funds not later than 12:00 noon on the date specified herein. Such Administrative Agent will
promptly distribute to each applicable Lender its Pro Rata Share (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agents after 12:00 noon shall be
deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue.

(b) Subject to the definition of “Interest Period,” if any payment to be made by the Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

(c) If at any time insufficient funds are received by and available to the Administrative
Agents to pay fully all amounts of principal, L/C Borrowings, Acceptance Usage, interest and fees
then due hereunder, such funds shall be applied (i) first, toward costs and expenses
(including Attorney Costs and amounts payable under Article III) incurred by the
Administrative Agents and each Lender that are subject to reimbursement by the Borrowers pursuant
to the terms of the Loan Documents, (ii) second, toward repayment of interest and fees then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees then due to such parties, and (iii) third, toward repayment of principal,
L/C Borrowings and Acceptance Usage then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of principal, L/C Borrowings and Acceptance Usage then due to such
parties.

(d) Unless a Borrower or any Lender has notified the applicable Administrative Agent prior to
the date any payment is required to be made by it to such Administrative Agent hereunder, that such
Borrower or Lender, as the case may be, will not make such payment, such Administrative Agent may
assume that such Borrower or Lender, as the case may be, has timely made such payment and may (but
shall not be so required to), in reliance thereon, make available a corresponding amount to the
Person entitled thereto. If and to the extent that such payment was not in fact made to such
Administrative Agent in immediately available funds, then:

(i) if the Borrower failed to make such payment, each applicable Lender shall forthwith
on demand repay to such Administrative Agent the portion of such assumed payment that was
made available to such Lender in immediately available funds, together with interest thereon
in respect of each day from and including the date such amount was made available by such
Administrative Agent to such Lender to the date such amount is repaid to such Administrative
Agent in immediately available funds, at the Federal Funds Rate in the case of the Domestic
Administrative Agent and the Interbank Reference Rate in the case of the Canadian
Administrative Agent, from time to time in effect; and

(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand
pay to such Administrative Agent the amount thereof in immediately available funds, together
with interest thereon for the period from the date such amount was made available by such
Administrative Agent to the Borrower to the date such amount is recovered by the
Administrative Agent (the “Compensation Period”) at a rate per annum equal to the
Federal Funds Rate in the case of the Domestic Administrative Agent and the Interbank
Reference Rate in the case of the Canadian Administrative Agent, from time to time in
effect. If such Lender pays such amount to the applicable Administrative Agent, then such
amount shall constitute such Lender’s Committed Loan, included in the applicable Borrowing.
If such Lender does not pay such amount forthwith upon the applicable Administrative Agent’s
demand therefor, such Administrative Agent may make a demand therefor upon the applicable
Borrower, and such Borrower shall pay such amount to such Administrative Agent, together
with interest thereon for the Compensation Period at a rate per annum equal to the rate of
interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve
any Lender from its obligation to fulfill its Commitment or to prejudice any rights which
the applicable Administrative Agent or Borrower may have against any Lender as a result of
any default by such Lender hereunder.

A notice of any Administrative Agent to any Lender with respect to any amount owing under this
subsection (d) shall be conclusive, absent manifest error.

(e) If any Lender makes available to an Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and the conditions
to the applicable Credit Extension set forth in Article IV are not satisfied or waived in
accordance with the terms hereof, the applicable Administrative Agent shall return such funds (in
like funds as received from such Lender) to such Lender, without interest.

(f) The obligations of the Lenders hereunder to make Committed Loans, to fund participations
in Letters of Credit and Swing Line Loans, to accept Acceptances and to make payments pursuant to
Section 10.04(c) are several and not joint. The failure of any Lender to make any
Committed Loan, to fund any such participation, to accept any such Acceptance or to make any such
payment under Section 10.04(c) on any date required hereunder shall not relieve any other
Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Committed Loan, to accept Acceptances, to
purchase its participation or to make its payments under Section 10.04(c).

(g) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained
or will obtain the funds for any Loan in any particular place or manner.

(h) On each date when the payment of any principal, interest or fees are due under any Loan
Document, the applicable Borrower agrees to maintain on deposit in an ordinary checking account
maintained by such Borrower with the applicable Administrative Agent (as such account shall be
designated by such Borrower in a written notice to such Administrative Agent from time to time, the
“Borrower Account”) an amount sufficient to pay such principal, interest or fees in full.
Each Borrower hereby authorizes the applicable Administrative Agent (i) to deduct automatically all
principal, interest or fees when due under any Loan Document from its Borrower Account, and (ii) if
and to the extent any payment under any Loan Document is not made when due, to deduct automatically
any such amount from any or all of the accounts of such Borrower maintained with such
Administrative Agent. The Administrative Agent agrees to provide timely notice to the applicable
Borrower of any automatic deduction made pursuant to this Section 2.13(h).

2.14 Sharing of Payments.

(a) If, other than as expressly provided elsewhere herein, any Domestic Lender shall obtain on
account of the Committed Domestic Loans made by it, its participations in L/C Obligations regarding
Domestic Letters of Credit or in Domestic Swing Line Loans held by it, any payment (whether
voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of
its ratable share (or other share contemplated hereunder) thereof, such Domestic Lender shall
immediately (a) notify the Domestic Administrative Agent of such fact, and (b) purchase from the
other Domestic Lenders such participations in the Committed Domestic Loans made by them and/or such
subparticipations in the participations in L/C Obligations regarding Domestic Letters of Credit or
Domestic Swing Line Loans held by them, as the case may be, as shall be necessary to cause such
purchasing Domestic Lender to share the excess payment in respect of such Committed Domestic Loans
or such participations, as the case may be, pro rata with each of them; provided,
however, that if all or any portion of such excess payment is thereafter recovered from the
purchasing Domestic Lender, such purchase shall to that extent be rescinded and each such other
Domestic Lender shall repay to the purchasing Domestic Lender the purchase price paid therefor,
together with an amount equal to such paying Domestic Lender’s ratable share (according to the
proportion of (i) the amount of such paying Domestic Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Domestic Lender) of any interest or other amount paid or
payable by the purchasing Domestic Lender in respect of the total amount so recovered. The
Domestic Borrower agrees that any Domestic Lender so purchasing a participation from another
Domestic Lender may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off, but subject to Section 10.08) with respect to such
participation as fully as if such Domestic Lender were the direct creditor of the Domestic Borrower
in the amount of such participation. The Domestic Administrative Agent will keep records (which
shall be conclusive and binding in the absence of manifest error) of participations purchased under
this Section and will in each case notify the Domestic Lenders following any such purchases or
repayments. Each Domestic Lender that purchases a participation pursuant to this Section shall
from and after such purchase have the right to give all notices, requests, demands, directions and
other communications under this Agreement with respect to the portion of the Obligations purchased
to the same extent as though the purchasing Domestic Lender were the original owner of the
Obligations purchased.

(b) If, other than as expressly provided elsewhere herein, any Canadian Lender shall obtain on
account of the Committed Canadian Loans made by it, Acceptances accepted by it or its
participations in L/C Obligations regarding Canadian Letters of Credit or in Canadian Swing Line
Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right of
set-off, or otherwise) in excess of its ratable share (or other share contemplated hereunder)
thereof, such Canadian Lender shall immediately (a) notify the Canadian Administrative Agent of
such fact, and (b) purchase from the other Canadian Lenders such participations in the Committed
Canadian Loans made by them or the Acceptances accepted by them and/or such subparticipations in
the participations in L/C Obligations or Canadian Swing Line Loans held by them, as the case may
be, as shall be necessary to cause such purchasing Canadian Lender to share the excess payment in
respect of such Committed Canadian Loans or such participations, as the case may be, pro rata with
each of them; provided, however, that if all or any portion of such excess payment
is thereafter recovered from the purchasing Canadian Lender, such purchase shall to that extent be
rescinded and each such other Canadian Lender shall repay to the purchasing Canadian Lender the
purchase price paid therefor, together with an amount equal to such paying Canadian Lender’s
ratable share (according to the proportion of (i) the amount of such paying Canadian Lender’s
required repayment to (ii) the total amount so recovered from the purchasing Canadian Lender) of
any interest or other amount paid or payable by the purchasing Canadian Lender in respect of the
total amount so recovered. The Canadian Borrower agrees that any Canadian Lender so purchasing a
participation from another Canadian Lender may, to the fullest extent permitted by law, exercise
all its rights of payment (including the right of set-off, but subject to Section 10.08)
with respect to such participation as fully as if such Canadian Lender were the direct creditor of
the Canadian Borrower in the amount of such participation. The Canadian Administrative Agent will
keep records (which shall be conclusive and binding in the absence of manifest error) of
participations purchased under this Section and will in each case notify the Canadian Lenders
following any such purchases or repayments. Each Canadian Lender that purchases a participation
pursuant to this Section shall from and after such purchase have the right to give all notices,
requests, demands, directions and other communications under this Agreement with respect to the
portion of the Obligations purchased to the same extent as though the purchasing Canadian Lender
were the original owner of the Obligations purchased.

(c) From and after the earlier of (i) the occurrence of an Event of Default under Section
8.01(f) or (g) or (ii) the occurrence of any Event of Default and the acceleration of
the Obligations hereunder (each such occurrence, a “Sharing Event”), each Lender (x) agrees
to purchase from each other Lender, and each such other Lender agrees to sell, a risk participation
in such other Lender’s outstanding Loans such that, after giving effect to such purchase and sale,
each Lender holds a risk participation in each outstanding Loan in an amount equal to such Lender’s
Aggregate Pro Rata Share and (y) agrees that its risk participation in each Swing Line Loan, L/C
Obligation and Acceptance shall be adjusted (through purchase and sale or otherwise) to an amount
equal to such Lender’s Aggregate Pro Rata Share thereof. It is the intention of the Lenders that
after giving effect to the foregoing, each Lender shall hold an interest in each outstanding Loan,
L/C Obligation, Swing Line Loan and Acceptance equal to such Lender’s Aggregate Pro Rata Share, and
each Lender agrees to take such actions as may be reasonably requested by the Administrative Agent
to effect the foregoing. Notwithstanding anything to the contrary in Section 2.14(a) or
(b), if, from and after a Sharing Event, any Lender shall obtain on account of the
Committed Loans made by it, the Acceptances accepted by it, or its participations in L/C Borrowings
regarding Letters of Credit or in Swing Line Loans, any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) in excess of its Aggregate Pro Rata
Share thereof, such Lender shall immediately (a) notify the Administrative Agents of such fact, and
(b) purchase from the other Lenders such participations in the Committed Loans made by them, the
Acceptances accepted by them and/or such subparticipations in the participations in L/C Borrowings
regarding Letters of Credit or Swing Line Loans, as the case may be, as shall be necessary to cause
such purchasing Lender to share the excess payment in respect of such Committed Loans, Acceptances
or such participations, as the case may be, with each of them according to each such Lender’s
Aggregate Pro Rata Share; provided, however, that if all or any portion of such
excess payment is thereafter recovered from the purchasing Lender, such purchase shall to that
extent be rescinded and each such other Lender shall repay to the purchasing Lender the purchase
price paid therefor, together with an amount equal to such paying Lender’s ratable share (according
to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered. The Borrowers agree that any
Lender so purchasing a participation from another Lender may, to the fullest extent permitted by
law, exercise all its rights of payment (including the right of set-off, but subject to Section
10.08) with respect to such participation as fully as if such Lender were the direct creditor
of the applicable Borrower in the amount of such participation. The Administrative Agents will
keep records (which shall be conclusive and binding in the absence of manifest error) of
participations purchased under this Section and will in each case notify the Lenders following any
such purchases or repayments. Each Lender that purchases a participation pursuant to this Section
shall from and after such purchase have the right to give all notices, requests, demands,
directions and other communications under this Agreement with respect to the portion of the
Obligations purchased to the same extent as though the purchasing Lender were the original owner of
the Obligations purchased.

2.15 Increase in Aggregate Domestic Commitments and Aggregate Canadian Commitments.

(a) Provided there exists no Default, upon notice to the applicable Administrative Agent (who
shall promptly notify the applicable Lenders), the Borrowers may from time to time request an
increase in (i) the Aggregate Domestic Commitments by an amount (for all such requests) not
exceeding $100,000,000 or (ii) the Aggregate Canadian Commitments by an amount (for all such
requests) not exceeding $25,000,000; provided, however, that (X) the sum of all
increases requested by the Borrowers pursuant to this Section 2.15(a) shall not exceed
$100,000,000 in the aggregate, (Y) the Borrowers may make a maximum of one request per year that
results in an increased Commitment and (Z) the minimum amount of any single increase in Aggregate
Domestic Commitments shall be $10,000,000 and the minimum amount of any single increase in the
Aggregate Canadian Commitments shall be $5,000,000. At the time of sending such notice, the
applicable Borrower (in consultation with the applicable Administrative Agent) shall specify the
time period within which each applicable Lender is requested to respond (which shall in no event be
less than ten Business Days from the date of delivery of such notice to the applicable Lenders).
Each applicable Lender shall notify the applicable Administrative Agent within such time period
whether or not it agrees to increase its Commitment, with respect to each Domestic Lender in regard
to the Domestic Loans and Domestic Letters of Credit and with respect to each Canadian Lender in
regard to the Canadian Loans, the Canadian Letters of Credit and Acceptances and, if so, whether by
an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any
applicable Lender not responding within such time period shall be deemed to have declined to
increase such Commitment. The applicable Administrative Agent shall notify the applicable Borrower
and each applicable Lender of the Domestic Lenders’ responses to each request made hereunder. To
achieve the full amount of a requested increase, the applicable Borrower may also invite additional
Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance
satisfactory to the applicable Administrative Agent and its counsel.

(b) If the Aggregate Domestic Commitments or Aggregate Canadian Commitments are increased in
accordance with this Section, the applicable Administrative Agent and the applicable Borrower shall
determine the effective date (the “Increase Effective Date”) and the final allocation of
such increase. The applicable Administrative Agent shall promptly notify the applicable Borrower
and the applicable Lenders of the final allocation of such increase and the Increase Effective
Date. As a condition precedent to such increase, the applicable Borrower shall deliver to the
applicable Administrative Agent a certificate of each Loan Party dated as of the Increase Effective
Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i)
certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such
increase, and (ii) in the case of the applicable Borrower, certifying that, before and after giving
effect to such increase, (A) the representations and warranties contained in Article V and the
other Loan Documents are true and correct in all material respects on and as of the Increase
Effective Date, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.15, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to
the most recent statements furnished pursuant to subsections (a) and (b), respectively, of
Section 6.01, and (B) no Default exists. The applicable Borrower shall prepay any
Committed Domestic Loans or Committed Canadian Loans, as applicable, outstanding on the Increase
Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the
extent necessary to keep such outstanding Committed Domestic Loans or Committed Canadian Loans
ratable with any revised Pro Rata Shares arising from any nonratable increase in the Commitments
under this Section.

(c) This Section shall supersede any provisions in Sections 2.14 or 10.01 to
the contrary.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01 Taxes.

(a) Any and all payments by the Borrowers to or for the account of the Administrative Agents
or any Lender under any Loan Document shall be made free and clear of and without deduction for any
and all present or future taxes, duties, levies, imposts, deductions, assessments, fees,
withholdings or similar charges, and all liabilities with respect thereto as provided herein,
excluding, in the case of an Administrative Agent and each Lender, taxes imposed on or
measured by its overall net income, franchise taxes imposed on it (in lieu of net income taxes),
and any branch profits or similar tax imposed by the jurisdiction (or any political subdivision
thereof) under the Laws of which the Administrative Agent or such Lender, as the case may be, is
organized or maintains a lending office or is deemed to be doing business on all or part of its net
income, profits or gains (all such non-excluded taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to
as “Taxes”). If any Borrower shall be required by any Laws to deduct any Taxes from or in
respect of any sum payable by such Borrower under any Loan Document to any Administrative Agent or
any Lender, (i) subject to Section 10.14, the sum payable by such Borrower shall be
increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), each of such Administrative Agent and
Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii) such Borrower shall make such deductions, (iii) such Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable Laws,
and (iv) within 30 days after the date of such payment, such Borrower shall furnish to such
Administrative Agent (which shall forward the same to such Lender) the original or a certified copy
of a receipt evidencing payment thereof; provided that no amount shall be required to be
paid to any Lender or any Administrative Agent under this Section 3.01(a) except to the
extent that any change after the date hereof (in the case of each Lender listed on the signature
pages hereof) or after the date of the Assignment and Assumption pursuant to which such Lender
became a Lender (in the case of each other Lender) in any such requirement for a deduction,
withholding or payment as is mentioned therein shall result in an increase in the rate of such
deduction, withholding or payment from that in effect at the date of this Agreement or at the date
of such Assignment and Assumption, as the case may be, in respect of payments to such Lender, and
except in the case of a new Canadian Lender as set forth in the proviso in the third sentence of
the fourth paragraph of Section 10.14(a).

(b) In addition, each Borrower agrees to pay any and all present or future stamp, court or
documentary taxes and any other excise or property taxes or charges or similar levies which arise
from any payment made by it under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as “Other Taxes”).

(c) If any Borrower shall be required to deduct or pay any Taxes or Other Taxes from or in
respect of any sum payable under any Loan Document to an Administrative Agent or any Lender, such
Borrower shall also pay to the Administrative Agent or to such Lender, as the case may be, at the
time interest is paid, such additional amount if any that the Administrative Agent or such Lender
specifies is necessary to preserve the after-tax yield (after factoring in all taxes, including
taxes imposed on or measured by net income) the Administrative Agent or such Lender would have
received if such Taxes or Other Taxes had not been imposed, it being understood that this
Section 3.01(c) shall only apply to the extent that the relevant Borrower is required to
pay additional amounts to the applicable Administrative Agent or Lender under Section
3.01(a) or Section 3.01(b).

(d) Each Borrower agrees to indemnify the applicable Administrative Agent and each Lender for
(i) the full amount of Taxes and Other Taxes that are payable by such Borrower pursuant to
Section 3.01(a) or Section 3.01(b) (including any Taxes or Other Taxes imposed or
asserted by any jurisdiction on amounts payable by such Borrower under this Section) and are paid
by the Administrative Agent and such Lender, and (ii) any liability (including additions to tax,
penalties, interest and expenses) arising therefrom or with respect thereto, in each case whether
or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority; provided that the Domestic Borrower shall not be obligated under this
Section 3.01(d) to any Domestic Lender to the extent that the Domestic Borrower is not
required to pay additional amounts with respect to such Taxes under the third paragraph of
Section 10.14(a) or Section 10.14(b) and the Canadian Borrower shall not be
obligated under this Section 3.01(d) to any Canadian Lender to the extent that the Canadian
Borrower is not required to pay additional amounts with respect to such Taxes under the fourth
paragraph of Section 10.14(a). Payment under this subsection (d) shall be made within 30
days after the date the Lender or the Administrative Agent makes a demand therefor.

(e) If a Borrower determines in good faith that a reasonable basis exists for contesting a Tax
or Other Tax with respect to which the Borrower has paid an additional amount under this
Section 3.01, the relevant Lender or Administrative Agent, as applicable, shall cooperate
with the Borrower (but shall have no obligation to disclose any confidential information, unless
arrangements satisfactory to the relevant Lender have been made to preserve the confidential nature
of such information) in challenging such Tax or Other Tax at the Borrower’s expense if requested by
the Borrower (it being understood and agreed that none of the Administrative Agents or any Lender
shall have any obligation to contest, or any responsibility for contesting, any Tax).

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates
based upon the Eurodollar Rate, then, on notice thereof by such Lender to the applicable Borrower
through the applicable Administrative Agent, any obligation of such Lender to make or continue
Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate Committed Loans
shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the
Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or,
if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the
last day of the Interest Period thereof, if such Lender may lawfully continue to maintain such
Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to
maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a
different Lending Office if such designation will avoid the need for such notice and will not, in
the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason
adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Committed Loan, or that the Eurodollar
Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Committed Loan
does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the
Administrative Agents will promptly so notify the Borrowers and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the
Administrative Agents (upon the instruction of the Required Lenders) revoke such notice. Upon
receipt of such notice, the Borrowers may revoke any pending request for a Borrowing, conversion or
continuation of Eurodollar Rate Committed Loans or, failing that, will be deemed to have converted
such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified
therein.

3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans.

(a) If any Lender determines that as a result of the introduction of or any change in or in
the interpretation of any Law, or such Lender’s compliance therewith, there shall be any increase
in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Rate
Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the
amount received or receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this subsection (a) any such increased costs or reduction in amount resulting from (i)
Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of
taxation of overall net income or overall gross income by the United States or any foreign
jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is
organized or has its Lending Office, and (iii) reserve requirements contemplated by Section
3.04(c), then from time to time upon demand of such Lender (with a copy of such demand to the
applicable Administrative Agent), the applicable Borrower shall pay to such Lender such additional
amounts as will compensate such Lender for such increased cost or reduction.

(b) If any Lender determines that the introduction of any Law regarding capital adequacy or
any change therein or in the interpretation thereof, or compliance by such Lender (or its Lending
Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or
any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder
(taking into consideration its policies with respect to capital adequacy and such Lender’s desired
return on capital), then from time to time upon demand of such Lender (with a copy of such demand
to the applicable Administrative Agent), the applicable Borrower shall pay to such Lender such
additional amounts as will compensate such Lender for such reduction.

(c) Each Borrower shall pay to each applicable Lender, as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including
Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest
on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such
reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which shall be due and payable on each date on which interest
is payable on such Loan, provided the Borrower shall have received at least 15 days’ prior
notice (with a copy to the applicable Administrative Agent) of such additional interest from such
Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 15 days from receipt of such notice.

3.05 Funding Losses. Upon demand of any Lender (with a copy to the applicable Administrative
Agent) from time to time, the applicable Borrower shall promptly compensate such Lender for and
hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in
the amount notified by the Borrower;

(c) any failure by such Borrower (for a reason other than the failure of such Lender to create
or purchase an Acceptance) to repay or draw any Acceptance on any relevant date or in any relevant
amount; or

(d) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.15;

including any loss of anticipated profits and any loss or expense arising from the liquidation
or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. Such Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by a Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Committed
Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in
the London interbank eurodollar market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Committed Loan was in fact so funded.

3.06 Matters Applicable to all Requests for Compensation.

(a) A certificate of an Administrative Agent or any Lender claiming compensation under this
Article III and setting forth the additional amount or amounts to be paid to it hereunder
shall be conclusive in the absence of manifest error. In determining such amount, the
Administrative Agent or such Lender may use any reasonable averaging and attribution methods.

(b) Upon any Lender’s making a claim for compensation under Section 3.01 or
3.04, the applicable Borrower may replace such Lender in accordance with Section
10.15.

3.07 Survival. All of the Borrowers’ obligations under this Article III shall survive
termination of the Commitments and repayment of all other Obligations.

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

4.01 Conditions of Initial Credit Extension. The obligation of each Lender to make its
initial Credit Extension hereunder is subject to satisfaction of the following conditions
precedent:

(a) Unless waived by all the Lenders, the Administrative Agents’ receipt of the following,
each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated
the Closing Date (or, in the case of certificates of governmental officials, a recent date before
the Closing Date) and each in form and substance satisfactory to the Administrative Agents and
their legal counsel:

(i) executed counterparts of this Agreement, sufficient in number for distribution to
the Administrative Agents, each Lender and the Borrowers;

(ii) a Note executed by the applicable Borrower in favor of each Lender (whereupon each
Lender under the Existing Credit Agreement shall, within a reasonable time, return any note
executed by the Borrowers thereunder in favor of such Lender, to the applicable Borrower for
cancellation);

(iii) executed counterparts of the Guaranty Affirmation, sufficient in number for
distribution to the Administrative Agents and each Lender;

(iv) executed counterparts of the First Amended and Restated Guaranty;

(v) executed counterparts of the First Amended and Restated Pledge Agreement, together
with stock powers duly executed in blank for each certificate pledged thereunder;

(vi) executed counterparts of the Pledge Agreement Affirmation;

(vii) there shall not exist any order, decree, judgment, ruling or injunction which
restrains the consummation of any transaction contemplated hereby or any pending or
threatened action, suit, investigation or proceeding, which, if adversely determined, could
reasonably be expected to materially and adversely affect any Borrower and its subsidiaries,
any transaction contemplated hereby or the ability of any Borrower, any of its Subsidiaries
or any Guarantor to perform its obligations under the Loan Documents or the ability of the
Lenders to exercise their rights thereunder;

(viii) there shall have not occurred a material adverse change since June 30, 2004 in
the business, results of operations or condition (financial or otherwise) of the Borrowers
and their Subsidiaries taken as a whole, or in the facts and information regarding such
entities as represented to date;

(ix) evidence reasonably satisfactory to the Administrative Agents that there shall not
have occurred any adverse change since June 30, 2004 to the corporate and ownership
structure (including articles of incorporation and bylaws, shareholder agreements and
management of the Borrowers and their Subsidiaries);

(x) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agents
may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with the Loan Documents to
which such Loan Party is a party;

(xi) such documents and certifications as the Administrative Agents may reasonably
require to evidence that each Loan Party is duly organized or formed, and that each Borrower
and each Guarantor is validly existing, in good standing and qualified to engage in business
in each jurisdiction where its ownership, lease or operation of properties or the conduct of
its business requires such qualification, except to the extent permitted under Section 6.05
hereof;

(xii) a favorable opinion of O’Melveny & Myers, L.L.P. and Osler, Hoskin & Harcourt
LLP, counsel to the Loan Parties, addressed to the Administrative Agents and each Lender, as
to the matters set forth in Exhibit I and such other matters concerning the Loan
Parties and the Loan Documents as the Required Lenders may reasonably request;

(xiii) a certificate of a Responsible Officer of each Borrower either (A) attaching
copies of all consents, licenses and approvals required in connection with the execution,
delivery and performance by the respective Loan Parties and the validity against such
Persons of the Loan Documents, and such consents, licenses and approvals shall be in full
force and effect, or (B) stating that no such consents, licenses or approvals are so
required;

(xiv) a certificate signed by a Responsible Officer of each Borrower certifying (A)
that the conditions specified in Sections 4.02(a) and (b) have been
satisfied, and (B) that there has been no event or circumstance since the date of the
Audited Financial Statements that has had or could be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect;

(xv) a certificate from the Domestic Borrower’s chief financial officer certifying that
the Domestic Borrower and each of its Subsidiaries are Solvent; and

(xvi) such other assurances, certificates, documents, consents or opinions as the
Administrative Agents, the L/C Issuers, the Swing Line Lenders or the Required Lenders
reasonably may require.

(b) Any fees required to be paid on or before the Closing Date shall have been paid.

(c) The Borrowers shall have paid all Attorney Costs of the Administrative Agents to the
extent invoiced prior to or on the Closing Date, plus such additional amounts of Attorney Costs as
shall constitute its reasonable estimate of Attorney Costs incurred or to be incurred by it through
the closing proceedings (provided that such estimate shall not thereafter preclude a final settling
of accounts between the Borrowers, the Administrative Agents and the Administrative Agents’
counsel).

(d) The Closing Date shall have occurred on or before June 30, 2005.

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed
Loans to the other Type, or a continuation of Eurodollar Rate Committed Loans) is subject to the
following conditions precedent:

(a) The representations and warranties of any Borrower contained in Article V or any
other Loan Document, or which are contained in any document furnished by any Borrower at any time
under or in connection herewith or therewith, shall be true and correct in all material respects on
and as of the date of such Credit Extension, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date, and except that for purposes of this Section
4.02, the representations and warranties contained in subsections (a) and (b) of Section
5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsection
(a) and (b), respectively, of Section 6.01.

(b) No Default shall exist, or would result from such proposed Credit Extension.

(c) The Administrative Agents and, if applicable, the L/C Issuers or the Swing Line Lenders
shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Committed Loans to the other Type or a continuation of Eurodollar Rate Committed
Loans) submitted by any Borrower shall be deemed to be a representation and warranty that the
conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of
the date of the applicable Credit Extension.

4.03 Conditions to Acceptances. The creation of any Acceptance hereunder is subject to the
following conditions precedent:

(a) On or before the date of the creation of any Acceptance, the Canadian Administrative Agent
shall have received, in accordance with the provisions of Section 2.03(b), an originally
executed Drawing Notice, in each case signed by a Responsible Officer of the Canadian Borrower.

(b) On the date of the creation of any Acceptance, all conditions precedent described in
Section 4.02 shall be satisfied to the same extent as if the creation of such Acceptance
were the making of a Loan and the Drawing Date were a Borrowing date.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Each Borrower represents and warrants to the Administrative Agents and the Lenders that (which
representations and warranties in the case of the Canadian Borrower shall be limited to the
Canadian Borrower and its Subsidiaries and shall exclude the representations and warranties set
forth in subsections 5.12(a), (b) and (c)):

5.01 Existence, Qualification and Power; Compliance with Laws. Each Loan Party (a) is a
corporation, partnership or limited liability company duly organized or formed, validly existing
and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b)
has all requisite corporate or other organizational power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on
its business and (ii) execute, deliver and perform its obligations under the Loan Documents to
which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws of
each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification or license, and (d) is in compliance with all Laws and all
orders, writs, injunctions and decrees applicable to it or its properties; except in each case
referred to in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Party of each Loan Document to which such Person is party, have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, any Contractual Obligation to which such
Person is a party or any order, injunction, writ or decree of any Governmental Authority or
arbitral award to which such Person or its property is subject; or (c) violate any Law, except for
such approvals or consents which will be obtained on or before the Closing Date.

5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, any Loan Party of this Agreement, any other Loan Document, except for
filings in connection with the Liens granted pursuant hereto or thereto.

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability.

5.05 Financial Statements; No Material Adverse Effect.

(a) The Audited Financial Statements (i) were prepared in all material respects accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein; (ii) fairly present in all material respects the financial condition of the Borrower
and its Subsidiaries as of the date thereof and their results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein; and (iii) show all material indebtedness and other
liabilities, direct or contingent, of the Domestic Borrower and its Subsidiaries as of the date
thereof, including liabilities for taxes, material commitments and Indebtedness, in each case, to
the extent required to be shown thereon in accordance with GAAP.

(b) The unaudited consolidated financial statements of the Domestic Borrower and its
Subsidiaries dated March 31, 2005, and the related consolidated statements of income or operations
and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present in all material respects the financial condition of the Domestic
Borrower and its Subsidiaries as of the date thereof and their results of operations for the period
covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to
normal year-end audit adjustments. Schedule 5.05 sets forth all material indebtedness and
other material liabilities, direct or contingent, of the Domestic Borrower and its consolidated
Subsidiaries as of the date of such financial statements, including liabilities for taxes, material
commitments and Indebtedness that are not identified on such financial statements.

(c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to
the knowledge of any Borrower after due and diligent investigation, threatened or contemplated, at
law, in equity, in arbitration or before any Governmental Authority, by or against any Borrower or
any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect
or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated
hereby, or (b) either individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect.

5.07 No Default. Neither any Borrower nor any Subsidiary is in default under or with respect
to any Contractual Obligation that could, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan
Document.

5.08 Ownership of Property; Liens. Each of the Borrowers and each Subsidiary has good record
and marketable title in fee simple to, or valid leasehold interests in, all real property necessary
or used in the ordinary conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
property of each Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted
by Section 7.01.

5.09 Environmental Compliance. Each Borrower and its Subsidiaries conduct in the ordinary
course of business a review of the effect of existing Environmental Laws and claims alleging
potential liability or responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, and as a result thereof the Borrowers have reasonably
concluded that, except as specifically disclosed in Schedule 5.09, such Environmental Laws
and claims could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

5.10 Insurance. The properties of each Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of a Borrower, in such amounts,
with such deductibles and covering such risks as are customarily carried by companies engaged in
similar businesses and owning similar properties in localities where each Borrower or the
applicable Subsidiary operates.

5.11 Taxes. Each Borrower and its Subsidiaries have filed all Federal, state, provincial and
other material tax returns and reports required to be filed, and have paid all Federal, state and
other material taxes, assessments, fees and other governmental charges levied or imposed upon them
or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax assessment against
any Borrower or any Subsidiary that would, if made, have a Material Adverse Effect.

5.12 ERISA and Canadian Pension Plan Compliance.

(a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter from the IRS or an
application for such a letter is currently being processed by the IRS with respect thereto and, to
the best knowledge of the Domestic Borrower, nothing has occurred which would prevent, or cause the
loss of, such qualification, in each case that has not resulted in an Event of Default under
Section 8.01(i) and that, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. The Borrowers and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no application for a
funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has
been made with respect to any Plan.

(b) There are no pending or, to the best knowledge of the Borrowers, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
be reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect.

(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan
has any Unfunded Pension Liability; (iii) neither any Borrower nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any
Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither
any Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability
(and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would
result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer
Plan; and (v) neither any Borrower nor any ERISA Affiliate has engaged in a transaction that could
be subject to Sections 4069 or 4212(c) of ERISA, in each case that has not resulted in an Event of
Default under Section 8.01(i) and that, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect.

(d) During the twelve consecutive month period before the date of the execution and delivery
of this Agreement and before the date of any Credit Extension hereunder, (i) no steps have been
taken to terminate any Canadian Pension Plan (wholly or in part), which could result in a Borrower
or a Subsidiary being required to make an additional contribution to a Canadian Pension Plan in
excess of $5,000,000; (ii) no contribution failure has occurred with respect to any Canadian
Pension Plan under any applicable pension benefits laws of any jurisdiction that, individually or
in the aggregate could reasonably be expected to have a Material Adverse Effect; (iii) no condition
exists and no event or transaction has occurred with respect to any Canadian Pension Plan which
might result in the incurrence by a Borrower or a Subsidiary of any fine or statutory penalty in
excess of $5,000,000; (iv) except as disclosed in the financial statements required to be provided
pursuant to this Agreement or as otherwise disclosed in writing from time to time to the
Administrative Agents, no Borrower or Subsidiary has any liability, including without limitation a
contingent liability, with respect to any benefit under a Canadian Welfare Plan that, individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect; and (v) except
as disclosed in the financial statements required to be provided pursuant to this Agreement or as
otherwise disclosed in writing from time to time to the Administrative Agents, no Borrower or
Subsidiary has any liability in relation to a Canadian Pension Plan as disclosed in an actuarial
valuation filed with applicable regulatory authorities that, individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect.

(e) (i) Each Canadian Pension Plan is in compliance in all material respects with all
applicable pension benefits and tax laws; (ii) all contributions (including employee contributions
made by authorized payroll deductions or other withholdings) required to be made to the appropriate
funding agency in accordance with all applicable Laws and the terms of each Canadian Pension Plan
have been made in accordance with all applicable Laws and the terms of each Canadian Pension Plan;
(iii) to the knowledge of the Canadian Borrower after due inquiry, all liabilities under each
Canadian Pension Plan are fully funded, on a going concern and solvency basis, in accordance with
the terms of the respective Canadian Pension Plan, the requirements of applicable pension benefits
laws and of applicable regulatory authorities and the most recent actuarial report filed with
respect to such Canadian Pension Plan; and (iv) no event has occurred and no conditions exist with
respect to any Canadian Pension Plan that has resulted or could reasonably be expected to result in
any Canadian Pension Plan having its registration revoked or refused for the purposes of any
applicable pension benefits or tax laws or being placed under the administration of any relevant
pension benefits regulatory authority or being required to pay any taxes or statutory penalties
under any applicable pension benefits or tax laws, except for any exceptions to clauses (ii)
through (iv) above that, individually or in the aggregate, could not reasonably be expected to have
a Material Adverse Effect.

5.13 Subsidiaries. As of the date hereof, the Borrowers have no Subsidiaries other than those
specifically disclosed in Part (a) of Schedule 5.13 and have no equity investments in any
other corporation or entity other than those specifically disclosed in Part(b) of Schedule
5.13.

5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act.

(a) Each Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

(b) None of the Borrowers, any Person Controlling a Borrower, or any Subsidiary (i) is a
“holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a
“holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the
Public Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an
“investment company” under the Investment Company Act of 1940.

5.15 Disclosure. Each Borrower has disclosed to the Administrative Agents and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries
is subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or on behalf of any
Loan Party to any Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact (known to any Borrower in the case of any document not furnished by it)
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that, with respect to projected financial information, each Borrower
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time, it being recognized by the Lenders that such projections as to future
events are not to be viewed as facts and that actual results during the period or periods covered
by any such projections may differ significantly from the projected results.

5.16 Intellectual Property; Licenses, Etc. The Borrowers and their Subsidiaries own, or
possess the right to use, all of the material trademarks, service marks, trade names, copyrights,
patents, patent rights, franchises, licenses and other intellectual property rights (collectively,
“IP Rights”) that are reasonably necessary for the operation of their respective
businesses, taken as a whole, without conflict with the rights of any other Person in any material
respect. To the best knowledge of the Borrowers, no slogan or other advertising device, product,
process, method, substance, part or other material that is material to the business of the
Borrowers and their Subsidiaries, taken as a whole, now employed, or now contemplated to be
employed, by any Borrower or any Subsidiary infringes upon any rights held by any other Person in
any material respect. No claim or litigation regarding any of the foregoing is pending or, to the
best knowledge of the Borrowers, threatened, which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

ARTICLE VI

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, each Borrower
shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02, 6.03 and 6.11) cause each Subsidiary to (which covenants and
agreements in the case of the Canadian Borrower shall be limited to those covenants and agreements
that are within the control and discretion of the Canadian Borrower and its Subsidiaries):

6.01 Financial Statements. Deliver to each Administrative Agent and each Lender, in form and
detail satisfactory to the Administrative Agents and the Required Lenders:

(a) as soon as available, but in any event within 95 days after the end of each fiscal year of
the Domestic Borrower, a consolidated balance sheet of the Domestic Borrower and its Subsidiaries
as at the end of such fiscal year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail, audited and accompanied by
a report and opinion of Ernst & Young LLP or an independent certified public accountant of
nationally recognized standing reasonably acceptable to the Required Lenders, which report and
opinion shall be prepared in accordance with GAAP and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit,
together with an internally prepared consolidated balance sheet of the Canadian Borrower and its
Subsidiaries as at the end of such fiscal year and the related consolidated statements of income or
operations for such fiscal year certified by a Responsible Officer of the Domestic Borrower or the
Canadian Borrower as fairly presenting in all material respects the financial condition and results
of operations of the Canadian Borrower and its Subsidiaries in accordance with GAAP;

(b) as soon as available, but in any event within 50 days after the end of each of the first
three fiscal quarters of each fiscal year of the Domestic Borrower, a consolidated balance sheet of
the Domestic Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such
fiscal quarter and for the portion of the Domestic Borrower’s fiscal year then ended, setting forth
in each case in comparative form the figures for the corresponding fiscal quarter of the previous
fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and
certified by a Responsible Officer of the Domestic Borrower as fairly presenting in all material
respects the financial condition, results of operations, shareholders’ equity and cash flows of the
Domestic Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end
audit adjustments and the absence of footnotes; and

(c) as soon as available, but in any event (i) within 95 days after the end of each fiscal
year of the Domestic Borrower, projected financial statements for the Domestic Borrower and its
Subsidiaries from the end of such fiscal year through the Maturity Date, prepared on an annual
basis and showing projections for income, shareholders’ equity and cash flows for such period and
(ii) within thirty (30) days after consummation of any Permitted Acquisition for which the total
consideration (including assumed indebtedness) given by the Borrowers exceeded One Hundred Million
Dollars ($100,000,000), one year of projected financial statements for the Domestic Borrower and
its Subsidiaries, prepared on an annual basis and showing projections for income, shareholders’
equity and cash flows for such year.

As to any information contained in materials furnished pursuant to Section 6.02, the
Borrowers shall not be separately required to furnish such information under subsection (a) or (b)
above, but the foregoing shall not be in derogation of the obligation of the Borrowers to furnish
the information and materials described in subsections (a) and (b) above at the times specified
therein.

6.02 Certificates; Other Information. Deliver to each Administrative Agent and each Lender,
in form and detail satisfactory to the Administrative Agents and the Required Lenders:

(a) concurrently with the delivery of the financial statements referred to in Section
6.01(a), a certificate of its independent certified public accountants certifying such
financial statements and stating that in making the examination necessary therefor no knowledge was
obtained of any Default under the financial covenants set forth herein or, if any such Default
shall exist, stating the nature and status of such event;

(b) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible
Officer of the Domestic Borrower;

(c) promptly after any request by any Administrative Agent or any Lender (unless restricted by
applicable Law), copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of any
Borrower by independent accountants in connection with the accounts or books of any Borrower or any
Subsidiary, or any audit of any of them;

(d) promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of any Borrower, and copies of
all annual, regular, periodic and special reports and registration statements which the Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, and not otherwise required to be delivered to the Administrative Agents pursuant
hereto; and

(e) promptly, such additional information regarding the business, financial or corporate
affairs of any Borrower or any Subsidiary as any Administrative Agent, at the request of any
Lender, may from time to time reasonably request.

Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such financial statements, reports or proxy statements
are included in materials otherwise filed with the SEC) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which a Borrower posts such
documents, or provides a link thereto on a Borrower’s website on the Internet at the website
address listed on Schedule 10.02; or (ii) on which such documents are posted on a
Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each
Lender and each Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by an Administrative Agent); provided that: (i) the Borrowers shall
deliver paper copies of such documents to the Administrative Agents or any Lender who requests the
Borrowers to deliver such paper copies until written request to cease delivering paper copies is
given by the Administrative Agents or such Lender and (ii) the Borrowers shall notify (which may be
by facsimile or electronic mail) the Administrative Agents and each Lender of the posting of any
such documents and provide to the Administrative Agents by email electronic versions (i.e.,
soft copies) of such documents. Notwithstanding anything contained herein, in every instance the
Borrowers shall be required to provide paper copies of the Compliance Certificates required by
Section 6.02(c) to the Administrative Agents and each of the Lenders. Except for such
Compliance Certificates, the Administrative Agents shall have no obligation to request the delivery
or to maintain copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrowers with any such request for delivery, and each
Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

Each Borrower hereby acknowledges that (a) the Administrative Agents and/or the Arranger will
make available to the Lenders and the L/C Issuers materials and/or information provided by or on
behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to any Borrower or its securities) (each, a
“Public Lender”). Each Borrower hereby agrees that (w) all Borrower Materials that are to
be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x)
by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the
Administrative Agents, the Arranger, the L/C Issuers and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrowers or
their respective securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated “Public Investor;” and (z) the
Administrative Agents and the Arranger shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Investor.” Notwithstanding the foregoing, no Borrower shall be under any obligation to
mark any Borrower Materials “PUBLIC.”

6.03 Notices. Promptly notify the Administrative Agents and each Lender:

(a) of the occurrence of any Default;

(b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including any of the following such matters (i) breach or non-performance of, or
any default under, a Contractual Obligation of any Borrower or any Subsidiary; (ii) any dispute,
litigation, investigation, proceeding or suspension between any Borrower or any Subsidiary and any
Governmental Authority; or (iii) the commencement of, or any material development in, any
litigation or proceeding affecting any Borrower or any Subsidiary, including pursuant to any
applicable Environmental Laws;

(c) of the occurrence of any ERISA Event;

(d) of any material change in accounting policies or financial reporting practices by any
Borrower or any Subsidiary;

(e) of any Permitted Acquisition where the consideration paid (in cash, equity or assumed
Indebtedness) exceeds Five Million Dollars ($5,000,000); and

(f) of (i) the institution of any steps by a Borrower, a Subsidiary or any applicable
regulatory authority to terminate any Canadian Pension Plan (wholly or in part) which could result
in the Borrower or Subsidiary being required to make an additional contribution to the Canadian
Pension Plan in excess of $1,000,000; (ii) the failure to make a required contribution to any
Canadian Pension Plan that, individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect; (iii) the taking of any action with respect to a Canadian Pension Plan
which could reasonably be expected to result in the requirement that a Borrower or a Subsidiary
furnish a bond or other security to such Canadian Pension Plan or any applicable regulatory
authority that, individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect, or (iv) the occurrence of any event with respect to any Canadian Pension Plan which
could reasonably be expected to result in the incurrence by a Borrower or Subsidiary of any fine or
statutory penalty in excess of $1,000,000 with respect to any Canadian Pension Plan or Canadian
Welfare Plan benefit.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer of the Domestic Borrower setting forth details of the occurrence referred to therein and
stating what action the Borrowers have taken and propose to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of
this Agreement and any other Loan Document that have been breached.

6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all
its obligations and liabilities, including (a) all tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by such Borrower or such Subsidiary; (b) all lawful claims which, if unpaid,
would by law become a Lien (other than a Permitted Lien) upon its property; and (c) all
Indebtedness, as and when due and payable, but subject to any subordination provisions contained in
any instrument or agreement evidencing such Indebtedness, unless the same are being contested in
good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with
GAAP are being maintained by such Borrower or such Subsidiary.

6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.04 or 7.05 and except that (i) the
Borrowers may consummate the Canadian Borrower Reorganization and (ii) a Borrower shall not be
required to maintain the existence or good standing of any Subsidiary that is not a Material
Subsidiary to the extent the preservation thereof is no longer desirable in the conduct of business
of such Borrower and its Subsidiaries; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade
names and service marks, the non-preservation of which could reasonably be expected to have a
Material Adverse Effect.

6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals
and replacements thereof except where the failure to do so could not reasonably be expected to have
a Material Adverse Effect.

6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance
companies not Affiliates of a Borrower, insurance with respect to its properties and business
against loss or damage of the kinds customarily insured against by Persons engaged in the same or
similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons.

6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws
applicable to it or to its business or property, except in such instances in which (i) such
requirement of Law is being contested in good faith by appropriate proceedings diligently conducted
or a bona fide dispute exists with respect thereto; or (ii) the failure to comply therewith could
not reasonably be expected to have a Material Adverse Effect.

6.09 Books and Records. Maintain proper books of record and account, in which full, true and
correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of such Borrower or such Subsidiary, as
the case may be, in all material respects; and maintain such books of record and account in
material conformity with all applicable requirements of any Governmental Authority having
regulatory jurisdiction over such Borrower or such Subsidiary, as the case may be.

6.10 Inspection Rights. Permit representatives and independent contractors of each
Administrative Agent and each Lender to visit and inspect any of its properties, to examine its
corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to
discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants (provided that such Borrower may, if it so chooses, be present and participate
in any such discussions), all at such reasonable times during normal business hours and as often as
may be reasonably desired, upon reasonable advance notice to such Borrower; provided,
however, that when an Event of Default exists any Administrative Agent or any Lender (or
any of their respective representatives or independent contractors) may do any of the foregoing at
the expense of the Borrowers at any time during normal business hours and without advance notice.

6.11 Use of Proceeds. Use the proceeds of the Credit Extensions for Permitted Acquisitions,
working capital and other general corporate purposes not in contravention of any Law or of any Loan
Document.

6.12 Additional Guarantors. Notify the Administrative Agents at the time that any Person that
either is a Material Subsidiary or directly owns a Material Subsidiary becomes a Domestic
Subsidiary or a Canadian Subsidiary, and promptly thereafter (and in any event within 30 days or in
the case of an Acquisition of a publicly-held Canadian Subsidiary, within four (4) months), cause
(a) such Person to become a Guarantor by executing and delivering to the Administrative Agents a
counterpart of the Existing Guaranties or such other document as the Administrative Agents shall
deem appropriate for such purpose, and (b) the appropriate Person to deliver to the Administrative
Agents a Pledge Agreement in respect of the shares of such Material Subsidiary and other documents
required pursuant thereto and favorable opinions of counsel to such Person (which shall cover,
among other things, the legality, validity, binding effect and enforceability of the documentation
referred to in this Section 6.12), all in form, content and scope reasonably satisfactory
to the Administrative Agents.

6.13 Acquisitions. Prior to consummating any Acquisition with a value in excess of
$50,000,000, the Borrowers shall have delivered to the Administrative Agents (in form and detail
reasonably satisfactory to each Lender and in sufficient copies for each Lender) the following:

(i) Simultaneously with, or as soon as practicable after, the first public announcement
of a Borrower’s intention to consummate an Acquisition, a brief summary of the substantive
terms thereof, or if available, a copy of the executed purchase or merger agreement,
together with a copy of such announcement; and

(ii) An officer’s certificate, executed by a Responsible Officer of each Borrower,
dated the date of consummation of such Acquisition, certifying that immediately before and
after giving effect to such Acquisition (A) no Default has occurred and is continuing or
will exist, (B) that the Borrowers will be in compliance on a pro forma basis with each of
the financial ratios specified in Section 7.11 as of the end of the fiscal quarter
immediately preceding such Acquisition for which financial statements have been delivered
pursuant to Section 6.01 for the twelve-month period preceding such fiscal quarter
end, together with, in the case of all such Acquisitions, a reasonably detailed worksheet
setting forth the calculation of such ratios and (C) that the Acquisition is a Permitted
Acquisition.

6.14 Canadian Borrower Reorganization.

(a) On or within 10 days after the consummation of the Canadian Borrower Reorganization, the
Borrowers shall deliver to the Canadian Administrative Agent the following to the Canadian
Administrative Agent:

(i) an assumption in substantially the form of Exhibit J of the Canadian
Borrower’s Obligations by the Canadian Borrower;

(ii) a Note, executed by the Canadian Borrower in favor of each Canadian Lender
(whereupon each Canadian Lender hereunder shall, within a reasonable time, return any note
executed by the predecessor Canadian Borrower hereunder in favor of such Canadian Lender, to
the applicable predecessor Canadian Borrower for cancellation);

(iii) executed counterparts of an affirmation of the First Amended and Restated
Guaranty from each Guarantor, if any, of the Obligations of the Canadian Borrower in the
form of Exhibit K; and

(iv) executed counterparts of an affirmation of the First Amended and Restated Pledge
Agreement by each Guarantor of the Obligations of the Canadian Borrower in respect of the
pledge of shares held by the Canadian Borrower and such Guarantor in Material Subsidiaries
of the Canadian Borrower, in the form of Exhibit L.

(b) The Canadian Administrative Agent shall execute all such documents and certificates and
take all such actions as may be reasonably requested by Borrowers in connection with the Canadian
Borrower Reorganization.

ARTICLE VII

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, each Borrower shall
not, nor shall it permit any Subsidiary to, directly or indirectly (which covenants and agreements
in the case of the Canadian Borrower shall be limited to those covenants and agreements that are
within the control and discretion of the Canadian Borrower and its Subsidiaries):

7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property,
assets or revenues, whether now owned or hereafter acquired, other than the following:

(a) Liens pursuant to any Security Document;

(b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or
extensions or refinancings thereof, provided that the property covered thereby is not
increased and any renewal or extension or refinancing of the obligations secured or benefited
thereby is permitted by Section 7.03(b);

(c) Permitted Liens; and

(d) Liens securing Indebtedness permitted under Section 7.03(g); provided that
(i) such Liens do not at any time encumber any property other than the property financed or
refinanced by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost
or fair market value, whichever is lower, of the property being acquired on the date of
acquisition.

7.02 Investments. Make any Investments, except:

(a) Investments held by such Borrower or such Subsidiary in the form of cash equivalents or
short-term marketable securities;

(b) advances to officers, directors and employees of the Borrowers and Subsidiaries in an
aggregate amount not to exceed $750,000 at any time outstanding, for travel, entertainment,
relocation and other customary purposes;

(c) Subject to Section 7.14, Investments of such Borrower in another Borrower or any
Guarantor (including any new publicly-held Canadian Subsidiary or any of its Subsidiaries that is
required to become a Guarantor within four (4) months of the Acquisition thereof pursuant to
Section 6.12) and Investments of any Guarantor in a Borrower or in another Guarantor
(including any new publicly-held Canadian Subsidiary or any of its Subsidiaries that is required to
become a Guarantor within four (4) months of the Acquisition thereof pursuant to Section
6.12).

(d) Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and
Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

(e) Investments that constitute consolidated capital expenditures;

(f) Investments consisting of Long Term Student Note Receivables and other receivables and
notes received from students in the ordinary course of business;

(g) Guarantees permitted by Section 7.03; and

(h) Other Investments in any period of four consecutive fiscal quarters in an amount which
does not exceed the greater of (x) $10,000,000 or (y) ten percent (10%) of the Consolidated Net
Income of the Domestic Borrower and its Subsidiaries for the most recently ended period of four
consecutive fiscal quarters.

7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

(a) Indebtedness under the Loan Documents;

(b) Indebtedness outstanding on the date hereof and listed on Schedule 7.03 and any
refinancings, refundings, renewals or extensions thereof; provided that the amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and
expenses reasonably incurred, in connection with such refinancing and by an amount equal to any
existing commitments unutilized thereunder;

(c) Subject to Section 7.14, Guarantees of such Borrower or any Guarantor in respect
of Indebtedness otherwise permitted hereunder of a Borrower or a Guarantor (including any new
publicly-held Canadian Subsidiary or any of its Subsidiaries that is required to become a Guarantor
within four (4) months of the Acquisition thereof pursuant to Section 6.12);

(d) Subject to Section 7.14, such Borrower may become and remain liable with respect
to Indebtedness to the other Borrower or any Guarantor, and any Guarantor (including any new
publicly-held Canadian Subsidiary or any of its Subsidiaries that is required to become a Guarantor
within four (4) months of the Acquisition thereof pursuant to Section 6.12) may become and
remain liable with respect to Indebtedness to a Borrower or any other Guarantor;

(e) obligations (contingent or otherwise) of such Borrower or any Subsidiary existing or
arising under any Swap Contract, provided that (i) such obligations are (or were) entered
into by such Person in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably
anticipated by such Person, or changes in the value of securities issued by such Person, and not
for purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain
any provision exonerating the non-defaulting party from its obligation to make payments on
outstanding transactions to the defaulting party;

(f) Indebtedness in an aggregate principal amount not to exceed $40,000,000 at any time
outstanding in respect to surety bonds and similar instruments issued in the ordinary course of
business;

(g) Indebtedness of Corinthian Properties to Bank One Capital Partners VI, Ltd. outstanding as
of the Closing Date and Indebtedness in respect of capital leases, Synthetic Lease Obligations and
purchase money obligations for fixed or capital assets within the limitations set forth in
Section 7.01(d); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $60,000,000; and

(h) unsecured Indebtedness in an aggregate principal amount not to exceed $100,000,000 at any
time outstanding on terms no more restrictive than those provided in this Agreement (except that
such Indebtedness may share pari passu under the Security Documents) or otherwise satisfactory to
the Administrative Agents.

7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into, or convey,
transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of
any Person or make any Acquisition, except that, so long as no Default exists or would result
therefrom:

(a) any Subsidiary (other than the Canadian Borrower) may merge or amalgamate with (i) such
Borrower, provided that such Borrower shall be the continuing or surviving Person, or (ii)
any one or more Subsidiaries, provided that when any Guarantor is merging with another
Subsidiary, the Guarantor shall be the continuing or surviving Person, and provided,
further, that no Guarantor that is a Domestic Subsidiary may merge with a Canadian
Subsidiary or Foreign Subsidiary where such Canadian Subsidiary or Foreign Subsidiary is the
continuing or surviving Person;

(b) the Borrowers and their Subsidiaries may consummate the Canadian Borrower Reorganization
in accordance with the requirements of Section 6.14;

(c) any Subsidiary may sell all or substantially all of its assets (upon voluntary liquidation
or otherwise) to a Borrower or to another Subsidiary; provided that if the seller in such a
transaction is a wholly-owned Subsidiary, then the purchaser must also be a wholly-owned
Subsidiary, and provided, further, that no Guarantor that is a Domestic Subsidiary
may sell all or substantially all of its assets (upon voluntary liquidations or otherwise) to a
Canadian Subsidiary or Foreign Subsidiary;

(d) subject to Section 7.14, such Borrower or any Subsidiary may make a Permitted
Acquisition; and

(e) such Borrower or any Subsidiary may make a Disposition permitted by Section 7.05.

7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition,
except:

(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in
the ordinary course of business;

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

(c) Dispositions of equipment or real property to the extent that (i) such property is
exchanged for credit against the purchase price of similar replacement property or (ii) the
proceeds of such Disposition are reasonably promptly applied to the purchase price of equipment,
real property or leasehold improvements;

(d) Dispositions of property by any Subsidiary to a Borrower or to a wholly-owned Subsidiary;
provided that if the transferor of such property is a Guarantor, the transferee thereof shall also
be a Guarantor;

(e) Dispositions permitted by Section 7.04;

(f) Dispositions of Long Term Student Notes Receivables and other notes and receivables in the
ordinary course of business; and

(g) other Dispositions by such Borrower and its Subsidiaries, so long as (i) no Default or
Event of Default then exists or would result therefrom, (ii) each such Disposition is in an
arm’s-length transaction and such Borrower or the respective Subsidiary receives at least fair
market value (as determined in good faith by such Borrower or such Subsidiary, as the case may be),
(iii) the total consideration received by such Borrower or such Subsidiary is at least 70% cash and
is paid at the time of the closing of such Disposition, (iv) the net cash proceeds therefrom are
applied and/or reinvested as (and to the extent) required by Section 2.07(b) and (v) the
aggregate amount of the proceeds received from all assets so Disposed of in any fiscal year shall
not exceed the greater of (x) $25,000,000 and (y) five percent (5%) of Consolidated Tangible Assets
as of the end of the preceding fiscal year;

provided, however, that any Disposition pursuant to clauses (a), (b), (c), (f)
and (g) shall be for fair market value.

7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or
incur any obligation (contingent or otherwise) to do so, except that:

(a) each Subsidiary may make Restricted Payments to a Borrower and to wholly-owned
Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned Subsidiary, to a
Borrower and any Subsidiary and to each other owner of capital stock or other equity interests of
such Subsidiary on a pro rata basis based on their relative ownership interests);

(b) such Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common equity interests of such Person;

(c) such Borrower and each Subsidiary may purchase, redeem or otherwise acquire shares of its
common stock or other common equity interests or warrants or options to acquire any such shares
with the proceeds received from the substantially concurrent issue of new shares of its common
stock or other common equity interests;

(d) the Domestic Borrower may purchase, redeem or otherwise acquire shares of its common stock
or other common equity interests or warrants or options to acquire any such shares so long as (i)
both before and after giving effect thereto, there shall not exist a Default, (ii) after giving
effect thereto, the Domestic Borrower shall be in pro forma compliance with the financial covenants
in Section 7.11 and (iii) the aggregate amount of such purchases, redemptions and
acquisitions in any period of four consecutive fiscal quarters shall not exceed $75,000,000;

(e) in addition to the Restricted Payments permitted under clauses (a) through
(d) above, the Domestic Borrower may make Restricted Payments (other than purchases,
redemptions or acquisitions permitted under clause (d) above) so long as (i) both before
and after giving effect thereto, there shall not exist a Default, (ii) after giving effect thereto,
the Domestic Borrower shall be in pro forma compliance with the financial covenants
in Section 7.11 and (iii) the aggregate amount of such dividends or distributions in any
period of four consecutive fiscal quarters shall not exceed the greater of (x) 10% of the
Consolidated Net Income of the Domestic Borrower and its Subsidiaries for the most recently ended
period of four consecutive fiscal quarters or (y) $5,000,000; and

(f) the Canadian Subsidiaries may make Restricted Payments not otherwise permitted under
clauses (a) through (e) above so long as (i) both before and after giving effect thereto, there
shall not exist a Default and (ii) the aggregate amount of such Restricted Payments in any period
of four consecutive fiscal quarters shall not exceed $1,000,000.

7.07 Change in Nature of Business. Engage in any material line of business substantially
different from Post-Secondary Education Business, educational or vocational book publishing,
educational or vocational training or any business substantially related or incidental thereto.

7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate
of a Borrower, whether or not in the ordinary course of business, other than on fair and reasonable
terms substantially as favorable to such Borrower or any Subsidiary as would be obtainable by such
Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person
other than an Affiliate.

7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement
or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted
Payments to any Borrower or any Guarantor or to otherwise transfer property to any Borrower or any
Guarantor; provided, however, that this clause (i) shall not prohibit customary
restrictions in connection with an agreement to make a Disposition permitted hereunder, (ii) of any
Subsidiary (other than a Foreign Subsidiary or, with respect to the Indebtedness of the Domestic
Borrower, a Canadian Subsidiary) to Guarantee the Indebtedness of any Borrower or (iii) of any
Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such
Person; provided, however, that this clause (iii) shall not prohibit any negative
pledge incurred or provided in favor of any holder of Indebtedness permitted under Sections
7.03(b), 7.03(e), or 7.03(g) solely to the extent any such negative pledge
relates to the property financed by or the subject of such Indebtedness, any negative pledge
incurred or provided in favor of any holder of Indebtedness permitted under Section 7.03(h)
that is no more restrictive than those provided in this Agreement and that does not restrict the
creation of Liens to secure the Obligations, any customary restrictions in connection with an
agreement to make a Disposition permitted hereunder or any agreement prohibiting the incurrence of
Liens securing subordinated Indebtedness; or (b) requires the grant of a Lien to secure an
obligation of such Person if a Lien is granted to secure another obligation of such Person.

7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or
indirectly, and whether immediately, incidentally or ultimately, in any manner that might cause the
Borrowing or the application of such proceeds to violate Regulation U of the FRB.

7.11 Financial Covenants.

(a) Consolidated Net Worth. Permit the Consolidated Net Worth of the Domestic
Borrower and its Subsidiaries as of the end of any fiscal quarter to be less than the sum of (a)
$300,000,000, (b) an amount equal to 50% of the Consolidated Net Income (before giving effect to
any adjustments set forth in clauses (a) and (b) of the definition thereof) earned
in each full fiscal quarter ending after March 31, 2005 (with no deduction for a net loss in any
such fiscal quarter) and (c) an amount equal to 100% of the aggregate increases in Shareholders’
Equity of the Domestic Borrower and its Subsidiaries after the date hereof by reason of the
issuance and sale of capital stock or other equity interests of the Domestic Borrower or any
Subsidiary (other than issuances to the Domestic Borrower or a wholly-owned Subsidiary and other
than issuances of stock to officers, employees or directors or equity in connection with the
exercise thereof), including upon any conversion of debt securities of the Domestic Borrower or a
Subsidiary into such capital stock or other equity interests.

(b) Consolidated Fixed Charges Coverage Ratio. Permit the Consolidated Fixed Charges
Coverage Ratio of the Domestic Borrower and its Subsidiaries as of the end of any fiscal quarter of
the Domestic Borrower to be less than 1.75:1.00.

(c) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio of the
Domestic Borrower and its Subsidiaries as of the end of any fiscal quarter to be greater than
2.50:1.00.

(d) DOE Financial Responsibility Composite Ratio. Permit the DOE Ratio as of the last
day of any fiscal year to be less than 1.50:1.00.

7.12 Restrictive Agreements, etc. Enter into any agreement (excluding this Agreement, any
other Loan Document and any agreement governing any Indebtedness permitted by Section
7.01(b) as in effect on the Closing Date) restricting the ability of any Borrower or any other
Loan Party to amend or otherwise modify this Agreement or any other Loan Document.

7.13 Corinthian Properties. Notwithstanding anything to the contrary herein, unless and until
Corinthian Properties becomes a Loan Party and enters into a Guaranty and Pledge Agreement, each
Borrower will not, and will not permit any of its Subsidiaries to, make any further Investments in
Corinthian Properties or permit Corinthian Properties to engage in any business other than the
ownership, operation and leasing of the properties it owns as of the Closing Date.

7.14 Limitations on Certain Investments and Acquisitions. Notwithstanding the provisions of
Sections 7.02(c) and (h), 7.03(d) and (e), and 7.04(c), the
sum of the following amounts shall not at any time exceed the greater of (i) $50,000,000 or (ii)
10% of Consolidated Net Worth of the Domestic Borrower and its Subsidiaries as of the end of the
preceding fiscal quarter: (a) the aggregate amount outstanding at such time of all Investments
made after the date hereof by the Domestic Borrower or any Domestic Subsidiary in any non-Canadian
Foreign Subsidiary (net of any returns or repayments); and (b) the aggregate amount of the total
consideration (excluding equity) paid for all Acquisitions made after the date hereof by the
Domestic Borrower or any Domestic Subsidiary of any non-Canadian Foreign Subsidiary, less any
distributions received by the Domestic Borrower or any Domestic Subsidiary on account of such
non-Canadian Foreign Subsidiary.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

8.01 Events of Default. Any of the following shall constitute an Event of Default:

(a) Non-Payment. Any Borrower or any other Loan Party fails to pay (i) when and as
required to be paid herein, any amount of principal of any Loan, any Acceptance or any L/C
Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on
any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due,
any other amount payable hereunder or under any other Loan Document; or

(b) Specific Covenants. Any Borrower fails to perform or observe any term, covenant
or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05,
6.10 or 6.12 or Article VII; or

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part
to be performed or observed and such failure continues for 30 days after the earlier of (i)
knowledge by an executive officer of such Loan Party or (ii) notice thereof has been received by
the Borrowers from any Administrative Agent or any Lender; or

(d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Party
herein or in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made; or

(e) Cross-Default. (i) Any Borrower or any Subsidiary (A) fails to make any payment
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness
under Swap Contracts) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than $10,000,000, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased
or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which any Borrower or any Subsidiary is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to
which any Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the
Swap Termination Value owed by any Borrower or Subsidiary as a result thereof is greater than
$10,000,000; or

(f) Insolvency Proceedings, Etc. Any Loan Party or any of its Material Subsidiaries
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes
an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or
for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material part
of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

(g) Inability to Pay Debts; Attachment. (i) Any Borrower or any Material Subsidiary
becomes unable or admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released,
vacated or fully bonded within 30 days after its issue or levy; or

(h) Judgments. There is entered against any Borrower or any Subsidiary (i) a final
judgment or order for the payment of money in an aggregate amount exceeding $15,000,000 (to the
extent not covered by independent third-party insurance as to which the insurer does not dispute
coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case,
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there
is a period of 10 consecutive days during which a stay of enforcement of such judgment, by reason
of a pending appeal or otherwise, is not in effect; or

(i) ERISA; Canadian Pension Plans. (i) An ERISA Event occurs with respect to a
Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in
liability of any Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the
PBGC in an aggregate amount in excess of $15,000,000, or (ii) any Borrower or any ERISA Affiliate
fails to pay when due, after the expiration of any applicable grace period, any installment payment
with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
an aggregate amount in excess of $15,000,000, or (iii) the institution of any steps by a Borrower,
a Subsidiary or any applicable regulatory authority to terminate any Canadian Pension Plan (wholly
or in part) which could result in the Borrower or Subsidiary being required to make an additional
contribution to the Canadian Pension Plan in excess of $15,000,000, or (iv) the failure to make a
required contribution to any Canadian Pension Plan that, individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect, or (v) the taking of any action with
respect to a Canadian Pension Plan which could reasonably be expected to result in the requirement
that a Borrower or a Subsidiary furnish a bond or other security to such Canadian Pension Plan or
any applicable regulatory authority that, individually or in the aggregate could reasonably be
expected to have a Material Adverse Effect, or (vi) the occurrence of any event with respect to any
Canadian Pension Plan which could reasonably be expected to result in the incurrence by the
Borrower or Subsidiary of any fine or statutory penalty in excess of $15,000,000 with respect to
any Canadian Pension Plan or Canadian Welfare Plan benefit.

(j) Invalidity of Loan Document. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full
of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other
Person contests in any manner the validity or enforceability of any Loan Document; or any Loan
Party denies that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any Loan Document; or

(k) Regulatory Noncompliance. Any Borrower or any Material Subsidiary fails to comply
in any material respect with any of the terms and provisions of any material license, permit or
regulation issued by the DOE or of any Governmental Authority; or

(l) Change of Control. There occurs any Change of Control with respect to any
Borrower.

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agents shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

(a) declare the commitment of each Lender to make Loans, the obligation of each Canadian
Lender to create or purchase any Acceptance and any obligation of each L/C Issuer to make L/C
Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrowers;

(c) require that each Borrower Cash Collateralize the L/C Obligations of such Borrower (in an
amount equal to the then Outstanding Amount thereof);

(d) require that the Canadian Borrower Cash Collateralize the Face Amount of all unmatured
Acceptances; and

(e) exercise on behalf of themselves and the Lenders all rights and remedies available to them
and the Lenders under the Loan Documents or applicable law;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Borrower under any Debtor Relief Laws, the obligation of each
Lender to make Loans, the obligation of each Canadian Lender to create or purchase any Acceptance
and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other amounts as
aforesaid shall automatically become due and payable, and the obligation of the Borrowers to Cash
Collateralize the L/C Obligations and the Face Amount of all unmatured Acceptances as aforesaid
shall automatically become effective, in each case without further act of any Administrative Agent
or any Lender.

ARTICLE IX

ADMINISTRATIVE AGENTS

9.01 Appointment and Authority. Each of the Domestic Lenders and the Domestic L/C Issuer
hereby irrevocably appoints Bank of America to act on its behalf as the Domestic Administrative
Agent hereunder and under the other Loan Documents and authorizes the Domestic Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Domestic
Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. Each of the Canadian Lenders and the Canadian L/C Issuer hereby
irrevocably appoints Bank of America Canada to act on its behalf as the Canadian Administrative
Agent hereunder and under the other Loan Documents and authorizes the Canadian Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Canadian
Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the
Administrative Agents, the Lenders and the L/C Issuers, and neither the Borrowers nor any other
Loan Party shall have rights as a third party beneficiary of any of such provisions.

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

9.03 Exculpatory Provisions. The Administrative Agents shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without
limiting the generality of the foregoing, the Administrative Agents:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

(b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that an Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that neither Administrative Agent shall be
required to take any action that, in its opinion or the opinion of its counsel, may expose it to
liability or that is contrary to any Loan Document or applicable law; and

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

Neither Administrative Agent shall be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as such Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. Neither Administrative Agent
shall be deemed to have knowledge of any Default unless and until notice describing such Default is
given to such Administrative Agent by a Borrower, a Lender or an L/C Issuer.

Neither Administrative Agent shall be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to such Administrative Agent.

9.04 Reliance by Administrative Agents. Each Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person. Each Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, the creation of an Acceptance, or
the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a
Lender or an L/C Issuer, each Administrative Agent may presume that such condition is satisfactory
to such Lender or L/C Issuer unless such Administrative Agent shall have received notice to the
contrary from such Lender or L/C Issuer prior to the making of such Loan, the creation of such
Acceptance, or the issuance of such Letter of Credit. Each Administrative Agent may consult with
legal counsel (who may be counsel for a Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

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

9.06 Resignation of an Administrative Agent. Either Administrative Agent may at any time give
notice of its resignation to the Lenders, the L/C Issuers and the Borrowers. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, subject, so long as no Event
of Default is continuing, to the approval of the Borrowers (such approval not to be unreasonably
withheld or delayed), to appoint a successor, which shall be a bank with an office in the United
States, or an Affiliate of any such bank with an office in the United States (in respect of the
replacement of the Domestic Administrative Agent) or which shall be a bank with an office in Canada
or an Affiliate of any such bank with an office in Canada (in respect of the replacement of the
Canadian Administrative Agent). If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications
set forth above; provided that if such Administrative Agent shall notify the Borrowers and
the Lenders that no qualifying Person has accepted such appointment or a successor has not been
appointed within 40 days after the retiring Administrative Agent gives notice of resignation, then
the Borrowers shall have the right to appoint a successor meeting the qualifications set forth
above and the retiring Administrative Agent’s resignation shall nonetheless become effective in
accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by such Administrative Agent on behalf of the Lenders or the L/C Issuers
under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such
collateral security until such time as a successor Administrative Agent is appointed) and (2) all
payments, communications and determinations provided to be made by, to or through the retiring
Administrative Agent shall instead be made by or to each applicable Lender and L/C Issuer directly,
until such time as the Required Lenders appoint a successor Administrative Agent as provided for
above in this Section. Upon the acceptance of a successor’s appointment as an Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Administrative Agent, and the retiring
Administrative Agent shall be discharged from all of its duties and obligations hereunder or under
the other Loan Documents (if not already discharged therefrom as provided above in this Section).
The fees payable by a Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between such Borrower and such successor. After
the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 10.04 shall continue in effect for the benefit of
such retiring Administrative Agent, its sub agents and their respective Related Parties in respect
of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent
was acting as Administrative Agent.

Any resignation by Bank of America or Bank of America Canada as Administrative Agent pursuant
to this Section shall also constitute its resignation as an L/C Issuer and as a Swing Line Lender.
Upon the acceptance of a successor’s appointment as an Administrative Agent hereunder, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender
shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangement satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

9.07 Non-Reliance on Administrative Agents and Other Lenders. Each Lender and L/C Issuer
acknowledges that it has, independently and without reliance upon either Administrative Agent or
any other Lender or any of their Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender and L/C Issuer also acknowledges that it will, independently and without reliance upon
either Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Persons listed on the cover page hereof as a “syndication agent”, “documentation agent”, “lead
arranger” or “book manager” shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as an Administrative
Agent, a Lender or an L/C Issuer hereunder.

9.09 Administrative Agents May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agents
(irrespective of whether the principal of any Loan, Acceptance or L/C Obligation shall then be due
and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agents shall have made any demand on the Borrowers) shall be entitled and empowered,
by intervention in such proceeding or otherwise

(a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, Acceptance L/C Obligations and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agents
(including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders, the L/C Issuers and the Administrative Agents and their respective agents
and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative
Agents under Sections 2.04(i) and (j), 2.10 and 10.04)
allowed in such judicial proceeding; and

(b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender and L/C Issuer to make
such payments to the Administrative Agents and, in the event that either Administrative Agent shall
consent to the making of such payments directly to the Lenders and L/C Issuers, to pay to such
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of such Administrative Agent and its agents and counsel, and any other amounts due such
Administrative Agent under Sections 2.10 and 10.04.

Nothing contained herein shall be deemed to authorize either Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender or L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize such Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

9.10 Collateral and Guaranty Matters. The Lenders and the L/C Issuers irrevocably authorize
each Administrative Agent, at its option and in its discretion,

(a) to release any Lien on any property granted to or held by such Administrative Agent
under any Loan Document (i) upon termination of the Commitments and payment in full of all
Obligations (other than contingent indemnification obligations) and the expiration or
termination of all Letters of Credit, (ii) that is sold, to be sold, otherwise transferred
or, in the case of pledged equity interests, cancelled or redeemed, as part of or in
connection with any transaction permitted hereunder or under any other Loan Document, or
(iii) subject to Section 10.01, if approved, authorized or ratified in writing by
the Required Lenders;

(b) to subordinate any Lien on any property granted to or held by such Administrative
Agent under any Loan Document to the holder of any Lien on such property that is permitted
by Sections 7.01(b) or (c); and

(c) to release any Guarantor from its obligations under the Guaranty if such Person
ceases to be a Subsidiary as a result of a transaction permitted hereunder.

Upon request by either Administrative Agent at any time, the Required Lenders will confirm in
writing such Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Guaranty
pursuant to this Section 9.10.

ARTICLE X

MISCELLANEOUS

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other
Loan Document, and no consent to any departure by any Borrower or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders and the Borrowers or the
applicable Loan Party, as the case may be, and acknowledged by the applicable Administrative Agent,
and each such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no such amendment, waiver
or consent shall, unless in writing and signed by each of the Lenders directly affected thereby (it
being understood that only those Lenders that elect to increase their Commitments under Section
2.15 shall be deemed to be directly affected by any increase under Section 2.15) and by
the Borrowers, and acknowledged by the Administrative Agents, do any of the following:

(a) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02);

(b) postpone any date fixed by this Agreement or any other Loan Document for any payment or
mandatory prepayment (other than a mandatory prepayment under Section 2.07) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other
Loan Document;

(c) reduce the principal of, or the rate of interest specified herein on, any Loan, Acceptance
or L/C Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01)
any fees or other amounts payable hereunder or under any other Loan Document, provided,
however, that only the consent of the Required Lenders shall be necessary to amend any
financial covenant hereunder even if the effect of such amendment would be to reduce the rate of
interest on any Loan, Acceptance or L/C Borrowing or to reduce any fee payable hereunder;

(d) change the percentage of the Aggregate Domestic Commitments or the Aggregate Canadian
Commitments or of the aggregate unpaid principal amount of the Loans, Acceptances and L/C
Obligations which is required for the Lenders or any of them to take any action hereunder;

(e) amend this Section, or Section 2.14, or any provision herein providing for consent
or other action by all the Lenders;

(f) release all or substantially all of the Guarantors from the Guaranty except as provided in
Section 9.10 hereof; or

(g) release all or substantially all of the collateral security for the Obligations.

and, provided further, that (i) no amendment, waiver or consent shall, unless
in writing and signed by the applicable L/C Issuer in addition to the Required Lenders or each
directly-affected Lender, as the case may be, affect the rights or duties of an L/C Issuer under
this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be
issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the
applicable Swing Line Lender in addition to the Required Lenders or each directly-affected Lender,
as the case may be, affect the rights or duties of such Swing Line Lender under this Agreement;
(iii) no amendment, waiver or consent shall, unless in writing and signed by the applicable
Administrative Agent in addition to the Required Lenders or each directly-affected Lender, as the
case may be, affect the rights or duties of such Administrative Agent under this Agreement or any
other Loan Document; (iv) Section 10.06(i) may not be amended, waived or otherwise modified
without the consent of each Granting Lender all or any part of whose Loans are being funded by an
SPC at the time of such amendment, waiver or other modification; and (v) the Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder, except that the
Commitment of such Lender may not be increased or extended without the consent of such Lender.

10.02 Notices; Effectiveness; Electronic Communication.

(a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as
follows, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows:

(i) if to the Borrowers, the Administrative Agents, the L/C Issuers or the Swing Line
Lenders, to the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.02; and

(ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Notices delivered through electronic communications to the extent provided in
subsection (b) below, shall be effective as provided in such subsection (b).

(b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e
mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agents, provided that the foregoing shall not apply to notices to any Lender or L/C Issuer
pursuant to Article II if such Lender or L/C Issuer, as applicable, has notified the
Administrative Agents that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agents or the Borrowers may, in their discretion, agree to
accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

Unless the Administrative Agents otherwise prescribe, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agents or any of their
Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any
Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of
any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or Administrative
Agent’s transmission of Borrower Materials through the Internet, except to the extent that such
losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party
have any liability to any Borrower, any Lender, any L/C Issuer or any other Person for indirect,
incidental, consequential or punitive damages (as opposed to direct or actual damages).

(d) Change of Address, Etc. Each of the Borrowers, the Administrative Agents, the L/C
Issuers and the Swing Line Lenders may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications
hereunder by notice to the Borrowers, the Administrative Agents, the L/C Issuers and the Swing Line
Lenders.

(e) Reliance by Administrative Agents, L/C Issuers and Lenders. The Administrative
Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Committed Loan Notices, Drawing Notices and Swing Line Loan Notices)
purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrowers shall indemnify each Administrative Agent, each L/C Issuer,
each Lender and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of any Borrower. All telephonic notices to and other communications with any Administrative
Agent may be recorded by such Administrative Agent, and each of the parties hereto hereby consents
to such recording.

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

10.04 Expenses; Indemnity; Damage Waiver.

(a) Costs and Expenses. Each Borrower jointly and severally agrees to pay (i) all
reasonable out of pocket expenses incurred by the Administrative Agents and their Affiliates
(including the reasonable fees, charges and disbursements of counsel for the Administrative
Agents), in connection with the syndication of the credit facilities provided for herein, the
preparation, negotiation, execution, delivery and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out of pocket expenses incurred by the L/C Issuers in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out of pocket expenses incurred by any Administrative Agent, any Lender or any L/C Issuer
(including the fees, charges and disbursements of any counsel for any Administrative Agent, any
Lender or any L/C Issuer), and shall pay all fees and time charges for attorneys who may be
employees of any Administrative Agent, Lender or L/C Issuer, in connection with the enforcement or
protection of its rights (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (B) in connection with the Loans made, Acceptances
created or Letters of Credit issued hereunder, including all such out of pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans, Acceptances or Letters
of Credit.

(b) Indemnification by the Borrowers. Each Borrower shall jointly and severally
indemnify each Administrative Agent (and any sub-agent thereof), each Lender and each L/C Issuer,
and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and disbursements of any
counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees
and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred
by any Indemnitee or asserted against any Indemnitee by any third party or by a Borrower or any
other Loan Party arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any
Loan, Acceptance or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of
such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on
or from any property owned or operated by a Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to a Borrower or any of its Subsidiaries, or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or
by a Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by a
Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if a Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction.

(c) Reimbursement by Lenders. To the extent that the Borrowers for any reason fail to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by them
to an Administrative Agent (or any sub-agent thereof), an L/C Issuer or any Related Party of any of
the foregoing, each Lender severally agrees to pay to such Administrative Agent (or any such
sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s Pro Rata Share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against such
Administrative Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against
any Related Party of any of the foregoing acting for such Administrative Agent (or any such
sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.13(f).

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee,
on any theory of liability, for indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Loan, Acceptance or Letter of Credit or the use of the proceeds thereof. No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except to
the extent that such damages are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee.

(e) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor.

(f) Survival. The agreements in this Section shall survive the resignation of any
Administrative Agent and L/C Issuer, the replacement of any Lender, the termination of the
Commitments and the repayment, satisfaction or discharge of all the other Obligations.

10.05 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is
made to any Administrative Agent or any Lender, or any Administrative Agent or any Lender exercises
its right of set-off, and such payment or the proceeds of such set-off or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by such Administrative Agent or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such set-off had not occurred, and
(b) each Lender severally agrees to pay to such Administrative Agent upon demand its applicable
share of any amount so recovered from or repaid by such Administrative Agent, plus interest thereon
from the date of such demand to the date such payment is made at a rate per annum equal to the
Federal Funds Rate in the case of the Domestic Administrative Agent and the Interbank Reference
Rate in the case of the Canadian Administrative Agent from time to time in effect.

10.06 Successors and Assigns.

(a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that neither the Borrowers nor any other Loan Party may assign or
otherwise transfer any of their rights or obligations hereunder without the prior written consent
of the Administrative Agents and each Lender and no Lender may assign or otherwise transfer any of
its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (h) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agents, the LC Issuers and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including for purposes of this subsection (b),
Acceptances, participations in L/C Obligations and in Swing Line Loans) at the time owing to it);
provided that

(i) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to
a Lender or an Affiliate of a Lender or an Approved Fund (as defined in subsection (h) of
this Section) with respect to a Lender, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in
effect, the principal outstanding balance of the 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 applicable Administrative Agent or, if “Trade Date”
is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless each of such Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the applicable Borrower otherwise consents (each such consent
not to be unreasonably withheld or delayed);

(ii) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the
Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in
respect of Swing Line Loans;

(iii) any assignment of a Commitment must be approved by the applicable Borrower (which
approval shall not be unreasonably withheld and shall not be required during the continuance
of any Default), the applicable Administrative Agent, the applicable L/C Issuer and the
applicable Swing Line Lender (each such approval not to be unreasonably withheld or delayed)
unless the Person that is the proposed assignee is itself a Lender (whether or not the
proposed assignee would otherwise qualify as an Eligible Assignee); and

(iv) the parties to each assignment shall execute and deliver to such Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$2,500, and the Eligible Assignee, if it shall not be a Lender, shall deliver to such
Administrative Agent an Administrative Questionnaire.

Subject to acceptance and recording thereof by the applicable Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date specified in each Assignment and
Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, 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 3.01, 3.04, 3.05,
and 10.04 with respect to facts and circumstances occurring prior to the effective date of
such assignment. Upon request, the applicable Borrower (at its expense) shall execute and deliver
a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this subsection 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 subsection (d) of this Section.

(c) Register. Each Administrative Agent, acting solely for this purpose as an agent
of the applicable Borrower, shall maintain at the Administrative Agent’s Office of such
Administrative Agent a copy of each Assignment and Assumption delivered to it and a register for
the recordation of the names and addresses of the applicable Lenders, and the Commitments of, and
principal amounts of the Loans and L/C Obligations owing to, each such Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, and the Borrowers, the Administrative Agents and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by each Borrower and L/C Issuer at any reasonable time and from time to
time upon reasonable prior notice.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
any Borrower or Administrative Agent, sell participations to any Person (other than a natural
person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans and Acceptances (including
such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrowers, the Administrative Agents, the Lenders and the L/C
Issuers shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that directly affects such Participant. Subject to subsection (e) of this
Section, each Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be subject to Section 2.14
as though it were a Lender.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 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 Borrowers’ prior written
consent. A Participant that would be a Foreign Lender or a Canadian Lender to which clause (c) in
the third sentence of the fourth paragraph of Section 10.14(a) applies (if it were a
Lender) shall not be entitled to the benefits of Section 3.01 unless each Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit
of the Borrowers, to comply with Section 10.14 as though it were a Lender.

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto.

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

(h) As used herein, the following terms have the following meanings:

“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an
Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the
Administrative Agents, the L/C Issuers and the Swing Line Lenders, and (ii) unless an Event
of Default has occurred and is continuing, the Borrowers (each such approval not to be
unreasonably withheld or delayed); provided that notwithstanding the foregoing,
“Eligible Assignee” shall not include a Borrower or any of its Affiliates or Subsidiaries.

“Fund” means any Person (other than a natural person) that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

“Approved Fund” means any Fund 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.

(i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time
to time by the Granting Lender to the Administrative Agents and the Borrowers (an “SPC”)
the option to provide all or any part of any Committed Loan that such Granting Lender would
otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPC to fund any Committed Loan, and (ii) if an SPC elects not
to exercise such option or otherwise fails to make all or any part of such Committed Loan, the
Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof. Each
party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of
such option shall increase the costs or expenses or otherwise increase or change the obligations of
the Borrowers under this Agreement (including their obligations under Section 3.04), (ii)
no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for
which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the
approval of any amendment, waiver or other modification of any provision of any Loan Document,
remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall
utilize the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan
were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date
that is one year and one day after the payment in full of all outstanding commercial paper or other
senior debt of any SPC, it will not institute against, or join any other Person in instituting
against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation
proceeding under the laws of the United States or any State thereof. Notwithstanding anything to
the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the
Borrowers and the Administrative Agents and with the payment of a processing fee of $2,500, assign
all or any portion of its right to receive payment with respect to any Committed Loan to the
Granting Lender and (ii) disclose on a confidential basis any non-public information relating to
its funding of Committed Loans to any rating agency, commercial paper dealer or provider of any
surety or Guarantee or credit or liquidity enhancement to such SPC.

(j) Notwithstanding anything to the contrary contained herein, if at any time Bank of America
or Bank of America Canada assigns all of its Commitment and Loans pursuant to subsection (b) above,
it may, (i) upon 30 days’ notice to the Borrowers and the Lenders, resign as an L/C Issuer and/or
(ii) upon five Business Days’ notice to the Borrowers, terminate the applicable Swing Line Loans.
In the event of any such resignation as an L/C Issuer or termination of such Swing Line Loans, the
Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line
Lender hereunder; provided, however, that no failure by the Borrowers to appoint
any such successor shall affect the resignation of Bank of America or Bank of America Canada as L/C
Issuer or the termination of any Swing Line Loan, as the case may be. Bank of America and Bank of
America Canada shall retain all the rights and obligations of an L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and
all L/C Obligations with respect thereto (including the right to require the Lenders to make Base
Rate Committed Loans or fund participations in Unreimbursed Amounts pursuant to Section
2.04(c)). If Bank of America or Bank of America Canada terminates its Swing Line Loans, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing
Line Loans made by it and outstanding as of the effective date of such termination, including the
right to require the Lenders to make Base Rate Committed Loans or fund participations in
outstanding Swing Line Loans pursuant to Section 2.05(a).

10.07 Confidentiality. Each of the Administrative Agents and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential); (b) to the extent requested by any regulatory authority; (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process; (d)
to any other party to this Agreement; (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement of rights
hereunder; (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible
Assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
direct or indirect contractual counterparty or prospective counterparty (or such contractual
counterparty’s or prospective counterparty’s professional advisor) to any credit derivative
transaction relating to obligations of the Loan Parties; (g) with the consent of the Borrowers; (h)
to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to any Administrative Agent or any Lender on a
nonconfidential basis from a source other than a Borrower; or (i) to the National Association of
Insurance Commissioners or any other similar organization or any nationally recognized rating
agency that requires access to information about a Lender’s or its Affiliates’ investment portfolio
in connection with ratings issued with respect to such Lender or its Affiliates. In addition, the
Administrative Agents and the Lenders may disclose the existence of this Agreement and information
about this Agreement to market data collectors, similar service providers to the lending industry,
and service providers to any Administrative Agent and the Lenders in connection with the
administration and management of this Agreement, the other Loan Documents, the Commitments, and the
Credit Extensions.

For the purposes of this Section, “Information” means all information received from
the Loan Parties relating to the Loan Parties or their businesses, other than any such information
that is available to any Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by any Loan Party; provided that, in the case of information received from a
Loan Party after the date hereof, such information is clearly identified in writing at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.

10.08 Set-off. In addition to any rights and remedies of the Lenders provided by law, upon
the occurrence and during the continuance of any Event of Default, each Lender is authorized at any
time and from time to time, without prior notice to the Borrower or any other Loan Party, any such
notice being waived by the Borrowers (on their own behalf and on behalf of each Loan Party) to the
fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held by, and other indebtedness at any time owing
by, such Lender to or for the credit or the account of the respective Loan Parties against any and
all Obligations owing to such Lender, now or hereafter existing, irrespective of whether or not the
Administrative Agents or such Lender shall have made demand under this Agreement or any other Loan
Document and although such Obligations may be contingent or unmatured or denominated in a currency
different from that of the applicable deposit or indebtedness. Each Lender agrees promptly to
notify the Borrowers and the Administrative Agents after any such set-off and application made by
such Lender; provided, however, that the failure to give such notice shall not
affect the validity of such set-off and application.

10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
any Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. In determining whether the interest contracted for,
charged, or received by an Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations.

10.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

10.11 Integration. This Agreement, together with the other Loan Documents, comprises the
complete and integrated agreement of the parties on the subject matter hereof and thereof and
supersedes all prior agreements, written or oral, on such subject matter. In the event of any
conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Administrative Agents or the Lenders in any other Loan Document
shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

10.12 Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by each Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agents or any Lender or
on their behalf and notwithstanding that any Administrative Agent or any Lender may have had notice
or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
and effect as long as any Loan or any other Obligation shall remain unpaid or unsatisfied or any
Letter of Credit shall remain outstanding.

10.13 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

10.14 Tax Forms. (a) Each Domestic Lender that is not a “United States person” within the
meaning of Section 7701(a)(30) of the Code (a “Foreign Lender”) shall deliver to the
Domestic Administrative Agent, prior to receipt of any payment subject to withholding under the
Code (or upon accepting an assignment of an interest herein), two duly signed completed copies of
either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it
to an exemption from, or reduction of, withholding tax on all payments to be made to such Foreign
Lender by the Domestic Borrower pursuant to this Agreement) or IRS Form W-8ECI or any successor
thereto (relating to all payments to be made to such Foreign Lender by the Domestic Borrower
pursuant to this Agreement) or such other evidence satisfactory to the Domestic Borrower and the
Domestic Administrative Agent that such Foreign Lender is entitled to an exemption from, or
reduction of, U.S. withholding tax. Thereafter and from time to time, each such Foreign Lender
shall (i) promptly submit to the Domestic Administrative Agent such additional duly completed and
signed copies of one of such forms (or such successor forms as shall be adopted from time to time
by the relevant United States taxing authorities) as may then be available under then current
United States laws and regulations to avoid, or such evidence as is satisfactory to the Domestic
Borrower and the Domestic Administrative Agent of any available exemption from or reduction of,
United States withholding taxes in respect of all payments to be made to such Foreign Lender by the
Domestic Borrower pursuant to this Agreement, (ii) promptly notify the Domestic Administrative
Agent and the Domestic Borrower of any change in circumstances which would modify or render invalid
any claimed exemption or reduction, and (iii) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably
necessary (including the re-designation of its Lending Office) to avoid any requirement of
applicable Laws that the Domestic Borrower make any deduction or withholding for taxes from amounts
payable to such Foreign Lender.

Each Foreign Lender, to the extent it does not act or ceases to act for its own account with
respect to any portion of any sums paid or payable to such Lender under any of the Loan Documents
(for example, in the case of a typical participation by such Lender), shall deliver to the Domestic
Administrative Agent on the date when such Foreign Lender ceases to act for its own account with
respect to any portion of any such sums paid or payable, and at such other times as may be
necessary in the determination of the Domestic Administrative Agent (in the reasonable exercise of
its discretion), (i) two duly signed completed copies of the forms or statements required to be
provided by such Lender as set forth above, to establish the portion of any such sums paid or
payable with respect to which such Lender acts for its own account that is not subject to U.S.
withholding tax, and (ii) two duly signed completed copies of IRS Form W-8IMY (or any successor
forms), together with any information such Lender chooses to transmit with such form, and any other
certificate or statement of exemption required under the Code, to establish that such Lender is not
acting for its own account with respect to a portion of any such sums payable to such Lender.

The Domestic Borrower shall not be required to pay any additional or other amount to any
Foreign Lender under Section 3.01 (i) with respect to any Taxes required to be deducted or
withheld on the basis of the information, certificates or statements of exemption or reduction such
Lender transmits with any IRS Form required to be provided pursuant to this Section
10.14(a) or (ii) if such Foreign Lender shall have failed to satisfy the requirements of this
Section 10.14(a); provided that if such Lender shall have satisfied the requirement
of this Section 10.14(a) on the date such Lender became a Lender or ceased to act for its
own account with respect to any payment under any of the Loan Documents, nothing in this
Section 10.14(a) shall relieve the Domestic Borrower of its obligation to pay any amounts
pursuant to Section 3.01 in the event that, as a result of any change in any applicable
law, treaty or governmental rule, regulation or order, or any change in the interpretation,
administration or application thereof, (y) such Lender is no longer properly entitled to deliver
forms, certificates or other evidence at a subsequent date establishing the fact that such Lender
or other Person for the account of which such Lender receives any sums payable under any of the
Loan Documents is not subject to withholding or is subject to withholding at a reduced rate as
described in Section 3.01 or (z) the rate of any such deduction or withholding is
increased. The Domestic Administrative Agent may, without reduction, withhold any Taxes required
to be deducted and withheld from any payment under any of the Loan Documents with respect to which
the Domestic Borrower is not required to pay additional amounts under this Section
10.14(a).

Upon request of the Canadian Administrative Agent or the Canadian Borrower from time to time,
each Canadian Lender shall deliver to the Canadian Administrative Agent and the Canadian Borrower a
certificate, executed by a senior officer of such Canadian Lender, certifying that (a) such
Canadian Lender is not a “non-resident” within the meaning of the Income Tax Act (Canada); or (b)
such Canadian Lender is an “authorized foreign bank” within the meaning of the Bank Act (Canada)
for purposes of the Income Tax Act (Canada) and is entering into this Agreement (or an Assignment
and Assumption) in the ordinary course of its trade and business that is its “Canadian banking
business” for purposes of the Income Tax Act (Canada), and each amount paid or credited by or to it
in respect of the transactions contemplated hereunder is, and will be brought into account and
recorded and reported in computing its income for Canadian tax purposes as having been made or
received as the case may be, in respect of its “Canadian banking business” as so defined; or (c)
neither (a) nor (b) above apply. A Canadian Lender delivering such certificate shall also deliver
such documents or other evidence as may be reasonably required from time to time to confirm the
truth and accuracy of foregoing certificate. If the certificate delivered by a Canadian Lender
pursuant to this paragraph indicates that (c) above applies, or if a Canadian Lender fails to
deliver such certificate or such documents or other evidence reasonably required, then (x) the
Canadian Borrower (in compliance with Section 3.01(a)) or Canadian Administrative Agent may
withhold from any interest payment to such Canadian Lender an amount equivalent to the applicable
Canadian withholding tax imposed by applicable Canadian Laws, without reduction, and (y) the
Canadian Borrower shall not be required to pay any additional or other amount to such Canadian
Lender under Section 3.01 to the extent such additional or other amount would not be
assessable if (a) or (b) above were to apply; provided that if an Event of Default shall
occur and continue to exist for not less than six (6) months then clause (y) of this sentence shall
not apply with respect to a Canadian Lender which is not a signatory to this Agreement on the date
hereof and to which an assignment has been made during the continuance of such Event of Default and
following the expiration of such six (6) months. From time to time, each Canadian Lender shall (i)
promptly submit to the Canadian Administrative Agent and the Canadian Borrower such certificates,
documents or other evidence as aforesaid, (ii) promptly notify the Canadian Administrative Agent
and the Canadian Borrower of any change in circumstances which would result in a certificate
delivered as required above no longer continuing to be true and accurate, and (iii) take such steps
as shall not be materially disadvantageous to it, in the reasonable judgment of such Canadian
Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to
avoid any requirement of applicable Laws that the Canadian Borrower make any deduction or
withholding for taxes from amounts payable to such Canadian Lender.

(b) Upon the request of the Domestic Administrative Agent, each Domestic Lender that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the
Domestic Administrative Agent two duly signed completed copies of IRS Form W-9. If such Lender
fails to deliver such forms, then the Domestic Administrative Agent may withhold from any interest
payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by
the Code, without reduction, and the Borrowers shall not be responsible for any of those Taxes or
other sums payable on account of such Lender’s failure to deliver such forms.

(c) If any Governmental Authority asserts that any Administrative Agent did not properly
withhold or backup withhold, as the case may be, any tax or other amount from payments made to or
for the account of any Lender, such Lender shall indemnify such Administrative Agent therefor,
including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable
to such Administrative Agent under this Section, and costs and expenses (including Attorney Costs)
of such Administrative Agent. If any Governmental Authority asserts that any Borrower or any
Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or
other amount from payments made to or for the account of any Lender, and such improper failure to
withhold or backup withhold occurred as a result of such Lender’s failure to comply with the
applicable provisions of this Section 10.14, such Lender shall indemnify such Borrower
therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the
amounts payable, and costs and expenses (including Attorney Costs) of such Borrower. The
obligation of the Lenders under this Section shall survive the termination of the Commitments,
repayment of all Obligations and the resignation of such Administrative Agent.

10.15 Replacement of Lenders. Under any circumstances set forth herein providing that the
Borrowers shall have the right to replace a Lender as a party to this Agreement, the Borrowers may,
upon notice to such Lender and the Administrative Agents, replace such Lender by causing such
Lender to assign its Commitment (with the assignment fee to be paid by the Borrowers in such
instance) pursuant to Section 10.06(b) to one or more other Lenders or Eligible Assignees
procured by the Borrowers; provided, however, that if any Borrower elects to
exercise such right with respect to any Lender pursuant to Section 3.06(b), it shall be
obligated to replace all Lenders that have made similar requests for compensation pursuant to
Section 3.01 or 3.04. The applicable Borrower shall (x) pay in full all principal,
interest, fees and other amounts owing to such Lender through the date of replacement (including
any amounts payable pursuant to Section 3.05), (y) provide appropriate assurances and
indemnities (which may include letters of credit) to the applicable L/C Issuer and (as applicable)
the Domestic Swing Line Lender as each may reasonably require with respect to any continuing
obligation to purchase participation interests in any L/C Obligations or any Domestic Swing Line
Loans then outstanding, and (z) release such Lender from its obligations under the Loan Documents.
Any Lender being replaced shall execute and deliver an Assignment and Assumption with respect to
such Lender’s Commitment and outstanding Credit Extensions.

10.16 Governing Law.

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE;
PROVIDED THAT EACH ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW.

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN LOS ANGELES OR OF THE UNITED
STATES FOR THE CENTRAL DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH BORROWER, EACH ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH BORROWER, EACH ADMINISTRATIVE
AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF
VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER
DOCUMENT RELATED THERETO. EACH BORROWER, EACH ADMINISTRATIVE AGENT AND EACH LENDER WAIVES PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED
BY THE LAW OF SUCH STATE.

10.17 Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

10.18 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined)
and each Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Borrowers, which information includes the name and address of the
Borrowers and other information that will allow such Lender or Administrative Agent, as applicable,
to identify the Borrowers in accordance with the Act.

2

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written.

CORINTHIAN COLLEGES, INC.,

a Delaware corporation

By:

Name:

Title:

3

CORINTHIAN CANADA ACQUISITION INC.,

an Ontario corporation

By:

Name:

Title:

4

BANK OF AMERICA, N.A.,

as Domestic Administrative Agent

By:

Name:

Title:

5

BANK OF AMERICA, N.A., acting through its Canada
Branch,

as Canadian Administrative Agent

By:

Name:

Title:

6

BANK OF AMERICA, N.A.,

as a Domestic Lender, Domestic L/C Issuer and
Domestic Swing Line Lender

By:

Name:

Title:

7

BANK OF AMERICA, N.A., acting through its Canada
Branch,

as a Canadian Lender, Canadian L/C Issuer and
Canadian Swing Line Lender

By:

Name:

Title:

8

UNION BANK OF CALIFORNIA, N.A.,

as Syndication Agent and a Domestic Lender

By:

Name:

Title:

9

U.S. BANK NATIONAL ASSOCIATION,

as Co-Documentation Agent and a Domestic Lender

By:

Name:

Title:

10

JPMORGAN CHASE BANK, N.A.

as a Co-Documentation Agent and a Domestic Lender

By:

Name:

Title:

11

SUNTRUST BANK,

as a Domestic Lender

By:

Name:

Title:

12

THE NORTHERN TRUST COMPANY,

as a Domestic Lender

By:

Name:

Title:

UNION BANK OF CALIFORNIA, N.A.,

as a Canadian Lender

By:

Name:

Title:

13

JPMORGAN CHASE BANK, N.A., Toronto Branch, as a
Canadian Lender

By:

Name:

Title:

14

U.S. BANK NATIONAL ASSOCIATION,

as a Canadian Lender

By:

Name:

Title:

15

SCHEDULE 2.01

COMMITMENTS

AND PRO RATA SHARES

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Aggregate Pro Rata
	 	 	 	 	 	 	 	 	 	 	Share as of Closing
	Domestic Lender	 	Commitment	 	Pro Rata Share	 	Date
	Bank of America, N.A.
	 	$	35,000,000	 	 	 	20.000000000	%	 	 	14.893617021	%
	Union Bank of California, N.A.
	 	$	30,000,000	 	 	 	17.142857143	%	 	 	12.765957447	%
	JPMorgan Chase Bank, N.A.
	 	$	30,000,000	 	 	 	17.142857143	%	 	 	12.765957447	%
	U.S. Bank National Association
	 	$	30,000,000	 	 	 	17.142857143	%	 	 	12.765957447	%
	Suntrust Bank
	 	$	25,000,000	 	 	 	14.285714286	%	 	 	10.638297872	%
	The Northern Trust Company
	 	$	25,000,000	 	 	 	14.285714286	%	 	 	10.638297872	%
	Total
	 	$	175,000,000	 	 	 	100.00000000	%	 	 	100.000000000	%

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Aggregate Pro Rata
	 	 	 	 	 	 	 	 	 	 	Share as of Closing
	Canadian Lender	 	Commitment	 	Pro Rata Share	 	Date
	**Bank of America, N.A., acting through its
Canada Branch
	 	$	15,000,000	 	 	 	25.000000000	%	 	 	6.382978723	%
	**Union Bank of California, N.A.
	 	$	15,000,000	 	 	 	25.000000000	%	 	 	6.382978723	%
	**JPMorgan Chase Bank, N.A., Toronto branch
	 	$	15,000,000	 	 	 	25.000000000	%	 	 	6.382978723	%
	**U.S. Bank National Association
	 	$	15,000,000	 	 	 	25.000000000	%	 	 	6.382978723	%
	Total
	 	$	60,000,000	 	 	 	100.00000000	%	 	 	100.000000000	%

** Other Reference Lender

16

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