Document:

Amendment No. 1 to Receivables Sale Agreement

 Exhibit 10.35 
 EXECUTION COPY 
  
 AMENDMENT NO. 1 
  
 TO 
  
 RECEIVABLES SALE AGREEMENT 
  
 This AMENDMENT NO. 1 TO RECEIVABLES SALE AGREEMENT (this
“Amendment”) dated as of August 29, 2003 is made between JOHNSONDIVERSEY, INC. (as successor in interest to S.C. Johnson Commercial Markets, Inc.) (the “Originator”) and JWPR CORPORATION (the
“Buyer”). 
  
 PRELIMINARY STATEMENT 
  
 The Originator and the Buyer are parties to that certain Receivables Sale
Agreement dated as of March 2, 2001 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”). The Buyer and the Originator have agreed to amend the Sale Agreement upon the terms and
conditions set forth herein. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Sale Agreement. 
  
 NOW THEREFORE, in consideration of the premises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Amendments to the Sale Agreement. Effective as of the “Amendment Effective Date” (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 3 below: 
  
 1.1 Article II of the Sale Agreement is hereby
amended to include the following provision at the end of such article: 
  
 “(y) Other Representations and Warranties. This Agreement is effective to transfer to the Buyer all right, title and interest of Originator in, to and under the Butcher Transfer Agreement when and as any
such rights, title and interest arise or are created thereunder in favor of or for the benefit of Originator.” 
  
 1.2 Section 4.1(d) of the Sale Agreement is hereby amended by deleting such section in its entirety and replacing such section with
the following: 
  
 “(d) Audits.
Originator will furnish to Buyer and the Agent from time to time such information with respect to it and the Receivables as Buyer or the Agent may reasonably request. Originator will, from time to time during regular business hours as requested by
Buyer or the Agent, upon reasonable notice and at the sole cost of Originator, permit Buyer and the Agent or their respective agents or representatives (and shall cause Butcher to permit the Originator and the Agent or their respective agents

 
or representatives), (i) to examine and make copies of and abstracts from all Records in the possession or under the control of Originator (or Butcher, as
applicable) relating to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of Originator (or Butcher, as applicable) for the purpose of examining such
materials described in clause (i) above, and to discuss matters relating to Originator’s or Butcher’s financial condition or the Receivables and the Related Security or Originator’s or Butcher’s performance under any of the
Transaction Documents or Originator’s or Butcher’s performance under the Contracts and, in each case, with any of the officers or employees of Originator or Butcher having knowledge of such matters. The extent to which Originator shall be
liable in respect of costs and expenses incurred by the Agent in connection with the activities contemplated in this Section 4.1(d) shall be as set forth in the Ancillary Costs Agreement.” 
  
 1.3 Section 4.1(e) of the Sale Agreement is hereby
amended by deleting such section in its entirety and replacing such section with the following: 
  
 “(e) Keeping and Marking of Records and Books. 
  
 (i) Originator will, and will cause Butcher to, maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the
collection of all Receivables (including, without limitation, records adequate to permit the timely identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Originator will give Buyer (or its
assigns) notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
  
 (ii) Originator will, and will cause Butcher to, (A) on or prior to the date hereof, mark its master data processing records and other books and records
relating to the Receivables with a legend, acceptable to Buyer (or its assigns), describing Buyer’s ownership interests in the Receivables and further describing the Purchaser Interests of the Agent (on behalf of the Purchasers) under the
Purchase Agreement and (B) upon the request of Buyer or the Agent, (x) at any time, following the occurrence of an Amortization Event, at which the Agent is considering the termination of Buyer as Servicer or Originator as Sub-Servicer for purposes
of the Purchase Agreement, mark each Contract with a legend describing Buyer’s ownership interests in the Receivables and further describing the Purchaser Interests of the Agent (on behalf of the Purchasers) and (y) after the termination of the
Buyer as Servicer or any Originator as Sub-Servicer, 
  

 2 

 
deliver to Buyer or the Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables.”

  
 1.4 Section 4.1(f) of the Sale
Agreement is hereby amended by deleting such section in its entirety and replacing such section with the following: 
  
 “(f) Compliance with Contracts and Credit and Collection Policy. Originator will, and will cause Butcher to, timely and fully
(i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, except to the extent that any failure to do so could not be reasonably expected to have a Material
Adverse Effect, and (ii) comply in all material respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. Originator will (and will cause Butcher to) pay when due any taxes payable in connection with the
Receivables, exclusive of taxes on or measured by income or gross receipts of Buyer and its assigns.” 
  
 1.5 Section 4.1(g) of the Sale Agreement is hereby amended by deleting such section in its entirety and replacing such section with
the following: 
  
 “(g) Ownership.
Originator will, and will cause Butcher to, take all necessary action to establish and maintain, irrevocably in Buyer, legal and equitable title to the Receivables, the Related Security and the Collections, free and clear of any Adverse Claims other
than Adverse Claims in favor of Buyer (and its assigns) (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions
to perfect Buyer’s interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Buyer as Buyer or the Agent may reasonably request).” 
  
 1.6 Section 4.1 of the Sale Agreement is hereby
amended to include the following provision at the end of such section: 
  
 “(n) Performance and Enforcement of the Butcher Transfer Agreement. The Originator will, and will require Butcher to, perform its respective obligations and undertakings under and pursuant to the Butcher
Transfer Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof and will vigorously enforce the rights and remedies accorded to the Originator under the Butcher Transfer Agreement. The Originator will take all
actions to perfect and enforce its rights and interests (and the rights and interests of the Buyer as assignee of the Originator) under the Butcher Transfer Agreement as Buyer or the Agent may from time to time reasonably request, including, without
limitation, making claims to which it may be entitled under any indemnity, 
  

 3 

 
reimbursement or similar provision contained in the Butcher Transfer Agreement.” 
  
 1.7 Section 4.2(c) of the Sale Agreement is hereby amended by deleting such section in its entirety
and replacing such section with the following: 
  
 “(c) Modifications to Contracts and Credit and Collection Policy. Originator will not, and will not permit Butcher to, make any change to the Credit and Collection Policy that could adversely affect the collectibility of the
Receivables or decrease the credit quality of any newly created Receivables. Except as otherwise permitted in its capacity as a Sub-Servicer pursuant to Article VIII of the Purchase Agreement and Article VII of this Agreement,
Originator will not, and will not permit Butcher to, extend, amend or otherwise materially modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy.” 
  
 1.8 Section 6.1 of the Sale Agreement is hereby
amended by deleting the word “and” appearing immediately after subclause (xiii) of such section and by adding the following provision immediately after subclause (xiv) of such section: 
  
 “and (xv) any failure of the Originator to acquire (or to transfer to
Buyer) legal and equitable title to, and ownership of any Receivable and the Related Security and Collections with respect thereto from Butcher, free and clear of any Adverse Claim (other than as created in favor of the Buyer hereunder); or any
failure of the Originator to give reasonably equivalent value to Butcher under the Butcher Transfer Agreement in consideration of the transfer by Butcher of any Receivable, or any attempt by any Person to void any transfer by Butcher of any
Receivable under statutory provisions or common law or equitable action.” 
  
 1.9 Section 8.4 of the Sale Agreement is hereby amended to include the following provision at the end of such section: 

 
 “(c) Anything herein to the contrary
notwithstanding, Buyer, Originator, each Purchaser, the Agent, each Indemnified Party and any successor or assign of any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any and all Persons,
without limitation of any kind, the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all materials of any kind (including
opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized since the commencement of
discussions regarding the transactions.” 
  

 4 

 1.10 Exhibit I of the Sale Agreement is hereby amended by including the following
definitions in the appropriate alphabetical location: 
  
 “‘Butcher’ means The Butcher Company, a Delaware corporation, and its successors.” 
  
 “‘Butcher Transfer Agreement’ means that certain Receivables Sale Agreement dated as of August 29, 2003 by and
between the Originator, as buyer, and Butcher, as seller, as the same may from time to time be amended, restated, supplemented or otherwise modified.” 
  
 1.11 Exhibit I of the Sale Agreement is hereby further amended by deleting the definition of “Receivables” in its
entirety and replacing such definition with the following: 
  
 “‘Receivable’ means all indebtedness and other obligations owed to Originator or Butcher (at the time it arises and before giving effect to any transfer or conveyance under the Transaction
Documents) or the Buyer (after giving effect to the transfers or conveyances under the Agreement) whether constituting an account, contract right, payment intangible, promissory note, chattel paper, instrument document, investment property,
financial asset or general intangible, arising in connection with the sale of goods or the rendering of services by Originator or Butcher and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto.
Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a
Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction; provided further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable
regardless of whether the account debtor or Originator treats such indebtedness, rights or obligations as a separate payment obligation.” 
  
 1.12 Exhibit I of the Sale Agreement is hereby further amended by deleting the definition of “Related Security” in its
entirety and replacing such definition with the following: 
  
 “‘Related Security’ means, with respect to any Receivable: 
  
 (i) all of Originator’s or Butcher’s interest in the inventory and goods (including returned or repossessed inventory or goods), if any, the sale, financing or lease of which by Originator or Butcher gave
rise to such Receivable, and all insurance contracts with respect thereto, 
  
 (ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, 
  

 5 

 whether pursuant to the Contract related to such Receivable or otherwise, together with all financing
statements and security agreements describing any collateral securing such Receivable, 
  
 (iii) all guaranties, letters of credit, letter-of-credit rights, supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such
Receivable whether pursuant to the Contract related to such Receivable or otherwise, 
  
 (iv) all service contracts and other contracts and agreements associated with such Receivable, 
  
 (v) all Records related to such Receivable, 
  
 (vi) all of the Originator’s right, title and interest in, to and under the Butcher Transfer Agreement, and 
  
 (vii) all proceeds of any of the foregoing.” 
  
 1.13 Exhibit I of the Sale Agreement is hereby
further amended by deleting the definition of “Transaction Document” in its entirety and replacing such definition with the following: 
  
 “‘Transaction Documents’ means, collectively, the Purchase Agreement, this Agreement, the Butcher Transfer
Agreement, the Transfer Agreement, each Collection Account Agreement, the Subordinated Note and all other instruments, documents and agreements executed and delivered in connection herewith.” 
  
 1.14 Exhibit II to the Sale Agreement is hereby
amended to include the information set forth on Exhibit I hereto. 
  
 1.15 Exhibit III to the Sale Agreement is hereby amended to include the information set forth on Exhibit II hereto. 
  
 2. Representations and Warranties. The Originator represents and warrants, to the Buyer, the Agent and the Purchasers
that: 
  
 2.1 The representations and warranties
of the Originator set forth in Section 2.1 of the Sale Agreement, as hereby amended, are true, correct and complete on the date hereof as if made on and as of the date hereof and there exists no Amortization Event or Potential Amortization Event on
the date hereof. 
  
 2.2 The execution and
delivery by the Originator of this Amendment has been duly authorized by proper corporate proceedings of the Originator and this Amendment, and the Sale Agreement, as amended by this Amendment, constitutes the legal, valid and 
  

 6 

 
binding obligation of the Originator, enforceable against the Originator in accordance with its terms. 
  
 3. Effective Date. This Amendment shall become effective as of the
date first above written (the “Amendment Effective Date”) upon receipt by the Buyer of (i) counterparts of this Amendment duly executed by the Buyer and the Originator and (ii) written consent to enter into this Amendment duly
executed by the Agent. 
  
 4. Reference to and Effect on the
Transaction Documents. 
  
 4.1 Upon the
effectiveness of this Amendment, (i) each reference in the Sale Agreement to “this Receivables Sale Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean
and be a reference to the Sale Agreement, as amended or otherwise modified hereby, and (ii) each reference to the Sale Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection
therewith, shall mean and be a reference to the Sale Agreement as amended or otherwise modified hereby. 
  
 4.2 Except as specifically amended or modified above, the terms and conditions of the Sale Agreement, all other Transaction Documents and
any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby ratified and confirmed. 
  
 4.3 The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Buyer, the Agent or any Purchaser under the Sale Agreement, the Receivables Purchase Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor constitute a
waiver of any provision contained therein, in each case except as specifically set forth herein. 
  
 5. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment
by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
  
 6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois. 
  
 7. Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 7 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above
written. 
  

	 JWPR CORPORATION, as Buyer

		
	 By:
	 	 /s/ FRANCISCO SANCHEZ

	 	 	Name: Francisco Sanchez
	 	 	Title:   Vice President
	
	 JOHNSONDIVERSEY, INC., as Originator

		
	 By:
	 	 /s/ FRANCISCO SANCHEZ

	 	 	Name: Francisco Sanchez
	 	 	Title:   Vice President and Corporate Treasurer

  
 Amendment No.
1 to 
 Receivables Sale Agreement 

 CONSENT 
  
 For purposes of Section 7.1(b) of the Sale Agreement, the undersigned hereby consent to the foregoing Amendment. 
  

	 BANK ONE, NA (MAIN OFFICE CHICAGO), as
 Agent and as a Financial Institution

			
	 	 	 By:
	 	 /s/ RONALD J. ATKINS

	 	 	 Name:
	 	      Ronald Atkins
	 	 	 Title:
	 	      Director, Capital Markets

  
 Amendment No.
1 to 
 Receivables Sale AgreementReceivables Sale Agreement

 Exhibit 10.36 
 EXECUTION COPY 
  
 RECEIVABLES SALE
AGREEMENT 
  
 DATED AS OF AUGUST 29, 2003 
  
 BETWEEN 
  
 THE BUTCHER COMPANY, 
 as Originator 
  
 AND 
  
 JOHNSONDIVERSEY, INC., 
 as Buyer 

 TABLE OF CONTENTS 
  

	 	  	 	  	 	  	Page

	 ARTICLE I
	  	 
	 AMOUNTS AND TERMS
	  	3
				
	 	  	Section 1.1	  	 Purchase of Receivables.
	  	3
	 	  	Section 1.2	  	 Payment for the Purchase.
	  	4
	 	  	Section 1.3	  	 Purchase Price Credit Adjustments
	  	5
	 	  	Section 1.4	  	 Payments and Computations, Etc
	  	6
	 	  	Section 1.5	  	 Transfer of Records.
	  	6
	 	  	Section 1.6	  	 Characterization
	  	7
		
	 ARTICLE II
	  	 
	 REPRESENTATIONS AND WARRANTIES
	  	7
				
	 	  	Section 2.1	  	 Representations and Warranties of Originator
	  	7
		
	 ARTICLE III
	  	 
	 CONDITIONS OF PURCHASE
	  	11
				
	 	  	Section 3.1	  	 Condition Precedent to Purchase
	  	11
	 	  	Section 3.2	  	 Conditions Precedent to Subsequent Payments
	  	11
		
	 ARTICLE IV
	  	 
	 COVENANTS
	  	12
				
	 	  	Section 4.1	  	 Affirmative Covenants of Originator
	  	12
	 	  	Section 4.2	  	 Negative Covenants of Originator
	  	16
		
	 ARTICLE V
	  	 
	 AMORTIZATION EVENTS
	  	17
				
	 	  	Section 5.1	  	 Amortization Events
	  	17
	 	  	Section 5.2	  	 Remedies
	  	18
		
	 ARTICLE VI
	  	 
	 INDEMNIFICATION
	  	19
				
	 	  	Section 6.1	  	 Indemnities by Originator
	  	19
	 	  	Section 6.2	  	 Other Costs and Expenses
	  	21

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	 	  	Page

	 ARTICLE VII
	  	 
	 MISCELLANEOUS
	  	21
				
	 	  	 Section 7.1
	  	 Waivers and Amendments.
	  	21
	 	  	 Section 7.2
	  	 Notices
	  	22
	 	  	 Section 7.3
	  	 Protection of Ownership Interests of Buyer.
	  	22
	 	  	 Section 7.4
	  	 Confidentiality.
	  	23
	 	  	 Section 7.5
	  	 Bankruptcy Petition.
	  	24
	 	  	 Section 7.6
	  	 CHOICE OF LAW
	  	24
	 	  	 Section 7.7
	  	 CONSENT TO JURISDICTION
	  	24
	 	  	 Section 7.8
	  	 WAIVER OF JURY TRIAL
	  	25
	 	  	 Section 7.9
	  	 Integration; Binding Effect; Survival of Terms.
	  	25
	 	  	 Section 7.10
	  	 Counterparts; Severability; Section References
	  	26

  
  

 ii 

 Exhibits and Schedules 
  

			
	 EXHIBIT I
	 	—	  	Definitions
			
	 EXHIBIT II
	 	—	  	Principal Place of Business; Location(s) of Records; Federal Employer Identification Number; Other Names
			
	 EXHIBIT III
	 	—	  	Lock-Boxes; Collection Accounts; Collection Banks
			
	 EXHIBIT IV
	 	—	  	Credit and Collection Policy
			
	 EXHIBIT V
	 	—	  	Form of Subordinated Note
			
	 SCHEDULE A
	 	—	  	List of Documents to Be Delivered to Buyer Prior to the Purchase

  

 iii 

 RECEIVABLES SALE AGREEMENT 
  
 THIS RECEIVABLES SALE AGREEMENT, dated as of August 29, 2003 is by and between The Butcher Company, a Delaware corporation
(“Originator”), and JohnsonDiversey, Inc., a Delaware corporation (“Buyer”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit
I. 
  
 PRELIMINARY STATEMENTS 
  
 Originator now owns, and from time to time hereafter will own, Receivables.
Originator wishes to sell and assign to Buyer, and Buyer wishes to purchase from Originator, all of Originator’s right, title and interest in and to such Receivables, together with the Related Security and Collections with respect thereto.

  
 Originator and Buyer intend the transactions contemplated
hereby to be true sales of the Receivables from Originator to Buyer, providing Buyer with the full benefits of ownership of the Receivables, and Originator and Buyer do not intend these transactions to be, or for any purpose to be characterized as,
loans from Buyer to Originator. 
  
 Following the purchase of
Receivables from Originator, Buyer will sell the Receivables, together with the Related Security and Collections with respect thereto, to JWPR Corporation pursuant to that certain Receivables Sale Agreement dated as of March 2, 2001 (as amended,
restated, supplemented or otherwise modified from time to time, the “Sale Agreement”). Following the purchase of Receivables from Buyer, JWPR Corporation will sell undivided interests therein and in the associated Related Security
and Collections pursuant to that certain Receivables Purchase Agreement dated as of March 2, 2001 (as amended, supplemented, restated or otherwise modified from time to time, the “Purchase Agreement”) among JWPR Corporation, Falcon
Asset Securitization Corporation (including its assigns and successors, “FALCON”), the financial institutions from time to time party thereto as “Financial Institutions” and Bank One, NA or any successor agent appointed
pursuant to the terms of the Purchase Agreement, as agent for FALCON and such Financial Institutions (in such capacity, the “Agent”). 
  

 2 

 ARTICLE I 
 AMOUNTS AND TERMS 
  
 Section 1.1
Purchase of Receivables. 
  
 (a) Effective
on the date hereof, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth herein, Originator does hereby sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the
extent expressly provided herein), and Buyer does hereby purchase from Originator, all of Originator’s right, title and interest in and to (i) all Receivables existing as of the close of business on the Business Day immediately prior to the
date hereof and (ii) all Receivables thereafter arising through and including the Amortization Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the
date hereof Buyer shall acquire all of Originator’s right, title and interest in and to (i) all Receivables existing as of the close of business on the Business Day immediately prior to the date hereof and (ii) all Receivables thereafter
arising through and including the Amortization Date, together with all Related Security relating thereto and all Collections thereof; provided, that, Buyer shall be obligated to pay the Purchase Price therefor in accordance with Section
1.2. In connection with the payment of the Purchase Price for any Receivables purchased hereunder, Buyer may request that Originator deliver, and Originator shall deliver, such approvals, opinions, information, reports or documents as Buyer may
reasonably request. 
  
 (b) It is the intention
of the parties hereto that the Purchase of Receivables made hereunder shall constitute a “sale of accounts” (as such term is used in Article 9 of the UCC), which sale is absolute and irrevocable and provides Buyer with the full benefits of
ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to Section 1.3, the sale of Receivables hereunder is made without recourse to Originator; provided, however, that (i) Originator shall be liable
to Buyer for all representations, warranties and covenants made by Originator pursuant to the terms of the Transaction Documents to which Originator is a party, and (ii) such sale does not constitute and is not intended to result in an assumption by
Buyer or any assignee thereof of any obligation of Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other obligations of Originator. In view of the intention of the
parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of such Receivables rather than loans secured thereby, Originator agrees that it will, on or prior to the date hereof and in accordance with Section
4.1(e)(ii), mark its master data processing records relating to the Receivables with a legend acceptable to Buyer and to the Agent (as the ultimate assignee), evidencing that Buyer has purchased such Receivables as provided in this 

 

 3 

 
Agreement and to note in its financial statements that its Receivables have been sold to Buyer. Upon the request of Buyer or the Agent (as the ultimate
assignee), Originator will execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of
Buyer’s ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Agent (as the ultimate assignee) may reasonably request. 
  
 Section 1.2 Payment for the Purchase. 
  
 (a) The Purchase Price for the Purchase of Receivables in
existence on the close of business on the Business Day immediate preceding the date hereof (the “Initial Cutoff Date”) shall be payable in full by Buyer to Originator on the date hereof, and shall be paid to Originator in the following
manner: 
  
 (i) by delivery of immediately
available funds, to the extent of funds made available to Buyer in connection with its subsequent sale of such Receivables to JWPR Corporation under the Sale Agreement, and 
  
 (ii) the balance, by delivery of the proceeds of a subordinated revolving loan from Originator to Buyer (a
“Subordinated Loan”) in an amount not to exceed the remaining unpaid portion of such Purchase Price. The Originator is hereby authorized by Buyer to endorse on the schedule attached to the Subordinated Note an appropriate notation
evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Buyer thereunder. 
  
 The Purchase Price for each Receivable coming into existence after the
Initial Cutoff Date shall be due and owing in full by Buyer to Originator or its designee on the date each such Receivable came into existence (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any
amounts owed by Originator to Buyer hereunder and which have become due but remain unpaid) and shall be paid to Originator in the manner provided in the following paragraphs (b), (c) and (d). 
  
 (b) With respect to any Receivables coming into existence
after the date hereof, on each Settlement Date, Buyer shall pay the Purchase Price therefor in accordance with Section 1.2(d) and in the following manner: 
  

 4 

 first, by delivery of immediately available funds, to the extent of funds
available to Buyer from its subsequent sale of an interest in the Receivables to JWPR Corporation under the Sale Agreement or other cash on hand; and 
  
 second, by delivery of the proceeds of a Subordinated Loan. 
  
 Subject to the limitations set forth in Section 1.2(a)(ii), Originator irrevocably agrees to advance each
Subordinated Loan requested by Buyer on or prior to the Amortization Date. The Subordinated Loans shall be evidenced by, and shall be payable in accordance with the terms and provisions of the Subordinated Note. 
  
 (c) From and after the Amortization Date, Originator shall
not be obligated to (but may, at its option) sell Receivables to Buyer unless Originator reasonably determines that the Purchase Price therefor will be satisfied with funds available to Buyer from sales of interests in the Receivables pursuant to
the Sale Agreement, Collections, proceeds of Subordinated Loans or otherwise. 
  
 (d) Although the Purchase Price for each Receivable coming into existence after the date hereof shall be due and payable in full by Buyer to Originator on the date such Receivable came into existence, and although
Buyer intends in the ordinary course to remit to Originator on a daily basis amounts (to the extent available therefor under the Sale Agreement) from collections on the Receivables for application to the Purchase Price obligation then outstanding,
settlement of the Purchase Price between Buyer and Originator shall be effected on a monthly basis on Settlement Dates with respect to all Receivables coming into existence during the same Calculation Period and based on the information provided in
accordance with Section 7.5 by the Sub-Servicer for the Calculation Period then most recently ended. Although settlement shall be effected on Settlement Dates, increases or decreases in the amount owing under the Subordinated Note made
pursuant to Section 1.2(b) shall be deemed to have occurred and shall be effective as of the last Business Day of the Calculation Period to which such settlement relates. 
  
 Section 1.3 Purchase Price Credit Adjustments. If on any day: 
  
 (a) the Outstanding Balance of a Receivable is: 

 
 (i) reduced as a result of any defective or rejected
goods or services, any discount or any adjustment or otherwise by Originator (other than cash Collections on account of the Receivables), 
  

 5 

 (ii) reduced or canceled as a result of a setoff in respect of any claim by any Person
(whether such claim arises out of the same or a related transaction or an unrelated transaction), or 
  
 (b) any of the representations and warranties set forth in Article II are no longer true with respect to any Receivable,

  
 then, in such event, Buyer shall be entitled to a credit
(each, a “Purchase Price Credit”) against the Purchase Price otherwise payable hereunder equal to the Outstanding Balance of such Receivable. If the aggregate amount of all Purchase Price Credits during any Calculation Period shall
exceed the aggregate amount of Purchase Price payable in respect of Receivables coming into existence during such Calculation Period, the Originator shall pay an amount in cash equal to such excess to Buyer on the Settlement Date following the end
of such Calculation Period or on such earlier date as the Agent may direct, provided that if the Amortization Date has not occurred, Originator shall be allowed to deduct the remaining amount of such Purchase Price Credit from any
indebtedness owed to it under the Subordinated Note. 
  
 Section
1.4 Payments and Computations, Etc. All amounts to be paid or deposited by Buyer hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account of Originator
designated from time to time by Originator or as otherwise directed by Originator. In the event that any payment owed by any Person hereunder becomes due on a day that is not a Business Day, then such payment shall be made on the next succeeding
Business Day. If any Person fails to pay any amount hereunder when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid in full; provided, however, that such Default Fee shall not at any time exceed
the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. 
  
 Section 1.5 Transfer of Records. 
  
 (a) In connection with the Purchase of Receivables
hereunder, Originator hereby sells, transfers, assigns and otherwise conveys to Buyer all of Originator’s right and title to and interest in the Records relating to all Receivables sold hereunder, without the need for any further documentation
in connection with the Purchase. In connection with such transfer, Originator hereby grants to each of Buyer, JWPR Corporation and the Agent an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all software used by
Originator to account for the Receivables, to the extent necessary to administer the Receivables, whether such software is owned by Originator or is owned by others and used by Originator under license agreements with respect 
  

 6 

 
thereto, provided that should the consent of any licensor of Originator to such grant of the license described herein be required, Originator hereby
agrees that upon the request of Buyer or the Agent (as the ultimate assignee), Originator will use its reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable, and shall terminate on the
date this Agreement terminates in accordance with its terms. 
  
 (b) Originator (i) shall take such action requested by Buyer and/or the Agent (as the ultimate assignee), from time to time hereafter, that may be necessary or appropriate to ensure that Buyer and its assigns have an
enforceable ownership interest in the Records relating to the Receivables purchased from Originator hereunder, and (ii) shall use its reasonable efforts to ensure that Buyer, JWPR Corporation and the Agent each has an enforceable right (whether by
license or sublicense or otherwise) to use all of the computer software used to account for the Receivables and/or to recreate such Records. 
  
 Section 1.6 Characterization. If, notwithstanding the intention of the parties expressed in Section 1.1(b), any sale or contribution by
Originator to Buyer of Receivables hereunder shall be characterized as a secured loan and not a sale or such sale shall for any reason be ineffective or unenforceable, then this Agreement shall be deemed to constitute a security agreement under the
UCC and other applicable law. For this purpose and without being in derogation of the parties’ intention that the sale of Receivables hereunder shall constitute a true sale thereof, Originator hereby grants to Buyer a security interest in all
of Originator’s right, title and interest in, to and under all Receivables now existing and hereafter arising, all Collections, Related Security and Records with respect thereto, each Lock-Box and Collection Account and all proceeds of the
foregoing, which security interest shall be prior to all other Adverse Claims thereto. After the occurrence of an Amortization Event, Buyer and its assigns shall have, in addition to the rights and remedies which they may have under this Agreement,
all other rights and remedies provided to a secured creditor after default under the UCC and other applicable law, which rights and remedies shall be cumulative. 
  
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 2.1
Representations and Warranties of Originator. Originator hereby represents and warrants to Buyer that: 
  
 (a) Corporate Existence and Power. Originator is (1) a corporation duly organized, validly existing and in good standing under the
laws of its state of incorporation, and (2) is duly qualified to do business and is in good standing as a foreign corporation and has and holds all corporate power and all governmental licenses, 
  

 7 

 
authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted, except in the case of (2)
to the extent that any failure to do so could not be reasonably expected to have a Material Adverse Effect. 
  
 (b) Power and Authority; Due Authorization Execution and Delivery. The execution and delivery by Originator of this Agreement and
each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, Originator’s use of the proceeds of the Purchase made hereunder, are within its corporate powers and authority and have
been duly authorized by all necessary corporate action on its part. This Agreement and each other Transaction Document to which Originator is a party has been duly executed and delivered by Originator. 
  
 (c) No Conflict. The execution and delivery by
Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or by-laws (or
equivalent organizational documents), (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order,
writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of Originator or its Subsidiaries (except as created by the Transaction
Documents); and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
  
 (d) Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization or approval
or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by Originator of this Agreement and each other Transaction Document to which it is a party and the
performance of its obligations hereunder and thereunder. 
  
 (e) Actions, Suits. There are no actions, suits or proceedings pending, or to the best of Originator’s knowledge, threatened, against or affecting Originator, or any of its properties, in or before any
court, arbitrator or other body, that could reasonably be expected to have a Material Adverse Effect. Originator is not in default with respect to any order of any court, arbitrator or governmental body. 
  
 (f) Binding Effect. This Agreement and each other
Transaction Document to which Originator is a party constitute the legal, valid and binding obligations of Originator enforceable against Originator in accordance with their respective terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, 
  

 8 

 
reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
  
 (g) Accuracy of Information. All information heretofore furnished by Originator or any of its Affiliates to Buyer (or its assigns) for purposes of or in connection with this Agreement, any of the other
Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by Originator or any of its Affiliates to Buyer (or its assigns) will be, true and accurate in every material respect on the
date such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading. 
  
 (h) Use of Proceeds. No proceeds of the Purchase
hereunder will be used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction
which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
  
 (i) Good Title. Immediately prior to the transfer hereunder of any Receivable, Originator shall be the legal and beneficial owner
of each such Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Originator’s ownership interest in each Receivable, its Collections and the Related Security. 
  
 (j) Perfection. This Agreement, together with the
filing by Buyer of the financing statements contemplated hereby, is effective to transfer to Buyer (and Buyer shall acquire from Originator) legal and equitable title to, with the right to sell and encumber each Receivable existing and hereafter
arising, together with the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transactions Documents. There have been duly filed all financing statements or other similar instruments
or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s ownership interest in the Receivables, the Related Security and the Collections. 
  
 (k) Places of Business. The principal places of
business and chief executive office of Originator and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit II or such other locations of which Buyer has been notified in accordance with Section
4.2(a) in jurisdictions where all action required by Section 
  

 9 

 
4.2(a) has been taken and completed. Originator’s Federal Employer Identification Number is correctly set forth on Exhibit II. 

 
 (l) Collections. The names and addresses of all
Collection Banks, together with the account numbers of the Collection Accounts of Originator at each Collection Bank and the post office box number of each Lock-Box, are listed on Exhibit III. 
  
 (m) Material Adverse Effect. Since July 4, 2003, no
event has occurred that would have a Material Adverse Effect. 
  
 (n) Names. In the past five (5) years, Originator has not used any corporate names, trade names or assumed names other than as listed on Exhibit II. 
  
 (o) Not a Holding Company or an Investment Company.
Originator is not a “holding company” or a “subsidiary holding company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or any successor statute.
Originator is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or any successor statute. 
  
 (p) Compliance with Law. Originator has complied in all respects with all applicable laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which it may be subject. Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation,
laws, rules and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or
regulation, except to the extent that any contravention or violation could not reasonably be expected to have a Material Adverse Effect. 
  
 (q) Compliance with Credit and Collection Policy. Originator has complied in all material respects with the Credit and Collection
Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy. 
  
 (r) Payments to Originator. With respect to each Receivable transferred to Buyer hereunder, the Purchase Price received by
Originator constitutes reasonably equivalent value in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by Originator of any Receivable hereunder is or may be voidable under any section of the
Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
  

 10 

 (s) Enforceability of Contracts. Each Contract with respect to each Receivable is
effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance
with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
  
 (t) Eligible Receivables. Each Receivable included in the Net Receivables Balance as an Eligible Receivable on the date it came into existence was an Eligible Receivable on such date. 
  
 (u) Accounting. The manner in which Originator will
account for the transactions contemplated by this Agreement is not inconsistent with the characterization or treatment of each transfer hereunder as having the effect of a true sale. 
  
 (v) Compliance with Representations. On and as of the date of the Purchase and on and as of each
subsequent date each Receivable comes into existence, Originator hereby represents and warrants that all of the other representations and warranties set forth in this Article II are true and correct on and as of each such date (and after
giving effect to all Receivables in existence on each such date) as though made on and as of each such date. 
  
 ARTICLE III 
 CONDITIONS OF PURCHASE 
  
 Section 3.1 Condition Precedent to Purchase. The Purchase under this
Agreement is subject to the condition precedent that Buyer shall have received on or before the date of such purchase those documents listed on Schedule A. 
  
 Section 3.2 Conditions Precedent to Subsequent Payments. Buyer’s obligation to pay for Receivables coming into
existence after the date hereof shall be subject to the further conditions precedent that (a) the Facility Termination Date shall not have occurred; and (b) Buyer (or its assigns) shall have received such other approvals, opinions or documents as it
may reasonably request. 
  

 11 

 ARTICLE IV 
 COVENANTS 
  
 Section 4.1
Affirmative Covenants of Originator. Until the date on which this Agreement terminates in accordance with its terms, Originator hereby covenants as set forth below: 
  
 (a) Financial Reporting. Originator will maintain, for itself and each of its Subsidiaries, a system
of accounting established and administered in accordance with generally accepted accounting principles, and furnish to Buyer and the Agent: 
  
 (i) Copies of Notices. Promptly upon its receipt of any notice, request for consent, financial statements, certification, report or
other communication under or in connection with any Transaction Document from any Person other than Buyer, JWPR Corporation, the Agent or FALCON, copies of the same. 
  
 (ii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of
any material change in or amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice indicating such change or amendment. 
  
 (iii) Other Information. Promptly, from time to time, such other information, documents, records or
reports relating to the Receivables (including any accrual accounts with respect thereto) or the condition or operations, financial or otherwise, of Originator as Buyer or the Agent may from time to time reasonably request in order to protect the
interests of Buyer (and its assigns) under or as contemplated by this Agreement. 
  
 (b) Notices. Originator will notify the Buyer and the Agent in writing of any of the following promptly upon learning of the
occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
  
 (i) Amortization Events or Potential Amortization Events. The occurrence of each Amortization Event and each Potential Amortization
Event, by a statement of an Authorized Officer of Originator. 
  
 (ii) Judgment and Proceedings. (1) The entry of any judgment or decree against Originator or any of its Subsidiaries, in each case, which is reasonably likely to create liability to such Person in excess of
$10,000,000 in the aggregate for all such circumstances; or (2) the institution of any material litigation, arbitration proceeding or governmental proceeding against Originator. 
  

 12 

 (iii) Material Adverse Effect. The occurrence of any event or condition that has,
or could reasonably be expected to have, a Material Adverse Effect. 
  
 (iv) Defaults Under Other Agreements. The occurrence of a default or an event of default under any other material financing arrangement pursuant to which Originator is a debtor or an obligor. 
  
 (c) Compliance with Laws and Preservation of Corporate
Existence. Originator will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject except to the extent that any failure to do so could not be
reasonably expected to have a Material Adverse Effect. At all times prior to the occurrence of the Merger, Originator will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and
qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where its business is conducted except to the extent that any failure to do so could not be reasonably expected to have a Material Adverse Effect.

  
 (d) Audits. Originator will furnish to
Buyer and the Agent from time to time such information with respect to it and the Receivables as Buyer or the Agent may reasonably request. Originator will, from time to time during regular business hours as requested by Buyer or the Agent, upon
reasonable notice and at the sole cost of Originator, permit Buyer and the Agent or their respective agents or representatives, (i) to examine and make copies of and abstracts from all Records in the possession or under the control of Originator
relating to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of Originator for the purpose of examining such materials described in clause (i) above, and to
discuss matters relating to Originator’s financial condition or the Receivables and the Related Security or Originator’s performance under any of the Transaction Documents or Originator’s performance under the Contracts and, in each
case, with any of the officers or employees of Originator having knowledge of such matters. 
  
 (e) Keeping and Marking of Records and Books. 
  
 (i) Originator will maintain and implement administrative and operating procedures (including, without
limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the
collection of all Receivables (including, without limitation, records adequate to permit the timely identification of each new Receivable and all Collections of and adjustments to each existing 
  

 13 

 
Receivable). Originator will give Buyer and the Agent notice of any material change in the administrative and operating procedures referred to in the
previous sentence. 
  
 (ii) Originator will (A)
on or prior to the date hereof, mark its master data processing records and other books and records relating to the Receivables with a legend, acceptable to Buyer (or its assigns), describing Buyer’s ownership interests in the Receivables and
further describing the Purchaser Interests of the Agent (on behalf of the Purchasers) under the Purchase Agreement and (B) upon the request of Buyer or the Agent, (x) at any time, following the occurrence of an Amortization Event, at which the Agent
is considering the termination of JWPR Corporation as “Servicer” under the Purchase Agreement or Buyer as a “Sub-Servicer” thereunder, mark each Contract with a legend describing Buyer’s ownership interests in the
Receivables and further describing the Purchaser Interests of the Agent (on behalf of the Purchasers) and (y) after the termination of JWPR Corporation as Servicer under the Purchase Agreement or any Originator as Sub-Servicer thereunder , deliver
to the Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables. 
  
 (f) Compliance with Contracts and Credit and Collection Policy. Originator will timely and fully (i) perform and comply with all
provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, except to the extent that any failure to do so could not be reasonably expected to have a Material Adverse Effect, and (ii) comply
in all material respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. Originator will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or
gross receipts of Buyer and its assigns. 
  
 (g)
Ownership. Originator will take all necessary action to establish and maintain, irrevocably in Buyer, legal and equitable title to the Receivables, the Related Security and the Collections, free and clear of any Adverse Claims other than
Adverse Claims in favor of Buyer (and its assigns) (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to
perfect Buyer’s interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Buyer as Buyer or the Agent may reasonably request. 
  
 (h) Purchasers’ Reliance. Originator
acknowledges that the Agent and the Purchasers are entering into the transactions contemplated by the Purchase Agreement in reliance upon JWPR Corporation’s identity as a legal entity that is separate from Buyer 
  

 14 

 
and any Affiliate thereof, including Originator. Therefore, from and after the date of execution and delivery of this Agreement, Originator will take all
reasonable steps including, without limitation, all steps that Buyer or any assignee of Buyer may from time to time reasonably request to maintain JWPR Corporation’s identity as a separate legal entity and to make it manifest to third parties
that JWPR Corporation is an entity with assets and liabilities distinct from those of Originator, Buyer and any Affiliates thereof, and not just a division of any thereof. Without limiting the generality of the foregoing and in addition to the other
covenants set forth herein, Originator will not hold itself out to third parties as liable for the debts of Buyer or JWPR Corporation nor purport to own the Receivables and other assets acquired by Buyer or JWPR Corporation. 
  
 (i) Collections. Originator will cause (1) all
proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the
event any payments relating to Receivables are remitted directly to Originator or any Affiliate of Originator, Originator will remit (or will cause all such payments to be remitted) directly to a Collection Bank for deposit into a Collection Account
within two (2) Business Days following receipt thereof and, at all times prior to such remittance, Originator will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Buyer and its assigns.
Originator will transfer exclusive ownership, dominion and control of each Lock-Box and Collection Account to Buyer and, will not grant the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the
occurrence of a future event to any Person, except to Buyer (or its assigns) as contemplated by this Agreement and the Purchase Agreement. 
  
 (j) Taxes. Originator will file all tax returns and reports required by law to be filed by it and promptly pay all taxes and
governmental charges at any time owing, except those which are being contested in good faith by appropriate proceedings, provided that adequate reserves for such contested taxes have been established in accordance with GAAP and the relevant
governmental authority shall not have commenced any enforcement proceedings seeking recourse against any assets of the Originator in respect of such contested taxes. 
  
 (k) Insurance. Originator will maintain in effect, or cause to be maintained in effect, at
Originator’s own expense, such casualty and liability insurance as Originator deems appropriate in its good faith business judgement. 
  

 15 

 Section 4.2 Negative Covenants of Originator. Until the date on which this Agreement terminates in
accordance with its terms, Originator hereby covenants that: 
  
 (a) Name Change, Offices and Records. Originator will not change its name, identity or corporate structure (within the meaning of Section 9-507(c) of any applicable enactment of the UCC) or relocate its
chief executive office or any office where Records are kept unless it shall have: (i) given Buyer and the Agent at least forty-five (45) days’ prior written notice thereof and (ii) delivered to Buyer and the Agent all financing statements,
instruments and other documents requested by Buyer and the Agent in connection with such change or relocation. 
  
 (b) Change in Payment Instructions to Obligors. Originator will not add or terminate any bank as a Collection Bank, or make any
change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection Account, unless Buyer and the Agent shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of
such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided,
however, that Originator may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor to make payments to another existing Collection Account. 
  
 (c) Modifications to Contracts and Credit and Collection
Policy. Originator will not make any change to the Credit and Collection Policy that could adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables. Except as otherwise permitted in
its capacity as a Sub-Servicer pursuant to Article VIII of the Purchase Agreement and Article VII of this Agreement, Originator will not extend, amend or otherwise materially modify the terms of any Receivable or any Contract related
thereto other than in accordance with the Credit and Collection Policy. 
  
 (d) Sales, Liens. Originator will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon
(including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any Contract under which any Receivable arises, or any Lock-Box or Collection
Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests therein in favor of Buyer provided for herein), and Originator will defend the right, title and interest of Buyer in, to and
under any of the foregoing property, against all claims of third parties claiming through 
  

 16 

 
or under Originator. Originator shall not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar
arrangement on any of its inventory unless (i) in the case of any inventory, either (A) such Adverse Claim by its express terms is extinguished or released upon the sale, transfer or other disposition of such inventory or (B) such Adverse Claim is a
nonconsensual lien arising by operation of law and the indebtedness or obligations secured thereby are not then due and payable, and (ii) if requested by the Agent, the applicable lienholder shall have entered into an intercreditor agreement with
the Agent in the form and substance satisfactory to the Agent. 
  
 (e) Accounting for Purchase. Originator will not, and will not permit any Affiliate to, account for or treat (whether in financial statements or otherwise) the transactions contemplated hereby in any manner
other than the sale of the Receivables and the Related Security by Originator to Buyer or in any other respect account for or treat the transactions contemplated hereby in any manner other than as a sale of the Receivables and the Related Security
by Originator to Buyer except to the extent that such transactions are not recognized on account of consolidated financial reporting in accordance with generally accepted accounting principles. 
  
 ARTICLE V 
 AMORTIZATION EVENTS 
  
 Section 5.1 Amortization Events. The occurrence of any one or more of the following events shall constitute an Amortization Event: 
  
 (a) Originator shall fail (i) to make any payment or deposit required hereunder when due, or (ii) to perform
or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of this paragraph (a)) or any other Transaction Document to which it is a party and such failure shall continue for five (5) consecutive Business Days.

  
 (b) Any representation, warranty,
certification or statement made by Originator in this Agreement, any other Transaction Document or in any other document delivered pursuant hereto or thereto shall prove to have been incorrect in any material way when made or deemed made.
Notwithstanding the foregoing, a breach of any representation or warranty which relates solely to the eligibility or characteristics of any Receivable shall not constitute an Amortization Event hereunder if a Purchase Price Credit Adjustment (and
any related payment by Originator) is duly and timely made in accordance with Section 1.3 hereof. 
  

 17 

 (c) Failure of Originator or any of its Subsidiaries or Affiliates to pay any
Indebtedness when due in an aggregate amount in excess of $10,000,000; or the default by Originator or any of its Subsidiaries or Affiliates in the performance of any term, provision or condition contained in any agreement under which any such
Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of Originator or any
of its Subsidiaries or Affiliates shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. 
  
 (d) (i) Originator or any of its Subsidiaries or Affiliates shall generally not pay its debts as such debts
become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against Originator or any of its Subsidiaries or Affiliates
seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property, provided, that in the case of an involuntary proceeding
instituted against Originator or any of its Subsidiaries or Affiliates, the Amortization Date shall not occur or be declared for 60 days after such proceeding is instituted unless Originator shall at any time during such period consent to or
acquiesce in the continuance or maintenance of such proceeding or (ii) Originator or any of its Subsidiaries or Affiliates shall take any corporate action to authorize any of the actions set forth in the foregoing clause (i) of this subsection (d).

  
 (e) A Change of Control shall occur.

  
 (f) One or more final judgments for the
payment of money shall be entered against Originator on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall (i) individually or in the aggregate for all judgments then
outstanding against the Originator and any of its Affiliates exceed an amount equal to $10,000,000, and (ii) continue unsatisfied and in effect for fifteen (15) consecutive days without a stay of execution. 
  
 Section 5.2 Remedies. Upon the occurrence and during the continuation
of an Amortization Event, Buyer may take any of the following actions: (i) declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are
hereby expressly waived by Originator; provided, however, that upon the occurrence of Amortization Event described in Section 5.1(d) (subject to the proviso therein), or of an actual or deemed entry of an order for relief with
respect 
  

 18 

 
to Originator under the Federal Bankruptcy Code, the Amortization Date shall automatically occur, without demand, protest or any notice of any kind, all of
which are hereby expressly waived by Originator and (ii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any amounts then due and owing by Buyer to Originator. The aforementioned rights
and remedies shall be in addition to all other rights and remedies of Buyer and its assigns available under this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all
rights and remedies provided under the UCC, all of which rights shall be cumulative. 
  
 ARTICLE VI 
 INDEMNIFICATION 
  
 Section 6.1 Indemnities by Originator. Without limiting any other rights that Buyer may have hereunder or under
applicable law, Originator hereby agrees to indemnify Buyer and its assigns (including, without limitation, JWPR Corporation, the Purchasers and the Agent), officers, directors, agents and employees (each an “Indemnified Party”)
from and against any and all damages, losses, claims, taxes and liabilities, reasonable costs and expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of Buyer) and disbursements
(all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by Buyer of
an interest in the Receivables, excluding, however: 
  
 (i) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking
indemnification; 
  
 (ii) Indemnified Amounts to
the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 
  
 (iii) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is
located, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the Intended Characterization; 
  
 provided, however, that nothing contained in this sentence shall limit the liability of Originator or limit the recourse of
Buyer to Originator for amounts otherwise specifically provided to be paid by Originator under the terms of any other provision of this Agreement. Without limiting 
  

 19 

 
the generality of the foregoing indemnification, Originator shall indemnify Buyer for Indemnified Amounts (including, without limitation, losses in respect
of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to Originator) relating to or resulting from: 
  
 (i) any representation or warranty made by Originator (or any officers of Originator) under or in connection with this Agreement, any
other Transaction Document or any other information or report delivered by Originator pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 
  
 (ii) the failure by Originator, to comply with any applicable law, rule or regulation with respect to any
Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of Originator to keep or perform any of its obligations, express or implied,
with respect to any Contract; 
  
 (iii) any
failure of Originator to perform its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
  
 (iv) any products liability or similar claim arising out of or in connection with merchandise, insurance or
services that are the subject of any Contract; 
  
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not
being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to
furnish such merchandise or services; 
  
 (vi)
the commingling by Originator of Collections of Receivables at any time with other funds; 
  
 (vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document, the
transactions contemplated hereby, the use of the proceeds of the Purchase, the ownership of the Receivables or any other investigation, litigation or proceeding relating to Originator in which 
  

 20 

 
any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
  
 (viii) any inability to litigate any claim against any
Obligor in respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
  
 (ix) any Amortization Event described in Section
5.1(d); 
  
 (x) any failure to vest and
maintain vested in Buyer, or to transfer to Buyer, legal and equitable title to, and ownership of, the Receivables, the Related Security and the Collections, free and clear of any Adverse Claim (except as created by the Transaction Documents);

  
 (xi) any action or omission by Originator
which reduces or impairs the rights of Buyer with respect to any Receivable or the value of any such Receivable; and 
  
 (xii) any attempt by any Person to void the Purchase hereunder under statutory provisions or common law or equitable action. 

 
 Section 6.2 Other Costs and Expenses. Originator shall pay to Buyer
on demand all costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder. Originator shall pay
to Buyer on demand any and all costs and expenses of Buyer and its assigns, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection
with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Amortization Event. 
  
 ARTICLE VII 
 MISCELLANEOUS 
  
 Section 7.1 Waivers and Amendments. 
  
 (a) No failure or delay on the part of Buyer (or its
assigns) in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any
other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or 
  

 21 

 
remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.

  
 (b) No provision of this Agreement may be
amended, supplemented, modified or waived except in writing signed by Originator and Buyer and, to the extent required under the Purchase Agreement, the Agent and the Financial Institutions or the Required Financial Institutions. 
  
 Section 7.2 Notices. Except as provided below, all communications and
notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on
the signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (i) if given by
telecopy, upon the receipt thereof, (ii) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given by any other means, when received at the address
specified in this Section 7.2. 
  
 Section 7.3
Protection of Ownership Interests of Buyer. 
  
 (a) Originator agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary, or that Buyer (or its assigns) may reasonably request, to
perfect, protect or more fully evidence the Purchaser Interests with respect to Receivables, the Collections and the Related Security, or to enable Buyer (or its assigns) to exercise and enforce their rights and remedies hereunder. At any time upon
the occurrence of an Amortization Event and during the continuation thereof, Buyer (or its assigns) may, at Originator’s sole cost and expense, direct Originator to notify the Obligors of Receivables of the ownership interests of Buyer under
this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to Buyer or its designee. 
  

(b) If Originator fails to perform any of its obligations hereunder, Buyer (or its assigns) may (but shall not be required to) perform,
or cause performance of, such obligation, and Buyer’s (or such assigns’) reasonable out-of-pocket costs and expenses incurred in connection therewith shall be payable by Originator as provided in Section 6.2. Originator irrevocably
authorizes Buyer (and its assigns) at any time and from time to time in the sole discretion of Buyer (or its assigns), to the full extent permitted by law (including for purposes of Section 9-509 of the Uniform Commercial Code or any similar law
then in effect) to file any financing statements determined to be necessary or desirable in Buyer’s (or its assigns’) sole discretion to perfect and to maintain the 
  

 22 

 
perfection and priority of the interest of Buyer (and its assigns) in the Receivables, Related Security and Collections. 
  
 Section 7.4 Confidentiality. 
  
 (a) Originator shall maintain and shall cause each of its
employees and officers to maintain the confidentiality of this Agreement and the other confidential proprietary information with respect to the Agent and FALCON and their respective businesses obtained by it or them in connection with the
structuring, negotiating and execution of the transactions contemplated herein, except that Originator and its officers and employees may disclose such information to Originator’s external accountants and attorneys and as required by any
applicable law or order of any judicial or administrative proceeding. 
  
 (b) Each of the Financial Institutions, FALCON and the Agent shall maintain and shall cause each of its employees and officers to maintain the confidentiality of nonpublic proprietary information with respect to
Originator and its business obtained by it in connection with the connection with the structuring, negotiating and execution of the transactions contemplated herein. Anything herein to the contrary notwithstanding, Originator hereby consents to the
disclosure of any nonpublic information with respect to it (i) to Buyer, JWPR Corporation, the Agent, the Financial Institutions or FALCON by each other or (ii) by the Agent to any rating agency or provider of a surety, guaranty or credit or
liquidity enhancement to FALCON or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which Bank One acts as the administrative agent and to any officers, directors, employees, outside accountants
and attorneys of any of the foregoing. In addition, the Purchasers and the Agent may disclose any such nonpublic information pursuant to any applicable law, rule, regulation, direction, request or order of any judicial, administrative or regulatory
authority or proceedings (having the force or effect of law). The Agent or the Purchasers may disclose any nonpublic information with respect to the Originator to any prospective or actual assignee or participant of any of them or to any Commercial
Paper dealer, with the prior written consent of Originator, provided that the Agent and the Purchasers may disclose any nonpublic information to any such Person, without the consent of Originator, any other Originator or any other Person, if
such information is presented on a portfolio basis, does not explicitly refer to Originator and does not disclose specific financial information in respect of the Originator. 
  
 (c) Anything herein to the contrary notwithstanding, Buyer, Originator, each Purchaser, the Agent, each
Indemnified Party and any successor or assign of any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any and all Persons, without limitation of any kind, the “tax treatment” and

  

 23 

 
“tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all
materials of any kind (including opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized
since the commencement of discussions regarding the transactions. 
  
 Section 7.5 Bankruptcy Petition. 
  
 (a) Originator and Buyer each hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior Indebtedness of FALCON, it will not institute against, or join any other
Person in instituting against, FALCON any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
  
 (b) Originator hereby covenants and agrees that, prior to
the date that is one year and one day after the payment in full of all outstanding obligations of JWPR Corporation under the Purchase Agreement, it will not institute against, or join in any other Person in instituting against, JWPR Corporation any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or any other similar proceeding under the laws of the United States or any state of the United States. 
  
 Section 7.6 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND
NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS. 
  
 Section
7.7 CONSENT TO JURISDICTION. ORIGINATOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AGREEMENT AND ORIGINATOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES
ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS ASSIGNS) TO BRING
PROCEEDINGS AGAINST ORIGINATOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ORIGINATOR AGAINST BUYER (OR ITS ASSIGNS) OR ANY AFFILIATE THEREOF 
  

 24 

 
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ORIGINATOR
PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS. 
  
 Section 7.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY
WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
  
 Section 7.9 Integration; Binding Effect; Survival of Terms. 
  
 (a) This Agreement, the Subordinated Note and each
Collection Account Agreement contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof superseding all prior oral or written understandings. 
  
 (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and
constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with
respect to (i) any breach of any representation and warranty made by Originator pursuant to Article II, (ii) the indemnification and payment provisions of Article VI, and Section 7.5 shall be continuing and shall survive any
termination of this Agreement. 
  
 (c) It is
anticipated that (i) all of the capital stock of Originator not owned by Buyer shall be transferred to Buyer, (ii) on or prior to January 5, 2004 (the “Anticipated Merger Date”) Originator shall merge with, liquidate into or
otherwise consolidate with Buyer, with the effect that Originator shall cease to have a separate legal existence (the “Merger”) and (iii) on giving effect to the Merger, there shall be no change in the name of Buyer indicated on the
public record of Buyer’s jurisdiction of organization or in the form or jurisdiction of organization of Buyer. Promptly following its becoming aware that the Merger shall not occur on or prior to the Anticipated Merger Date, or that the
circumstances relating to the Merger shall be different in any respect from the description set forth clauses (i), (ii) and (iii) above, Buyer shall so advise the Agent in writing. 
  

 25 

 
Promptly following the occurrence of the Merger, Buyer shall provide the Agent a certificate of merger or similar evidence of the occurrence of the Merger,
certified by the Secretary of State of Delaware and setting forth the registered name of Buyer at such time. Upon giving effect to the Merger, this Agreement shall, subject to Section 7.9(b), terminate. Following the Merger, it is anticipated
that Buyer shall continue to sell “Receivables” under the Sale Agreement, including “Receivables” originated in connection with the operation of the business formerly owned by Originator. 
  
 (d) It is further anticipated that, at all times prior to
the occurrence of the Merger, the Purchase Agreement shall be in effect and the Agent, for the benefit of the Purchasers under the Purchase Agreement, shall be the ultimate assignee of any right, title or interest created in favor of Buyer
hereunder. All references herein to the Agent are intended to mean and be a reference to the Agent as such ultimate assignee. In the event the Purchase Agreement shall for any reason cease to be in effect or the ultimate assignee shall cease to be
the Agent, and the Agent shall so advise Originator and Buyer in writing, each reference herein to “Agent” shall thereafter mean and be a reference to Buyer or the ultimate assignee then in effect. 
  
 Section 7.10 Counterparts; Severability; Section References. This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,”
“Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
duly authorized officers as of the date hereof. 
  

	 THE BUTCHER COMPANY, as Originator

		
	 By:
	 	     /s/ LUIS MACHADO

	 	 	 Name: Luis Machado

	 	 	 Title:

		
	 	 	 Address: 67 Forest Street

	 	 	 Marlborough, MA 01752-3088

	
	 JOHNSONDIVERSEY, INC., as Buyer

		
	 By:
	 	     /s/ FRANCISCO SANCHEZ

	 	 	 Francisco Sanchez

	 	 	 Divisional Vice President and Corporate Treasurer

		
	 	 	 Address:

	 	 	 8310 16th Street

	 	 	 P.O. Box 902

	 	 	 Sturtevant, WI 53177-0902

  
 Receivables
Sale Agreement 

 Exhibit I 
  
 Definitions 
  
 This is Exhibit I to the Agreement (as hereinafter defined). As used in the Agreement and the Exhibits, Schedules and Annexes thereto, capitalized terms
have the meanings set forth in this Exhibit I (such meanings to be equally applicable to the singular and plural forms thereof). If a capitalized term is used in the Agreement, or any Exhibit, Schedule or Annex thereto, and not otherwise defined
therein or in this Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to the Purchase Agreement. 
  
 “Agent” has the meaning set forth in the Preliminary Statements to the Agreement. 
  
 “Agreement” means the Receivables Sale Agreement, dated as
of August 29, 2003, between Originator and Buyer, as the same may be amended, restated or otherwise modified. 
  
 “Amortization Date” means the earliest to occur of (i) the Facility Termination Date, (ii) the Business Day immediately prior to the
occurrence of an Amortization Event set forth in Section 5.1(d) (subject to the proviso therein with regard to involuntary proceedings), (iii) the Business Day specified in a written notice from Buyer to Originator following the occurrence of
any other Amortization Event, and (iv) the date which is 60 Business Days after Buyer’s (and, if the Purchase Agreement shall then be in effect, the Agent’s) receipt of written notice from Originator that it wishes to terminate the
facility evidenced by this Agreement. 
  
 “Amortization
Event” has the meaning set forth in Section 5.1 of the Agreement. 
  
 “Authorized Officer” means, with respect to Originator, its corporate president, secretary, controller, treasurer or chief financial officer or any vice president. 
  
 “Business Day” means any day on which banks are not
authorized or required to close in New York, New York or Chicago, Illinois and The Depository Trust Company of New York is open for business. 
  
 “Buyer” has the meaning set forth in the preamble to the Agreement. 
  
 “Calculation Period” means each “Reporting Period” (as defined in the Purchase Agreement) or
portion thereof which elapses during the term of the Agreement. The first Calculation Period shall commence on the date of the Purchase of Receivables hereunder and the final Calculation Period shall terminate on the Amortization Date. 

 “Credit and Collection Policy” means Originator’s credit and collection policies
and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit IV, as modified from time to time in accordance with the Agreement. 
  
 “Default Fee” means a per annum rate of interest equal to the sum of (i) the Prime Rate, plus (ii)
2% per annum. 
  
 “Dilutions” means, at any time,
the aggregate amount of reductions or cancellations described in Section 1.3(a) of the Agreement. 
  
 “Discount Factor” means a percentage calculated to provide Buyer with a reasonable return on its investment in the Receivables after
taking account of (i) the time value of money based upon the anticipated dates of collection of the Receivables and the cost to Buyer of financing its investment in the Receivables during such period and (ii) the risk of nonpayment by the Obligors.
Originator and Buyer may agree from time to time to change the Discount Factor based on changes in one or more of the items affecting the calculation thereof, provided that any change to the Discount Factor shall take effect as of the
commencement of a Calculation Period, shall apply only prospectively and shall not affect the Purchase Price payment in respect of Purchase which occurred during any Calculation Period ending prior to the Calculation Period during which Originator
and Buyer agree to make such change. 
  
 “FALCON”
has the meaning set forth in the Preliminary Statements to the Agreement. 
  
 “Federal Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended and any successor statute thereto. 
  
 “Intended Characterization” means, for income tax purposes,
the characterization of the acquisition by the Purchasers of Purchaser Interests under the Purchase Agreement as a loan or loans by the Purchasers to Buyer secured by the Receivables, the Related Security and the Collections. 
  
 “Material Adverse Effect” means a material adverse effect on
(i) the financial condition or operations of Originator, (ii) the ability of Originator to perform its obligations under the Agreement or any other Transaction Document, (iii) the legality, validity or enforceability of the Agreement or any other
Transaction Document, (iv) Originator’s, Buyer’s, JWPR Corporation’s, the Agent’s or any Purchaser’s interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or Collections
with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables. 
  

 2 

 “Merger” has the meaning set forth in Section 7.9. 
  
 “Original Balance” means, with respect to any Receivable,
the Outstanding Balance of such Receivable on the date it was purchased by Buyer. 
  
 “Originator” has the meaning set forth in the preamble to the Agreement. 
  
 “Potential Amortization Event” means an event which, with the lapse of a grace period or the giving of notice, or both, would constitute
an Amortization Event. 
  
 “Prime Rate” means the
rate published in the Wall Street Journal as the ‘Prime Rate’. 
  
 “Purchase” means the purchase under the Agreement by Buyer from Originator of the Receivables, the Related Security and the Collections related thereto, together with all related rights in connection
therewith. 
  
 “Purchase Agreement” has the
meaning set forth in the Preliminary Statements to the Agreement. 
  
 “Purchase Price” means, with respect to the Purchase, the aggregate price to be paid by Buyer to Originator for such Purchase in accordance with Section 1.2 of the Agreement for the Receivables, Collections and
Related Security being sold to Buyer on such date, which price shall equal (i) the product of (x) the Original Balance of such Receivables, multiplied by (y) one minus the Discount Factor then in effect, minus (ii) any Purchase Price
Credits to be credited against the Purchase Price otherwise payable in accordance with Section 1.3 of the Agreement. 
  
 “Purchase Price Credit” has the meaning set forth in Section 1.3 of the Agreement. 
  
 “Purchaser” means FALCON or a Financial Institution, as
applicable. 
  
 “Receivable” means the
indebtedness and other obligations owed to Originator (without giving effect to any transfer or conveyance under the Agreement) or Buyer (after giving effect to the transfers under the Agreement) whether constituting an account, contract right,
payment intangible, promissory note, chattel paper, instrument, document, investment property, financial asset or general intangible, arising in connection with the sale of goods or the rendering of services by Originator and includes, without
limitation, the obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by
an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction. 
  

 3 

 “Related Security” means, with respect to any Receivable: 
  
 (i) all of Originator’s interest in the inventory and
goods (including returned or repossessed inventory or goods), if any, the sale, financing or lease of which by Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 
  
 (ii) all other security interests or liens and property
subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any
collateral securing such Receivable, 
  
 (iii)
all guaranties, letters of credit, letter-of-credit rights, supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the
Contract related to such Receivable or otherwise, 
  
 (iv) all service contracts and other contracts and agreements associated with such Receivable, 
  
 (v) all Records related to such Receivable, and 
  

(vi) all proceeds of any of the foregoing. 
  
 “Reporting Date” has the meaning assigned in the Purchase Agreement. 
  
 “Sale Agreement” has the meaning set forth in the Preliminary Statements to the Agreement. 
  
 “Settlement Date” has the meaning assigned in the Purchase
Agreement. 
  
 “Subordinated Loan” has the
meaning set forth in Section 1.2(a) of the Agreement. 
  
 “Subordinated Note” means a promissory note in substantially the form of Exhibit V hereto as more fully described in Section 1.2 of the Agreement, as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
  

 4 

 “Subsidiary” of a Person means any corporation, association, partnership, limited
liability company, joint venture or other business entity of which more than 50% of the voting stock, membership interests or other equity interests (in the case of Persons other than corporations) is owned or controlled directly or indirectly by
the Person, or one or more of the Subsidiaries of the Person, or a combination thereof. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of Originator. 
  
 “Transaction Documents” means, collectively, the Purchase
Agreement, this Agreement, the Sale Agreement, each Collection Account Agreement, the Subordinated Note and all other instruments, documents and agreements executed and delivered in connection herewith. 
  
 All accounting terms not specifically defined herein shall be construed in
accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC in the State of Illinois, and not specifically defined herein, are used herein as defined in such Article 9. 
  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]