Document:

exv10w1

 

EXHIBIT 10.1

EXECUTION VERSION

 

CREDIT FACILITY AGREEMENT

dated as of

December 7, 2006

between

GREAT WALL ACQUISITION CORPORATION

The LENDERS Party Hereto

and

DBS BANK LTD,

as Administrative Agent

 

Up to S$62,000,000

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Terms Generally
	 	 	15	 
	SECTION 1.03. Accounting Terms; GAAP
	 	 	15	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	16	 
	 
	 	 	 	 
	SECTION 2.01. The Commitments
	 	 	16	 
	SECTION 2.02. Loans and Borrowings
	 	 	16	 
	SECTION 2.03. Requests for Borrowings
	 	 	17	 
	SECTION 2.04. Funding of Borrowings
	 	 	17	 
	SECTION 2.05. Termination and Reduction of the Commitments
	 	 	18	 
	SECTION 2.06. Repayment of Loans; Evidence of Debt
	 	 	18	 
	SECTION 2.07. Prepayment of Loans
	 	 	19	 
	SECTION 2.08. Fees
	 	 	21	 
	SECTION 2.09. Interest
	 	 	21	 
	SECTION 2.10. Alternate Rate of Interest
	 	 	22	 
	SECTION 2.11. Increased Costs
	 	 	22	 
	SECTION 2.12. Break Funding Payments
	 	 	23	 
	SECTION 2.13. Taxes
	 	 	24	 
	SECTION 2.14. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	25	 
	 
	 	 	 	 
	ARTICLE III
	 	 	26	 
	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	26	 
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	26	 
	SECTION 3.02. Authorization; Enforceability
	 	 	27	 
	SECTION 3.03. Governmental Approvals; No Conflicts
	 	 	27	 
	SECTION 3.04. Financial Condition; No Material Adverse Change
	 	 	27	 
	SECTION 3.05. Properties
	 	 	28	 
	SECTION 3.06. Litigation
	 	 	28	 
	SECTION 3.07. Environmental Matters
	 	 	28	 
	SECTION 3.08. Compliance with Laws and Agreements
	 	 	28	 
	SECTION 3.09. Investment and Holding Company Status
	 	 	29	 
	SECTION 3.10. Taxes
	 	 	29	 
	SECTION 3.11. ERISA; Non-U.S. Plans
	 	 	29	 
	SECTION 3.12. Disclosure
	 	 	29	 
	SECTION 3.13. Use of Credit
	 	 	29	 
	SECTION 3.14. Agreements and Liens
	 	 	29	 
	SECTION 3.15. Capitalization
	 	 	30	 
	SECTION 3.16. Subsidiaries and Investments
	 	 	30	 

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	 	 	Page	 
	ARTICLE IV CONDITIONS
	 	 	31	 
	 
	 	 	 	 
	SECTION 4.01. Effective Date
	 	 	31	 
	SECTION 4.02. Each Loan
	 	 	34	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS
	 	 	34	 
	 
	 	 	 	 
	SECTION 5.01. Financial Statements and Other Information
	 	 	34	 
	SECTION 5.02. Notices of Material Events
	 	 	35	 
	SECTION 5.03. Existence; Conduct of Business
	 	 	36	 
	SECTION 5.04. Payment of Obligations
	 	 	36	 
	SECTION 5.05. Maintenance of Properties; Insurance
	 	 	36	 
	SECTION 5.06. Books and Records; Inspection Rights
	 	 	36	 
	SECTION 5.07. Compliance with Laws
	 	 	37	 
	SECTION 5.08. Use of Proceeds
	 	 	37	 
	SECTION 5.09. Further Assurances
	 	 	37	 
	SECTION 5.10. Ownership of ChinaCast
	 	 	37	 
	SECTION 5.11. Dividend Payment by ChinaCast
	 	 	37	 
	SECTION 5.12. The Accounts
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS
	 	 	38	 
	 
	 	 	 	 
	SECTION 6.01. Indebtedness
	 	 	38	 
	SECTION 6.02. Liens
	 	 	38	 
	SECTION 6.03. Fundamental Changes
	 	 	39	 
	SECTION 6.04. Lines of Business
	 	 	39	 
	SECTION 6.05. Investments
	 	 	39	 
	SECTION 6.06. Restricted Payments
	 	 	40	 
	SECTION 6.07. Transactions with Affiliates
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VII EVENTS OF DEFAULT
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT
	 	 	43	 
	 
	 	 	 	 
	SECTION 8.01. Appointment
	 	 	43	 
	SECTION 8.02. Rights as a Lender
	 	 	44	 
	SECTION 8.03. Limitation on Duties
	 	 	44	 
	SECTION 8.04. Reliance by Administrative Agent
	 	 	44	 
	SECTION 8.05. Sub-Agents
	 	 	45	 
	SECTION 8.06. Resignation
	 	 	45	 
	SECTION 8.07. Reliance by Lenders
	 	 	45	 
	SECTION 8.08. Amendments to Loan Documents
	 	 	46	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	46	 
	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	46	 
	SECTION 9.02. Waivers; Amendments
	 	 	47	 
	SECTION 9.03. Expenses; Indemnity; Damage Waiver
	 	 	48	 
	SECTION 9.04. Successors and Assigns
	 	 	49	 

- ii -

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 9.05. Survival
	 	 	52	 
	SECTION 9.06. Counterparts; Integration; Effectiveness
	 	 	52	 
	SECTION 9.07. Severability
	 	 	53	 
	SECTION 9.08. Right of Setoff
	 	 	53	 
	SECTION 9.09. Governing Law; Jurisdiction; Etc
	 	 	53	 
	SECTION 9.10. WAIVER OF JURY TRIAL
	 	 	54	 
	SECTION 9.11. Headings
	 	 	54	 
	SECTION 9.12. Treatment of Certain Information; Confidentiality
	 	 	54	 

SCHEDULE I  —  Commitments

SCHEDULE II  —  Agreements and Liens

SCHEDULE III  —  Litigation

SCHEDULE IV  —  Environmental Matters

SCHEDULE V  —  Subsidiaries and Investments

EXHIBIT A  —  Form of Assignment and Acceptance

- iii -

 

          CREDIT FACILITY AGREEMENT dated as of December 7, 2006, between GREAT WALL ACQUISITION
CORPORATION, the LENDERS party hereto, and DBS BANK LTD, as Administrative Agent.

          The Borrower (as hereinafter defined) has requested that the Lenders (as so defined) make
loans to it in an aggregate principal amount not exceeding S$62,000,000 in connection with the
acquisition by it of outstanding shares in the capital of ChinaCast Communication Holdings Limited
(“ChinaCast”). The Lenders are prepared to make such loans upon the terms and conditions
hereof, and, accordingly, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

          “Accounts” means the U.S. Dollar Debt Service Account and the Singapore Dollar Debt
Service Account.

          “Acquisition” means the acquisition of shares of ChinaCast by the Borrower to achieve
an aggregate holding by the Borrower of more than 50.0% of ChinaCast that is to take place
substantially simultaneously with the Effective Date.

          “Acquisition Payment Instruction” means a payment instruction from the Borrower to the
Administrative Agent (in a form acceptable to the Administrative Agent) irrevocably authorizing the
Administrative Agent to withdraw amounts deposited in the Accounts to fund the purchase price for
the acquisition of shares in ChinaCast and related costs and expenses approved by the Lenders.

          “Administrative Agent” means DBS in its capacity as administrative agent for the
Lenders hereunder.

          “Advisory Letter” means the letter between the Borrower and DBS dated June 27, 2005
providing for, among other things, the payment of an advisory fee to DBS, as such letter may be
amended from time to time.

          “Affiliate” means, with respect to a specified 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.

          “Applicable Percentage” means, with respect to any Lender, the percentage of the total
Commitments or Loans of both Classes hereunder represented by the aggregate amount of such Lender’s
Commitments or Loans of both Classes hereunder.

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          “Applicable Rate” means with respect to Tranche A Loans, 0.20% per annum and, with
respect to Tranche B Loans, 2.00% per annum.

          “Approved Fund” means, with respect to any Lender that is a fund that invests in
commercial loans, any other fund that invests in commercial loans and is managed or advised by the
same investment advisor as such Lender or by an Affiliate of such investment advisor.

          “Assignment and Acceptance” means an assignment and acceptance entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent.

          “Availability Period” means the Tranche A Availability Period or Tranche B
Availability Period, as applicable.

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

          “Borrower” means Great Wall Acquisition Corporation, a Delaware corporation.

          “Borrowing” means all Loans of the same Class that have the same Interest Period.

          “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03.

          “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City or Singapore are authorized or required by law to remain closed.

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

          “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.11(b), by any lending office of such Lender
or by such Lender’s holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after the date of this
Agreement.

          “ChinaCast Payment Instruction” means an irrevocable payment instruction from the
Borrower to ChinaCast (acknowledged by ChinaCast) to pay all moneys to be paid by

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ChinaCast to the Borrower, including but not limited to any dividends or capital distributions, directly into the
Singapore Dollar Debt Service Account.

          “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans constituting such Borrowing, are Tranche A Loans or Tranche B Loans and, when used in
reference to any Commitment, refers to whether such Commitment is a Tranche A Commitment or Tranche
B Commitment.

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

          “Collateral” means all property (whether tangible or intangible), rights and other
interests of the Borrower in which security interests are granted for the benefit of the Secured
Parties under the Security Documents.

          “Commitment” means a Tranche A Commitment or Tranche B Commitment, or any combination
thereof (as the context requires).

          “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.

          “DBS” means DBS Bank Ltd.

          “Deed of Charge over Accounts” means a Deed of Charge over Accounts between the
Borrower and the Administrative Agent pursuant to which the Borrower will charge to the
Administrative Agent the Accounts by way of a fixed charge.

          “Deed of Share Charge” means a Deed of Share Charge between the Borrower and the
Administrative Agent, pursuant to which the Borrower will charge to the Administrative Agent all of
its entitlements to shares it holds from time to time in ChinaCast.

          “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

          “Default Interest Period” means, during any period while any principal of any Loan or
any other amount under this Agreement or any other Loan Document is not paid when due, each
successive period as the Administrative Agent shall from time to time (with the approval of the
Required Lenders) choose; provided that (a) no such period shall exceed one month’s
duration, (b) the first such period shall commence as of the date on which such principal or other
amount became due and each succeeding such period shall commence upon the expiry of the immediately
preceding such period and (c) in the absence of or pending such consent from the Required Lenders,
each Default Interest Period shall have a duration of one week.

          “Disclosed Matters” means the actions, suits and proceedings disclosed in Schedule III
and the environmental matters disclosed in Schedule IV.

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          “Disposition” means any sale, assignment, transfer or other disposition of any
property (whether now owned or hereafter acquired) by the Borrower or any of its Subsidiaries to
any other Person excluding any sale, assignment, transfer or other disposition of any property sold
or disposed of in the ordinary course of business and on ordinary business terms.

          “Dollars” or “$” refers to lawful money of the United States of America.

          “Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

          “Environmental Claim” means, with respect to any Person, any written notice, claim,
demand or other communication (collectively, a “claim”) by any other Person alleging or
asserting such Person’s liability for investigatory costs, cleanup costs, governmental response
costs, damages to natural resources or other property, personal injuries, fines or penalties
arising out of, based on or resulting from (i) the presence, or release into the environment, at
any location, whether or not owned by such Person, of any material (“Hazardous Material”)
the exposure to which is now or hereafter prohibited, limited or regulated under any Environmental
Law or (ii) circumstances forming the basis of any violation, or alleged violation, of any
Environmental Law. The term “Environmental Claim” shall include any claim by any
Governmental Authority for enforcement, cleanup, removal, response, remedial or other actions or
damages pursuant to any applicable Environmental Law, and any claim by any third party seeking
damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting
from the presence of Hazardous Materials or arising from alleged injury or threat of injury to
health, safety or the environment.

          “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

          “Equity Issuance” means (a) any issuance or sale by the Borrower or any of its
Subsidiaries after the Effective Date of (i) any of its capital stock, (ii) any warrants or options
exercisable in respect of its capital stock (other than any warrants or options issued to
directors, officers or employees of the Borrower or any of its Subsidiaries pursuant to employee
benefit plans established in the ordinary course of business and any capital stock of the Borrower
issued upon the exercise of such warrants or options) or (iii) any other security or instrument
representing an equity interest (or the right to obtain any equity interest) in the Borrower or any
of its Subsidiaries or (b) the receipt by the Borrower or any of its Subsidiaries after the
Effective Date of any capital contribution (whether or not evidenced by any equity security issued
by the recipient of such contribution); provided that Equity Issuance shall not include (x)
any such issuance or sale by any Subsidiary of the Borrower to the Borrower or any wholly owned
Subsidiary of the Borrower or (y) any capital contribution by the Borrower or any wholly owned
Subsidiary of the Borrower to any Subsidiary of the Borrower.

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          “Equity Rights” means, with respect to any Person, any subscriptions, options,
warrants, commitments, preemptive rights or agreements of any kind (including any shareholders’ or
voting trust agreements) for the issuance, sale, registration or voting of, or securities
convertible into, any additional shares of capital stock of any class, or partnership or other
ownership interests of any type in, such Person.

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

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the
Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is,
or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

          “Event of Default” has the meaning assigned to such term in Article VII.

          “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United
States of America, or by the jurisdiction under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits taxes imposed by the United States of America or
any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the
case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign
Lender at the time such Foreign Lender becomes a party to this Agreement or is attributable to such
Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 2.13(e), except to the extent that such Foreign Lender’s assignor
(if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower
with respect to such withholding tax pursuant to Section 2.13(a).

Credit Facility Agreement

 

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          “Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.

          “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

          “GAAP” means generally accepted accounting principles in the United States of America.

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

          “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided, that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business.

          “Hedging Agreement” means any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest or currency exchange
rate or commodity price hedging arrangement.

          “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such
Person, (e) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding current accounts payable incurred in the ordinary
course of business), (f) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property
owned or acquired by such Person, whether or not the Indebtedness secured thereby has

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been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of
such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty and (j) all obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a
general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor.

          “Indemnified Taxes” means Taxes other than Excluded Taxes.

          “Interest Payment Date” means, with respect to any Loan, the last day of each Interest
Period therefor.

          “Interest Period” means (a) for any Tranche A Loan or Borrowing, the period commencing
on the date of such Loan or Borrowing and ending on the applicable Maturity Date and (b) for any
Tranche B Loan or Borrowing, each successive period of one month commencing on the date of such
Loan or Borrowing; provided, that (i) if any Interest Period would end on a day other than
a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless
such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day, (ii) any Interest Period (other than
an Interest Period that ends on the applicable Maturity Date that is permitted to be of less than
one month’s duration, as provided in this definition) that commences on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of the last calendar
month of such Interest Period and (iii) any Interest Period which would otherwise end after the
applicable Maturity Date shall end on such Maturity Date. For purposes hereof, the date of a Loan
initially shall be the date on which such Loan is made and thereafter shall be the effective date
of the most recent continuation of such Loan, and the date of a Borrowing comprising Loans that
have been continued shall be the effective date of the most recent continuation of such Loans.

          “Investment” means, for any Person: (a) the acquisition (whether for cash, property,
services or securities or otherwise) of capital stock, bonds, notes, debentures, partnership or
other ownership interests or other securities of any other Person or any agreement to make any such
acquisition (including any “short sale” or any sale of any securities at a time when such
securities are not owned by the Person entering into such sale); (b) the making of any deposit
with, or advance, loan or other extension of credit to, any other Person (including the purchase of
property from another Person subject to an understanding or agreement, contingent or otherwise, to
resell such property to such Person), but excluding any such advance, loan or extension of credit
having a term not exceeding 90 days arising in connection with the sale of inventory or supplies by
such Person in the ordinary course of business; (c) the entering into of
any Guarantee of, or other contingent obligation with respect to, Indebtedness or other
liability of any other Person and (without duplication) any amount committed to be advanced, lent
or extended to such Person; or (d) the entering into of any Hedging Agreement.

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          “Lenders” means the Persons listed on Schedule I and any other Person that shall have
become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Acceptance.

          “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

          “Loan Documents” means, collectively, this Agreement, the Advisory Letter, the Payment
Instructions and the Security Documents.

          “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement.

          “LTV Ratio” has the meaning specified in Section 2.07(b)(iii).

          “Margin Stock” means “margin stock” within the meaning of Regulations T, U and X of
the Board.

          “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, prospects or condition, financial or otherwise, of the Borrower of any of its
Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its obligations
under this Agreement or any of the other Loan Documents to which it is a party or (c) the rights of
or benefits available to the Lenders under this Agreement or any of the other Loan Documents.

          “Maturity Date” means (a) with respect to Tranche A Loans, the Tranche A Maturity Date
and (b) with respect to Tranche B Loans, the Tranche B Maturity Date.

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

          “Net Available Proceeds” means:

          (a) in the case of any Disposition, the aggregate amount of all cash payments, and the fair
market value of any non-cash consideration, received by the Borrower and its Subsidiaries directly
or indirectly in connection with such Disposition; provided that (i) Net Available Proceeds
shall be net of (x) the amount of any legal, title and recording tax expenses, commissions and
other fees and expenses paid by the Borrower and its Subsidiaries in connection with such
Disposition and (y) any Federal, state and local income or other taxes
estimated to be payable by the Borrower and its Subsidiaries as a result of such Disposition
(but only to the extent that such estimated taxes are in fact paid to the relevant Federal, state
or local governmental authority within three months of the date of such Disposition) and (ii) Net
Available Proceeds shall be net of any repayments by the Borrower or any of its Subsidiaries of

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Indebtedness to the extent that (x) such Indebtedness is secured by a Lien on the property that is
the subject of such Disposition and (y) the transferee of (or holder of a Lien on) such property
requires that such Indebtedness be repaid as a condition to the purchase of such property; and

          (b) in the case of any Equity Issuance, the aggregate amount of all cash received by the
Borrower and its Subsidiaries in respect of such Equity Issuance net of reasonable expenses
incurred by the Borrower and its Subsidiaries in connection therewith.

          “Nominee” means DBS Nominees (Private) Limited.

          “Obligations” shall mean the obligations to pay the principal of and interest
(including default interest) on the Loans and all commissions, fees, indemnities, and other amounts
payable to the Lenders and the Administrative Agent under the Loan Documents.

          “Offer” means the public offer for shares of ChinaCast made by the Borrower and
announced through the SGX via MASNET on or about December 7, 2006 (including any extensions
thereof).

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

          “Payment Instructions” means the Acquisition Payment Instruction, the Trustee Payment
Instruction and the ChinaCast Payment Instruction.

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

          “Permitted Encumbrances” means:

          (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance
with Section 5.04;

          (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not
overdue by more than 30 days or are being contested in compliance with Section 5.04;

          (c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations;

          (d) judgment liens in respect of judgments that do not constitute an Event of Default under
clause (k) of Article VII; and

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          (e) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law;

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

          “Permitted Investments” means:

          (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States of America), in each
case maturing within one year from the date of acquisition thereof;

          (b) investments in commercial paper maturing within 270 days from the date of acquisition
thereof and having, at such date of acquisition, the highest credit rating obtainable from Standard
& Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc., or from Moody’s Investors
Services, Inc;

          (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing
within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, any domestic office of any commercial bank
organized under the laws of the United States of America or any State thereof which has a combined
capital and surplus and undivided profits of not less than $250,000,000; and

          (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) of this definition and entered into with a financial institution
satisfying the criteria described in clause (c) of this definition.

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

          “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

          “Process Agent” has the meaning specified in Section 9.09(d).

          “Quotation Day” means, in relation to any Interest Period, two Business Days before
the first day of that Interest Period.

          “Record Date” means the date on which shares held by the Borrower’s shareholders who
voted against the Acquisition and demanded their shares to be converted into cash are converted
into cash.

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          “Register” has the meaning set forth in Section 9.04.

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

          “Release Date” means the day on which all Obligations (whether or not due and payable)
have been unconditionally paid in full (without the possibility of rescission, restoration or any
other requirement that such amount be repaid by any Secured Party as a result of the insolvency,
bankruptcy, administration or reorganization of the Borrower or any other Person or otherwise) and
all other obligations of the Borrower under the Loan Documents have been unconditionally discharged
in accordance therewith.

          “Required Lenders” means, at any time, Lenders having outstanding Loans and unused
Commitments and such Lenders represent 50.1% of the sum of the total outstanding Loans and unused
Commitments at such time. The “Required Lenders” of a particular Class of Loans means Lenders
having outstanding Loans and unused Commitments of such Class representing at least 50.1% of the
total outstanding Loans and unused Commitments of such Class at such time.

          “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any shares of any class of capital stock of the
Borrower or any of its Subsidiaries, 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 shares of capital stock of the
Borrower or any option, warrant or other right to acquire any such shares of capital stock of the
Borrower.

          “Screen Rate” mean the rate per annum for the relevant period displayed on page 50157
of the Telerate Screen under the caption “ASSOCIATION OF BANKS IN SINGAPORE SIBOR AND SWAP OFFER
RATE FIXING AT 11 A.M. SINGAPORE TIME”. If the agreed page is replaced or service ceases to be
available, the Administrative Agent may specify another page or service displaying the appropriate
rate after consultation with the Borrower.

          “SEC” means the United States Securities and Exchange Commission.

          “Secured Parties” means the Lenders and the Administrative Agent.

          “Security Agreement” means the Security Agreement between the Borrower and the
Administrative Agent pursuant to which the Borrower will grant to the Administrative Agent a
security interest over all its present and future assets.

          “Security Documents” means, collectively, the Deed of Share Charge, the Deed of Charge
over Accounts, the Security Agreement and all Uniform Commercial Code or other financing statements
required to be filed with respect to the security interests created pursuant to the Deed of Share
Charge and the Deed of Charge over Accounts and the Security Agreement.

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          “SGX” has the meaning set forth in Section 2.07(b)(iii).

          “Singapore Dollar Debt Service Account” means the account no. 003-904242-6 denominated
in Singapore Dollars and maintained in cash and opened and maintained by the Borrower in Singapore
with DBS, to be solely operated by the Administrative Agent.

          “Singapore Dollars” or “S$” refers to lawful money of the Republic of
Singapore.

          “Singapore Takeover Code” means the Singapore Code on Takeovers and Mergers issued
under the Securities and Futures Act, Chapter 289 of Singapore.

          “Sub-Account” means the securities sub-account to be maintained by the Borrower with
the Nominee.

          “Sub-Account Agreement” means the application to open a book-entry securities
sub-account to be dated on or about the date hereof between the Borrower and the Nominee pursuant
to which the Borrower will establish the Sub-Account with the Nominee.

          “Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower. For purposes of this definition, ChinaCast shall at all times
be deemed to be a Subsidiary of the Borrower.

          “Swap Rate” mean, in relation to any Loan:

          (a) the applicable Screen Rate as of 11.00 a.m. on the Quotation Day for the displaying of the
swap rate for a period comparable to the applicable Interest Period or Default Interest Period for
that Loan; or

          (b) (if no Screen Rate is available for the Interest Period or Default Interest Period of that
Loan) the rate quoted by the Administrative Agent to leading banks in the Singapore interbank
market, to be in relation for the applicable Interest Period or Default Interest Period for that
Loan equal to Y (rounded upwards to four decimal places) calculated in accordance with the
following formula:

          where:          

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F = the premium (being a positive number) or the discount (being a negative number), as the
case may be, which would have been paid or received by the Administrative Agent in offering
to sell US Dollars forward in exchange for Singapore Dollars on the last day of that
Interest Period or Default Interest Period in the Singapore interbank market as of 11:00
a.m. on the Quotation Day;

S = the exchange rate at which the Administrative Agent sells US Dollars spot in exchange
for Singapore Dollars in the Singapore foreign exchange market, as quoted by the
Administrative Agent as of 11:00 a.m. on the Quotation Day;

R = the rate at which the Administrative Agent is offering US Dollar deposits for that
Interest Period or Default Interest Period in an amount comparable to the US Dollar
equivalent of that Loan (such US Dollar equivalent to be determined by the Administrative
Agent at such rate or rates as the Administrative Agent determines to be most appropriate)
to prime banks in the Singapore interbank market as of 11:00 a.m. on the Quotation Day; and

N = the actual number of days in that Interest Period or Default Interest Period.

          “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

          “Tranche A”, when used in reference to any Borrowing, refers to whether the Loans
constituting such Borrowing are made pursuant to Section 2.01(a).

          “Tranche A Availability Period” means the period from and including the Effective Date
to and including December 27, 2006

          “Tranche A Commitment” means, with respect to each Lender, the commitment, if any, of
such Lender to make one or more Tranche A Loans hereunder during the Tranche A Availability Period,
expressed as an amount representing the maximum aggregate principal amount of the Tranche A Loans
to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time
pursuant to Section 2.05 or 2.07 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s
Tranche A Commitment is the amount set forth on Schedule I, or shall be the amount set forth in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche A
Commitment, as applicable. Subject to Section 2.02(c), the initial aggregate amount of the
Lenders’ Tranche A Commitments is S$37,500,000.

          “Tranche A Lender” means a Lender with a Tranche A Commitment or an outstanding
Tranche A Loan.

          “Tranche A Loan” has the meaning specified in Section 2.01(a).

          “Tranche A Maturity Date” means, with respect to any Tranche A Loan, the date that is
seven days after such Tranche A Loan.

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          “Tranche B”, when used in reference to any Borrowing refers to whether the Loans
constituting such Borrowing, are made pursuant to Section 2.01(b).

          “Tranche B Availability Period” means the period from and including the Effective Date
to and including the earlier of the date that is 21 days after the close of the Offer in
accordance with the Singapore Takeover Code and March 21, 2007.

          “Tranche B Commitment” means, with respect to each Lender, the commitment, if any, of
such Lender to make one or more Tranche B Loans hereunder during the Tranche B Availability Period,
expressed as an amount representing the maximum aggregate principal amount of the Tranche B Loans
to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time
pursuant to Section 2.05 or 2.07 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s
Tranche B Commitment is the amount set forth on Schedule I, or shall be the amount set forth in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche B
Commitment, as applicable. Subject to Section 2.02(c), the initial aggregate amount of the
Lenders’ Tranche B Commitments is S$32,500,000.

          “Tranche B Lender” means a Lender with a Tranche B Commitment or an outstanding
Tranche B Loan.

          “Tranche B Loan” has the meaning specified in Section 2.01(b).

          “Tranche B Maturity Date” means June 4, 2007.

          “Transactions” means the execution, delivery and performance by the Borrower of this
Agreement and the other Loan Documents, the borrowing of Loans and the use of the proceeds thereof.

          “Trust” means the Trust created pursuant to the Trust Agreement.

          “Trust Agreement” means the investment management trust agreement dated March 17, 2004
between the Borrower and the Trustee.

          “Trust Amount” means the amount of funds held in the Trust on the Record Date after
paying all amounts for the conversion of shares to cash owing to shareholders who voted against the
Acquisition.

          “Trust Amount Confirmation” means written certification from the Borrower in a form
acceptable to the Administrative Agent which shall include certification on the following matters:

          (a) the Trust Amount; and

          (b) that subject to the Acquisition being consummated, there are no restrictions under the
Trust Agreement or any other legal impediments preventing the immediate payment of the Trust Amount
to the U.S. Dollar Debt Service Account.

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          “Trust Indenture Act” has the meaning specified in Section 8.01(c).

          “Trustee” means Continental Stock Transfer & Trust Company.

          “Trustee Payment Instruction” means the irrevocable payment instruction dated on or
about the date of this Agreement from the Borrower to the Trustee (countersigned by DBS) to
immediately pay all moneys available to be distributed to the Borrower pursuant to the Trust
Agreement directly into the U.S. Dollar Debt Service Account, including the “Counsel Letter” and
the “Instruction Letter” (each as defined therein) duly completed and executed.

          “U.S. Dollar Debt Service Account” means the account no. 0003-002655-01-6 denominated
in U.S. Dollars and maintained in cash and opened and maintained by the Borrower in Singapore with
DBS, to be solely operated by the Administrative Agent.

          “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

          SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

          SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect
from time to time; provided that, if the
Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect

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and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith.

ARTICLE II

THE CREDITS

          SECTION 2.01. The Commitments.

          (a) Tranche A Loan. Subject to the terms and conditions set forth herein, each
Tranche A Lender agrees to make one or more loans (each, a “Tranche A Loan”) to the
Borrower during the Tranche A Availability Period in an aggregate principal amount not exceeding
its Tranche A Commitment. Amounts prepaid or repaid in respect of Tranche A Loans may not be
reborrowed.

          (b) Tranche B Loans. Subject to the terms and conditions set forth herein, each
Tranche B Lender agrees to make one or more loans (each, a “Tranche B Loan”) to the
Borrower during the Tranche B Availability Period in an aggregate principal amount not exceeding
its Tranche B Commitment. Amounts prepaid or repaid in respect of Tranche B Loans may not be
reborrowed.

          SECTION 2.02. Loans and Borrowings.

          (a) Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting
of Loans of the same Class made by the Lenders ratably in accordance with their respective
Commitments of such Class. The failure of any Lender to make any Loan required to be made by it
shall not relieve any other Lender of its obligations hereunder; provided that the
Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s
failure to make Loans as required.

          (b) Lending From Branches and Affiliates. Each Lender at its option may make any Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.

          (c) Minimum Amounts; Limitation on Borrowings; Aggregate Amounts. Each Borrowing
shall be in an aggregate amount of S$10,000,000 or a larger multiple of S$1,000,000. Borrowings of
more than one class may be outstanding at the same time; provided that the Borrower shall not be
permitted to make a Tranche B Borrowing until such time as
Tranche A has been drawn in full. Tranche A Borrowings may not exceed the Trust Amount and
aggregate Borrowings under Tranche A and Tranche B may not exceed S$62,000,000. There shall be no
more than six Borrowings.

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          SECTION 2.03. Requests for Borrowings.

          (a) Notice by the Borrower. To request a Borrowing, the Borrower shall notify the
Administrative Agent of such request in writing not later than 11:00 a.m., Singapore time, three
Business Days before the proposed date of such Borrowing. Each such Borrowing Request shall be
irrevocable and shall be in a form approved by the Administrative Agent and signed by the Borrower.

          (b) Content of Borrowing Requests. Each telephonic and written Borrowing Request
shall specify the following information in compliance with Section 2.02:

          (i) whether the requested Borrowing is to be a Tranche A Borrowing or Tranche B
Borrowing;

          (ii) the aggregate amount of the requested Borrowing; and

          (iii) the date of such Borrowing, which shall be a Business Day.

          (c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of
a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing.

          SECTION 2.04. Funding of Borrowings.

          (a) Funding by Lenders and Release from the Accounts. Each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, Singapore time, to the account of the Administrative Agent most
recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will
make such Loans available to the Borrower by promptly crediting the amounts so received, in like
funds, to the Singapore Dollar Debt Service Account. The Administrative Agent shall withdraw funds
from the Singapore Dollar Debt Service Account (and the U.S. Dollar Debt Service Account, as
applicable) to make payments on behalf of the Borrower in accordance with the Acquisition Payment
Instruction.

          (b) Presumption by the Administrative Agent. Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the
Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but excluding the date of
payment to the Administrative Agent, at the Swap Rate. If such Lender pays such amount to

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the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing from the date of such payment.

          SECTION 2.05. Termination and Reduction of the Commitments.

          (a) Scheduled Termination. Unless previously terminated, the Commitments of each
Class shall terminate at 5:00 p.m., Singapore time, on the last day of the Availability Period for
such Class.

          (b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or
from time to time reduce, the Commitments of any Class; provided that (i) the Borrower may
not terminate or reduce the Tranche B Commitments until such time as the Tranche A Commitments has
been terminated and (ii) each reduction of the Commitments of any Class pursuant to this Section
shall be in an amount that is S$10,000,000 or a larger multiple of S$1,000,000.

          (c) Notice of Voluntary Termination or Reduction. The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Commitments of any Class under
paragraph (b) of this Section at least ten Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date thereof. Promptly
following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents
thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable.

          (d) Effect of Termination or Reduction. Any termination or reduction of the
Commitments of either Class shall be permanent. Each reduction of the Commitments of either Class
shall be made ratably among the Lenders in accordance with their respective Commitments of such
Class.

          SECTION 2.06. Repayment of Loans; Evidence of Debt.

          (a) Repayment. The Borrower hereby unconditionally promises to pay the Loans as
follows:

          (i) to the Administrative Agent for account of the Tranche A Lenders the outstanding
principal amount of the Tranche A Loans on the Tranche A Maturity Date, and

          (ii) to the Administrative Agent for account of the Tranche B Lenders the outstanding
principal amount of the Tranche B Loans on the Tranche B Maturity Date.

          (b) Manner of Payment. Prior to any repayment of any Borrowings of either Class
hereunder, the Borrower shall select the Borrowing or Borrowings of the applicable Class
to be paid and shall notify the Administrative Agent in writing of such selection not later
than 11:00 a.m., Singapore time, five Business Days before the scheduled date of such repayment.
If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid, such

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payment shall be applied to Borrowings of the applicable Class in the order of the remaining
duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest
Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans
included in such Borrowing.

          (c) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with
its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting
from each Loan made by such Lender, including the amounts of principal and interest payable and
paid to such Lender from time to time hereunder.

          (d) Maintenance of Records by the Administrative Agent. The Administrative Agent
shall maintain records in which it shall record (i) the amount of each Loan made hereunder, the
Class thereof and each Interest Period therefor, (ii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder for account of the Lenders and
each Lender’s share thereof.

          (e) Effect of Entries. The entries made in the records maintained pursuant to
paragraph (c) or (d) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided that the failure of any Lender or
the Administrative Agent to maintain such records or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement.

          (f) Promissory Notes. Any Lender may request that Loans of either Class made by it be
evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to
such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such
Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such
form payable to the payee named therein (or, if such promissory note is a registered note, to such
payee and its registered assigns).

          SECTION 2.07. Prepayment of Loans.

          (a) Optional Prepayments. The Borrower shall have the right at any time and from time
to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section.

          (b) Mandatory Prepayments. The Borrower will prepay the Loans, and/or the Commitments
shall be subject to automatic reduction, as follows:

          (i) Equity Issuance. Immediately upon any Equity Issuance, the Borrower shall
prepay the Loans, and/or the Commitments shall be subject to automatic
reduction, in an aggregate amount equal to 100% of the Net Available Proceeds thereof,
such prepayment and/or reduction to be effected in each case in the manner and to the extent
specified in clause (c) of this Section.

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          (ii) Disposition of ChinaCast Shares. Immediately upon the Disposition of any
shares of ChinaCast by the Borrower, the Borrower shall prepay the Loans, and/or the
Commitments shall be subject to automatic reduction, in an aggregate amount equal to 100% of
the Net Available Proceeds of such Disposition, such prepayment and/or reduction to be
effected in each case in the manner and to the extent specified in clause (c) of this
Section.

          (iii) LTV Ratio. So long as the shares of ChinaCast are listed on the
Singapore Exchange Securities Trading Limited (“SGX”), in the event that the LTV
Ratio exceeds on any day 70.0%, the Borrower shall immediately prepay the Loans, and/or the
Commitments shall be subject to automatic reduction, in an aggregate amount such that the
LTV Ratio is equal to no more than 60.0% such prepayment and/or reduction to be effected in
each case in the manner and to the extent specified in clause (c) of this Section. “LTV
Ratio” means, at any time, the ratio of the aggregate outstanding Loans to the value of
the shares of ChinaCast owned by the Borrower at such time. For purposes of this provision,
the value of ChinaCast shares shall be determined at the close of business each day by
reference to the lowest price at which a ChinaCast share is traded on that day (or if no
trade is made on that day, the lowest price on the most recent day on which a trade
occurred).

          (iv) Trust Amount Proceeds. Immediately upon the deposit into the U.S. Dollar
Debt Service Account or the Singapore Dollar Debt Service Account of any Trust Amount
proceeds, the Administrative Agent shall, and is hereby irrevocably authorized to, withdraw
amounts to prepay on behalf of the Borrower outstanding Loans, such prepayment to be
effected in each case in the manner and to the extent specified in clause (c) of this
Section.

          (v) Dividends from ChinaCast. Immediately upon the deposit of any amounts into
the U.S. Dollar Debt Service Account or the Singapore Dollar Debt Service Account on account
of dividends (or any other form of capital distribution) of ChinaCast, the Administrative
Agent shall, and is hereby irrevocably authorized to, withdraw amounts to prepay on behalf
of the Borrower outstanding Loans, such prepayment to be effected in each case in the manner
and to the extent specified in clause (c) of this Section.

          (c) Application. Prepayments and/or reductions of Commitments pursuant to this
Section 2.07 shall be applied, first to repayment of Tranche A Loans and reduction of Tranche A
Commitments until such time as the Tranche A Loans have been repaid in full and the Tranche A
Commitments have terminated and thereafter to the repayment of Tranche B Loans and reduction of
Tranche B Commitments, in each case, first to prepay the Loans of the applicable Class and second
to reduce the Commitments of the applicable Class.

          (d) Notices, Etc. The Borrower shall notify the Administrative Agent in writing of
any prepayment under clause (a) hereof not later than 11:00 a.m., Singapore time, five Business
Days before the date of prepayment and of any mandatory prepayment under clause (b) hereof as soon
as possible and in any event by not later than the date of such prepayment. Each

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such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or
portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed
calculation of the amount of such prepayment. Promptly following receipt of any such notice
relating to a Borrowing, the Administrative Agent shall advise the relevant Lenders of the contents
thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in
the case of a Borrowing as provided in Section 2.02, except as necessary to apply fully the
required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably
to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.09 and shall be made in the manner specified in
Section 2.06(b). If such prepayment date is not an Interest Payment Date, the Borrower shall pay
to each Lender the break funding payments pursuant to Section 2.12.

          SECTION 2.08. Fees.

          (a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for
account of each Lender a commitment fee, which shall accrue at a rate per annum equal to 0.1% on
the average daily unused amount of the Commitments of such Lender for the period from and including
the date hereof to but not including the earlier of the date such Commitments terminate and the
last day of the Tranche B Availability Period. Accrued commitment fees shall be payable on the
last day of each month and on the earlier of the date the relevant Commitments terminate and the
last day of the Tranche B Availability Period, commencing on the first such date to occur after the
date hereof. All commitment fees shall be computed on the basis of a year of 365 days and shall be
payable for the actual number of days elapsed (including the first day but excluding the last day).

          (b) Upfront Fee. The Borrower agrees to pay to the Administrative Agent an upfront
fee equal to 0.25% of the aggregate Commitments on the earlier to occur of (i) the initial drawdown
of the Loans and (ii) the last day of the Tranche A Availability Period.

          (c) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in the case of facility
fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

          SECTION 2.09. Interest.

          (a) Loans. The Loans constituting each Borrowing shall bear interest at a rate per
annum equal to the Swap Rate for the Interest Period for such Borrowing plus the Applicable
Rate.

          (b) Default Interest. Notwithstanding the foregoing, if any principal of or interest
on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due,
whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, such overdue
amount shall bear interest, after as well as before judgment, for any Default

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Interest Period, at a rate per annum equal to 3.0% plus the rate applicable to such Loan as provided in paragraph
(a) of this Section for such Default Interest Period.

          (c) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on
each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to
paragraph (b) of this Section shall be payable on demand and (ii) in the event of any repayment or
prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment.

          (d) Computation. All interest hereunder shall be computed on the basis of a year of
365 days, and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Swap Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error.

          SECTION 2.10. Alternate Rate of Interest. If prior to the commencement of the Interest
Period for any Borrowing, or of any Default Interest Period for any amounts under this Agreement or
any other Loan Document, as the case may be:

          (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Swap Rate for
such Interest Period or Default Interest Period; or

          (b) if such Borrowing is of a particular Class of Loans, or if such amounts relate to a
particular Class of Loans or Commitments, the Administrative Agent is advised by the Required
Lenders of such Class that the Swap Rate for such Interest Period or Default Interest Period will
not adequately and fairly reflect the cost to such Lenders of making or maintaining their
respective Loans included in such Borrowing for such Interest Period or their respective amounts
for such Default Interest Period,

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy and the rate of interest on each Lender’s Loans for the relevant Interest
Period or Default Interest Period will be the aggregate of (i) the Applicable Rate and (ii) the
rate notified to the Administrative Agent by that Lender as soon as practicable, and in any event
before interest is due to be paid in respect of that Interest Period or Default Interest Period, to
be that which expresses as a percentage rate per annum the cost to that Lender of funding its Loans
from whatever source it may reasonably select.

          SECTION 2.11. Increased Costs.

          (a) Increased Costs Generally. If any Change in Law shall:

          (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for account of, or credit extended by, any
Lender (except any such reserve requirement reflected in the Swap Rate); or

          (ii) impose on any Lender or the Singapore interbank market any other condition
affecting this Agreement or Loans made by such Lender;

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and the result of any of the foregoing shall be to increase the cost to such Lenders of making or
maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the
amount of any sum received or receivable by such Lender hereunder (whether of principal, interest
or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

          (b) Capital Requirements. If any Lender determines that any Change in Law regarding
capital requirements has or would have the effect of reducing the rate of return on such Lender’s
capital or on the capital of such Lender’s holding company, if any, as a consequence of this
Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then from time to time the Borrower will pay to such Lender such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered.

          (c) Certificates from Lenders. A certificate of a Lender setting forth the amount or
amounts necessary to compensate such Lender or its holding company, as the case may be, as
specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 10 days after receipt thereof or on such other date as agreed by the
Lenders.

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

          SECTION 2.12. Break Funding Payments. In the event of (a) the payment of any
principal of any Loan other than on the
last day of an Interest Period therefor (including as a result of an Event of Default) or (b)
the failure to borrow, continue or prepay any Loan on the date specified in any notice delivered
pursuant hereto, then, in any such event, the Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. The loss to any Lender attributable to any such event
shall be deemed to include an amount determined by such Lender to be equal to, the amount (if any)
by which (i) the interest which the Lender should have received for the period from the date of
receipt of all or any part of the Loan or overdue amount to the last day of the current Interest
Period in respect of that Loan or overdue amount, had the principal amount or overdue amount
received been paid on the last day of that Interest Period, exceeds (ii) the amount which the
Lender would be able to obtain by placing an amount equal to the principal amount or overdue amount
received by it on deposit with a leading bank in the Singapore interbank market for a period
starting on the Business Day following receipt or

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recovery and ending on the last day of the
current Interest Period. A certificate of any Lender setting forth any amount or amounts that such
Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 10 days after receipt thereof.

          SECTION 2.13. Taxes.

          (a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of the Borrower hereunder or under any other Loan Document shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower
shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the
sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative Agent or
Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

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

          (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent and each Lender, within 10 days after written demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section) paid by the Administrative Agent or such
Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

          (d) Evidence of Payments. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

          (e) Foreign Lenders. Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or
any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or reasonably requested by the Borrower, such properly completed and
executed documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate.

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          SECTION 2.14. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

          (a) Payments by the Borrower. The Borrower shall make each payment required to be
made by it hereunder (whether of principal, interest or fees, or under Section 2.11, 2.12 or 2.13,
or otherwise) or under any other Loan Document (except to the extent otherwise provided therein)
prior to 12:00 noon, Singapore time, on the date when due, in immediately available funds, without
set-off or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the next succeeding Business Day
for purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent to its account as designated in writing, except as otherwise expressly
provided in the relevant Loan Document and except payments pursuant to Sections 2.11, 2.12, 2.13
and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent
shall distribute any such payments received by it for account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on
a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. All payments hereunder or under any other Loan Document (except
to the extent otherwise provided therein) shall be made in Singapore Dollars.

          (b) Application of Insufficient Payments. If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder, such funds shall be applied (i) first, to pay fees then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of fees then
due to such parties, (ii) second, to pay interest then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of interest then due to such parties and (iii)
third, to pay principal then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of principal then due to such parties.

          (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each
Borrowing of a particular Class shall be made from the relevant Lenders, each Borrowing of any
Class shall be allocated among the relevant Lenders, each payment of commitment fee
under Section 2.08 in respect of Commitments of a particular Class shall be made for account
of the relevant Lenders, and each termination or reduction of the amount of the Commitments of a
particular Class under Section 2.05 shall be applied to the respective Commitments of such Class of
the relevant Lenders, pro rata according to the amounts of their respective Commitments of such
Class; (ii) each payment or prepayment of principal of Tranche A Loan and Tranche B Loans by the
Borrower shall be made for account of the relevant Lenders pro rata in accordance with the
respective unpaid principal amounts of the Loans of such Class held by them; and (iii) each payment
of interest on Tranche A Loan and Tranche B Loans by the Borrower shall be made for account of the
relevant Lenders pro rata in accordance with the amounts of interest on such Loans then due and
payable to the respective Lenders.

          (d) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on
any of its Loans resulting in such Lender receiving payment of a greater proportion of

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the aggregate amount of its Loans and accrued interest thereon then due than the proportion received by
any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Loans of other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in
the amount of such participation.

          (e) Presumptions of Payment. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent
for account of the Lenders hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In
such event, if the Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the Swap Rate.

          (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make
any payment required to be made by it pursuant to Section 2.04(b) or 2.14(e), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof),
apply any amounts thereafter received by the Administrative Agent for account of such Lender
to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are
fully paid.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

          The Borrower represents and warrants to the Administrative Agent and the Lenders that:

          SECTION 3.01. Organization; Powers. The Borrower is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, has all requisite power
and authority to carry on its business as now conducted and is qualified to do

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business in, and is in good standing in, every jurisdiction where such qualification is required. Each of the
Subsidiaries of the Borrower is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, has all requisite power and authority to carry on its
business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required.

          SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s
corporate powers and have been duly authorized by all necessary corporate and, if required, by all
necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower
and constitutes, and each of the other Loan Documents to which it is a party when executed and
delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the
enforcement of creditors’ rights and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law).

          SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except for (i) such as have been obtained or made and are in full force and effect and
(ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (b)
will not violate any applicable law or regulation or the charter, by-laws or other organizational
documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority,
(c) will not violate or result in a default under any indenture, agreement or other instrument
binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder
to require any payment to be made by any such Person,
and (d) except for the Liens created pursuant to the Security Documents, will not result in the
creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

          SECTION 3.04. Financial Condition; No Material Adverse Change.

          (a) Financial Condition. The Borrower has heretofore furnished to the Lenders its
consolidated balance sheet and statements of income, stockholders’ equity and cash flows (i) as of
and for the fiscal year ended December 31, 2005, reported on by Goldstein Golub Kessler LLP,
independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the
fiscal year ended September 30, 2006, certified by the chief financial officer of the Borrower.
Such financial statements present fairly, in all material respects, the financial position and
results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for
such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of
footnotes in the case of the statements referred to in clause (ii) of the first sentence of this
paragraph.

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          (b) No Material Adverse Change. Since December 31, 2005, there has been no material
adverse change in the business, assets, operations, prospects or condition, financial or otherwise,
of the Borrower and its Subsidiaries, taken as a whole.

          SECTION 3.05. Properties.

          (a) Property Generally. Each of the Borrower and its Subsidiaries has good title to,
or valid leasehold interests in, all its real and personal property material to its business,
subject only to Liens permitted by Section 6.02 and except for minor defects in title that do not
interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes.

          (b) Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is
licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property
material to its business, and the use thereof by the Borrower and its Subsidiaries does not
infringe upon the rights of any other Person, except for any such infringements that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.06. Litigation.

          (a) Actions, Suits and Proceedings. There are no actions, suits or proceedings by or
before any arbitrator or Governmental Authority now pending against or, to the knowledge of the
Borrower, threatened against or affecting the Borrower or any of its Subsidiaries

          (b) Disclosed Matters. Since the date of this Agreement, there has been no change in
the status of the Disclosed Matters.

          SECTION 3.07. Environmental Matters. Neither the Borrower nor any of its
Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other
approval required under any Environmental Law, (ii) has become subject to any Environmental
Claim, (iii) has received notice of any claim with respect to any Environmental Claim or (iv) knows
of any basis for any Environmental Claim.

          SECTION 3.08. Compliance with Laws and Agreements.

          (a) Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures,
agreements and other instruments binding upon it or its property. No Default has occurred and is
continuing.

          (b) The Offer and the Acquisition have been made in compliance with all applicable laws,
regulations and rules (including but not limited to the Companies Act, Chapter 50 of Singapore, the
Securities and Futures Act, Chapter 289 of Singapore, the Singapore Code on Takeover and Mergers
issued by the Securities Industries Council and the rules of the SGX).

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          SECTION 3.09. Investment and Holding Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

          SECTION 3.10. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused
to be filed all Tax returns and reports required to have been filed and has paid or caused to be
paid all Taxes required to have been paid by it, except Taxes that are being contested in good
faith by appropriate proceedings and for which such Person has set aside on its books adequate
reserves.

          SECTION 3.11. ERISA; Non-U.S. Plans. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for which liability is
reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.
The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will
not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in
connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code.
All pension or other employee benefit plans that are not subject to ERISA have been established,
operated, administered and maintained in compliance with all laws, regulations and orders
applicable thereto, except where failure so to comply could not be reasonably expected to have a
Material Adverse Effect. All premiums, contributions and any other amounts required by applicable
plan documents or applicable laws to be paid or accrued by the Borrower and its Subsidiaries have
been paid or accrued as required, except where failure so to pay or accrue could not be reasonably
expected to have a Material Adverse Effect.

          SECTION 3.12. Disclosure.
All agreements, instruments and corporate or other restrictions to which the Borrower or any
of its Subsidiaries is subject other than the Loan Documents, and all other matters known to it,
that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect are set forth in Schedule II . None of the reports, financial statements,
certificates or other information furnished by or on behalf of the Borrower to the Lenders in
connection with the negotiation of this Agreement and the other Loan Documents or delivered
hereunder or thereunder (as modified or supplemented by other information so furnished) contains
any material misstatement of fact or omits to state any material fact 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, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

          SECTION 3.13. Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged
principally, or as one of its important activities, in the business of extending credit for the
purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part
of the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock.

          SECTION 3.14. Agreements and Liens.

          (a) Agreements. Part A of Schedule II is a complete and correct list of each credit
agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or

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other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or
commitment for any extension of credit) to, or guarantee by, the Borrower or any of its
Subsidiaries outstanding on the date hereof, or that (after giving effect to the transactions
contemplated to occur on or before the Effective Date) will be outstanding on the Effective Date
other than the Loan Documents and the aggregate principal or face amount outstanding or that may
become outstanding under each such arrangement is correctly described in Part A of Schedule II.

          (b) Liens. Part B of Schedule II is a complete and correct list of each Lien securing
Indebtedness of any Person outstanding on the date hereof, or that (after giving effect to the
transactions contemplated to occur on or before the Effective Date) will be outstanding on the
Effective Date and covering any property of the Borrower or any of its Subsidiaries other than
pursuant to the Security Documents, and the aggregate Indebtedness secured (or that may be secured)
by each such Lien and the property covered by each such Lien is correctly described in Part B of
Schedule II.

          SECTION 3.15. Capitalization. The authorized capital stock of the Borrower will consist,
on the Effective Date of an aggregate of 21,000,000 shares consisting of (i) 20,000,000 shares of
common stock, par value $0.0001 per share, of which 5,515,975 shares will be duly and validly
issued and outstanding (no shares of which will be held in treasury), each of which shares will be
fully paid and nonassessable and (ii)
1,000,000 shares of preferred stock, par value $0.0001 per share, of which, no shares will be duly
and validly issued and outstanding (and no shares of which will be held in treasury), each of which
shares will be fully paid and nonassessable. As of the Effective Date, (x) except for 10,000
outstanding common stock purchase warrants of the Borrower (the “Warrants”), 9,200,000 of which
Warrants have an exercise price of $5.00 per share and 800,000 of which Warrants have an exercise
price of $6.95 per share, there will be no outstanding Equity Rights with respect to the Borrower
and (y) except for the Warrants and the up to 902,744 shares of common stock of the Borrower whose
holders may exercise their rights to convert their share of common stock to cash held in the trust
account pursuant to the Trust Agreement, there will be no outstanding obligations of the Borrower
or any of its Subsidiaries to repurchase, redeem, or otherwise acquire any shares of capital stock
of the Borrower nor will there be any outstanding obligations of the Borrower or any of its
Subsidiaries to make payments to any Person, such as “phantom stock” payments, where the amount
thereof is calculated with reference to the fair market value or equity value of the Borrower or
any of its Subsidiaries.

          SECTION 3.16. Subsidiaries and Investments.

          (a) Subsidiaries. Set forth in Part A of Schedule V is a complete and correct list of
all of the Subsidiaries of the Borrower as of the date hereof, and as of the Effective Date (after
giving effect to the transactions contemplated to occur on or before the Effective Date), together
with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership
interests held by each such Person and the percentage of ownership of such Subsidiary represented
by such ownership interests. Except as disclosed in Part A of Schedule V, (x) each of the Borrower
and its Subsidiaries owns, or will own on the Effective

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Date (after giving effect to the transactions contemplated to occur on or before the Effective Date), free and clear of Liens (other
than Liens created pursuant to the Security Documents), and has the unencumbered right to vote, all
outstanding ownership interests in each Person shown to be held by it in Part A of Schedule V, (y)
all of the issued and outstanding capital stock of each such Person organized as a corporation is
validly issued, fully paid and nonassessable and (z) there are no outstanding Equity Rights with
respect to such Person.

          (b) Investments. Set forth in Part B of Schedule V is a complete and correct list of
all Investments (other than Investments disclosed in Part A of Schedule V and other than
Investments of the types referred to in clauses (b), (c), (d) and (e) of Section 6.05 held by the
Borrower or any of its Subsidiaries in any Person on the date hereof or that will be held on the
Effective Date (after giving effect to the transactions contemplated to occur on or before the
Effective Date) and, for each such Investment, (x) the identity of the Person or Persons holding
such Investment and (y) the nature of such Investment. Except as disclosed in Part B of Schedule
III, each of the Borrower and its Subsidiaries owns (or will own, after giving effect to the
transactions contemplated to occur on or before the Effective Date), free and clear of all Liens
(other than Liens created pursuant to the Security Documents), all such Investments.

          (c) Restrictions on Subsidiaries. None of the Subsidiaries of the Borrower is, on the
date hereof, subject to any indenture, agreement, instrument or other arrangement of the type
described in Section 6.08.

ARTICLE IV

CONDITIONS

          SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans hereunder
shall not become effective until the date on which the Administrative Agent shall have received
each of the following documents, each of which shall be satisfactory to the Administrative Agent
(and to the extent specified below, to each Lender) in form and substance (or such condition shall
have been waived in accordance with Section 9.02):

          (a) Executed Counterparts. From each party hereto either (i) a counterpart of this
Agreement signed on behalf of such party or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed signature page to this
Agreement) that such party has signed a counterpart of this Agreement.

          (b) Opinions of Counsel

          (i) An opinion, dated the Effective Date, of Loeb & Loeb LLP, New York and Delaware
counsel for the Borrower, in form and substance acceptable to the Administrative Agent, and
covering such other matters relating to the Borrower, this Agreement or the Transactions as
the Lenders shall reasonably request.

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          (ii) An opinion, dated the Effective Date, of Conyers Dill & Pearman, Bermuda counsel
to DBS, in form and substance acceptable to the Administrative Agent.

          (iii) An opinion, dated the Effective Date, of Milbank, Tweed, Hadley & McCloy, LLP,
special New York counsel to the Lenders, in form and substance acceptable to the
Administrative Agent.

          (iv) An opinion, dated the Effective Date, of Allen & Overy Shook Lin & Bok, Singapore
counsel to DBS, in form and substance acceptable to the Administrative Agent.

          (v) Such other opinions as the Administrative Agent or any Lender shall reasonably
request.

          (b) Corporate Documents. Such documents and certificates as the Administrative Agent
or its counsel may reasonably request relating to the organization, existence and good standing of
the Borrower, the authorization of the Transactions and any other legal matters relating to the
Borrower, this Agreement or the Transactions, all in form and substance satisfactory to the
Administrative Agent and its counsel.

          (c) Officer’s Certificate. A certificate, dated the Effective Date and signed by the
President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the
conditions set forth in the lettered clauses of the first sentence of Section 4.02.

          (d) Deed of Charge over Accounts. The Deed of Charge over Accounts, duly executed and
delivered by the Borrower and the Administrative Agent, and the notice identified in the schedule
thereto, duly executed and acknowledged. In addition, the Borrower shall have taken such other
action as the Administrative Agent shall have requested in order to perfect the security interest
created pursuant to the Deed of Charge over Accounts.

          (e) Security Agreement. The Security Agreement, duly executed and delivered by the
Borrower and the Administrative Agent. In addition, the Borrower shall have taken such other
action as the Administrative Agent shall have requested in order to perfect the security interests
created pursuant to the Security Agreement.

          (f) Deed of Share Charge. The Deed of Share Charge, duly executed and delivered by
the Borrower and the Administrative Agent, and the notices identified in the schedules thereto,
duly executed and acknowledged. In addition, the Borrower shall have taken such other action as
the Administrative Agent shall have requested in order to perfect the security interests created
pursuant to the Deed of Share Charge.

          (g) Consummation of Acquisition. Evidence that the Record Date has occurred and that
the Acquisition shall have been (or will be immediately following the funding of the Loans)
consummated in all material respects and the Administrative Agent shall have received a certificate
of a Financial Officer of the Borrower to such effect and to the effect that attached thereto are
true and complete copies of the documents delivered in connection with the

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closing of the Acquisition such documents to be in a form acceptable to the Administrative Agent.

          (h) Undertakings. Evidence that the Borrower has received undertakings from
shareholders of ChinaCast to sell to the Borrower more than 50.0% of the outstanding shares of
ChinaCast and the Borrower has announced that its offer to acquire such shares is irrevocable.

          (i) Approval. Evidence that the shareholders of the Borrower have approved the
Acquisition.

          (j) Payment Instructions. The Acquisition Payment Instruction and the Trustee Payment
Instruction duly executed and acknowledged.

          (k) Trust Amount. Evidence of the Trust Amount, including but not limited to (i)
certified copies of all written materials delivered in connection with, and all resolutions passed
at, the special meeting of stockholders of the Borrower to be held on or about December 18, 2006
and (ii) the Trust Amount Confirmation, together with an opinion of counsel that, subject to the
Acquisition being consummated, there are no restrictions under the Trust Agreement or any other
legal impediments preventing the immediate payment of the Trust Amount to the U.S. Dollar Debt
Service Account (which opinion, for the avoidance of doubt,
may be included as part of the opinion referred to in clause (b)(i) above). Evidence that
immediately following the funding of the Loans, the Trust Amount will be paid directly to the U.S.
Dollar Debt Service Account in compliance with the Trust Agreement.

          (l) Due Diligence. Satisfactory completion of all due diligence by the Administrative
Agent and Lenders with respect to the Borrower and ChinaCast, including with respect to (i) the
terms of the Trust Agreement, (ii) the terms of the organizational documents of the Borrower and
ChinaCast and (iii) the financial condition and ability of ChinaCast to pay dividends.

          (m) SEC and SGX. Evidence that all required approvals for the Acquisition have been
obtained and all applicable waiting periods have expired, including without limitation evidence
that the SEC has approved the acquisition and no other SEC approvals are required (including
confirmation of this in the legal opinion referred to in Section 4.01(b)(i)).

          (n) Sub-Account Agreement. The Sub-Account Agreement duly executed by the Borrower
and the Nominee, together with evidence that the Sub-Account has been opened.

          (o) Process Agents. Evidence that the Borrower shall have appointed agents for
service of process acceptable to the Administrative Agent in New York and Singapore in respect of
each Loan Document governed by New York law or Singapore law, as applicable, and such agent shall
have accepted such appointment and confirmed that it has received payment of all fees for acting as
such until the date occurring 12 months after the Tranche B Maturity Date.

          (p) Other Documents. Such other documents as the Administrative Agent or any Lender
or special New York counsel to DBS may reasonably request.

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          The obligation of each Lender to make its initial Loan hereunder is also subject to the
payment by the Borrower of such fees as the Borrower shall have agreed to pay to any Lender or the
Administrative Agent in connection herewith, including the reasonable fees and expenses of all
legal counsel to DBS, in connection with the negotiation, preparation, execution and delivery of
this Agreement and the other Loan Documents and the Loans hereunder (to the extent that statements
for such fees and expenses have been delivered to the Borrower).

          The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and
such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions
is satisfied (or waived pursuant to Section 9.02) on or prior to 3:00 p.m., Singapore time, on
December 27, 2006 (and, in the event such conditions are not so satisfied or waived, the
Commitments shall terminate at such time).

          SECTION 4.02. Each Loan. The obligation of each Lender to make any Loan is
additionally subject to the satisfaction of the following conditions:

          (a) the representations and warranties of the Borrower set forth in this Agreement and in the
other Loan Documents shall be true and correct on and as of the date of such Loan; and

          (b) at the time of and immediately after giving effect to such Loan, no Default shall have
occurred and be continuing.

          Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on
the date thereof as to the matters specified in the preceding sentence.

ARTICLE V

AFFIRMATIVE COVENANTS

          Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees and other amounts payable hereunder shall have been paid in full, the
Borrower covenants and agrees with the Lenders that:

          SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish
to the Administrative Agent and each Lender:

          (a) within 90 days after the end of each fiscal year of the Borrower, the audited consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows of the
Borrower and its Subsidiaries as of the end of and for such year, setting forth in each case in
comparative form the figures for the previous fiscal year, all reported on by Goldstein Golub
Kessler LLP or other independent public accountants of recognized national standing (without a
“going concern” or like qualification or exception and without any

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qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly
in all material respects the financial condition and results of operations of the Borrower and its
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

          (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year of the Borrower, the consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for
such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in
comparative form the figures for (or, in the case of the balance sheet, as of the end of) the
corresponding period or periods of the previous fiscal year, all certified by a Financial Officer
of the Borrower as presenting fairly in all material respects the financial condition and results
of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

          (c) concurrently with any delivery of financial statements under clause (a) or (b) of this
Section, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto and (ii) stating whether any change in GAAP or
in the application thereof has occurred since the date of the audited financial statements referred
to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate;

          (d) concurrently with any delivery of financial statements under clause (a) of this Section, a
certificate of the accounting firm that reported on such financial statements stating whether they
obtained knowledge during the course of their examination of such financial statements of any
Default (which certificate may be limited to the extent required by accounting rules or
guidelines);

          (e) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Borrower or any of its Subsidiaries with
the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of
the functions of said Commission, or with any national securities exchange, or distributed by the
Borrower to its shareholders generally, as the case may be; and

          (f) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Borrower or any of its Subsidiaries, or compliance
with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any
Lender may reasonably request.

          SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative
Agent and each Lender prompt written notice of the following:

          (a) the occurrence of any Default;

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          (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting the Borrower or any of its Affiliates that, if
adversely determined, could reasonably be expected to result in a Material Adverse Effect;

          (c) the occurrence of any ERISA Event;

          (d) the assertion of any Environmental Claim by any Person against, or with respect to the
activities of, the Borrower or any of its Subsidiaries and any alleged violation of or
non-compliance with any Environmental Laws or any permits, licenses or authorizations, other than
any Environmental Claim or alleged violation that, if adversely determined, would not (either
individually or in the aggregate) have a Material Adverse Effect; and

          (e) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect.

          Each notice delivered under this Section shall be accompanied by a statement of a Financial
Officer or other executive officer of the Borrower setting forth the details of the event or
development requiring such notice and any action taken or proposed to be taken with respect
thereto.

          SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each
of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business.

          SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including tax liabilities, before the same shall become
delinquent or in default, except where (a) the validity or amount thereof is being contested in
good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its
books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make
payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect.

          SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will
cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of
its business in good working order and condition, ordinary wear and tear excepted, and (b)
maintain, with financially sound and reputable insurance companies, insurance in such amounts and
against such risks as are customarily maintained by companies engaged in the same or similar
businesses operating in the same or similar locations.

          SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will
cause each of its Subsidiaries to, keep proper books of record and account in which full, true and
correct entries are made of all dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each of its Subsidiaries to, permit any
representatives designated by the Administrative Agent or any Lender, upon reasonable prior

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notice, to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its affairs, finances and condition with its officers and independent accountants, all
at such reasonable times and as often as reasonably requested.

          SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property.

          SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be deposited in the
Singapore Dollar Debt Service Account and used only for the acquisition of outstanding shares in
the capital of ChinaCast by the Borrower in accordance with Section 2.04(a) hereof and to pay fees,
interest and other expenses related to the Acquisition and the Loans. No part of the proceeds of
any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the Regulations of the Board, including Regulations U and X.

          SECTION 5.09. Further Assurances. The Borrower will, and will cause each of its
Subsidiaries to, take such action from time to time as shall reasonably be requested by the
Administrative Agent to effectuate the purposes and objectives of this Agreement.

          Without limiting the generality of the foregoing, the Borrower will take such action from time
to time (including filing appropriate Uniform Commercial Code financing statements and executing
and delivering such assignments, security agreements and other instruments) as shall be reasonably
requested by the Administrative Agent to create, in favor of the Administrative Agent for the
benefit of the Lenders, perfected security interests and Liens in accordance with the Security
Documents.

          SECTION 5.10. Ownership of ChinaCast. The Borrower will at all times after the date
of consummation of the Acquisition maintain direct ownership of more than 50.0% of the outstanding
shares of ChinaCast.

          SECTION 5.11. Dividend Payment by ChinaCast.

          (a) The Borrower will procure as soon as possible after the Effective Date and in any event
not later than the Tranche B Maturity Date, that ChinaCast declare, distribute and pay dividends
(or other form of capital distribution) where the entitlement of the Borrower in relation to such
dividends shall be for an amount not less than the amount required for the full payment of all
amounts (including without limitation the principal and any interest thereon) due and payable to
the Lenders under the Loans. The Borrower shall ensure that all dividends (and other forms of
capital distribution) from ChinaCast to which the Borrower is entitled are immediately paid
directly to the Singapore Dollar Debt Service Account.

          (b) On the date the Acquisition is consummated, the Borrower will deliver to the
Administrative Agent the ChinaCast Payment Instruction, duly executed by the Borrower and
acknowledged by ChinaCast.

          SECTION
5.12. The Accounts. (a) The Borrower shall establish and maintain the
Accounts.

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          (b) Each Account shall be in the name of the Borrower but held with DBS and under the control
of the Administrative Agent. Each Account shall be separate from all other accounts with DBS.

          (c) The Borrower irrevocably confirms the authority of (and directs and authorizes) the
Administrative Agent to credit and transfer funds to pay all amounts due and payable from time to
time by the Borrower to the Administrative Agent or the Lenders under the Loan Documents (including
all amounts payable under Sections 9.03(a) and (b)), irrespective of whether any Borrowing is made
hereunder.

ARTICLE VI

NEGATIVE COVENANTS

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees and other amounts payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:

          SECTION 6.01. Indebtedness. The Borrower will not create, incur, assume or permit to
exist any Indebtedness except Indebtedness created hereunder. The Borrower will not permit any of
its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except:

          (a) Indebtedness existing on the date hereof and set forth in Part A of Schedule II (or, to
the extent not meeting the minimum thresholds for required listing on Schedule II pursuant to
Section 3.14, in an aggregate amount not exceeding S$5,000,000), but not any extensions, renewals
or replacements of any such Indebtedness;

          (b) other unsecured Indebtedness in an aggregate principal amount not exceeding S$5,000,000 at
any time outstanding.

          SECTION 6.02. Liens. The Borrower will not create, incur, assume or permit to exist any
Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income
or revenues (including accounts receivable) or rights in respect of any thereof, except Liens
created pursuant to the Security Documents. The Borrower will not permit any of its Subsidiaries
to create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)
or rights in respect of any thereof, except:

          (a) Permitted Encumbrances; and

          (b) any Lien on any property or asset of any Subsidiaries existing on the date hereof and set
forth in Part B of Schedule II (or, to the extent not meeting the minimum
thresholds for required listing on Schedule II pursuant to Section 3.14, in an aggregate
amount not exceeding S$5,000,000); provided that (i) no such Lien shall extend to any other
property or

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asset of such Subsidiary and (ii) any such Lien shall secure only those obligations
which it secures on the date hereof.

          SECTION 6.03. Fundamental Changes. The Borrower will not, nor will it permit any of
its Subsidiaries to, enter into any transaction of merger or consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Borrower
will not, nor will it permit any of its Subsidiaries to, acquire any business or property from, or
capital stock of, or be a party to any acquisition of, any Person except the Acquisition and in the
case of its Subsidiaries for purchases of inventory and other property to be sold or used in the
ordinary course of business. The Borrower will not, nor will it permit any of its Subsidiaries to,
convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of
transactions, any part of its business or property, whether now owned or hereafter acquired
(including receivables and leasehold interests, but excluding (x) obsolete or worn-out property,
tools or equipment no longer used or useful in its business so long as the amount thereof sold in
any single fiscal year by the Borrower and its Subsidiaries shall not have a fair market value in
excess of S$1,000,000 and (y) any inventory or other property sold or disposed of in the ordinary
course of business and on ordinary business terms). The Borrower shall ensure that at all time it
does not have any Subsidiaries other than ChinaCast.

          Notwithstanding the foregoing provisions of this Section:

          (a) any Subsidiary of the Borrower may be merged or consolidated with or into any other such
Subsidiary; provided that if any such transaction shall be between a Subsidiary and a
wholly owned Subsidiary, the wholly owned Subsidiary shall be the continuing or surviving
corporation;

          (b) any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or
all of its property (upon voluntary liquidation or otherwise) to the Borrower or any wholly owned
Subsidiary of the Borrower; and

          (c) the capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise
disposed of to the Borrower or any wholly owned Subsidiary of the Borrower.

          SECTION 6.04. Lines of Business. The Borrower will not, nor will it permit any of
its Subsidiaries to, engage to any material extent in any business other than, in the case of the
Borrower, holding ChinaCast shares and, in the case of ChinaCast, the business carried out on the
date hereof.

          SECTION 6.05. Investments. The Borrower will not make or permit to remain outstanding any
Investments except in connection with the Acquisition. The Borrower will not permit any of its
Subsidiaries to make or permit to remain outstanding any Investments except:

          (a) Investments outstanding on the date hereof and identified in Part B of Schedule V;

          (b) operating deposit accounts with banks;

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          (c) Permitted Investments;

          (d) Investments by its Subsidiaries in the Borrower and its Subsidiaries; and

          (e) Investments consisting of security deposits with utilities and other like Persons made in
the ordinary course of business.

          SECTION 6.06. Restricted Payments. The Borrower will not, nor will it permit any of
its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment. Nothing herein shall be deemed to prohibit the payment of dividends by any
Subsidiary of the Borrower to the Borrower or to any other Subsidiary of the Borrower.

          SECTION 6.07. Transactions with Affiliates. The Borrower will not, nor will it permit any
of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase,
lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) transactions in the ordinary course of
business at prices and on terms and conditions not less favorable to the Borrower or such
Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties and (b)
transactions between or among the Borrower and its wholly owned Subsidiaries not involving any
other Affiliate.

          SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any of
its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the
Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect
to any shares of its capital stock or to make or repay loans or advances to the Borrower or any
other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary;
provided that the foregoing shall not apply to restrictions and conditions imposed by law
or by the Loan Documents.

ARTICLE VII

EVENTS OF DEFAULT

          If any of the following events (“Events of Default”) shall occur:

          (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise;

          (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount
(other than an amount referred to in clause (a) of this Article) payable under this Agreement or
under any other Loan Document, when and as the same shall become due and payable, unless the
Borrower demonstrates to the satisfaction of the Administrative Agent that

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the failure to make such payment is to a technical error related to the remittance of funds and such failure is remedied
within three Business Days;

          (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any
of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any
amendment or modification hereof or thereof, or in any report, certificate, financial statement or
other document furnished pursuant to or in connection with this Agreement or any other Loan
Document or any amendment or modification hereof or thereof, shall prove to have been incorrect
when made or deemed made;

          (d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02, 5.03 (with respect to the Borrower’s existence), 5.08, 5.09, 5.10, 5.11
or 5.12 or in Article VI or the Borrower shall default in the performance of any of its obligations
contained in the Security Documents;

          (e) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article)
or any other Loan Document and such failure shall continue unremedied for a period of 15 or more
days after the earlier of the Borrower becoming aware of such failure and notice thereof from the
Administrative Agent (given at the request of any Lender) to the Borrower;

          (f) the Borrower or any of its Subsidiaries shall fail to make any payment (whether of
principal or interest and regardless of amount) in respect of any of its Indebtedness, when and as
the same shall become due and payable;

          (g) any event or condition occurs that results in any of its Indebtedness becoming due prior
to its scheduled maturity or that enables or permits (with or without the giving of notice, the
lapse of time or both) the holder or holders of any of its Indebtedness or any trustee or agent on
its or their behalf to cause any of its Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided
that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness;

          (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its
Subsidiaries or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any of its Subsidiaries or for a substantial part of its assets or an order or
decree approving or ordering any of the foregoing shall be entered;

          (i) the Borrower or any of its Subsidiaries shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the

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appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any of its Subsidiaries or for a substantial part of its assets, (iv) file an
answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose
of effecting any of the foregoing;

          (j) the Borrower or any of its Subsidiaries shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

          (k) one or more judgments for the payment of money shall be rendered against the Borrower or
any of its Subsidiaries or any combination or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries to enforce
any such judgment;

          (l) an ERISA Event shall have occurred;

          (m) a reasonable basis shall exist for the assertion against the Borrower or any of its
Subsidiaries, or any predecessor in interest of the Borrower or any of its Subsidiaries, of (or
there shall have been asserted against the Borrower or any of its Subsidiaries) an Environmental
Claim;

          (n) the Liens created by the Security Documents shall at any time not constitute a valid and
perfected Lien on the collateral intended to be covered thereby (to the extent perfection by
filing, registration, recordation or possession is required herein or therein) in favor of the
Administrative Agent, free and clear of all other Liens (other than Liens under the respective
Security Documents), or, except for expiration in accordance with its terms, any of the Security
Documents shall for whatever reason be terminated or cease to be in full force and effect, or the
enforceability thereof shall be contested by the Borrower;

          (o) at any time after December 31, 2006, the Borrower shall cease to own more than 50.0% of
ChinaCast;

          (p) the shares of ChinaCast cease to be listed on the SGX or trade in ChinaCast shares is
suspended (unless the Administrative Agent shall have agreed otherwise in writing);

          (q) the Borrower shall not have procured all ChinaCast corporate approvals, including and
board and shareholder approvals, necessary for the payment of dividends in accordance with Section
5.11 within 30 days after close of the Offer in accordance with the Singapore Takeover Code; or

          (r) the Trust Amount is not immediately and directly paid to the U.S. Dollar Debt Service
Account;

then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the

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Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare
the Loans then outstanding to be due and payable in whole (or in part, in which case any principal
not so declared to be due and payable may thereafter be declared to be due and payable), and
thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower, (iii) take action to enforce the Lenders’ Liens over
all or any part of the Collateral and (iv) exercise all other rights under any Loan Document and
all remedies available at law; and in case of any event with respect to the Borrower described in
clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower. The proceeds of any collection, sale or realization of all or any part of the Collateral
by the Administrative Agent under the Security Documents or the enforcement of such other rights
thereunder, and any other cash at the time of such collection, sale or other realization held by
the Administrative Agent under the Loan Documents, shall be applied by the Administrative Agent and
paid to the relevant Secured Parties in the order of priority specified in Section 2.14(b) with any
remaining proceeds of cash after the Release Date being applied as a payment to the Borrower or to
its successors or permitted assigns, or as a court of competent jurisdiction may otherwise direct.

ARTICLE VIII

THE ADMINISTRATIVE AGENT

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

          (b) The Administrative Agent shall also act as the “Security Agent” under the Loan Documents,
and each Lender hereby irrevocably appoints and authorizes the Administrative Agent to act as the
agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens granted
under the Security Documents, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Administrative Agent, as “Security Agent” and any co-agents,
sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 8.05 for
purposes of holding or enforcing any Lien granted under the Security Documents, or for exercising
any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled
to the benefits of all provisions of this Article VIII (as though such co-agents, sub-agents and
attorneys-in-fact were the “Security Agent” under the Loan Documents) as if set forth in full
herein with respect thereto.

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          (c) In the event that DBS or any of its Affiliates shall be or become an indenture trustee
under the Trust Indenture Act of 1939 (as amended, the “Trust Indenture Act”) in respect of
any securities issued or guaranteed by the Borrower, the parties hereto acknowledge and agree that
any payment or property received in satisfaction of or in respect of any obligation of the Borrower
hereunder or under any Loan Document by or on behalf of DBS in its capacity as the Administrative
Agent for the benefit of any Lender under any Loan Document (other than DBS or its Affiliates) and
which is applied in accordance with the Loan Documents shall be deemed to be exempt from the
requirements of Section 311 of the Trust Indenture Act pursuant to Section 311(b)(3) of the Trust
Indenture Act.

          SECTION 8.02. Rights as a Lender. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent, and such Person and its
Affiliates may accept deposits from, lend money to and generally engage in any kind of business
with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative
Agent hereunder.

          SECTION 8.03. Limitation on Duties. The Administrative Agent 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, (a) the Administrative Agent shall not be subject
to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing, (b) the Administrative Agent 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 the Administrative Agent is required to exercise in
writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan
Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or
not taken by it with the consent or at the request of the Required Lenders or in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice thereof is given to the Administrative
Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other 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, (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 or
therein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent.

          SECTION 8.04. Reliance by Administrative Agent. The Administrative Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed by it to be

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genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to be made by the proper Person,
and shall not incur any liability for relying thereon. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

          SECTION 8.05. Sub-Agents. The Administrative Agent may perform any and all its
duties and exercise its rights and powers by or through any one or more sub-agents appointed by the
Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its
duties and exercise its rights and powers through their respective Related Parties. The
exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Administrative Agent.

          SECTION 8.06. Resignation. The Administrative Agent may resign at any time by
notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have
the right, in consultation with the Borrower, to appoint a successor. If no 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’s resignation shall nonetheless become effective and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the
Required Lenders shall perform the duties of the Administrative Agent (and all payments and
communications provided to be made by, to or through the Administrative Agent shall instead be made
by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as
provided for above in this paragraph. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not
already discharged therefrom as provided above in this paragraph). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for
its benefit in respect of any actions taken or omitted to be taken by it while it was acting as
Administrative Agent.

          SECTION 8.07. Reliance by Lenders. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it shall 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.

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          SECTION 8.08. Amendments to Loan Documents. Except as otherwise provided in Section
9.02(b) with respect to this Agreement, the Administrative Agent may, with the prior consent of the
Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any
of the Loan Documents, provided that, without the prior consent of each Lender, the
Administrative Agent shall not (except as provided herein or in the Security Documents) release all
or substantially all
of the collateral or otherwise terminate all or substantially all of the Liens under any
Security Document providing for collateral security, agree to additional obligations being secured
by all or substantially all of such collateral security (unless the Lien for such additional
obligations shall be junior to the Lien in favor of the other obligations secured by such Security
Document, in which event the Administrative Agent may consent to such junior Lien provided that it
obtains the consent of the Required Lenders thereto), alter the relative priorities of the
obligations entitled to the benefits of the Liens created under the Security Documents with respect
to all or substantially all of such collateral, except that no such consent shall be required, and
the Administrative Agent is hereby authorized, to release any Lien covering property that is the
subject of either a disposition of property permitted hereunder or a disposition to which the
Required Lenders have consented.

ARTICLE IX

MISCELLANEOUS

          SECTION 9.01. Notices. Except in the case of notices and other communications expressly
permitted to be given by telephone, 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 telecopy, as follows:

          (a) if to the Borrower, to it at Great Wall Acquisition Corporation, 660 Madison Avenue,
15th Floor, New York, New York 10021 (Telecopy No. [___]; Telephone No. 1-212-753-0804);

          (b) if to the Administrative Agent, to DBS Bank Ltd, 6 Shenton Way #38-00, DBS Building Tower
One Singapore 068809, Attention of Managing Director, Corporate & Investment Banking Group
(Communications, Media & Technology) (Telecopy No. 65 6878 4972; Telephone No. 65 6878 5980); and

          (c) if to a Lender, to it at its address (or telecopy number) designated for such Lender on
the signature pages hereof.

          Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto (or, in the case of any such change
by a Lender, by notice to the Borrower and the Administrative Agent). All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

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          SECTION 9.02. Waivers; Amendments.

          (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative
Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless
of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default
at the time.

          (b) Amendments. Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the
Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent
of the Required Lenders; provided that no such agreement shall:

          (i) increase any Commitment of any Lender without the written consent of such Lender,

          (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or
reduce any fees payable hereunder, without the written consent of each Lender affected
thereby,

          (iii) postpone the scheduled date of payment of the principal amount of any Loan, or
any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby,

          (iv) change Section 2.14(d) without the consent of each Lender affected thereby, or

          (v) change any of the provisions of this Section or the percentage in the definition of
the term “Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender;
and provided further that no such agreement shall amend, modify or otherwise
affect the rights or duties of the Administrative Agent hereunder without the prior written
consent of the Administrative Agent.

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          SECTION 9.03. Expenses; Indemnity; Damage Waiver.

          (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent, the Lenders and their respective Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent,
in connection with the Transactions and the Acquisition, the syndication of the credit facilities
provided for herein, the preparation 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
out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees,
charges and disbursements of any counsel for the Administrative Agent, or any Lender, in connection
with the enforcement or protection of its rights in connection with this Agreement and the other
Loan Documents, including its rights under this Section, or in connection with the Loans made
hereunder, including in connection with any workout, restructuring or negotiations in respect
thereof and (iii) and all costs, expenses, taxes, assessments and other charges incurred in
connection with any filing, registration, recording or perfection of any security interest
contemplated by any Security Document or any other document referred to therein.

          (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent and each Lender, 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, incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto
of their respective obligations hereunder or the consummation of the Transactions and the
Acquisition or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds
therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Claim
related in any way to the 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 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 resulted from the gross
negligence or willful misconduct of such Indemnitee.

          (c) Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount
required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section,
each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage
(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 the
Administrative Agent in its capacity as such.

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          (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law,
the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory
of liability, for special, 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 or any
agreement or instrument contemplated hereby, the Transactions, the Acquisition, any Loan or the use
of the proceeds thereof.

          (e) Payments. All amounts due under this Section shall be payable promptly after
written demand therefor.

          SECTION 9.04. Successors and Assigns.

          (a) Assignments 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 the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void). 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 and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

          (b) Assignments by Lenders. Any Lender may assign to one or more assignees all or a
portion of its rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans at the time owing to it); provided that:

          (i) except in the case of an assignment to a Lender or an Affiliate (or Approved Fund)
of a Lender, the Administrative Agent must give its prior written consent to such
assignment,

          (ii) except in the case of an assignment to a Lender or an Affiliate (or Approved Fund)
of a Lender or an assignment of the entire remaining amount of the assigning Lender’s
Commitment(s), the amount of the Commitment(s) of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to such
assignment is delivered to the Administrative Agent) shall not be less than S$1,000,000
unless the Administrative Agent otherwise consents,

          (iii) 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,

          (iv) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Acceptance, together with a processing and recordation fee of in an
amount advised by the Administrative Agent,

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          (v) each assignment shall be pro-rata between the assigning Lender’s Tranche A and
Tranche B Commitments; and

          (vi) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent such additional information as the Administrative Agent shall request,

Upon acceptance and recording pursuant to paragraph (d) of this Section, from and after the
effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from
its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of Sections 2.11, 2.12, 2.13
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with paragraph (e)
of this Section.

          Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose vehicle (an “SPV”) of such Granting Lender,
identified as such in writing from time to time by the Granting Lender to the Administrative Agent
and the Borrower, the option to provide to the Borrower all or any part of any Loan that such
Granting Lender would otherwise be obligated to make to the Borrower pursuant to Section 2.01,
provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan,
(ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of
such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof
and (iii) the Borrower may bring any proceeding against either the Granting Lender or the SPV in
order to enforce any rights of the Borrower under any of the Loan Documents. The making of a Loan
by an SPV hereunder shall utilize the relevant Commitment of the Granting Lender to the same
extent, and as if, such Loan were made by the Granting Lender. Each party hereto hereby agrees
that no SPV shall be liable for any payment under this Agreement for which a Lender would otherwise
be liable, for so long as, and to the extent, the related Granting Lender makes such payment. 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 indebtedness of any SPV, it
will not institute against, or join any other person in instituting against, such SPV any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceedings under the laws of the United States or any State thereof arising out of any claim
against such SPV under this Agreement. In addition, notwithstanding anything to the contrary
contained in this Section, any SPV may with notice to, but without the prior written consent of,
the Borrower or the Administrative Agent and without paying any processing fee therefor, assign all
or a portion of its interests in any Loans to its Granting Lender or to any financial institutions
(consented to by the Borrower and the Administrative Agent) providing liquidity and/or credit
support (if any) with respect to

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commercial paper issued by such SPV to fund such Loans and such SPV may disclose, on a confidential basis, confidential
information with respect to the Borrower and its Subsidiaries to any rating agency, commercial
paper dealer or provider of a surety, guarantee or credit liquidity enhancement to such SPV. This
paragraph may not be amended without the consent of any SPV at the time holding Loans under this
Agreement.

          (c) Maintenance of Register by the Administrative Agent. The Administrative Agent,
acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in New
York City a copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

          (d) Effectiveness of Assignments. Upon its receipt of a duly completed Assignment and
Acceptance executed by an assigning Lender and an assignee, the processing and recordation fee
referred to in paragraph (b) of this Section and any written consent to such assignment required by
paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance
and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph.

          (e) Participations. Any Lender may, without the consent of the Borrower or the
Administrative Agent, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans
owing to it); provided that (i) such Lender’s obligations under this Agreement and the
other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement and the other
Loan Documents. 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 the other
Loan Documents and to approve any amendment, modification or waiver of any provision of this
Agreement or any other Loan Document; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such
Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 2.11, 2.12 and 2.13 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.

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          (f) Limitations on Rights of Participants. A Participant shall not be entitled to
receive any greater payment under Section 2.11 or 2.13 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant, unless the sale of
the participation to such Participant is made with the Borrower’s prior written consent. A
Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 2.13 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section
2.13(e) as though it were a Lender.

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

          (h) No Assignments to the Borrower or Affiliates. Anything in this Section to the
contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it
hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of
each Lender.

          SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by
the Borrower herein and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long
as the Commitments have not expired or terminated. The provisions of Sections 2.11, 2.12, 2.13,
5.12(c) and 9.03 and Article VIII shall survive and remain in full force and effect regardless of
the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Commitments or the termination of this Agreement or any provision
hereof.

          SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract between and among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by
the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and

Credit Facility Agreement

 

- 53 -

inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement
by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

          SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender is hereby authorized at any time and from time to time, 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 and other indebtedness at any time owing by such
Lender to or for the credit or the account of the Borrower against any of and all the obligations
of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. The rights of each Lender under this Section are in addition to
other rights and remedies (including other rights of setoff) which such Lender may have.

          SECTION 9.09. Governing Law; Jurisdiction; Etc.

          (a) Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of New York.

          (b) Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the
State of New York sitting in New York County and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York
State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement against the Borrower or its
properties in the courts of any jurisdiction.

          (c) Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

Credit Facility Agreement

 

- 54 -

          (d) Service of Process. The Borrower hereby agrees that service of all writs, process
and summonses in any such suit, action or proceeding brought in the State of New York may be made
upon CT Corporation, presently located at 1633 Broadway, New York, New York 10019, U.S.A. (the
“Process Agent”), and the Borrower hereby confirms and agrees that the Process Agent has
been duly and irrevocably appointed as its agent and true and lawful attorney-in-fact in its name,
place and stead to accept such service of any and all such writs, process and summonses, and agrees
that the failure of the Process Agent to give any notice of any such service of process to the
Borrower shall not impair or affect the validity of such service or of any judgment based thereon.
The Borrower hereby further irrevocably consents to the service of process in any suit, action or
proceeding in such courts by the mailing thereof by the Administrative Agent or any Lender by
registered or certified mail, postage prepaid, at its address set forth beneath its signature
hereto. Nothing in this Agreement will affect the right of any party to this Agreement to serve
process in any other manner permitted by law.

          SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

          SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

          SECTION 9.12. Treatment of Certain Information; Confidentiality.

          (a) Treatment of Certain Information. The Borrower acknowledges that from time to
time financial advisory, investment banking and other services may be offered or
provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement
or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the
Borrower hereby authorizes each Lender to share any information delivered to such Lender by the
Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of
such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood
that any such subsidiary or affiliate receiving such information shall be bound by the provisions
of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall
survive the repayment of the Loans, the expiration or termination of the Commitments or the
termination of this Agreement or any provision hereof.

Credit Facility Agreement

 

- 55 -

          (b) Confidentiality. Each of the Administrative Agent and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (i) 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), (ii) to the extent requested by any regulatory authority,
(iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(vi) subject to an agreement containing provisions substantially the same as those of this
paragraph, to any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement, (vii) with the consent of the Borrower or
(viii) to the extent such Information (A) becomes publicly available other than as a result of a
breach of this paragraph or (B) becomes available to the Administrative Agent or any Lender on a
nonconfidential basis from a source other than the Borrower. For the purposes of this paragraph,
“Information” means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in
the case of information received from the Borrower after the date hereof, such information is
clearly identified 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.

Credit Facility Agreement

 

 

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

	 	 	 	 	 
	GREAT WALL ACQUISITION CORPORATION	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 

Credit Facility Agreement

 

 

	 	 	 	 	 
	DBS BANK LTD,	 	 
	 
	 	 	 	 
	Individually and as Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	DBS BANK LTD,	 	 
	 
	 	 	 	 
	As Lender	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 

Credit Facility Agreement

 

 

SCHEDULE I

Commitments

	 	 	 	 	 
	Name of Lender	 	Tranche A Commitment (S$)	 	Tranche B Commitment (S$)
	DBS Bank Ltd

	 	S$37,500,000
	 	S$32,500,000

Credit Facility Agreement

 

 

SCHEDULE II

Agreements and Liens

Part A — Agreements

Investment Management Trust Agreement dated as of March 17, 2004 between Great Wall Acquisition
Corporation and Continental Stock Transfer & Trust Company

Part B — Liens

None.

Schedule II to Facility Agreement

 

 

SCHEDULE III

Litigation

None.

Schedule III to Facility Agreement

 

 

SCHEDULE IV

Environmental Matters

None.

Schedule IV to Facility Agreement

 

 

SCHEDULE V

Subsidiaries and Investments

Part A — Subsidiaries

As of the date hereof:

None.

As of the Effective Date:

ChinaCast Communication Holdings Limited, a Bermuda corporation

More than 50.0% ownership

Part B — Investments

None.

Schedule IV to Facility Agreement

 

 

EXHIBIT A

[Form of Assignment and Acceptance]

ASSIGNMENT AND ACCEPTANCE

          Reference is made to the Credit Facility Agreement dated as of December 7, 2006 (as amended
and in effect on the date hereof, the “Facility Agreement”), between Great Wall Acquisition
Corporation, the Lenders named therein and DBS Bank Ltd, as Administrative Agent for the Lenders.
Terms defined in the Facility Agreement are used herein with the same meanings.

          The Assignor named below hereby sells and assigns, without recourse, to the Assignee named
below, and the Assignee hereby purchases and assumes, without recourse, from the Assignor,
effective as of the Assignment Date set forth below, the interests set forth below (the
“Assigned Interest”) in the Assignor’s rights and obligations under the Facility Agreement,
including the interests set forth below in the Commitment of the Assignor on the Assignment Date
and Loans owing to the Assignor which are outstanding on the Assignment Date, together with unpaid
interest accrued on the assigned Loans to the Assignment Date, and the amount, if any, set forth
below of the fees accrued to the Assignment Date for account of the Assignor. The Assignee hereby
acknowledges receipt of a copy of the Facility Agreement. From and after the Assignment Date (i)
the Assignee shall be a party to and be bound by the provisions of the Facility Agreement and, to
the extent of the interests assigned by this Assignment and Acceptance, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent of the interests
assigned by this Assignment and Acceptance, relinquish its rights and be released from its
obligations under the Facility Agreement.

          This Assignment and Acceptance is being delivered to the Administrative Agent together with
(i) if the Assignee is a Foreign Lender, any documentation required to be delivered by the Assignee
pursuant to Section 2.13(e) of the Facility Agreement, duly completed and executed by the Assignee,
and (ii) if the Assignee is not already a Lender under the Facility Agreement, such additional
information as the Administrative Agent shall request. The [Assignee/Assignor] shall pay the fee
payable to the Administrative Agent pursuant to Section 9.04(b) of the Facility Agreement.

          This Assignment and Acceptance shall be governed by and construed in accordance with the laws
of the State of New York.

Form of Assignment and Acceptance

 

- 2 -

Date of Assignment:

Legal Name of Assignor:

Legal Name of Assignee:

Assignee’s Address for Notices:

Effective Date of Assignment

(“Assignment Date”)1:

          Principal Amount

Facility          Assigned

Commitment Assigned:            S$

Loans:

Fees Assigned (if any):

The terms set forth above and below are hereby agreed to:

	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR] , as Assignor
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	Name:
	 
	 	 	 	 
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	[NAME OF ASSIGNEE] , as Assignee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

 

			
	1	 	Must be at least five Business Days after
execution hereof by all required parties.

 

- 3 -

Name:

Title:

The undersigned hereby consents to the within assignment:2

	 	 	 	 	 
	DBS BANK LTD,	 	 
	 
	 	 	 	 
	     as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 

 

			
	2	 	Consents to be included to the extent
required by Section 9.04(b) of the Facility Agreement.exv10w2

 

EXHIBIT 10.2

EXECUTION COPY

SECURITY AGREEMENT

     SECURITY AGREEMENT dated as of December 7, 2006, between Great Wall Acquisition
Corporation, a corporation organized and existing under the laws of the State of Delaware (the
“Debtor”), and DBS Bank Ltd, as administrative agent and security agent (the
“Administrative Agent”).

     The Debtor, certain lending institutions (together with their respective successors and
assigns and any new lenders from time to time, the “Lenders”) and the Administrative Agent
have entered into that certain Credit Agreement dated as of December 7, 2006, with the Debtor (as
from time to time amended, the “Credit Agreement”) providing for the making of loans to the
Debtor (collectively, “Loans”), and in connection therewith the Debtor has agreed to grant
to the Administrative Agent for the benefit of the Secured Creditors as hereinafter defined a
security interest in its all of its property, assets and revenues.

     Accordingly, to induce the Lenders to extend credit pursuant to the Credit Agreement and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Debtor and the Administrative Agent agree as follows:

          Section 1. Definitions.

     (a) Terms defined in the Credit Agreement are used herein as defined therein.

     (b) The terms “Account”, “As-Extracted Collateral”, “Chattel Paper”,
“Commodity Account”, “Deposit Account”, “Document”, “Electronic Chattel
Paper”, “Equipment”, “Fixture”, “General Intangible”, “Goods”,
“Instrument”, “Inventory”, “Investment Property”, “Letter-of-Credit
Right”, “Payment Intangible”, “Proceeds”, “Securities Account”,
“Security Entitlement”, “Software” and “Tangible Chattel Paper” have the
respective meanings ascribed thereto in Article 9 of the UCC, and the term “Financial
Assets” has the meaning ascribed thereto in Article 8 of the UCC.

     (c) As used herein:

     “Collateral” has the meaning set forth in Section 3.

     “Collateral Account” has the meaning set forth in Section 4(a).

Security Agreement

 

 

- 2 -

     “Copyright Collateral” means all Copyrights of the Debtor, whether now owned or
hereafter acquired.

     “Copyrights” means all copyrights, copyright registrations and applications for
copyright registrations, including, without limitation, all renewals and extensions thereof,
the right to recover for all past, present and future infringements thereof, and all other
rights of any kind whatsoever accruing thereunder or pertaining thereto.

     “Credit Documents” means, collectively, the Credit Agreement, this Agreement
and the other Loan Documents.

     “Intellectual Property” means, collectively, all Copyright Collateral, all
Patent Collateral and all Trademark Collateral, together with (a) all inventions, processes,
production methods, proprietary information, know-how and trade secrets; (b) all licenses or
user or other agreements granted to the Debtor with respect to any of the foregoing, in each
case whether now or hereafter owned or used; (c) all information, customer lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings,
recorded knowledge, surveys, engineering reports, test reports, manuals, materials
standards, processing standards, performance standards, catalogs, computer and automatic
machinery software and programs; (d) all field repair data, sales data and other information
relating to sales or service of products now or hereafter manufactured; (e) all accounting
information and all media in which or on which any information or knowledge or data or
records may be recorded or stored and all computer programs used for the compilation or
printout of such information, knowledge, records or data; (f) all licenses, consents,
permits, variances, certifications and approvals of governmental agencies now or hereafter
held by the Debtor; and (g) all causes of action, claims and warranties now or hereafter
owned or acquired by the Debtor in respect of any of the items listed above.

     “Motor Vehicles” means motor vehicles, tractors, trailers and other like
property, to the extent the title thereto is governed by a certificate of title or
ownership.

     “Patent Collateral” means all Patents of the Debtor, whether now owned or
hereafter acquired by the Debtor, including without limitation each Patent identified in
Annex 5.

     “Patents” means all patents and patent applications, including, without
limitation, the inventions and improvements described and claimed therein together with the
reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof,
all income, royalties, damages and payments now or hereafter due and/or payable under

Security Agreement

 

- 3 -

and
with respect thereto, including, without limitation, damages and payments for past or
future infringements thereof, the right to sue for past, present and future infringements
thereof, and all rights corresponding thereto throughout the world.

     “Person” means an individual, corporation, limited liability company,
partnership, unincorporated association, joint venture, trust, governmental agency or other
entity.

     “Secured Creditors” means, collectively, the Lenders and the Administrative
Agent.

     “Secured Obligations” means the principal of and interest on the Loans and all
fees, indemnification payments all other amounts whatsoever payable, whether now outstanding
or hereafter from time to time incurred, assumed or arising, under the Credit Documents.

     “Trademark Collateral” means all Trademarks of the Debtor whether now owned or
hereafter acquired by the Debtor. Notwithstanding the foregoing, the Trademark Collateral
does not and shall not include any Trademark that would be rendered invalid, abandoned, void
or unenforceable by reason of its being included as part of the Trademark Collateral.

     “Trademarks” means all trade names, trademarks and service marks, logos,
trademark and service mark registrations, and applications for trademark and service mark
registrations, including, without limitation, all renewals of trademark and service mark
registrations, all rights corresponding thereto throughout the world, the right to recover
for all past, present and future infringements thereof, all other rights of any kind
whatsoever accruing thereunder or pertaining thereto, together, in each case, with the
product lines and goodwill of the business connected with the use of, and symbolized by,
each such trade name, trademark and service mark.

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

          Section 2. Representations and Warranties. The Debtor represents and warrants to the
Administrative Agent for the benefit of the Secured Creditors that:

     (a) Title and Priority. The Debtor is the sole beneficial owner of the
Collateral and no security interest exists in the Collateral except for Liens expressly
permitted by the terms of the Credit Documents; and the security interests created

Security Agreement

 

- 4 -

pursuant hereto constitute valid, perfected security interests in the Collateral,
subject to no equal or prior Lien except as so permitted.

     (b) Names, Etc. The full and correct legal name, type of organization,
jurisdiction of organization, organizational ID number (if applicable) and mailing address
of the Debtor as of the date hereof are correctly set forth in Annex 1.

     (c) Changes in Circumstances. The Debtor has not (i) within the period of four
months prior to the date hereof, changed its location (as defined in Section 9-307 of the
UCC), or (ii) heretofore changed its name, or (iii) heretofore become a “new debtor” (as
defined in Section 9-102(a)(56) of the UCC) with respect to a currently effective security
agreement previously entered into by any other Person.

     (d) Intellectual Property. To the Debtor’s knowledge, the Debtor is not
infringing in any respect upon any Copyright, Patent or Trademark of any other Person; and
no proceedings have been instituted or are pending against the Debtor or, to the Debtor’s
knowledge, threatened, and no claim against the Debtor has been received by the Debtor,
alleging any such violation.

     The Debtor does not own any Trademarks registered in the United States of America to
which the last sentence of the definition of Trademark Collateral applies.

     (f) Fair Labor Standards Act. Any Goods now or hereafter produced by the
Debtor or any of its Subsidiaries included in the Collateral have been and will be produced
in compliance with the requirements of the Fair Labor Standards Act, as amended.

          Section 3. Collateral. As collateral security for the prompt payment in full when
due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, whether
now existing or hereafter from time to time incurred or arising, the Debtor hereby grants to the
Administrative Agent, for the benefit of the Secured Creditors, a security interest in all of the
Debtor’s right, title and interest in, to and under the following property, assets and revenues,
whether now owned or hereafter acquired and whether now existing or hereafter coming into existence
(all of the property, assets and revenues described in this Section 3 being collectively referred
to herein as the “Collateral”):

     (a) all Accounts;

     (b) all Chattel Paper (whether tangible or electronic);

Security Agreement

 

- 5 -

     (c) all Commodity Accounts;

     (d) all Deposit Accounts;

     (e) all Documents;

     (f) all Equipment;

     (g) all Fixtures;

     (h) all Instruments;

     (i) all Inventory;

     (j) all Goods;

     (k) all Letter-of-Credit Rights;;

     (l) all Securities Accounts, all Security Entitlements and all other Investment
Property whatsoever to the extent not covered by the other clauses of this Section 3;

     (m) all Intellectual Property, all Payment Intangibles, all Software, and all other
General Intangibles whatsoever not covered by the other clauses of this Section 3;

     (n) all As-Extracted Collateral;

     (o) all commercial tort claims as defined in Section 9-102(a)(13) of the UCC;

     (p) all other tangible and intangible personal property whatsoever of the Debtor; and

     (q) all Proceeds, products, offspring, accessions, rents, profits, income, benefits,
substitutions and replacements of and to any of the Collateral and, to the extent related to
any Collateral, all books, correspondence, credit files, records, invoices and other papers
(including without limitation all tapes, cards, computer runs and other papers and documents
in the possession or under the control of the Debtor or any computer bureau or service
company from time to time acting for the Debtor).

Security Agreement

 

- 6 -

          Section 4. Cash Proceeds of Collateral.

          (a) Collateral Account. The Debtor will, if so instructed by the Administrative
Agent, establish at a banking institution selected by the Administrative Agent a cash collateral
account (the “Collateral Account”), which

     (i) to the extent of all Investment Property or Financial Assets shall be a Securities
Account in respect of which the Administrative Agent shall be the “entitlement holder” as
defined in Section 8-102(a)(7) of the UCC, and

     (ii) to the extent of any cash, shall be a Deposit Account in respect of which the
Administrative Agent shall be the “customer” within the meaning of Section 9-104(a)(3) of
the UCC, and

into which there shall be deposited from time to time the cash proceeds of any of the Collateral
(including proceeds of insurance thereon) required to be delivered to the Administrative Agent
pursuant hereto and into which the Debtor may from time to time deposit any additional amounts that
any of them wishes to pledge to the Administrative Agent for the benefit of the Secured Creditors
as additional collateral security hereunder or that they are required to pledge as additional
collateral security hereunder. The balance from time to time in the Collateral Account shall
constitute part of the Collateral hereunder and shall not constitute payment of the Secured
Obligations until applied as hereinafter provided. Except as expressly provided in the next
sentence, the Administrative Agent shall remit the collected balance standing to the credit of the
Collateral Account to or upon the order of the Debtor as the Debtor shall from time to time
instruct, provided, that at any time after the occurrence and during the continuance of an
Event of Default, the Administrative Agent may in its discretion apply or cause to be applied
(subject to collection) the balance from time to time standing to the credit of the Collateral
Account to the payment of the Secured Obligations in the manner specified in Section 5.09. The
balance from time to time in the Collateral Account shall be subject to withdrawal only as provided
herein.

          (b) Proceeds of Accounts. If so requested by the Administrative Agent at any time
after the occurrence and during the continuance of an Event of Default, the Debtor shall instruct
all account debtors in respect of Accounts, Chattel Paper and General Intangibles and all obligors
on Instruments to make all payments in respect thereof either directly to the Administrative Agent
or any bank in the United States of America specified by the Administrative Agent under
arrangements, in form and substance satisfactory to the Administrative Agent, pursuant to which the
Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to
remit all proceeds of such payments directly to the Collateral Account. All payments made to the
Administrative Agent as provided in the preceding sentence, shall be immediately deposited in the
Collateral Account. In addition to the

Security Agreement

 

- 7 -

foregoing, the Debtor agrees that, at any time after the occurrence and during the continuance of
an Event of Default, if the proceeds of any Collateral hereunder shall be received by it, the
Debtor shall, upon the request of the Administrative Agent, as promptly as possible deposit such
proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust
by the Debtor for and as the property of the Administrative Agent and shall not be commingled with
any other funds or property of the Debtor.

          (c) Investment of Balance in Collateral Account. The cash balance standing to the
credit of the Collateral Account shall be invested from time to time in such investments as the
Debtor (or, after the occurrence and during the continuance of a Default, the Administrative Agent
in its discretion) shall determine, which shall be held in the name and be under the control of the
Administrative Agent (and credited to the Collateral Account), provided that at any time
after the occurrence and during the continuance of an Event of Default, the Administrative Agent
may in its discretion at any time and from time to time elect to liquidate any such investments and
to apply or cause to be applied the proceeds thereof to the payment of the Secured Obligations in
the manner specified in Section 5.09.

          Section 5. Further Assurances; Remedies. In furtherance of the grant of the pledge
and security interest pursuant to Section 3, the Debtor hereby agrees with the Administrative Agent
for the benefit of the Lenders as follows:

          5.01 Delivery and Other Perfection. The Debtor shall:

     (a) if so instructed by the Administrative Agent, promptly deliver to the
Administrative Agent any and all Instruments, Documents and Tangible Chattel Paper
constituting part of the Collateral in which the Debtor purports to grant a security
interest hereunder, endorsed and/or accompanied by such instruments of assignment and
transfer in such form and substance as the Administrative Agent may request;
provided, that so long as no Event of Default shall have occurred and be continuing,
the Debtor may retain for collection in the ordinary course any Instruments received by the
Debtor in the ordinary course of its business and the Administrative Agent shall, promptly
upon request of the Debtor, make appropriate arrangements for making any of the foregoing
pledged by the Debtor available to the Debtor for purposes of presentation, collection or
renewal (any such arrangement to be effected, to the extent deemed appropriate by the
Administrative Agent, against trust receipt or like document);

     (b) promptly give, execute, deliver, file, record, authorize or obtain all such
financing statements, notices, instruments, documents, agreements or consents or other
papers as may be necessary or desirable in the judgment of the Administrative Agent to

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create, preserve, perfect or validate the security interest granted pursuant hereto or to
enable the Administrative Agent to exercise and enforce its rights hereunder with respect to
such pledge and security interest, provided that notices to account debtors in
respect of any Accounts, Chattel Paper or General Intangibles and to obligors on Instruments
shall be subject to the provisions of clause (c) below;

     (c) upon the occurrence and during the continuance of any Event of Default, upon
request of the Administrative Agent, promptly notify (and the Debtor hereby authorizes the
Administrative Agent so to notify) each account debtor in respect of any Accounts, Chattel
Paper or General Intangibles and each obligor on Instruments of the Debtor that such
Collateral has been assigned to the Administrative Agent hereunder, and that any payments
due or to become due in respect thereof are to be made directly to the Administrative Agent
or as the Administrative Agent may otherwise direct;

     (d) without limiting the obligations of the Debtor under Section 5.04(b), if so
requested by the Administrative Agent, upon the acquisition after the date hereof by the
Debtor of any Motor Vehicle or other Equipment covered by a certificate of title or
ownership, cause the Administrative Agent to be listed as the lienholder on such certificate
of title and take such other steps as may be required under the law applicable to perfection
of a security interest in such property to perfect such security interest, and within 10
days of the acquisition thereof deliver evidence of the same to the Administrative Agent;

     (e) keep full and accurate books and records relating to the Collateral, and stamp or
otherwise mark such books and records in such manner as the Administrative Agent may
reasonably require in order to reflect the security interests granted by this Agreement; and

     (f) permit representatives of the Administrative Agent, upon reasonable notice, at any
time during normal business hours to inspect and make abstracts from its books and records
pertaining to the Collateral, and permit representatives of the Administrative Agent to be
present at the Debtor’s place of business to receive copies of all communications and
remittances relating to the Collateral, and forward copies of any notices or communications
received by the Debtor with respect to the Collateral, all in such manner as the
Administrative Agent may require.

          5.02 Other Financing Statements and Liens. Without the prior written consent of the
Administrative Agent the Debtor shall not (a) file or authorize the filing of any financing
statement or like instrument with respect to any of the Collateral in which the Administrative
Agent is not named as the sole secured party for the benefit of the Secured Creditors, or (b) cause

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or permit any Person other than the Administrative Agent to have “control” (as defined in Section
9-104, 9-105, 9-106 or 9-107 of the UCC) of any Deposit Account, Electronic Chattel Paper,
Investment Property, Letter-of-Credit Right or Commodity Account constituting part of the
Collateral.

          5.03 Preservation of Rights. No Secured Creditor shall be required to take steps
necessary to preserve any rights against prior parties to any of the Collateral.

          5.04 Special Provisions Relating to Certain Collateral.

          (a) Intellectual Property.

          (1) For the purpose of enabling the Administrative Agent to exercise rights and remedies
under Section 5.05 at such time as the Administrative Agent shall be lawfully entitled to exercise
such rights and remedies, and for no other purpose, the Debtor hereby grants to the Administrative
Agent, to the extent assignable, an irrevocable, non-exclusive license (exercisable without payment
of royalty or other compensation to the Debtor) to use, assign, license or sublicense any of the
Intellectual Property now owned or hereafter acquired by the Debtor, wherever the same may be
located, including in such license reasonable access to all media in which any of the licensed
items may be recorded or stored and to all computer programs used for the compilation or printout
thereof.

          (2) Notwithstanding anything contained herein to the contrary, so long as no Event of Default
shall have occurred and be continuing, the Debtor will be permitted to exploit, use, enjoy,
protect, license, sublicense, assign, sell, dispose of or take other actions with respect to the
Intellectual Property in the ordinary course of the business of the Debtor. In furtherance of the
foregoing, unless an Event of Default shall have occurred and be continuing the Administrative
Agent shall from time to time, upon the request of the Debtor, execute and deliver any instruments,
certificates or other documents, in the form so requested, that the Debtor shall have certified are
appropriate (in its judgment) to allow it to take any action permitted above (including
relinquishment of the license provided pursuant to clause (1) immediately above as to any specific
Intellectual Property). Further, upon the payment in full of all of the Secured Obligations and
cancellation or termination of any commitment to extend credit under the Credit Documents or
earlier expiration of this Agreement or release of the Collateral, the Administrative Agent shall
grant back to the Debtor the license granted pursuant to clause (1) immediately above. The
exercise of rights and remedies under Section 5.05 by the Administrative Agent shall not terminate
the rights of the holders of any licenses or sublicenses theretofore granted by the Debtor in
accordance with the first sentence of this clause (2).

Security Agreement

 

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          (3) The Debtor will furnish to the Administrative Agent from time to time (but, unless a
Default shall have occurred and be continuing, no more frequently than quarterly) statements and
schedules further identifying and describing the Copyright Collateral, the Patent Collateral and
the Trademark Collateral, respectively, and such other reports in connection with the Copyright
Collateral, the Patent Collateral and the Trademark Collateral as the Administrative Agent may
reasonably request, all in reasonable detail.

          (b) Motor Vehicles.

          (1) The Debtor shall, if so requested by the Administrative Agent, deliver to the
Administrative Agent, or to any agent or custodian specified by the Administrative Agent in writing
to the Debtor, originals of the certificates of title or ownership for the Motor Vehicles owned by
it with the Administrative Agent listed as lienholder and take such other action as the
Administrative Agent shall deem appropriate to perfect the security interest created hereunder in
all such Motor Vehicles.

          (2) Without limiting the generality of the foregoing, if so requested by the Administrative
Agent, upon the acquisition after the date hereof by the Debtor of any Motor Vehicle, the Debtor
shall deliver to the Administrative Agent, or to any agent or custodian specified by the
Administrative Agent in writing to the Debtor, originals of the certificates of title or ownership
for such Motor Vehicles, together with the manufacturer’s statement of origin with the
Administrative Agent listed as lienholder; provided, however, if the Motor Vehicle to be
acquired is subject to a purchase money security interest, the Administrative Agent shall be listed
as a junior lienholder to the Person holding such purchase money security interest.

          (3) Without limiting Section 5.10, the Debtor hereby appoints the Administrative Agent as its
attorney-in-fact, effective the date hereof and terminating upon the termination of this Agreement,
for the purpose of (i) executing on behalf of the Debtor title or ownership applications for filing
with appropriate state agencies to enable Motor Vehicles now owned or hereafter acquired by the
Debtor to be retitled and the Administrative Agent listed as lienholder thereon, (ii) filing such
applications with such state agencies and (iii) executing such other documents and instruments on
behalf of, and taking such other action in the name of, the Debtor as the Administrative Agent may
deem necessary or advisable to accomplish the purposes hereof (including, without limitation, the
purpose of creating in favor of the Administrative Agent a perfected lien on the Motor Vehicles and
exercising the rights and remedies of the Administrative Agent under Section 5.05). This
appointment as attorney-in-fact is irrevocable and coupled with an interest.

          (4) Any certificates of title or ownership delivered pursuant to the terms hereof shall be
accompanied by odometer statements for each Motor Vehicle covered thereby.

Security Agreement

 

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          5.05 Events of Default, Etc. If an Event of Default shall have occurred and be
continuing:

     (a) the Debtor shall, at the request of the Administrative Agent, assemble the
Collateral owned by it at such place or places, reasonably convenient to both the
Administrative Agent and the Debtor, designated in its request;

     (b) the Administrative Agent may make any reasonable compromise or settlement deemed
desirable with respect to any of the Collateral and may extend the time of payment, arrange
for payment in installments, or otherwise modify the terms of, any of the Collateral;

     (c) the Administrative Agent shall have all of the rights and remedies with respect to
the Collateral of a secured party under the Uniform Commercial Code (whether or not said
Code is in effect in the jurisdiction where the rights and remedies are asserted) and such
additional rights and remedies to which a secured party is entitled under the laws in effect
in any jurisdiction where any rights and remedies hereunder may be asserted, including,
without limitation, the right, to the fullest extent permitted by applicable law, to
exercise all voting, consensual and other powers of ownership pertaining to the Collateral
as if the Administrative Agent were the sole and absolute owner thereof (and the Debtor
agrees to take all such action as may be appropriate to give effect to such right);

     (d) the Administrative Agent in its discretion may, in its name or in the name of the
Debtor or otherwise, demand, sue for, collect or receive any money or property at any time
payable or receivable on account of or in exchange for any of the Collateral, but shall be
under no obligation to do so; and

     (e) the Administrative Agent may, upon ten days’ prior written notice to the Debtor of
the time and place, with respect to the Collateral or any part thereof that shall then be or
shall thereafter come into the possession, custody or control of the Administrative Agent,
the Lenders or any of their respective agents, sell, lease, assign or otherwise dispose of
all or any part of such Collateral, at such place or places as the Administrative Agent
deems best, and for cash or for credit or for future delivery (without thereby assuming any
credit risk), at public or private sale, without demand of performance or notice of
intention to effect any such disposition or of the time or place thereof (except such notice
as is required above or by applicable statute and cannot be waived), and any Secured
Creditor or anyone else may be the purchaser, lessee, assignee or recipient of any or all of
the Collateral so disposed of at any public sale (or, to the

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extent permitted by law, at any private sale) and thereafter hold the same absolutely, free
from any claim or right of whatsoever kind, including any right or equity of redemption
(statutory or otherwise), of the Debtor, any such demand, notice and right or equity being
hereby expressly waived and released. In the event of any sale, assignment, or other
disposition of any of the Trademark Collateral, the goodwill connected with and symbolized
by the Trademark Collateral subject to such disposition shall be included, and the Debtor
shall supply to the Administrative Agent or its designee, for inclusion in such sale,
assignment or other disposition, all Intellectual Property relating to such Trademark
Collateral. The Administrative Agent may, without notice or publication, adjourn any public
or private sale or cause the same to be adjourned from time to time by announcement at the
time and place fixed for the sale, and such sale may be made at any time or place to which
the sale may be so adjourned.

The Proceeds of each collection, sale or other disposition under this Section 5.05, including by
virtue of the exercise of the license granted to the Administrative Agent in Section 5.04(a), shall
be applied in the manner specified in Section 5.09.

          The Debtor recognizes that, by reason of certain prohibitions contained in the Securities Act
of 1933, as amended, and applicable state securities laws, the Administrative Agent may be
compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to
those who will agree, among other things, to acquire the Collateral for their own account, for
investment and not with a view to the distribution or resale thereof. The Debtor acknowledges that
any such private sales may be at prices and on terms less favorable to the Administrative Agent
than those obtainable through a public sale without such restrictions, and, notwithstanding such
circumstances, agree that any such private sale shall be deemed to have been made in a commercially
reasonable manner and that the Administrative Agent shall have no obligation to engage in public
sales and no obligation to delay the sale of any Collateral for the period of time necessary to
permit the respective issuer thereof to register it for public sale.

          5.06 Deficiency. If the proceeds of sale, collection or other realization of or upon
the Collateral pursuant to Section 5.05 are insufficient to cover the costs and expenses of such
realization and the payment in full of the Secured Obligations, the Debtor shall remain liable for
any deficiency.

          5.07 Locations; Names. Without at least 30 days’ prior written notice to the
Administrative Agent, the Debtor shall not change its location (as defined in Section 9-307 of the
UCC) or change its name from the name shown as its current legal name on Annex 1.

          5.08 Private Sale. None of the Secured Creditors shall incur any liability as a
result of the sale of the Collateral, or any part thereof, at any private sale pursuant to Section
5.05

Security
Agreement

 

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conducted in a commercially reasonable manner. The Debtor hereby waives any claims against any
Secured Creditor arising by reason of the fact that the price at which the Collateral may have been
sold at such a private sale was less than the price that might have been obtained at a public sale
or was less than the aggregate amount of the Secured Obligations, even if the Administrative Agent
accepts the first offer received and does not offer the Collateral to more than one offeree.

          5.09 Application of Proceeds. Except as otherwise expressly provided herein or in
the other Credit Documents, the Proceeds of any collection, sale or other realization of all or any
part of the Collateral pursuant hereto, and any other cash at the time held by the Administrative
Agent under Section 4 or this Section 5, shall be applied by the Administrative Agent:

     First, to the payment of the costs and expenses of such collection, sale or
other realization, including out-of-pocket costs and expenses of the Administrative Agent
and the fees and expenses of its agents and counsel, and all expenses incurred and advances
made by the Administrative Agent in connection therewith;

     Next, to the payment in full of the Secured Obligations, in each case equally
and ratably in accordance with the respective amounts thereof then due and owing or as the
Secured Creditors holding the same may otherwise agree; and

     Finally, to the payment to the Debtor, or its successors or assigns, or as a
court of competent jurisdiction may direct, of any surplus then remaining.

          5.10 Attorney-in-Fact. Without limiting any rights or powers granted by this
Agreement to the Administrative Agent while no Event of Default has occurred and is continuing,
upon the occurrence and during the continuance of any Event of Default the Administrative Agent is
hereby appointed the attorney-in-fact of the Debtor for the purpose of carrying out the provisions
of this Section 5 and taking any action and executing any instruments that the Administrative Agent
may deem necessary or advisable to accomplish the purposes hereof, which appointment as
attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of
the foregoing, so long as the Administrative Agent shall be entitled under this Section 5 to make
collections in respect of the Collateral, the Administrative Agent shall have the right and power
to receive, endorse and collect all checks made payable to the order of the Debtor representing any
dividend, payment or other distribution in respect of the Collateral or any part thereof and to
give full discharge for the same.

          5.11 Perfection. Prior to or concurrently with the execution and delivery of this
Agreement, the Debtor shall (i) file such financing statements and other documents in such offices
as the Administrative Agent may request to perfect the security interests granted by

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Section 3 of this Agreement, (ii) cause the Administrative Agent to be listed as the lienholder on
all certificates of title or ownership relating to Motor Vehicles owned by the Debtor to the extent
so requested by the Administrative Agent and (iii) execute and deliver such short form assignments
or security agreements relating to Collateral consisting of the Intellectual Property as the
Administrative Agent may reasonably request. Without limiting the foregoing, the Debtor consents
that UCC financing statements may be filed describing the Collateral as “all assets” or “all
personal property” of the Debtor (provided that no such description shall be deemed to
modify the description of Collateral set forth in Section 3).

          5.12 Termination. When all Secured Obligations shall have been paid in full and all
commitments to extend credit under the Credit Documents shall have expired or been terminated, this
Agreement shall terminate, and the Administrative Agent shall forthwith cause to be assigned,
transferred and delivered, against receipt but without any recourse, warranty or representation
whatsoever, any remaining Collateral and money received in respect thereof, to or on the order of
the Debtor and to be released and canceled all licenses and rights referred to in Section 5.04(a).
The Administrative Agent shall also execute and deliver to the Debtor upon such termination such
Uniform Commercial Code termination statements, certificates for terminating the liens on the Motor
Vehicles and such other documentation as shall be reasonably requested by the Debtor to effect the
termination and release of the liens on the Collateral.

          Section 6. Miscellaneous.

          6.01 Notices. All notices, requests, consents and demands hereunder shall be in
writing and telecopied or delivered to the intended recipient at its “Address for Notices”
specified on the signature pages hereof and shall be deemed to have been given at the times
specified in said Section.

          6.02 No Waiver. No failure on the part of any Secured Creditor to exercise, and no
course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by any Secured Creditor
of any right, power or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative and are not
exclusive of any remedies provided by law.

          6.03 Amendments, Etc. The terms of this Agreement may be waived, altered or amended
only by an instrument in writing duly executed by the Debtor and the Administrative Agent. Any
such amendment or waiver shall be binding upon the Secured Creditors and each holder of any of the
Secured Obligations and the Debtor.

Security Agreement

 

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          6.04 Expenses. The Debtor agrees to reimburse each of the Secured Creditors for all
costs and expenses incurred by them (including, without limitation, the fees and expenses of legal
counsel) in connection with (i) any Event of Default and any enforcement or collection proceeding
resulting therefrom, including, without limitation, all manner of participation in or other
involvement with (w) performance by the Administrative Agent of any obligations of the Debtor in
respect of the Collateral that the Debtor has failed or refused to perform, (x) bankruptcy,
insolvency, receivership, foreclosure, winding up or liquidation proceedings, or any actual or
attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of
any of the Collateral, and for the care of the Collateral and defending or asserting rights and
claims of the Administrative Agent in respect thereof, by litigation or otherwise, including
expenses of insurance, (y) judicial or regulatory proceedings and (z) workout, restructuring or
other negotiations or proceedings (whether or not the workout, restructuring or transaction
contemplated thereby is consummated) and (ii) the enforcement of this Section 6.04, and all such
costs and expenses shall be Secured Obligations entitled to the benefits of the collateral security
provided pursuant to Section 3.

          6.05 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the Debtor and the Administrative Agent,
(provided, however, that the Debtor shall not assign or transfer its rights or obligations
hereunder without the prior written consent of the Administrative Agent).

          6.06 Counterparts. This Agreement may be executed in any number of counterparts, all
of which taken together shall constitute one and the same instrument and any of the parties hereto
may execute this Agreement by signing any such counterpart.

          6.07 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of New York.

          6.08 Submission to Jurisdiction. The Debtor hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the
State of New York sitting in New York County and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York
State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement shall affect any right that the

Security Agreement

 

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Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to
this Agreement against the Debtor or its properties in the courts of any jurisdiction.

          6.09 Waiver of Venue. The Debtor hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in Section 6.08. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

          6.10 Service of Process. The Debtor hereby agrees that service of all writs,
process and summonses in any such suit, action or proceeding brought in the State of New York may
be made upon CT Corporation, presently located at 1633 Broadway, New York, New York 10019, U.S.A.
(the “Process Agent”), and the Debtor hereby confirms and agrees that the Process Agent has
been duly and irrevocably appointed as its agent and true and lawful attorney-in-fact in its name,
place and stead to accept such service of any and all such writs, process and summonses, and agrees
that the failure of the Process Agent to give any notice of any such service of process to the
Debtor shall not impair or affect the validity of such service or of any judgment based thereon.
The Debtor hereby further irrevocably consents to the service of process in any suit, action or
proceeding in such courts by the mailing thereof by the Administrative Agent or any Lender by
registered or certified mail, postage prepaid, at its address set forth beneath its signature
hereto. Nothing in this Agreement will affect the right of any party to this Agreement to serve
process in any other manner permitted by law.

          6.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

          6.12 Captions. The captions and section headings appearing herein are included
solely for convenience of reference and are not intended to affect the interpretation of any
provision of this Agreement.

Security Agreement

 

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          6.13 Agents and Attorneys-in-Fact. The Administrative Agent may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for the negligence or
misconduct of any such agents or attorneys-in-fact selected by it in good faith.

          6.14 Severability. If any provision hereof is invalid and unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (a) the other provisions hereof shall
remain in full force and effect in such jurisdiction and shall be liberally construed in favor of
the Secured Creditors in order to carry out the intentions of the parties hereto as nearly as may
be possible and (b) the invalidity or unenforceability of any provision hereof in any jurisdiction
shall not affect the validity or enforceability of such provision in any other jurisdiction.

Security Agreement

 

 

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

	 	 	 	 	 
	 	GREAT WALL ACQUISITION CORPORATION

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Security Agreement

 

 

	 	 	 	 	 
	 	DBS BANK LTD,

     as Administrative Agent

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Security Agreement

 

 

ANNEX 1

FILING DETAILS

[See Section 2(b)]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Type of	 	 	 	 	 	 	 	Place of	 	 	 	 
	Current	 	Organization	 	 	 	 	 	 	 	Business or	 	 	 	 
	Legal	 	(corporation,	 	 	 	 	 	 	 	Location of	 	 	 	Former
	Name (no	 	limited	 	Jurisdiction	 	Organizational	 	Current	 	Chief	 	Location	 	Legal
	trade	 	liability	 	of	 	ID Number	 	Mailing	 	Executive	 	of	 	Name(s)
	names)	 	company, etc.)	 	Organization	 	(if applicable)	 	Address	 	Officer	 	Goods	 	(if any)
	Great Wall 

Acquisition 

Corporation

	 	Corporation
	 	Delaware
	 	IRS Employer
 ID#
20-0178991
	 	600 Madison Avenue

15th Floor

New York, New York

10021
	 	600 Madison Avenue

15th Floor

New York, New York

10021
	 	New York, New York
	 	None

Annex 7 to Security Agreement

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