Document:

Credit Agreement, dated as of February 22, 2005

 Exhibit 10.5 
  
  

  
 CREDIT AGREEMENT 
  
 dated as of 
  
 February 22, 2005 
  
 among 
  
 WRIGHT EXPRESS CORPORATION, 
 as Borrower, 
  
 THE LENDERS PARTY
HERETO, 
  
 CREDIT SUISSE FIRST BOSTON, 
 MERRILL LYNCH CAPITAL CORPORATION 
 and

 SUNTRUST BANK, 
 as
Co-Documentation Agents, 
  
 CITICORP NORTH AMERICA, INC.,

 as Syndication Agent, 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  

  
 Joint Lead Arrangers and Joint Bookrunners 
  

			
	J.P. MORGAN SECURITIES INC.	  	CITIGROUP GLOBAL MARKETS INC.

  

  
  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	ARTICLE I	  	 
		
	Definitions	  	 
			
	 Section 1.01
	  	Defined Terms	  	1
	 Section 1.02
	  	Classification of Loans and Borrowings	  	16
	 Section 1.03
	  	Terms Generally	  	16
	 Section 1.04
	  	Accounting Terms; GAAP	  	17
		
	ARTICLE II	  	 
		
	The Credits	  	 
			
	 Section 2.01
	  	Term Commitments	  	17
	 Section 2.02
	  	Procedure for Term Loan Borrowing	  	17
	 Section 2.03
	  	Repayment of Term Loans	  	17
	 Section 2.04
	  	Revolving Commitments	  	18
	 Section 2.05
	  	Revolving Loans and Borrowings	  	18
	 Section 2.06
	  	Requests for Revolving Borrowings	  	19
	 Section 2.07
	  	Letters of Credit	  	19
	 Section 2.08
	  	Funding of Borrowings	  	23
	 Section 2.09
	  	Interest Elections	  	23
	 Section 2.10
	  	Termination and Reduction of Revolving Commitments	  	24
	 Section 2.11
	  	Repayment of Loans; Evidence of Debt	  	25
	 Section 2.12
	  	Optional Prepayment of Loans	  	25
	 Section 2.13
	  	Mandatory Prepayment of Loans	  	26
	 Section 2.14
	  	Fees	  	26
	 Section 2.15
	  	Interest	  	27
	 Section 2.16
	  	Alternate Rate of Interest	  	27
	 Section 2.17
	  	Increased Costs	  	28
	 Section 2.18
	  	Break Funding Payments	  	29
	 Section 2.19
	  	Taxes	  	29
	 Section 2.20
	  	Pro Rata Treatment; Payments Generally; Sharing of Set-offs	  	31
	 Section 2.21
	  	Mitigation Obligations; Replacement of Lenders	  	32
		
	ARTICLE III	  	 
		
	Representations and Warranties	  	 
			
	 Section 3.01
	  	Organization; Powers	  	33
	 Section 3.02
	  	Authorization; Enforceability	  	33
	 Section 3.03
	  	Governmental Approvals; No Conflicts	  	33
	 Section 3.04
	  	Financial Condition; No Material Adverse Change	  	34
	 Section 3.05
	  	Properties	  	34
	 Section 3.06
	  	Litigation and Environmental Matters	  	34
	 Section 3.07
	  	Compliance with Laws and Agreements; No Default	  	34
	 Section 3.08
	  	Investment and Holding Company Status	  	34

  

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	 Section 3.09
	  	Taxes	  	35
	 Section 3.10
	  	ERISA	  	35
	 Section 3.11
	  	Solvency	  	35
	 Section 3.12
	  	Use of Proceeds	  	35
	 Section 3.13
	  	Margin Regulations	  	35
	 Section 3.14
	  	Disclosure	  	35
		
	ARTICLE IV	  	 
		
	Conditions	  	 
			
	 Section 4.01
	  	Effective Date	  	36
	 Section 4.02
	  	Each Credit Event	  	37
		
	ARTICLE V	  	 
		
	Affirmative Covenants	  	 
			
	 Section 5.01
	  	Financial Statements; Ratings Change and Other Information	  	38
	 Section 5.02
	  	Notices of Material Events	  	40
	 Section 5.03
	  	Existence; Conduct of Business	  	40
	 Section 5.04
	  	Payment of Obligations	  	41
	 Section 5.05
	  	Maintenance of Properties; Insurance	  	41
	 Section 5.06
	  	Books and Records; Inspection Rights	  	41
	 Section 5.07
	  	Compliance with Laws and Contracts	  	41
	 Section 5.08
	  	Compliance with Environmental Laws	  	41
	 Section 5.09
	  	Use of Proceeds	  	41
	 Section 5.10
	  	New Material Subsidiaries	  	41
	 Section 5.11
	  	Compliance with Regulatory Requirements	  	42
		
	ARTICLE VI	  	 
		
	Negative Covenants	  	 
			
	 Section 6.01
	  	Maximum Consolidated Leverage Ratio	  	42
	 Section 6.02
	  	Minimum Consolidated Fixed Charge Coverage Ratio	  	42
	 Section 6.03
	  	Indebtedness	  	43
	 Section 6.04
	  	Liens	  	44
	 Section 6.05
	  	Fundamental Changes.	  	45
	 Section 6.06
	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	45
	 Section 6.07
	  	Hedging Agreements	  	47
	 Section 6.08
	  	Restricted Payments	  	47
	 Section 6.09
	  	Transactions with Affiliates	  	47
	 Section 6.10
	  	Restrictive Agreements	  	47
	 Section 6.11
	  	Sale and Leasebacks	  	48
	 Section 6.12
	  	Accounting Changes	  	48
	 Section 6.13
	  	Tax Receivable Agreement	  	48

  

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	ARTICLE VII	  	 
		
	Events of Default	  	 
		
	ARTICLE VIII	  	 
		
	The Administrative Agent	  	 
		
	ARTICLE IX	  	 
		
	Miscellaneous	  	 
			
	 Section 9.01
	  	Notices	  	52
	 Section 9.02
	  	Waivers; Amendments	  	53
	 Section 9.03
	  	Expenses; Indemnity; Damage Waiver	  	54
	 Section 9.04
	  	Successors and Assigns	  	55
	 Section 9.05
	  	Survival	  	58
	 Section 9.06
	  	Counterparts; Integration; Effectiveness	  	58
	 Section 9.07
	  	Severability	  	59
	 Section 9.08
	  	Right of Setoff	  	59
	 Section 9.09
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	59
	 Section 9.10
	  	WAIVER OF JURY TRIAL	  	59
	 Section 9.11
	  	Headings	  	60
	 Section 9.12
	  	Confidentiality	  	60
	 Section 9.13
	  	Interest Rate Limitation	  	61
	 Section 9.14
	  	USA Patriot Act	  	61

  

	
	 SCHEDULES:

	
	 Schedule 1.01 — Commitments

	 Schedule 6.03 — Existing Indebtedness

	 Schedule 6.04 — Existing Liens

	 Schedule 6.06 — Existing Investments

	 Schedule 6.09 — Transactions with Affiliates

	 Schedule 6.10 — Existing Restrictions

  

					
	 EXHIBITS:

			
	 Exhibit A
	  	—	  	Form of Assignment and Assumption
	 Exhibit B
	  	—	  	Form of Subsidiary Guaranty
	 Exhibit C-1
	  	—	  	Form of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
	 Exhibit C-2
	  	—	  	Form of Wright Express Corporation In-House Opinion
	 Exhibit D
	  	—	  	Form of Solvency Certificate
	 Exhibit E
	  	—	  	Form of Borrowing Request

  

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 CREDIT AGREEMENT dated as of
February 22, 2005 (as amended, restated, supplemented or otherwise modified, this “Agreement”), among WRIGHT EXPRESS CORPORATION, a Delaware corporation (the “Borrower”), the LENDERS from time to time party hereto
(the “Lenders”), CREDIT SUISSE FIRST BOSTON, MERRILL LYNCH CAPITAL CORPORATION and SUNTRUST BANK, as co-documentation agents, CITICORP NORTH AMERICA, INC., as syndication agent, and JPMORGAN CHASE BANK, N.A., as administrative
agent. 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: 
  
 “ABR”, when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Acquisition” means (a) an investment (through the acquisition of Equity Interests or otherwise) by the
Borrower or any Subsidiary in any other Person pursuant to which such Person shall become a Subsidiary or shall be merged with or into the Borrower or any Subsidiary, or (b) the acquisition (by purchase, merger, consolidation or otherwise) by the
Borrower or any Subsidiary of the assets of any Person which constitute all or substantially all of the assets of such Person or any division or line of business of such Person. 
  
 “Act” has the meaning assigned to such term in Section 9.14. 
  
 “Adjusted LIBO Rate” means, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in
its capacity as administrative agent for the Lenders hereunder. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to any Person, any other Person which, directly or indirectly, controls, is controlled by or is under
common control with such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly or indirectly, power (a) to vote 10% or more of the securities (on a fully diluted basis) of such
Person having ordinary voting power for the election of directors or managing general partners; or (b) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. It is understood and agreed that
no officer or director of the Borrower or any Subsidiary in such capacity shall be deemed to be an Affiliate of the Borrower or any Subsidiary. 
  
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day and (b) the
Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change
in the Prime Rate or the Federal Funds Effective Rate, respectively. 
  

 “Applicable Rate” means, for any day, with respect to any Eurodollar Loan or ABR Loan,
or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR Spread” or “Commitment Fee Rate”, as the case may
be, based upon the Leverage Ratio applicable on such date: 
  

												
	 	  	 Consolidated Leverage Ratio

	  	 Eurodollar
 Spread

	 	 	 ABR
 Spread

	 	 	 Commitment
 Fee Rate

	 
	Category 1	  	Greater than or equal to 2.75 to 1	  	1.750	%	 	0.750	%	 	0.375	%
					
	Category 2	  	Greater than or equal to 2.25 to 1 but less than 2.75 to 1	  	1.500	%	 	0.500	%	 	0.300	%
					
	Category 3	  	Greater than or equal to 1.75 to 1 but less than 2.25 to 1	  	1.375	%	 	0.375	%	 	0.250	%
					
	Category 4	  	Greater than or equal to 1.25 to 1 but less than 1.75 to 1	  	1.250	%	 	0.250	%	 	0.200	%
					
	Category 5	  	Less than 1.25 to 1	  	1.000	%	 	0.000	%	 	0.175	%

  
 For purposes of the
foregoing, (a) the Consolidated Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower based upon the financial statements delivered pursuant to Section 5.01(a) or (b); and (b) each change in the Applicable Rate
resulting from a change in the Consolidated Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such financial statements indicating such change and ending on the date
immediately preceding the effective date of the next change in the Applicable Rate; provided that the Consolidated Leverage Ratio shall be deemed to be in Category 1 if the Borrower fails to deliver the consolidated financial statements
required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such financial statements are delivered. 
  
 “Approved Fund” has the meaning assigned to such term in Section 9.04. 
  
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form approved by the
Administrative Agent. 
  
 “Board” means the Board
of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” has the meaning assigned to such term in the preamble of this Agreement. 
  
 “Borrowing” means Loans of the same Class and Type, made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect. 
  
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.02 or 2.06, substantially in the form of Exhibit E. 
  

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 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in dollar deposits in the London interbank market. 
  
 “Calculation Date” means the last day of each fiscal quarter of the Borrower. 
  
 “Capital Expenditures” of any Person means the aggregate of all expenditures incurred by such Person and its subsidiaries for the
acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that, in accordance with GAAP are or should be included in
“additions to property, plant or equipment” on a consolidated balance sheet of such Person and its subsidiaries; provided that Capital Expenditures for the Borrower and its Subsidiaries shall not include: 
  
 (a) expenditures of proceeds of insurance settlements,
condemnation awards and other settlements in respect of lost, destroyed, damaged or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets,
equipment or other property or otherwise to acquire, maintain, develop, construct, improve, upgrade or repair assets or properties useful in the business of the Borrower and the Subsidiaries within 12 months of receipt of such proceeds, 

 
 (b) Consolidated Interest Expense, 
  
 (c) the book value of any asset owned by such Person prior
to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such Person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually
having been made in such period, 
  
 (d)
Investments in respect of a Permitted Acquisition, or 
  
 (e) the purchase price of equipment that is purchased substantially contemporaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such
equipment for the equipment being traded in at such time. 
  
 “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 for the purposes hereof, the amount of such obligations shall be the capitalized amount thereof determined
in accordance with GAAP. 
  
 “Cendant Special
Dividend” has the meaning assigned to such term in Section 6.09(f). 
  
 “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the
Securities and Exchange Commission thereunder as in effect on the date hereof), of Equity Interests representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; or (b)
occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors so nominated. 

 

 - 3 - 

 “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 the Issuing Bank (or, for purposes of
Section 2.17(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’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. 
  
 “Class” means, when used in reference to any Loan or Borrowing, whether such Loan, or the Loans comprising such Borrowing, are Term Loans or Revolving Loans. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Co-Documentation Agents” means Credit Suisse First Boston,
Merrill Lynch Capital Corporation and SunTrust Bank. 
  
 “Commitment” means, with respect to each Lender, the Term Commitment and the Revolving Commitment of such Lender. 
  
 “Confidential Information” means information concerning each of the Borrower, its Subsidiaries or its Affiliates which is non-public,
confidential or proprietary in nature, or any information that is marked or designated confidential by or on behalf of the Borrower, its Subsidiaries or any of its Affiliates, which is furnished to any Lender by the Borrower, its Subsidiaries or any
of its Affiliates directly or through the Administrative Agent in connection with this Agreement or the transactions contemplated hereby (at any time on, before or after the date hereof) together with all analyses, compilations or other materials
prepared by any Lender or its respective directors, officers, employees, agents, auditors, consultants or advisors which contain or otherwise reflect such information. 
  
 “Consolidated EBITDA” means, for any period, Consolidated Net Income after eliminating extraordinary gains
and losses, and unusual items, plus, without duplication, (a) income tax expense, (b) depreciation and amortization expense, (c) Consolidated Interest Expense and (d) other non-cash charges, but excluding any cash payments made in such period with
respect to any non-recurring item to the extent deducted in the computation of Consolidated Net Income for such period; provided that for purposes of determining “Consolidated EBITDA” any unrealized non-cash gains (and losses)
arising in connection with any Hedging Agreements shall be excluded (or included) to the extent such unrealized non-cash gains (or losses) were included (or excluded) in the computation of Consolidated Net Income. 
  
 In addition to, and without limitation of, the foregoing, for purposes of
this definition, “Consolidated EBITDA” shall be calculated on each Calculation Date after giving effect on a pro forma basis for the period of such calculation to any EBITDA attributable to the assets which are the subject of an
Acquisition during the Four Quarter Period, as if such Acquisition occurred on the first day of such Four Quarter Period. 
  
 “Consolidated Fixed Charges” means, for any period, the sum (without duplication) of (a) Consolidated Interest Expense for such period,
(b) regular quarterly dividends paid during such period in respect of the Borrower’s common stock (c) the aggregate amount actually paid by the Borrower and its Subsidiaries during such period on account of Capital Expenditures (excluding the
principal amount of Indebtedness (other than any Loans) incurred in connection with such expenditures) and (d) payments scheduled to be made (whether or not actually paid) during such period on account of principal of Indebtedness (other than
Operating Indebtedness) of the Borrower or any of its Subsidiaries, including, without limitation, scheduled principal payments in respect of the Term Loans (after giving effect to any 

  

 - 4 - 

 
pro rata reduction pursuant to Section 2.20(b)) and the principal component of any payments in respect of Capital Lease Obligations;
provided that for purposes of this definition Consolidated Interest Expense shall not include any Operating Interest Expense. On any Calculation Date, the Consolidated Fixed Charge Coverage Ratio will be calculated after giving effect on a
pro forma basis for the applicable Four Quarter Period to the incurrence of any Consolidated Indebtedness in connection with any Acquisition. For purposes of determining “Consolidated Fixed Charges,” (1) interest on outstanding
Consolidated Indebtedness determined on a fluctuating basis as of any Calculation Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such
Consolidated Indebtedness in effect on such Calculation Date; (2) if interest on any Consolidated Indebtedness outstanding on any Calculation Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rates, then the interest rate in effect on such Calculation Date shall be deemed to have been in effect during the Four Quarter Period; and (3) notwithstanding clause (1) above, interest on Consolidated
Indebtedness determined on a fluctuating basis, to the extent such interest is covered by interest rate protection agreements, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreement.

  
 “Consolidated Fixed Charge Coverage Ratio”
means, for a Four Quarter Period, the ratio of Consolidated EBITDA for such Four Quarter Period to Consolidated Fixed Charges for such Four Quarter Period. 
  
 “Consolidated Indebtedness” means, as of any date of determination, all Indebtedness, which is includable as a liability on the
consolidated balance sheet of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP, provided that for the purposes of this definition, Consolidated Indebtedness shall not include Operating
Indebtedness. 
  
 “Consolidated Interest Expense”
means, for any period, the sum, for the Borrower and its consolidated Subsidiaries (determined in accordance with GAAP), of all interest in respect of Consolidated Indebtedness (including, without limitation, the interest component of any payments
in respect of Capital Lease obligations but excluding any capitalized financing costs) accrued during such period (whether or not actually paid during such period). 
  
 “Consolidated Leverage Ratio” means, at any Calculation Date, the ratio of (a) Consolidated Indebtedness as
of such date to (b) Consolidated EBITDA for the Four Quarter Period ending as of such Calculation Date. 
  
 “Consolidated Net Income” shall mean, for any period, the net income (or loss) of the Borrower and its consolidated Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Worth” means, as of any date of determination, all items which in conformity with GAAP would be included under stockholders’ equity on a consolidated balance sheet of the Borrower and its Subsidiaries
at such date. 
  
 “Consolidated Total Assets”
means, as of any date of determination, the total assets of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP. 
  
 “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. 
  

 - 5 - 

 “Credit Documents” means the Credit Agreement, any Subsidiary Guaranty, any Notes issued
hereunder and any amendment, waiver or extension of such documents or any other documents which are mutually agreed by the Borrower and the Administrative Agent to constitute “Credit Documents.” 
  
 “Credit Parties” means the Borrower and each of the
Subsidiary Guarantors. 
  
 “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. 
  

“Defaulting Lender” means any Lender which fails to make any Loan required to be made or issued by it in accordance with the terms and
conditions of this Agreement. 
  
 “Disclosed
Matters” means public filings with the Securities and Exchange Commission made by the Borrower or any other Credit Party as filed on or prior to the Effective Date. 
  
 “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 Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions 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. 
  
 “Environmental Liability” means any liability, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly, or, to the reasonable knowledge of the Borrower or such Subsidiary, indirectly,
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest. 
  
 “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 

  

 - 6 - 

 
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. 
  
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank 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 any Lender (other than an assignee pursuant to a request by the Borrower under Section 2.21(b)), any withholding tax that is imposed on amounts payable to such
Lender at the time such Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Lender’s failure to comply with Section 2.19(e); provided, however, that Excluded Taxes shall not
include in the case of the designation of a new lending office or an assignment, withholding taxes solely to the extent that the Lender effecting such assignment or designating such new lending office was entitled, immediately prior to the time of
such assignment or designation of such new lending office, to receive additional amounts from the Borrower with respect to the applicable withholding tax imposed on such Lender (or such assignee) pursuant to Section 2.19(a) as a result of such
assignment or designation. 
  
 “FDIC” means the
Federal Deposit Insurance Corporation. 
  
 “Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 

 

 - 7 - 

 “Financing” means the execution, delivery and performance by the Borrower and its
Subsidiaries, as applicable, of this Agreement and the other Credit Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 
  
 “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. 
  
 “Form S-1” means the Form S-1 Registration Statement under
the Exchange Act filed with the Securities and Exchange Commission by the Borrower on November 23, 2004, as amended through Amendment 5, filed by the Borrower on February 14, 2005, including information deemed to be a part of the registration
statement at the time of effectiveness pursuant to Rule 430A of the General Rules and Regulations under the Securities Act. 
  
 “Four Quarter Period” means, as of any Calculation Date, the period of four complete consecutive fiscal quarters ended on such
Calculation Date. 
  
 “GAAP” means generally
accepted accounting principles in the United States of America, subject to the provisions of Section 1.04. 
  
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any governmental agency, authority, instrumentality or regulatory body or any court or 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 guarantee 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 or customary and reasonable indemnity obligations entered into in connection with any acquisition or disposition of assets permitted under this Agreement. 
  
 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
  
 “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest rate, currency exchange rate or commodity
price hedging arrangement. 
  

 - 8 - 

 “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired
by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding to the extent the payment thereof is contingent, the deferred purchase price of property acquired by such Person), (e)
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 been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an applicant or account party in respect of
letters of credit and letters of guarantee and (i) all obligations, contingent or otherwise, of such Person in respect of acceptance facilities; provided that, in each of the foregoing clauses (a) through (i), trade liabilities incurred in
the ordinary course of business and maturing within 365 days after the incurrence thereof which are not overdue for a period of more than 180 days or, if overdue for more than 180 days, as to which a dispute exists and adequate reserves in
accordance with GAAP have been established on the books of such Person, shall be excluded. 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
and Other Taxes. 
  
 “Information Memorandum”
means the Confidential Information Memorandum dated January 2005 relating to the Borrower and the Financing. 
  
 “Initial Public Offering” means the registered public offering on the Effective Date by Cendant Corporation of its entire common stock
ownership in the Borrower. 
  
 “Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.09. 
  
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, and (b) with
respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 
  
 “Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; 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 and (ii) any Interest Period 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. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
  

 - 9 - 

 “ISP 98” means the International Standby Practices, referred to as ISP 98 and published
by the International Chamber of Commerce, as amended and restated from time to time. 
  
 “Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.07(i) and/or such other of the
Lenders as may be designated in writing by the Borrower and which agrees in writing to act as such in accordance with the terms hereof. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of
such Issuing Bank. The term “Issuing Bank” shall include (i) each Issuing Bank and (ii) any Affiliate designated by an Issuing Bank with respect to Letters of Credit issued by such Affiliate. 
  
 “Joint Lead Arrangers” means JPMorgan Securities Inc. and
Citigroup Global Markets Inc. 
  
 “Key Bank LC”
means Letter of Credit No. S301937 issued by Key Bank National Association for the account of the Borrower in a face amount of $2,100,000 (which face amount may not be increased without the consent of the Required Lenders). 
  
 “LC Disbursement” means a payment made by the Issuing Bank
pursuant to a Letter of Credit. 
  
 “LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.
The LC Exposure of any Lender at any time shall be its Revolving Commitment Percentage of the total LC Exposure at such time. 
  
 “Lenders” means the Persons listed on Schedule 1.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
  
 “LIBO Rate” means, with respect to any Eurodollar Borrowing
for any Interest Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason,
then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/16 of 1%) at which dollar deposits of $5,000,000 and for a maturity comparable
to such Interest Period are offered by the principal London office of the Person serving as the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period. 
  
 “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 

  

 - 10 - 

 
asset and (c) in the case of securities (other than securities representing an interest in a joint venture that is not a Subsidiary), any purchase option,
call or similar right of a third party with respect to such securities. 
  
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
  
 “Majority Revolving Lenders” means, at any time, Revolving Lenders having more than 50% of the total Revolving Credit Exposure plus
the unused Revolving Commitments at such time. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, operations, property, or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the
Borrower and its Subsidiaries taken as a whole to perform their obligations under the Credit Documents or (c) the validity or enforceability of any of the Credit Documents or the rights or remedies of the Administrative Agent and the Lenders
thereunder. 
  
 “Material Indebtedness” means
Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $5,000,000. For purposes of
determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements)
that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 
  
 “Material Subsidiary” means each Subsidiary other than any Subsidiary that, together with its subsidiaries as of the date of
determination, accounts for no more than 5% of Consolidated Total Assets, 5% of Consolidated Net Worth or 5% of the consolidated revenues of the Borrower for the Four Quarter Period immediately preceding the date of determination; provided
that for purposes of Sections 6.03, 6.04 and 6.06, WEX Bank shall not be deemed a Material Subsidiary. 
  
 “Maturity Date” means the fifth anniversary of the Effective Date. 
  
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Net Cash Proceeds” means, in connection with any issuance
or incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses
actually incurred in connection therewith and net of any Taxes paid or reasonably estimated by the Borrower to be payable by the Borrower or any Subsidiary as a result thereof (after taking into account any available tax credits or deductions and
any tax sharing arrangements). 
  
 “Notes”: the
collective reference to any promissory note evidencing Loans. 
  
 “Operating Indebtedness” means, as of any date of determination, all Indebtedness incurred in the ordinary course of the banking operations of WEX Bank, which is includable as a liability on the consolidated balance sheet
of WEX Bank and its consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 
  
 “Operating Interest Expense” means, for any period, the sum for WEX Bank and its consolidated subsidiaries (determined in accordance with
GAAP), of all interest in respect of Operating Indebtedness (including, without limitation, the interest component of any payments in respect of Capital 

  

 - 11 - 

 
Lease obligations but excluding any capitalized financing costs) accrued during such period (whether or not actually paid during such period). 
  
 “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 hereunder or under the Notes or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or the
Notes. 
  
 “Participant” has the meaning assigned
to such term in Section 9.04. 
  
 “PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Permitted Acquisition” means any Acquisition by the Borrower or any Subsidiary; provided, that immediately after giving effect to
such Acquisition, the Borrower shall be in pro forma compliance with Section 5.10, Section 6.01, Section 6.02 and Section 6.05(b) and either (i) if such Acquisition is pursuant to clause (a) of the definition of “Acquisition,” then,
immediately following such Acquisition, such Person is a consolidated Subsidiary or (ii) if such acquisition is pursuant to clause (b) of the definition of “Acquisition,” then, immediately following such Acquisition, such assets, division
or line of business are owned by the Borrower or a consolidated Subsidiary. 
  
 “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 60 days or are being contested in compliance with Section 5.04;

  
 (c) pledges and deposits made in connection
with workers’ compensation, unemployment insurance and other social security laws or regulations; 
  
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature, in each case in the ordinary course of business; 
  
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; 
  
 (f) easements, zoning restrictions, rights-of-way and
similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Borrower or a Subsidiary; 
  
 (g) customary rights of set-off upon deposit accounts and securities accounts of cash in favor of banks or other depositary institutions and other securities intermediaries; and 
  
 (h) Liens in the nature of licenses that arise in the ordinary course of business; 
  
 provided that the term “Permitted Encumbrances” shall not include any Lien
securing Indebtedness. 
  

 - 12 - 

 “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, a credit rating from S&P or from Moody’s of at least A-1 or P-1, as applicable; 

 
 (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 $500,000,000; 
  
 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (c) above; and 
  
 (e) money market funds that (i) (A) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the
Investment Company Act of 1940, as amended, or (B) are rated AAA by S&P and Aaa by Moody’s and (ii) have portfolio assets of at least $5,000,000,000. 
  

“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. 
  
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase
Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
  
 “Register” has the meaning assigned to such term 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. 
  
 “Required Lenders” means, at any time, Lenders having more than 50% of (a) until the Effective Date, the
Commitments then in effect and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding and (ii) the total Revolving Credit Exposures plus the unused Revolving Commitments at such time.

  

 - 13 - 

 “Responsible Officer” means the chief executive officer, any vice president, or any
financial officer of the Borrower. 
  
 “Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to
acquire any such Equity Interests in the Borrower or any Subsidiary. 
  
 “Revolving Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum
aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.10 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 Revolving Commitment is set forth on Schedule 1.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The
initial aggregate amount of the Lenders’ Revolving Commitments is $130,000,000. 
  
 “Revolving Commitment Percentage” means, with respect to any Lender, the percentage of the total Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving
Commitments have terminated or expired, the Revolving Commitment Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments. 
  
 “Revolving Commitment Period” means the period from and
including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Revolving Commitments. 
  
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure at such time. 
  
 “Revolving Lenders” means the Persons listed on Schedule 1.01 under the heading “Revolving Lenders” 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. 
  
 “Revolving Loan” has the meaning assigned to such term in Section 2.07(a). 
  
 “Solvency Certificate” means a certificate of a financial officer in the form attached as Exhibit D hereto. 
  
 “Solvent” means, with respect to any Person as of any date
of determination, that, as of such date, (a) the fair value of the assets of such Person is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person, (b) such Person is able to pay all
liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that,
in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (in each case as 

  

 - 14 - 

 
interpreted in accordance with fraudulent conveyance, bankruptcy, insolvency and similar laws and other applicable requirements of law.) 
  
 “Statutory Reserve Rate” means a fraction (expressed as a
decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Person serving as the Administrative Agent is subject (a) with respect to the Base CD Rate, for new negotiable nonpersonal time deposits in dollars of over $100,000 with maturities approximately equal to three
months and (b) with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “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. 
  
 “Subsidiary” means any subsidiary of the Borrower. 
  
 “Subsidiary Guaranty” means a guarantee by a Subsidiary Guarantor of the obligations of the Borrower under the Credit Documents to which
the Borrower is a party in the form attached hereto as Exhibit B. 
  
 “Subsidiary Guarantor” means any Material Subsidiary (other than WEX Bank) that is a “United States Person” (as such term is defined in Section 7701(a)(30) of the Code) and is required to
become party to a Subsidiary Guaranty pursuant to Section 5.10. 
  
 “Syndication Agent” means Citicorp North America, Inc. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
  
 “Tax Receivable Agreement” means that certain Tax Receivable
Agreement dated February 22, 2005, between the Borrower and Cendant Corporation. 
  
 “Term Commitment” means, with respect to each Lender, the commitment of such Lender to make a Term Loan in an amount not to exceed the amount set forth under the heading “Term Commitment”
opposite such Lender’s name on Schedule 1.01. The initial aggregate amount of the Lenders’ Term Commitments is $220,000,000. 
  

 - 15 - 

 “Term Lenders” means the Persons listed on Schedule 1.01 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. 
  
 “Term Loan” has the meaning assigned to such term in Section 2.01. 
  
 “Term Percentage” means, with respect to any Term Lender,
(i) at any time prior to the Effective Date, the percentage of the total Term Commitments represented by such Lender’s Term Commitment and (ii) at any time after the Effective Date, the percentage of the aggregate principal amount of the then
outstanding Term Loans represented by the aggregate principal amount of such Lender’s then outstanding Term Loans. 
  
 “Transaction” means the Initial Public Offering, the Cendant Special Dividend and the payment of related fees and expenses. 

 
 “Type”, when used in reference to any Loan or Borrowing,
refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “WEX Bank” means Wright Express Financial Services Corporation. 
  
 “WEX Bank Event” means any regulatory or enforcement action
taken by the FDIC under Section 8(a), (b), (c), (d) or (w) of the Federal Deposit Insurance Act (12 U.S.C. ss 1818(a), 1818(b), 1818(c), 1818(d) or 1818(w)), or by the Utah Commissioner of Financial Institutions under Sections 7-1-307, 7-1-313,
7-1-320, 7-1-322 or 7-2-1 et seq. of the Utah Code, if such action (i) will or is reasonably likely to substantially affect WEX Bank’s ability to conduct its business (including the ability to offer brokered deposits and make credit card loans)
and (ii) is continuing for three (3) Business Days. 
  
 “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 Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or Type
(e.g., a “Eurodollar Borrowing”). 
  
 Section
1.03 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 

  

 - 16 - 

 
“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 1.04 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 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 Term Commitments. Subject to the terms and conditions set
forth herein, each Term Lender severally agrees to make a term loan (a “Term Loan”) in dollars to the Borrower on the Effective Date in an amount not to exceed the amount of the Term Commitment of such Lender. The Term Loans may
from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.02 and 2.09. 
  
 Section 2.02 Procedure for Term Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable notice
(which notice must be received by (a) in the case of a Eurodollar Borrowing, not later than 12:00 Noon, New York City time, three Business Days prior to the Effective Date or (b) in the case of an ABR Borrowing, not later 12:00 Noon, New York City
time, on the Effective Date) requesting that the Term Lenders make the Term Loans on the Effective Date and specifying the amount to be borrowed and, in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto. Upon
receipt of such Borrowing Request the Administrative Agent shall promptly notify each Term Lender thereof. Not later than 1:00 P.M., New York City time, in the case of a Eurodollar Borrowing or 2:00 P.M., New York City time, in the case of an ABR
Borrowing, on the Effective Date each Term Lender shall make available to the Administrative Agent an amount in immediately available funds equal to the Term Loan or Term Loans to be made by such Lender. The Administrative Agent shall credit the
account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Term Lenders in immediately available funds. 
  
 Section 2.03 Repayment of Term Loans. The Term Loan of each Term Loan
Lender shall mature in 20 consecutive quarterly installments, each of which shall be in an amount equal to such Lender’s Term Percentage multiplied by the amount set forth below opposite such installment: 
  

				
	 Installment

	  	Principal Amount

	 June 30, 2005
	  	$	5,500,000
	 September 30, 2005
	  	$	5,500,000
	 December 31, 2005
	  	$	5,500,000
		
	 March 31, 2006
	  	$	5,500,000
	 June 30, 2006
	  	$	11,000,000

  

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	 September 30, 2006
	  	$	11,000,000
	 December 31, 2006
	  	$	11,000,000
		
	 March 31, 2007
	  	$	11,000,000
	 June 30, 2007
	  	$	11,000,000
	 September 30, 2007
	  	$	11,000,000
	 December 31, 2007
	  	$	11,000,000
		
	 March 31, 2008
	  	$	11,000,000
	 June 30, 2008
	  	$	11,000,000
	 September 30, 2008
	  	$	11,000,000
	 December 31, 2008
	  	$	11,000,000
		
	 March 31, 2009
	  	$	11,000,000
	 June 30, 2009
	  	$	16,500,000
	 September 30, 2009
	  	$	16,500,000
	 December 31, 2009
	  	$	16,500,000
		
	 Maturity Date
	  	$	16,500,000

  
 Section 2.04
Revolving Commitments. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make revolving credit loans (“Revolving Loans”) in dollars to the Borrower from time to time during the Revolving
Commitment Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment or (b) the total Revolving Credit Exposures exceeding the total Revolving
Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay or repay and reborrow Revolving Loans. 
  
 Section 2.05 Revolving Loans and Borrowings. 
  
 (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in
accordance with their respective Revolving Commitments. The failure of any Lender to make any Revolving Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Revolving Commitments of
the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Revolving Loans as required. 
  
 (b) Subject to Section 2.17, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in
accordance herewith. Each Lender at its option may make any Eurodollar 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) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $3,000,000. At the time that
each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $3,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire
unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.07(e). Borrowings of more than one Type may be outstanding at the same time; provided that
there shall not at any time be more than a total of ten (10) Eurodollar Borrowings outstanding. 
  

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 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request,
or to elect to convert or continue, any Eurodollar Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
  
 Section 2.06 Requests for Revolving Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 Noon, New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 Noon, New York City
time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by
the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.05: 
  
 (i) the aggregate amount of the requested Borrowing; 
  
 (ii) the date of such Borrowing, which shall be a Business
Day; 
  
 (iii) whether such Borrowing is to be an
ABR Borrowing or a Eurodollar Borrowing; 
  
 (iv)
in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 (v) the location and number of the Borrower’s account
to which funds are to be disbursed, which shall comply with the requirements of Section 2.08. 
  
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section (or a deemed Borrowing Request pursuant to Section 2.07(e)), 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 (or deemed requested) Borrowing. 
  
 Section 2.07 Letters of Credit. 
  
 (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters
of Credit in dollars for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Revolving Commitment Period. In the event of any inconsistency between the terms
and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the
terms and conditions of this Agreement shall control. 
  
 (b)
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or
transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a
notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or 

  

 - 19 - 

 
extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the
amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall
submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. Each Letter of Credit shall be subject to ISP 98. A Letter of Credit shall be issued, amended, renewed or extended
only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not
exceed $50,000,000 and (ii) the total Revolving Credit Exposures shall not exceed the total Revolving Commitments. 
  
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date
of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension); provided that any Letter of Credit with a one-year term may provide for the renewal thereof for
additional one-year periods (which shall in no event extend beyond the date referred to in this paragraph (c)) and (ii) the date that is five Business Days prior to the Maturity Date. 
  
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in
such Letter of Credit equal to such Lender’s Revolving Commitment Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Revolving Commitment Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on
the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a
Default or Event of Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
  
 (e) Reimbursement. In the case of any draft presented under a Letter
of Credit which is required to be paid at any time on or before the Maturity Date and provided that the conditions specified in Section 4.02 are then satisfied, and subject to the limitations as to the aggregate principal amount of ABR Loans
set forth in Section 2.04(a), but notwithstanding the limitations as to the time of funding of a Borrowing set forth in Section 2.08(a) and as to the time of notice of a proposed Borrowing set forth in Section 2.06, payment by the Issuing Bank of
such draft shall be deemed to constitute a Borrowing Request by the Borrower for an ABR Loan hereunder (and Section 2.08 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and interest shall accrue from the date
the Issuing Bank makes such payment, which ABR Loan, upon and to the extent that a Lender shall have funded its Revolving Commitment Percentage thereof, shall constitute such Lender’s ABR Loan hereunder. If any draft is presented under a Letter
of Credit and (i) the conditions specified in Section 4.02 are not satisfied or (ii) if the Revolving Commitments have been terminated, then the Borrower will, upon demand by the Administrative Agent or the Issuing Bank, pay to the Issuing Bank, in
immediately available funds, the full amount of such draft. If the Borrower fails to make such payment when due, the Administrative 

  

 - 20 - 

 
Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s
Revolving Commitment Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Revolving Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in
Section 2.08 with respect to Loans made by such Lender (and Section 2.08 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so
received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that
Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for
any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
  
 (f) Obligations Absolute. The Borrower’s obligation to reimburse
LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid
in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not strictly comply with the terms of such
Letter of Credit (unless such draft or other document fails to substantially comply with the terms of such Letter of Credit), or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in
the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the
Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the
generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit. 
  
 (g) Disbursement Procedures. The Issuing Bank
shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone 

  

 - 21- 

 
(confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any
failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement. 
  
 (h) Interim Interest. If the Issuing Bank shall make any LC
Disbursement the payment by the Issuing Bank of which does not constitute an ABR Loan pursuant to Section 2.07(e), then the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but
excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum equal to 2% per annum plus the Alternate Base Rate plus the Applicable Rate. Interest accrued pursuant to this paragraph shall be for the account of the
Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
  
 (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced
at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank. At the
time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.14(b). From and after the effective date of any such replacement, (i) the successor
Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to
such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
  
 (j) Cash Collateralization. If any Event of Default shall occur and be
continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Majority Revolving Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in Permitted Investments equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided
that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect
to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent
shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made in Permitted Investments and at the option
and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be
applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for
the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. 
  

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 Section 2.08 Funding of Borrowings. 
  
 (a) 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 2:00 p.m., New York City 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 an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Loans
made to finance the reimbursement of an LC Disbursement as provided in Section 2.07(e) shall be remitted by the Administrative Agent to the Issuing Bank. 
  
 (b) 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 (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of
the Borrower, the interest rate applicable to the relevant Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing as of the date of such Borrowing.

  
 Section 2.09 Interest Elections. 
  
 (a) Each Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each
such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
  
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by
telephone by the time that a Borrowing Request would be required under Section 2.02 or 2.06, as the case may be, if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and
signed by the Borrower. 
  
 (c) Each telephonic and written
Interest Election Request shall specify the following information (and in the case of Revolving Borrowings, in compliance with Section 2.05): 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be 

  

 - 23 - 

 
specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to
such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  
 (d) Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Default or an Event of
Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as a Default or an Event of Default is continuing (i) no outstanding Borrowing may be converted to
or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
  
 (f) No Eurodollar Loan shall be continued prior to the last Business Day of the Interest Period applicable thereto or
converted, except upon payment of all amounts payable pursuant to Section 2.18, prior to the last Business Day of the Interest Period applicable thereto. 
  
 Section 2.10 Termination and Reduction of Revolving Commitments. 
  
 (a) Unless previously terminated, the Revolving Commitments shall terminate on the Maturity Date. 
  
 (b) The Borrower may at any time terminate, or from time to time reduce, the
Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after
giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.12, the Revolving Credit Exposures would exceed the total Revolving Commitments. 
  
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments
under paragraph (b) of this Section at least three 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; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities or receipt of proceeds from 

  

 - 24 - 

 
other sources, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date)
if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving
Commitments. 
  
 Section 2.11 Repayment of Loans; Evidence of
Debt. 
  
 (a) The Borrower hereby unconditionally promises to
pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts 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. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the
Interest Period applicable thereto, (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 the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) 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 accounts 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. 
  
 Section 2.12 Optional Prepayment of Loans. 
  
 (a) 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 prior notice in accordance with paragraph (b) of this Section. 
  
 (b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a
Eurodollar Borrowing, not later than 12:00 Noon, New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 Noon, New York City time, one Business Day before the
date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with
a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.10, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.10. 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 an advance of a
Borrowing of the same Type as provided in Section 2.05. 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
2.15. 
  

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 Section 2.13 Mandatory Prepayment of Loans. 
  
 (a) If Indebtedness shall be issued or incurred by the Borrower or any of its
Subsidiaries (other than WEX Bank), an amount equal to 50% of the Net Cash Proceeds from such issuance or incurrence (other than as permitted under Section 6.03), shall be applied within three Business Days of the date that such Net Cash Proceeds
are received by the Borrower, toward the prepayment of the Term Loans as set forth in Section 2.13(b); provided that if such Net Cash Proceeds are received by any Subsidiary (other than WEX Bank) such Subsidiary shall use all reasonable
efforts to promptly distribute such Net Cash Proceeds to the Borrower; provided further that any such prepayment shall be required only to the extent that the Consolidated Leverage Ratio as of last day of the fiscal quarter most
recently ended equal is greater than 2.75 to 1.00 after giving pro forma effect to such issuance or incurrence and any such prepayments made under this Section 2.13(a). 
  
 (b) Amounts to be applied in connection with prepayments made pursuant to this Section 2.13 shall be applied to the
prepayment of the Term Loans in accordance with Section 2.20(b) and shall be made, first, to ABR Loans and, second, to Eurodollar Loans, in each case together with accrued interest to the date of such prepayment on the amount prepaid.

  
 Section 2.14 Fees. 
  
 (a) The Borrower agrees to pay to the Administrative Agent for the account of
each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily unused amount of the Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such
Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, 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 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of this 2.14(a),
the unused amount of the Revolving Commitment of any Lender shall be deemed to be the excess of (i) the aggregate Revolving Commitment of such Lender over (ii) the aggregate Revolving Credit Exposure of such Lender. 
  
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the
account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such
Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates
and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the Issuing Bank on the average daily
amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on
which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting
fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank
pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). 
  

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 (c) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as
set forth in any fee agreements with the Administrative Agent. 
  
 (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and
participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
  
 Section 2.15 Interest. 
  
 (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
  
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Rate. 
  
 (c) 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 or otherwise, such overdue amount shall bear interest, to the
extent permitted by applicable law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this
Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
  
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments;
provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Revolving
Commitment Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest
Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
  
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate and Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  
 Section 2.16 Alternate Rate of Interest. 
  
 If prior to the commencement of any Interest Period for a Eurodollar
Borrowing: 
  
 (a) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate, as applicable, for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the
Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; or 
  

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 (c) the Administrative Agent is notified by any Lender that, as a result of a Change in Law, it shall
have become unlawful for such Lender to make or maintain any Loan as, or to continue or convert any Loan to, a Eurodollar Loan; 
  
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing and (iii) in the case of clause (c) above, all outstanding Eurodollar Borrowings shall be
immediately converted to ABR Borrowings. 
  
 Section 2.17
Increased Costs. 
  
 (a) 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 the account of, or credit extended by, any Lender (except any such reserve requirement to the extent reflected in the Adjusted LIBO Rate) or the Issuing Bank; or

  
 (ii) impose on any Lender or the Issuing Bank
or the London interbank market any other condition affecting this Agreement or Eurodollar Loans or Loans made by such Lender or any Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of
maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or
the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the
case may be, for such additional costs incurred or reduction suffered. 
  
 (b) If any Lender or the Issuing Bank 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 or the Issuing Bank’s capital or on the capital of
such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a
level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies
and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy) by an amount deemed by such Lender in good faith to be material, then from time to time the Borrower will pay to such Lender or the
Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
  
 (c) A certificate of a Lender or the Issuing Bank setting forth the amount or
amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered by such Lender or Issuing Bank in good faith to the Borrower and
shall be conclusive absent manifest error. The Borrower shall pay such Lender 

  

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or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank
pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred
to above shall be extended to include the period of retroactive effect thereof. 
  
 (e) Notwithstanding anything to the contrary contained in this Section 2.17, Section 2.19 shall govern exclusively any increased costs relating to Taxes resulting from any Change in Law. 
  
 Section 2.18 Break Funding Payments. In the event of (a) the payment
of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert to, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.12(b) and is revoked in
accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.21, then, in any such event, the Borrower shall
compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of
(i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day
of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal
amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. 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
2.19 Taxes. 
  
 (a) Any and all payments by or on account
of any obligation of the Borrower hereunder 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, each Lender or the Issuing
Bank (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. 
  

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 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
  
 (c) If the United States
Internal Revenue Service or other Governmental Authority of the United States or other jurisdiction asserts a claim against the Administrative Agent, a Lender or the Issuing Bank that the full amount of Indemnified Taxes or Other Taxes has not been
paid, the Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within ten (10) days after written demand therefor, for the full amount of any such Indemnified Taxes or Other Taxes paid by the Administrative Agent,
such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section) and any penalties, interest and reasonable out-of-pocket 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 (along with a copy of the applicable documents from the United States Internal Revenue Service or other Governmental Authority of the United States or other jurisdiction that asserts such claim) as to the amount
of such payment or liability delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 
  
 (d) 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) Any 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
(with the United States of America, each State thereof and the District of Columbia being deemed to constitute a single jurisdiction for purposes of this Section), 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, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a reduced rate. Without limiting the foregoing, each Lender shall, at the time such Lender becomes a party to this Agreement (or thereafter as reasonably requested by
Borrower), execute and deliver to the Borrower and Administrative Agent (i) if it is not a “United States Person” (as such term is defined in Section 7701(a)(30) of the Code), two original copies (or more as the Borrower or the
Administrative Agent shall reasonably request) of the applicable Internal Revenue Service Form W-8 or other applicable form, certificate or document prescribed by the United States Internal Revenue Service certifying as to such Lender’s
entitlement to exemption from, or entitlement to a reduced rate of, withholding or deduction of Taxes, and (ii) if it is a “United States Person” (as such term is defined in Section 7701(a)(30) of the Code), two original copies (or more as
the Borrower or the Administrative Agent shall reasonably request) of Internal Revenue Service Form W-9 (or substitute or successor form). Each Lender that is not a “United States Person” (as such term is defined in Section 7701(a)(30) of
the Code) claiming exemption from withholding tax pursuant to its portfolio interest exception shall execute and deliver to the Borrower and Administrative Agent (i) a statement of such Lender, signed under penalty of perjury, that it is not (A) a
“bank” as described in Section 881(c)(3)(A) of the Code, (B) a 10% shareholder of the Borrower (within the meaning of Section 871(h)(3)(B) of the Code), or (C) a controlled foreign corporation related to the Borrower within the meaning of
Section 864(d)(4) of the Code, and (ii) two properly completed and executed copies of Internal Revenue Service Form W-8BEN. 
  

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 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.19, it shall pay over such refund to the Borrower (but only to the
extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.19 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid
over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any
other Person. 
  
 Section 2.20 Pro Rata Treatment; Payments
Generally; Sharing of Set-offs. 
  
 (a) Each borrowing by the
Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Term Percentages or Revolving
Commitment Percentages, as the case may be, of the relevant Lenders. 
  
 (b) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall be made pro rata according to the respective Term Percentages of the Term Lenders. The amount of any
principal prepayment of the Term Loans shall be applied to reduce the then remaining installments thereof, pro rata based upon the respective then remaining principal amounts thereof. Amounts prepaid on account of the Term Loans may
not be reborrowed. 
  
 (c) Each payment (including each
prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders.

  
 (d) The Borrower shall make each payment required to be made
by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.17, 2.18 or 2.19, or otherwise) prior to 1:00 P.M., New York City 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 at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to
Sections 2.17, 2.18, 2.19 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the 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 shall be made in dollars. 
  
 (e) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due 

  

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such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of principal and unreimbursed LC Disbursements then due such parties. 
  
 (f) 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 or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon 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 and participations in LC Disbursements 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 and participations in LC Disbursements; 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 or participations in LC Disbursements 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. 
  
 (g) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due the Administrative Agent
for the account of the Lenders or the Issuing Bank 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 or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank 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 greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 (h) If any Lender shall fail to make any payment required to be made by it
pursuant to Section 2.07(d) or (e), 2.08(b) or 2.20(f), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 Section 2.21 Mitigation Obligations; Replacement of Lenders. 
  
 (a) If any Lender requests compensation under Section 2.17, or if the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.19, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.17 or 2.19, as the case 

  

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may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) If any Lender requests compensation under Section 2.17, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.19, if any Lender is a Defaulting Lender or if any Lender refuses to consent to an amendment, modification or waiver of this Agreement that is approved by the Required Lenders or Majority
Revolving Lenders pursuant to Section 9.02(b) or under any other circumstances set forth herein expressly providing that the Borrower shall have the right to replace a Lender as a party to this Agreement, the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, replace such Lender by causing such Lender to assign its Commitment, Term Loans and amounts owed to it by the Borrower hereunder (with the assignment fee to be paid by the Borrower in
such instance), without recourse (in accordance with and subject to the restrictions contained in Section 9.04) to one or more banks or other entities procured by the Borrower and approved by the Administrative Agent and the Issuing Bank (such
approval not to be unreasonably withheld) upon receipt of all amounts due and owing to it. 
  
 ARTICLE III 
  
 Representations
and Warranties 
  
 The Borrower represents and warrants to the
Lenders that: 
  
 Section 3.01 Organization; Powers. Each
of the Borrower and its Material Subsidiaries 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 own or lease its material property and to carry
on its business as now conducted and, except where the failure to do so, individually or in the aggregate, would 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 Financing is within the corporate powers of the Borrower and each of its Subsidiaries and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement and
each other Credit Document has been duly executed and delivered by the Borrower and each of its Subsidiaries party thereto and constitutes a legal, valid and binding obligation of each of the Borrower and each of its Subsidiaries party thereto,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law. 
  
 Section 3.03
Governmental Approvals; No Conflicts. The Financing (a) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full
force and effect, (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 material indenture, material agreement or other material instrument binding upon the Borrower or any of its Subsidiaries or their assets, and (d) will not result in the creation or imposition of any Lien on any asset the
Borrower or any of its Subsidiaries. 
  

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 Section 3.04 Financial Condition; No Material Adverse Change. 
  
 (a) The Borrower has heretofore furnished to the Lenders its audited
consolidated balance sheet and statements of income, stockholders equity and cash flows as of and for the fiscal years ended December 31, 2002, December 31, 2003 and December 31, 2004, respectively, in each case, reported on by Deloitte & Touche
LLP, independent public accountants. Such financial statements present fairly, in all material respects, the financial condition and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such
periods in accordance with GAAP. 
  
 (b) Since December 31, 2004,
no events and conditions have occurred that have had, or would reasonably be expected to have, a Material Adverse Effect. 
  
 Section 3.05 Properties. 
  
 (a) 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 free and clear of any Liens, except liens permitted under Section 6.04 and 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) Each 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
such infringements that, the effect of which individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
  
 Section 3.06 Litigation and Environmental Matters. 
  
 (a) Other than to the extent disclosed in the Disclosed Matters, there are no material actions, suits or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) that, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect or (ii) that involve this Agreement, any of the other Credit Documents or the Financing. 
  
 (b) 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 the failure of which would reasonably be expected to have a Material Adverse Effect, (ii) has become subject to any Environmental Liability that, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect, (iii) has received notice of any claim with respect to any Environmental Liability that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect or
(iv) knows of any basis for any Environmental Liability that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
  

Section 3.07 Compliance with Laws and Agreements; No Default. 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, except where the failure to do so, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
  
 Section 3.08 Investment and Holding Company Status. Neither the Borrower nor any of its Subsidiaries is (a) an “investment company” as
defined in, or subject to regulation under, the 

  

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Investment Company Act of 1940, as amended, or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding
Company Act of 1935, as amended. 
  
 Section 3.09 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 (a) Taxes that are being
contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in conformity with GAAP or (b) to the extent that the failure to do so would not reasonably
be expected to result in a Material Adverse Effect. 
  
 Section
3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse
Effect. 
  
 Section 3.11 Solvency. Each of the Credit
Parties and WEX Bank is Solvent. 
  
 Section 3.12 Use of
Proceeds. The proceeds of the Term Loans that have been disbursed to or on behalf of the Borrower have not been used by any Credit Party for purposes other than to finance a portion of the Transaction. The proceeds of the Revolving Loans that
have been disbursed to or on behalf of the Borrower have not been used by any Credit Party for purposes other than to finance a portion of the Transaction in an aggregate principal amount not to exceed $55,000,000 and to finance the working capital
needs, Permitted Acquisitions, or general corporate purposes of the Borrower and its Subsidiaries. The Letters of Credit have not been used by any Credit Party for purposes other than to finance the working capital needs, Permitted Acquisitions, or
general corporate purposes of the Borrower and its Subsidiaries. 
  
 Section 3.13 Margin Regulations. Neither the Borrower nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the
Federal Reserve Board), and no proceeds of any Loan, and no Letter of Credit, will be used by the Borrower or any of its Subsidiaries to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying
any such margin stock in contravention of Regulation U or X of the Board. 
  
 Section 3.14 Disclosure. The Information Memorandum at the time it was furnished did not contain any untrue statement of a material fact or omit to state a material fact, under the circumstances under which it
was made, necessary in order to make the statements contained therein not misleading. At the Effective Date, there is no fact known to the Borrower which has not been disclosed to the Lenders and which, individually or in the aggregate, would
reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), when taken as a whole, contains any untrue statement of a material fact or omit to state a material fact, under the circumstances
under which it was made, necessary in order to make the statements contained therein not misleading. The Borrower has delivered to the Administrative Agent certain projections relating to the Borrower and its Subsidiaries. Such projections are based
on good faith estimates and assumptions believed to be reasonable at the time made, provided, however, that the Borrower makes no representation or warranty that such assumptions will prove in the future to be accurate or that the
Borrower and its Subsidiaries will achieve the financial results reflected in such projections. 
  

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 ARTICLE IV 
  
 Conditions 
  
 Section 4.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not
become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
  
 (a) Credit Documents. The Administrative Agent shall have received from each party hereto or thereto a counterpart of this Agreement and each of
the other Credit Documents, each executed and delivered by such party. 
  
 (b) Opinion of Counsel. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Skadden, Arps, Slate, Meagher & Flom
LLP, counsel for the Borrower, substantially in the form of Exhibit C-1, and (ii) the Senior Vice President and General Counsel for the Borrower, substantially in the form of Exhibit C-2. 
  
 (c) Corporate Documents for the Credit Parties. The Administrative
Agent shall have received, with copies for each of the Lenders, (1) a certificate of the Secretary or an Assistant Secretary of each Credit Party dated the Effective Date and certifying (i) that attached thereto is a true and complete copy of the
certificate of incorporation and by-laws of such Credit Party as in effect on the Effective Date, (ii) that attached thereto is a true and complete copy of resolutions adopted by the Board of Directors of such Credit Party authorizing the borrowings
and other extensions of credit hereunder (in the case of the Borrower) and the execution, delivery and performance in accordance with their respective terms of each Credit Document to which such Credit Party is a party and (iii) as to the incumbency
and specimen signature of each officer of such Credit Party executing this Agreement or any other document delivered by it in connection herewith (such certificate to contain a certification by another officer of such Credit Party as to the
incumbency and signature of the officer signing the certificate referred to in this paragraph (c)) and (2) a good standing certificate of (i) the Secretary of State (or comparable official) of the jurisdiction of incorporation of the Borrower and
each other Credit Party, dated as of a date recent to the Effective Date, certifying that the Borrower or such other Credit Party, as the case may be, is a corporation duly organized and in good standing under the laws of such jurisdiction, and (ii)
the Secretary of State (or comparable official) of each jurisdiction in which the Borrower or any other Credit Party is required to be qualified to transact business as a foreign corporation, dated as of a date recent to the Effective Date,
certifying that the Borrower (or, subject to Section 5.03, Wright Express LLC) or such other Credit Party, as the case may be, is qualified to do business and is in good standing in each such jurisdiction. 
  
 (d) Financial Statements. The Administrative Agent and the Lenders
shall have received the financial statements referred to in Section 3.04. 
  
 (e) Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate of a Financial Officer. 
  
 (f) No Material Adverse Effect. The Administrative Agent shall be satisfied that, since the date of the most recent audited financial statements of
the Borrower and its Subsidiaries, no events or conditions shall have occurred that have had, or would reasonably be expected to have, a Material Adverse Effect. 
  

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 (g) Payment of Fees and Expenses. The Administrative Agent shall be satisfied that all amounts due
and payable to the Administrative Agent, the Joint Lead Arrangers and the Lenders pursuant hereto or with regard to the transactions contemplated hereby have been or are simultaneously being paid. 
  
 (h) No Default. At the time of and immediately after giving effect to
the Loans, no Default or Event of Default shall have occurred and be continuing. 
  
 (i) Representations and Warranties. The representations and warranties set forth in this Agreement and the other Credit Documents shall be true and correct in all material respects (except to the extent such
representations and warranties are otherwise qualified by materiality in which case they shall be true and correct in all respects) on and as of the Effective Date (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date). 
  
 (j) Initial Public Offering. The Initial Public Offering shall have been consummated with a resulting capital structure of the Borrower and its
Subsidiaries reasonably satisfactory to the Administrative Agent. 
  
 (k) Approvals. All Governmental Authority and material third party consents or approvals necessary in connection with the Transactions and the Financing and the continuing operations of the Borrower and its Subsidiaries shall have
been obtained and be in full force and effect. 
  
 (l)
Litigation. No litigation by any Person shall be pending or, to the Borrower’s knowledge, threatened with respect to the Financing or any documentation executed in connection therewith or which the Administrative Agent or any of the
Lenders shall determine would reasonably be expected to have a Material Adverse Effect. 
  
 (m) Other Documents. The Administrative Agent shall have received such other documents and certificates as the Administrative Agent may reasonably require. 
  
 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 and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions
is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on April 30, 2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
  
 Section 4.02 Each Credit Event. The obligation of each Lender to make
a Loan, and of the Issuing Bank to issue, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
  
 (a) The representations and warranties set forth in this Agreement and the other Credit Documents shall be true and correct in all material respects
(except to the extent such representations and warranties are otherwise qualified by materiality in which case they shall be true and correct in all respects) on and as of the date of such Loan or the date of issuance, renewal or extension of such
Letter of Credit, as applicable (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 
  
 (b) At the time of and immediately after giving effect to such Loan or the
issuance, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing. 

  

 - 37 - 

 
Each Loan and each issuance, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the
date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 
  
 ARTICLE V 
  
 Affirmative
Covenants 
  
 Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that: 
  
 Section 5.01
Financial Statements; Ratings Change and Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 
  
 (a) (i) as soon as publicly available, but in any event within the period within which the Borrower would be required to deliver its annual report on Form
10-K with the Securities and Exchange Commission after the end of each fiscal year of the Borrower if it were required to file such form, its audited consolidated balance sheet and related consolidated statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures as of the end of and for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public
accountants of recognized national standing (without a “going concern” or like qualification or exception and without any 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 consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided that delivery within
the time period specified above of copies of the Borrower’s Annual Report on Form 10-K for such fiscal year (together with the Borrower’s annual report to stockholders, if any, prepared pursuant to Rule 14-a-3 under the Exchange Act)
prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 5.01(a); 
  
 (ii) as soon as available, but in any event within the period within which the Borrower would be required to
deliver its annual report on Form 10-K with the Securities and Exchange Commission after the end of each fiscal year of the Borrower if it were required to file such form, the unaudited balance sheet of the Borrower (on a stand alone basis) and
related unaudited statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures as of the end of and for the previous fiscal year, all certified by
one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower in accordance with GAAP consistently applied; 
  
 (iii) as soon as available, but in any event within the
period within which the Borrower would be required to deliver its annual report on Form 10-K with the Securities and Exchange Commission after the end of each fiscal year of the Borrower if it were required to file such form, the audited
consolidated balance sheet and related consolidated statements of operations, stockholders’ equity and cash flows of WEX Bank and its consolidated subsidiaries as of the end of and for such year, setting forth in each case in comparative form
the figures as of the end of and for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing; 
  

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 (b) (i) as soon as publicly available, but in any event within the period within which the Borrower would
be required to deliver its quarterly report on Form 10-Q with the Securities and Exchange Commission after the end of each of the first three fiscal quarters of each fiscal year of the Borrower if it were required to file such form, its unaudited
consolidated balance sheet as of the end of such fiscal quarter and related unaudited consolidated statements of operations for such fiscal quarter and the then elapsed portion of such fiscal year and statements of cash flows for the then elapsed
portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments; provided that delivery within the time period specified above of copies of the Borrower’s Quarterly Report on Form 10-Q prepared in accordance with the requirements therefor and filed with the
Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 5.01(b); 
  
 (ii) as soon as available, but in any event within the period within which the Borrower would be required to deliver its quarterly report
on Form 10-Q with the Securities and Exchange Commission after the end of each of the first three fiscal quarters of each fiscal year of the Borrower if it were required to file such form, the unaudited balance sheet of the Borrower (on a stand
alone basis) as of the end of such fiscal quarter and related unaudited statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures as of the end
of and for the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower in accordance with GAAP consistently applied;

  
 (iii) as soon as available, but in any event
within the period within which WEX Bank is required to deliver its quarterly call report with the FDIC after the end of each of the first three fiscal quarters of each fiscal year of WEX Bank, its call report and related schedules, all certified by
its chief financial officer as having been prepared in accordance with FDIC requirements; 
  
 (c) on or before the date that is 90 days after the beginning of each fiscal year, financial projections of the Borrower and its consolidated Subsidiaries for such fiscal year, which financial projections shall be
accompanied by a reasonably detailed description from a Financial Officer of the bases and assumptions relied upon by the Borrower in making such financial projections, such projections and descriptions to be substantially similar to those contained
in the Information Memorandum; 
  
 (d) within one Business Day of
any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer (i) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default has occurred, specifying the
details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating whether there has been compliance with Sections 6.01 and 6.02 and (iii) 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; 
  
 (e) within one Business Day of any delivery
of financial statements under clause (a) above, or promptly thereafter, a letter addressed to the board of directors of the Borrower from the accounting firm that reported on such financial statements stating that, in connection with the accounting
firm’s audits, nothing came to the attention of such firm that caused it to believe that the Borrower failed 

  

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to comply with Sections 6.01, 6.02 or 6.03 insofar as such Sections relate to financial and accounting matters, and that such accounting firm’s audit
was not directed primarily toward obtaining knowledge of noncompliance with such sections; 
  
 (f) promptly after such filings become publicly available, electronic notice of the filing of all periodic and other reports and proxy statements filed by the Borrower or any Subsidiary 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; and 
  

(g) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower
or any Subsidiary, or compliance with the terms of this Agreement or any of the other Credit 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
notice after any Responsible Officer of the Borrower obtains actual knowledge of the following: 
  
 (a) the occurrence of any Default or Event of Default; 
  
 (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 would reasonably be expected to result in a Material Adverse Effect; 
  
 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in
liability of the Borrower or any of its Subsidiaries which would reasonably be expected to result in a Material Adverse Effect; and 
  
 (d) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be followed within five (5) Business Days by a
statement of a Financial Officer or of an 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. 
  
 (a) Except as set forth in clause (b) below, the Borrower will, and will
cause each of its Material 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
the business of the Borrower and its Subsidiaries taken as a whole; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.05. 
  
 (b) To the extent that the Borrower is not otherwise qualified to do business
and/or in good standing in each jurisdiction (other than the jurisdiction of its incorporation) in which its ownership or lease of property or the conduct of its business requires such qualification as of the Effective Date, the Borrower will use
its commercially reasonable efforts to become so qualified and in good standing in each such jurisdiction by not more than 30 days after the Effective Date. 
  

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 Section 5.04 Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries
to, pay its obligations, including Tax liabilities, that, if not paid, would reasonably be expected to result in a Material Adverse Effect 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 would
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.

  
 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, upon reasonable prior notice, to visit and inspect its properties during regular business hours, to examine and make extracts from its books
and records, and to discuss its affairs, finances and condition with its officers and independent accountants (subject to reasonable requirements of confidentiality, including requirements imposed by law or contract), all at such reasonable times
and as often as reasonably requested (provided that reasonable access to such books and records and properties shall be made available to the Lenders if an Event of Default has occurred and is continuing). 
  
 Section 5.07 Compliance with Laws and Contracts. The Borrower will,
and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property and (ii) comply with the terms and conditions of each material contract, agreement and
indenture to which it is a party, except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
  
 Section 5.08 Compliance with Environmental Laws. The Borrower will,
and will cause each of its Subsidiaries to, comply in all material respects with all applicable Environmental Laws, the failure of which would reasonably be expected to result in a Material Adverse Effect. 
  
 Section 5.09 Use of Proceeds. The proceeds of the Term Loans will be
used only to finance a portion of the Transaction. The proceeds of the Revolving Loans will be used only to finance the working capital needs, Permitted Acquisitions and for other general corporate purposes of the Borrower and its Subsidiaries in
the ordinary course of business and to finance a portion of Transaction in an aggregate principal amount not to exceed $55,000,000. No Letter of Credit and no part of the proceeds of any Loan will be used by any Credit Party, whether directly or
indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. Letters of Credit will be issued only to support obligations incurred by the Borrower and its Subsidiaries for general
corporate purposes. 
  
 Section 5.10 New Material
Subsidiaries. Promptly and in any event within ten (10) Business Days following the (i) organization or acquisition of any new Material Subsidiary or (ii) delivery of financial statements pursuant to Section 5.01 that indicate that a Subsidiary
(other than the Borrower) not at such time a Subsidiary Guarantor is a Material Subsidiary, cause such Material Subsidiary (other than a Subsidiary that is not a “United States Person”, as such term is defined in Section 

  

 - 41 - 

 
7701(a)(30) of the Code) to execute and deliver a Subsidiary Guaranty, together with such documents as the Administrative Agent may request evidencing
corporate action taken to authorize such execution and delivery and the incumbency and signatures of the officers of such Material Subsidiary. 
  
 Section 5.11 Compliance with Regulatory Requirements. The Borrower will cause WEX Bank and any other Subsidiary which is a regulated bank to,
comply with all minimum capital ratios and guidelines, including, without limitation, risk-based capital guidelines and capital leverage regulations (as may from time to time be prescribed, by regulation or enforceable order of the FDIC or other
federal or state regulatory authorities having jurisdiction over such Person), and within such ratios and guidelines be “well-capitalized” to at all times comply with applicable financial institution regulations and requirements with
respect to capital adequacy. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders
that: 
  
 Section 6.01 Maximum Consolidated Leverage Ratio.
The Consolidated Leverage Ratio shall not, as determined as of the last day of each fiscal quarter ending during the periods set forth below, exceed the maximum ratio set forth below opposite such period: 
  

			
	 Each Fiscal Quarter Ending During the Period

	  	 Maximum Consolidated Leverage Ratio

	 Effective Date through September 30, 2005
	  	3.50 to 1.00
		
	 October 1, 2005 through September 30, 2006
	  	3.00 to 1.00
		
	 October 1, 2006 through September 30, 2007
	  	2.50 to 1.00
		
	 October 1, 2007 through September 30, 2008
	  	2.00 to 1.00
		
	 October 1, 2008 through the Maturity Date
	  	1.50 to 1.00

  
 Section 6.02
Minimum Consolidated Fixed Charge Coverage Ratio. The Consolidated Fixed Charge Coverage Ratio shall not, as determined as of the last day of each fiscal quarter ending during the periods set forth below, be less than the minimum ratio set
forth below opposite such period: 
  

			
	 Each Fiscal Quarter Ending During the Period

	  	 Minimum Fixed Charge Coverage Ratio

	 Effective Date through December 31, 2006
	  	1.25 to 1.00
		
	 January 1, 2007 through the Maturity Date
	  	1.50 to 1.00

  

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 Section 6.03 Indebtedness. The Borrower will not, and will not permit any of its Subsidiaries
(other than WEX Bank) to, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (a) Indebtedness created hereunder and under the other Credit Documents; 
  
 (b) Indebtedness of the Borrower to any Material Subsidiary and of any Material Subsidiary to the Borrower or any other Material Subsidiary and
Indebtedness of any non-Material Subsidiary to any other non-Material Subsidiary; 
  
 (c) Guarantees by the Borrower of Indebtedness of any Material Subsidiary and by any Material Subsidiary of Indebtedness of the Borrower or any other Material Subsidiary and Guarantees by any non-Material Subsidiary
of Indebtedness of any other non-Material Subsidiary; 
  
 (d) (i)
Indebtedness of the Borrower to any Subsidiary (other than a Material Subsidiary) and of any Subsidiary (other than a Material Subsidiary) to the Borrower or any Material Subsidiary and (ii) Guarantees by the Borrower of Indebtedness of any
Subsidiary (other than a Material Subsidiary) and by any Subsidiary of Indebtedness of the Borrower or any Material Subsidiary; provided that the aggregate amount of Indebtedness and Guarantees permitted by this clause (d) shall not exceed
$10,000,000 at any time outstanding; 
  
 (e) Indebtedness of the
Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on
any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or
within ninety (90) days after such acquisition or the completion of such construction or improvement and does not exceed the cost of such acquisition, construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by
this clause (e) shall not exceed $5,000,000 at any time outstanding; 
  
 (f) Indebtedness of any Person that becomes a Subsidiary after the date hereof and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such
Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f)
shall not exceed $5,000,000 at any time outstanding; 
  
 (g) other
Indebtedness of the Borrower or any Subsidiary not otherwise permitted in this Section; provided that the aggregate principal amount of Indebtedness permitted by this clause (g) shall not exceed $10,000,000 at any time outstanding;

  
 (h) Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five (5) Business Days of incurrence; and 
  
 (i) Indebtedness existing on the Closing Date, or required to be incurred
pursuant to a contractual obligation in existence on the Closing Date, which in either case is set forth in Schedule 6.03, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount
thereof, shorten the maturity thereof or change the obligors with respect thereto; 
  

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 (j) Indebtedness of the Borrower and the Subsidiaries pursuant to Hedging Agreements permitted by Section
6.07; 
  
 (k) Indebtedness of the Borrower or any Subsidiary
constituting indemnification, adjustment of purchase price, earn outs or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary permitted thereunder; 
  
 (l) any refinancings, refundings, replacements, renewals or extensions of the
Indebtedness described in paragraphs (e) and (f) above, provided that such refinancings, refundings, replacements, renewals or extensions do not increase the outstanding principal amount of, shorten the maturity of or change the obligors with
respect to such Indebtedness; and 
  
 (m) Indebtedness of the
Borrower under the Key Bank LC. 
  
 Section 6.04 Liens. The
Borrower will not, and 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; 
  
 (b) any Lien on any property or asset
of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.04; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only
those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
  
 (c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or
existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the
date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
  
 (d) Liens on assets acquired, constructed or improved by the Borrower or any
Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (e) of Section 6.03, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within ninety (90) days after such
acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such assets and (iv) such security interests shall not apply to any other
property or assets of the Borrower or any Subsidiary; 
  
 (e)
Liens on any property or assets of the Borrower or any Subsidiary in favor of any other Subsidiary or the Borrower securing obligations not exceeding (i) $15,000,000 in 2005 and (ii) in each fiscal year thereafter, the amount which is ten per cent
in excess of the aggregate principal amount permitted in the prior fiscal year; 
  

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 (f) Liens incurred by WEX Bank in the ordinary course of its business in connection with the issuance of
certificates of deposit, escrow deposits in the form of money market deposits, customer deposits and borrowed federal funds; and 
  
 (g) Liens not otherwise permitted hereunder which secure obligations not exceeding in the aggregate $5,000,000 at any time outstanding. 
  
 Section 6.05 Fundamental Changes. 
  
 (a) The Borrower will not, and will not permit any Material Subsidiary to,
merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its
assets, or all or substantially all of the stock of any of the Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default
or Event of Default shall have occurred and be continuing (i) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Subsidiary may merge into any Subsidiary or any other Person in a
transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary and (iv) any Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and such liquidation or dissolution is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that
is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.06. 
  
 (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage in any business, if, as a result, the general nature of the business of
the Credit Parties taken as a whole, would be substantially changed from the general nature of the business of the Credit Parties taken as a whole, on the Effective Date. 
  
 Section 6.06 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit
any of its Subsidiaries (other than WEX Bank) to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other
securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, guarantee any obligations of, or make or permit to exist any investment or any other interest in, any
other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (an “Investment”), except: 
  
 (a) Permitted Investments and investments that were Permitted Investments
when made; 
  
 (b) Investments existing on the date hereof or
required to be made pursuant to a contractual obligation in existence on the date hereof and any extensions or renewals thereof, in either case as set forth in Schedule 6.06; 
  
 (c) Investments by the Borrower existing on the date hereof in the capital stock of its Subsidiaries or in the capital stock
of any Subsidiary Guarantor; 
  
 (d) Investments made by the
Borrower to any Material Subsidiary and made by any Material Subsidiary to the Borrower or any other Material Subsidiary and Investments made by any non-Material Subsidiary to any other non-Material Subsidiary; 
  

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 (e) Guarantees constituting Indebtedness permitted by Section 6.03; 
  
 (f) Investments in connection with pledges, deposits, payments or performance
bonds made or given in the ordinary course of business in connection with or to secure statutory, regulatory or similar obligations including obligations under insurance, health, disability, safety or environmental obligations; 
  
 (g) Investments received in connection with the bankruptcy or reorganization
of, or settlement of delinquent accounts and disputes with, customers, suppliers or any other Person; 
  
 (h) Investments received as part of a redemption or payment of or for, as a dividend on, or as a distribution in respect of, other Investments permitted
by this Section; 
  
 (i) Permitted Acquisitions; 
  
 (j) Investments not otherwise permitted hereunder in an aggregate amount not
to exceed $10,000,000 during the term of this Agreement; 
  
 (k)
Investments by the Borrower or its Subsidiaries in accounts receivable owing to them, if created or acquired in the ordinary course of business and payable in accordance with customary trade terms (including the dating of accounts receivable and
extensions of payments in the ordinary course of business); 
  
 (l) Investments arising out of the receipt by the Borrower or any Subsidiary of non-cash consideration for the sale of assets permitted under Section 6.05; 
  
 (m) (i) loans and advances to employees of the Borrower or any Subsidiary in the ordinary course of business not to exceed
$500,000 in the aggregate at any time outstanding (calculated without regard to write-down or write-offs thereof) and (ii) advances of payroll payments and expenses to employees in the ordinary course of business; 
  
 (n) Hedging Agreements permitted by Section 6.07; 
  
 (o) additional Investments made from time to time to the extent made with
proceeds of non-mandatorily convertible Equity Interests of the Borrower; 
  
 (p) Investments of a Subsidiary acquired after the Closing Date or of a Person merged into or consolidated with the Borrower or any Subsidiary in accordance with Section 6.05 after the Effective Date to the extent
that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 
  
 (q) Investments constituting loans and other extensions of credit made to
customers of WEX Bank pursuant to one or more participation agreements with WEX Bank in an aggregate amount not exceeding (i) $30,000,000 in 2005 and (ii) in each fiscal year thereafter, the amount which is twenty per cent in excess of the aggregate
principal amount permitted in the prior fiscal year; 
  
 (r)
Investments constituting loans and other extensions of credit made to customers of the Borrower and its Subsidiaries’ co-branded relationships; 
  

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 (s) Investments constituting loans and other extensions of credit made in connection with diesel fuel
sales in an aggregate amount not to exceed $2,000,000 at any time outstanding; and 
  
 (t) Investments of the Borrower to any Subsidiary (other than a Material Subsidiary) and of any Subsidiary (other than a Material Subsidiary) to the Borrower or any other Material Subsidiary; provided that the
aggregate amount of such Investments permitted by this clause (t), together with Indebtedness permitted by Section 6.03 (d) shall not exceed $10,000,000 at any time outstanding; 
  
 Section 6.07 Hedging Agreements. No Credit Party will enter into any Hedging Agreement except Hedging Agreements
entered into in the ordinary course of business to hedge or manage risks to which a Credit Party is exposed in the conduct of its business or the management of its liabilities. 
  
 Section 6.08 Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries (other than WEX
Bank) to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock or
warrants, options or other rights entitling the holder thereof to purchase or acquire shares of its common stock, (b) any Subsidiary may declare and pay dividends ratably with respect to their Equity Interests, (c) the Borrower may make Restricted
Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries, (d) any Subsidiary may make Restricted Payments to the Borrower or any of the Subsidiaries, (e)
so long as no Event of Default shall then exist and the Borrower would be in compliance with Sections 6.01 and 6.02 after giving effect to such Restricted Payments, the Borrower may make Restricted Payments not otherwise permitted hereunder in an
aggregate amount of $5,000,000 during each fiscal year of the Borrower of which 100% of unused amounts may be carried over into subsequent years, (f) the Borrower may use proceeds from the underwriters’ over-allotment option in the Initial
Public Offering for repurchases of Equity Interests in the Borrower and (g) the Borrower may make the Restricted Payments described in, and in accordance with, Sections 6.09(f) and 6.13.  
  
 Section 6.09 Transactions with Affiliates. The Borrower will not, and
will not permit any of its Subsidiaries (other than WEX Bank) to, sell, lease or otherwise transfer any material property or material assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
material transactions with, any of its Affiliates, except (a) upon fair and reasonable terms not materially less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis with a Person not an Affiliate, (b)
transactions between or among the Borrower and its wholly-owned Subsidiaries not involving any other Affiliate, (c) any Indebtedness permitted by Section 6.03(b) and (d), (d) any Restricted Payment permitted by Section 6.08, (e) transactions set
forth on Schedule 6.09 and (f) the special dividend described in the Form S-1 to be paid to Cendant Corporation on or after the Effective Date (the “Cendant Special Dividend”). 
  
 Section 6.10 Restrictive Agreements. The Borrower and 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 (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition),

  

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(iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale,
provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating
to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other
contracts restricting the assignment thereof; provided that this Section 6.10 shall not apply to WEX Bank to the extent that any such restriction, prohibition or condition is imposed by a Governmental Authority in connection with the ordinary
course of business of WEX Bank. 
  
 Section 6.11 Sale and
Leasebacks. The Borrower will not, and will not permit any of its Subsidiaries (other than WEX Bank) to, enter into any arrangement with any Person providing for the leasing by the Borrower or any Subsidiary of real or personal property that has
been or is to be sold or transferred by the Borrower or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or such
Subsidiary unless such arrangement is entered into in connection with the financing of the acquisition of such property through the proceeds of a Capital Lease Obligation permitted by Section 6.03(e) and the sale or transfer of such property occurs
within thirty days following the acquisition thereof by the Borrower or any of its Subsidiaries. 
  
 Section 6.12 Accounting Changes. The Borrower will not, and will not permit any of its Subsidiaries to, (i) make any material change in accounting
principles or reporting practices, except as are made in accordance with GAAP and the Borrower provides subsequent notice of such change to the Administrative Agent concurrently with any delivery of financial statements under Section 5.01(a) or
Section 5.01(b), or as are otherwise consented to by the Administrative Agent or (ii) change its fiscal year or quarters or the method of determination thereof, provided that this Section 6.12 shall not apply to WEX Bank to the extent that
any such change is required or imposed by a Governmental Authority. 
  
 Section 6.13 Tax Receivable Agreement. The Borrower will not, and will not permit any of its Subsidiaries to, (i) amend or modify the Tax Receivable Agreement in any manner that is materially disadvantageous to the Lenders, (ii)
prepay any obligations under the Tax Receivable Agreement or (iii) make any payment thereunder if an Event of Default has occurred and is continuing or if, after giving effect to such payment, the Borrower would fail to be in compliance with
Sections 6.01 and 6.02. 
  
 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 or any reimbursement obligation in respect of any LC Disbursement 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, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days;

  

 - 48 - 

 (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 Credit Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished
pursuant to or in connection with this Agreement or any other Credit Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

  
 (d) the Borrower shall fail to observe or perform any
covenant, condition or agreement contained in Section 5.01 (other than clauses (a), (b) and (c)), 5.02, 5.03 (with respect to the maintenance of the Borrower’s legal existence only), or in Article VI; 
  
 (e) the Borrower or any of its Subsidiaries 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), the Subsidiary Guaranty or any other Credit Document, and such failure shall continue unremedied for a period of
thirty (30) days after the Borrower or any of its Subsidiaries obtains knowledge thereof; 
  
 (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 Material Indebtedness, when and as the same shall become due and
payable (after giving effect to applicable grace periods); 
  
 (g)
any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to
cause any Material Indebtedness to become due (after giving effect to applicable grace periods), 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 Material Subsidiary 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 Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60
days or an order or decree approving or ordering any of the foregoing shall be entered; 
  
 (i) the Borrower or any Material Subsidiary 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 appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary 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 Material Subsidiary shall generally not pay its debts
as they become due or shall admit in writing its inability or failure to pay its debts as they become due; 
  

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 (k) one or more judgments for the payment of money in an aggregate amount (not paid or fully covered by
insurance, as to which the insurer has acknowledged coverage) in excess of $5,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 
  
 (l) an ERISA Event shall have occurred that, when taken together with all
other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect; 
  
 (m) a Change in Control shall occur; or 
  
 (o) a WEX Bank Event shall occur; 
  
 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 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, and (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; 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. 
  
 ARTICLE VIII 
  
 The Administrative Agent 
  
 Each of the Lenders
and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent 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, together with such actions and powers as are reasonably incidental thereto. 
  
 The bank 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 bank 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. 
  
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. 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 or Event of 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 that the Administrative Agent is required to
exercise in writing as directed 

  

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by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and
(c) except as expressly set forth herein, 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
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) 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 or Event of 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, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the 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 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. 
  
 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 facility provided for herein as well as activities
as Administrative Agent. 
  
 Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, provided that no Default and Event of Default has occurred and is continuing 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 may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a
bank with an office in New York, New York, or an Affiliate of any such bank. 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 Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. 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 the

  

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benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while it was acting as Administrative Agent. 
  
 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 related agreement or any document furnished hereunder or thereunder. 
  
 Subject to the foregoing provisions of this Article VIII, the Administrative Agent shall, on behalf of the Lenders, (i)
execute each Credit Document other than this Agreement on behalf of the Lenders, (ii) exercise any and all rights, powers and remedies of the Lenders under the Credit Documents, including the giving of any consent or waiver or the entering into of
any amendment, subject to the provisions of Section 9.02, (iii) execute and deliver assignments and other such agreements, and possess instruments on behalf of the Lenders and (iv) in the event of acceleration of the obligations of the Borrower
hereunder, exercise the rights of the Lenders under the Credit Documents upon and at the direction of the Required Lenders. 
  
 The Co-Documentation Agents, the Syndication Agent and the Joint Lead Arrangers shall not have any right, power, obligation, liability, responsibility or
duty under any of the Credit Documents other than, in the case of the Co-Documentation Agents and the Syndication Agent, those applicable to all Lenders. Without limiting the foregoing, none of the Co-Documentation Agents, the Syndication Agent or
either Joint Lead Arranger shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgements with respect to each Co-Documentation Agent, the Syndication Agent and each Joint Lead Arranger
as it makes with respect to the Administrative Agent or any other Lender in this Article VIII. 
  
 ARTICLE IX 
  
 Miscellaneous

  
 Section 9.01 Notices. 
  
 (a) Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail
or sent by telecopy, as follows: 
  
 (i) if to
the Borrower, to Wright Express Corporation, 97 Darling Avenue, South Portland, Maine 04106, Attention of Melissa Goodwin, Chief Financial Officer (Telecopy No. (207) 523-7798) with a copy (which shall not constitute notice) to Skadden, Arps, Slate,
Meagher & Flom LLP, Four Times Square, New York, NY 10036, Attn: James Douglas (Facsimile No: (917) 777-2868); 
  
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas
77002, Attention of Alma Gonzalez (Telecopy No. (713) 750-2223) with copies (which shall not constitute notice) to JPMorgan Chase Bank, N.A., Corporate Banking, 270 Park Avenue, 15th Floor, New York, New York 11017, Attention of Bill Castro
(Telecopy No. (212) 270-0670) 

  

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and JPMorgan Chase Bank, N.A., Corporate Banking, 270 Park Avenue, 22nd Floor, New York, New York 11017, Attention of Elisabeth Schwabe (Telecopy No. (212)
270-1511); 
  
 (iii) if to JPMorgan Chase Bank in
its capacity as Issuing Bank, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention of Alma Gonzalez (Telecopy No. (713) 750-2223) with copies (which shall not constitute notice) to
JPMorgan Chase Bank, N.A., Corporate Banking, 270 Park Avenue, 15th Floor, New York, New York 11017, Attention of Bill Castro (Telecopy No. (212) 270-0670) and JPMorgan Chase Bank, N.A., Corporate Banking, 270 Park Avenue, 22nd Floor, New York, New
York 11017, Attention of Elisabeth Schwabe (Telecopy No. (212) 270-1511); 
  
 (iv) if to any Lender (other than JPMorgan Chase Bank) in its capacity as an Issuing Bank, to it at such address and telecopy number as notified to the Administrative Agent and the Borrower; and 
  
 (v) if to any Lender, to it at its address (or telecopy
number) set forth in its Administrative Questionnaire. 
  
 (b)
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant
to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
  

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

  
 (d) All notices, communications, requests and demands to or
upon the respective parties hereto made in accordance with the provisions of this Agreement shall be deemed to have been duly given or made when delivered, or, in the case of telecopy notice, when received. 
  
 Section 9.02 Waivers; Amendments. 
  
 (a) No failure or delay by the Administrative Agent, the Issuing Bank 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, the Issuing Bank 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 or issuance of a Letter of Credit shall not be construed as a waiver of any Default
or Event of Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 
  

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 (b) Neither this Agreement nor any other Credit Document nor any provision hereof or thereof 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 the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement 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 LC Disbursement, 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 or result in the expiration date of any Letter of Credit being after the fifth Business Day prior to the Maturity Date, without the written consent
of each Lender affected thereby, (iv) change Section 2.20(b), (c) or (f) in a manner that would alter the prorata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of
this Section or the definition of “Required Lenders” or “Majority Revolving 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 or (vi) release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty (other than in accordance with the terms thereof); provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may
be. 
  
 Section 9.03 Expenses; Indemnity; Damage Waiver.

  
 (a) The Borrower agrees to pay (i) all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent, including the reasonable and documented fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Administrative Agent, in connection with the
syndication of the credit facility provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing
Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all
such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; provided, however, that the Borrower shall not be liable for the fees and
expenses of more than one separate firm for the Lenders or any Issuing Lender (unless there shall exist an actual conflict of interest among such Persons) in connection with any one such action or any separate but substantially similar or related
actions in the same jurisdiction nor shall the Borrower be liable for any settlement or any proceeding effected without the Borrower’s written consent (which consent shall not be unreasonably withheld). 
  
 (b) The Borrower shall indemnify the Administrative Agent, the Issuing Bank
and each Lender, and their respective affiliates, agents, directors, officers, employees and advisors (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 reasonable and documented fees, charges and disbursements of 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 

  

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agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the
Financing or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its
Subsidiaries, or any Environmental Liability 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 (A) the Borrower shall not be liable for the fees and expenses of more than one separate firm for all such Indemnitees (unless there shall
exist an actual conflict of interest among such Indemnitees, and in such case, not more than two separate firms) in connection with any one such action or any separate but substantially similar or related actions in the same jurisdiction; (B) the
Borrower shall not be liable for any settlement of any proceeding effected without the Borrower’s written consent (such consent not to be unreasonably withheld) and (C) 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, and provided further, however, that this Section 9.03(b) shall not be construed to expand
the scope of the reimbursement obligations of the Borrower specified in Section 9.03(a). 
  
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to
the Administrative Agent or the Issuing Bank, as the case may be, such Lender’s Term Percentage, in the case of any Term Lender and such Lender’s Revolving Commitment Percentage, in the case of any Revolving Lender (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 or the Issuing Bank in its capacity as such. 
  
 (d) 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 Financing, any Loan or Letter of Credit or the use of the proceeds thereof.

  
 (e) All amounts due under this Section shall be payable not
later than ten (10) days after written demand therefor. 
  
 Section 9.04 Successors and Assigns. 
  
 (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except
that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or under any of the other Credit Documents without the prior written consent of each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c)
of this Section) and, to the 

  

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extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, 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 Commitment and the
Loans at the time owing to it and its LC Exposure) with the prior written consent (such consent not to be unreasonably withheld) of: 
  
 (A) the Borrower, provided that no consent of the Borrower shall be required for an assignment to a Lender or an Affiliate of a
Lender, or, if an Event of Default has occurred and is continuing, any other assignee; 
  
 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of all or
any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 
  
 (C) the Issuing Bank, provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a
Term Loan. 
  
 (ii) Assignments shall be subject
to the following additional conditions: 
  
 (A)
except in the case of an assignment to a Lender or an Affiliate of a Lender or to an Approved Fund, an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the
Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 
  
 (B) 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; 
  
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
  
 (D) the assignee, if it shall not be a Lender, shall deliver
to the Administrative Agent an Administrative Questionnaire. 
  
 For the purposes of this Section 9.04(b), the term “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in
the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 (iii) Subject to acceptance and recording thereof pursuant
to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and 

  

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Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.17, 2.18, 2.19 and 9.03).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (c) of this Section. 
  
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, in the
absence of manifest error, and the Borrower, the Administrative Agent, the Issuing Bank 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, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (v) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(ii)(C)
of this Section and any written consent to such assignment required by paragraph (b)(i) of this Section, the Administrative Agent shall accept such Assignment and Assumption 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. 
  
 (c) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Bank and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the applicable 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 (c)(ii) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of and subject to Sections 2.17, 2.18 and 2.19 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the
extent permitted by law, each 

  

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Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.20(e) as though it were a Lender. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.17, 2.18 or 2.19 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 shall not be entitled to the benefits of Section 2.19 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 2.19(e) as though it were a Lender. 
  
 (d) Any Lender may at any time pledge or assign, or grant a security interest in, all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation any pledge or assignment or grant of a security interest to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment or grant of a
security interest; provided that no such pledge or assignment or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee or grantee for such Lender as a party
hereto. 
  
 (e) The Borrower, upon receipt of written notice from
the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
  
 Section 9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower herein, in the other Credit Documents 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 and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of
any Default or Event of 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 or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.17, 2.18, 2.19 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 or cancellation of the Letters of Credit and 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 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 Borrower and 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 inure to the benefit of the parties hereto and
their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  

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 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 obligations at any time owing by such Lender or Affiliate 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 and the other Credit Documents which are held by such Lender, irrespective of whether or not such Lender
shall have made any demand under this Agreement or any of the other Credit Documents 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; Consent to Service of Process. 
  
 (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York. 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 any of
the other Credit Documents, 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 or any of the other Credit Documents shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any of the other Credit Documents against the Borrower or its properties in the courts of any jurisdiction. 
  
 (b) 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 or any of the other Credit Documents 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. 
  
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section
9.01. 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, ANY OF THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO 

  

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(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 Confidentiality. Neither the Administrative Agent, the
Issuing Bank nor any Lender shall use in violation of applicable law or disclose the Confidential Information; provided that the Confidential Information may be disclosed (a) to its Affiliates and its and its Affiliates’ advisors (other
than those covered by clause (b) below) that agree to keep such Confidential Information confidential as provided in this Section, (b) to its directors, officers, employees and agents, including accountants, legal counsel and other advisors
that (1) need to know the Confidential Information in connection with this Agreement and the transactions contemplated hereby and (2) are covered by internal procedures or codes of conduct or are subject to professional ethical standards regarding
confidentiality and are informed of the confidential nature of such Confidential Information and directed to keep such Confidential Information confidential as provided in this Section, (c) to the extent requested by any regulatory authority
purporting to have jurisdiction over any Lender or its Affiliates, the Administrative Agent or the Issuing Bank, (d) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, provided that the
Administrative Agent, the Issuing Bank or such Lender, as the case may be, shall request confidential treatment of such Confidential Information to the extent permitted by applicable law and the Administrative Agent, the Issuing Bank or such Lender,
as the case may be, shall, to the extent permitted by applicable law, promptly inform the Borrower with respect thereto so that the Borrower may seek appropriate protective relief to the extent permitted by applicable law, provided
further that in the event that such protective remedy or other remedy is not obtained, the Administrative Agent, the Issuing Bank or such Lender, as the case may be, shall furnish only that portion of the Confidential Information that is legally
required and shall disclose the Confidential Information in a manner reasonably designed to preserve its confidential nature and shall cooperate with the Borrower’s counsel to enable the Borrower to attempt to obtain a protective order or other
reliable assurance that confidential treatment will be accorded to the Confidential Information, (e) to any other party to this Agreement, (f) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (g) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (h) with the consent of the Borrower or (i) to the
extent such Confidential Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source
other than the Borrower which source, to the actual knowledge of the Administrative Agent, the Issuing Lender or any Lender, as the case may be, is not prohibited from disclosing such Confidential Information to such Person by a contractual, legal
or fiduciary obligation to the Borrower, the Administrative Agent, the Issuing Bank, or any Lender; provided that except as otherwise permitted hereunder the Borrower and its Subsidiaries shall not be identified to any third parties and no
disclosure of any Confidential Information shall be made to any third party, either directly or indirectly. Neither the Agent nor any Lender shall make any public announcement, advertisement, statement or communication regarding the Borrower or any
Related Parties or this Agreement or the 

  

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transactions contemplated hereby without the prior written consent of the Borrower. The obligations of the Agent and any Lender under this Section shall
survive termination or expiration of this Agreement. 
  
 Section
9.13 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under
applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 Section 9.14 USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. In connection therewith, each Lender hereby agrees to provide only such information that is, in such Lender’s sole determination,
required by the Act and to provide such information in a manner that is consistent with the confidentiality provisions set forth in Section 9.12. 
  
 *    *    *    *    * 
  

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 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. 
  

			
	WRIGHT EXPRESS CORPORATION
		
	By 	 	 /s/ Melissa A. Goodwin

	 Name: Melissa A. Goodwin

	 Title:   Chief Financial Officer of WEX

	 Address: 97 Darling Avenue, South Portland, ME 04106

	 Taxpayer ID Number: 01-0526993

	
	JPMORGAN CHASE BANK, N.A. individually and as Administrative Agent and Issuing Bank,
		
	By	 	 /s/ Gary L. Spevack

	 Name:
	 	 Gary L. Spevack

	 Title:
	 	 Vice President

	
	CITICORP NORTH AMERICA, INC., individually and as Syndication Agent,
		
	By	 	 /s/ Daniel J. Brill

	 Name:
	 	 Daniel J. Brill

	 Title:
	 	 Managing Director

  
 [Lender
signature pages follow on separate pages] 
  

  

			
	BANK OF TOKYO-MITSUBISHI TRUST COMPANY

			
		
	By:	 	 /s/ P. Shah

			
	 Name:
	 	 P. Shah

			
	 Title:
	 	 Vice President

	
	CREDIT SUISSE FIRST BOSTON, acting through its Cayman Island Branch

			
		
	By:	 	 /s/ Peter Chauvin

			
	 Name:
	 	 Peter Chauvin

			
	 Title:
	 	 Vice President

			
		
	By:	 	 /s/ Alan Daoust

			
	 Name:
	 	 Alan Daoust

			
	 Title:
	 	 Director

	
	DEUTSCHE BANK AG NEW YORK BRANCH

			
		
	By:	 	 /s/ Frederick W. Laird

			
	 Name:
	 	 Frederick W. Laird

			
	 Title:
	 	 Managing Director

			
		
	By:	 	 /s/ Thomas Foley

			
	 Name:
	 	 Thomas Foley

			
	 Title:
	 	 Director

	
	FLEET NATIONAL BANK, a BANK OF AMERICA COMPANY

			
		
	By:	 	 /s/ Jane A. Parker

			
	 Name:
	 	 Jane A. Parker

			
	 Title:
	 	 Vice President

	
	GOLDMAN SACHS CREDIT PARTNERS L.P.

			
		
	By:	 	 /s/ William Archer

			
	 Name:
	 	 William Archer

			
	 Title:
	 	 Authorized Signatory

	
	HARRIS TRUST AND SAVINGS BANK

			
		
	By:	 	 /s/ Donald J. Boreman

			
	 Name:
	 	 Donald J. Boreman

			
	 Title:
	 	 Vice President

  

  

			
	KEYBANK NATIONAL ASSOCIATION

			
		
	By:	 	 /s/ John C. Everett

			
	 Name:
	 	 John C. Everett

			
	 Title:
	 	 Vice President

	
	MERRILL LYNCH CAPITAL CORPORATION

			
		
	By:	 	 /s/ John C. Rowand

			
	 Name:
	 	 John C. Rowand

			
	 Title:
	 	 Vice President

			
	
	SUNTRUST BANK

			
		
	By:	 	 /s/ Nora Brown

			
	 Name:
	 	 Nora Brown

			
	 Title:
	 	 Vice President

			
	
	UBS LOAN FINANCE LLC

			
		
	By:	 	 /s/ Wilfred V. Saint

			
	 Name:
	 	 Wilfred V. Saint

			
	 Title:
	 	 Director

		
	By:	 	 /s/ Richard L. Tarrow

			
	 Name:
	 	 Richard L. Tarrow

			
	 Title:
	 	 Director

	
	WACHOVIA BANK, NATIONAL ASSOCIATION

			
		
	By:	 	 /s/ Karin E. Samuel

			
	 Name:
	 	 Karin E. Samuel

			
	 Title:
	 	 Vice President

	
	WELLS FARGO BANK, N.A.

			
		
	By:	 	 /s/ Robert T.P. Storer

			
	 Name:
	 	 Robert T.P. Storer

			
	 Title:
	 	 Vice PresidentForm of Amended and Restated Trust Agreement of Omnicare Capital Trust II

 EXHIBIT 4.6 
  

OMNICARE CAPITAL TRUST II 
  
 AMENDED AND RESTATED 
 TRUST AGREEMENT

  
 among 
  
 OMNICARE, INC., as Depositor, 
  
 JPMorgan Chase Bank, N.A., as Property Trustee, 
 Chase Manhattan Bank USA, National Association, 
 as Delaware Trustee, 
  
 and 
  
 David W. Froesel, Jr. and Thomas Marsh, 
 as Administrative Trustees 
  
 Dated as of [                    ], 2005

 OMNICARE CAPITAL TRUST II 
  
 Certain Sections of this Trust Agreement relating to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 
  

					
	 Trust Indenture Act Section

	  	 Trust Agreement Section

	Section 310	 	(a)(1)	  	8.07
	 	 	(a)(2)	  	8.07(a)
	 	 	(a)(3)	  	8.09
	 	 	(a)(4)	  	Not Applicable
	 	 	(b)	  	8.08
	Section 311	 	(a)	  	8.13
	 	 	(b)	  	8.13
	Section 312	 	(a)	  	5.08
	 	 	(b)	  	5.08
	 	 	(c)	  	5.08
	Section 313	 	(a)	  	8.14(a)
	 	 	(b)	  	8.14(b)
	 	 	(c)	  	8.14(c)
	 	 	(d)	  	8.14(c)
	Section 314	 	(a)	  	8.15
	 	 	(b)	  	Not Applicable
	 	 	(c)(1)	  	8.15, 8.16
	 	 	(c)(2)	  	8.16
	 	 	(c)(3)	  	8.16
	 	 	(d)	  	Not Applicable
	 	 	(e)	  	8.16
	Section 315	 	(a)	  	8.01
	 	 	(b)	  	8.02
	 	 	(c)	  	8.01(a)
	 	 	(d)	  	8.01, 8.03
	 	 	(e)	  	Not Applicable
	Section 316	 	(a)	  	Not Applicable
	 	 	(a)(1)(A)	  	8.20
	 	 	(a)(1)(B)	  	6.01(b)
	 	 	(a)(2)	  	Not Applicable
	 	 	(b)	  	Not Applicable
	 	 	(c)	  	Not Applicable
	Section 317	 	(a)(1)	  	Not Applicable
	 	 	(a)(2)	  	Not Applicable
	 	 	(b)	  	5.10
	Section 318	 	(a)	  	10.08(c)

  
 Note: This Cross-Reference Table does
not constitute part of the Trust Agreement and shall not affect the interpretation of any of its terms and provisions. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINED TERMS
	  	1
			
	SECTION 1.01	  	Definitions	  	1
		
	 ARTICLE II ESTABLISHMENT OF THE TRUST
	  	10
			
	SECTION 2.01	  	Name	  	10
	SECTION 2.02	  	Offices of the Trustees; Principal Place of Business	  	11
	SECTION 2.03	  	Initial Contribution of Trust Property; Organizational Expenses	  	11
	SECTION 2.04	  	Issuance of the Trust PIERS; Receipt of Convertible Debentures	  	11
	SECTION 2.05	  	Issuance of the Common Securities.	  	11
	SECTION 2.06	  	Declaration of Trust	  	11
	SECTION 2.07	  	Authorization to Enter into Certain Transactions.	  	12
	SECTION 2.08	  	Assets of Trust	  	15
	SECTION 2.09	  	Title to Trust Property	  	15
	 ARTICLE III PAYMENT ACCOUNT
	  	16
			
	SECTION 3.01	  	Payment Account.	  	16
		
	 ARTICLE IV DISTRIBUTIONS; REDEMPTION; CONVERSION; EXCHANGE
	  	16
			
	SECTION 4.01	  	Distributions.	  	16
	SECTION 4.02	  	Redemption.	  	17
	SECTION 4.03	  	Conversion	  	20
	SECTION 4.04	  	Offer to Repurchase Upon Change of Control.	  	22
	SECTION 4.05	  	Subordination of Common Securities.	  	23
	SECTION 4.06	  	Payment Procedures	  	23
	SECTION 4.07	  	Tax Returns and Reports	  	23
	SECTION 4.08	  	[Reserved]	  	24
	SECTION 4.09	  	Payments under the Indenture	  	24
	SECTION 4.10	  	Exchange of Trust PIERS.	  	24
		
	 ARTICLE V TRUST SECURITIES CERTIFICATES
	  	25
			
	SECTION 5.01	  	Initial Ownership	  	25
	SECTION 5.02	  	The Trust Securities Certificates	  	25
	SECTION 5.03	  	Execution, Authentication and Delivery of Trust Securities Certificates.	  	25
	SECTION 5.04	  	Registration of Transfer and Exchange of Trust PIERS Certificates	  	26
	SECTION 5.05	  	Book-Entry PIERS Certificate.	  	26
	SECTION 5.06	  	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	  	27
	SECTION 5.07	  	Persons Deemed Holders	  	28
	SECTION 5.08	  	Access to List of Holders’ Names and Addresses	  	28
	SECTION 5.09	  	Maintenance of Office or Agency	  	28
	SECTION 5.10	  	Appointment of Paying Agent	  	28
	SECTION 5.11	  	Appointment of Conversion Agent	  	29
	SECTION 5.12	  	Ownership of Common Securities by Depositor	  	29
	SECTION 5.13	  	Book-Entry Trust PIERS Certificates; Common Securities Certificate.	  	30
	SECTION 5.14	  	Notices to Clearing Agency	  	30
	SECTION 5.15	  	Definitive Trust PIERS Certificates	  	30

  

 i 

					
	SECTION 5.16	  	Rights of Holders	  	31
		
	 ARTICLE VI ACTS OF HOLDERS OF TRUST PIERS; VOTING
	  	31
			
	SECTION 6.01	  	Limitations on Voting Rights.	  	31
	SECTION 6.02	  	Voting Rights	  	32
	SECTION 6.03	  	Holder Action by Written Consent	  	32
	SECTION 6.04	  	Record Date for Voting and Other Purposes	  	32
	SECTION 6.05	  	Acts of Holders.	  	33
	SECTION 6.06	  	Inspection of Records	  	33
		
	ARTICLE VII REPRESENTATIONS AND WARRANTIES	  	33
			
	SECTION 7.01	  	Representations and Warranties of the Bank and the Property Trustee	  	33
	SECTION 7.02	  	Representations and Warranties of the Delaware Bank and the Delaware Trustee	  	34
	SECTION 7.03	  	Representations and Warranties of the Depositor	  	35
		
	ARTICLE VIII THE TRUSTEES	  	36
			
	SECTION 8.01	  	Certain Duties and Responsibilities.	  	36
	SECTION 8.02	  	Certain Notices.	  	37
	SECTION 8.03	  	Certain Rights of Property Trustee	  	38
	SECTION 8.04	  	Not Responsible for Recitals or Issuance of Securities	  	39
	SECTION 8.05	  	May Hold Securities	  	39
	SECTION 8.06	  	Compensation; Fees; Indemnity	  	40
	SECTION 8.07	  	Trustees Required; Eligibility.	  	40
	SECTION 8.08	  	Conflicting Interests	  	41
	SECTION 8.09	  	Co-Trustees and Separate Trustee.	  	41
	SECTION 8.10	  	Resignation and Removal; Appointment of Successor.	  	42
	SECTION 8.11	  	Acceptance of Appointment by Successor.	  	43
	SECTION 8.12	  	Merger, Conversion, Consolidation or Succession to Business	  	44
	SECTION 8.13	  	Preferential Collection of Claims Against Depositor or Trust	  	44
	SECTION 8.14	  	Reports by Property Trustee.	  	44
	SECTION 8.15	  	Reports to the Property Trustee	  	44
	SECTION 8.16	  	Evidence of Compliance with Conditions Precedent	  	44
	SECTION 8.17	  	Number of Trustees.	  	45
	SECTION 8.18	  	Delegation of Power.	  	45
	SECTION 8.19	  	Voting	  	45
	SECTION 8.20	  	Enforcement of Rights of Property Trustee by Holders	  	45
		
	 ARTICLE IX TERMINATION, LIQUIDATION AND MERGER
	  	46
			
	SECTION 9.01	  	Termination Upon Expiration Date	  	46
	SECTION 9.02	  	Early Termination	  	46
	SECTION 9.03	  	Termination	  	46
	SECTION 9.04	  	Certificate of Cancellation	  	47
	SECTION 9.05	  	Liquidation.	  	47
	SECTION 9.06	  	Mergers and Consolidations of the Trust	  	48
	SECTION 9.07	  	Notification	  	49
		
	 ARTICLE X MISCELLANEOUS PROVISIONS
	  	49
			
	SECTION 10.01	  	Limitation of Rights of Holders	  	49
	SECTION 10.02	  	Amendment.	  	49

  

 ii 

					
	SECTION 10.03	  	Separability	  	50
	SECTION 10.04	  	Governing Law	  	50
	SECTION 10.05	  	Successors	  	50
	SECTION 10.06	  	Headings	  	51
	SECTION 10.07	  	Notice and Demand	  	51
	SECTION 10.08	  	Conflict with Trust Indenture Act.	  	51
			
	EXHIBIT A	  	Form of Common Securities Certificate	  	 
	EXHIBIT B	  	Form of Expense Agreement	  	 
	EXHIBIT C	  	Form of Trust PIERS Certificate	  	 

  

 iii 

 AMENDED AND RESTATED TRUST AGREEMENT 
  
 THIS AMENDED AND RESTATED TRUST AGREEMENT is made as of
[                    ], 2005, by and among (i) Omnicare, Inc., a Delaware corporation (the “Depositor” or the
“Company”), (ii) JPMorgan Chase Bank, N.A., a banking corporation duly organized and existing under the laws of New York, as trustee (the “Property Trustee” and, in its separate corporate capacity and not in its
capacity as Property Trustee, the “Bank”), (iii) Chase Manhattan Bank USA, National Association, as Delaware trustee (the “Delaware Trustee” and, in its separate corporate capacity and not in its capacity as
Delaware Trustee, the “Delaware Bank”), (iv) David W. Froesel, Jr., an individual, and Thomas Marsh, an individual, as administrative trustees (each, an “Administrative Trustee” and, together, the
“Administrative Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative Trustees referred to collectively as the “Trustees”) and (v) the several Holders, as hereinafter defined. 
  
 WITNESSETH: 
  
 WHEREAS, the Depositor and the Delaware Trustee have heretofore duly
declared and established a statutory trust pursuant to the Delaware Statutory Trust Act by the entering into that certain Trust Agreement, dated as of February 7, 2003 (the “Original Trust Agreement”), and by the execution and
filing by the Delaware Trustee with the Secretary of State of the State of Delaware of the Certificate of Trust, dated February 7, 2003; and 
  
 WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other
things, (i) the addition of the Bank, as Property Trustee, (ii) the addition of David W. Froesel, Jr., an individual, and Thomas Marsh, an individual, as administrative trustees of the Trust, (iii) the receipt by the Trust of the Convertible
Debentures, (iv) the issuance of the Common Securities by the Trust to the Depositor and (v) the issuance of the Trust PIERS by the Trust. 
  
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
  
 ARTICLE I 
  
 DEFINED TERMS 
  
 SECTION 1.01 Definitions. For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise
requires: 
  
 (a) the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
  
 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
  
 (c) unless the
context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; and 

 (d) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision. 
  
 “Act” has the meaning specified in Section 6.05. 
  
 “Administrative Trustee” means each of the individuals identified as an “Administrative Trustee” in the preamble to this Trust
Agreement solely in their capacities as Administrative Trustees of the Trust formed and continued hereunder and not in their individual capacities, or such trustee’s successor(s) in interest in such capacity, or any successor
“Administrative Trustee” appointed as herein provided. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Applicable Procedures” has the meaning specified in Section 5.05(c). 
  
 “Bank” has the meaning specified in the preamble to this Trust Agreement. 
  
 “Bankruptcy Event” means, with respect to any Person: 

 
 (i) the entry of a decree or order by a court having
jurisdiction in the premises judging such Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under federal bankruptcy law or any
other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator or other similar official of such Person or of any substantial part of its property, or ordering the winding up or liquidation of its
affairs, and the continuance of such decree or order unstayed and in effect for a period of 60 consecutive days; or 
  
 (ii) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under federal bankruptcy law or any other applicable federal or state law, or the consent by it to the filing of
such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or similar official of such Person or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they become due, or the taking of action by such Person in furtherance of any such action. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Depositor to have been duly adopted by the Depositor’s Board of Directors or a duly authorized committee thereof and to be in full force and effect on the date of such certification, and delivered to the Trustees. 
  
 “Book-Entry Trust PIERS Certificate” means a certificate
representing Trust PIERS issued in global, fully registered form to the Clearing Agency as described in Section 5.13. 
  

 2 

 “Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks in
New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office or the Indenture Trustee’s principal corporate trust office is closed for business. 
  
 “Certificate Depository Agreement” means the agreement among the
Trust, the Property Trustee and The Depository Trust Company, as the initial Clearing Agency, dated [                    ], 2005
relating to the Trust PIERS Certificates, as the same may be amended and supplemented from time to time. 
  
 “Change of Control” means when any of the following has occurred: 
  
 (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Depositor and its subsidiaries taken as a whole to any Person other than any transaction: 
  
 (i) that does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of the Depositor’s capital stock; and 
  
 (ii) pursuant to which holders of the Depositor’s capital stock entitled to vote generally in elections of directors immediately
prior to such transaction are entitled to exercise, directly or indirectly, 50% or more of the total voting power of all shares of the Depositor’s capital stock entitled to vote generally in elections of directors of the continuing or surviving
person immediately after giving effect to such transaction; 
  
 (b) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person, other than one or more Principals and their Related Parties, becomes the
beneficial owner, directly or indirectly, of more than 50% of the voting stock the Depositor is entitled at the time to vote in elections of directors of the Depositor, measured by voting power rather than number of shares; or 
  
 (c) the first day on which a majority of the members of the
board of directors of the Depositor are not Continuing Directors. 
  
 However, a
Change of Control will not be deemed to have occurred if: 
  
 (x) the closing sale price per share of the Depositor’s common stock for any five full Trading Days within the period of ten consecutive Trading Days ending immediately after the later of the Change of Control or
the public announcement of the Change of Control, in the case of a Change of Control under clause (a) of this definition, or the period of ten consecutive full Trading Days ending immediately before the Change of Control, in the case of a Change of
Control under clause (c) of this definition above, equals or exceeds 110% of the Conversion Price per share of common stock in effect on each of those Trading Days (as adjusted); or 
  
 (y) at least 90% of the consideration (excluding cash payments or fractional shares and dissenters’
appraisal rights) in the transaction or transactions constituting a Change of Control consists of shares of common stock traded or to be traded immediately following such Change of Control on a national securities exchange or the Nasdaq National
Market and, as a result of such transaction or transactions, the Trust PIERS become convertible into such Common Stock (and any rights attached thereto). 
  

 3 

 “Change of Control Offer” has the meaning specified in Section 4.04(b). 
  
 “Clearing Agency” means an organization registered as a
“clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository Trust Company will be the initial Clearing Agency. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom
from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
  
 “Closing Sale Price” means the closing sale price per share of Common Stock or per Trust PIERS, as the case may be, (or if no closing sale price
is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average asked prices) on that date as reported in composite transactions for the principal U.S. securities exchange on
which the Common Stock or Trust PIERS, as applicable, is traded or, if the Common Stock or Trust PIERS, as applicable, is not listed on a U.S. national or regional securities exchange, as reported by the Nasdaq National Market. 
  
 If the Common Stock or Trust PIERS, as applicable, is not listed for trading
on a U.S. national or regional securities exchange and not reported by the Nasdaq National Market on the relevant date, the “Closing Sale Price” shall mean the last quoted bid price for the Common Stock or Trust PIERS, as applicable, in
the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization. 
  
 If the Common Stock or Trust PIERS, as applicable, is not so quoted, the “Closing Sale Price” will be the average of the mid-point of the last
bid and ask prices for the Common Stock or Trust PIERS, as applicable, on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time. 
  
 “Common Stock” means the common stock, par value $1 per share, of the Depositor. 
  
 “Common Security” means an undivided beneficial ownership interest in the assets of the Trust having a Liquidation Amount of $50 and having the
rights provided therefor in this Trust Agreement, including the right to receive Distributions, Contingent Distributions and a Liquidation Distribution as provided herein. 
  
 “Common Securities Certificate” means a certificate evidencing ownership of a Common Security or Securities,
substantially in the form attached as Exhibit A. 
  
 “Company” has the meaning specified in the preamble hereto. 
  
 “Contingent Distribution” has the meaning specified in Section 4.01(b). 
  
 “Continuing Director” means, as of any date of determination, any member of the board of directors of the Depositor who: 
  
 (a) was a member of the Depositor’s Board of Directors
on June 13, 2003; or 
  

 4 

 (b) was nominated for election or elected to the Depositor’s Board of Directors with
the approval of a majority of the continuing directors who were members of the Board at the time of a new director’s nomination or election. 
  
 “Conversion Agent” has the meaning specified in Section 4.03(d). 
  
 “Conversion Date” has the meaning specified in Section 4.03. 
  
 “Conversion Ratio” has the meaning specified in Section 4.03(a).

  
 “Conversion Request” has the meaning specified in
Section 4.03(b). 
  
 “Convertible Debentures” means up
to $[                    ] aggregate principal amount of the Depositor’s Series B 4.00% Junior Subordinated Convertible Debentures due
2033, issued pursuant to the Subordinated Indenture. 
  
 “Corporate Trust Office” means the office of the Property Trustee at which at any time its corporate trust business shall be principally administered, which office at the date hereof is located at 4 New York Plaza, 15th Floor, New
York, New York, Attention: Institutional Trust Services, or such other address as the Property Trustee may designate to the Trust. 
  
 “Definitive Trust PIERS Certificates” means either or both (as the context requires) of (i) Trust PIERS Certificates issued in certificated,
fully registered form as provided in Section 5.13(a) and (ii) Trust PIERS Certificates issued in certificated, fully registered form as provided in Section 5.15. 
  
 “Delaware Bank” has the meaning specified in the preamble to this Trust Agreement. 
  
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code Section 3801 et seq., as it may be amended from time to time. 
  
 “Delaware Trustee” means the commercial bank or trust company or any other Person identified as the “Delaware Trustee” and has the meaning specified in the preamble to this Trust Agreement solely
in its capacity as Delaware Trustee of the Trust formed and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein provided. 
  
 “Depositor” means Omnicare, Inc., in its capacity as
“Depositor” under this Trust Agreement. 
  
 “Distribution Date” has the meaning specified in Section 4.01(a). 
  
 “Distribution Reimbursement” has the meaning specified in Section 4.03(c). 
  
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.01. 
  
 “DTC” means The Depository Trust Company. 
  
 “Event of Default” has the meaning provided in the Subordinated
Indenture. 
  

 5 

 “Expense Agreement” means the Agreement as to Expenses and Liabilities between the Company and
the Trust, substantially in the form attached as Exhibit B, as amended from time to time. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Extension Period” has the meaning provided in Section 6.01 of the Third Supplemental Indenture. 
  
 “Guarantee” means the Guarantee Agreement executed and delivered by
the Company and JPMorgan Chase Bank, as Guarantee Trustee, contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the Holders of the Trust PIERS, as amended from time to time. 
  
 “Holder” means a Person in whose name a Trust Security or
Securities is registered in the Securities Register; any such Person is a beneficial owner within the meaning of the Delaware Statutory Trust Act. 
  
 “Indenture Redemption Date” means “Redemption Date,” as defined in the Subordinated Indenture. 
  
 “Indenture Trustee” means the trustee under the Subordinated
Indenture. 
  
 “Investment Company Event” means the
receipt by the Trust and the Depositor of an opinion of independent securities counsel experienced in such matters, to the effect that, as a result of the occurrence of an amendment to or change (including any announced prospective change) in any
law or regulations of the United States or any rules, guidelines or policies of any applicable regulatory agency or authority; or any official administrative written pronouncement or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the Issue Date, the Trust is, or within 90 days of the date of the opinion will be, considered an “investment company” that is
required to be registered under the Investment Company Act of 1940, as amended. 
  
 “Issue Date” means the date of the delivery of the Trust Securities. 
  
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security
interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
  
 “Like Amount” means (i) Trust Securities having a Liquidation Amount equal to the principal amount of Convertible Debentures to be
contemporaneously redeemed in accordance with the Subordinated Indenture and the proceeds of which will be used to pay the Redemption Price of such Trust Securities and (ii) Convertible Debentures having a principal amount equal to the Liquidation
Amount of the Trust Securities of the Holder to whom such Convertible Debentures are distributed. 
  
 “Liquidation Amount” means the stated amount of $50 per Trust Security. 
  
 “Liquidation Date” means the date on which Convertible Debentures are to be distributed to Holders of Trust
Securities in connection with a dissolution and liquidation of the Trust pursuant to Section 9.05. 
  
 “Liquidation Distribution” has the meaning specified in Section 9.05(f). 
  

 6 

 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Depositor, and delivered to the appropriate Trustee. One of the officers signing an
Officers’ Certificate given pursuant to Section 8.16 shall be the principal executive, financial or accounting officer of the Depositor. An Officers’ Certificate delivered with respect to compliance with a condition or covenant provided
for in this Trust Agreement shall include: 
  
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 
  
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the
Officers’ Certificate; 
  
 (c) a statement
that each such officer has made such examination or investigation as is necessary, in such officer’s opinion, to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of each such
officer, such condition or covenant has been complied with. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Trust, the Trustees or the Depositor, but not an employee of the Trust or the Trustees, and who shall be reasonably acceptable to the Property
Trustee. Any Opinion of Counsel pertaining to federal income tax matters may rely on published rulings of the Internal Revenue Service. 
  
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
  
 “Outstanding,” when used with respect to Trust PIERS, means, as of
the date of determination, all Trust PIERS theretofore delivered under this Trust Agreement, except: 
  
 (i) Trust PIERS theretofore canceled by the Administrative Trustees or delivered to the Administrative Trustees for cancellation;

  
 (ii) Trust PIERS for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust PIERS; provided that if such Trust PIERS are to be redeemed, notice of such redemption has
been duly given pursuant to this Trust Agreement; and 
  
 (iii) Trust PIERS in exchange for or in lieu of which other Trust PIERS have been delivered pursuant to this Trust Agreement; 
  
 provided, however, that in determining whether the Holders of the requisite Liquidation Amount of the Outstanding Trust PIERS have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Trust PIERS owned by the Depositor, the Holder of the Common Securities, any Trustee or any Affiliate of the Depositor or any Trustee shall be disregarded and deemed not to be
Outstanding, except that (a) in determining whether any Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Trust PIERS which such Trustee actually knows to be so owned shall
be so disregarded and (b) the foregoing shall not apply at any time when all of the outstanding Trust PIERS are owned by the Depositor, the Holder of the Common Securities, one or more Trustees and/or any such Affiliate. Trust PIERS so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Trust PIERS and that the pledgee is not the
Depositor or any Affiliate of the Depositor. 
  

 7 

 “Owner” means each Person who is the beneficial owner of a Book-Entry Trust PIERS Certificate
as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the
rules of such Clearing Agency). 
  
 “Paying Agent” means
any paying agent or co-paying agent appointed pursuant to Section 5.10 and shall initially be the Property Trustee. 
  
 “Payment Account” means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the
Holders in which all amounts paid in respect of the Convertible Debentures will be held and from which the Property Trustee shall make payments to the Holders in accordance with Sections 4.01 and 4.02. 
  
 “Person” means an individual, corporation, partnership, joint
venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Principal” means Joel Gemunder, an entity controlled by Joel Gemunder and/or a trust for his benefit or any employee benefit plan of the
Depositor (including plans for the benefit of employees of its subsidiaries). 
  
 “Property Trustee” means the commercial bank or trust company identified as the “Property Trustee” in the preamble to this Trust Agreement solely in its capacity as Property Trustee of the Trust
formed and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any successor “Property Trustee” as herein provided. 
  
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by
or pursuant to this Trust Agreement; provided that each Indenture Redemption Date shall be a Redemption Date for a Like Amount of Trust Securities. 
  
 “Redemption Price” means, with respect to any date fixed for redemption of any Trust Security, the Liquidation Amount of such Trust Security,
plus accrued and unpaid Distributions, including Contingent Distributions, to such date. 
  
 “Related Party” means: 
  
 (a) any controlling stockholder, 80% (or more) owned subsidiary, or immediate family member (in the case of an individual) of any Principal; or 
  
 (b) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners
or Persons beneficially holding an 80% or more controlling interest of which consist of any one or more Principals and/or such other Persons referred to in clause (a) of this definition. 
  
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
  
 “Responsible Officer” means, when used with respect to the Property
Trustee, any officer of the Property Trustee within the Institutional Trust Services – Conventional Debt Unit (or any successor unit, 

  

 8 

 
department or division of the Property Trustee) located at the Corporate Trust Office of the Property Trustee who has direct responsibility for the
administration of this Trust Agreement and for the purposes of Section 8.01(c)(i) also means, with respect to a particular corporate trust matter, any other officer, trust officer or person to whom such matter is referred because of his or her
knowledge of and familiarity of the particular subject. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Securities Register” has the meaning specified in Section 5.04. 
  
 “Securities Registrar” has the meaning specified in Section 5.04. 
  
 “Special Event” means a Tax Event or an Investment Company Event. 
  
 “Subordinated Indenture” means the Convertible Debentures
Indenture, dated as of June 13, 2003, between the Depositor and the Indenture Trustee, as supplemented by that certain Third Supplemental Indenture, dated as of
[                    ], 2005, between the Depositor and the Indenture Trustee. 
  
 “Tax Event” means the receipt by the Trust and the Depositor of an
independent opinion of independent tax counsel experienced in such matters, to the effect that, as a result of (a) any amendment to, change in or announced prospective change in the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, or (b) any official administrative written decision or pronouncement, or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or
which pronouncement, or decision is announced on or after June 13, 2003, there is more than an insubstantial risk that (i) the Trust is, or will be within 90 days of the date of such opinion, subject to the United States federal income tax with
respect to income received or accrued on the Convertible Debentures, (ii) interest payable by the Company on the Convertible Debentures is not, or within 90 days of the date of such opinion will not be, deductible, in whole or in part, by the
Company for United States federal income tax purposes, or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
  
 “Trading Day” shall mean (x) if the applicable security is listed
or admitted for trading on the New York Stock Exchange or another national security exchange, a day on which the New York Stock Exchange or another national security exchange is open for business or (y) if the applicable security is quoted on the
Nasdaq National Market, a day on which trades may be made on thereon or (z) if the applicable security is not so listed, admitted for trading or quoted, any day other than a Saturday or Sunday or a day on which banking institutions in the State of
New York are authorized or obligated by law or executive order to close. 
  
 “Trading Price” of the Trust PIERS on any date means the Closing Sale Price per Trust PIERS (or if no Closing Sale Price is reported, the average of the bid and ask prices or, if more than one in either
case, the average of the average bid and the average asked prices) on that date as reported in composite transactions by the principal U.S. securities exchange on which the Trust PIERS are traded or, if the Trust PIERS are not listed on a U.S.
national or regional securities exchange, as reported by the Nasdaq National Market. 
  
 If the Trust PIERS are not listed for trading on a U.S. national or regional securities exchange and not reported by the Nasdaq National Market on the relevant date, the “trading price” will be the last
quoted bid price for Trust PIERS in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization. 
  

 9 

 If the Trust PIERS are not so quoted, the “trading price” will be the average of the mid-point
of the last bid and ask prices for Trust PIERS on the relevant date from each of at least three nationally recognized independent investment banking firms selected by Omnicare for this purpose. 
  
 “Trust” means the Delaware Statutory Trust continued hereby and
identified on the cover page to this Trust Agreement. 
  
 “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof, including all exhibits hereto, including, for all
purposes of this Amended and Restated Trust Agreement and any modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Amended and Restated Trust Agreement and any such
modification, amendment or supplement, respectively. 
  
 “Trustees” means the Persons identified as “Trustees” in the preamble to this Trust Agreement solely in their capacities as Trustees of the Trust formed and continued hereunder and not in their individual capacities, or
their successor in interest in such capacity, or any successor trustee appointed as herein provided. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
  
 “Trust PIERS” means an undivided beneficial ownership interest in
the assets of the Trust having a Liquidation Amount of $50 and having rights provided therefor in this Trust Agreement, including the right to receive Distributions, including Contingent Distributions, and a Liquidation Distribution as provided
herein. 
  
 “Trust PIERS Certificate” means a
certificate evidencing ownership of a Trust PIERS or Securities, substantially in the form attached as Exhibit C. 
  
 “Trust Property” means (i) the Convertible Debentures, (ii) any cash on deposit in, or owing to, the Payment Account, and (iii) all proceeds and
rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to this Trust Agreement. 
  
 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Trust PIERS
Certificates. 
  
 “Trust Security” means any one of the
Common Securities or the Trust PIERS. 
  
 ARTICLE II

  
 ESTABLISHMENT OF THE TRUST 
  
 SECTION 2.01 Name. The Trust continued hereby shall be known as
“Omnicare Capital Trust II,” in which name the Trustees may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Administrative Trustees may change the name of
the Trust from time to time following written notice to the Holders. 
  

 10 

 SECTION 2.02 Offices of the Trustees; Principal Place of Business. The address of the Property
Trustee is JPMorgan Chase Bank, 4 New York Plaza, 15th Floor, New York, New York 10004, Attn: Institutional Trust Services, or at such other address as the Property Trustee may designate by written notice to the Holders and the Depositor. The
principal place of business of the Delaware Trustee is c/o Chase Manhattan Bank USA, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713, Attn: Institutional Trust Services, or at such other address in
Delaware as the Delaware Trustee may designate by notice to the Depositor. The address of the Administrative Trustees is c/o Omnicare, Inc., 100 East RiverCenter Boulevard, Covington, Kentucky 41011, Attention: Secretary. The principal place of
business of the Trust is c/o Omnicare, Inc., 100 East RiverCenter Boulevard, Covington, Kentucky 41011. The Depositor may change the principal place of business of the Trust at any time by giving notice thereof to the Trustees. 
  
 SECTION 2.03 Initial Contribution of Trust Property; Organizational
Expenses. The Delaware Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of
the Trust as they arise or shall, upon request of the Trustees, promptly reimburse the Trustees for any such expenses paid by the Trustees. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
  
 SECTION 2.04 Issuance of the Trust PIERS; Receipt of Convertible
Debentures. Contemporaneously with the execution and delivery of this Trust Agreement, the Administrative Trustees, on behalf of the Trust, shall execute in accordance with Section 5.02 and deliver a Book-Entry Trust PIERS Certificate registered
in the name of the nominee of the initial Clearing Agency, in an aggregate amount of up to 6,900,000 Trust PIERS having an aggregate Liquidation Amount of up to $345,000,000, against receipt from the Depositor of Convertible Debentures, registered
in the name of the Property Trustee, having an aggregate principal amount of up to $[                    ]. The Administrative Trustees shall
promptly deliver the Convertible Debentures to the Property Trustee. 
  
 SECTION 2.05 Issuance of the Common Securities. Contemporaneously with the execution and delivery of this Trust Agreement, the Administrative Trustees, on behalf of the Trust, shall execute in accordance with Section 5.03 and deliver
to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an aggregate amount of up to 213,402 Common Securities having an aggregate Liquidation Amount of up to
$[                    ] (such amount to be equal to approximately 3% of the total capital of the Trust), against receipt from the Depositor of
the Convertible Debentures having a proportional amount of the aggregate Liquidation Amount of such Common Securities. 
  
 SECTION 2.06 Declaration of Trust. The exclusive purposes and functions of the Trust are (i) to issue the Trust Securities in consideration for
receipt of the Convertible Debentures, and (ii) to engage in those activities necessary, incidental, appropriate or convenient thereto. The Depositor hereby appoints the Trustees of the Trust to have all the rights, powers and duties to the extent
set forth herein. The Property Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the Holders. The Administrative Trustees shall have all rights,
powers and duties set forth herein and in accordance with applicable law with respect to accomplishing the purposes of the Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the
duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the Trustees for the sole and limited purpose of fulfilling the requirements of Section 3807(a) of the
Delaware Statutory Trust Act. 
  

 11 

 SECTION 2.07 Authorization to Enter into Certain Transactions. 
  
 (a) The Trustees shall conduct the affairs of the Trust in accordance with
the terms of this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section and Article VIII, and in accordance with the following paragraphs (i) and (ii), the Trustees shall have the authority to enter into all
transactions and agreements determined by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees under this Trust Agreement, and to perform all acts in furtherance thereof, including,
without limitation, the following: 
  
 (i) As
among the Trustees, the Administrative Trustees, acting singly or jointly, shall have the exclusive power, duty and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) to receive the Convertible Debentures; provided,
however, the Administrative Trustees shall cause legal title to all of the Convertible Debentures to be vested in, and the Convertible Debentures to be held of record in the name of, the Property Trustee for the benefit of the Trust and
Holders of the Trust Securities; 
  
 (B) to
employ or otherwise engage employees and agents (who may be designated as officers with titles) and managers, contractors, advisors, and consultants and pay reasonable compensation for such services; 
  
 (C) to take all action that may be necessary or appropriate
for the preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust under the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders of the Trust Securities or to enable the Trust to effect the purposes for which the Trust has been created; 
  
 (D) to take all action necessary to cause all applicable tax returns and tax information reports that are required to be filed with
respect to the Trust to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust; 
  
 (E) to issue the Trust Securities; 
  
 (F) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, the Expense Agreement and the
Certificate Depository Agreement and such other agreements as may be necessary or desirable in connection with the consummation hereof; 
  
 (G) to assist in the registration of the Trust PIERS under the Securities Act and under state securities or blue sky laws, and the
qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
  
 (H) to assist in the registration or listing of the Trust PIERS with DTC or upon such securities exchange or exchanges as shall be
determined by the Depositor and the registration of the Trust PIERS under the Exchange Act, and the preparation and filing of all periodic and other reports and other documents pursuant to the foregoing; 
  

 12 

 (I) to send notices (other than notices of default) and other information regarding the
Trust Securities and the Convertible Debentures to the Holders in accordance with this Trust Agreement; 
  
 (J) to appoint a Paying Agent (subject to Section 5.10), Conversion Agent, authenticating agent and Securities Registrar in accordance
with this Trust Agreement; 
  
 (K) to assist in,
to the extent provided in this Trust Agreement, the winding up of the affairs of and termination of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; and

  
 (L) to take any action incidental to the
foregoing as the Administrative Trustees may from time to time determine is necessary, appropriate, convenient or advisable to protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any such
action on any particular Holder). 
  
 (ii) As
among the Trustees, the Property Trustee shall have the exclusive power, duty and authority to act on behalf of the Trust with respect to the following ministerial matters: 
  
 (A) the establishment and maintenance of the Payment Account; 
  
 (B) the receipt of and holding of legal title to the
Convertible Debentures as described herein and registration of transfers of the Trust Securities in accordance with this Trust Agreement; 
  
 (C) the deposit of interest, principal and any other payments made in respect of the Convertible Debentures in the Payment Account;

  
 (D) the distribution of amounts owed to the
Holders in respect of the Trust Securities in accordance with the terms of this Trust Agreement; 
  
 (E) the sending of notices of default and other information regarding the Trust Securities and the Convertible Debentures to the Holders
in accordance with this Trust Agreement; 
  
 (F)
the distribution of the Trust Property in accordance with the terms of this Trust Agreement; 
  
 (G) exercise all of the rights, powers and privileges of a holder of the Convertible Debentures under the Subordinated Indenture as and to
the extent specifically required by, and subject to, the terms of this Trust Agreement; 
  
 (H) upon notice of Distribution or Contingent Distribution issued by the Administrative Trustees in accordance with the terms of this
Trust Agreement, engage in such ministerial activities as shall be necessary or appropriate to effect promptly the Distribution or Contingent Distribution pursuant to terms of this Trust Agreement of Convertible Debentures to Holders of Trust
Securities; 
  
 (I) engage in such ministerial
activities as shall be necessary or appropriate to effect promptly the redemption of the Trust Securities to the extent the Convertible Debentures are redeemed or mature; 
  

 13 

 (J) after an Event of Default, the taking of any action incidental to the foregoing as
the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any
such action on any particular Holder); 
  
 (K)
take any legal action specifically required of the Property Trustee pursuant to the terms of this Trust Agreement which arises out of or in connection with an Event of Default or the Property Trustee’s duties and obligations under this Trust
Agreement, the Delaware Statutory Trust Act or the Trust Indenture Act; 
  
 (L) as provided in this Trust Agreement, the winding up of the affairs of and termination of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of
Delaware; 
  
 (M) take all actions and perform
such duties as may be specifically required of the Property Trustee pursuant to the terms of this Trust Agreement; 
  
 (N) the taking of any ministerial action incidental to the foregoing as the Property Trustee may from time to time determine is necessary,
appropriate, convenient or advisable to protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any such action on any particular Holder); and 
  
 (O) except as may otherwise be provided in this Section
2.07(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative Trustees set forth in Section 2.07(a)(i) hereof. 
  
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trustees in their capacities as such shall not (i) acquire any investments or engage in any activities not authorized by
this Trust Agreement, (ii) sell, assign, transfer, exchange, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, except as expressly provided herein, (iii) take any action that would cause
the Trust to fail or cease to qualify as a “grantor trust” for United States federal income tax purposes, (iv) incur any indebtedness for borrowed money, (v) take or consent to any action that would result in the placement of a Lien on any
of the Trust Property, (vi) issue any securities other than the Trust Securities or (vii) have any power to, or agree to any action by the Depositor that would, vary the investment (within the meaning of Treasury Regulation Section 301.7701-4(c)) of
the Trust or of the Holders of Trust PIERS. The Trustees shall defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the Holders in their capacity as Holders.

  
 (c) In connection with the issuance of the Trust PIERS, the
Depositor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement
are hereby ratified and confirmed in all respects): 
  
 (i) to prepare for filing by the Trust with the Commission and to execute on behalf of the Trust, a registration statement on the appropriate form, in relation to the Trust PIERS, the Convertible Debentures, and the Guarantee, including any
amendments thereto and one or more related prospectus supplements; 
  

 14 

 (ii) to determine the states in which to take appropriate action to qualify or register
for sale all or part of the Trust PIERS and to do any and all such acts, other than actions which must be taken by or on behalf of the Trust, and advise the Trustees of actions they must take on behalf of the Trust and prepare for execution and
filing any documents to be executed and filed by the Trust or on behalf of the Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of any such States; 
  
 (iii) to prepare for filing by the Trust, and to execute on
behalf of the Trust, an application to the New York Stock Exchange or any other national stock exchange or the NASDAQ National Market for listing upon notice of issuance of any Trust PIERS and to file or cause an Administrative Trustee to file
thereafter with such exchange or organization such notification and documents as may be necessary from time to time; 
  
 (iv) to prepare for filing by the Trust, and to execute on behalf of the Trust, with the Commission a registration statement on Form 8-A
relating to the registration of the Trust PIERS under Section 12(b) of the Exchange Act, including any amendments thereto; 
  
 (v) to prepare for filing by the Trust with the Commission and to execute on behalf of the Trust a Schedule TO in connection with the
Depositor’s offer to exchange the Trust PIERS for any and all of the outstanding Trust Preferred Income Equity Redeemable Securities of Omnicare Capital Trust I, a Delaware statutory trust; and 
  
 (vi) any other actions necessary, incidental, appropriate or
convenient to carry out any of the foregoing activities. 
  
 (d)
Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the Trust will not be deemed to be an “investment company”
required to be registered under the Investment Company Act of 1940, as amended, or taxed as other than a grantor trust for United States federal income tax purposes and so that the Convertible Debentures will be treated as indebtedness of the
Depositor for United States federal income tax purposes. In this connection, the Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement,
that each of the Depositor and the Administrative Trustees determines in its discretion to be necessary or desirable for such purposes, as long as such action does not materially and adversely affect the interests of the Holders of the Trust PIERS.

  
 SECTION 2.08 Assets of Trust. The assets of the Trust
shall consist of the Trust Property. 
  
 SECTION 2.09 Title to
Trust Property. Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Holders and the Trust in
accordance with this Trust Agreement. The right, title and interest of the Property Trustee to the Convertible Debentures shall vest automatically in each Person who may thereafter be appointed as Property Trustee in accordance with the terms
hereof. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. 
  

 15 

 ARTICLE III 
  
 PAYMENT ACCOUNT 
  
 SECTION 3.01 Payment Account. 
  
 (a) On or prior to the Issue Date, the Property Trustee shall establish the Payment Account. The Property Trustee and an agent of the Property Trustee
shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property
deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as herein provided, including (and subject to) any priority of
payments provided for herein. 
  
 (b) The Property Trustee shall
deposit in the Payment Account, promptly upon receipt, all payments of principal or interest (including contingent interest) on, and any other payments or proceeds with respect to, the Convertible Debentures. Amounts held in the Payment Account
shall not be invested by the Property Trustee pending distribution thereof. 
  
 ARTICLE IV 
  
 DISTRIBUTIONS; REDEMPTION; CONVERSION; EXCHANGE 
  
 SECTION 4.01 Distributions. 
  
 (a) The
Trust Securities represent undivided beneficial interests in the Trust Property. Distributions payable on the Trust Securities shall be fixed at a rate of 4% per annum of the Liquidation Amount of the Trust Securities. Distributions on the Trust
Securities shall be cumulative and shall accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accumulate from December 15, 2004 and, except in the event that the Depositor exercises
its right to an Extension Period, shall be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2005. If any date on which Distributions are otherwise payable on the Trust Securities
is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next
succeeding calendar year, payment of such Distribution shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date (each such date, a “Distribution Date”).

  
 (b) During any quarterly period from March 15 to June 14, June
15 to September 14, September 15 to December 14 or December 15 to March 14, commencing with the quarterly period beginning June 15, 2009, the Trust will also pay contingent distributions (“Contingent Distributions”) of 0.125% of the
average of the Trading Price of the Trust PIERS if the average of such Trading Prices for the five consecutive Trading Days ending on the second Trading Day preceding such quarterly period equals 115% or more of the stated liquidation amount of the
Trust PIERS. 
  
 (c) Distributions and Contingent Distributions on
the Trust Securities shall be made and shall be deemed payable on each Distribution Date only to the extent that payments are made in respect of the Convertible Debentures held by the Property Trustee and to the extent that the Trust has legally and
immediately available funds in the Payment Account for the payment of such Distributions and Contingent Distributions. 
  

 16 

 (d) The amount of Distributions, including Contingent Distributions, payable for any full quarterly
period shall be computed on the basis of twelve 30-day months and a 360-day year; and any period shorter than a full quarterly period will be computed on the basis of a 30-day month; and for any period less than a full calendar month, the number of
days elapsed in such month. Distributions, including Contingent Distributions, on the Trust Securities on each Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities on the
relevant record date, which shall be the close of business on (i) the Business Day prior to the relevant Distribution Date if the Trust PIERS are represented by Book-Entry Trust PIERS Certificates or (ii) if the Trust PIERS do not remain in
book-entry form and the Convertible Debentures are not in the form of a global certificate, the Depositor will have the right to select record dates, which must be at least one Business Day before an interest payment date on the Convertible
Debentures. Distributions, including Contingent Distributions, payable on any Trust Securities that are not punctually paid on any Distribution Date (excluding Distributions that are subject to an Extension Period) will cease to be payable to the
person in whose name such Trust Securities are registered on the original record date, and such defaulted Distribution will instead be payable to the person in whose name such Trust Securities are registered on the special record date to be fixed by
the Company for the payment of such defaulted Distribution, provided that no special record date shall be less than 10 days prior to the related payment date for such defaulted Distribution or may be paid at any time in any other lawful manner
deemed practicable by the Trustee after notice thereof by the Company to the Trustee. 
  
 (e) If the Company exercises its rights to an Extension Period with respect to the Convertible Debentures, Distributions (other than Contingent Distributions) on the Trust PIERS shall be deferred for a period equal to
the Extension Period. The payment of Contingent Distributions may not, under any circumstances, be subject to an Extension Period. 
  
 (f) Interest, including contingent interest, on the Convertible Debentures not paid on the scheduled payment date will accrue and compound quarterly, to
the extent permitted by law, at the applicable interest rate, and, as a result, Distributions and Contingent Distributions on the Trust PIERS will accumulate and compound quarterly, to the extent permitted by law, at the applicable Distribution
rate. 
  
 SECTION 4.02 Redemption. 
  
 (a) On each Redemption Date with respect to the Convertible Debentures,
whether at the stated maturity of the Convertible Debentures or upon earlier redemption as provided in the Convertible Debentures and the Subordinated Indenture, including pursuant to a Special Event, the Trust will be required to redeem a Like
Amount of Trust Securities at the Redemption Price. Trust Securities shall not be redeemed unless a Like Amount of Convertible Debentures are contemporaneously redeemed in accordance with the Subordinated Indenture. Any notice of redemption will be
irrevocable. 
  
 (b) Notice of redemption shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities Register.
Notwithstanding the foregoing, the Holders of at least a majority in aggregate Liquidation Amount of the Trust PIERS may agree to reduce the notice period to not less than five days pursuant to Section 10.02(c) hereof. All notices of redemption
shall state: 
  
 (A) the Redemption Date;

  
 (B) the Redemption Price; 
  

 17 

 (C) the CUSIP number; 
  
 (D) if less than all the Outstanding Trust Securities are to be redeemed, the identification and total
Liquidation Amount of the Trust Securities to be redeemed; 
  
 (E) that on the Redemption Date the Redemption Price will become due and payable upon each such Trust Security to be redeemed and that Distributions thereon will cease to accrue on and after such date, except as
provided in Section 4.02(d); 
  
 (F) the place
where the Trust Securities are to be surrendered for the payment of the Redemption Price; and 
  
 (G) the matters set forth in Section 4.03 of the Second Supplemental Indenture to the Subordinated Indenture. 
  
 The Trust in issuing the Trust Securities may use “CUSIP” numbers
(if then generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Trust Securities or as contained in any notice of a redemption and related materials. 
  
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption
of Convertible Debentures. Redemptions of the Trust Securities shall be made and the Redemption Price shall be deemed payable on each Redemption Date only to the extent that the Trust has funds legally and immediately available in the Payment
Account for the payment of such Redemption Price. 
  
 (d) If the
Property Trustee gives a notice of redemption in respect of any Trust PIERS, then, by 12:00 noon New York time, on the Redemption Date, to the extent funds are legally available, the Property Trustee will, so long as the Trust PIERS are in
book-entry only form, irrevocably deposit with the Clearing Agency for the Trust PIERS funds sufficient to pay the applicable Redemption Price. If the Trust PIERS are no longer represented by one or more global certificates, the Property Trustee, to
the extent funds are legally available, shall irrevocably deposit with the Paying Agent funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions to pay the Redemption Price to the Holders
thereof upon surrender of their Trust PIERS Certificates. Notwithstanding the foregoing, Distributions and Contingent Distributions, if any, payable on or prior to the Redemption Date for any Trust Securities called for redemption shall be payable
to the Holders of such Trust Securities as they appear on the Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as
required, then upon the date of such deposit, all rights of Holders holding Trust Securities so called for redemption will cease, except (i) the right of such Holders to receive the Redemption Price, but without interest on such Redemption Price;
and (ii) the right of the Holders to cause the Conversion Agent to convert the Trust Securities. In addition, (x) such Trust Securities will cease to be Outstanding; (y) the Clearing Agency for the Trust PIERS or its nominee, as the registered
Holder of the Book-Entry Trust PIERS Certificate, shall receive a registered global certificate or certificates representing the Convertible Debentures to be delivered upon such Distribution with respect to Trust PIERS held by the Clearing Agency or
its nominee; and (z) any Trust Securities Certificates not held by the Clearing Agency for the Trust PIERS or its nominee as specified in clause (y) of this sentence above will be deemed to represent Convertible Debentures having a principal amount
equal to the stated Liquidation Amount of the Trust Securities represented thereby and bearing accrued and unpaid interest in an amount equal to the accumulated and unpaid Distributions on such Trust Securities until the Redemption Date. In the
event 

  

 18 

 
that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date shall be made on the
next succeeding day which is a Business Day (and without any Distribution or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, payment of such Redemption Price shall be made on the
immediately preceding Business Day, in each case, with the same force and effect as if made on such date. In the event that payment of the Redemption Price in respect of Trust Securities is improperly withheld or refused and not paid either by the
Trust or by the Depositor pursuant to the Guarantee, Distributions including Contingent Distributions, if any, on such Trust Securities will continue to accrue at the then-applicable rate, from such Redemption Date originally established by the
Trust for such Trust PIERS to the date such Redemption Price is actually paid, in which case the actual payment date shall be the date fixed for redemption for purposes of calculating the Redemption Price. 
  
 (e) Subject to Section 4.02, if less than all the Outstanding Trust
Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated on a pro rata basis (based on Liquidation Amounts) among the Common Securities and the Trust PIERS. The
particular Trust PIERS to be redeemed shall be selected on a pro rata basis (based on Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Trust PIERS not previously called for
redemption, by such method (including, without limitation, by lot) as the Property Trustee shall deem fair and appropriate and which may provide for the selection for a redemption of portions equal to the Liquidation Amount or integral multiple
thereof) of the Liquidation Amount of Trust PIERS of a denomination larger than such Liquidation Amount; provided, however, that before undertaking redemption of the Trust PIERS on other than a pro rata basis, the Property Trustee
shall have received an Opinion of Counsel that the status of the Trust as a grantor trust for federal income tax purposes would not be adversely affected. The Property Trustee shall promptly notify the Securities Registrar in writing of the Trust
PIERS selected for redemption and, in the case of any Trust PIERS selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions
relating to the redemption of Trust PIERS shall relate, in the case of any Trust PIERS redeemed or to be redeemed only in part, to the portion of the Liquidation Amount of Trust PIERS which has been or is to be redeemed. 
  
 (f) On or after June 15, 2009, the Depositor shall have the right, upon not
less than 30 nor more than 60 days notice, to redeem the Convertible Debentures, in whole or in part, for cash, and following such redemption, a Like Amount of Trust PIERS shall be redeemed by the Trust at the Redemption Price. 
  
 (g) If, at any time, a Special Event shall occur and be continuing, the
Depositor shall have the right, upon not less than 30 nor more than 60 days’ notice, to redeem the Convertible Debentures, in whole but not in part, for cash within 90 days following the occurrence of such Special Event, and, following such
redemption, a Like Amount of Trust PIERS shall be redeemed by the Trust at the Redemption Price. 
  
 (h) Subject to the foregoing provisions of Section 4.02 and to applicable law (including, without limitation, United States federal securities laws), the
Company or its Affiliates may, at any time and from time to time, purchase outstanding Trust PIERS by tender, in the open market or by private agreement. 
  
 SECTION 4.03 Conversion. The Holders shall have the right at any time upon the occurrence of one or more of the events set forth in the Trust PIERS
Certificate and on the dates specified therein (each, a “Conversion Date”), at maturity or upon delivery of the notice of redemption (either at the option of the Depositor or pursuant to a Tax Event or an Investment Company Event),
at their option, to 

  

 19 

 
cause the Conversion Agent to convert Trust Securities, on behalf of the converting Holders, into cash, and if applicable, shares of the Common Stock in the
manner described herein on and subject to the following terms and conditions: 
  
 (a) The Trust Securities shall be convertible at the office of the Conversion Agent into cash and, if applicable, fully paid and nonassessable shares of Common Stock pursuant to the Holder’s written direction to
the Conversion Agent to exchange such Trust Securities for a portion of the Convertible Debentures theretofore held by the Trust on the basis of one Trust Securities per $50 principal amount of Convertible Debentures, and immediately convert such
amount of Convertible Debentures into cash, and if applicable, fully paid and nonassessable shares of Common Stock of the Depositor. The Convertible Debentures will be convertible at an initial conversion ratio of 1.2248 shares of Common Stock for
each $50 principal amount of Convertible Debentures in accordance with the provisions, and subject to certain adjustments, set forth in the Subordinated Indenture (as so adjusted from time to time, the “Conversion Ratio”). 

  
 (b) In order to exchange Trust Securities for Convertible
Debentures and convert such Convertible Debentures into cash and, if applicable, Common Stock, the Holder must submit to the Conversion Agent an irrevocable written notice of conversion in the form provided on the Trust PIERS Certificate (or such
other notice which is acceptable to the Depositor) (the “Conversion Request”), together, if the Trust Securities are in certificated form, with such Trust Security Certificates, duly endorsed or assigned to the Company or in blank.
The Conversion Request shall (i) set forth the Liquidation Amount of Trust Securities to be converted and the name or names, if other than the Holder, in which the cash should be delivered and, if applicable, shares of Common Stock should be issued,
and (ii) direct the Conversion Agent (A) to exchange such Trust Securities for a Like Amount of the Convertible Debentures held by the Trust, and (B) to immediately convert such Convertible Debentures on behalf of such Holder into cash and, if
applicable, Common Stock (at the Conversion Ratio specified in the preceding paragraph). The Conversion Agent shall notify the Trust of the Holder’s election to exchange Trust Securities for a portion of the Convertible Debentures held by the
Trust and the Property Trustee, on behalf of the Trust, shall, upon receipt of such notice, deliver to the Conversion Agent the appropriate principal amount of Convertible Debentures for exchange in accordance with this Section 4.03. The Conversion
Agent shall thereupon notify the Depositor of the Holder’s election to convert such Convertible Debentures into cash and, if applicable, shares of Common Stock. 
  
 (c) Any Trust PIERS or portion thereof surrendered for conversion during the period from the close of business on the record
date for any Distribution Date to the close of business on the Business Day next preceding the following Distribution Date shall (unless such Trust PIERS or portion thereof being converted shall have been called for redemption on a Redemption Date
which occurs during the period from the close of business on such record date to the close of business on the Business Day next preceding the following Distribution Date) be accompanied by payment (the “Distribution Reimbursement”),
in New York Clearing House funds or other funds acceptable to the Depositor, of an amount equal to the Distributions (including Contingent Distributions, if any) otherwise payable on such Distribution Date on the Liquidation Amount being converted.
Notwithstanding the immediately preceding sentence, if (i) notice of redemption of Trust PIERS is mailed or otherwise given to Holders and the related Redemption Date occurs during the period from the close of business on the record date for any
Distribution Date to the close of business on the Business Day next preceding the following Distribution Date, and Trust PIERS or any portion thereof are surrendered for conversion after such record date but prior to such Redemption Date, then the
Holder surrendering such Trust PIERS or portion thereof shall not be required to pay the Distribution Reimbursement, and (ii) during an Extension Period a notice of redemption of Trust PIERS is mailed or otherwise given to Holders and Trust PIERS or
any portion thereof are surrendered for conversion after such notice but prior to the relevant Redemption Date, then the Holder surrendering such Trust PIERS or portion thereof shall not be required to pay the 

  

 20 

 
Distribution Reimbursement and shall be entitled to receive payment of all accrued but unpaid Distributions (including Contingent Distributions, if any) on
such Trust PIERS through the date of conversion on the Redemption Date. Except as otherwise set forth above in this paragraph, in the case of any Trust PIERS which is converted, Distributions (including Contingent Distributions, if any) which are
payable after the date of conversion of such Trust PIERS shall not be payable, and the Depositor shall not make nor be required to make any other payment, adjustment or allowance with respect to accrued but unpaid Distributions (including Contingent
Distributions, if any) on the Trust PIERS being converted, which shall be deemed to be paid in full. Except as provided herein, no payment or other adjustment shall be made for Distributions (including Contingent Distributions, if any) accrued on
any Trust PIERS converted or for dividends on any shares issued upon the conversion of such Trust PIERS. 
  
 (d) Each Holder of a Trust Security by his acceptance thereof appoints the Bank (in such capacity the “Conversion Agent”) for the purpose
of effecting the conversion of Trust Securities in accordance with this Section 4.03. In effecting the conversion and transactions described in this Section 4.03, the Conversion Agent shall be acting as agent of the Holders directing it to effect
such conversion transactions. The Conversion Agent is hereby authorized (i) to exchange Trust Securities from time to time for Convertible Debentures held by the Trust in connection with the conversion of such Trust Securities with this Section
4.03, and (ii) to convert all or a portion of the Convertible Debentures into cash and, if applicable, shares of Common Stock and thereupon to deliver such cash and, if applicable, shares of Common Stock in accordance with the provisions of this
Section 4.03 and to deliver to the Trust a new Convertible Debenture or Convertible Debentures for any resulting unconverted principal amount. 
  
 (e) No fractional shares of Common Stock shall be issued as a result of conversion, but in lieu thereof, such fractional interest shall be paid in cash
(based on the Applicable Stock Price (as defined in the Subordinated Indenture) by the Depositor to the Trust, which in turn shall make such payment to the Holder or Holders of Trust Securities so converted. 
  
 (f) The Depositor shall at all times reserve and keep available out of its
authorized and unissued Common Stock, solely for issuance upon the conversion of the Convertible Debentures, free from any preemptive or other similar rights, such number of shares of Common Stock as shall from time to time be issuable upon the
conversion of all of the Convertible Debentures then outstanding. Notwithstanding the foregoing, the Depositor shall be entitled to deliver, upon conversion of Convertible Debentures, shares of Common Stock reacquired and held in the treasury of the
Depositor (in lieu of the issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are free and clear of all liens, charges, security interests or encumbrances. Any shares of Common Stock issued upon
conversion of the Convertible Debentures shall be duly authorized, validly issued, fully paid and nonassessable. The Trust shall deliver the shares of Common Stock of the Depositor received upon conversion of the Convertible Debentures to the
converting Holder free and clear of all liens, charges, security interests and encumbrances, except for United States withholding taxes. 
  
 (g) The Depositor shall pay any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock, if applicable, on
conversion of Convertible Debentures and the delivery of shares of Common Stock, if any, by the Trust upon conversion of the Trust Securities. The Depositor shall not, however, be required to pay any tax that may be payable in respect of any
transfer involved in the issue and delivery of shares of Common Stock, if applicable, in a name other than that in which the Trust Securities so converted were registered, and no such issue or delivery shall be made unless and until the person
requesting such issue has paid to the Trust the amount of any such tax or has established to the satisfaction of the Trust that such tax has been paid. 
  

 21 

 (h) Nothing in the preceding Section 4.03 shall limit the requirements of the Trust to withhold taxes
pursuant to the terms of the Trust Securities or as set forth in this Trust Agreement or otherwise require the Property Trustee or the Trust to pay any amount on account of such withholdings. 
  
 SECTION 4.04 Offer to Repurchase Upon Change of Control. 

 
 (a) If a Change of Control occurs, each Holder of Trust PIERS will have
the right to exchange all or any portion of such Holder’s Trust PIERS for Convertible Debentures having a principal amount equal to the Liquidation Amount of such Trust PIERS and to simultaneously require the Depositor to repurchase such
Convertible Debentures at the price and on the terms specified herein. 
  
 (b) If a Change of Control shall occur, the Depositor will offer (the “Change of Control Offer”) a Change of Control payment in cash equal to 100% of the aggregate principal amount of Convertible Debentures repurchased plus
accrued and unpaid interest (including any contingent or deferred interest) on the Convertible Debentures repurchased, to, but excluding, the repurchase date. Within 30 days following any Change of Control, the Depositor will mail a notice to each
Holder of Trust PIERS and the Property Trustee describing the transaction or transactions that constitute the Change of Control and offering to repurchase Convertible Debentures for which Trust PIERS shall have been exchanged on the repurchase date
specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required hereby and described in such notice. To exercise a repurchase right arising under
this Section 4.04, a Holder of the Trust PIERS must deliver, within such 30-day period specified in the Depositor’s notice, irrevocable written notice to the Depositor, the Trust, the Property Trustee and the Exchange Agent of such
Holder’s exercise of its repurchase right. The Depositor will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Convertible Debentures as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions hereof, the Depositor will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3.01 by virtue of such conflict. 
  

(c) On the Change of Control payment date, the Depositor will, to the extent lawful: 
  
 (i) accept for payment all Convertible Debentures or portions of Convertible Debentures properly tendered
pursuant to the Change of Control offer; 
  
 (ii)
deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Convertible Debentures or portions thereof properly tendered; and 
  
 (iii) deliver or cause to be delivered to the Trustee the Convertible Debentures or portions thereof
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Convertible Debentures or portions of Convertible Debentures being purchased by the Depositor. 
  
 The Paying Agent will promptly mail to each validly-tendering Holder the
Change of Control payment for such Trust PIERS converted to Convertible Debentures, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder a new Convertible Debenture equal in principal
amount to any unpurchased portion of the Convertible Debentures surrendered, if any; provided that each new Convertible Debenture will be in a principal amount of $50 or an integral multiple of $50. 
  

 22 

 Any Trust PIERS as to which such right is exercised will be exchanged for Convertible Debentures by the
Property Trustee on behalf of the Depositor not less than three Business Days prior to the Change of Control payment date, which will not be later than 60 calendar days after the date of the Change of Control notice. 
  
 SECTION 4.05 Subordination of Common Securities. 
  
 (a) Payment of Distributions (including Contingent Distributions, if any)
on, and the Redemption Price of, the Trust Securities, as applicable, shall be made pro rata based on the Liquidation Amount of the Trust Securities; provided, however, that if on any Distribution Date or Redemption Date an Event of
Default shall have occurred and be continuing, no payment of any Distribution (including Contingent Distributions, if any) on, or Redemption Price of, any Common Security, and no other payment on account of the redemption, liquidation or other
acquisition of Common Securities, shall be made unless payment in full in cash of all accrued and unpaid Distributions, including Contingent Distributions, if any, on all Outstanding Trust PIERS for all Distribution periods terminating on or prior
thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust PIERS then called for redemption, shall have been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all Distributions (including Contingent Distributions, if any) on, or Redemption Price of, Trust PIERS then due and payable. 
  
 (b) In the case of the occurrence of any Event of Default, the Holder of
Common Securities will be deemed to have waived any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Trust PIERS have been cured, waived or otherwise eliminated. Until any such
Events of Default under this Trust Agreement with respect to the Trust PIERS have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust PIERS and not the Holder of the Common
Securities, and only the Holders of the Trust PIERS will have the right to direct the Property Trustee to act on their behalf. 
  
 SECTION 4.06 Payment Procedures. Payments in respect of the Trust PIERS shall be made by check mailed to the address of the Person entitled thereto
as such address shall appear on the Securities Register or, if the Trust PIERS are held by a Clearing Agency, such Distributions (including Contingent Distributions) shall be made to the Clearing Agency, which shall credit the relevant Persons’
accounts at such Clearing Agency on the applicable Distribution Dates. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed between the Property Trustee and the Holder of the Common Securities.

  
 SECTION 4.07 Tax Returns and Reports. The
Administrative Trustee(s) shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States federal, state and local tax and information returns and reports required to be filed by or in respect of the Trust. The
Administrative Trustee(s) shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue Service form required to be filed in respect of the Trust in each taxable year of the Trust; and (b) prepare and furnish (or
cause to be prepared and furnished) to each Holder the appropriate Internal Revenue Service form required to be furnished to such Holder or the information required to be provided on such form. The Administrative Trustees shall provide the Depositor
with a copy of all such returns and reports promptly after such filing or furnishing. The Property Trustee shall comply with United States federal withholding and backup withholding tax laws and information reporting requirements with respect to any
payments to the Holders under the Trust Securities. 
  
 SECTION
4.08 [Reserved]. 
  

 23 

 SECTION 4.09 Payments under the Indenture. Any amount payable hereunder to any Holder of Trust
PIERS shall be reduced by the amount of any corresponding payment such Holder has directly received under the Subordinated Indenture pursuant to Section 8.02(ii) of the Third Supplemental Indenture thereto and under Section 8.20 hereof. 

 
 SECTION 4.10 Exchange of Trust PIERS. 
  
 (a) If at any time the Company or any of its Affiliates is the Holder of any
Trust PIERS, the Company and such Affiliate(s) shall have the right to deliver to the Property Trustee all or such portion of their Trust PIERS as they elect and to receive, in exchange therefor, Convertible Debentures in an aggregate principal
amount equal to the aggregate stated Liquidation Amount of, with an interest rate identical to the distribution rate of, and accrued and unpaid interest equal to accumulated and unpaid Distributions on, such Trust PIERS. Such election (i) shall be
exercisable effective on any Distribution Date by the Company or its Affiliate(s) delivering to the Property Trustee a written notice of such election specifying the aggregate Liquidation Amount of the Trust PIERS with respect to which such election
is being made and the Distribution Date on which such exchange shall occur, which Distribution Date shall be not less than ten Business Days after the date of receipt by the Property Trustee of such election notice and (ii) shall be conditioned upon
the Company or its Affiliate(s) having delivered or caused to be delivered to the Property Trustee or its designee the Trust PIERS which are the subject of such election by 12:00 p.m. New York City time on the Distribution Date on which such
exchange is to occur. After the exchange, such Trust PIERS will be canceled and will no longer be deemed to be Outstanding and all rights of the Company or its Affiliate(s) with respect to such Trust PIERS will cease. 
  
 (b) In the case of an exchange described in (a) above, the Trust will, on the
date of such exchange, exchange Convertible Debentures having a principal amount equal to a proportional amount of the aggregate Liquidation Amount of the Outstanding Common Securities based on the ratio of the aggregate Liquidation Amount of the
Trust PIERS exchanged pursuant to (a) above divided by the aggregate Liquidation Amount of the Trust PIERS Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Company (which contemporaneously
shall be canceled and no longer be deemed to be Outstanding); provided, that the Company delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 12:00 p.m. New
York City time on the Distribution Date on which such exchange is to occur. 
  
 (c) The Property Trustee and any Conversion Agent shall not at any time be under any duty or responsibility to any Holder of Trust Securities to either calculate the Conversion Ratio or the amount of cash and, if
applicable, shares of Common Stock deliverable in connection with a conversion of the Trust Securities or determine whether any facts exist which may require any adjustment of the Conversion Ratio, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed herein, or in any amendment provided to be employed, in making the same and shall be protected in relying upon an Officers’ Certificate with respect to the
same. Neither the Property Trustee nor any Conversion Agent shall be responsible for determining whether any event contemplated by this Trust Agreement has occurred which makes the Trust Securities eligible for conversion until the Depositor has
delivered to the Trustee and any Conversion Agent an Officers’ Certificate stating that such event has occurred, on which Certificate the Property Trustee and any such Conversion Agent may conclusively rely, and the Depositor agrees to deliver
such Officers’ Certificate to the Property Trustee and any such Conversion Agent immediately after the occurrence of any such event. 
  

 24 

 ARTICLE V 
  

TRUST SECURITIES CERTIFICATES 
  
 SECTION 5.01 Initial Ownership. Upon the creation of the Trust by the contribution by the Depositor pursuant to Section 2.03 and until the issuance
of the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
  
 SECTION 5.02 The Trust Securities Certificates. Each of the Trust PIERS Certificate and Common Securities Certificates shall be issued in minimum
denominations of the Liquidation Amount and integral multiples of such Liquidation Amount in excess thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative
Trustee. Trust Securities Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to
the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such
Trust Securities Certificates. A transferee of a Trust Securities Certificate shall become a Holder, and shall be entitled to the rights and subject to the obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate
in such transferee’s name pursuant to Section 5.04. 
  
 SECTION 5.03 Execution, Authentication and Delivery of Trust Securities Certificates. (a) On the Issue Date, the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in
Sections 2.04 and 2.05, to be executed on behalf of the Trust by at least one of the Administrative Trustees and delivered to or upon the written order of the Depositor signed by its Chairman of the Board, its President or any Vice President,
without further corporate action by the Depositor, in authorized denominations. 
  
 (b) A Trust PIERS Certificate shall not be valid until authenticated by the manual signature of an authorized signatory of the Property Trustee in substantially the form set forth in Exhibit C hereto. The signature
shall be conclusive evidence that the Trust PIERS Certificate has been authenticated under this Trust Agreement. Each Trust PIERS Certificate shall be dated the date of its authentication. 
  
 (c) Upon the written order of the Trust signed by one of the Administrative
Trustees, the Property Trustee shall authenticate and make available for delivery the Trust PIERS Certificates. 
  
 (d) The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate the Trust PIERS. An authenticating agent may
authenticate Trust PIERS whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication by the Property Trustee includes authentication by such agent. An authentication agent has the same rights as the Property
Trustee to deal with the Depositor or an Affiliate. 
  
 SECTION
5.04 Registration of Transfer and Exchange of Trust PIERS Certificates. A registrar (the “Securities Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to Section 5.09, a register (the
“Securities Register”) in which, subject to such reasonable regulations as it may prescribe, the Securities Registrar shall provide for the registration of Trust PIERS Certificates and the Common Securities Certificates (subject to
Section 5.12 in the case of the Common Securities Certificates) and registration of transfers and exchanges of Trust PIERS Certificates as herein provided. The Property Trustee shall be the initial Securities Registrar. 
  

 25 

 Upon surrender for registration of transfer of any Trust PIERS Certificate at the office or agency
maintained pursuant to Section 5.09, an Administrative Trustee shall execute on behalf of the Trust by manual or facsimile signature and the Property Trustee shall authenticate and deliver in the name of the designated transferee or transferees one
or more new Trust PIERS Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be required to register the transfer
of any Trust PIERS that have been called for redemption. At the option of a Holder, Trust PIERS Certificates may be exchanged for other Trust PIERS Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount
upon surrender of the Trust PIERS Certificates to be exchanged at the office or agency maintained pursuant to Section 5.09. 
  
 Every Trust PIERS Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Administrative Trustees and the Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Trust PIERS Certificate surrendered for registration of transfer or exchange shall be
canceled and subsequently disposed of by the Securities Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of Trust PIERS Certificates, but the Securities Registrar may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust PIERS Certificates. 
  
 SECTION 5.05 Book-Entry PIERS Certificate. 
  
 (a) Any Book-Entry Trust PIERS Certificate issued under this Trust Agreement shall be registered in the name of the nominee of the Clearing Agency and
delivered to such custodian therefor, and such Book-Entry Trust PIERS Certificate shall constitute a single Trust PIERS for all purposes of this Trust Agreement. 
  
 (b) Notwithstanding any other provision in this Trust Agreement, no Book-Entry Trust PIERS Certificate may be exchanged for
Definitive Trust PIERS Certificates registered in the names of persons other than the Clearing Agency or its nominee unless (i) the Clearing Agency notifies the Administrative Trustees that it is unwilling or unable to continue as a depositary for
such Book-Entry Trust PIERS Certificate and the Administrative Trustees fail to appoint a qualified successor depositary, (ii) the Clearing Agency has ceased to be a clearing agency registered under the Exchange Act or (iii) there shall have
occurred and be continuing an Event of Default. 
  
 (c) If a
Definitive Trust PIERS Certificate is to be exchanged in whole or in part for a beneficial interest in a Book-Entry Trust PIERS Certificate, then either (i) such Book-Entry Trust PIERS Certificate shall be so surrendered for exchange or cancellation
as provided in this Article V or (ii) the Liquidation Amount thereof shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the Liquidation Amount of such other Trust PIERS to be so
exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in accordance with the rules and procedures of the depositary for
such Book-Entry Trust PIERS Certificate (the “Applicable Procedures”), shall instruct the Clearing Agency or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a
Book-Entry Trust PIERS Certificate by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees shall execute and the Property Trustee shall deliver any Trust PIERS issuable in exchange for such Book-Entry Trust
PIERS Certificate (or any portion thereof) in accordance with the instructions of the Clearing Agency. The Property Trustee shall not be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected
in relying on, such instructions. 
  

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 (d) Every Definitive Trust PIERS Certificate executed and delivered upon registration of transfer of, or
in exchange for or in lieu of, a Book-Entry Trust PIERS Certificate or any portion thereof, whether pursuant to this Article V or otherwise, shall be executed and delivered in the form of, and shall be, a Book-Entry Trust PIERS Certificate, unless
such Book-Entry Trust PIERS Certificate is registered in the name of a Person other than the Clearing Agency for such Book-Entry Trust PIERS Certificate or a nominee thereof. 
  
 (e) The Clearing Agency or its nominee, as the registered owner of a Book-Entry Trust PIERS Certificate, shall be considered
the Holder of the Trust PIERS represented by such Book-Entry Trust PIERS Certificate for all purposes under this Trust Agreement and the Trust PIERS, the owners of beneficial interests in such Book-Entry Trust PIERS Certificate shall hold such
interests pursuant to the Applicable Procedures and, except as otherwise provided herein, shall not be entitled to receive physical delivery of any such Trust PIERS in definitive form and shall not be considered the Holders thereof under this Trust
Agreement. Accordingly, any such owner’s beneficial interest in the Book-Entry Trust PIERS Certificate shall be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Clearing Agency or its
nominee. Neither the Property Trustee, the Securities Registrar nor the Depositor shall have any liability in respect of any transfers effected by the Clearing Agency. 
  
 (f) The rights of owners of beneficial interests in a Book-Entry Trust PIERS Certificate shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between such owners and the Clearing Agency. 
  
 SECTION 5.06 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Securities Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities Registrar and
the Administrative Trustees such security or indemnity as may be required by them to hold each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees or any one of them on behalf of the Trust shall execute and make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities
Certificate of like class, tenor and denomination. In connection with the issuance of any new Trust Securities Certificate under this Section, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 
  
 SECTION 5.07 Persons Deemed Holders. Prior to due presentation of a Trust Securities Certificate for registration of transfer, the Trustees or the
Securities Registrar shall treat the Person in whose name any Trust Securities Certificate shall be registered in the Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions, including
Contingent Distributions, if any (subject to Section 4.01(d)), and for all other purposes whatsoever, and neither the Trustees nor the Securities Registrar shall be bound by any notice to the contrary. 
  
 SECTION 5.08 Access to List of Holders’ Names and Addresses. The
Administrative Trustees or the Depositor shall furnish or cause to be furnished (unless the Property Trustee or the 

  

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Depositor is acting as Securities Registrar with respect to the Trust Securities) to (i) the Property Trustee semi-annually, not later than May 1 and
November 1 in each year, and (ii) the Property Trustee within 15 days after receipt by any Administrative Trustee of a request therefor from the Property Trustee in writing, a list, in such form as the Property Trustee may reasonably require, of the
names and addresses of the Holders as of a date not more than 15 days prior to the time such list is furnished in each case to the extent such information is the possession or control of the Administrative trustees or the Depositor and is not
identical to a previously supplied list or has not otherwise been received by the Property Trustee in its capacity as Securities Registrar. The rights of Holders to communicate with other Holders with respect to their rights under this Trust
Agreement or under the Trust Securities, and the corresponding rights of the Trustee shall be as provided in the Trust Indenture Act. Each Holder, by receiving and holding a Trust Securities Certificate, shall be deemed to have agreed not to hold
either the Depositor, the Administrative Trustees or the Property Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
  
 SECTION 5.09 Maintenance of Office or Agency. The Administrative
Trustees shall maintain in the Borough of Manhattan, New York, an office or offices or agency or agencies where Trust PIERS Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the
Trustees in respect of the Trust Securities Certificates may be served. The Administrative Trustees initially designate the Corporate Trust Office of the Property Trustee, 4 New York Plaza, 15th Floor, New York, New York 10004, as its principal
agency for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor and to the Holders of any change in the location of the Securities Register or any such office or agency. 
  
 SECTION 5.10 Appointment of Paying Agent. The Paying Agent shall make
Distributions, Contingent Distributions and other payments provided hereby to Holders from the Payment Account and shall report the amounts of such Distributions, Contingent Distributions and payments to the Property Trustee and the Administrative
Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the Distributions, Contingent Distributions and payments provided hereby. The Administrative Trustees may revoke such
power and remove the Paying Agent if such Trustees determine in their sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be the Property
Trustee, and it may choose any co-paying agent that is acceptable to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days written notice to the Administrative
Trustees and the Depositor. In the event that a Paying Agent shall resign or be removed, the Administrative Trustees shall appoint a successor that is acceptable to the Depositor to act as Paying Agent (which shall be a bank or trust company). The
Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such
sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions
of Sections 8.01, 8.03 and 8.06 shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any
reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 SECTION 5.11 Appointment of Conversion Agent. The Conversion Agent shall convert the Trust Securities of the Holders in accordance with Section
4.03 hereof. The Administrative Trustees may revoke such power and remove the Conversion Agent if such Trustees determine in their sole discretion 

  

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that the Conversion Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Conversion Agent shall
initially be the Bank, and any co-paying agent chosen by the Bank, and acceptable to the Administrative Trustees and the Depositor. Any Person acting as Conversion Agent shall be permitted to resign as Conversion Agent upon 30 days written notice to
the Administrative Trustees and the Depositor. In the event that the Bank shall no longer be the Conversion Agent or a successor Conversion Agent shall resign or its authority to act shall be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Depositor to act as Conversion Agent (which shall be a bank or a trust company). The provisions of Sections 8.01, 8.03 and 8.06 of this Trust Agreement shall apply to the Bank also in its role as Conversion Agent,
for so long as the Bank shall act as Conversion Agent and, to the extent applicable, to any other conversion agent appointed hereunder, and any Conversion Agent shall be bound by the requirements with respect to conversion agents of securities
issued pursuant to the Trust Indenture Act. Any reference in this Trust Agreement to the Conversion Agent shall include any co-paying agent unless the context requires otherwise. 
  
 SECTION 5.12 Ownership of Common Securities by Depositor. On the Issue Date, the Depositor shall receive, and
thereafter retain, beneficial and record ownership of the Common Securities. Any attempted transfer of the Common Securities, except for transfers by operation of law or to an Affiliate of the Depositor or a permitted successor pursuant to Section
5.01 of the Subordinated Indenture, shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE
TRUST AGREEMENT REFERRED TO HEREIN”. 
  
 SECTION 5.13
Book-Entry Trust PIERS Certificates; Common Securities Certificate. 
  
 (a) The Trust PIERS Certificates, upon original issuance, will be issued in the form of a typewritten Trust PIERS Certificate or Book-Entry Trust PIERS Certificates, to be delivered to DTC, the initial Clearing
Agency, by, or on behalf of, the Trust. Such Trust PIERS Certificate or Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a
Definitive Trust PIERS Certificate representing such beneficial owner’s interest in such Trust PIERS, except as provided in Section 5.15. Unless and until Definitive Trust PIERS Certificates have been issued to Owners pursuant to Section 5.15:

  
 (A) the provisions of this Section 5.13(a)
shall be in full force and effect; 
  
 (B) the
Securities Registrar and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Trust PIERS Certificates (including the payment of principal of and interest on the
Book-Entry Trust PIERS and the giving of instructions or directions to Owners of Book-Entry Trust PIERS) as the sole Holder of Book-Entry Trust PIERS and shall have no obligations to the Owners thereof; 
  
 (C) to the extent that the provisions of this Section
conflict with any other provisions of this Trust Agreement, the provisions of this Section shall control; and 
  
 (D) the rights of the Owners of the Book-Entry Trust PIERS Certificates shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Trust PIERS Certificates are issued
pursuant to Section 5.15, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments on the Trust PIERS to such Clearing Agency Participants. 
  

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 (b) A single Common Securities Certificate representing the Common Securities shall be issued to the
Depositor in the form of a definitive Common Securities Certificate. 
  
 SECTION 5.14 Notices to Clearing Agency. To the extent a notice or other communication to the Owners is required under this Trust Agreement, unless and until Definitive Trust PIERS Certificates shall have been issued to Owners
pursuant to Section 5.15, the Trustees shall give all such notices and communications specified herein to be given to Owners to the Clearing Agency, and shall have no obligations to the Owners. 
  
 SECTION 5.15 Definitive Trust PIERS Certificates. If (i) the Clearing
Agency notifies the Administrative Trustees that it is unwilling or unable to continue as a depositary with respect to the Trust PIERS Certificates and the Administrative Trustees fail to appoint a qualified successor depositary, (ii) the Clearing
Agency has ceased to be a clearing agency registered under the Exchange Act or (iii) there shall have occurred and be continuing an Event of Default, then the Administrative Trustees shall notify the Clearing Agency and Holders of the Trust PIERS.
Upon surrender to the Administrative Trustees of the typewritten Trust PIERS Certificate or Certificates representing the Book-Entry Trust PIERS Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative
Trustees or any one of them shall execute the Definitive Trust PIERS Certificates in accordance with the instructions of the Clearing Agency. Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Trust PIERS Certificates, the Trustees shall recognize the Holders of the Definitive Trust PIERS Certificates as
Holders. The Definitive Trust PIERS Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by the execution thereof by the
Administrative Trustees or any one of them. 
  
 SECTION 5.16
Rights of Holders. The legal title to the Trust Property is vested exclusively in the Property Trustee (in its capacity as such) in accordance with Section 2.09, and the Holders shall not have any right or title therein other than the
beneficial ownership interest in the assets of the Trust conferred by their Trust Securities, and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust
Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or other similar rights and when issued and delivered to Holders against payment
of the purchase price therefor, except as otherwise provided in the Expense Agreement and Section 10.01 hereof, will be fully paid and nonassessable by the Trust. Except as otherwise provided in the Expense Agreement and Section 10.01 hereof, the
Holders of the Trust Securities shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
  
 ARTICLE VI 
  
 ACTS OF HOLDERS OF TRUST PIERS; VOTING 
  
 SECTION 6.01 Limitations on Voting Rights. 
  
 (a) Except as provided in this Trust Agreement, in the Subordinated
Indenture, and as otherwise required by law, no Holder of Trust PIERS shall have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the 

  

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parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the
Holders from time to time as partners or members of an association. 
  
 (b) So long as any Convertible Debentures are held by the Property Trustee, the Holders of a majority in Liquidation Amount of the Trust PIERS will have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Property Trustee, or executing any trust or power conferred on the Property Trustee with respect to such Convertible Debentures, including the right to direct the Property Trustee to (i) waive any past default which is
waivable under the Subordinated Indenture, (ii) exercise the remedies available to it under the Subordinated Indenture as a Holder of the Convertible Debentures or (iii) consent to any amendment, modification or termination of the Subordinated
Indenture or the Convertible Debentures, where such consent shall be required, or to any other action, as holder of the Convertible Debentures, under the Subordinated Indenture; provided, however, that if an Event of Default has
occurred and is continuing, then Holders of at least 25% of the aggregate liquidation amount of the Trust PIERS may direct the Property Trustee to declare the principal of and premium, if any, and interest (including contingent interest) on the
Convertible Debentures due and payable; and further provided, that where a consent or action under the Subordinated Indenture would require the consent or act of Holders of more than a majority of the aggregate principal amount of
Convertible Debentures affected thereby, only Holders of the percentage of the aggregate stated Liquidation Amount of the Trust PIERS which is at least equal to the percentage required under the Convertible Debentures Indenture may direct the
Property Trustee to give such consent or take such action. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Trust PIERS, except pursuant to a subsequent vote of the Holders of Trust PIERS. The
Property Trustee shall notify all Holders of the Trust PIERS of any notice of an Event of Default received from the Indenture Trustee or the Company with respect to the Convertible Debentures. In addition to obtaining the foregoing approvals of the
Holders of the Trust PIERS, prior to taking any of the foregoing actions, the Trustees shall, at the expense of the Depositor, obtain an independent Opinion of Counsel to the effect that the Trust will not be classified as other than a grantor trust
for United States federal income tax purposes on account of such action and each Holder of the Trust PIERS will be treated as owning an undivided beneficial ownership interest in the Convertible Debentures. 
  
 (c) If any proposed amendment to this Trust Agreement provides for, or the
Trustees otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Trust PIERS, whether by way of amendment to this Trust Agreement or otherwise, or (ii) the
dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Trust PIERS as a class will be entitled to vote on such amendment or proposal and such amendment or
proposal shall not be effective except with the approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Trust PIERS. In addition to obtaining the foregoing approvals of the Holders of the Trust PIERS, prior to taking
any of the foregoing actions, the Trustees shall, at the expense of the Depositor, obtain an independent Opinion of Counsel to the effect that the Trust will not be classified as other than a grantor trust for United States federal income tax
purposes on account of such action and each Holder of the Trust PIERS will be treated as owning an undivided beneficial ownership interest in the Convertible Debentures. 
  
 (d) A Holder may institute a legal proceeding directly against the Depositor under the Guarantee to enforce its rights under
the Guarantee without first instituting a legal proceeding against the Guarantee Trustee (as defined in the Guarantee Agreement), the Trust or any Person. 
  

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 SECTION 6.02 Voting Rights. Holders shall be entitled to one vote for each $50 of Liquidation
Amount represented by their Trust Securities in respect of any matter as to which such Holders are entitled to vote. 
  
 SECTION 6.03 Holder Action by Written Consent. Any action which may be taken by Holders at a meeting may be taken without a meeting if Holders
holding a majority of all outstanding Trust Securities entitled to vote in respect of such action (or such other proportion thereof as shall be required by any express provision of this Trust Agreement) shall consent to the action in writing (based
upon their Liquidation Amount). 
  
 SECTION 6.04 Record Date
for Voting and Other Purposes. For the purposes of determining the Holders who are entitled to notice of and to vote at any meeting or by written consent, or for the purpose of any other action, the Administrative Trustees may from time to time
fix a date, not more than 90 days prior to the date of any meeting of Holders or other action, as the case may be, as a record date for the determination of the identity of the Holders of record for such purposes. 
  
 SECTION 6.05 Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent appointed
in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to the Administrative Trustees. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose
of this Trust Agreement and (subject to Section 8.01) conclusive in favor of the Trustees, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by
a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustees deem sufficient. 
  
 (c) The ownership of Trust PIERS shall be proved by the Securities Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Trust Security shall bind every future Holder
of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Trust in
reliance thereon, whether or not notation of such action is made upon such Trust Security. 
  
 (e) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such
Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
  

 32 

 (f) If any dispute shall arise between the Holders of Trust Securities and the Administrative Trustees or
among such Holders or Trustees with respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Holder or Trustee under this Article VI, then the determination of
such matter by the Property Trustee shall be conclusive with respect to such matter. 
  
 SECTION 6.06 Inspection of Records. Upon reasonable notice to the Trustees, the records of the Trust shall be open to inspection by Holders during normal business hours for any purpose reasonably related to
such Holder’s interest as a Holder. 
  
 ARTICLE VII

  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 7.01 Representations and Warranties of the Bank and the Property
Trustee. The Bank and the Property Trustee, each severally on behalf of and as to itself, as of the date hereof, and each successor Property Trustee at the time of the successor Property Trustee’s acceptance of its appointment as Property
Trustee hereunder (in the case of a successor Property Trustee, the term “Bank” as used herein shall be deemed to refer to such successor Property Trustee in its separate corporate capacity) hereby represents and warrants (as
applicable) for the benefit of the Depositor and the Holders that: 
  
 (a) the Bank is a banking corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation; 
  
 (b) the Bank has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken
all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (c) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and constitutes the valid and legally binding agreement
of the Property Trustee enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors, rights and
to general equity principles; 
  
 (d) the execution, delivery and
performance by the Property Trustee of this Trust Agreement has been duly authorized by all necessary corporate or other action on the part of the Property Trustee and does not require any approval of stockholders of the Bank and such execution,
delivery and performance shall not (i) violate the Bank’s charter or by-laws; or (ii) result in the creation of imposition of any Lien on any properties included in the Trust Property pursuant to the provisions of any indenture, mortgage,
credit agreement, license or other agreement or instrument to which the Property Trustee or the Bank is a party or by which it is bound; or (iii) violate any law, governmental rule or regulation of the United States or its jurisdiction of
incorporation, as the case may be, governing the banking or trust powers of the Bank or the Property Trustee (as appropriate in context) or any order, judgment or decree applicable to the Property Trustee or the Bank; 
  
 (e) neither the authorization, execution or delivery by the Property Trustee
of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee contemplated herein requires the consent or approval of, the giving of notice by the Bank or the Property Trustee to, the registration by the Bank or the
Property Trustee with or the taking of any other action by the Bank or the Property Trustee with respect to any governmental authority or agency under any existing federal law or law of its jurisdiction of incorporation governing the banking or
trust powers of the Bank or the Property Trustee; and 
  

 33 

 (f) the Property Trustee is a Person eligible pursuant to the Trust Indenture Act to act as such and has
a combined capital and surplus of at least $50,000.000. 
  
 SECTION 7.02 Representations and Warranties of the Delaware Bank and the Delaware Trustee. The Delaware Bank and the Delaware Trustee, each severally on behalf of and as to itself, as of the date hereof, and each successor Delaware
Trustee at the time of the successor Delaware Trustee’s acceptance of appointment as Delaware Trustee hereunder (the term “Delaware Bank” being used to refer to such successor Delaware Trustee in its separate corporate
capacity), hereby represents and warrants (as applicable) for the benefit of the Depositor and the Holders that: 
  
 (a) the Delaware Bank is a national banking association duly organized, validly existing and in good standing under the laws of the United States of
America; 
  
 (b) the Delaware Bank has full corporate power,
authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (c) this Trust Agreement has been duly authorized, executed and delivered by
the Delaware Trustee and constitutes the valid and legally binding agreement of the Delaware Trustee enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors, rights and to general equity principles; 
  
 (d) the execution, delivery and performance by the Delaware Trustee of this Trust Agreement has been duly authorized by all necessary corporate or other
action on the part of the Delaware Trustee and does not require any approval of stockholders of the Delaware Bank and such execution, delivery and performance shall not (i) violate the Delaware Bank’s charter or by-laws; or (ii) violate any
law, governmental rule or regulation of the United States or the State of Delaware, as the case may be, governing the banking or trust powers of the Delaware Bank or the Delaware Trustee (as appropriate in context) or any order, judgment or decree
applicable to the Delaware Bank or the Delaware Trustee; and 
  
 (e) neither the authorization, execution or delivery by the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Delaware Trustee contemplated herein or therein requires the consent or approval of,
the giving of notice by the Delaware Bank or the Delaware Trustee to, the registration by the Delaware Bank or the Delaware Trustee with or the taking of any other action by the Delaware Bank or the Delaware Trustee with respect to any governmental
authority or agency under any existing federal law or Delaware law governing the banking or trust powers of the Delaware Bank or the Delaware Trustee. 
  
 SECTION 7.03 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants for the benefit of the Holders that:

  
 (a) the Trust Securities Certificates issued on behalf of the
Trust have been duly authorized and, shall have been duly and validly executed, issued and delivered by the Administrative Trustees, on behalf of the Trust, pursuant to the terms and provisions of, and in accordance with the requirements of, this
Trust Agreement and the Holders shall be, as of such date, entitled to the benefits of this Trust Agreement; and 
  

 34 

 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on
behalf of the Trust) under the laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Bank, the Property Trustee or the Delaware Trustee, as the case may be, of this Trust
Agreement. 
  
 ARTICLE VIII 
  
 THE TRUSTEES 
  
 SECTION 8.01 Certain Duties and Responsibilities. 
  
 (a) The rights, duties and responsibilities of the Trustees shall be as
provided by this Trust Agreement and, in the case of the Property Trustee, by the Trust Indenture Act. For purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term “default” is hereby defined to mean an Event of Default
has occurred and is continuing. Notwithstanding the foregoing, no provision of this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties
hereunder, or in the exercise of any of their rights or powers, if they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to them. The Delaware
Trustee and the Administrative Trustees shall have no liability under this Trust Agreement except for gross negligence or willful misconduct. The Property Trustees shall have no liability under this Trust Agreement except for negligence and willful
misconduct. Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section 8.01.
To the extent that, at law or in equity, the Delaware Trustee or an Administrative Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Holders, the Delaware Trustee or such Administrative Trustee
shall not be liable to the Trust or to any Holder for such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the
Delaware Trustee or the Administrative Trustees otherwise existing at law or in equity, are agreed by the Depositor and the Holders to replace such other duties and liabilities of the Delaware Trustee or the Administrative Trustees, as the case may
be. 
  
 (b) All payments made by the Property Trustee in respect
of the Trust Securities shall be made only from the income and proceeds from the Trust Property and only to the extent that there shall be sufficient income or proceeds from the Trust Property to enable the Property Trustee to make payments in
accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for distribution to it as herein provided and that the
Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.01(b) does not limit the liability of the Trustees expressly set forth
elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the Trust Indenture Act. 
  
 (c) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
  
 (i) the Property Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in
ascertaining the pertinent facts; 
  

 35 

 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to the time, method and place of conducting any proceeding for any remedy available to
the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
  
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Convertible
Debentures and the Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the Property
Trustee under this Trust Agreement and the Trust Indenture Act; 
  
 (iv) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree with the Depositor and money held by the Property Trustee need not be segregated from other
funds held by it except in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.01 and except to the extent otherwise required by law; 
  
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative
Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the negligence, default or misconduct of the Administrative Trustees or the Depositor; and 
  
 (vi) no provision of this Trust Agreement shall require the
Property Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 (d) Notwithstanding anything contained in this Trust Agreement to the contrary, the duties and responsibilities of the Property Trustee under this Trust
Agreement shall be subject to the protections, exculpations and limitations on liability afforded to an indenture trustee under the provisions of the Trust Indenture Act. For the purposes of Sections 315(b) and 315(d)(2) of the Trust Indenture Act,
the term “responsible officer” is hereby defined as a Responsible Officer and the chairman or vice chairman of the board of directors, the president, any vice president, the secretary, any assistant secretary, the treasurer, any assistant
treasurer, the cashier, any assistant cashier, any trust officer or assistant trust officer, the controller and any assistant controller of the Property Trustee, or any other officer of the Property Trustee customarily performing functions similar
to those performed by a Responsible Officer or any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and
familiarity with the particular subject. 
  
 (e) Whether or not
therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Property Trustee shall be subject to the provisions of this Section. 
  
 SECTION 8.02 Certain Notices. 
  
 (a) Within five Business Days after the occurrence of the any Event of
Default actually known to the Property Trustee or, to the extent Section 3.15(b) of the Trust Indenture Act applies, 90 days after the occurrence of any default hereunder known to the Property Trustee, the Property Trustee 

  

 36 

 
shall transmit, in the manner and to the extent provided in 313(c) of the Trust Indenture Act, notice of such Event of Default or default to the Holders, the
Administrative Trustees and the Depositor, unless such Event of Default shall have been cured or waived. For the purpose of this Section 8.02, the term “default” means any event which is, or after notice or lapse of time or both would
become, an Event of Default. 
  
 (b) Within five Business Days
after the receipt of notice of the Depositor’s exercise of its right to defer the payment of interest on the Debentures pursuant to the Indenture, the Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8,
notice of such exercise to the Holders and the Administrators, unless such exercise shall have been revoked. 
  
 SECTION 8.03 Certain Rights of Property Trustee. Subject to the provisions of Section 8.01 and except as provided by law: 
  
 (i) the Property Trustee may rely and shall be protected in
acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (ii) if (A) in performing its duties under this Trust Agreement the Property Trustee is required to decide
between alternative courses of action, or (B) in construing any of the provisions in this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any other provisions contained herein, or (C) the Property Trustee is unsure
of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Holders of the Trust PIERS are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the
Depositor requesting written instructions of the Depositor as to the course of action to be taken. The Property Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to
refrain from taking, by the Depositor; provided, however, that if the Property Trustee does not receive such instructions of the Depositor within ten Business Days after it has delivered such notice, or such reasonably shorter period
of time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem
advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own negligence or willful misconduct; 
  
 (iii) the Property Trustee may consult with counsel of its selection and the written advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (iv) subject to Section 6.01(b), the Property Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee
security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; nothing contained herein shall, however, relieve the Property Trustee of the
obligation, upon the occurrence of any Event of Default (that has not been cured or waived) to exercise such of the rights and powers vested in it by this Trust Agreement, and to use the same degree of care and skill in their exercise as a prudent
person would exercise or use under the circumstances in the conduct of his or her own affairs; 
  

 37 

 (v) the Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other document, unless requested in writing to do so by one or more Holders; 
  
 (vi) the Property Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, provided that the Property Trustee shall be responsible for its own negligence or recklessness with respect to selection of any agent
or attorney appointed by it hereunder; 
  
 (vii)
any request or direction or act of the Depositor mentioned herein or contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate and any resolution of the Board of Directors may be sufficiently evidenced by
a Board Resolution; 
  
 (viii) whenever in the
administration of this Trust Agreement the Property Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 
  
 (ix) the Property Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Trust Agreement; 
  
 (x) the Property Trustee shall not be deemed to have notice or be charged with knowledge of any default or Event of Default unless a
Responsible Officer of the Property Trustee shall have received written notice thereof at the Corporate Trust Office of the Property Trustee from the Depositor, any Administrative Trustee, the Indenture Trustee or a Holder or has actual knowledge
thereof; 
  
 (xi) the rights, privileges,
protections, immunities and benefits given to the Property Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Property Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder; and 
  
 (xii) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any
rerecording, refilling or re-registration thereof. 
  
 SECTION
8.04 Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Trust, and the Trustees do not assume any responsibility for their
correctness. The Trustees shall not be accountable for the use or application by the Trust of the proceeds of the Trust Securities in accordance with Section 2.05. 
  
 The Property Trustee may conclusively assume that any funds held by it hereunder are legally available unless an officer of
the Property Trustee assigned to its Institutional Trust Services Department shall have received written notice from the Company, any Holder or any other Trustee that such funds are not legally available. 
  

 38 

 SECTION 8.05 May Hold Securities. Except as provided in the definition of the term
“Outstanding” in Article I, any Trustee or any other agent of the Trustees or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and may otherwise deal with the Trust with the same
rights it would have if it were not a Trustee or such other agent. 
  
 SECTION 8.06 Compensation; Fees; Indemnity. The Depositor agrees: 
  
 (i) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (ii) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and
advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of their agents and counsel), except any such expense, disbursement or
advance as may be attributable to their negligence or willful misconduct (or, in the case of the Administrative Trustees or the Delaware Trustee, any such expense, disbursement or advance as may be attributable to its, his or her gross negligence,
bad faith or willful misconduct); and 
  
 (iii)
to indemnify each of the Trustees (and any predecessor Trustees) for, and to hold the Trustees harmless against, any and all loss, damage, claims, liability or expense incurred without gross negligence or willful misconduct on its part arising out
of or in connection with the acceptance or administration of this Trust Agreement, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or
duties hereunder except any such expense, disbursement or advance as may be attributable to such Trustee’s gross negligence or willful misconduct (or, in the case of the Administrative Trustees or the Delaware Trustee, any such expense,
disbursement or advance as may be attributable to its, his or her gross negligence or willful misconduct). 
  
 The provisions of this Section 8.06 shall survive the termination of this Trust Agreement or the resignation or removal of any Trustee. 
  
 In addition to and without prejudice to its rights hereunder, when the
Property Trustee incurs expenses or renders services after a Bankruptcy Event with respect to the Depositor or the Trust occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
applicable federal or state bankruptcy, receivership, insolvency or similar law. 
  
 No trustee may claim any Lien or charge on any Trust Property as a result of any amount due pursuant to this Section 8.06. 
  
 SECTION 8.07 Trustees Required; Eligibility. 
  
 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be a Person that has a
combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Property Trustee with respect to the Trust Securities shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

 39 

 (b) There shall at all times be one or more Administrative Trustees hereunder with respect to the Trust
Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to bind such entity. 
  
 (c) There shall at all times be a Delaware Trustee with respect to the Trust
Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity authorized to conduct a trust business and with its principal place of business in
the State of Delaware that shall act through one or more persons authorized to bind such entity. 
  
 SECTION 8.08 Conflicting Interests. If the Property Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the
Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, Section 310(b) of the Trust Indenture Act and this Trust Agreement;
provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act (i) the Guarantee and (ii) any indenture or indentures under which other securities or certificates of interest or
participation in other securities of the Trust or the Depositor are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. Nothing herein shall preclude the Property Trustee from
submitting an application or applications contemplated by the second to the last paragraph of Section 310(b) of the Trust Indenture Act. 
  
 SECTION 8.09 Co-Trustees and Separate Trustee. 
  
 (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the
Trust Property may at the time be located, the Holder of the Common Securities and the Property Trustee shall have power to appoint, and upon the written request of the Property Trustee, the Depositor shall for such purpose join with the Property
Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any
part of such Trust Property, or to act as separate trustee of any such Trust Property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case an Event of
Default has occurred and is continuing, the Property Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. 
  
 (b) Should any written instrument from the Depositor be required by any
co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the
Depositor. 
  
 (c) Every co-trustee or separate trustee shall, to
the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
  
 (i) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the
custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees hereunder, shall be exercised, solely by the Trustees. 
  

 40 

 (ii) The rights, powers, duties, and obligations hereby conferred or imposed upon the
Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be
provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to
perform such act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee. 
  
 (iii) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may
accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any
such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and
agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section. 
  
 (iv) No co-trustee or separate trustee hereunder shall be
personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder. 
  
 (v) The Trustees shall not be liable by reason of any act of a co-trustee or separate trustee. 
  
 (vi) Any Act of Holders delivered to the Property Trustee
shall be deemed to have been delivered to each such co-trustee and separate trustee. 
  
 SECTION 8.10 Resignation and Removal; Appointment of Successor. 
  
 (a) No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Relevant Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Relevant Trustee in accordance with the applicable requirements of Section 8.11. 
  
 (b) The Relevant Trustee may resign at any time by giving written notice thereof to the Holders. If the instrument of
acceptance by a successor Relevant Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after the giving of such notice of resignation, the resigning Relevant Trustee may petition any court of
competent jurisdiction for the appointment of a successor Relevant Trustee. 
  
 (c) Unless an Event of Default shall have occurred and be continuing, the Relevant Trustee may be removed at any time by Act of the Holder of the Common Securities. If an Event of Default shall have occurred and be
continuing, the Relevant Trustee may be removed at such time by Act of the Holders of a majority in Liquidation Amount of the Trust PIERS, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). 
  
 (d) If the Relevant Trustee shall resign, be removed or become incapable of
continuing to act as Trustee at a time when no Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act of the Holder of the Common Securities delivered to the retiring Relevant Trustee, shall promptly
appoint a successor Relevant Trustee or Trustees, and the 

  

 41 

 
retiring Relevant Trustee shall comply with the applicable requirements of Section 8.11. If the Relevant Trustee shall resign, be removed or become incapable
of continuing to act as the Relevant Trustee at a time when an Event of Default shall have occurred and be continuing, the Holders of Trust PIERS, by Act of the Holders of a majority in Liquidation Amount of the Trust PIERS then outstanding
delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and the Relevant Trustee shall comply with the applicable requirements of Section 8.11. If no successor Relevant Trustee shall have been so
appointed in accordance with this Section 8.10 and accepted appointment in the manner required by Section 8.11, any Holder who has been a Holder of Trust Securities for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
  
 (e) The retiring Relevant Trustee shall give notice of each resignation and each removal of the Relevant Trustee, and each appointment of a successor
Trustee to all Holders in the manner provided in Section 10.07 and shall give notice to the Depositor. Each notice shall include the name of the successor Relevant Trustee and the address of its Corporate Trust Office if it is the Property Trustee.

  
 (f) Notwithstanding the foregoing or any other provision of
this Trust Agreement, in the event any Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (i) the act of
the remaining Administrative Trustee or (ii) otherwise by the Depositor (with the successor in each case being an individual who satisfies the eligibility requirement for Administrative Trustees set forth in Section 8.07). Additionally,
notwithstanding the foregoing or any other provision of this Trust Agreement, in the event the Depositor believes that any Administrative Trustee has become incompetent or incapacitated, the Depositor, by notice to the remaining Trustees, may
terminate the status of such Person as an Administrative Trustee (in which case the vacancy so created will be filled in accordance with the preceding sentence). 
  
 SECTION 8.11 Acceptance of Appointment by Successor. 
  
 (a) In case of the appointment hereunder of a successor Relevant Trustee, every such successor Relevant Trustee so appointed
shall execute, acknowledge and deliver to the Trust and to the retiring Relevant Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Relevant Trustee shall become effective and such successor
Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on the request of the Depositor or the successor Relevant Trustee, such retiring
Relevant Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Relevant Trustee all the rights, powers and trusts of the retiring Relevant Trustee and shall duly assign, transfer and deliver to
such successor Relevant Trustee all property and money held by such retiring Relevant Trustee hereunder. 
  
 (b) Upon request of any such successor Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the preceding paragraph. 
  
 (c) No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be qualified
and eligible under this Article. 
  
 SECTION 8.12 Merger,
Conversion, Consolidation or Succession to Business. Any Person into which the Property Trustee, Delaware Trustee or any Administrative Trustee which is not a natural person may be merged or converted or with which it may be consolidated, or any
Person resulting from 

  

 42 

 
any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or substantially all the corporate
trust business of such Relevant Trustee, shall be the successor of such Relevant Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. 
  
 SECTION 8.13
Preferential Collection of Claims Against Depositor or Trust. If and when the Property Trustee shall be or become a creditor of the Depositor or the Trust (or any other obligor upon the Convertible Debentures or the Trust Securities), the
Property Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or Trust (or any such other obligor). 
  
 SECTION 8.14 Reports by Property Trustee. 
  
 (a) Within 60 days after June 1 of each year commencing with June 1, 2004, if required by Section 313(a) of the Trust
Indenture Act, the Property Trustee shall transmit a brief report dated as of such June 1 with respect to any of the events specified in such Section 313(a) that may have occurred since the later of the date of this Trust Agreement or the preceding
June 1. 
  
 (b) The Property Trustee shall transmit to Holders the
reports required by Section 313(b) of the Trust Indenture Act at the times specified therein. 
  
 (c) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust Indenture Act. 
  
 SECTION 8.15 Reports to the Property Trustee. The Depositor and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee such documents, reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a)(4) of the Trust Indenture Act in the form and in
the manner required by Section 314 of the Trust Indenture Act. Delivery of such documents, reports and information are for information purposes only and the Property Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including compliance with any covenants hereunder (as to which the Property Trustee is entitled to rely exclusively on an Officers’ Certificate). 
  
 SECTION 8.16 Evidence of Compliance with Conditions Precedent. Each of
the Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given pursuant to Section 314(c)(1) of the Trust Indenture Act shall comply with Section 314(e) of the Trust Indenture Act. 
  
 SECTION 8.17 Number of Trustees. 
  
 (a) The number of Trustees shall initially be four, provided that the
Depositor by written instrument may increase or decrease the number of Administrative Trustees. 
  
 (b) If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or if the
number of Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
  

 43 

 (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the
duties of a Trustee shall not operate to annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.10, the
Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust Agreement), shall have all powers granted to the Administrative Trustees and shall discharge the duties imposed upon the
Administrative Trustees by this Trust Agreement. 
  
 SECTION 8.18
Delegation of Power. 
  
 (a) Any Administrative Trustee
may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 2.07(a)(i), including any registration statement or
amendment thereto filed with the Commission, or making any other governmental filing; and 
  
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number the doing of such things and the execution of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
  
 SECTION 8.19 Voting. Except as otherwise provided in this Trust
Agreement, the consent or approval of the Administrative Trustees shall require consent or approval by not less than a majority of the Administrative Trustees, unless there are only two, in which case both must consent. 
  
 SECTION 8.20 Enforcement of Rights of Property Trustee by Holders. If
an Event of Default occurs and is continuing, then the Holders of Trust PIERS will rely on the enforcement by the Property Trustee of its rights against the Depositor as the holder of the Convertible Debentures. In addition, the Holders of a
majority in aggregate Liquidation Amount of the Trust PIERS will have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Property Trustee or to direct the exercise of any trust or power
conferred upon the Property Trustee under this Trust Agreement, including the right to direct the Property Trustee to exercise the remedies available to it as a holder of the Convertible Debentures, provided that such direction shall not be in
conflict with any rule of law or with this Trust Agreement, and could not involve the Property Trustee in personal liability in circumstances where reasonable indemnity would not be adequate. If the Property Trustee fails to enforce its rights under
the Convertible Debentures, a Holder of Trust PIERS may, to the fullest extent permitted by applicable law, institute a legal proceeding against the Depositor to enforce its rights under this Trust Agreement without first instituting any legal
proceeding against the Property Trustee or any other Person, including the Trust; it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of
this Trust Agreement to affect, disturb or prejudice the rights of any other of such Holders or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Trust Agreement, except in the
manner herein provided and for the equal and ratable benefit of all such Holders. Notwithstanding the foregoing, a Holder of Trust PIERS may institute a legal proceeding directly against the Depositor, without first instituting a legal proceeding
against or requesting or directing that action be taken by the Property Trustee or any other Person, for enforcement of payment to such Holder of principal of or interest on the Convertible Debentures having a principal amount equal to the aggregate
stated liquidation amount of the Trust PIERS of such Holder on or after the due dates therefor specified or provided for in the Convertible Debentures. The Depositor shall be subrogated to all rights of the Holders of Trust PIERS in respect of any
amounts paid to such Holders by the Depositor pursuant to this Section 8.20. 
  

 44 

 ARTICLE IX 
  

TERMINATION, LIQUIDATION AND MERGER 
  
 SECTION 9.01 Termination Upon Expiration Date. The Trust shall automatically dissolve on June 15, 2033 (the “Expiration Date”) or
earlier pursuant to Section 9.02. 
  
 SECTION 9.02 Early
Termination. Upon the first to occur of any of the following events (such first occurrence, an “Early Termination Event”), the Trust shall be dissolved and terminated in accordance with the terms hereof: 
  
 (a) the occurrence of a Bankruptcy Event in respect of, or
the dissolution or liquidation of, the Depositor; 
  
 (b) the delivery of written direction to the Property Trustee by the Depositor at any time (which direction is optional and wholly within the discretion of the Depositor) to terminate the Trust and distribute the Convertible Debentures to
Holders as provided in Section 9.05; 
  
 (c) the
payment at maturity or redemption of all of the Convertible Debentures, and the consequent payment of the Trust PIERS; 
  
 (d) the entrance of an order for dissolution of the Trust shall have been entered by a court of competent jurisdiction; 
  
 (e) 90 days after the revocation of the Depositor’s
charter, but only if its charter is not reinstated during such 90-day period; 
  
 (f) when cash and, if applicable, shares of Common Stock are distributed upon conversion of all outstanding Trust PIERS; and 
  
 (g) if prior to the issuance of the Trust Securities, when the Depositor and the Administrative Trustees have consented to such
dissolution. 
  
 SECTION 9.03 Termination. The respective
obligations and responsibilities of the Trust and the Trustees created hereby shall terminate upon the latest to occur of the following: (a) the distribution by the Property Trustee to Holders upon the liquidation of the Trust pursuant to Section
9.05, or upon the redemption of all of the Trust Securities pursuant to Section 4.02, of all amounts or instruments required to be distributed hereunder upon the final payment of the Trust Securities; (b) the payment of any expenses owed by the
Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax reporting obligations with respect to the Trust or the Holders. 
  
 SECTION 9.04 Certificate of Cancellation. A certificate of
cancellation to terminate the Trust (as permitted hereby) may be signed by any Administrative Trustee, individually, in such capacity so long as such certificate fully complies with all legal requirements. 
  
 SECTION 9.05 Liquidation. 
  
 (a) If any Early Termination Event specified in clause (a), (b), (d) and (e)
of Section 9.02 occurs, the Trust shall be dissolved and the Property Trustee shall distribute the Convertible Debentures to the Holders as provided in this Section 9.05. Such dissolution and distribution shall be 

  

 45 

 
conditioned, however, on the Administrative Trustees’ receipt of an opinion of independent counsel to the effect that Holders will not recognize any
gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Convertible Debentures. 
  
 (b) In connection with a distribution of the Convertible Debentures, each Holder of Trust Securities shall be entitled to receive, after the satisfaction
of liabilities to creditors of the Trust (as evidenced by a certificate of the Administrative Trustees), a Like Amount of Convertible Debentures on a pro rata basis. Notice of liquidation shall be given by the Trustees by first-class mail, postage
prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All notices of liquidation shall: 
  
 (i) state the Liquidation Date; 
  
 (ii) state that from and after the Liquidation Date, the
Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Convertible Debentures; and 
  
 (iii) provide such information with respect to the mechanics
by which Holders may exchange Trust Securities Certificates for Convertible Debentures as the Administrative Trustees or the Property Trustee shall deem appropriate. 
  
 (c) In order to effect the liquidation of the Trust and distribution of the Convertible Debentures to Holders, the Property
Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish
such procedures as it shall deem appropriate to effect the distribution of Convertible Debentures in exchange for the Outstanding Trust Securities Certificates. 
  

(d) Except where Section 9.02(c), 9.02(f) or 9.05(f) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be
Outstanding, (ii) if the Trust Securities are represented by one or more global certificates, DTC or its nominee, as a record holder of Trust Securities, will receive a registered global certificate or certificates representing the Convertible
Debentures to be delivered upon liquidation of the Trust, (iii) any Trust Securities Certificates not held by DTC or its nominee will be deemed to represent a Like Amount of Convertible Debentures, bearing accrued and unpaid interest in an amount
equal to the accumulated and unpaid distribution on such Trust Securities, until such Trust Securities Certificates are presented for cancellation, whereupon the Depositor will issue to the Holder, and the Indenture Trustee will authenticate, a
certificate representing the such Convertible Debentures and (iv) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Convertible Debentures upon surrender of Trust Securities Certificates.

  
 (e) The Depositor will use its reasonable efforts to have the
Convertible Debentures that are distributed in exchange for the Trust PIERS to be listed on such securities exchange as the Trust PIERS are then listed. The Depositor may elect to have the Convertible Debentures issued in book-entry form to the
Clearing Agency or its nominee. 
  
 (f) In the event that,
notwithstanding the other provisions of this Section 9.05, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Convertible Debentures in the manner provided herein is determined
by the Administrative Trustees not to be practical, in which event the Holders will be entitled to receive out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors, an amount equal to the
Liquidation Amount per Trust Security plus accrued and unpaid Distributions, 

  

 46 

 
including Contingent Distributions, thereon to the date of payment (such amount being the “Liquidation Distribution”). If such Liquidation
Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid)
with Holders of Trust PIERS, except that, if an Event of Default has occurred and is continuing, the Trust PIERS shall have a priority over the Common Securities. 
  
 SECTION 9.06 Mergers and Consolidations of the Trust. The Trust may not consolidate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any corporation or other body, except pursuant to Sections 9.02 and 9.05. The Trust may at the request of the Company, with the consent of a majority
of the Administrative Trustees and without the consent of the Holders of the Trust Securities, the Delaware Trustee or the Property Trustee, consolidate, merge with or into, or be replaced by, or convey, or lease its properties or assets
substantially as an entirety to, another trust organized as such under the laws of any state; provided, that (i) such successor entity either (x) expressly assumes all of the obligations of the Trust with respect to the Trust Securities or
(y) substitutes for the Trust PIERS other securities having substantially the same terms as the Trust Securities (herein referred to as the “Successor Securities”) so long as the Successor Securities rank the same as the Trust
Securities rank in priority with respect to distributions and payments upon liquidation, redemption and otherwise, (ii) the Depositor expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee
as the holder of legal title to the Convertible Debentures, (iii) the Trust PIERS or any Successor Securities are listed, or any Successor Securities will be listed upon notification of issuance, on any national securities exchange or other
organization on which the Trust PIERS are then listed, (iv) such merger, consolidation or replacement does not cause the Trust PIERS (including any Successor Securities) to be downgraded by any nationally recognized rating, agency (v) such merger,
consolidation or replacement does not adversely affect the rights, preferences and privileges of the Holders of the Trust Securities (including any Successor Securities) in any material respect, other than with respect to any dilution of the
holders’ interest in the new entity, (vi) such successor entity has a purpose substantially identical to that of the Trust, (vii) prior to such merger, consolidation or replacement, the Depositor has received an Opinion of Counsel to the effect
that (A) such merger, consolidation or replacement does not adversely affect the rights, preferences and privileges of the Holders of the Trust Securities (including any Successor Securities) in any material respect, other than with respect to any
dilution of the Holders’ interest in the new entity, and (B) following such merger, consolidation or replacement, neither the Trust nor such successor entity will be required to register as an investment company under the Investment Company Act
of 1940, and (viii) the Depositor guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the foregoing, the Trust shall not, except with the consent of
Holders of 100% in Liquidation Amount of the Trust Securities, consolidate, merge with or into, or be replaced by any other entity or permit any other entity to consolidate, merge with or into, or replace it if, in the opinion of tax counsel, such
consolidation, merger or replacement would cause the Trust or the successor entity to be classified as other than a grantor trust for federal income tax purposes. 
  
 SECTION 9.07 Notification. The Delaware Trustee will be notified in writing of the completion of the winding up of
the Trust in accordance with the Statutory Trust Act and Section 9.03 hereof and the filing of the certificate of cancellation with the Secretary of State of the State of Delaware. 
  

 47 

 ARTICLE X 
  

MISCELLANEOUS PROVISIONS 
  
 SECTION 10.01 Limitation of Rights of Holders. The death or incapacity of any Person having an interest, beneficial or otherwise, in a Trust
Security shall not operate to terminate this Trust Agreement, nor entitle the legal representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take any action or bring any proceeding in and for a partition or
winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  
 SECTION 10.02 Amendment. 
  
 (a) This Trust Agreement may be amended from time to time by the Property Trustee and the Depositor, without the consent of any Holders, (i) to cure any
ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein, or to add to the covenants, restrictions or other obligations, or to make any other provisions with respect to matters or questions
arising under this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, or (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that
the Trust will not be classified as other than a grantor trust for United States federal income tax purposes at any time that any Trust Securities are outstanding, or to ensure that the Trust will not be required to register as an investment company
under the Investment Company Act of 1940, or to conform to any change in the Investment Company Act of 1940 or the Trust Indenture Act or the rules and regulations under either law; provided, however, that, except in the case of clause
(i), such action shall not adversely affect in any material respect the interests of any Holder, and any such amendments of this Trust Agreement shall become effective when notice thereof is given to the Holders. 
  
 (b) Except as provided in Section 10.02(c) hereof, any provision in this
Trust Agreement may be amended by the Trust or the Property Trustee with (i) the consent of Trust Holders representing a majority (based upon Liquidation Amounts) of the Trust Securities then Outstanding and (ii) receipt by the Property Trustee of
an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Property Trustee in accordance with such amendment will not affect the Trust’s status as a grantor trust for United States federal income tax
purposes or the Trust’s exemption from status of an “investment company” under the Investment Company Act of 1940, as amended. 
  
 (c) In addition to and notwithstanding any other provision in this Trust Agreement, without the consent of each affected Holder (such consent being
obtained in accordance with Section 6.03 hereof), this Trust Agreement may not be amended to (i) reduce the principal amount or the distribution rate or change the payment date or maturity of the Trust PIERS, (ii) restrict the right of a Holder to
institute suit for the enforcement of any such payment on or after such date, (iii) change the amount or timing of any distribution of the Trust PIERS or otherwise adversely affect the amount of any distribution required to be made in respect of the
Trust PIERS on a specified date, (iv) change the Holder’s right to have its Trust PIERS exchanged for Convertible Debentures and simultaneously have such Debt Security repurchased upon a Change of Control, (v) change the right of any Holder of
Trust PIERS to convert its Trust PIERS upon the occurrence of the events set forth in Section 4.03 and at the conversion ratio, as adjusted, or (vi) modify the provisions of this Section 10.02. Any amendment of the Trust Agreement will become
effective when notice of the amendment is given to the Holders; provided, however, that a majority in aggregate Liquidation Amount may consent to reduce the redemption notice period to not less than five days. 
  

 48 

 (d) Notwithstanding any other provisions of this Trust Agreement, the Property Trustee shall not enter
into or consent to any amendment to this Trust Agreement which would cause the Trust to fail or cease to qualify for the exemption from status of an “investment company” under the Investment Company Act of 1940, or cease to be classified
as a grantor trust for United States Federal income tax purposes. 
  
 (e) Without the consent of the Depositor, this Trust Agreement may not be amended in a manner which imposes any additional obligation on the Depositor. In executing any amendment permitted by this Trust Agreement, the Property Trustee shall
be entitled to receive, and (subject to Section 8.01) shall be fully protected in relying upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Trust Agreement. Any Property Trustee may, but shall
not be obligated to, enter into any such amendment which affects such Property Trustee’s own rights, duties, immunities or liabilities under this Trust Agreement or otherwise. 
  
 (f) In the event that any amendment to this Trust Agreement is made, the Administrative Trustees shall promptly provide to
the Depositor a copy of such amendment. 
  
 SECTION 10.03
Separability. In case any provision in this Trust Agreement or in the Trust Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
  
 SECTION 10.04 Governing
Law. THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS
OF THE STATE OF DELAWARE. 
  
 SECTION 10.05 Successors.
This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to both the Trust and the Trustees, including any successor by operation of law. 
  
 SECTION 10.06 Headings. The Article and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement. 
  
 SECTION 10.07 Notice
and Demand. Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may be given or served in writing by deposit thereof,
first-class postage prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (i) in the case of a Holder of Trust PIERS, to such Holder of Trust PIERS as such Holder’s name and address appear on the
Securities Register and (ii) in the case of the Common Holder or the Depositor, to Omnicare, Inc., 100 East RiverCenter Boulevard, Covington, Kentucky 41011, Attention: Corporate Secretary, Facsimile No. (859) 392-3360. Such notice, demand or other
communication to or upon a Holder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. 
  
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon the
Trust or the Trustees shall be given in writing addressed (until another address is published by the Trust) as follows: (i) with respect to the Property Trustee and the Delaware Trustee, JPMorgan Chase Bank, 4 New York Plaza, 15th Floor, New York,
New York 10004, Attention: Institutional Trust Services; Chase Manhattan Bank USA, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713, Attention: Institutional Trust Services, as the case may be; and
(ii) with respect to the Administrative Trustees, to them at the 

  

 49 

 
address above for notices to the Depositor, marked Attention: Administrative Trustees of Omnicare Capital Trust I c/o Corporate Secretary. Such notice,
demand or other communication to or upon the Trust or the Trustees shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the applicable Trustee. 
  
 SECTION 10.08 Conflict with Trust Indenture Act. 
  
 (a) This Trust Agreement is subject to the provisions of the Trust Indenture
Act that are required to be part of this Trustee Agreement and shall, to the extent applicable, be governed by such provisions. 
  
 (b) The Property Trustee shall be the only Trustee which is a Trustee for the purposes of the Trust Indenture Act. 
  
 (c) If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  
 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the nature of the Trust Securities
as equity securities representing undivided beneficial interests in the assets of the Trust. 
  
 THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL
ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE SUBORDINATED
INDENTURE AND THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THOSE TERMS AND PROVISIONS SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS. 
  

 50 

 IN WITNESS WHEREOF, the parties hereto have executed this Trust Agreement or have caused this Trust
Agreement to be executed on their behalf, all as of the day and year first above written. 
  

			
	 OMNICARE, INC., as Depositor

		
	 By:
	 	  

	 Name:
	 	 Joel F. Gemunder

	 Title:
	 	 President and Chief Executive Officer

	
	 JPMORGAN CHASE BANK, N.A.,

	     as Property Trustee

		
	 By:
	 	  

	 Name:
	 	 [Carol Ng]

	 Title:
	 	 [Vice President]

	
	 CHASE MANHATTAN BANK USA,

	     NATIONAL ASSOCIATION,

	     as Delaware Trustee

		
	 By:
	 	  

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

	
	

	 David W. Froesel, Jr.,

	     as Administrative Trustee

	
	

	 Thomas Marsh,

	     as Administrative Trustee

  

 51 

 EXHIBIT A 
  

EXHIBIT A 
  
 THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST 
 AGREEMENT REFERRED
TO HEREIN 
  
 Certificate Evidencing Common Securities 

 
 of 
  
 Omnicare Capital Trust II 
  
 Common Securities 
 (liquidation amount $50 per
Common Security) 
  
 Omnicare Capital Trust II, a statutory trust
formed under the laws of the State of Delaware (the “Trust”), hereby certifies that                      (the
“Holder”) is the registered owner of                      common securities of the Trust representing undivided beneficial
interests in the assets of the Trust designated the Common Securities (Liquidation Amount $50 per Common Security) (the “Common Securities”). Subject to the limitations in Section 5.12 of the Trust Agreement (as defined below), the
Common Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust dated as of
[                    ], 2005, as the same may be amended from time to time (the “Trust Agreement”). Capitalized terms used
but not defined herein shall have the meaning given them in the Trust Agreement. The Depositor will provide a copy of the Trust Agreement, the Guarantee Agreement and the Subordinated Indenture (including any supplemental indenture) to the Holder
without charge upon written request to the Depositor at its principal place of business. 
  
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder to the extent provided therein. 
  
 By acceptance hereof, the Holder agrees to treat, for United States federal income tax purposes, the Convertible Debentures
as indebtedness and the Common Securities as evidence of indirect beneficial ownership in the Convertible Debentures. 
  
  

 IN WITNESS WHEREOF, the Trust has executed this certificate this      day of
[            ], 2005. 
  

			
	 Omnicare Capital Trust II

		
	 By:
	 	  

	 Name:
	 	 
	 	 	 Administrative Trustee

  
 PROPERTY
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of
the Common Securities referred to in the within-mentioned Trust Agreement. 
  
 Dated: [                    ], 2005 
  

			
	JPMorgan Chase Bank, N.A., not in its individual capacity but solely as Property Trustee
		
	 By:
	 	  

	 	 	Authorized Officer

  

 A-2 

 [FORM OF REVERSE OF SECURITY] 
  
 Distributions payable on each Trust Common Security will be fixed at a rate per annum of 4.00% (the “Coupon
Rate”) of the Liquidation Amount of $50 per Trust Common Security, such rate being the rate of interest payable on the Convertible Debentures to be held by the Property Trustee. Distributions on the Trust Securities on each Distribution
Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, which shall be the close of business on (i) the Business Day prior to the relevant Distribution Date if the
Trust Common Securities are represented by book-entry certificates or (ii) if the Trust Common Securities are not in book-entry form and the Convertible Debentures are not in the form of a global certificate, the Depositor will have the right to
select record dates, which must be at least one business day before an interest payment date. Distributions payable on any Trust Common Securities that are not punctually paid on any distribution date will cease to be payable to the person in whose
name such Trust Common Securities are registered on the original record date, and such defaulted distribution will instead be payable to the person in whose name such Trust Common Securities are registered on the special record date or other
specified date determined in accordance with the Trust Agreement. A Distribution is payable only to the extent that payments are made in respect of the Convertible Debentures held by the Property Trustee and to the extent the Property Trustee has
funds on hand legally available therefor. 
  
 Distributions on the
Trust Common Securities shall be cumulative and shall accumulate from December 15, 2004 and will be payable quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2005, except as otherwise
described below. Distributions will be computed on the basis of a 360-day year consisting of twelve 30-day months; any period shorter than a full quarterly period will be computed on the basis of a 30-day month; and for any period less than a full
calendar month, the number of days elapsed in such month. 
  
 During any quarterly period from March 15 to June 14, June 15 to September 14, September 15 to December 14 or December 15 to March 14, commencing with the quarterly period beginning June 15, 2009, the Trust will also pay contingent
distributions (“Contingent Distributions”) of 0.125% of the average of the Trading Price of the Trust PIERS if the average of such Trading Prices for the five consecutive Trading Days ending on the second Trading Day preceding such
quarterly period equals 115% or more of the stated liquidation amount of the Trust PIERS. 
  
 As long as no Default in the payment of interest, including contingent interest, if any, on the Convertible Debentures has occurred and is continuing under the Subordinated Indenture, the Depositor has the right under
the Subordinated Indenture to defer payments of interest (other than contingent interest) by extending the interest payment period at any time and from time to time on the Debentures for a period not exceeding 20 consecutive calendar quarterly
periods, including the first such quarterly period during such extension period (each an “Extension Period”); provided that no Extension Period shall extend beyond the stated maturity date of the Convertible Debentures or any
redemption date therefor. As a consequence of such deferral, Distributions (other than Contingent Distributions) will also be deferred. Despite such deferral, quarterly Distributions will continue to accumulate with interest thereon (to the extent
permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Convertible Debentures) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any such Extension
Period, the Depositor may further defer payments of interest by further extending such Extension Period; provided that such Extension Period, together with all such previous and further extensions within such Extension Period, may not exceed
20 consecutive quarterly periods, including the first quarterly period during such Extension Period, extend beyond the stated maturity date of the Convertible Debentures or any redemption date therefor. Payments of accumulated Distributions will be
payable to Holders as they appear on the books and records of the Trust 

  

 A-3 

 
on the first record date after the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the
Depositor may commence a new Extension Period, subject to the above requirements. The payment of Contingent Distributions may not, under any circumstances, be subject to an Extension Period. 
  
 The Property Trustee may, at the direction of the Depositor, at any time
liquidate the Trust and cause the Debentures to be distributed to the holders of the Trust Securities in liquidation of the Trust or, simultaneously with any redemption of the Debentures, cause a Like Amount of the Trust Securities to be redeemed by
the Trust. 
  
 Under certain circumstances, the right of the
holders of the Common Securities shall be subordinate to the rights of the holders of the Trust PIERS, as provided in the Trust Agreement. 
  
 The Common Securities shall be redeemable as provided in the Trust Agreement. 
  

 A-4 

 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to: 
  
  

  
  

  
  

 (Insert assignee’s
social security or tax identification number) 
  
  

  
  

  
  

  
  

 (Insert address and zip code of assignee) 
  
 and irrevocably appoints 
  
  

  
  

  
  

  
 agent to transfer this Common Security Certificate on the books of the Trust. The agent may
substitute another to act for him or her. 
  
 Date:
                                        
                                        

  
 Signature:
                                        
                                 
 (Sign exactly as your name appears on the other side of this Common Security Certificate) 
  
 Signature Guarantee:*
                                        
                                        
         
  

	*	Signature must be guaranteed by an “eligible guarantor institution” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

 A-5 

 EXHIBIT B 
  

AGREEMENT AS TO EXPENSES AND LIABILITIES 
  
 THIS AGREEMENT AS TO EXPENSES AND LIABILITIES (this “Agreement”) is made as of
[                    ], 2005, between Omnicare, Inc., a Delaware corporation (the “Company”), and Omnicare Capital Trust II,
a Delaware Statutory Trust (the “Trust”). Capitalized terms used but not defined herein shall have the meanings given them in the Amended and Restated Trust Agreement of the Trust dated as of
[                    ], 2005 as the same may be amended from time to time (the “Trust Agreement”) 
  
 WHEREAS, the Trust intends to issue its Common Securities (the
“Common Securities”) to and receive Convertible Debentures from the Company and to issue and sell Omnicare Capital Trust II Series B 4% Trust PIERS (the “Trust PIERS”) with such powers, preferences and special
rights and restrictions as are set forth in the Trust Agreement; and 
  
 WHEREAS, the Company is the issuer of the Convertible Debentures. 
  
 NOW, THEREFORE, in consideration of the purchase by each Holder of the Trust PIERS, which purchase the Company hereby agrees shall benefit the Company and which purchase the Company acknowledges will be made in
reliance upon the execution and delivery of this Agreement, the Company and the Trust hereby agree as follows: 
  
 ARTICLE I 
  
 Section 1.01. Guarantee by the Company. Subject to the terms and conditions hereof, the Company hereby irrevocably and unconditionally guarantees to each person or entity to whom the Trust is now or hereafter becomes indebted or
liable (the “Beneficiaries”) the full payment, when and as due, of any and all Obligations (as hereinafter defined) to such Beneficiaries. As used herein, “Obligations” means any indebtedness, expenses or liabilities of
the Trust, other than obligations of the Trust to pay to Holders of any Trust PIERS or other similar interests in the Trust the amounts due such Holders pursuant to the terms of the Trust PIERS. This Agreement is intended to be for the benefit of,
and to be enforceable by, all such Beneficiaries, whether or not such Beneficiaries have received notice hereof. 
  
 Section 1.02. Term of Agreement. This Agreement shall terminate and be of no further force and effect upon the date on which there are no
Beneficiaries remaining; provided, however, that this Agreement shall continue to be effective or shall be reinstated, as the case may be, if at any time any Holder of Trust PIERS or any Beneficiary must restore payment of any sums
paid under the Trust PIERS, under any Obligation, under the Guarantee Agreement dated the date hereof by the Company and JPMorgan Chase Bank, as guarantee trustee, or under this Agreement for any reason whatsoever. Except as set forth in this
Section 1.02, this Agreement is continuing, irrevocable, unconditional and absolute. 
  
 Section 1.03. Waiver of Notice. The Company hereby waives notice of acceptance of this Agreement and of any Obligation to which it applies or may apply, and the Company hereby waives presentment, demand for
payment, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 

 Section 1.04. No Impairment. The obligations, covenants, agreements and duties of the Company
under this Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
  
 (a) the extension of time for the payment by the Trust of all or any portion of the Obligations or for the performance of any other obligation under,
arising out of, or in connection with, the Obligations; 
  
 (b)
any failure, omission, delay or lack of diligence on the part of the Beneficiaries to enforce, assert or exercise any right, privilege, power or remedy conferred on the Beneficiaries with respect to the Obligations or any action on the part of the
Trust granting indulgence or extension of any kind; or 
  
 (c) the
voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar
proceedings affecting, the Trust or any of the assets of the Trust. 
  
 There shall be no obligation of the Beneficiaries to give notice to, or obtain the consent of, the Company with respect to the happening of any of the foregoing. 
  
 Section 1.05. Enforcement. A Beneficiary may enforce this Agreement directly against the Company and the Company
waives any right or remedy to require that any action be brought against the Trust or any other person or entity before proceeding against the Company. 
  
 Section 1.06. Subrogation. The Company shall be subrogated to all rights (if any) of the Trust in respect of any amounts paid to the Beneficiaries
by Omnicare under this Agreement; provided, however, that the Company shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of subrogation or
any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Agreement. 
  
 ARTICLE II 
  
 Section 2.01. Binding Effect. All guarantees and agreements contained
in this Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Company and shall inure to the benefit of the Beneficiaries. 
  
 Section 2.02. Amendment. So long as there remains any Beneficiary or any Trust PIERS of any series are outstanding,
this Agreement shall not be modified or amended in any manner adverse to such Beneficiary or to the Holders of the Trust PIERS. 
  

 B-2 

 Section 2.03. Notices. Any notice, request or other communication required or permitted to be
given hereunder shall be given in writing by delivering the same against receipt therefor by facsimile transmission (confirmed by mail), telex or by registered or certified mail, addressed as follows (and if so given, shall be deemed given when
mailed or upon receipt of an answer-back, if sent by telex), to-wit: 
  
 Omnicare Capital Trust II 
 c/o Omnicare, Inc. 
 100 East RiverCenter Boulevard 
 Covington, Kentucky 41011 
 Facsimile No.: 859-392-3360 
 Attention: Secretary 
  
 Omnicare, Inc. 
 100 East RiverCenter Boulevard 
 Covington, Kentucky 41011 
 Facsimile No.: 859-392-3360 
 Attention: Secretary 
  
 Section
2.04. Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
  
 Section 2.05. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 THIS AGREEMENT is executed as of the date and year first above written. 
  

			
	 OMNICARE, INC.

		
	 By:
	 	  

	 	 	 Joel F. Gemunder

	 	 	 President and Chief Executive Officer

	
	 OMNICARE CAPITAL TRUST II

		
	 By:
	 	  

	 	 	 David W. Froesel, Jr.,

	 	 	     as Administrative Trustee

  

 B-3 

 EXHIBIT C 
  

EXHIBIT C 
  
 FORM OF TRUST PREFERRED EQUITY INCOME REDEEMABLE 
 SECURITIES CERTIFICATE

  
 [FORM OF FACE OF SECURITY] 
  
 [Include the following legend if the Trust PIERS is a Book-Entry Trust PIERS Certificate and
The Depository Trust Company is the Depositary] 
  
 [UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

			
	 Certificate Number
	 	Aggregate Liquidation      
	 	 	Amount:
                            

  
 CUSIP NO. 
  
 Certificate Evidencing Trust Preferred Equity Income Redeemable Securities

  
 of 
  
 Omnicare Capital Trust II 
  
 Trust Preferred Equity Income Redeemable Securities 
 (liquidation amount $50 per Preferred Security) 
  
 Omnicare Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that
                     (the “Holder”) is the registered owner of
[$             in aggregate liquidation amount of Trust Preferred Equity Income Redeemable Securities of the Trust](1)
[the aggregate Liquidation Amount of Trust Preferred Equity Income Redeemable Securities of the Trust specified in Schedule A hereto](2) representing undivided beneficial interests in the assets of the Trust
designated the Trust Preferred Equity Income Redeemable Securities (Liquidation Amount $50 per Trust PIERS) (the “Trust PIERS”). Subject to the Trust Agreement (as defined below), the Trust PIERS are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the
Trust PIERS represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust dated as of [            ],
2005, as the same may be amended from time to time (the “Trust Agreement”). Capitalized terms used but not defined herein shall have the meaning given them in the Trust Agreement. The Depositor will provide a copy of the Trust
Agreement, the Guarantee Agreement and the Subordinated Indenture (including any supplemental indenture) to the Holder without charge upon written request to the Trust at its principal place of business. 
  
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement
and is entitled to the benefits thereunder and to the benefits of the Guarantee Agreement to the extent provided therein. 
  
 [Include the following bracketed language if the Trust PIERS is in global form.] 
  
 [The aggregate stated Liquidation Amount of the Book-Entry Trust PIERS Certificate represented hereby may from time to time
be reduced to reflect conversions or redemptions of a part of this Book-Entry Trust PIERS Certificate or cancellations of a part of this Book-Entry Trust PIERS Certificate, in each case, and in any such case, by means of notations on the Global
Certificate Transfer Schedule on the last page hereof. Notwithstanding any provision of this Trust 

	1	Insert in Certificated Trust PIERS only. 

	2	Insert in Global Trust PIERS only. 

 
PIERS to the contrary, conversions or redemptions of a part of this Trust PIERS in global form and cancellations of a part of this Trust PIERS in global
form, may be effected without the surrendering of this Trust PIERS in global form; provided that appropriate notations on the Schedule of Exchanges, Conversions, Redemptions, Cancellations and Transfers are made by the Property Trustee or the
Clearing Agency at the direction of the Property Trustee, to reflect the appropriate reduction or increase, as the case may be, in the aggregate liquidation amount of this Trust PIERS in a global form resulting therefrom or as a consequence
thereof.] 
  
 By acceptance hereof, the Holder agrees to treat,
for United States federal income tax purposes, the Debentures as indebtedness and the Trust PIERS as evidence of indirect beneficial ownership in the Debentures. 

 IN WITNESS WHEREOF, the Trust has executed this certificate this
             day of [            ], 2005. 
  

			
	 Omnicare Capital Trust II

		
	 By:
	 	  

	 Name:
	 	 
	 Administrative Trustee

  
 PROPERTY
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of
the Trust PIERS referred to in the within-mentioned Trust Agreement. 
  
 Dated:
[            ], 2005 
  

			
	JPMorgan Chase Bank, N.A., not in its individual capacity but solely as Property Trustee
		
	 By:
	 	  

	 	 	Authorized Officer

 [FORM OF REVERSE OF SECURITY] 
  
 Distributions payable on each Trust PIERS will be fixed at a rate per annum of 4.00% (the “Coupon Rate”) of
the liquidation amount of $50 per Trust PIERS, such rate being the rate of interest payable on the Convertible Debentures to be held by the Property Trustee. Distributions on the Trust PIERS on each Distribution Date shall be payable to the Holders
thereof as they appear on the Securities Register for the Trust PIERS on the relevant record date, which shall be the close of business on (i) the Business Day prior to the relevant Distribution Date if the Trust PIERS are represented by Book-Entry
Trust PIERS Certificates or (ii) if the Trust PIERS do not remain in book-entry form and the Convertible Debentures are not in the form of a global certificate, the Depositor will have the right to select record dates, which must be at least one
business day before an interest payment date. Distributions payable on any Trust PIERS that are not punctually paid on any distribution date will cease to be payable to the person in whose name such Trust PIERS are registered on the original record
date, and such defaulted distribution will instead be payable to the person in whose name such Trust PIERS are registered on the special record date or other specified date determined in accordance with the Trust Agreement. A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property Trustee has funds on hand legally available therefor. 
  
 Distributions on the Trust PIERS shall be cumulative and shall accumulate from December 15, 2004 and will be payable
quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2005, except as otherwise described below. Distributions will be computed on the basis of a 360-day year consisting of twelve 30-day
months; any period shorter than a full quarterly period will be computed on the basis of a 30-day month; and for any period less than a full calendar month, the number of days elapsed in such month. 
  
 During any quarterly period from March 15 to June 14, June 15 to September
14, September 15 to December 14 or December 15 to March 14, commencing with the quarterly period beginning June 15, 2009, the Trust will also pay contingent distributions (“Contingent Distributions”) of 0.125% of the average of the
Trading Price of the Trust PIERS if the average of such Trading Prices for the five consecutive Trading Days ending on the second Trading Day preceding such quarterly period equals 115% or more of the stated liquidation amount of the Trust PIERS.

  
 As long as no Default in the payment of interest, including
contingent interest, if any, on the Convertible Debentures has occurred and is continuing under the Subordinated Indenture, the Depositor has the right under the Subordinated Indenture to defer payments of interest (other than contingent interest)
by extending the interest payment period at any time and from time to time on the Debentures for a period not exceeding 20 consecutive calendar quarterly periods, including the first such quarterly period during such extension period (each an
“Extension Period”); provided that no Extension Period shall extend beyond the stated maturity date of the Convertible Debentures or any redemption date therefor. As a consequence of such deferral, Distributions (other than
Contingent Distributions) will also be deferred. Despite such deferral, quarterly Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then
accruing on the Debentures) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any such Extension Period, the Depositor may further defer payments of interest by further extending such Extension
Period; provided that such Extension Period, together with 

 
all such previous and further extensions within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first quarterly period
during such Extension Period, extend beyond the stated maturity date of the Convertible Debentures or any redemption date therefor. Payments of accumulated Distributions will be payable to Holders as they appear on the books and records of the Trust
on the first record date after the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Depositor may commence a new Extension Period, subject to the above requirements. The payment
of Contingent Distributions may not, under any circumstances, be subject to an Extension Period. 
  
 The Property Trustee may, at the direction of the Depositor, at any time liquidate the Trust and cause the Convertible Debentures to be distributed to the
holders of the Trust Securities in liquidation of the Trust or, simultaneously with any redemption of the Convertible Debentures, cause a Like Amount of the Trust Securities to be redeemed by the Trust. 
  
 The Trust PIERS shall be redeemable as provided in the Trust Agreement. If a
Change of Control occurs, each holder of Trust PIERS will have the right to require the Depositor to purchase all or any part of that Holder’s Trust PIERS at a purchase price equal to 100% of the Trust PIERS repurchased plus accrued and unpaid
Distributions, including Contingent Distributions, if any, on the Trust PIERS repurchased, to the date of purchase on the terms and conditions set forth in the Trust Agreement. 
  
 SUBJECT TO AND UPON COMPLIANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT, THE TRUST PIERS ARE CONVERTIBLE,
AT THE OPTION OF THE HOLDER, AT ANY TIME ON AND AFTER THE OCCURRENCE OF ANY OF THE EVENTS DESCRIBED BELOW, AND BEFORE 5:00 PM, NEW YORK, NEW YORK TIME, ON THE BUSINESS DAY IMMEDIATELY PRECEDING THE DATE OF REPAYMENT OF SUCH TRUST PIERS, WHETHER AT
STATED MATURITY OR UPON REDEMPTION, INTO A CASH AMOUNT AND, IF APPLICABLE, FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK AT AN INITIAL CONVERSION RATIO OF 1.2248 SHARES OF COMMON STOCK FOR EACH $50 IN AGGREGATE PRINCIPAL AMOUNT OF TRUST PIERS
SUBJECT TO ADJUSTMENT. A HOLDER MAY CONVERT ANY PORTION OF THE LIQUIDATION AMOUNT OF THE TRUST PIERS INTO (A) A CASH AMOUNT EQUAL TO THE LESSER OF (I) THE AGGREGATE STATED LIQUIDATION AMOUNT OF THE TRUST PIERS TO BE CONVERTED OR (II) THE APPLICABLE
STOCK PRICE (AS DEFINED IN THE SUBORDINATED INDENTURE) MULTIPLIED BY THE CONVERSION RATIO THEN IN EFFECT (MULTIPLIED BY THE AGGREGATE STATED LIQUIDATION AMOUNT OF TRUST PIERS TO BE CONVERTED DIVIDED BY 50) AND (B) IF THE PRODUCT OF THE APPLICABLE
STOCK PRICE AND THE CONVERSION RATIO THEN IN EFFECT (MULTIPLIED BY THE AGGREGATE STATED LIQUIDATION AMOUNT OF TRUST PIERS TO BE CONVERTED DIVIDED BY 50) EXCEEDS THE AGGREGATE STATED LIQUIDATION AMOUNT OF THE TRUST PIERS TO BE CONVERTED, A NUMBER OF
SHARES OF COMMON STOCK EQUAL TO (I) THE AGGREGATE STATED LIQUIDATION AMOUNT OF TRUST PIERS TO BE CONVERTED DIVIDED BY $50 AND MULTIPLIED BY (II)(X) THE CONVERSION RATIO THEN IN EFFECT MINUS (Y) $50 DIVIDED BY THE APPLICABLE STOCK PRICE. 

 
UPON ANY EXERCISE OF SUCH CONVERSION RIGHT, THE CONVERSION AGENT SHALL EXCHANGE THE TRUST PIERS TO BE CONVERTED INTO CONVERTIBLE DEBENTURES ON THE BASIS OF
ONE TRUST PIERS PER $50 PRINCIPAL AMOUNT OF CONVERTIBLE DEBENTURES, AND IMMEDIATELY CONVERT SUCH AMOUNT OF CONVERTIBLE DEBENTURES INTO CASH AND, IF APPLICABLE, SHARES OF COMMON STOCK IN AN AMOUNT DETERMINED AS DESCRIBED IN THIS PARAGRAPH.

  
 Settlement in cash and, if applicable, shares of Common Stock
will occur on the second Trading Day following the final Trading Day of the 20 Trading Day period (the “Cash Settlement Averaging Period”) beginning on the Trading Day following the receipt by the Property Trustee of a Holder’s
conversion notice; provided that, such conversion notice satisfies the requirements set forth in the Trust Agreement and that all other conversion requirements described therein have been satisfied; provided further that, if a Holder submits such
conversion notice during the period beginning 25 Trading Days preceding the maturity date of the Convertible Debentures and ending one Trading Day preceding such maturity date, then the Cash Settlement Averaging Period will be the 20 Trading Day
period ending on the second Trading Day preceding such maturity date; provided further that, if the Convertible Debentures have been called for redemption, the Cash Settlement Averaging Period will be the 20 Trading Day period ending on the second
Trading Day preceding the Redemption Date. Such day will be the 22nd Trading Day following the Property Trustee’s receipt of a Holder’s conversion notice (assuming the Holder has satisfied all conversion requirements, including the valid
delivery of the conversion notice), unless (i) the conversion is in connection with a redemption, in which case the settlement day will be the redemption date or (ii) a Holder submits a conversion notice during the period beginning 25 Trading Days
preceding the maturity date and ending one Trading Day preceding the maturity date, in which case the settlement day will be the maturity date. 
  
 A Holder’s right to convert its Trust PIERS will arise only upon the occurrence of any of the following: 
  
 Conversion Rights Based on Common Stock Price. If, as
of the last day of any calendar quarter beginning with the quarter ending March 31, 2005, the Closing Sale Price of the Common Stock on each of at least 20 Trading Days in a period of 30 consecutive Trading Days ending on the last Trading Day of
such quarter is more than 130% of the Conversion Price in effect on the last day of such calendar quarter, then on and after the first day of the following calendar quarter (and only during such following calendar quarter), Holders may surrender
their Trust PIERS for conversion into shares of Common Stock at any time at their option until 5:00 p.m., New York, New York time, on the Business Day immediately preceding the Stated Maturity or earlier Redemption Date. 
  
 Conversion Rights Based on Notice of Redemption. A
Holder may surrender for conversion a Trust PIERS that has been called for redemption at any time prior to 5:00 p.m., New York, New York time, on the day that is two Business Days immediately preceding the date of redemption, even if such Trust
PIERS is not otherwise convertible at that time. 
  
 Conversion Rights Based on Trust PIERS Trading Price. Holders may also surrender a Trust PIERS for conversion during the five-Business-Day period following any 10-consecutive-Trading-Day period in which the average of the Trading
Prices for the Trust PIERS for such 10-Trading-Day period is less than a Specified Trigger 

 
Percentage (as defined below) of the average of the Conversion Values (as defined below) for the Trust PIERS for each day during such period. The
“Specified Trigger Percentage” shall be 105% for any 10-Trading-Day period that ends before June 15, 2028 and 98% for any 10-Trading-Day period ending on or after that date. “Conversion Value” is equal to the product of the sale
price of Common Stock on a given day multiplied by the then-current Conversion Ratio. 
  
 Conversion Rights Based on Occurrence of Certain Corporate Transactions. 
  
 If: 
  

	 	(a)	the Company shall distribute to all holders of its Common Stock rights or warrants entitling such holders to subscribe for or purchase, for a period expiring within 60 days of the
date of any such distribution, Common Stock at a price per share less than the Trading Price of the Common Stock on the Trading Day immediately preceding the date of the announcement of such distribution; 

  

	 	(b)	the Company elects to distribute to all holders of its Common Stock cash or other assets, debt securities or rights or warrants to purchase its securities, which distribution has a
per share value (as determined by the Company’s Board of Directors) exceeding 10% of the Trading Price of Common Stock on the Business Day preceding the declaration date for the distribution; or 

  

	 	(c)	a Change of Control would have occurred but holders of Trust PIERS do not have the right to require the Company to repurchase their Trust PIERS as a result of such Change of Control
because either (1) the trading price of Common Stock during the period described in clause (x) of the definition of “Change of Control” set forth in the Trust Agreement equals or exceeds the level specified in such definition or (2) the
consideration received in such Change of Control consists of common stock that is freely tradable and the Trust PIERS become convertible into such common stock (as described in clause (y) of the definition of “Change of Control” set forth
in the Trust Agreement), 

  
 then the Company shall
be required to notify the Holders of the Trust PIERS at least 20 days prior to the ex-dividend date for the distribution or within 30 days of the occurrence of the Change of Control, as the case may be. Once the Company has given such notice,
Holders may surrender their Trust PIERS for conversion at any time until either (a) the earlier of the close of business on the Business Day immediately prior to the ex-dividend date and the date on which the Company announces that the distribution
will not take place, in the case of a distribution or (b) 30 days after the date of the Change of Control notice, in the case of a Change of Control. A Holder will not have the right to convert Trust PIERS as a result of a distribution if the Holder
has rights to participate, or will have such rights, in the distribution without conversion. 
  
 In addition, if the Depositor is party to a consolidation, merger or binding share exchange pursuant to which Common Stock will be
converted into cash, securities or other property, or if the Company sells, transfers or leases all or substantially all of its assets (each of which is referred to herein as a “Business Consolidation Transaction”), a Holder may
convert Trust PIERS at any time from and after the date which is 15 days prior to the anticipated effective date of such Business Consolidation Transaction until 15 days after the effective date of such Business Consolidation Transaction. At and
after the effective time of a Business Consolidation Transaction, the right to convert a Trust PIERS 

 
into cash and, if applicable, Common Stock will be changed into a right to convert the Trust PIERS into cash and, if applicable, the kind and amount of cash,
securities or other property which the Holder would have received if the Holder had converted such Trust PIERS immediately prior to the Business Consolidation Transaction. Such adjustment would be made assuming the Holders did not exercise any
rights of election as to the kind or amount of consideration receivable. The Company shall not become a party to any such transaction unless its terms are consistent with the conversion rights described in this paragraph. 
  
 A Holder may not exercise conversion rights in respect of any Trust PIERS in
respect of which such Holder is exercising its option to require redemption upon a Change of Control pursuant to Section 3.01 of the Third Supplemental Indenture to the Subordinated Indenture. The Trust PIERS shall be subject to the further
provisions relating to conversion set forth in the Trust Agreement and the Subordinated Indenture. 

 CONVERSION REQUEST 
  

	To:	JP Morgan Chase Bank, N.A., 

 as Property
Trustee of 
 Omnicare Capital Trust II 
  
 The undersigned owner of these Trust PIERS hereby irrevocably exercises the option to convert these Trust PIERS, or the
portion below designated, into cash and, if applicable, Common Stock (as such term is defined in the Indenture, dated June 13, 2003, between Omnicare, Inc. and SunTrust Bank, as Trustee, as supplemented by the Third Supplemental Indenture, dated
[            ], 2005 (the “Subordinated Indenture”) in accordance with the terms of the Indenture and the Amended and Restated Trust Agreement (as amended from time
to time, the “Trust Agreement”), dated as of [            ], 2005, by David W. Froesel, Jr. and Thomas Marsh, as Administrative Trustees, Chase Manhattan Bank USA,
National Association, as Delaware Trustee, JPMorgan Chase Bank, N.A., as Property Trustee, Omnicare, Inc., as Depositor, and by the Holders, from time to time, of undivided beneficial interests in the assets of the Trust to be issued pursuant to the
Trust Agreement. Pursuant to the aforementioned exercise of the option to convert these Trust PIERS, the undersigned hereby directs the Conversion Agent (as that term is defined in the Trust Agreement) to (i) exchange such Trust PIERS for a cash
amount and, if applicable, a portion of the Convertible Debentures (as that term is defined in the Trust Agreement) held by the Trust (at the rate of exchange specified in Trust Agreement and the Subordinated Indenture) and (ii) immediately convert
such Convertible Debentures on behalf of the undersigned, into a cash amount and, if applicable, Common Stock (at the Conversion Ratio as set forth in the Terms Agreement and the Indenture). 
  
 The undersigned does also hereby direct the Conversion Agent to wire transfer
in immediately available funds the cash amount and any cash in lieu of fractional shares together with shares, if any, issuable and deliverable upon conversion to the account of the DTC participant identified below, unless a different name has been
indicated in the assignment below. If the shares, if any, are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. 
  
 Date:
                             
  
 Number of Trust PIERS to be converted:
                     
  
 If a name or names other than the undersigned, please indicate in the spaces below the name or names in which the cash amount and, if applicable, shares of Common Stock
are to be issued, along with the address or addresses of such person or persons. 
  
 ___________________________ 
 ___________________________ 
 ___________________________ 
  
 (Sign exactly as your name appears on the
other side of this Trust PIERS certificate) (for conversion of Definitive Trust PIERS Certificate only) 
  
 DTC Participant No.:                      

 Please print or Typewrite Name and Address, Including Zip Code, and Social Security or Other Identifying Number.

  
 ___________________________ 
 ___________________________ 
 ___________________________ 
  
 Signature
Guarantee:*                                      
                        

	*	Signature must be guaranteed by an “eligible guarantor institution” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

	

	

	

	

	

	

	

	

 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Trust PIERS Certificate to: 
  

  

  

 (Insert assignee’s
social security or tax identification number) 
  

  

  

  

 (Insert address and zip code
of assignee) 
  
 and irrevocably appoints 
  

  

  

 agent to transfer this
Trust PIERS Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  
 Date:                                    
                                        
     
  
 Signature:                                   
                                      
 (Sign exactly as your name appears on the other side of this Trust PIERS Certificate) 
  
 Signature Guarantee:*
                                       
                                         

	*	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities and Exchange Act of 1934, as amended. 

 Schedule A 
  
 Global Certificate Transfer Schedule 
  
 Changes to Principal Amount of Global Security 
  

							
	 Date

	 	 Principal Amount of
 Securities by which this
 Global Security Is to Be
 Reduced and Reason for
 Reduction

	 	 Remaining Principal
 Amount of this Global
 Security (following
 decrease)

	  	 Authorized Signature of
 officer of Property Trustee
 or Clearing Agency

	 	 	 	 	 	  	 
	 	 	 	 	 	  	 
	 	 	 	 	 	  	 
	 	 	 	 	 	  	 

  
 Schedule to be maintained by Property
Trustee or Clearing Agency in cooperation with Property Trustee, as applicable.

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