Document:

Exhibit 10.2

Exhibit 10.2

STATE OF OHIO

DIVISION OF FINANCIAL INSTITUTIONS

COLUMBUS, OHIO

Written Agreement by and among

DELAWARE COUNTY BANK & TRUST COMPANY

Lewis Center, Ohio

and

STATE OF OHIO

DIVISION OF FINANCIAL INSTITUTIONS

Columbus, Ohio

WHEREAS, pursuant to Section 1121.02 of the Ohio Revised Code, the Superintendent of the
Division of Financial Institutions (the “Division”) has the duty to supervise and regulate banks
chartered under the laws of the State of Ohio and in recognition of its goal to maintain the
financial soundness of Delaware County Bank & Trust Company, Lewis Center, Ohio (the “Bank”), an
Ohio-chartered commercial bank, the Division has agreed to enter into this Written Agreement (the
“Agreement”) with the Bank; and

WHEREAS, without admitting or denying any allegations of unsafe or unsound banking practices,
and without admitting or denying any violations of law, rule or regulation, the board of directors
of the Bank (the “Board”) on behalf of the Bank hereby consent to and execute this Agreement, which
includes consenting to compliance with each and every provision of this Agreement by the Bank and
its regulated persons, as defined in Ohio Revised Code §
1121.01(B).

 

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NOW, THEREFORE, the Bank and the Division agree as follows:

Board Oversight/Management

1. Within sixty (60) days of the date this Agreement is executed and served upon the
Bank (hereinafter the “Effective Date”), the Bank shall have and retain qualified
management, which shall include an evaluation by the Board of the Bank’s financial accounting
staffing needs and the Board taking any necessary action to adequately staff the Bank with
qualified, experienced personnel. Management shall be provided the necessary written authority to
implement the provisions of this Agreement. The qualifications of management shall be assessed on
the ability to:

(a) Comply with the requirements of this Agreement;

(b) Operate the Bank in a safe and sound manner;

(c) Comply with applicable laws, rules, and regulations; and

(d) Restore all aspects of the Bank to a safe and sound condition, including capital
adequacy, asset quality, management effectiveness, earnings, liquidity, and
sensitivity to interest rate risk.

2. (a) In appointing any new director or senior executive officer, or changing the
responsibilities of any senior executive officer so that the officer would assume a different
senior executive officer position, the Bank shall provide written notice to the Division. For
purposes of this Agreement, such notice shall comply with the notice provisions of section 32 of
the FDI Act (12 U.S.C. § 1831i) and Subpart H of Regulation Y of the Board of Governors (12 C.F.R.
§§ 225.71 et seq.). The Bank shall not appoint any individual to its board of directors or employ
or change the responsibilities of any individual as a senior executive officer if the Division
notifies the Bank of disapproval within the time limits prescribed by Subpart 1-1 of Regulation Y.

(b) The Bank shall comply with the restrictions on indemnification set forth in Ohio Revised
Code § 1701.13(E). The Bank shall further comply with any additional restrictions on
indemnification and severance payments set forth in section 18(k) of the FDI Act (12 U.S.C. §
1828(k)) and Part 359 of the Federal Deposit Insurance Corporation’s regulations (12 C.F.R. Part
359) and remain vigilant of any concerns related to indemnification and severance that may
impact the safety and soundness of the Bank.

 

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Affiliate Transactions

3. The Bank shall ensure that it complies with Ohio Revised Code §§ 1109.53 through 1109.56
and Sections 23A and 23B of the Federal Reserve Act, 12 U.S.C.
§§ 371c and 371c-1 regarding
appropriate transactions with affiliates.

4. Within sixty (60) days of the Effective Date of this Agreement, the board shall receive
training regarding laws and regulations governing transactions with affiliates. The Board shall
submit written certification evidencing this training to the Division by December 31, 2010.

Financial Reporting and Recordkeeping

5. The Bank shall ensure that it has corrected and that it maintains accurate accounting and
reporting in accordance with Generally Accepted Accounting Principles (“GAAP”) and other regulatory
guidance, including but not limited to compliance with Ohio Revised Code §§ 1109.53 through 1109.56
and Sections 23A and 23B of the Federal Reserve Act, 12 U.S.C. §§ 371c and 371c-1 regarding
appropriate transactions with affiliates.

Audit

6. (a) Within sixty (60) days from the Effective Date of this Agreement, the
Board shall execute an engagement letter to hire an accounting firm to complete an audit of the
intercompany accounts between and among the Bank, DCB Financial, DataTasx and DCB Title Services,
LLC (the “Intercompany Audit”). Within sixty (60) days from the date of the execution of the
engagement letter with the accounting firm, the Bank shall have the Intercompany Audit completed.
At a minimum, the Intercompany Audit should include a thorough review of the appropriateness of
accounting methods and procedures used to allocate revenue and expenses among the Bank’s
affiliated organizations a reconcilement
of intercompany accounts for 2009 and 2010. The Bank’s practices and procedures reviewed in
the Intercompany Audit should be in accordance with GAAP and regulatory guidance. The results of
the Intercompany Audit shall be sent to the Division within five (5) days of receipt by the Bank.

 

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(b) Within thirty (30) days of the date the Bank receives the Intercompany Audit, the
Bank shall make the appropriate adjustments to the Bank’s balance sheet or income statement to
reflect the appropriate accounting treatment according to the findings in the Intercompany Audit.

Asset Improvement

7. (a) Within sixty (60) days of the Effective Date of this Agreement, the Bank shall submit
to the Division an acceptable written plan designed to improve the Bank’s position through
repayment, amortization, liquidation, additional collateral, or other means on each loan or other
asset in excess of two hundred fifty thousand dollars ($250,000) including Other Real Estate Owned
(“OREO”) (“Asset Improvement Plans”), that:

(i) Is past due as to principal or interest more than thirty (30) days as of the date of this Agreement;

(ii) Is on the Bank’s problem loan list; or

(iii) Was adversely classified in the Report of Examination.

(b) In developing the Asset Improvement Plan for each loan, the Bank shall, at a minimum,
review, analyze, and document the financial position of the borrower, including source of
repayment, repayment ability, and alternative repayment sources, as well as the value and
accessibility of any pledged or assigned collateral, and any possible actions to improve the Bank’s
collateral position.

 

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(c) The Bank shall subsequently prepare an Asset Improvement Plan within
thirty (30) days of the date that any additional loan or other asset in excess of
$250,000, including OREO, that:

(i) Is a past due loan as to principal or interest for more than thirty
(30) days;

(ii) Is a loan on the Bank’s problem loan list; or

(iii) Is a loan adversely classified in any subsequent Report of
Examination of the Bank.

(d) Within thirty (30) days after the end of each calendar quarter after the initial Asset
Improvement Plans, the Bank shall submit a written progress report to the Division to update each
Asset Improvement Plan. The progress reports shall include, at a minimum, the following
information:

(i) The carrying value of the loan or other asset;

(ii) Changes in the nature and value of supporting collateral;

(iii) A copy of the Bank’s current problem loan list;

(iv) The Bank’s extension report; and

(v) The Bank’s past due/non-accrual report.

The Board shall review the Asset Improvement Plan progress reports before submission to the
Division and shall document the review of these reports in the monthly Board meeting minutes.

(e) As of the Effective Date of this Agreement, the Bank shall not extend, directly or
indirectly, any additional credit to, or for the benefit of, any borrower who is already obligated
in any manner to the Bank on any extensions of credit (including any portion thereof) that has
been charged off the books of the Bank or classified “Loss” in the Report of Examination, so long
as such credit remains uncollected.

 

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(f) As of the Effective Date of this Agreement, the Bank shall not extend, directly or
indirectly, any additional credit to, or for the benefit of, any borrower whose loan or other
credit has been classified “Substandard”, “Doubtful”, or is listed as Special Mention in the Report
of Examination, and is uncollected unless the Board has adopted, prior to such extension of credit,
a detailed written statement giving the reasons why such extension of credit is in the best
interest of the Bank. A copy of the statement shall be signed by each Director, and incorporated
in the minutes of the applicable Board meeting. A copy of the statement shall be placed in the
appropriate loan file.

(g) Within sixty (60) days from the Effective Date of this Agreement, the Bank shall formulate
adopt and implement a written plan to manage in a safe and sound manner each of the concentrations
of credit identified in the Report of Examination. At a minimum the plan must provide for written
procedures for the ongoing measurement and monitoring of the concentrations of credit, and a limit
on concentrations commensurate with the Bank’s capital position, safe and sound banking practices,
and the overall risk profile of the Bank.

Allowance for Loan and Lease Losses

8. (a) On a quarterly basis, the Board shall review the adequacy of the Bank’s allowance for
loan and lease losses (“ALLL”), provide for an adequate ALLL and accurately report the same. The
minutes of the Board meeting at which such review is undertaken shall indicate the findings of
the review, the amount of increase in the ALLL recommended, if any, and the basis for
determination of the amount of ALLL provided. In making these determinations, the Board shall
consider regulatory reporting instructions and relevant supervisory guidance, including the
Interagency Policy Statements on the Allowance for Loan and Lease Losses, dated July 2, 2001 and
December 13, 2006 and any analysis of the Bank’s ALLL provided by the Division. The Bank shall
have an ongoing obligation to provide for an adequate ALLL and accurately report same until this
Agreement is terminated.

 

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(b) ALLL entries required by paragraph eight (8) shall be made prior to any capital
determinations required by this Agreement.

Capital Plan

9. (a) Within ninety (90) days of the Effective Date of this Agreement, the Bank shall
attain a minimum nine percent (9%) Tier 1 capital ratio. The Bank’s Tier 1 capital ratio shall
remain above nine percent (9%) at all times while this Agreement is in effect.

(b) If, while this Agreement is in effect, the Bank increases capital by the sale of new
securities, the Board shall adopt and implement a plan for the sale of such additional securities,
including the voting of any shares owned or proxies held by or controlled by them in favor of said
plan. Should the implementation of the plan involve public distribution of Bank securities,
including a distribution limited only to the Bank’s existing shareholders, the Bank shall prepare
detailed offering materials fully describing the securities being offered, including an accurate
description of the financial condition of the Bank and the circumstances giving rise to the
offering, and other material disclosures necessary to comply with Federal securities laws. Prior to
the implementation of the plan and, in any event, not less than 20 days prior to the dissemination
of such materials, the materials used in the sale of the securities shall be submitted to the
Division for review. Any changes requested to be made in the materials by the Division shall be
made prior to their dissemination.

10. In the event any of the Bank’s Tier 1 capital ratios fall below nine percent (9%) while
this Agreement is in effect, the Bank shall notify the Division in writing no more than thirty (30)
days after the end of any quarter during which any capital ratio falls below this required
percentage. Contemporaneously with the notification, the Bank shall submit an acceptable written
plan detailing the Bank’s plan to increase the capital ratio at or above nine percent (9%).

 

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Strategic Plan and Budget

11. (a) Within sixty (60) days of the Effective Date of this Agreement, the Bank shall
submit a strategic plan to the Division to improve the Bank’s financial condition and earnings (the
“Strategic Plan”). The Strategic Plan shall include, but
not be limited to the following:

(i) Identification of the major areas where, and means by which, the Board
will seek to improve the Bank’s operating performance;

(ii) An overview of the strategies that will be used to improve the Bank’s
areas of operating performance designated by the Board, including but not limited
to strategies for pricing policies and asset/liability management, as well as
financial goals, including pro forma statements for asset growth, capital adequacy,
and earnings;

(iii) A realistic and comprehensive budget for calendar years 2011 and 2012,
including income statement and balance sheet projections; and

(iv) A description of the operating assumptions that form the basis for, and adequately
support, major projected income, expense, and balance sheet
components.

(b) Thereafter, for
each calendar year that this Agreement is in effect, the Bank shall submit a Strategic Plan to the
Division at least thirty (30) days prior to the beginning of the calendar year.

Dividends

12. (a) The Bank shall not declare or pay any dividends without the prior written
approval of the Division as required under Section 1107.15 of Ohio Revised Code.

(b) The Bank shall submit all requests for prior approval of dividends at least thirty (30)
days prior to the proposed dividend declaration date. All dividend requests shall include current
and projected information, as appropriate, on the Bank’s capital, asset quality,
earnings and ALLL needs. The request shall also identify the source(s) of funds for the
proposed payment or distribution and any other information necessary for the Division to consider
the Bank’s request.

 

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Liquidity

13. (a) On or before December 31, 2010, the Bank shall submit a written plan to the Division
detailing plans to reduce reliance on public funds and brokered deposits, as well as a contingency
funding strategy that conforms to guidance in the FDIC’s Financial Institution Letter (“FIL”)
84-2008, Liquidity Risk Management, and FIL 13-2010, Funding and Liquidity Risk Management
(“Liquidity Plan”).

(b) The contingency funding strategy identified in the Liquidity Plan should, at
minimum:

(i) Define responsibilities and decision-making
authority;

(ii) Include an assessment of possible liquidity events;

(iii) Detail how management will monitor for liquidity events, typically
through stress testing of various scenarios;

(iv) Assess the potential for triggering restrictions on access to brokered
and high cost deposits;

(v) Identify back-up facilities, conditions and limitations to their use,
and circumstances where the Bank might use such facilities; and

(vi) Ensure access is readily available to back-up facilities.

 

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Compliance with the Agreement

14. (a) Within ten (10) days of the Effective Date of this Agreement, the Board shall
appoint a committee to monitor and coordinate the Bank’s compliance with the provisions of this
Agreement (“Compliance Committee”). The Compliance Committee shall be comprised of a majority of
outside directors who are not executive officers or principal shareholders of the Bank, as defined
in sections 215.2(e)(l) and 215.2(m)(l) of Regulation 0 of the Board of Governors (12 C.F.R. §§
215.2(e)(I) and 215.2(m)(I)). The Compliance Committee shall meet monthly, or more often as
necessary, prepare detailed minutes of each committee meeting, and report its findings to the Board
on a monthly basis.

(b) The Bank shall submit written progress reports to the Division detailing the form and
manner of all actions taken to secure compliance with this Agreement and the results thereof within
thirty (30) days after the end of each calendar quarter following the date of this Agreement.

Approval and Implementation of Plans and Programs

15. (a) The Bank and, as applicable, shall submit all written plans required by this
Agreement that are acceptable to the Division within the applicable time periods set forth in this
Agreement.

(b) Within ten (10) days of approval by the Division, the Bank shall adopt the approved plans
and program. Upon adoption, the Bank shall promptly implement the approved plans and programs and
thereafter fully comply with them.

(c) During the term of this Agreement, the approved plans and programs shall not be amended or
rescinded without the prior written approval of the Division.

 

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Communications

16. All communications regarding this Agreement shall be sent to:

	 	(a)	 	Carolyn
L. Bradford

Superintendent

Ohio Division of Financial Institutions

77 S. High Street, 21st Floor

Columbus, Ohio 43215-6120

	 
	 	(b)	 	David Folkwein

Interim President and CEO

Delaware County Bank & Trust Company

110 Riverbend Avenue

Lewis Center, Ohio 43035

Miscellaneous

17. Notwithstanding any provision of this Agreement, the Division may, in its sole
discretion, grant written extensions of time to the Bank to comply with any provision of this
Agreement.

18. The provisions of this Agreement shall be binding upon the Bank and its successors and
assigns. Failure to comply with this Agreement could result in further supervisory action against
the bank and or any of its regulated persons, including but not limited to the issuance of a cease
and desist order pursuant to Section 1121.32 of the Ohio Revised Code, removal from office in
accordance with Sections 1121.33 and/or 1121.34 of the Ohio Revised Code and/or civil monetary
penalties. Pursuant to Ohio Revised Code § 1121.35, the Division has authority to order that the
Bank pay a civil penalty of not more than five thousand dollars ($5,000) per day for each day the
Bank fails to comply with the terms of this Agreement. The Division may also order any regulated
person, including members of the board of directors, to pay a civil
penalty.

 

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Pursuant
to Ohio Revised Code Section 1121.35(A)(1)(d), the Division has the authority to
order the Bank and any regulated person, including members of the board of directors, to pay a
civil penalty of not more than five thousand dollars ($5,000) per day for each day the Bank and/or
the
regulated person fails to comply with the terms of this. The Division also has the authority
pursuant to Ohio Revised Code Section 1121.35(A)(2) to order the Bank and/or any regulated person
to pay a civil penalty of not more than twenty-five thousand ($25,000) per day if the failure to
comply with this Agreement is a pattern of misconduct, causes more than a minimal loss to the Bank,
or if it results in a benefit to the regulated person. A regulated person, such as a member of the
board of directors, is personally liable for the payment of any civil penalty, and the Bank may not
pay any civil penalties on behalf of a regulated person pursuant to Ohio Revised Code Section
1121.35(E).

19. Each provision of this Agreement shall remain effective and enforceable until stayed,
modified, terminated, or suspended in writing by the Division.

20. The provisions of this Agreement shall not bar, estop, or otherwise prevent the Division
or any other federal or state agency from taking any other action affecting the Bank, or any of its
current or former institution-affiliated parties and their successors and assigns.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the 25th day of
October, 2010. The Agreement will be effective immediately upon service of the Agreement on the
Bank.

OHIO DEPARTMENT OF COMMERCE 
DIVISION OF FINANCIAL
INSTITUTIONS

	 	 	 	 	 
	By:

	 	/s/ Carolyn L. Bradford
 

Carolyn L. Bradford
	 	 
	 

	 	Superintendent	 	 

DELAWARE COUNTY BANK & TRUST CO.

The undersigned directors of the Delaware County Bank and Trust Co., as directors, each
acknowledge that they have read the foregoing Agreement and without admitting or denying any
allegations of unsafe or unsound banking practices, and without admitting or denying any
violations of law, rule or regulation, approve and consent thereto on behalf of the Bank.

 

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	By :

	 	/s/ David Folkwein
 

Director David Folkwein
	 	 	 	By:
	 	/s/ Bart Johnson
 

Director Bart Johnson
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Gerald Kremer
	 	 	 	By:
	 	/s/ Vicki Lewis	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Director Gerald Kremer
	 	 	 	 	 	Director Vicki Lewis	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Edward Powers
	 	 	 	By:
	 	/s/ Mark Shipps	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Director Edward Powers
	 	 	 	 	 	Director Mark Shipps	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Adam Stevenson
	 	 	 	By:
	 	/s/ Donald Wolf	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Director Adam Stevenson
	 	 	 	 	 	Director Donald Wolf	 	 

 

13exv10w1

Exhibit 10.1

EXECUTION VERSION

     SECOND AMENDMENT AND RESTATEMENT AGREEMENT (this
“ Agreement ”) dated as of January 7, 2009, among USG CORPORATION, a
Delaware corporation (the “ Borrower ”), the LENDERS party hereto
and JPMORGAN CHASE BANK, N.A., as administrative agent under the Amended
and Restated Credit Agreement dated as of July 31, 2007, among the
Borrower, the Lenders party thereto, JPMorgan Chase Bank, N.A., as
administrative agent (the “ Administrative Agent ”), and Goldman
Sachs Credit Partners, L.P., as syndication agent (as amended by Amendment
No. 1 thereto dated as of February 14, 2008, the “ Existing Credit Agreement ”).

          WHEREAS the Borrower has requested, and the undersigned Lenders (such term and each other
capitalized term used but not defined in these recitals having the meaning assigned to such term in
Section 1 hereof) and the Administrative Agent have agreed, upon the terms and subject to the
conditions set forth herein and in the Restated Credit Agreement (as defined below), that (a) the
Existing Credit Agreement will be amended and restated as provided herein and (b) the Subsidiary
Loan Parties (as defined in the Existing Credit Agreement) will be released from their guarantees
under the Guarantee Agreement dated as of November 11, 2008 (as amended, supplemented or otherwise
modified prior to the Restatement Effective Date, the “ Existing Guarantee Agreement ”),
among the Borrower, the Subsidiary Loan Parties and the Administrative Agent.

          NOW, THEREFORE, the Borrower, the undersigned Lenders and the Administrative Agent hereby
agree as follows:

          SECTION 1. Defined Terms . Capitalized terms used but not defined herein shall have
the meanings assigned to such terms in the Restated Credit Agreement referred to below.

          SECTION 2. Restatement Effective Date. (a) The transactions provided for in Sections 3
and 4 hereof shall be consummated at a closing to be held on the Restatement Effective Date at the
offices of Cravath, Swaine & Moore LLP, or at such other time and place as the parties hereto shall
agree upon.

          (b) The “ Restatement Effective Date ” shall be specified by the Borrower, and shall
be a date not later than January 7, 2009, as of which date all the conditions set forth or referred
to in Section 5 hereof shall have been satisfied.

          SECTION 3. Termination of the Existing Guarantee Agreement. By execution and delivery
of this Agreement, each of the undersigned Lenders hereby agrees that upon the satisfaction of the
conditions set forth in Section 5 hereof, all guarantees provided by the Subsidiary Loan Parties
under the Existing Guarantee Agreement shall be released and the Existing Guarantee Agreement shall
be terminated and have no

 

 

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further force or effect (it being understood and agreed that, as of the Restatement Effective
Date, the Loan Parties shall enter into the Guarantee Agreement (as such term is defined in the
Restated Credit Agreement)).

          SECTION 4. Amendment and Restatement of the Existing Credit Agreement. (a) Effective on the
Restatement Effective Date, the Existing Credit Agreement is hereby amended and restated to read in
its entirety as set forth in Exhibit A hereto (the “ Restated Credit Agreement ”).
From and after the effectiveness of such amendment and restatement, the term “Credit Agreement”
shall mean the Restated Credit Agreement.

          (b) The aggregate principal amount of all Revolving Loans, Swingline Loans and Letters of
Credit outstanding under the Existing Credit Agreement on the Restatement Effective Date shall
continue to be outstanding under the Restated Credit Agreement and from and after such date, the
terms of the Restated Credit Agreement will govern the rights of the Lenders and the Issuing Bank
with respect thereto, including, without limitation, the Applicable Rate applicable to such
outstanding Loans.

          SECTION 5. Conditions. The consummation of the transactions set forth in Sections 3
and 4 of this Agreement shall be subject to the satisfaction of the following conditions precedent:

          (a) Loan Documents. The Administrative Agent (or its counsel) shall have received
(i) from each of the Borrower and the Required Lenders a counterpart of this Agreement signed on
behalf of such party (or written evidence reasonably satisfactory to the Administrative Agent
(which may include telecopy or Adobe pdf file transmission of a signed signature page) that such
party has signed a counterpart of this Agreement), (ii) from each party thereto duly executed
copies of the other Loan Documents (or written evidence reasonably satisfactory to the
Administrative Agent (which may include telecopy or Adobe pdf file transmission of a signed
signature page) that such party has signed a counterpart of such other Loan Documents) and such
other certificates, documents, instruments and agreements as the Administrative Agent shall
reasonably request in connection with the transactions contemplated by this Agreement and the other
Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.09 of
the Restated Credit Agreement, payable to the order of each such requesting Lender and (iii) a
favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the
Restatement Effective Date) of each of (A) Jones Day, counsel for the Borrower and the other Loan
Parties, substantially in the form of Exhibit B hereto, and (B) local counsel in each
jurisdiction where a Loan Party is organized (other than any such jurisdiction covered by the
opinion given pursuant to the immediately preceding clause (A)), in each case covering such matters
relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent
shall reasonably request.

          (b) Closing Certificates; Certified Certificate of Incorporation; Good Standing
Certificates. The Administrative Agent shall have received (i) a certificate of each Loan
Party, dated the Restatement Effective Date and executed by its Secretary or

 

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Assistant Secretary, which shall (A) certify the resolutions of its Board of Directors,
members or other body authorizing the execution, delivery and performance of the Loan Documents to
which it is a party, (B) identify by name and title and bear the signatures of the Financial
Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which
it is a party and (C) contain appropriate attachments, including the certificate or articles of
incorporation or organization of each Loan Party certified by the relevant authority of the
jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or
operating, management or partnership agreement, and (ii) a long-form good standing certificate for
each Loan Party from its jurisdiction of organization (and, to the extent that such long-form good
standing certificate is not dated as of the Restatement Effective Date, a bring-down good standing
certificate dated as of the Restatement Effective Date).

          (c) Field Examination; Inventory Appraisal; No Default Certificate. The Administrative
Agent shall have received (i) a field examination report with respect to the Inventory of the
Collateral Parties (it being understood and agreed that the receipt of the examination of FTI
Consulting, Inc. dated December 5, 2008, with respect to the Inventory of the Collateral Parties
shall satisfy the condition precedent set forth in this clause (i)), (ii) an appraisal reasonably
satisfactory to the Administrative Agent with respect to the Inventory of the Collateral Parties
from an appraiser selected and engaged by the Administrative Agent (it being understood and agreed
that the receipt of the appraisal of AccuVal Associates, Incorporated dated October 31, 2008, with
respect to the Inventory of the Collateral Parties shall satisfy the condition precedent set forth
in this clause (ii)) and (iii) a certificate, signed by the chief financial officer or treasurer of
the Borrower, (A) stating that no Default or Event of Default has occurred and is continuing and
(B) stating that the representations and warranties contained in the Loan Documents are true and
correct in all material respects as of such date, other than those that speak expressly 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.

          (d) Fees. The Administrative Agent shall have received all fees and other amounts
due and payable by any Loan Party on or prior to the Restatement Effective Date, including, to the
extent invoiced, reimbursement or payment of all out-of-pocket expenses (including reasonable fees,
charges and disbursements of counsel), in each case, required to be reimbursed or paid by any Loan
Party under any Loan Document or any other written agreement relating to any Loan Document entered
into by the Borrower and the Administrative Agent.

          (e) Perfection Certificate; Lien Searches. The Administrative Agent shall have
received (i) a completed Perfection Certificate, dated the Restatement Effective Date, together
with all attachments contemplated thereby, and (ii) the results of a recent lien search in the
jurisdictions requested by the Administrative Agent based on the Perfection Certificate, and such
search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by
Section 6.02 or discharged on or prior to the Restatement Effective Date pursuant to a pay-off
letter or other documentation reasonably satisfactory to the Administrative Agent.

 

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          (f) Borrowing Base Certificate. The Administrative Agent shall have received a Borrowing
Base Certificate dated as of the Restatement Effective Date that calculates the Borrowing Base as
of November 30, 2008.

          (g) Filings, Registrations and Recordings. Each document (including any Uniform
Commercial Code financing statement) required by the Collateral Documents or under law or
reasonably requested by the Administrative Agent to be filed, registered or recorded in order to
create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral described therein, prior to and superior in right to any other Person (other
than with respect to Liens expressly permitted by clauses (ii) through (iv), (vi) and (xi) of
Section 6.02 of the Restated Credit Agreement), shall be in proper form for filing, registration or
recordation.

          (h) Compliance with Laws; Consents. The Borrower and the Material Subsidiaries shall
be in compliance, in all material respects, with all applicable foreign and U.S. federal, state and
local laws and regulations, including all applicable Environmental Laws. All necessary material
governmental and material third party approvals in connection with the Loan Documents shall have
been obtained and shall be in effect.

          (i) No Litigation. Other than the Disclosed Matters, there shall be no litigation,
administrative proceeding or governmental investigation that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect.

          (j) “Know Your Customer” Requirements. The Lenders shall have received all
documentation and other information requested by the Administrative Agent and required under
applicable “know your customer” rules and regulations, including all information required to be
delivered pursuant to Section 9.13 of the Restated Credit Agreement.

          (k) Excess Availability. Excess Availability on the Restatement Effective Date shall
be equal to (i) the Borrowing Base as set forth in the Borrowing Base Certificate delivered
pursuant to paragraph (f) of this Section less (ii) the aggregate face amount of the
Existing Letters of Credit immediately prior to the Restatement Effective Date.

          (l) Existing ABL Facility. All commitments under the Credit Agreement dated as of
September 9, 2008 (the “ Existing ABL Credit
Agreement ”), among the Borrower, the
Subsidiaries party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as
administrative agent, shall have been terminated, and all loans, interest and other amounts accrued
or owing thereunder shall have been repaid in full and all guarantees and liens granted in respect
thereof shall have been released and the terms and conditions of any such release shall be
satisfactory to the Administrative Agent. The Administrative Agent shall have received a payoff
and release letter with respect to the Existing ABL Credit Agreement in form and substance
reasonably satisfactory to the Administrative Agent.

 

5

          (m) Evidence of Insurance. The Administrative Agent shall have received evidence that the
insurance required by Section 5.06 of the Restated Credit Agreement is in effect.

          SECTION 6. Effectiveness; Counterparts; Amendments. This Agreement shall become
effective when copies hereof that, when taken together, bear the signatures of the Borrower, the
Administrative Agent and the Required Lenders shall have been received by the Administrative Agent.
This Agreement may not be amended nor may any provision hereof be waived except pursuant to a
writing signed by the Borrower, the Administrative Agent and the Required Lenders. This Agreement
may be executed in two or more counterparts, each of which shall constitute an original but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or Adobe pdf file transmission shall be effective
as delivery of a manually executed counterpart of this Agreement.

          SECTION 7.  No Novation. This Agreement shall not extinguish the Loans outstanding
under the Existing Credit Agreement. Nothing herein contained shall be construed as a substitution
or novation of the Loans outstanding under the Existing Credit Agreement, which shall remain
outstanding after the Restatement Effective Date as modified hereby. Notwithstanding any provision
of this Agreement, the provisions of Sections 2.15, 2.16, 2.17 and 9.03 of the Existing Credit
Agreement as in effect immediately prior to the Restatement Effective Date will continue to be
effective as to all matters arising out of or in any way related to facts or events existing or
occurring prior to the Restatement Effective Date.

          SECTION 8. Notices. All notices hereunder shall be given in accordance with the
provisions of Section 9.01 of the Restated Credit Agreement.

          SECTION 9. Applicable Law; Waiver of Jury Trial. (A) THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

          (B) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.09 AND 9.10 OF THE RESTATED
CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.

[Remainder of page intentionally left blank]

 

6

          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 written above.

	 	 	 	 	 	 	 

	 	 	USG CORPORATION,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	/s/ Karen L. Leets
 

Name: Karen L. Leets
	 	 
	 

	 	 	 	Title: Vice President & Treasurer	 	 

 

7

	 	 	 	 	 	 	 

	 	 	JPMORGAN CHASE BANK, N.A.,

Individually and as Administrative Agent, Swingline Lender
and Issuing Bank,	 	 
	 
	 	 	 	 	 	 
	 

	 	by	 	/s/ Peter S. Predun
 

Name: Peter S. Predun
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

8

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James R. Bednark
 

Name: James R. Bednark
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

9

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Victor Pierzchalski
 

Name: Victor Pierzchalski
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

 

10

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Sumitomo Mitsui Banking Corporation	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Yoshihiro Hyakutome
 

Name: Yoshihiro Hyakutome
	 	 
	 

	 	 	 	Title: General Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

11

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	PNC Bank, National Association	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jennifer L. Loew
 

Name: Jennifer L. Loew
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

12

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Paula Czach
 

Name: Paula Czach
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

13

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 

	 	Calyon	 	 	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Cagle
 

Name: David Cagle
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Myers
 

Name: Brian Myers
	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

14

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	The Northern Trust Company	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John E. Burdu
 

Name: John E. Burdu
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

 

15

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. Bank, National Assoc.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ronald Giblin
 

Name: Ronald Giblin
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

16

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Fifth Third Bank	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joseph A. Wernhoff
 

Name: Joseph A. Wernhoff
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

17

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Bank of Montreal, Chicago Branch	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M. Latta
 

Name: M. Latta
	 	 
	 

	 	 	 	Title: Director	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

18

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Goldman Sachs Credit Partners, L.P.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew Caditz
 

Name: Andrew Caditz
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

19

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Morgan Stanley Bank, N.A.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles C. O’Brien
 

Name: Charles C. O’Brien
	 	 
	 

	 	 	 	Title: Chief Credit Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

20

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Citicorp USA, Inc.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George F. Van
 

Name: George F. Van
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

21

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Bank of America, N.A.	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Monirah Masud
 

Name: Monirah Masud
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

22

	 	 	 	 	 	 	 

	 	 	SIGNATURE PAGE TO THE AMENDMENT AND RESTATEMENT
AGREEMENT DATED JANUARY 7, 2009, AMONG USG
CORPORATION, THE LENDERS PARTY THERETO AND
JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE
AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	Commerzbank AG, New York and Grand Cayman Branches	 	 
	 	 	 	 	 
	 	 	Name of Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony Giraldi
 

Name: Anthony Giraldi
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerard A. Araw
 

Name: Gerard A. Araw
	 	 
	 

	 	 	 	Title: Assistant Vice President	 	 

 

 

Exhibit A

Credit Agreement

 

 

Exhibit B

Form of Jones Day Opinion

See attached

 

EXHIBIT B

Form of Jones Day Opinion

[Date of Credit Agreement]

JPMorgan Chase Bank, N.A., as

  administrative agent under, and

  the lenders party to, the Credit

  Agreement referred to below

Re: [Borrower]

Ladies and Gentlemen:

          We have acted as special counsel to [_________________] (collectively, the “Delaware
Opinion Parties”), [_______________________] (collectively, the “Excepted Opinion
Parties”, and the Excepted Opinion Parties together with the Delaware Opinion Parties, the
“Opinion Parties”) in connection with (x) the [Credit Agreement] (the “Credit
Agreement”) dated as of [__________], among [Borrowers], the various financial institutions
party thereto as lenders (the “Lenders”) and  JPMorgan Chase Bank, N.A., as
Administrative Agent (the “Administrative Agent”), and (y) the [Additional Credit Documents
to be listed] (each as defined below), each entered into in connection with the Credit Agreement.
As used herein with respect to a reference to any Transaction Document (as defined below),
“Applicable Opinion Party” (or any variation thereof) means the Opinion Party(ies) party to such
Transaction Document.

          This opinion is delivered to you pursuant to Section [__] of the Credit Agreement.
Capitalized terms used herein, but not otherwise defined herein, have the meanings set forth for
such terms in the Credit Agreement. The Uniform Commercial Code, as amended and in effect in the
State of Delaware on the date hereof, is referred to as the “DE UCC”. The Uniform
Commercial Code, as amended and in effect in the State of New York on the date hereof, is referred
to as the “NY UCC”. The Uniform Commercial Code, as amended and in effect in the State of
Illinois on the date hereof, is referred to as the “IL UCC”. The DE UCC, NY UCC and the IL
UCC are collectively referred to as the “UCC”. With your permission, all assumptions and
statements of reliance herein have been made without any independent investigation or verification
on our part except to the extent, if any, otherwise expressly stated, and we express no opinion
with respect to the subject matter or accuracy of the assumptions or items upon which we have
relied.

 

 

[Date of Opinion]

Page 2

          In connection with the opinions expressed herein, we have examined such documents, records and
matters of law as we have deemed necessary for the purposes of this opinion. We have examined,
among other documents, the following:

	 	(a)	 	[Transaction Documents to be listed];
	 
	 	(b)	 	[[State] DACAs to be listed];
	 
	 	(c)	 	[[State] DACAs to be listed]; and
	 
	 	(d)	 	[Organizational Documents to be listed].

          The documents referred to in items (__) through (__), inclusive, above are referred to as the
“Credit Documents”. The documents referred to in items (__) through (__), inclusive, above
are referred to as the “Transaction Documents”. The documents referred to in items (__)
through (__), inclusive, above are referred to as the “[State] Enforceable DACAs”. The
documents referred to in items (__) and (__) above are referred to as the “[State] Enforceable
DACAs”. The documents referred to in items (__) and (__) above are referred to as the
“[State] Perfection DACAs”. The documents referred to in items (__) through (__),
inclusive, above are referred to collectively as the “DACAs”. The documents referred to in
items (__) through (__) above are referred to as the “Organizational Documents”.

          [Assumptions, qualifications and reliances to be agreed upon]

          Based on the foregoing, and subject to the limitations, qualifications and assumptions set
forth in this letter, we are of the opinion that:

	(1)	 	Each Opinion Party is an organization existing and in good standing under the laws of the
jurisdiction of its organization. Each Applicable Delaware Opinion Party has the
organizational power and authority to execute and deliver the Transaction Documents and
perform its obligations thereunder.
	 
	(2)	 	The execution and delivery by each Applicable Opinion Party of the Transaction Documents, the
performance by such Opinion Party of its obligations thereunder and the granting by such
Opinion Party of the security interests provided for in the [Security Document]:

	 	(i)	 	do not violate any agreement, instrument, order, writ, judgment, injunction,
decree, determination, or award binding upon such Opinion Party or its property (this
opinion being limited (x) to those agreements, instruments, orders, writs, judgments,
injunctions, decrees, determinations and awards that have been identified to us in the
[Officer’s Certificate] (collectively, the “Reviewed Agreements”) and (y) in
that we express no opinion with respect to any violation not readily ascertainable from
the face of any such Reviewed Agreement or arising under or based upon any cross
default provision insofar as it relates to a default under an agreement, instrument,
order, writ, judgment, injunction, decree,

 

 

[Date of Opinion]

Page 3

	 	 	 	determination, or award not so identified to us, or arising under or based upon any
covenant of a financial or numerical nature or requiring computation),
	 
	 	(ii)	 	will not result in or require the creation or imposition of any security
interest or lien upon any of the properties of such Opinion Party pursuant to the
provisions of any agreement binding upon such Opinion Party or its properties other
than security interests or liens created by the Transaction Documents and any other
security interests or liens in favor of the Administrative Agent or the Lenders arising
under any of the Transaction Documents or applicable law (this opinion being limited to
the Reviewed Agreements) and
	 
	 	(iii)	 	do not contravene any provision of any Organizational Document of such Opinion
Party.

	(3)	 	The execution and delivery by each Applicable Delaware Opinion Party of the Transaction
Documents, the performance by such Opinion Party of its obligations thereunder and the
granting by such Opinion Party of the security interests provided for in the [Security
Document]:

	 	(i)	 	have been duly authorized by all necessary organizational action by such
Opinion Party,
	 
	 	(ii)	 	do not require under the Delaware General Corporation Law or the Delaware
Limited Liability Company Act (as amended, collectively, “Applicable Delaware
Law”) any filing or registration by such Opinion Party with, or notice to, or
approval or consent of, any governmental agency or authority, that has not been made or
obtained except:

	 	(A)	 	those required in the ordinary course of business in connection
with the performance by such Opinion Party of its obligations under certain
covenants contained in the Transaction Documents,
	 
	 	(B)	 	to perfect security interests granted by such Opinion Party
under the [Security Document],
	 
	 	(C)	 	pursuant to securities and other laws that may be applicable to
the disposition of any collateral subject thereto, and
	 
	 	(D)	 	other filings under securities laws and filings, registrations,
consents or approvals, in each case, not required to be made or obtained by the
date hereof, and

	 	(iii)	 	do not violate Applicable Delaware Law applicable to such Opinion Party or its
property.

	(4)	 	The execution and delivery by each Applicable Opinion Party of the Credit Documents and the
 [State] Enforceable DACAs, the performance by such Opinion Party of its

 

 

[Date of Opinion]

Page 4

		 	obligations thereunder and the granting by such Opinion Party of the security interests
provided for in the Security Agreement:

	 	(i)	 	do not require under present law or present regulation of any governmental
agency or authority of the State of [______] or of the United States of America any
filing or registration by such Opinion Party with, or notice to, or approval or consent
of, any governmental agency or authority of the State of [______] or the United States
of America that has not been made or obtained except:

	 	(A)	 	those required in the ordinary course of business in connection
with the performance by such Opinion Party of its obligations under certain
covenants contained in the Credit Documents and the [State] Enforceable
DACAs,
	 
	 	(B)	 	pursuant to securities and other laws that may be applicable to
the disposition of any collateral subject thereto, and
	 
	 	(C)	 	other filings under securities laws and filings, registrations,
consents or approvals, in each case, not required to be made or obtained by the
date hereof, and

	 	(ii)	 	do not violate any present law, or present regulation of any governmental
agency or authority, of the State of [_______] or the United States of America
applicable to such Opinion Party or its property.1

	(5)	 	Each Transaction Document has been duly executed and delivered on behalf of each Applicable
Delaware Opinion Party. Each Credit Document, [State] Enforceable DACA [and
 [State] Enforceable DACA] constitutes a valid and binding obligation of each Applicable Opinion Party,
enforceable against each such Opinion Party in accordance with its terms.
	 
	(6)	 	No Opinion Party is required to register as an “investment company” (under, and as defined
in, the Investment Company Act of 1940, as amended (the “1940 Act”)) and no Opinion
Party is a company controlled by a company required to register as such under the 1940 Act.
	 
	(7)	 	The [Security Document] creates in favor of the Administrative Agent, for the benefit of the
Secured Parties, as security for the Secured Obligations, a security interest in each Opinion
Party’s rights in the Collateral to which Article 9 of the [____] UCC is applicable (the
“Article 9 Collateral”).
	 
	(8)	 	The [Security Document] and the [State] Perfection DACAs together create in favor of the
Administrative Agent, as security for the Secured Obligations, a perfected security interest
in each of the following Applicable Opinion Party’s deposit accounts [list to be provided]
(the “[State] Governed Deposit Accounts”).

 

			
	1	 	Repeat as necessary for DACAs in other states.

 

 

[Date of Opinion]

Page 5

	(9)	 	Upon the effective filing of the Financing Statements with the Delaware Filing Office, the
Administrative Agent, for the benefit of the Secured Parties, will have a perfected security
interest in that portion of the Article 9 Collateral in which a security interest may be
perfected by filing the Financing Statements against each Delaware Opinion Party with the
Filing Office under the DE UCC.
	 
	(10)	 	The borrowings by the Parent under the Credit Agreement and the application of the proceeds
thereof as provided therein will not result in a violation of Regulation T, U or X of the
Board of Governors of the Federal Reserve System (the “Margin Regulations”).

	 	The opinions set forth above are subject to the following qualifications: 
	
	 
	 	(A)	 	[Qualifications to be agreed upon]
	 
	 	 	 	
	 	The opinions expressed herein are limited to [ Limitations on law to be agreed upon ].
	 
	 	 	 	

          Our opinions as to matters governed by the DE UCC are based solely upon our review of the DE
UCC set forth in the CCH Secured Transactions Guide as of December 9, 2008, without any review or
consideration of any decisions or opinions of courts or other adjudicative bodies or governmental
authorities of the State of Delaware, whether or not reported or summarized in the foregoing
publication.

          The opinions expressed herein are for the benefit of the addressees hereof and their
respective successors and assigns in connection with the transaction referred to herein and may not
be relied on by such Person for any other purpose or in any manner or for any purpose by any other
person or entity.

Very truly yours,

Jones Day

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