Document:

<PAGE>
                                                                     Exhibit 4.1

   COMMON STOCK                                               COMMON STOCK

      NUMBER                                                     SHARES
   NEED PREFIX
                             [NORTH POINTE HOLDINGS
                                CORPORATION LOGO]          CUSIP 661696 10 4
                                                            SEE REVERSE FOR
                                                          CERTAIN DEFINITIONS

            INCORPORATED UNDER THE LAWS OF THE STATEMENT OF MICHIGAN

     THIS CERTIFIES THAT

     IS THE RECORD HOLDER OF

FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK, NO PAR VALUE PER SHARE, OF

                       NORTH POINTE HOLDINGS CORPORATION

transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of this Certificate properly endorsed. This Certificate
is not valid until countersigned by the Transfer Agent and registered by the
Registrar.

     WITNESS the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers.

DATED:

                             [NORTH POINTE HOLDINGS
     /S/ B. Matthew Petcoff  CORPORATION CORPORATE    /S/ James G. Petcoff
        SECRETARY              SEAL 2001 MICHIGAN]     PRESIDENT

COUNTERSIGNED AND REGISTERED:
          SUNTRUST BANK
               TRANSFER AGENT AND REGISTRAR
BY:

                       AUTHORIZED SIGNATURE
<PAGE>
                        NORTH POINTE HOLDINGS CORPORATION

         The Corporation is authorized to issue both common stock and preferred
stock. The Corporation will furnish to a shareholder upon request and without
charge a full statement of the designation, relative rights, preferences, and
limitations of the shares of each class authorized to be issued, and the
designation, relative rights, preferences, and limitations of each series so far
as the same have been prescribed and the authority of the Board of Directors to
designate and prescribe the relative rights, preferences, and limitations of
other series.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN  - as joint tenants with right of
          survivorship and not as tenants in common

UNIF GIFT MIN ACT-                               Custodian
                  -------------------------------          ---------------------
                            (Cust)                               (Minor)

                  under Uniform Gifts to Minors

                  Act
                     -----------------------------------------------------------
                                             (State)

UNIF TRF MIN ACT-                                Custodian (until age          )
                 -------------------------------                     ----------
                              (Cust)
                                                     under Uniform Transfers
                 -----------------------------------
                              (Minor)

                 to Minors Act
                              --------------------------------------------------
                                                (State)

     Additional abbreviations may also be used though not in the above list.

For Value received,                        hereby sell, assign and transfer unto
                    -----------------------

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------

--------------------------------------------------------------------------------
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                                                          Shares
--------------------------------------------------------------------------
of the Common Stock represented by the within Certificate, and do(es) hereby
irrevocably constitute and appoint

                                                                        Attorney
-----------------------------------------------------------------------
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated                                    X
      ----------------------------         -------------------------------------

                                         X
                                           -------------------------------------
                                   NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT
                                           MUST CORRESPOND WITH THE NAME(S) AS
                                           WRITTEN UPON THE FACE OF THE
                                           CERTIFICATE IN EVERY PARTICULAR
                                           WITHOUT ALTERATION OR ENLARGEMENT OR
                                           ANY CHANGE WHATEVER.

SIGNATURES GUARANTEED:

By
   -----------------------------------------------------------------------------
   THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
   (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
   MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
   S.E.C. RULE 17Ad-15.exv10w1

 

Exhibit 10.1

Execution Copy

CREDIT AGREEMENT

among

BAKER HUGHES INCORPORATED

as Borrower,

JPMORGAN CHASE BANK, N.A.

as Administrative Agent,

BANK OF AMERICA, N.A.

THE BANK OF TOKYO-MITSUBISHI, LTD., HOUSTON AGENCY

BARCLAYS BANK PLC AND

CITIBANK, N.A.,

as Co-Syndication Agents,

ABN AMRO BANK N.V.,

as Documentation Agent,

AND

THE LENDERS IDENTIFIED HEREIN,

DATED AS OF JULY 7, 2005

J.P. MORGAN SECURITIES INC.,

As Sole Lead Arranger and Sole Book Manager

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 

	 	ARTICLE I	 	 	 	 
	 

	 	DEFINITIONS AND ACCOUNTING TERMS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01

	 	Definitions
	 	 	5	 
	Section 1.02

	 	Interpretive Provisions
	 	 	20	 
	Section 1.03

	 	Accounting Terms/Calculation of Financial Covenants
	 	 	20	 
	Section 1.04

	 	Time
	 	 	21	 
	Section 1.05

	 	References to Agreements and Requirement of Laws
	 	 	21	 
	Section 1.06

	 	Letter of Credit Amounts
	 	 	21	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE II	 	 	 	 
	 

	 	COMMITMENTS AND LOANS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01

	 	Loans
	 	 	21	 
	Section 2.02

	 	Method of Borrowing for Loans
	 	 	22	 
	Section 2.03

	 	Funding of Loans
	 	 	22	 
	Section 2.04

	 	Letters of Credit
	 	 	22	 
	Section 2.05

	 	Continuations and Conversions
	 	 	26	 
	Section 2.06

	 	Minimum Amounts
	 	 	26	 
	Section 2.07

	 	Notes
	 	 	27	 
	Section 2.08

	 	Reduction of Committed Amount
	 	 	27	 
	Section 2.09

	 	Increase in Committed Amount
	 	 	27	 
	Section 2.10

	 	Extension of Maturity Date
	 	 	29	 
	Section 2.11

	 	Replacement of Lenders
	 	 	30	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE III	 	 	 	 
	 

	 	PAYMENTS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01

	 	Interest
	 	 	30	 
	Section 3.02

	 	Prepayments
	 	 	30	 
	Section 3.03

	 	Payment in Full at Maturity
	 	 	31	 
	Section 3.04

	 	Fees
	 	 	31	 
	Section 3.05

	 	Payments Generally
	 	 	32	 
	Section 3.06

	 	Computations of Interest and Fees
	 	 	34	 
	Section 3.07

	 	Evidence of Debt
	 	 	34	 
	Section 3.08

	 	Pro Rata Treatment
	 	 	35	 
	Section 3.09

	 	Sharing of Payments
	 	 	35	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE IV	 	 	 	 
	 

	 	TAXES, YIELD PROTECTION AND ILLEGALITY	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01

	 	Taxes
	 	 	36	 
	Section 4.02

	 	Illegality
	 	 	39	 
	Section 4.03

	 	Inability to Determine Eurodollar Rate
	 	 	39	 
	Section 4.04

	 	Increased Cost and Reduced Return; Capital Adequacy
	 	 	39	 
	Section 4.05

	 	Funding Losses
	 	 	40	 
	Section 4.06

	 	Requests for Compensation
	 	 	40	 
	Section 4.07

	 	Survival
	 	 	40	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 

	 	ARTICLE V	 	 	 	 
	 

	 	CONDITIONS PRECEDENT	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01

	 	Closing Conditions
	 	 	41	 
	Section 5.02

	 	Conditions to Loans
	 	 	42	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VI	 	 	 	 
	 

	 	REPRESENTATIONS AND WARRANTIES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01

	 	Organization and Good Standing
	 	 	43	 
	Section 6.02

	 	Due Authorization
	 	 	43	 
	Section 6.03

	 	No Conflicts
	 	 	43	 
	Section 6.04

	 	Consents
	 	 	44	 
	Section 6.05

	 	Enforceable Obligations
	 	 	44	 
	Section 6.06

	 	Financial Condition
	 	 	44	 
	Section 6.07

	 	No Default
	 	 	44	 
	Section 6.08

	 	Litigation
	 	 	44	 
	Section 6.09

	 	Taxes
	 	 	45	 
	Section 6.10

	 	Compliance with Law
	 	 	45	 
	Section 6.11

	 	ERISA.
	 	 	45	 
	Section 6.12

	 	Use of Proceeds; Margin Stock
	 	 	46	 
	Section 6.13

	 	Government Regulation
	 	 	46	 
	Section 6.14

	 	Solvency
	 	 	46	 
	Section 6.15

	 	Disclosure
	 	 	46	 
	Section 6.16

	 	Environmental Matters
	 	 	46	 
	Section 6.17

	 	Insurance
	 	 	47	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VII	 	 	 	 
	 

	 	AFFIRMATIVE COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01

	 	Information Covenants
	 	 	47	 
	Section 7.02

	 	Funded Indebtedness-to-Capitalization
	 	 	49	 
	Section 7.03

	 	Preservation of Existence and Franchises
	 	 	49	 
	Section 7.04

	 	Books and Records
	 	 	49	 
	Section 7.05

	 	Compliance with Law
	 	 	49	 
	Section 7.06

	 	Payment of Taxes and Other Indebtedness
	 	 	50	 
	Section 7.07

	 	Insurance
	 	 	50	 
	Section 7.08

	 	Use of Proceeds
	 	 	50	 
	Section 7.09

	 	Audits/Inspections
	 	 	50	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VIII	 	 	 	 
	 

	 	NEGATIVE COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01

	 	Nature of Business
	 	 	51	 
	Section 8.02

	 	Fundamental Changes
	 	 	51	 
	Section 8.03

	 	Affiliate Transactions
	 	 	51	 
	Section 8.04

	 	Liens
	 	 	51	 
	Section 8.05

	 	Burdensome Agreements
	 	 	52	 
	Section 8.06

	 	Subsidiary Indebtedness
	 	 	52	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE IX	 	 	 	 
	 

	 	EVENTS OF DEFAULT	 	 	 	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 9.01

	 	Events of Default
	 	 	53	 
	Section 9.02

	 	Acceleration; Remedies
	 	 	55	 
	Section 9.03

	 	Allocation of Payments After Event of Default
	 	 	56	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE X	 	 	 	 
	 

	 	AGENCY PROVISIONS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 10.01

	 	Appointment and Authorization of the Administrative Agent
	 	 	57	 
	Section 10.02

	 	Delegation of Duties
	 	 	58	 
	Section 10.03

	 	Liability Of Agents
	 	 	58	 
	Section 10.04

	 	Reliance by Administrative Agent
	 	 	58	 
	Section 10.05

	 	Notice of Default
	 	 	59	 
	Section 10.06

	 	Credit Decision; Disclosure of Information by the
Administrative Agent
	 	 	59	 
	Section 10.07

	 	Indemnification of the Administrative Agent
	 	 	60	 
	Section 10.08

	 	Administrative Agent in its Individual Capacity
	 	 	60	 
	Section 10.09

	 	Successor Administrative Agent
	 	 	60	 
	Section 10.10

	 	Administrative Agent May File Proofs of Claim
	 	 	61	 
	Section 10.11

	 	Other Agents, Arrangers and Managers
	 	 	62	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE XI	 	 	 	 
	 

	 	MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 11.01

	 	Notices and Other Communications; Facsimile Copies
	 	 	62	 
	Section 11.02

	 	Right of Set-Off
	 	 	63	 
	Section 11.03

	 	Benefit of Agreement
	 	 	64	 
	Section 11.04

	 	No Waiver; Remedies Cumulative
	 	 	67	 
	Section 11.05

	 	Attorney Costs, Expenses, Taxes and Indemnification by
Borrower
	 	 	67	 
	Section 11.06

	 	Amendments, Waivers and Consents
	 	 	68	 
	Section 11.07

	 	Counterparts
	 	 	70	 
	Section 11.08

	 	Survival of Indemnification and Representations and
Warranties
	 	 	70	 
	Section 11.09

	 	Governing Law; Venue
	 	 	70	 
	Section 11.10

	 	Waiver of Jury Trial; Waiver of Consequential and Punitive
Damages
	 	 	71	 
	Section 11.11

	 	Severability
	 	 	71	 
	Section 11.12

	 	Further Assurances
	 	 	71	 
	Section 11.13

	 	Entirety
	 	 	71	 
	Section 11.14

	 	Binding Effect; Continuing Agreement
	 	 	71	 
	Section 11.15

	 	Confidentiality
	 	 	72	 
	Section 11.16

	 	Entire Agreement
	 	 	72	 
	Section 11.17

	 	USA Patriot Act Notice
	 	 	73	 

iii

 

	 	 	 
	EXHIBITS
	 	 
	 
	 	 
	Exhibit 2.02

	 	Form of Notice of Borrowing
	Exhibit 2.05

	 	Form of Notice of Continuation/Conversion
	Exhibit 2.07

	 	Form of Note
	Exhibit 2.09

	 	Form of Notice of Committed Amount Increase
	Exhibit 7.01(c)

	 	Form of Officer’s Certificate
	Exhibit 11.03(b)

	 	Form of Assignment and Assumption
	 
	 	 
	SCHEDULES
	 	 
	 
	 	 
	Schedule 1.01(a)

	 	Commitments/Pro Rata Shares
	Schedule 1.01(b)

	 	Existing Credit Agreement
	Schedule 1.01(c)

	 	Significant Subsidiaries
	Schedule 8.06

	 	Subsidiary Indebtedness
	Schedule 11.01

	 	Notice Information

iv

 

CREDIT AGREEMENT

     THIS CREDIT AGREEMENT (this “Credit Agreement”), dated as of July 7, 2005, is entered
into among Baker Hughes Incorporated, a Delaware corporation (the “Borrower”), the Lenders
(as defined below), Bank of America, N.A., The Bank of Tokyo-Mitsubishi, Ltd, Houston Agency,
Barclays Bank PLC and Citibank, N.A., as Co-Syndication Agents, ABN AMRO Bank N.V., as
Documentation Agent and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (the
“Administrative Agent”).

RECITALS

     WHEREAS, the Borrower has requested that the Lenders provide a revolving credit facility in an
aggregate amount up to $500 million; and

     WHEREAS, the Lenders have agreed to provide the requested $500 million revolving credit
facility upon and subject to the terms and conditions set forth herein.

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

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     Section 1.01 Definitions.

     As used herein, the following terms shall have the meanings herein specified unless the
context otherwise requires. Defined terms herein shall include in the singular number the plural
and in the plural the singular:

     “Adjusted Eurodollar Rate” means the Eurodollar Rate plus the Applicable Percentage
for Eurodollar Loans.

     “Administrative Agent” means JPMorgan or any successor administrative agent appointed
pursuant to Section 10.09.

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 11.01, or such other address or account as
the Administrative Agent may from time to time notify to the Borrower and the Lenders.

     “Administrative Fees” has the meaning set forth in Section 3.04(d).

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

     “Affiliate” of any Person means (a) any other Person which directly, or indirectly
through one or more intermediaries, controls such Person or (b) any other Person which directly, or
indirectly through one or more intermediaries, is controlled by or is under common control with

5

 

such Person. As used herein, the term “control” means possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

     “Agent-Related Persons” means the Administrative Agent, together with its Affiliates,
and the officers, directors, employees, agents and attorneys-in-fact of the Administrative Agent
and its Affiliates.

     “Applicable Percentage” means the appropriate applicable percentages for Eurodollar
Rate Loans, Letters of Credit and Commitment Fees, in each case, corresponding to the Debt Rating
of the Borrower in effect from time to time as described below:

	 	 	 	 	 	 	 
	 	 	 	 	Applicable	 	 
	 	 	 	 	Percentage	 	 
	 	 	 	 	for	 	Applicable
	 	 	 	 	Eurodollar	 	Percentage
	 	 	 	 	Rate Loans	 	for
	Pricing	 	 	 	and Letters	 	Commitment
	Level	 	Debt Rating (S&P and Fitch/Moody’s/DBRS)	 	Of Credit	 	Fees
	I
	 	> A+/A1/A (high)	 	0.20%	 	0.055%
	II
	 	A/A2/A	 	0.25%	 	0.060%
	III
	 	A-/A3/A (low)	 	0.30%	 	0.070%
	IV
	 	BBB+/Baa1/BBB (high)	 	0.40%	 	0.090%
	V
	 	BBB/Baa2/BBB	 	0.50%	 	0.110%
	VI
	 	< BBB-/Baa3 /BBB (low)	 	0.75%	 	0.175%

     The Applicable Percentage for Eurodollar Loans, Letters of Credit and Commitment Fees
shall be determined and adjusted on the date (each a “Calculation Date”) one Business Day
after the date on which the Borrower’s Debt Rating is upgraded or downgraded in a manner which
requires a change in the then applicable Pricing Level set forth above. The Applicable Percentage
will be based on the two highest Debt Ratings. If fewer than two of the rating agencies referenced
in the definition of “Debt Rating” have a Debt Rating in effect, then those rating agencies not
having a Debt Rating in effect shall be deemed to have established a Debt Rating in Pricing Level
VI. If the two highest Debt Ratings established or deemed to have been established fall within
different Pricing Levels, the Applicable Percentage shall be based on the higher of the two highest
Debt Ratings, unless one of the two highest Debt Ratings is two or more Pricing Levels lower than
the other, in which case the Applicable Percentage shall be determined by reference to the Pricing
Level next below that of the higher of the two highest Debt Ratings. Each Applicable Percentage
shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in
the Applicable Percentage shall be applicable to all existing Eurodollar Loans and Letters of
Credit as well as any new Eurodollar Loans made and Letters of Credit issued.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

6

 

     “Arranger” means J.P. Morgan Securities Inc., together with its successors and/or
assigns.

     “Assignment and Assumption” means an Assignment and Assumption substantially in the
form of Exhibit 11.03(b).

     “Attorney Costs” means all reasonable fees, expenses and disbursements of any law firm
or other external counsel.

     “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as
amended, modified, succeeded or replaced from time to time.

     “Base Rate” means, for any day, a fluctuating rate per annum equal to the higher of
(a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as
publicly announced from time to time by the Administrative Agent as its “prime rate.” The “prime
rate” is a rate set by the Administrative Agent based upon various factors including the Lender’s
costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any
change in such rate announced by the Administrative Agent shall take effect at the opening of
business on the day specified in the public announcement of such change.

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

     “Borrower” has the meaning set forth in the preamble hereof.

     “Borrower Obligations” means, without duplication, all of the obligations of the
Borrower to the Lenders, whenever arising, under this Credit Agreement, the Notes or any of the
other Credit Documents.

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurodollar Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

     “Business Day” means any day other than a Saturday, a Sunday, or other day on which
commercial banks are authorized to close under the laws of, or are in fact closed in New York, New
York or the state where the Administrative Agent’s Office is located and, if such day relates to
any Eurodollar Loans, means any such day on which dealings in Dollar deposits are conducted by and
between banks in the London interbank market.

     “Calculation Date” has the meaning set forth in the definition of Applicable
Percentage.

     “Capital Stock” means (a) in the case of a corporation, all classes of capital stock
of such corporation, (b) in the case of a partnership, partnership interests (whether general or
limited), (c) in the case of a limited liability company, membership interests and (d) any other
interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of the assets of, the issuing Person, including, in each case, all
warrants, rights or options to purchase any of the foregoing.

7

 

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

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

     (b) during any period of 24 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of such Person cease to be composed of individuals (i)
who were members of that board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii) whose election or nomination to that
board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a member of that board or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the board of directors).

     “CI Lender” has the meaning set forth in Section 2.09(a).

     “Closing Date” means the date hereof.

     “Code” means the Internal Revenue Code of 1986, and the rules and regulations
promulgated thereunder, as amended, modified, replaced or succeeded from time to time.

     “Commitment” means, with respect to each Lender, the commitment of such Lender to (a)
make its Pro Rata Share of Loans to the Borrower and (b) purchase participations in Letters of
Credit, in an aggregate amount up to the amount set forth in Schedule 1.01(a), as it may be
adjusted from time to time pursuant (i) to assignment in accordance with Section 11.03(b), (ii) an
increase in the Committed Amount pursuant to Section 2.09 or (iii) a reduction in the Committed
Amount pursuant to Section 2.08 and “Commitments” means the aggregate of each such
Commitment.

8

 

     “Committed Amount” means Five Hundred Million Dollars ($500,000,000), as such amount
may be otherwise increased in accordance with Section 2.09 or reduced in accordance with Section
2.08.

     “Committed Amount Increase” has the meaning set forth in Section 2.09(a).

     “Committed Amount Increase Effective Date” has the meaning set forth in Section
2.09(b).

     “Commitment Fees” has the meaning set forth in Section 3.04(a).

     “Consenting Lenders” has the meaning set forth in Section 2.10(b).

     “Contingent Obligations” means, with respect to any Person, without duplication, any
obligations (other than endorsements in the ordinary course of business of negotiable instruments
for deposit or collection) guaranteeing any Indebtedness of any other Person in any manner, whether
direct or indirect, and including without limitation any obligation, whether or not contingent, (a)
to purchase any such Indebtedness or other obligation or any property constituting security
therefor, (b) to advance or provide funds or other support for the payment or purchase of such
Indebtedness or obligation or to maintain working capital, solvency or other balance sheet
condition of such other Person (including, without limitation, maintenance agreements, take or pay
arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder
of Indebtedness of such other Person, (c) to lease or purchase property, securities or services
primarily for the purpose of assuring the owner of such Indebtedness or (d) to otherwise assure or
hold harmless the owner of such Indebtedness or obligation against loss in respect thereof. The
amount of any Contingent Obligation hereunder shall (subject to any limitations set forth therein)
be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount,
if larger) of the Indebtedness in respect of which such Contingent Obligation is made.

     “Controlled Group” means all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control which, together with the
Borrower, are treated as a single employer under Section 414 of the Code.

     “Credit Agreement” has the meaning set forth in the Preamble hereof.

     “Credit Documents” means this Credit Agreement, the Notes, any Notice of Borrowing,
any Notice of Continuation/Conversion and all other related agreements and documents issued or
delivered hereunder or thereunder or pursuant hereto or thereto.

     “Credit Exposure” has the meaning set forth in the definition of “Required Lenders.”

     “DBRS” means Dominion Bond Rating Service and its successors.

     “Debt Rating” means the long-term senior unsecured, non-credit enhanced debt rating of
the Borrower from S&P, Moody’s, DBRS and Fitch.

9

 

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

     “Default” means any event, act or condition which with notice or lapse of time, or
both, would constitute an Event of Default.

     “Default Rate” means an interest rate equal to two percent (2%) plus the rate that
otherwise would be applicable (or if no rate is applicable, the Base Rate plus two percent (2%) per
annum).

     “Defaulting Lender” means, at any time, any Lender that, (a) has failed to make a Loan
or purchase or fund a Participation Interest (but only for so long as such Loan is not made or such
Participation Interest is not purchased or funded or is the subject of a good faith dispute), (b)
has failed to pay to the Administrative Agent or any Lender an amount owed by such Lender pursuant
to the terms of this Credit Agreement (but only for so long as such amount has not been repaid or
is the subject of a good faith dispute) or (c) has been deemed insolvent or has become subject to a
bankruptcy or insolvency proceeding or to a receiver, trustee or similar official.

     “Dollars” and “$” means dollars in lawful currency of the United States of
America.

     “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other Person approved by the Administrative Agent and the Borrower (such approval
not to be unreasonably withheld or delayed); provided that (i) the Borrower’s consent is
not required during the existence and continuation of a Default or an Event of Default, (ii)
approval by the Borrower shall be deemed given if no objection is received by the assigning Lender
and the Administrative Agent from the Borrower within five Business Days after notice of such
proposed assignment has been delivered to the Borrower and (iii) neither the Borrower nor any
Subsidiary or Affiliate of the Borrower shall qualify as an Eligible Assignee.

     “Environmental Laws” means any legal requirement of any Governmental Authority
pertaining to (a) the protection of health, safety and the indoor or outdoor environment, (b) the
conservation, management, or use of natural resources and wildlife, (c) the protection or use of
surface water and groundwater or (d) the management, manufacture, possession, presence, use,
generation, transportation, treatment, storage, disposal, release, threatened release, abatement,
removal, remediation or handling of, or exposure to, any hazardous or toxic substance or material
or (e) pollution (including any release to land surface water and groundwater) and includes,
without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 USC 9601 et seq.,
Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and
Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et seq., Federal Water Pollution Control
Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq., Clean Air Act of 1966, as
amended, 42 USC 7401 et seq., Toxic Substances Control Act of 1976, 15 USC 2601 et seq., Hazardous
Materials Transportation Act, 49 USC App. 1801 et seq., Occupational Safety and Health Act of 1970,
as amended, 29 USC

10

 

651 et seq., Oil Pollution Act of 1990, 33 USC 2701 et seq., Emergency Planning and Community
Right-to-Know Act of 1986, 42 USC 11001 et seq., National Environmental Policy Act of 1969, 42 USC
4321 et seq., Safe Drinking Water Act of 1974, as amended, 42 USC 300(f) et seq., any analogous
implementing or successor law, and any amendment, rule, regulation, order, or directive issued
thereunder.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same
may be in effect from time to time. References to Sections of ERISA shall be construed also to
refer to any successor sections.

     “ERISA Affiliate” means an entity, whether or not incorporated, which is under common
control with the Borrower or any of its Subsidiaries within the meaning of Section 4001(a)(14) of
ERISA, or is a member of a group which includes the Borrower or any of its Subsidiaries and which
is treated as a single employer under Sections 414(b), (c), (m), or (o) of the Code.

     “ERISA Event” has the meaning set forth in Section 9.01(g).

     “Eurodollar Loan” means a Loan bearing interest at the Adjusted Eurodollar Rate.

     “Eurodollar Base Rate” means, for any Interest Period:

     (a) the rate per annum equal to the rate determined by the Administrative Agent to be the
offered rate that appears on the page of the Telerate screen (or any successor thereto) that
displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the
first day of such Interest Period; or

     (b) if the rate referenced in the preceding clause (a) does not appear on such page or service
or such page or service shall not be available, the rate per annum equal to the rate determined by
the Administrative Agent to be the offered rate on such other page or other service that displays
an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of
such Interest Period; or

     (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate
per annum determined by the Administrative Agent as the rate of interest at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate
amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to
such Interest Period would be offered by the Administrative Agent’s London branch to major banks in
the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time)
two Business Days prior to the first day of such Interest Period.

     “Eurodollar Rate” means, with respect to any Eurodollar Loan, for the Interest Period
applicable thereto, a rate per annum determined pursuant to the following formula:

11

 

	 	 	 	 	 
	“Eurodollar Rate”

	 	=
	 	Eurodollar Base Rate
	 

	 	 	 	 
	 

	 	 	 	1 — Eurodollar Reserve Percentage

     “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day applicable to the Administrative Agent under regulations issued from time to time by the Board
of Governors of the Federal Reserve System of the United States for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve requirement) with
respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The
Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the
effective date of any change in the Eurodollar Reserve Percentage.

     “Event of Default” has the meaning set forth in Section 9.01.

     “Extension Effective Date” has the meaning set forth in Section 2.10(b).

     “Existing Credit Agreement” means that credit agreement set forth on Schedule
1.01(b) hereto.

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

     “Fee Letter” means that certain letter agreement, dated as of June 1, 2005, among the
Borrower, JPMorgan and the Arranger, as amended, modified, supplemented or restated from time to
time.

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

     “Fitch” means Fitch Ratings and its successors.

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

     “Funded Indebtedness” of any Person means, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar instruments, or upon which interest payments are customarily made, (c) all
Contingent Obligations of such Person with respect to Funded Indebtedness of another

12

 

Person, (d) the principal portion of all obligations of such Person under (i) capital lease
obligations and (ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or
similar off-balance sheet financing product of such Person where such transaction is considered
borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance
with GAAP, and after giving effect to any of the foregoing in this clause (d) to any third-party
indemnification, and (e) all obligations of such Person with respect to Redeemable Preferred Stock.
The Funded Indebtedness of any Person shall include the Funded Indebtedness of any partnership or
unincorporated joint venture for which such Person is legally obligated. For the avoidance of
doubt, Funded Indebtedness shall exclude any actual fair value adjustment arising from any interest
rate swap transactions entered into in the ordinary course of business and not for investment or
speculative purposes.

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

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

     “Granting Lender” has the meaning specified in Section 11.03(g).

     “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes
or similar instruments, or upon which interest payments are customarily made, (c) all obligations
of such Person under conditional sale or other title retention agreements relating to property
purchased by such Person to the extent of the value of such property (other than customary
reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business), (d) all obligations, other than intercompany items, of such Person issued or
assumed as the deferred purchase price of property or services purchased by such Person which would
appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of others secured by
(or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on, or payable out of the proceeds of production from, property owned or
acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all
Contingent Obligations of such Person, (g) the principal portion of all obligations of such Person
under (i) capital lease obligations and (ii) any synthetic lease, tax retention operating lease,
off-balance sheet loan or similar off-balance sheet financing product of such Person where such
transaction is considered borrowed money indebtedness for tax purposes but is classified as an
operating lease in accordance with GAAP, and after giving effect in any of the foregoing in this
clause (g) to any third-party indemnification, (h) all obligations of such Person with respect to
Redeemable Preferred Stock, (i) the Swap Termination Value (including both debit and credit values)
in respect of any Swap Contract of such Person and (j) the maximum amount of all bid, performance
and standby letters

13

 

of credit issued or bankers’ acceptances facilities created for the account of such Person
and, without duplication, all drafts drawn thereunder (to the extent unreimbursed). The
Indebtedness of any Person shall include the Indebtedness of any partnership or unincorporated
joint venture for which such Person is legally obligated.

     “Indemnified Liabilities” has the meaning set forth in Section 11.05(b).

     “Indemnitees” has the meaning set forth in Section 11.05(b).

     “Interest Payment Date” means (a) as to Base Rate Loans, the last day of each fiscal
quarter of the Borrower and the Maturity Date and (b) as to Eurodollar Loans, the last day of each
applicable Interest Period and the Maturity Date and, in addition, where the applicable Interest
Period for a Eurodollar Loan is greater than three months, then also on the last day of each
three-month period during such Interest Period. If an Interest Payment Date falls on a date which
is not a Business Day, such Interest Payment Date shall be deemed to be the next succeeding
Business Day, except that in the case of Eurodollar Loans where the next succeeding Business Day
falls in the next succeeding calendar month, then on the next preceding Business Day.

     “Interest Period” means, as to Eurodollar Loans, a period of one, two, three or six
months’ duration, as the Borrower may elect, commencing, in each case, on the date of the borrowing
(including continuations and conversions of Eurodollar Loans); provided, however,
(a) if any Interest Period would end on a day which is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day (except that where the next succeeding
Business Day falls in the next succeeding calendar month, then on the next preceding Business Day),
(b) no Interest Period shall extend beyond the Maturity Date and (c) where an Interest Period
begins on a day for which there is no numerically corresponding day in the calendar month in which
the Interest Period is to end, such Interest Period shall end on the last Business Day of such
calendar month.

     “Issuing Banks” means (a) JPMorgan in its capacity as issuer of Letters of Credit
hereunder, (b) The Bank of Tokyo-Mitsubishi, Ltd., in its capacity as issuer of Letters of Credit
hereunder, (c) The Bank of New York in its capacity as issuer of Letters of Credit hereunder, (d)
the Bank of America, N.A., in its capacity as issuer of Letters of Credit hereunder or (e) any
successor issuer of Letters of Credit hereunder, and “Issuing Bank” means any one of them.

     “JPMorgan” means JPMorgan Chase Bank, N.A. and its successors.

     “LC Disbursement” means a payment made by any Issuing Bank pursuant to a Letter of
Credit.

     “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements
that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of
any Lender at any time shall be its Pro Rata Share of the total LC Exposure at such time. For
purposes of computing the amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.06 hereof. For all purposes
of this Credit Agreement, if on any date of determination a Letter of Credit has

14

 

expired by its terms but any amount may still be drawn thereunder by reason of the operation
of Rule 3.14 of ISP 98, such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn.

     “Lender” means any of the Persons identified as a “Lender” on the signature pages
hereto, and any Eligible Assignee which may become a Lender by way of assignment in accordance with
the terms hereof, together with their successors and permitted assigns.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

     “Letter of Credit” means any letter of credit issued hereunder.

     “Letter of Credit Fees” has the meaning set forth in Section 3.04(b).

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of
any kind (including any agreement to give any of the foregoing, any conditional sale or other title
retention agreement, any financing or similar statement or notice filed under the Uniform
Commercial Code as adopted and in effect in the relevant jurisdiction or other similar recording or
notice statute, and any lease in the nature thereof).

     “Loans” means the loans made by the Lenders to the Borrower pursuant to Section 2.01.

     “Margin Stock” shall have the meaning given such term in Regulation U.

     “Material Adverse Effect” means an event or condition that constitutes or would
reasonably be expected to result in a material adverse effect on (a) the business, assets,
operations or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as a
whole, (b) the ability of the Borrower to perform its obligations under this Credit Agreement or
(c) the validity or enforceability of, or the rights and remedies of the Administrative Agent, the
Issuing Banks or the Lenders under, this Credit Agreement.

     “Material Subsidiary” means any Subsidiary of the Borrower (a) with a net book value
in excess of $100,000,000, calculated as of the end of the most recent fiscal quarter or (b) whose
revenues for the immediately preceding twelve month period exceeded $100,000,000.

     “Maturity Date” means July 7, 2010, and for any Lender agreeing to extend its Maturity
Date under Section 2.10, the date on July 7, in each year thereafter pursuant to which the Maturity
Date has been extended but in no event later than July 7, 2013.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Multiemployer Plan” means a Plan covered by Title IV of ERISA which is a
multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA.

15

 

     “Multiple Employer Plan” means a Plan covered by Title IV of ERISA, other than a
Multiemployer Plan, to which the Borrower or any ERISA Affiliate and at least one employer other
than the Borrower or any ERISA Affiliate are contributing sponsors.

     “Net Worth” means, as of any date, all of the shareholders’ equity or net worth
(excluding, for the avoidance of doubt, Redeemable Preferred Stock) of the Borrower and its
Subsidiaries, on a consolidated basis, as determined in accordance with GAAP.

     “New Funds Amount” has the meaning set forth in Section 2.09(d).

     “Notes” means the promissory notes of the Borrower in favor of each of the Lenders
evidencing the Loans and substantially in the form of Exhibit 2.07, as such promissory
notes may be amended, modified, supplemented or replaced from time to time.

     “Notice of Borrowing” means a request by the Borrower for a Loan in the form of
Exhibit 2.02.

     “Notice of Committed Amount Increase” has the meaning set forth in Section 2.09(b).

     “Notice of Continuation/Conversion” means a request by the Borrower for the
continuation or conversion of a Loan in the form of Exhibit 2.05.

     “Other Taxes” has the meaning set forth in Section 4.01(b).

     “Participation Interest” means (a) the purchase by a Lender of a participation in
Loans as provided in Section 3.09 or (b) the purchase by a Lender of a participation in Letters of
Credit or unreimbursed LC Disbursements as provided in Section 2.04

     “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle
A of Title IV of ERISA and any successor thereto.

     “Person” means any individual, partnership, joint venture, firm, corporation,
association, trust, limited liability company or other enterprise (whether or not incorporated), or
any government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” any employee benefit plan (as defined in Section 3(3) of ERISA) which is either
(i) maintained by a member of the Controlled Group for employees of a member of the Controlled
Group or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement
under which more than one employer makes contributions and to which a member of the Controlled
Group is then making or accruing an obligation to make contributions or with respect to which a
member of the Controlled Group has any liability, contingent or otherwise.

     “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of
the Commitment of such Lender at such time to make Loans to the Borrower pursuant to Sections 2.01
hereof and the denominator of which is the amount of the Committed Amount at such time;
provided that if the Commitments have been terminated pursuant to Section 9.02 or
otherwise, then such Pro Rata Share of each such Lender shall be determined based on such Lender’s

16

 

percentage ownership of the principal amount of outstanding Loans plus its Participation
Interest in the LC Exposure. The initial Pro Rata Share of each Lender is set forth opposite the
name of such Lender on Schedule 1.01(a) or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable.

     “Redeemable Preferred Stock” of any Person means any preferred stock issued by such
Person which is at any time prior to the Maturity Date either (a) mandatorily redeemable (by
sinking fund or similar payment or otherwise) or (b) redeemable at the option of the holder
thereof.

     “Reducing Percentage Lender” has the meaning set forth in Section 2.09(d).

     “Reduction Amount” has the meaning set forth in Section 2.09(d).

     “Regulation D, U, or X” means Regulation D, U or X, respectively, of the Board of
Governors of the Federal Reserve System of the United States as from time to time in effect and any
successor to all or a portion thereof.

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

     “Reportable Event” means a “reportable event” as defined in Section 4043 of ERISA with
respect to which the notice requirements to the PBGC have not been waived.

     “Required Lenders” means Lenders whose aggregate Credit Exposure (as hereinafter
defined) constitutes more than 50% of the Credit Exposure of all Lenders at such time; provided,
however, that if any Lender shall be a Defaulting Lender at such time then there shall be excluded
from the determination of Required Lenders the aggregate principal amount of Credit Exposure of
such Lender at such time. For purposes of the preceding sentence, the term “Credit Exposure” as
applied to each Lender shall mean (i) at any time prior to the termination of the Commitments, the
Pro Rata Share of such Lender of the Committed Amount multiplied by the Committed Amount and (ii)
at any time after the termination of the Commitments, the principal balance of the outstanding
Loans and Participation Interests of such Lender.

     “Requirement of Law” means, with respect to any Person, the organizational documents
of such Person and any law applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject or otherwise pertaining to any or all of the
transactions contemplated by this Credit Agreement and the other Credit Documents.

     “Responsible Officer” means the President, the Chief Financial Officer, the Chief
Operating Officer, any Vice President, the Treasurer, the Controller, any Assistant Treasurer or
the Corporate Secretary of the Borrower.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption,

17

 

retirement, acquisition, cancellation or termination of any such capital stock or other equity
interest or of any option, warrant or other right to acquire any such capital stock or other equity
interest.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and its successors.

     “SEC” means the Securities and Exchange Commission or any successor thereto.

     “Significant Subsidiary” shall mean a Subsidiary of the Borrower (a) with total assets
(excluding intercompany advance receivables) that are in excess of ten percent (10%) of Total
Assets or (b) whose revenues (excluding intercompany sales) for the immediately preceding twelve
month period exceeded five percent (5%) of Total Consolidated Revenue, in each case calculated as
of the end of the most recent fiscal quarter. The Significant Subsidiaries as of the Closing Date
are set forth on Schedule 1.01(c) hereto.

     “Single Employer Plan” means any Plan which is covered by Title IV of ERISA and
adopted solely by the Borrower, by an ERISA Affiliate or by a group consisting of the Borrower and
one or more ERISA Affiliates.

     “Solvent” means, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business, (b) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay
as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a
business or a transaction, and is not about to engage in a business or a transaction, for which
such Person’s assets would constitute unreasonably small capital after giving due consideration to
the prevailing practice in the industry in which such Person is engaged or is to engage and (d) the
book value of the assets of such Person as set forth on such Person’s balance sheet is greater than
the total amount of liabilities, including, without limitation, contingent liabilities, of such
Person. In computing the amount of contingent liabilities at any time, it is intended that such
liabilities will be computed as the amount which, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.

     “SPC” has the meaning set forth in Section 11.03(g).

     “Subsidiary” means, as to any Person, any corporation, partnership, association, joint
venture, limited liability company or other entity more than 50% of whose Voting Stock
(irrespective of whether or not at the time, any such Voting Stock shall have or might have voting
power by reason of the happening of any contingency) is at the time owned by such Person directly
or indirectly through Subsidiaries.

     “Swap Contract” means (a) any and all interest rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor

18

 

transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any
combination of any of the foregoing (including any options to enter into any of the foregoing),
whether or not any such transaction is governed by or subject to any master agreement, and (b) any
and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any
other master agreement (any such master agreement, together with any related schedules, a
“Master Agreement”), including any such obligations or liabilities under any Master
Agreement.

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

     “Taxes” has the meaning set forth in Section 4.01.

     “Termination Event” means (a) with respect to any Single Employer Plan, the occurrence
of a Reportable Event or the substantial cessation of operations (within the meaning of Section
4062(e) of ERISA), (b) the withdrawal of the Borrower or any ERISA Affiliate from a Multiple
Employer Plan during a plan year in which it was a substantial employer (as such term is defined in
Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan, (c) the distribution
of a notice of intent to terminate a Single Employer Plan in a distress termination (within the
meaning of Section 4041(c) of ERISA) pursuant to Section 4041(a)(2) of ERISA, (d) the institution
of proceedings to terminate or the actual termination of a Single Employer Plan by the PBGC under
Section 4042 of ERISA, (e) any event or condition which would constitute grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer
Plan, or (f) the complete or partial withdrawal of the Borrower or any ERISA Affiliate from a
Multiemployer Plan or the termination of a Multiemployer Plan.

     “Total Assets” means all assets of the Borrower and its Subsidiaries as shown on its
most recent quarterly consolidated balance sheet, as determined in accordance with GAAP.

     “Total Capitalization” means the sum of (a) Net Worth plus (b) all Funded
Indebtedness of the Borrower and its Subsidiaries.

     “Total Consolidated Revenue” shall mean consolidated revenue of the Borrower and its
Subsidiaries as of the end of a fiscal quarter for the immediately prior four quarter period.

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

19

 

     “Unused Commitment” means, for any day from the Closing Date to the Maturity Date, the
amount by which the then Committed Amount on such day exceeds the aggregate principal amount of all
Loans outstanding plus the LC Exposure on such day.

     “Utilized Committed Amount” means the amount equal to the aggregate principal amount
of Loans outstanding plus the LC Exposure.

     “Voting Stock” means (a) with respect to a corporation, all classes of the Capital
Stock of such corporation then outstanding and normally entitled to vote in the election of
directors and (b) with respect to a partnership, association, joint venture, limited liability
company, real estate investment or other trust or other entity, all Capital Stock of such entity
entitled to exercise voting power or management control.

     Section 1.02 Interpretive Provisions.

          (a) For purposes of computation of periods of time hereunder, the word “from” means “from and
including,” the words “to” and “until” each mean “to but excluding” and the word “through” means
“to and including.”

          (b) References in this Credit Agreement to “Articles”, “Sections”, “Schedules” or “Exhibits”
shall be to Articles, Sections, Schedules or Exhibits of or to this Credit Agreement unless
otherwise specifically provided.

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

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

          (e) The headings of the Sections and subsections hereof are provided for convenience only and
shall not in any way affect the meaning or construction of any provision of this Credit Agreement.

     Section 1.03 Accounting Terms/Calculation of Financial Covenants.

          (a) Except as otherwise expressly provided herein, all accounting terms used herein shall be
interpreted, and all financial statements and certificates and reports as to financial matters
required to be delivered to the Lenders hereunder shall be prepared in accordance with GAAP applied
on a consistent basis. All calculations made for the purposes of determining compliance with this
Credit Agreement shall (except as otherwise expressly provided herein) be made by application of
GAAP applied on a basis consistent with the most recent annual or quarterly financial statements
delivered pursuant to Section 7.01 (or, prior to the delivery of the first financial statements
pursuant to Section 7.01, consistent with the financial statements described in Section 5.01(d));
provided, however, if (i) the Borrower shall object to determining such compliance
on such basis at the time of delivery of such financial statements due to any change in GAAP or the
rules promulgated with respect thereto or (ii) the Lenders shall so object in writing within 30
days after delivery of such financial statements, then such calculations shall

20

 

be made on a basis consistent with the most recent financial statements delivered by the
Borrower to the Lenders as to which no such objection shall have been made.

          (b) All financial covenant ratios shall be calculated by carrying the result to one more place
than the number of places by which such ratio is expressed and rounding the result up or down to
the nearest number (and rounding up if there is no nearest number).

     Section 1.04 Time.

     All references to time herein shall be references to Central Standard Time or Central Daylight
Time, as then in effect, unless specified otherwise.

     Section 1.05 References to Agreements and Requirement of Laws.

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

     Section 1.06 Letter of Credit Amounts.

     Unless otherwise specified, all references herein to the amount of a Letter of Credit at any
time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect
to all increases thereof contemplated by such Letter of Credit or the Letter of Credit request
therefor submitted to an Issuing Bank, whether or not such maximum face amount is in effect at such
time.

ARTICLE II

COMMITMENTS AND LOANS

     Section 2.01 Loans.

     Subject to the terms and conditions set forth herein, each Lender severally agrees to make
revolving loans (each a “Loan” and collectively the “Loans”), in Dollars, to the
Borrower, at any time and from time to time, during the period from and including the Closing Date
to but not including the Maturity Date (or such earlier date if the Commitments have been
terminated as provided herein); provided, however, that after giving effect to any
Borrowing (a) the sum of the aggregate principal amount of outstanding Loans plus the LC Exposure
shall not exceed the Committed Amount and (b) with respect to each individual Lender, the sum of
the aggregate principal amount of outstanding Loans of such Lender plus the amount of such Lender’s
Pro Rata Share of the LC Exposure shall not exceed the amount of such Lender’s Pro Rata Share of
the Committed Amount. Subject to the terms of this Credit Agreement, the Borrower may borrow,
repay and reborrow Loans. Loans may be Base Rate Loans or Eurodollar Loans, as the Borrower may
elect, subject to the terms set forth below.

21

 

     Section 2.02 Method of Borrowing for Loans.

     By no later than 10:00 a.m. (a) on the date of the requested Borrowing of Loans that will be
Base Rate Loans and (b) three Business Days prior to the date of the requested Borrowing of Loans
that will be Eurodollar Loans, the Borrower shall telephone the Administrative Agent as well as
submit a written Notice of Borrowing in the form of Exhibit 2.02 to the Administrative
Agent setting forth (i) the amount requested, (ii) the date of the requested Borrowing, (iii) the
Type of Loan, (iv) with respect to Loans that will be Eurodollar Loans, the Interest Period
applicable thereto, and (v) certification that the Borrower has complied in all respects with
Section 5.02. If the Borrower shall fail to specify (A) an Interest Period, in the case of a
Eurodollar Loan, then such Eurodollar Loan shall be deemed to have an Interest Period of one month
or (B) the Type of Loan requested, then such Loan shall be deemed to be a Base Rate Loan. All
Loans made on the Closing Date shall be Base Rate Loans. Thereafter, all or any portion of the
Loans may be converted into Eurodollar Loans in accordance with the terms of Section 2.05.

     Section 2.03 Funding of Loans.

     Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the
Lenders as to the terms thereof. Each Lender shall make its Pro Rata Share of the requested Loans
available to the Administrative Agent in Dollars and in immediately available funds at the
Administrative Agent’s Office not later than 12:00 noon on the Business Day specified in the
applicable Notice of Borrowing. Upon satisfaction of the conditions set forth in Section 5.02, the
amount of the requested Loans will then be made available to the Borrower by the Administrative
Agent either by (a) crediting the account of the Borrower on the books of the Administrative Agent
with the amount of such funds or (b) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

     Section 2.04 Letters of Credit.

          (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit in Dollars for its own account, in a form acceptable to
the Administrative Agent and the relevant Issuing Bank, at any time and from time to time from and
including the Closing Date until the date that is five Business Days prior to the Maturity Date
then in effect. In the event of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank
relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
Subject to compliance with the terms herein, nothing contained in this Agreement prohibits the
Borrower from arranging letters of credit with any financial institution, including any Issuing
Bank, that are not issued under this Agreement. Any such letters of credit shall be subject to
their own terms and conditions and shall not be considered “Letters of Credit” within the meaning
of this Agreement.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an

22

 

outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by
electronic communication, if arrangements for doing so have been approved by the relevant Issuing
Bank) to the relevant Issuing Bank and the Administrative Agent (reasonably in advance of the
requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and
specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day),
the expiry date for such Letter of Credit (subject to the last sentence of this Section 2.04(b)),
the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If
requested by an Issuing Bank, the Borrower also shall submit a letter of credit application on such
Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of
Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that),
after giving effect to such issuance, amendment, renewal or extension, the sum of the total LC
Exposure plus the aggregate principal amount of outstanding Loans shall not exceed the Committed
Amount. No Issuing Bank shall be required to issue a Letter of Credit in an initial amount less
than $50,000. Each Letter of Credit shall expire at or prior to the close of business on the date
that is five Business Days prior to the Maturity Date then in effect.

          (c) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Banks or the Lenders, each Issuing Bank hereby grants to each Lender, and each Lender
hereby acquires from each Issuing Bank, a participation in such Letter of Credit equal to such
Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent, for the account of the relevant Issuing
Bank, such Lender’s Pro Rata Share of each LC Disbursement made by each Issuing Bank and not
reimbursed by the Borrower on the date due as provided in paragraph (d) of this Section, or of any
reimbursement payment required to be refunded to the Borrower for any reason. Each Lender
acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or
the occurrence and continuance of a Default, Event of Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever.

          (d) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative
Agent for such Issuing Bank an amount equal to such LC Disbursement not later than 11:00 a.m.,
Houston time, on the next Business Day immediately following the day that the Borrower receives
notice of such LC Disbursement; provided that, if such LC Disbursement is not less than
$1,000,000 and the Borrower has not reimbursed the relevant Issuing Bank prior to 2:00 p.m. Houston
time on the next Business Day immediately following the day that the Borrower receives notice of
such LC Disbursement, subject to the conditions to borrowing set forth herein, such payment will be
automatically financed with a Base Rate Borrowing in an equivalent amount and, to the extent so
financed, the Borrower’s obligation to

23

 

make such payment shall be discharged and replaced by the resulting Base Rate Borrowing. If
the Borrower fails to make such payment when due and fails to finance the payment with a Base Rate
Borrowing, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the
payment then due from the Borrower in respect thereof and such Lender’s Pro Rata Share thereof.
Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its
Pro Rata Share of the payment then due from the Borrower, in the same manner as provided in Section
2.03 with respect to Loans made by such Lender (and Section 2.03 shall apply, mutatis mutandis, to
the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
relevant Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt
by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the relevant Issuing Bank or, to the extent
that Lenders have made payments pursuant to this paragraph to reimburse the relevant Issuing Bank,
then to such Lenders and such Issuing Banks as their interests may appear. Any payment made by a
Lender pursuant to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than
the funding of Base Rate Loans as contemplated above) shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.

          (e) Obligations Absolute. Subject to the proviso contained in the following sentence
with respect to the Issuing Bank, the Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (d) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Credit Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Credit Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in
any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by
any Issuing Bank under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section 2.04, constitute a legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor
the Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of
technical terms or any consequence arising from causes beyond the control of any Issuing Bank;
provided that nothing in this Agreement shall be construed to excuse any Issuing Bank from
liability to the Borrower to the extent of any direct damages (as opposed to consequential damages,
claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable
law) suffered by the Borrower that are caused by any Issuing Bank’s failure to exercise care when
determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. In furtherance of the foregoing and without limiting the generality thereof, the
parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole
discretion, either accept and make payment

24

 

          upon such documents without responsibility for further investigation, regardless of any notice
or information to the contrary, or refuse to accept and make payment upon such documents if such
documents are not in strict compliance with the terms of such Letter of Credit.

          (f) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. Each Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Banks
and the Lenders with respect to any such LC Disbursement.

          (g) Interim Interest. If any Issuing Bank shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC
Disbursement or finances such LC Disbursement with a Base Rate Borrowing, at the rate per annum
then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such
LC Disbursement when due pursuant to paragraph (d) of this Section, then such unreimbursed amount
shall bear interest at the Default Rate. Interest accrued pursuant to this paragraph shall be for
the account of the relevant Issuing Bank, except that interest accrued on and after the date of
payment by any Lender pursuant to paragraph (d) of this Section to reimburse such Issuing Bank
shall be for the account of such Lender to the extent of such payment.

          (h) Replacement Issuing Bank. Any Issuing Bank may be replaced at any time by written
agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and its
successor. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing
Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid
fees accrued for the account of the replaced Issuing Bank pursuant to Section 3.04(b) and (c).
From and after the effective date of any such replacement, (i) the successor Issuing Bank shall
have all the rights and obligations of the Issuing Banks under this Agreement with respect to
Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank”
shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor
and all previous Issuing Banks, and any current Issuing Bank, as the context shall require. After
the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement
with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

          (i) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that the Borrower receives notice from the Administrative Agent or the Required
Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure
representing greater than 50% of the LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the
name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the
total LC Exposure as of such date plus any accrued and

25

 

unpaid interest thereon; provided that the obligation to deposit such cash collateral shall
become effective immediately, and such deposit shall become immediately due and payable, without
demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the
Borrower described in clause (e) of Section 9.01. Such deposit shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of the Borrower under this
Credit Agreement. The Administrative Agent shall have exclusive dominion and control, including
the exclusive right of withdrawal, over such account. Such deposits shall be invested in (i)
certificates of deposit of JPMorgan having a maturity not exceeding 30 days; (ii) United States
Treasury obligations; or (iii) such other interest-bearing obligations as agreed between the
Administrative Agent and the Borrower. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to
reimburse the relevant Issuing Bank for LC Disbursements for which it has not been reimbursed and,
to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations
of the Borrower for the total LC Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50%
of the LC Exposure), be applied to satisfy other obligations of the Borrower under this Credit
Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence of an Event of Default, such amount (to the extent not applied as
aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default
have been cured or waived.

     Section 2.05 Continuations and Conversions.

     Subject to the terms below, the Borrower shall have the option, on any Business Day prior to
the Maturity Date, to continue existing Eurodollar Loans for a subsequent Interest Period, to
convert Base Rate Loans into Eurodollar Loans or to convert Eurodollar Loans into Base Rate Loans.
By no later than 10:00 a.m. (a) on the date of the requested conversion of a Eurodollar Loan to a
Base Rate Loan and (b) three Business Days prior to the date of the requested continuation of a
Eurodollar Loan or conversion of a Base Rate Loan to a Eurodollar Loan, the Borrower shall provide
telephonic notice to the Administrative Agent, followed promptly by a written Notice of
Continuation/Conversion in the form of Exhibit 2.05, setting forth whether the Borrower
wishes to continue or convert such Loans. Notwithstanding anything herein to the contrary, (i)
except as provided in Section 4.02, Eurodollar Loans may only be continued or converted into Base
Rate Loans on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may not
be continued nor may Base Rate Loans be converted into Eurodollar Loans during the existence and
continuation of a Default or an Event of Default and (iii) any request to continue a Eurodollar
Loan that fails to comply with the terms hereof or any failure to request a continuation of a
Eurodollar Loan at the end of an Interest Period (and assuming the Borrower has not delivered a
notice of prepayment pursuant to Section 3.02(a)) shall be deemed a request to convert such
Eurodollar Loan to a Base Rate Loan on the last day of the applicable Interest Period.

     Section 2.06 Minimum Amounts.

     Each request for a Loan or a conversion or continuation hereunder shall be subject to the
following requirements: (a) each Eurodollar Loan shall be in a minimum of $5,000,000 (and in

26

 

integral multiples of $1,000,000 in excess thereof), (b) each Base Rate Loan shall be in a minimum
amount of the lesser of $1,000,000 (and in integral multiples of $100,000 in excess thereof) or the
remaining amount available to be borrowed and (c) no more than ten Eurodollar Loans shall be
outstanding hereunder at any one time. For the purposes of this Section 2.06, all Eurodollar Loans
with the same Interest Periods that begin and end on the same date shall be considered as one
Eurodollar Loan, but Eurodollar Loans with different Interest Periods, even if they begin on the
same date, shall be considered separate Eurodollar Loans.

     Section 2.07 Notes.

     If requested by a Lender, the Loans made by each Lender shall be evidenced by a duly executed
promissory note of the Borrower payable to such Lender in substantially the form of Exhibit
2.07.

     Section 2.08 Reduction of Committed Amount.

     The Borrower shall have the right, upon notice to the Administrative Agent, to permanently
terminate or reduce the aggregate unused amount of the Committed Amount at any time and from time
to time; provided that (a) such notice must be received by the Administrative Agent not
later than 10:00 a.m. five Business Days prior to the date of termination or reduction, (b) each
partial reduction shall be in an aggregate amount at least equal to $5,000,000 and in integral
multiples of $1,000,000 above such amount and (c) no reduction shall be made which would reduce the
Committed Amount to an amount less than the sum of the outstanding Loans plus the LC Exposure. Any
reduction in (or termination of) the Committed Amount shall be permanent and may not be reinstated.

     Section 2.09 Increase in Committed Amount.

          (a) Subject to the terms and conditions set forth herein, the Borrower shall have the right,
without the consent of the Lenders but with the prior approval of the Administrative Agent (not to
be unreasonably withheld or delayed), to cause from time to time an increase in the Committed
Amount (a “Committed Amount Increase”) by adding to this Credit Agreement one or more
additional financial institutions that is not already a Lender hereunder and that is reasonably
satisfactory to the Administrative Agent (each a “CI Lender”) or by allowing one or more
existing Lenders to increase their respective Commitments; provided, however that
(i) no Event of Default shall have occurred which is continuing, (ii) no such Committed Amount
Increase shall cause the Committed Amount to exceed $1,000,000,000, (iii) no Lender’s Commitment
shall be increased without such Lender’s prior written consent (which consent may be given or
withheld in such Lender’s sole and absolute discretion) and (iv) if, on the effective date of such
increase, any Loans have been funded, then the Borrower shall be obligated to pay any breakage fees
or costs in connection with the reallocation of such outstanding Loans.

          (b) Any Committed Amount Increase must be requested by written notice from the Borrower to the
Administrative Agent (a “Notice of Committed Amount Increase”) in
the form of Exhibit 2.09 attached hereto and shall be approved by the Administrative
Agent, such consent to not be unreasonably withheld. Each such Notice of Committed Amount Increase

27

 

shall specify (i) the proposed effective date of such Committed Amount Increase, which date shall
be no earlier than five (5) Business Days after receipt by the Administrative Agent of such Notice
of Committed Amount Increase, (ii) the amount of the requested Committed Amount Increase (provided
that after giving effect to such requested Committed Amount Increase, the Committed Amount does not
exceed the amount set forth in subsection (a)(ii) above), (iii) the identity of each CI Lender or
Lender that has agreed in writing to increase its Commitment hereunder, and (iv) the amount of the
respective Commitments of the then existing Lenders and the CI Lenders from and after the Committed
Amount Increase Effective Date (as defined below). The Administrative Agent shall review each
Notice of Committed Amount Increase and shall notify the Borrower whether or not the Administrative
Agent consents to the proposed Committed Amount Increase. If the Administrative Agent consents to
such Committed Amount Increase, the Administrative Agent shall execute a counterpart to the Notice
of Committed Amount Increase and such Committed Amount Increase shall be effective on the proposed
effective date set forth in such notice (if the Administrative Agent consented to such Committed
Amount Increase prior to such proposed date) or on another date agreed to by the Administrative
Agent and the Borrower (such date referred to as the “Committed Amount Increase Effective
Date”).

          (c) On each Committed Amount Increase Effective Date, to the extent that there are Loans
outstanding as of such date, (i) each CI Lender shall, by wire transfer of immediately available
funds, deliver to the Administrative Agent such CI Lender’s New Funds Amount, which amount, for
each such CI Lender, shall constitute Loans made by such CI Lender to the Borrower pursuant to this
Credit Agreement on such Committed Amount Increase Effective Date, (ii) the Administrative Agent
shall, by wire transfer of immediately available funds, pay to each then Reducing Percentage Lender
its Reduction Amount, which amount, for each such Reducing Percentage Lender, shall constitute a
prepayment by the Borrower pursuant to Section 3.02(a), ratably in accordance with the respective

principal amounts thereof, of the principal amounts of all then outstanding Loans of such Reducing
Percentage Lender, and (iii) the Borrower shall be responsible to pay to each Lender any breakage
fees or costs in connection with the reallocation of any outstanding Loans.

          (d) For purposes of this Section 2.09 and Exhibit 2.09, the following defined terms
shall have the following meanings: (1) “New Funds Amount” means the amount equal to the
product of a Lender’s increased Commitment or a CI Lender’s Commitment (as applicable) represented
as a percentage of the Committed Amount after giving effect to the Committed Amount Increase, times
the aggregate principal amount of the outstanding Loans immediately prior to giving effect to the
Committed Amount Increase, if any, as of a Committed Amount Increase Effective Date (without regard
to any increase in the aggregate principal amount of Loans as a result of borrowings made after
giving effect to the Committed Amount Increase on such Committed Amount Increase Effective Date);
(2) “Reducing Percentage Lender” means each then existing Lender immediately prior to
giving effect to the Committed Amount Increase that does not increase its respective Commitment as
a result of the Committed Amount Increase and whose relative percentage of the Committed Amount
shall be reduced after giving effect to such Committed Amount Increase; and (3) “Reduction
Amount” means the amount by which a Reducing Percentage Lender’s outstanding Loans decrease as
of a Committed Amount Increase
Effective Date (without regard to the effect of any borrowings made on such Committed Amount
Increase Effective Date after giving effect to the Committed Amount Increase).

28

 

          (e) Each Committed Amount Increase shall become effective on its Committed Amount Increase
Effective Date and upon such effectiveness (i) the Administrative Agent shall record in the
register each then CI Lender’s information as provided in the Notice of Committed Amount Increase
and pursuant to an Administrative Questionnaire satisfactory to the Administrative Agent that shall
be executed and delivered by each CI Lender to the Administrative Agent on or before the Commitment
Increase Effective Date, (ii) Schedule 1.01(a) hereof shall be amended and restated to set
forth all Lenders (including any CI Lenders) that will be Lenders hereunder after giving effect to
such Committed Amount Increase (which shall be set forth in Annex I to the applicable Notice of
Committed Amount Increase) and the Administrative Agent shall distribute to each Lender (including
each CI Lender) a copy of such amended and restated Schedule 1.01(a), and (iii) each CI
Lender identified on the Notice of Committed Amount Increase for such Commitment Increase shall be
a “Lender” for all purposes under this Credit Agreement.

     Section 2.10 Extension of Maturity Date.

          (a) Not earlier than 90 days prior to, nor later than 30 days prior to, each anniversary of
the Closing Date and on not more than three occasions, the Borrower may, upon notice to the
Administrative Agent (who shall promptly notify the Lenders), request a one-year extension of the
Maturity Date then in effect. Within 30 days of delivery of such notice, each Lender shall notify
the Administrative Agent whether or not it consents to such extension (which consent may be given
or withheld in such Lender’s sole and absolute discretion). Any Lender not responding within the
above time period shall be deemed not to have consented to such extension. The Administrative
Agent shall promptly notify the Borrower and the Lenders of the Lenders’ responses.

          (b) The Maturity Date shall be extended only if Lenders holding greater than 50% of the total
Commitments then outstanding (calculated excluding any Lender in default in its obligation to fund
Loans hereunder and prior to giving effect to any replacements of Lenders permitted herein) (the
“Consenting Lenders”) have consented thereto. For each such extension, if so extended, the
Maturity Date, as to the Consenting Lenders, shall be extended to the same date in the following
year, after giving effect to any prior extensions (such existing Maturity Date being the
“Extension Effective Date”). The Administrative Agent and the Borrower shall promptly
confirm to the Lenders such extension, specifying the date of such confirmation (the “Extension
Confirmation Date”), the Extension Effective Date (existing Maturity Date), and the new
Maturity Date. As a condition precedent to such extension, the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower dated as of the Extension Confirmation Date (in
sufficient copies for each Lender) signed by a Responsible Officer of the Borrower (i) certifying
and attaching the resolutions adopted by the Borrower approving or consenting to such extension and
(ii) certifying that, (A) before and after giving effect to such extension, the representations and
warranties contained in Article VI made by it (other than those made in Section 6.08) are true and
correct on and as of the Extension Confirmation Date, except to the extent that such
representations and warranties specifically refer to an earlier date, (B) before and after giving
effect to such extension no Default exists or will exist as of the Extension
Confirmation Date, and (C) no Material Adverse Effect (except as may have arisen in connection
with the matters covered in Section 6.08 hereof) has occurred since the date of the most recently
filed Form 10-K or 10-Q through the Extension Confirmation Date.

29

 

     Section 2.11 Replacement of Lenders.

     If any Lender (a) defaults in its obligation to fund Loans hereunder, or (b) fails to agree to
extend the Maturity Date pursuant to Section 2.10 if the requisite Lenders have agreed to do so,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 11.03), all of its interests, rights and
obligations under this Credit Agreement to an assignee that shall assume such obligations (which
assignee may be a Lender, if a Lender accepts such assignment); provided that (i) if such
assignee is not already a Lender hereunder, the Borrower shall have received the prior written
consent of the Administrative Agent and each Issuing Bank, which consent shall not be unreasonably
withheld and (ii) such Lender or its Participant shall have received payment of an amount equal to
the outstanding principal of its Loans and participations in L/C Disbursements, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts). A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by the Borrower or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

ARTICLE III

PAYMENTS

     Section 3.01 Interest.

          (a) Interest Rate.

     (i) All Base Rate Loans shall accrue interest at the Base Rate.

     (ii) Each Eurodollar Loan shall accrue interest at the Adjusted Eurodollar Rate
applicable to such Eurodollar Loan.

          (b) Default Rate of Interest. Upon the occurrence, and during the continuation, of an
Event of Default, the principal of and, to the extent permitted by law, interest on the Loans and
any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable
on demand, at a per annum rate equal to the Default Rate.

          (c) Interest Payments. Interest on Loans shall be due and payable in arrears on each
Interest Payment Date.

     Section 3.02 Prepayments.

          (a) Voluntary Prepayments. The Borrower shall have the right, upon notice to the
Administrative Agent, to prepay the Loans in whole or in part from time to time without
premium or penalty; provided, however, that (i) such notice must be received
by the Administrative Agent not later than 10:00 a.m. (A) three Business Days’ prior to any date of
prepayment of Eurodollar Loans and (B) on the date of prepayment of Base Rate Loans, (ii) each such
partial prepayment of Eurodollar Loans shall be in the minimum principal amount of

30

 

$5,000,000 and
integral multiples of $1,000,000 and (iii) each such partial prepayment of Base Rate Loans shall be
in the minimum principal amount of $1,000,000 and integral multiples of $100,000 or, in the case of
clauses (ii) and (iii), if less than such minimum amounts, the entire principal amount thereof then
outstanding. Amounts prepaid pursuant to this Section 3.02(a) shall be applied as the Borrower may
elect based on the Lenders’ Pro Rata Shares; provided, however, if the Borrower
fails to specify, such prepayment shall be applied by the Administrative Agent, subject to Section
3.08, in such manner as it deems reasonably appropriate.

          (b) Mandatory Prepayments. If at any time the aggregate principal amount of Loans
outstanding plus the LC Exposure outstanding exceeds the Committed Amount, the Borrower shall
immediately make a principal payment to the Administrative Agent in a manner and in an amount to be
in compliance with Sections 2.01 and as directed by the Administrative Agent.

          (c) Application of Prepayments. All prepayments pursuant to Section 3.02 shall be (i)
unless otherwise directed by the Borrower pursuant to Section 3.02(a), applied first to
Base Rate Loans and second to Eurodollar Loans in direct order of Interest Period
maturities (applied first against those soonest to mature), (ii) subject to Section 4.05 and (iii)
accompanied by the interest on the principal amount prepaid through the date of prepayment.

     Section 3.03 Payment in Full at Maturity.

     On the Maturity Date, the entire outstanding principal balance of all Loans, together with
accrued but unpaid interest and all fees and other sums owing under the Credit Documents,
including, without limitation, all Borrower Obligations shall be due and payable in full, unless
accelerated sooner pursuant to Section 9.02; provided that if the Maturity Date is not a
Business Day, then such principal, interest, fees and other sums shall be due and payable in full
on the next preceding Business Day.

     Section 3.04 Fees.

          (a) Commitment Fees. The Borrower shall pay to the Administrative Agent, for the pro
rata benefit of each Lender based on its Pro Rata Share of the Committed Amount, a per annum fee
equal to the Applicable Percentage for Commitment Fees for each day during the period of
determination multiplied by the Unused Commitment for each such day (the “Commitment
Fees”). The Commitment Fees shall commence to accrue on the Closing Date and shall be due and
payable in arrears on the last Business Day of each fiscal quarter of the Borrower (as well as on
the Maturity Date and on any date that the Committed Amount is reduced) for the fiscal quarter (or
portion thereof) then ending, beginning with the first of such dates to occur after the Closing

Date.

          (b) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Pro Rata Share, a Letter of Credit fee for each
Letter of Credit equal to the Applicable Percentage for Letters of Credit times the daily maximum
amount available to be drawn under such Letters of Credit (whether or not such maximum amount is
then in effect under such issued and outstanding Letter of Credit (the

31

 

“Letter of Credit
Fees”). Such Letter of Credit Fees shall be computed on a quarterly basis in arrears. The
Letter of Credit Fees shall be due and payable in arrears on the last Business Day of each fiscal
quarter of the Borrower (as well as on the Maturity Date), beginning with the first such date to
occur after the issuance of such Letter of Credit. If there is any change in the Applicable
Percentage during any quarter, the daily maximum amount of each Letter of Credit shall be computed
and multiplied by the Applicable Percentage separately for each period during such quarter that
such Applicable Percentage was in effect.

          (c) Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank. The
Borrower shall pay directly to the applicable Issuing Bank for its own account a fronting fee with
respect to each Letter of Credit issued by such Issuing Bank in an amount equal to 0.125% per annum
on the maximum amount available to be drawn under such Letter of Credit (whether or not such
maximum amount is then in effect under such Letter of Credit). Such Fronting Fees shall be
computed on a quarterly basis in arrears and shall be due and payable in arrears on the last
Business Day of each fiscal quarter of the Borrower (as well as on the Maturity Date), beginning
with the first such date to occur after the issuance of such Letter of Credit. In addition, the
Borrower shall pay directly to the applicable Issuing Bank for its own account the customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges,
of such Issuing Bank relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable.

          (d) Administrative Fees. The Borrower agrees to pay to the Administrative Agent, for
its own account, an annual fee as agreed to between the Borrower and the Administrative Agent (the
“Administrative Fees”) in the Fee Letter.

     Section 3.05 Payments Generally.

          (a) No Deductions; Place and Time of Payments. All payments to be made by the
Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or
setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds
not later than 1:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Administrative Agent after 1:00 p.m. shall be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue.

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

          (c) Advances by Administrative Agent. Unless the Borrower or any Lender has notified
the Administrative Agent, prior to the date any payment is required to be made by it

32

 

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

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

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

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

          (d) Several Obligations. The obligations of the Lenders hereunder to make Loans and
to fund or purchase Participation Interests are several and not joint. The failure of any Lender
to make any Loan or to fund or purchase any Participation Interest on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan or fund its Participation Interest.

     (e) Funding Offices. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a

33

 

representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

     Section 3.06 Computations of Interest and Fees.

          (a) Calculation of Interest. Except for Base Rate Loans on which interest shall be
computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the
case may be, all computations of interest and fees hereunder shall be made on the basis of the
actual number of days elapsed over a year of 360 days. Interest shall accrue from and including
the Closing Date or from the first date of Borrowing (or from any continuation or conversion
thereof) to but excluding the last day occurring in the period for which such interest is payable.

          (b) Usury. It is the intent of the Lenders and the Borrower to conform to and
contract in strict compliance with applicable usury law from time to time in effect. All
agreements between the Lenders and the Borrower are hereby limited by the provisions of this
paragraph which shall override and control all such agreements, whether now existing or hereafter
arising and whether written or oral. In no way, nor in any event or contingency (including but not
limited to prepayment or acceleration of the maturity date of the Borrower Obligations), shall the
interest taken, reserved, contracted for, charged, or received under this Credit Agreement, under
the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law.
If, from any possible construction of any of the Credit Documents or any other document, interest
would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall
be subject to the provisions of this paragraph and interest owing pursuant to such documents shall
be automatically reduced to the maximum nonusurious amount permitted under applicable law, without
the necessity of execution of any amendment or new document. If any Lender shall ever receive
anything of value which is characterized as interest on the Loans under applicable law and which
would, apart from this provision, be in excess of the maximum lawful amount, an amount equal to the
amount which would have been excessive interest shall, without penalty, be applied to the reduction
of the principal amount owing on the Loans and not to the payment of interest, or refunded to the
Borrower or the other payor thereof if and to the extent such amount which would have been
excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the
Loans or any other Indebtedness evidenced by any of the Credit Documents does not include the right
to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders
do not intend to charge or receive any unearned interest in the event of such demand. All interest
paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted
by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term
(including any renewal or extension) of the Loans so that the amount of interest on account of the
Loans does not exceed the maximum nonusurious amount permitted by applicable law.

     Section 3.07 Evidence of Debt.

     The Loans made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or
records maintained by the Administrative Agent and each Lender shall be

34

 

conclusive absent manifest
error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments
thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the
Borrower Obligations. In the event of any conflict between the accounts and records maintained by
any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto. In addition to the foregoing
accounts and records, each Lender and the Administrative Agent shall maintain in accordance with
its usual practice accounts or records evidencing the purchases and sales by such Lender of
participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any Lender in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error.

     Section 3.08 Pro Rata Treatment.

     Except to the extent otherwise provided herein, each Borrowing, each payment or prepayment of
principal of any Loan, each payment of interest, each payment of fees (other than Administrative
Fees paid to the Administrative Agent and letter of credit fees paid to an Issuing Bank for its own
account), each conversion or continuation of any Loans and each reduction in the Committed Amount,
shall be allocated pro rata among the relevant Lenders in accordance with their Pro Rata Shares;
provided that, if any Lender shall have failed to pay its Pro Rata Share of any Loan or purchase or
fund its Participation Interest, then any amount to which such Lender would otherwise be entitled
pursuant to this Section 3.08 shall instead be payable to the Administrative Agent until the share
of such Loan or such Participation Interest not purchased or funded by such Lender has been
purchased or funded unless such Lender’s obligations are the subject of a good faith dispute. In
the event any principal, interest, fee or other amount paid to any Lender pursuant to this Credit
Agreement or any other Credit Document is rescinded or must otherwise be returned by the
Administrative Agent, (a) such principal, interest, fee or other amount that had been satisfied by
such payment shall be revived, reinstated and continued in full force and effect as if such payment
had not occurred and (b) such Lender shall, upon the request of the Administrative Agent, repay to
the Administrative Agent the amount so paid to such Lender, with interest for the period commencing
on the date such payment is returned by the Administrative Agent until the date the Administrative
Agent receives such repayment at a rate per annum equal to the Federal Funds Rate if repaid within
two Business Days after such request and thereafter the Base Rate.

     Section 3.09 Sharing of Payments.

     The Lenders agree among themselves that, except to the extent otherwise provided herein, in
the event that any Lender shall obtain payment in respect of any Loan, any LC
Exposure or any other obligation owing to such Lender under this Credit Agreement through the
exercise of a right of setoff, banker’s lien or counterclaim, or pursuant to a secured claim under
Section 506 of the Bankruptcy Code or other security or interest arising from, or in lieu of, such
secured claim, received by such Lender under any applicable Debtor Relief Law or other similar law
or otherwise, or by any other means, in excess of its Pro Rata Share of such payment as

35

 

provided
for in this Credit Agreement, such Lender shall promptly pay in cash or purchase from the other
Lenders a participation in such Loans, LC Exposure and other obligations in such amounts, and make
such other adjustments from time to time, as shall be equitable to the end that all Lenders share
such payment in accordance with their Pro Rata Shares. The Lenders further agree among themselves
that if payment to a Lender obtained by such Lender through the exercise of a right of setoff,
banker’s lien, counterclaim or other event as aforesaid shall be rescinded or must otherwise be
returned, each Lender which shall have shared the benefit of such payment shall, by payment in cash
or a repurchase of a participation theretofore sold, return its share of that benefit (together
with its share of any accrued interest payable with respect thereto) to each Lender whose payment
shall have been rescinded or otherwise returned. The Borrower agrees that (a) any Lender so
purchasing such a participation may, to the fullest extent permitted by law, exercise all rights of
payment, including setoff, banker’s lien or counterclaim, with respect to such participation as
fully as if such Lender were a holder of such Loan, LC Exposure or other obligation in the amount
of such participation and (b) the Borrower Obligations that have been satisfied by a payment that
has been rescinded or otherwise returned shall be revived, reinstated and continued in full force
and effect as if such payment had not occurred. Except as otherwise expressly provided in this
Credit Agreement, if any Lender or the Administrative Agent shall fail to remit to any other Lender
or the Administrative Agent an amount payable by such Lender or the Administrative Agent to such
other Lender or the Administrative Agent pursuant to this Credit Agreement on the date when such
amount is due, such payments shall be made together with interest thereon for each date from the
date such amount is due until the date such amount is paid to the Administrative Agent or such
other Lender at a rate per annum equal to the Federal Funds Rate. If under any applicable Debtor
Relief Law or other similar law, any Lender receives a secured claim in lieu of a setoff to which
this Section 3.09 applies, such Lender shall, to the extent practicable, exercise its rights in
respect of such secured claim in a manner consistent with the rights of the Lenders under this
Section 3.09 to share in the benefits of any recovery on such secured claim.

ARTICLE IV

TAXES, YIELD PROTECTION AND ILLEGALITY

     Section 4.01 Taxes.

          (a) Any and all payments by the Borrower to or for the account of the Lenders under any Credit
Document shall be made free and clear of and without deduction for any and all present or future
taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and
all liabilities with respect thereto, excluding taxes imposed on or measured by its overall
net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the law of which a Lender is organized or maintains a
lending office (all such non-excluded taxes, duties, levies, imposts, deductions, assessments,
fees, withholdings or similar charges, and liabilities being hereinafter referred to as
“Taxes”). If the Borrower shall be required by any laws to deduct any Taxes or Other Taxes
from or in respect of any sum payable under any Loan Document to a Lender, (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), such Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the Borrower shall make such
deductions, (iii) the Borrower shall pay the full amount deducted to

36

 

the relevant taxation
authority or other authority in accordance with applicable laws, and (iv) the Borrower shall make
commercially reasonable efforts to obtain a governmental receipt within the time frame customary
for the relevant taxing authority, and shall furnish to such Lender the original or a certified
copy of such receipt within 30 days of receiving such receipt.

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

          (c) The Borrower agrees to indemnify each Lender for (i) the full amount of Taxes and Other
Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts
payable under this Section) paid by each Lender, (ii) amounts payable under Section 4.01(a) and
(iii) any liability (including additions to tax, penalties, interest and expenses) arising
therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under
this subsection (c) shall be made within 30 days after the date a Lender makes a demand therefor.

          (d) Each payment hereunder or under any other Credit Document by or on behalf of the Borrower
shall be made by a payor that is a United States person. For purposes of this subsection (d), the
term “United States person” shall have the meanings specified in Section 7701 of the Code.

          (e) Foreign Lenders. Each Lender that is a foreign corporation, foreign partnership
or foreign trust within the meaning of the Code shall deliver to the Administrative Agent, prior to
receipt of any payment subject to withholding under the Code, two duly signed completed copies of
either IRS Form W-8BEN or any successor thereto (relating to such Lender and entitling it to an
exemption from, or reduction of, withholding tax on all payments to be made to such Lender by the
Borrower pursuant to this Credit Agreement), as appropriate, or IRS Form W-8ECI or any successor
thereto (relating to all payments to be made to such Lender by the Borrower pursuant to this Credit
Agreement) or such other evidence satisfactory to the Borrower and the Administrative Agent that
such Lender is entitled to an exemption from, or reduction of, United States withholding tax.
Thereafter and from time to time, each such Lender shall (i) promptly submit to the Administrative
Agent such additional duly completed and signed copies of one of such forms (or such successor
forms as shall be adopted from time to time by the relevant United States taxing authorities), as
appropriate, as may reasonably be requested by the Borrower or the Administrative Agent and then be
available under then current United States laws and regulations to avoid, or such evidence as is
satisfactory to the Borrower and the Administrative Agent of any available exemption from or
reduction of, United States withholding taxes in respect of all payments to be made to such Lender
by the Borrower pursuant
to this Credit Agreement, (ii) promptly notify the Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction, and (iii)
take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of
such Lender, and as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any Requirement of Law that the Borrower make any deduction or withholding

37

 

for
taxes from amounts payable to such Lender. If the forms or other evidence provided by such Lender
at the time such Lender first becomes a party to this Credit Agreement indicate a United States
interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered
excluded from Taxes unless and until such Lender provides the appropriate forms certifying that a
lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered
excluded from Taxes for periods governed by such forms; provided, however, that, if at the date of
any assignment pursuant to which a Lender becomes a party to this Credit Agreement, the assignor
Lender was entitled to payments under Section 4.01(a) in respect of United States withholding tax
with respect to interest paid at such date, then, to such extent, the term Taxes shall include (in
addition to withholding taxes that may be imposed in the future or other amounts otherwise
includable in Taxes) United States withholding tax, if any, applicable with respect to the assignee
Lender on such date. If such Lender fails to deliver the above forms or other evidence, then the
Administrative Agent may withhold from any interest payment to such Lender an amount equal to the
applicable withholding tax imposed by Sections 1441 and 1442 of the Code, without reduction. If
any Governmental Authority asserts that the Administrative Agent did not properly withhold any tax
or other amount from payments made in respect of such Lender, such Lender shall indemnify the
Administrative Agent therefor, including all penalties and interest, any taxes imposed by any
jurisdiction on the amounts payable to the Administrative Agent under this Section 4.01(f), and
costs and expenses (including the reasonable fees and expenses of legal counsel) of the
Administrative Agent. For any period with respect to which a Lender has failed to provide the
Borrower with the above forms or other evidence (other than if such failure is due to a change in
the applicable Requirement of Law, or in the interpretation or application thereof, occurring after
the date on which such form or other evidence originally was required to be provided or if such
form or other evidence otherwise is not required), such Lender shall not be entitled to
indemnification under subsection (a) or (c) of this Section 4.01 with respect to Taxes imposed by
the United States by reason of such failure; provided, however, that should a Lender become subject
to Taxes because of its failure to deliver such form or other evidence required hereunder, the
Borrower shall take such steps as such Lender shall reasonably request to assist such Lender in
recovering such Taxes. The obligations of the Lenders under this Section 4.01(f) shall survive the
payment of all Borrower Obligations and the resignation or replacement of the Administrative Agent.

     (f) Reimbursement. In the event that an additional payment is made under this Section
4.01 for the account of any Lender and such Lender, in its reasonable judgment, determines that it
has finally and irrevocably received or been granted a credit against or release or remission for,
or repayment of, any tax paid or payable by it in respect of or calculated with reference to the
deduction or withholding giving rise to such payment, such Lender shall, to the extent that it
determines that it can do so without prejudice to the retention of the amount of such credit,
relief, remission or repayment, pay to the Borrower such amount as such Lender shall, in its
reasonable judgment, have determined to be attributable to such deduction or withholding and which
will leave such Lender (after such payment) in no worse position than it would have been
in if the Borrower had not been required to make such deduction or withholding. Nothing
herein contained shall interfere with the right of a Lender to arrange its tax affairs in whatever
manner it thinks fit nor oblige any Lender to claim any tax credit or to disclose any information
relating to its tax affairs or any computations in respect thereof or require any Lender to do
anything that

38

 

would prejudice its ability to benefit from any other credits, reliefs, remissions or
repayments to which it may be entitled.

     Section 4.02 Illegality.

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

     Section 4.03 Inability to Determine Eurodollar Rate.

     If the Administrative Agent determines that for any reason adequate and reasonable means do
not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect
to a proposed Eurodollar Rate Loan, or that the Eurodollar Base Rate for any requested Interest
Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the
cost to the Lenders of funding such Loan, the Administrative Agent will promptly so notify the
Borrower. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans
shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such
notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of a Eurodollar Rate Loan or, failing that, will be deemed to have converted such
request into a request for a Borrowing of a Base Rate Loan in the amount specified therein.

     Section 4.04 Increased Cost and Reduced Return; Capital Adequacy.

          (a) If a Lender determines that as a result of the introduction of or any change in or in the
interpretation of any Requirement of Law, or such Lender’s compliance therewith, there shall be any
increase in the cost to such Lender of agreeing to make or making, funding or maintaining
Eurodollar Rate Loans, or a reduction in the amount received or receivable by such Lender in
connection with any of the foregoing (excluding for purposes of this subsection (a) any such
increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which
Section 4.01 shall govern), (ii) changes in the basis of taxation of overall net income or
overall gross income by the United States or any foreign jurisdiction or any political subdivision
of either thereof under the laws of which such Lender is organized or has its Lending Office, and
(iii) reserve requirements utilized in the determination of the Eurodollar Rate), then from time to

39

 

time upon demand of such Lender and upon presentment of written documentation (in the form of a
detailed calculation and explanation), the Borrower shall pay to such Lender such additional
amounts as will compensate such Lender for such increased cost or reduction, provided such
increased cost or reduction is related solely to Borrowings under this Credit Agreement.

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

     Section 4.05 Funding Losses.

     Upon demand of any Lender from time to time, the Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of:

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

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

including any loss, cost or expense (other than loss of the Applicable Percentage) arising from the
liquidation or reemployment of funds obtained by such Lender to maintain such Loan or from fees
payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay
any customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to a Lender under this Section 4.05,
such Lender shall be deemed to have funded each Eurodollar Rate Loan at the Eurodollar Base Rate
used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in
the London interbank eurodollar market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Loan was in fact so funded.

     Section 4.06 Requests for Compensation.

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

     Section 4.07 Survival.

40

 

     All of the Borrower’s obligations under this Article IV shall survive termination of the
Commitments and repayment of all other Borrower Obligations hereunder.

ARTICLE V

CONDITIONS PRECEDENT

     Section 5.01 Closing Conditions.

     The obligation of the Lenders to enter into this Credit Agreement is subject to satisfaction
(or waiver) on the Closing Date of the following conditions precedent:

          (a) Executed Credit Documents. Receipt by the Administrative Agent of duly executed
copies of this Credit Agreement, the Notes in favor of each Lender requesting a Note, and all other
Credit Documents, each in form and substance acceptable to the Lenders.

          (b) Corporate Documents. Receipt by the Administrative Agent of the following:

     (i) Charter Documents. Copies of the articles of incorporation or
other charter documents of the Borrower certified to be true and complete as of a
recent date by the appropriate Governmental Authority of the state or other
jurisdiction of its incorporation and certified by a secretary or assistant
secretary of the Borrower to be true and correct as of the Closing Date.

     (ii) Bylaws. A copy of the bylaws of the Borrower certified by a
secretary or assistant secretary of the Borrower to be true and correct as of the
Closing Date.

     (iii) Resolutions. Copies of resolutions of the Board of Directors of
the Borrower approving the transactions contemplated by this Credit Agreement and
authorizing certain officers of the Borrower to negotiate, execute and deliver the
Credit Documents, certified by a secretary or assistant secretary of the Borrower to
be true and correct and in full force and effect as of the Closing Date.

     (iv) Incumbency. An incumbency certificate of the Borrower certified
by a secretary or assistant secretary of the Borrower to be true and correct as of
the Closing Date.

     (v) Good Standing. Copies of certificates of good standing, existence
or their equivalent with respect to the Borrower, certified as of a recent date by
the appropriate Governmental Authority of the state of its incorporation.

          (c) Opinions of Counsel. Receipt by the Administrative Agent of such opinions from
legal counsel to the Borrower, addressed to the Lenders, dated as of the Closing Date, and covering
matters that customarily are addressed in connection with the transactions contemplated by this
Credit Agreement, in form and substance reasonably satisfactory to the Administrative Agent.

41

 

          (d) Financial Statements. Receipt by the Administrative Agent of a copy of (i) the
annual consolidated financial statements (including balance sheets, income statements and cash flow
statements) of the Borrower and its Subsidiaries for fiscal years 2003 and 2004, audited by
independent public accountants of recognized national standing, (ii) the consolidated balance
sheet, income statement and statement of cash flows of the Borrower and its Subsidiaries for the
fiscal quarter ended March 31, 2005 and (iii) such other financial information regarding the
Borrower as the Administrative Agent may reasonably request.

          (e) Fees and Expenses. Payment by the Borrower of all fees and expenses invoiced by,
and owed by it to, the Administrative Agent or any Lender.

          (f) Litigation. There shall be no material actions, suits, investigations or legal,
equitable, arbitration or administrative proceedings pending or, to the knowledge of the Borrower,
threatened against the Borrower which have not been disclosed in the Borrower’s reports filed with
the SEC and which would have or would reasonably be expected to have a Material Adverse Effect.

          (g) Material Adverse Effect. Since March 31, 2005, there has occurred no Material
Adverse Effect.

          (h) Officer’s Certificate. The Administrative Agent shall have received a certificate
or certificates executed by a Financial Officer as of the Closing Date stating that (i) the
Borrower is in compliance in all material respects with all existing material financial
obligations, (ii) no action, suit, investigation or proceeding is pending or, to such Financial
Officer’s knowledge, threatened in any court or before any arbitrator or governmental
instrumentality that purports to affect the Borrower or any transaction contemplated by the Credit
Documents, if such action, suit, investigation or proceeding would have or would reasonably be
expected to have a Material Adverse Effect, (iii) the financial statements and information
delivered to the Lenders on or before the Closing Date were prepared in good faith and in
accordance with GAAP except to the extent of items that are immaterial in the aggregate and except
that the quarterly financial statements are unaudited and are subject to year-end adjustments, and
(iv) immediately after giving effect to this Credit Agreement, the other Credit Documents and all
the transactions contemplated therein to occur on such date, (A) no Default or Event of Default
exists, (B) all representations and warranties contained herein and in the other Credit Documents
are true and correct in all material respects on and as of the date made, (C) the Borrower is
Solvent and (D) as of the fiscal quarter ended March 31, 2005, the Borrower is in compliance with
the financial covenant set forth in Section 7.02, as demonstrated by the calculations set forth on
a Schedule attached thereto.

          (i) Existing Credit Agreement. The Existing Credit Agreement shall have been
terminated or will be terminated on the Closing Date and all amounts owing thereunder shall have
been paid in full.

          (j) Other. Receipt by the Lenders of such other documents, instruments, agreements or
information as reasonably requested by any Lender.

     Section 5.02 Conditions to Loans.

42

 

     The Lenders shall not be obligated to make a Loan and no Issuing Bank shall be obligated to
issue, amend, renew or extend a Letter of Credit unless:

          (a) Notice of Borrowing. The Borrower shall have timely delivered a notice requesting
the issuance or amendment of a Letter of Credit or a duly executed and completed Notice of
Borrowing in conformance with all the terms and conditions of this Credit Agreement.

          (b) Representations and Warranties. The representations and warranties of the
Borrower set forth in this Credit Agreement (other than those set forth in Section 6.08) and all
other Credit Documents shall be true and correct on and as of the date of such Loan or the date of
issuance, amendment, renewal or extension of such Letter of Credit, if applicable.

          (c) No Default. No Default or Event of Default shall exist or be continuing either
prior to or after giving effect to such Loan or Letter of Credit.

          (d) Availability. Immediately after giving effect to the making of such Loan or the
issuance or amendment of such Letter of Credit, the aggregate amount of Loans outstanding
plus the total LC Exposure outstanding shall not exceed the Committed Amount.

     The delivery of each Notice of Borrowing and each notice requesting the issuance of a Letter
of Credit shall constitute a representation and warranty by the Borrower of the correctness of the
matters specified in subsections (b), (c) and (d) above.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

     The Borrower hereby represents and warrants to the Lenders that:

     Section 6.01 Organization and Good Standing.

     The Borrower (a) is a corporation, duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (b) is duly qualified and in good standing as a
foreign entity authorized to do business in every other jurisdiction where the failure to so
qualify would have a Material Adverse Effect and (c) has the requisite power and authority to own
its properties and to carry on its business as now conducted and as proposed to be conducted.

     Section 6.02 Due Authorization.

     The Borrower (a) has the requisite power and authority to execute, deliver and perform this
Credit Agreement and the other Credit Documents and to incur the obligations herein and therein
provided for and (b) has been authorized by all necessary action to execute, deliver and perform
this Credit Agreement and the other Credit Documents.

     Section 6.03 No Conflicts.

     Neither the execution and delivery of this Credit Agreement and the other Credit Documents,
nor the consummation of the transactions contemplated herein and therein, nor

43

 

performance of and
compliance with the terms and provisions hereof and thereof by the Borrower will (a) violate or
conflict with any provision of its organizational documents, (b) violate, contravene or conflict
with any Requirement of Law or any law (including without limitation, the Public Utility Holding
Company Act of 1935, as amended), regulation (including without limitation, Regulation U and
Regulation X), order, writ, judgment, injunction, decree or permit applicable to it, (c) violate,
contravene or conflict with contractual provisions of, or cause an event of default under, any
indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to
which it is a party or by which it may be bound, the violation of which would constitute a Material
Adverse Effect or (d) result in or require the creation of any Lien upon or with respect to its
properties.

     Section 6.04 Consents.

     No consent, approval, authorization or order of, or filing, registration or qualification
with, any court or Governmental Authority or third party is required in connection with the
execution, delivery or performance of this Credit Agreement or any of the other Credit Documents
that has not been obtained or made.

     Section 6.05 Enforceable Obligations.

     This Credit Agreement and the other Credit Documents have been duly executed and delivered and
constitute the legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their respective terms, except as may be limited by Debtor Relief Laws
or similar laws affecting creditors’ rights generally or by general equitable principles.

     Section 6.06 Financial Condition.

     The financial statements delivered to the Lenders pursuant to Section 5.01(d) and pursuant to
Sections 7.01(a) and (b): (a) have been prepared in accordance with GAAP except to the extent of
items that are immaterial in the aggregate and except that the quarterly financial statements are
unaudited and are subject to year-end adjustments and have fewer footnotes than annual statements
and (b) present fairly in all material respects the financial condition, results of operations and
cash flows of the Borrower and its Subsidiaries as of such date and for such periods. No opinion
provided with respect to the Borrower’s financial statements pursuant to Section 7.01 (or as to any
prior annual financial statements) has been withdrawn.

     Section 6.07 No Default.

     No Default or Event of Default presently exists and is continuing.

     Section 6.08 Litigation.

     As of the Closing Date, except as disclosed in Borrower’s SEC filings or otherwise disclosed
in writing to the Lenders, there are no actions, suits, investigations or legal, equitable,
arbitration or administrative proceedings, pending or, to the knowledge of the Borrower, threatened
against the Borrower which would have or would reasonably be expected to have a Material Adverse
Effect.

44

 

     Section 6.09 Taxes.

     The Borrower has filed, or caused to be filed, all material tax returns (federal, state, local
and foreign) required to be filed and paid all amounts of taxes shown thereon to be due (including
interest and penalties) and has paid all other taxes, fees, assessments and other governmental
charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing
by it, except for such taxes which are not yet delinquent or that are being contested in good faith
and by proper proceedings, and against which adequate reserves are being maintained in accordance
with GAAP.

     Section 6.10 Compliance with Law.

     Except as disclosed in the Borrower’s SEC filings or otherwise disclosed in writing to the
Lenders, the Borrower is in compliance with all laws, rules, regulations, orders and decrees
applicable to it or to its properties, unless such failure to comply has not had or would not
reasonably be expected to have a Material Adverse Effect.

     Section 6.11 ERISA.

     Except as would not result or reasonably be expected to result in a Material Adverse Effect:

          (a) During the five-year period prior to the date on which this representation is made or
deemed made: (i) no Termination Event has occurred, and, to the best knowledge of the Borrower, no
event or condition has occurred or exists as a result of which any Termination Event would be
reasonably expected to occur; (ii) no “accumulated funding deficiency,” as such term is defined in
Section 302 of ERISA and Section 412 of the Code, whether or not waived, has occurred with respect
to any Single Employer Plan; (iii) each Plan has been maintained, operated, and funded in material
compliance with its terms and the provisions of ERISA, the Code, and any other applicable federal
or state laws; and (iv) no Lien in favor of the PBGC or a Plan has arisen or is reasonably likely
to arise on account of any Plan.

          (b) The aggregate actuarial present value of all accumulated plan benefits of all Single
Employer Plans (determined utilizing the assumptions used for purposes of Statement of Financial
Accounting Standards No. 35) did not, as of the most recent valuation dates reflected in the
Borrower’s annual financial statements contained in the Borrower’s most recent Form 10-K, exceed
the aggregate fair market value of the assets of all such Single Employer Plans, except as
disclosed in the Borrower’s financial statements.

          (c) Neither the Borrower nor any ERISA Affiliate has incurred, or, to the best knowledge of
the Borrower, is reasonably expected to incur, any withdrawal liability under ERISA to any
Multiemployer Plan or Multiple Employer Plan. Neither the Borrower nor any ERISA Affiliate has
received any notification that any Multiemployer Plan is in reorganization (within the meaning of
Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been
terminated (within the meaning of Title IV of ERISA).

          (d) No prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of
the Code) or breach of fiduciary responsibility has occurred with respect to a

45

 

Plan which has
subjected or would be reasonably likely to subject the Borrower or any ERISA Affiliate to any
liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under
any agreement or other instrument pursuant to which the Borrower or any ERISA Affiliate has agreed
or is required to indemnify any person against any such liability.

          (e) The aggregate actuarial present value of all accumulated post-retirement benefit
obligations of the Borrower and the ERISA Affiliates (determined utilizing the assumptions used for
purposes of Statement of Financial Accounting Standards No. 106) under Plans which are welfare
benefit plans (as defined in Section 3(1) of ERISA), as of the most recent valuation dates
reflected in the Borrower’s annual financial statements contained in the Borrower’s most recent
form 10-K, are reflected on such financial statements in accordance with Statement of Financial
Accounting Standards No. 106.

     Section 6.12 Use of Proceeds; Margin Stock.

     The proceeds of the Loans hereunder will be used solely for the purposes specified in Section
7.08. The Borrower is not incurring the indebtedness evidenced by the Notes hereunder for the
purpose, directly or indirectly, of purchasing or carrying Margin Stock, except the Borrower may
purchase its common stock, if after giving effect to such purchases, such indebtedness would not
violate any Requirement of Law. Neither the Borrower nor any of its Subsidiaries is engaged
principally, or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying Margin Stock.

     Section 6.13 Government Regulation.

          (a) Neither the Borrower nor any of its Subsidiaries is subject to regulation under the Public
Utility Holding Company Act of 1935, as amended.

          (b) The Borrower is not an “investment company” registered or required to be registered under
the Investment Company Act of 1940, as amended, or controlled by such a company.

     Section 6.14 Solvency.

     The Borrower is and, after the consummation of the transactions contemplated by this Credit
Agreement, will be Solvent.

     Section 6.15 Disclosure.

     Neither this Credit Agreement nor any financial statements delivered to the Lenders nor any
other document, certificate or statement furnished to the Lenders by or on behalf of the Borrower
in connection with the transactions contemplated hereby contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained therein
or herein, in light of the circumstances under which they were made, taken as a whole, not
misleading.

     Section 6.16 Environmental Matters.

46

 

     Except as would not result or reasonably be expected to result in a Material Adverse Effect:
(a) each of the properties of the Borrower (the “Properties”) and all operations at the
Properties are in substantial compliance with all applicable Environmental Laws, (b) there is no
undocumented or unreported violation of any Environmental Law with respect to the Properties or the
businesses operated by the Borrower (the “Businesses”) that the Borrower is aware of, and
(c) there are no conditions relating to the Businesses or Properties that have given rise to or
would reasonably be expected to give rise to a liability under any applicable Environmental Laws.

     Section 6.17 Insurance.

     The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies, in such amounts (after giving effect to any self-insurance
compatible with the following standards), with such deductibles and covering such risks as are
customarily carried by companies engaged in similar businesses and owning similar properties in
localities where the Borrower or the applicable Subsidiary operates.

ARTICLE VII

AFFIRMATIVE COVENANTS

     The Borrower hereby covenants and agrees that so long as this Credit Agreement or any other
Credit Document is in effect and until the Loans, together with interest, fees and other
obligations hereunder, have been paid in full and all the Letters of Credit and the Commitments
shall have terminated:

     Section 7.01 Information Covenants.

     The Borrower will furnish, or cause to be furnished, to the Administrative Agent, which in
turn shall distribute promptly to the Lenders:

          (a) Annual Financial Statements. As soon as available, and in any event within 75
days after the close of each fiscal year of the Borrower, a consolidated balance sheet, income
statement and statement of cash flows of the Borrower and its Subsidiaries, as of the end of such
fiscal year, setting forth in comparative form figures for the preceding fiscal year, all such
financial information described above to be in reasonable form and detail and, in each case,
audited by independent certified public accountants of recognized national standing reasonably
acceptable to the Lenders and whose opinion shall be furnished to the Lenders, and shall be to the
effect that such financial statements have been prepared in accordance with GAAP (except to the
extent of items that are immaterial in the aggregate and except for changes with which such
accountants concur) and shall not be limited as to the scope of the audit or qualified in any
respect. Notwithstanding the above, it is understood and agreed that delivery of the Borrower’s
applicable Form 10-K shall satisfy the requirements of this Section 7.01(a).

          (b) Quarterly Financial Statements. As soon as available, and in any event within 45
days after the close of each fiscal quarter of the Borrower (other than the fourth fiscal quarter),
a consolidated balance sheet, income statement and statement of cash flows of the Borrower and its
Subsidiaries as of the end of such fiscal quarter, in each case setting forth in comparative form
figures for the corresponding period of the preceding fiscal year, all such

47

 

financial information
described above to be in reasonable form and detail and reasonably acceptable to the Lenders, and,
in each case, accompanied by a certificate of a Financial Officer of the Borrower to the effect
that such quarterly financial statements fairly present in all material respects the financial
condition of such Person and have been prepared in accordance with GAAP (except to the extent of
items that are immaterial in the aggregate), subject to changes resulting from audit and normal
year-end audit adjustments. Notwithstanding the above, it is understood and agreed that delivery
of the Borrower’s applicable Form 10-Q shall satisfy the requirements of this Section 7.01(b).

          (c) Officer’s Certificate. Within 75 days of the end of each fiscal year and within
45 days of the end of each fiscal quarter other than the fourth quarter, a certificate of a
Financial Officer substantially in the form of Exhibit 7.01(c): (i) setting forth
calculations demonstrating compliance by the Borrower with the financial covenant set forth in
Section 7.02 as of the end of such fiscal period; (ii) stating that no Default or Event of Default
exists, or if any Default or Event of Default does exist, specifying the nature and extent thereof
and what action the Borrower proposes to take with respect thereto; and (iii) notifying the
Administrative Agent of the posting of any documents referred to in Section 7.01(a) and (b).

          (d) Electronic Delivery Permitted. Documents required to be delivered pursuant to
Section 7.01(a) and (b) (to the extent such documents are filed with the Securities and Exchange
Commission) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on
the Borrower’s website on the Internet at www.bakerhughes.com; (ii) on which such documents are
posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender
and the Administrative Agent have access (whether a commercial, third-party website or sponsored by
the Administrative Agent); or (iii) filed with the Securities and Exchange Commission.
Notwithstanding anything contained in this Section 7.01(d), in every instance the Borrower shall be
required to provide paper copies of the compliance certificate required by Section 7.01(c) to the
Administrative Agent. Except for such compliance certificates, the Administrative Agent shall have
no obligation to maintain copies of the documents referred to in Sections 7.01(a) and (b), and in
any event the Administrative Agent shall have no obligation to request the delivery of the
documents referred to in Section 7.01(a), (b) or (c).

          (e) Notices. Upon the Borrower’s obtaining knowledge thereof, the Borrower will give
written notice to the Administrative Agent within five Business Days of (i) the occurrence of a
Default or Event of Default, specifying the nature and extent thereof and what action the Borrower
proposes to take with respect thereto, (ii) any change in the Debt Rating and (iii) the occurrence
of any of the following with respect to the Borrower (A) the pendency or
commencement of any litigation, arbitration or governmental proceeding against the Borrower
which, if adversely determined, would have or would reasonably be expected to have a Material
Adverse Effect or (B) the institution of any proceedings against the Borrower with respect to, or
the receipt of notice by such Person of potential liability or responsibility for violation or
alleged violation of, any federal, state or local law, rule or regulation (including, without
limitation, any Environmental Law), the violation of which constitutes a Material Adverse Effect.
The Borrower will immediately give written notice to the Administrative Agent of any change in the
fiscal year of the Borrower.

48

 

          (f) ERISA. Upon the Borrower or any ERISA Affiliate obtaining knowledge thereof, the
Borrower will give written notice to the Administrative Agent promptly (and in any event within
five Business Days) of any of the following which would result in or reasonably would be expected
to result in a Material Adverse Effect: (i) any event or condition, including, but not limited to,
any Reportable Event, that constitutes, or would be reasonably expected to lead to, a Termination
Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or
otherwise of any withdrawal liability assessed against the Borrower or any of its ERISA Affiliates,
or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within
the meaning of Title IV of ERISA); or (iii) the failure to make full payment on or before the due
date (including extensions) thereof of all amounts which the Borrower or any of its Subsidiaries or
ERISA Affiliates is required to contribute to each Plan pursuant to its terms and as required to
meet the minimum funding standard set forth in ERISA and the Code with respect thereto; in each
case together with a description of any such event or condition or a copy of any such notice and a
statement by an officer of the Borrower briefly setting forth the details regarding such event,
condition, or notice, and the action, if any, which has been or is being taken or is proposed to be
taken with respect thereto.

          (g) Other Information. With reasonable promptness upon any such request, such other
information regarding the business, properties or financial condition of the Borrower as any Lender
may reasonably request.

     Section 7.02 Funded Indebtedness-to-Capitalization.

     The Borrower shall at all times maintain a ratio of (a) Funded Indebtedness of the Borrower
and its Subsidiaries to (b) Total Capitalization that is less than or equal to .60 to 1.0.

     Section 7.03 Preservation of Existence and Franchises.

          (a) The Borrower will do all things necessary to preserve and keep in full force and effect
its existence and rights, franchises and authority.

          (b) The Borrower will, and will cause its Subsidiaries to, generally maintain its properties
in good condition and not waste or otherwise permit such properties to deteriorate, reasonable wear
and tear excepted.

     Section 7.04 Books and Records.

     The Borrower will, and will cause its Subsidiaries to, keep complete and accurate books and
records of its transactions, in all material respects, in accordance with good accounting
practices on the basis of GAAP (including the establishment and maintenance of appropriate
reserves).

     Section 7.05 Compliance with Law.

     The Borrower will, and will cause its Subsidiaries to, comply with all Requirements of Law and
all other laws (including, without limitation, all Environmental Laws and ERISA laws), rules,
regulations (including without limitation, Regulation U and Regulation X), and orders, and all
applicable restrictions imposed by all Governmental Authorities, applicable to it and its

49

 

properties, if the failure to comply would have or would reasonably be expected to have a Material
Adverse Effect or would violate any restrictions on its ability to incur or assume Indebtedness.

     Section 7.06 Payment of Taxes and Other Indebtedness

     The Borrower will, and will cause its Subsidiaries to, pay, settle or discharge (a) all taxes,
assessments and governmental charges or levies imposed upon it, or upon its income or profits, or
upon any of its properties, before they shall become delinquent, (b) all lawful claims (including
claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien upon any of
its properties, and (c) all of its other Indebtedness as it shall become due (to the extent such
repayment is not otherwise prohibited by this Credit Agreement); provided, however,
that the Borrower shall not be required to pay any such tax, assessment, charge, levy, claim or
Indebtedness which is being contested in good faith by appropriate proceedings and as to which
adequate reserves therefor have been established in accordance with GAAP, unless the failure to
make any such payment would have or would be reasonably expected to have a Material Adverse Effect.

     Section 7.07 Insurance.

     The Borrower will, and will cause its Subsidiaries to, at all times maintain in full force and
effect insurance (including worker’s compensation insurance and general liability insurance) in
such amounts, covering such risks and liabilities and with such deductibles or self-insurance
retentions as are in accordance with normal industry practice.

     Section 7.08 Use of Proceeds.

     The proceeds of the Loans may be used for general corporate purposes of the Borrower and its
respective subsidiaries.

     Section 7.09 Audits/Inspections.

     Upon reasonable notice and during normal business hours, at the reasonable request of any
Lender, the Borrower will, and will cause its Subsidiaries to, permit representatives appointed by
the Administrative Agent, including, without limitation, independent accountants, agents,
attorneys, and appraisers to visit and inspect the Borrower’s and its Subsidiaries’ property,
including its books and records, its accounts receivable and inventory, the Borrower’s and its
Subsidiaries’ facilities and its other business assets, and to make photocopies or photographs
thereof and to write down and record any information such representative obtains
and shall permit the Administrative Agent or its representatives to investigate and verify the
accuracy of information provided to the Administrative Agent and to discuss all such matters with
the officers, employees and representatives of the Borrower and its Subsidiaries; provided,
that an officer or authorized agent of the Borrower and its Subsidiaries shall be present during
any such discussions between the officers, employees or representatives of the Borrower and its
Subsidiaries and the representatives of the Administrative Agent, and provided further that any
such nonpublic information obtained by any Person during such audit or inspection shall be treated
as confidential information in accordance with the disclosure standards set forth in

50

 

Section 11.15.
Any information obtained by the Administrative Agent shall be made available to any Lender upon
such Lender’s request.

ARTICLE VIII

NEGATIVE COVENANTS

     The Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect
and until the Loans, together with interest, fees and other obligations hereunder, have been paid
in full and all the Letters of Credit and the Commitments shall have terminated:

     Section 8.01 Nature of Business.

     The Borrower will not, nor will it permit its Subsidiaries to, materially alter the character
of its business from that conducted as of the Closing Date.

     Section 8.02 Fundamental Changes.

     The Borrower will not, nor will it permit its Significant Subsidiaries to (i) enter into any
transaction of merger; (ii) consolidate, liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution); or (iii) sell all or substantially all of its assets; provided
that, so long as no Default or Event of Default shall exist or be caused thereby, a Person may be
merged or consolidated with or into or sell all or substantially all of its assets to the Borrower
or one of its Significant Subsidiaries so long as (a) the Borrower or a Significant Subsidiary is
the surviving entity and (b) if the transaction is between the Borrower and one of its Significant
Subsidiaries, the Borrower is the surviving entity.

     Section 8.03 Affiliate Transactions.

     Other than transactions between wholly-owned Subsidiaries of the Borrower, the Borrower will
not, nor will it permit its Subsidiaries to, enter into any transaction or series of transactions,
whether or not in the ordinary course of business, with any Affiliate other than on terms and
conditions substantially as favorable as would be obtainable in a comparable arm’s-length
transaction with a Person other than an Affiliate.

     Section 8.04 Liens.

     The Borrower will not, nor will it permit its Subsidiaries to, contract, create, incur, assume
or permit to exist any Lien with respect to any of its property or assets of any kind (whether real
or personal, tangible or intangible), whether now owned or hereafter acquired, securing any
Indebtedness other than the following: (a) Liens securing Borrower Obligations, (b)
Liens for taxes not yet due or Liens for taxes being contested in good faith by appropriate
proceedings for which adequate reserves determined in accordance with GAAP have been established
(and as to which the property subject to any such Lien is not yet subject to foreclosure, sale or
loss on account thereof), (c) Liens in respect of property imposed by law arising in the ordinary
course of business such as materialmen’s, mechanics’, warehousemen’s, carrier’s, landlords’ and
other nonconsensual statutory Liens which are not yet due and payable, which have been in existence
less than 90 days or which are being contested in good faith by appropriate proceedings for which
adequate reserves determined in accordance with GAAP have

51

 

been established (and as to which the
property subject to any such Lien is not yet subject to foreclosure, sale or loss on account
thereof), (d) pledges or deposits made in the ordinary course of business to secure payment of
worker’s compensation insurance, unemployment insurance, pensions or social security programs, (e)
Liens arising from good faith deposits in connection with or to secure performance of tenders,
bids, leases, government contracts, performance and return-of-money bonds and other similar
obligations incurred in the ordinary course of business (other than obligations in respect of the
payment of borrowed money), (f) Liens arising from good faith deposits in connection with or to
secure performance of statutory obligations and surety and appeal bonds, (g) easements,
rights-of-way, restrictions (including zoning restrictions), minor defects or irregularities in
title and other similar charges or encumbrances not, in any material respect, impairing the use of
the encumbered property for its intended purposes, (h) judgment Liens that would not constitute an
Event of Default, (i) Liens arising by virtue of any statutory or common law provision relating to
banker’s liens, rights of setoff or similar rights as to deposit accounts or other funds maintained
with a creditor depository institution, (j) any Lien on any property or assets acquired from a
corporation or other entity which is merged with or into the Borrower or its Subsidiaries in
accordance with Section 8.02, and is not created in anticipation of any such transaction (unless
such Lien is created to secure or provide for the payment of any part of the purchase price of such
corporation or other entity), (k) any Lien on any property or assets existing at the time of
acquisition of such property or assets by the Borrower and which is not created in anticipation of
such acquisition (unless such Lien was created to secure or provide for the payment of any part of
the purchase price of such property or assets), (l) any Lien on Margin Stock, (m) other Liens not
previously described in the foregoing clauses (a) through (l) to the extent such Liens do not
secure Indebtedness exceeding fifteen percent (15%) of Net Worth in the aggregate, and (n) any
extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole
or in part, of any Liens referred to in the foregoing clauses (a) through (m), for amounts not
exceeding the principal amount of the Indebtedness secured by the Lien so extended, renewed or
replaced, provided that such extension, renewal or replacement Lien is limited to all or a part of
the same property or assets that were covered by the Lien extended, renewed or replaced (plus
improvements on such property or assets).

     Section 8.05 Burdensome Agreements.

     Neither the Borrower nor any of its Subsidiaries shall enter into any contractual obligation
(other than this Credit Agreement or any other Credit Document) that materially limits the ability
(i) of any Subsidiary to make Restricted Payments to the Borrower or to otherwise transfer property
to the Borrower, (ii) of any Subsidiary to guarantee the Indebtedness of the Borrower or (iii) of
the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of
such Person.

     Section 8.06 Subsidiary Indebtedness.

     The Borrower will not permit any of its Subsidiaries to, contract, create, incur, assume or
permit to exist any Indebtedness, other than:

          (a) Indebtedness in respect of current accounts payable and accrued expenses incurred in the
ordinary course of business;

52

 

          (b) Indebtedness owing by a Subsidiary of the Borrower to the Borrower or another Subsidiary
of the Borrower;

          (c) purchase money Indebtedness to finance the purchase of fixed assets (including equipment);
provided that (i) such Indebtedness when incurred shall not exceed the purchase price of
the asset(s) financed; and (ii) no such Indebtedness shall be refinanced for a principal amount in
excess of the principal balance outstanding thereon at the time of such refinancing;

          (d) Indebtedness evidenced by Swap Contract entered into in the ordinary course of business
and not for speculative purposes;

          (e) Indebtedness incurred after the Closing Date in connection with the acquisition of a
Person or Property as long as such Indebtedness existed prior to such acquisition and was not
created in anticipation thereof;

          (f) Indebtedness existing on the Closing Date as set forth on Schedule 8.06; and

          (g) any other Indebtedness in an amount not to exceed fifteen percent (15%) of Net Worth in
the aggregate, at any one time outstanding.

ARTICLE IX

EVENTS OF DEFAULT

     Section 9.01 Events of Default.

     An Event of Default shall exist upon the occurrence of any of the following specified events
(each an “Event of Default”):

          (a) Payment. The Borrower shall: (i) subject to subclause (ii) of this clause (a),
default in the payment when due of any principal of any of the Loans or any reimbursement
obligations in respect of any LC Disbursements, (ii) default in the payment when due of any
principal of any of the Loans or any reimbursement obligations in respect of any LC Disbursements
and (A) such default is due to an event the result of which is an impairment of the financial
markets that makes it impossible for the Borrower to timely transfer funds over an interbank
transfer mechanism in order to make such payment when due and (B) such default shall continue for
three or more Business Days; or (iii) default, and such default shall continue for three or more
Business Days, in the payment when due of any interest on the Loans or of any
fees or other amounts owing hereunder, under any of the other Credit Documents or in
connection herewith or therewith.

          (b) Representations. Any representation, warranty or statement made or deemed to be
made by the Borrower herein, in any of the other Credit Documents, or in any statement or
certificate delivered or required to be delivered pursuant hereto or thereto shall prove untrue in
any material respect on the date as of which it was deemed to have been made.

          (c) Covenants. The Borrower shall:

53

 

     (i) default in the due performance or observance of any term, covenant or
agreement contained in Sections 7.01(e)(i), 7.02, 7.03(a), 7.04, 7.05, 7.08 or
Article VIII, inclusive; or

     (ii) default in the due performance or observance by it of any term, covenant
or agreement contained in Section 7.01 (other than Section 7.01(e)(i)) and such
default shall continue unremedied for a period of five Business Days after the
earlier of the Borrower becoming aware of such default or notice thereof given by
the Administrative Agent or any Lender; or

     (iii) default in the due performance or observance by it of any term, covenant
or agreement (other than those referred to in subsections (a), (b), (c)(i), or
(c)(ii) of this Section 9.01) contained in this Credit Agreement or any other Credit
Document and such default shall continue unremedied for a period of at least 30 days
after the earlier of the Borrower becoming aware of such default or notice thereof
given by the Administrative Agent or any Lender.

          (d) Bankruptcy, etc. The occurrence of any of the following with respect to the
Borrower or any of its Material Subsidiaries (i) a court or governmental agency having jurisdiction
in the premises shall enter a decree or order for relief in respect of the Borrower or any such
Material Subsidiary in an involuntary case under any applicable Debtor Relief Law now or hereafter
in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Borrower or any such Material Subsidiary or for any substantial part of its
property or ordering the winding up or liquidation of its affairs; or (ii) an involuntary case
under any applicable Debtor Relief Law now or hereafter in effect is commenced against the Borrower
or any such Material Subsidiary and such petition remains unstayed and in effect for a period of 60
consecutive days; or (iii) the Borrower or any such Material Subsidiary shall commence a voluntary
case under any applicable Debtor Relief Law now or hereafter in effect, or consent to the entry of
an order for relief in an involuntary case under any such law, or consent to the appointment or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person or any substantial part of its property or make any general assignment for
the benefit of creditors; or (iv) the Borrower or any such Material Subsidiary shall admit in
writing its inability to pay its debts generally as they become due or any action shall be taken by
any Person in furtherance of any of the aforesaid purposes.

          (e) Defaults under Other Agreements. With respect to any Indebtedness of the Borrower
or any of its Subsidiaries (other than Indebtedness outstanding under this Credit Agreement) in
excess of $100,000,000 in the aggregate (A) the Borrower or any such Subsidiary shall (i) default
in any payment (beyond the applicable grace period with respect thereto, if any) with respect to
such Indebtedness, or (ii) default (after giving effect to any applicable grace period) in the
observance or performance of any covenant or agreement relating to such Indebtedness or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event or
condition shall occur or condition exist, the effect of which default or other event or condition
is to cause or permit the holder or the holders of such Indebtedness (or any trustee or agent on
behalf of such holders) to cause (determined without regard to whether any notice or lapse of time
is required) such Indebtedness to become due prior to its

54

 

stated maturity; or (B) such Indebtedness
shall be declared due and payable, or required to be prepaid other than by a regularly scheduled
required prepayment prior to the stated maturity thereof; or (C) such Indebtedness shall mature and
remain unpaid. With respect to (A)(i) above, if an impairment of the financial markets makes it
impossible for the Borrower to timely transfer funds over an interbank transfer mechanism in order
to make the applicable payments when due, then no default shall exist until the failure to make
such payments shall have continued for three or more Business Days beyond the date due (after
giving effect to any applicable grace period).

          (f) Judgments. One or more judgments, orders, or decrees shall be entered against the
Borrower or any of its Subsidiaries involving a liability of $100,000,000 or more, in the
aggregate, (to the extent not paid or covered by insurance provided by a carrier who has
acknowledged coverage) and such judgments, orders or decrees shall be final and unappealable and
shall not have been paid, vacated, satisfied, discharged, or stayed or bonded pending appeal within
60 days from the entry thereof; provided that if such judgment, order or decree provides
for periodic payments over time then the Borrower or such Subsidiary shall have a grace period of
30 days with respect to each such periodic payment but only so long as no lien attaches during such
period.

          (g) ERISA. The occurrence of any ERISA Event (as defined below) that, when taken
together with all other ERISA Events that have occurred, would have or would be reasonably expected
to have a Material Adverse Effect: (i) any “accumulated funding deficiency,” as such term is
defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, shall exist
with respect to any Plan, or any lien shall arise on the assets of the Borrower or any ERISA
Affiliate in favor of the PBGC or a Plan; (ii) a Termination Event shall occur with respect to a
Single Employer Plan which is likely to result in the termination of such Plan in a distress
termination under Section 4041(c) of ERISA or by the PBGC under Section 4042 of ERISA; (iii) the
Borrower or any ERISA Affiliate shall incur any liability in connection with a withdrawal from,
reorganization of (within the meaning of Section 4241 of ERISA), or insolvency (within the meaning
of Section 4245 of ERISA) of a Multiemployer Plan or Multiple Employer Plan; or (iv) any prohibited
transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of
fiduciary responsibility shall occur which would be reasonably expected to subject the Borrower or
any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section
4975 of the Code, or under any agreement or other instrument pursuant to which the Borrower or any
ERISA Affiliate has agreed or is required to indemnify any person against any such liability (each
of (i) through (iv) an “ERISA Event”).

          (h) Change of Control. There shall occur a Change of Control.

     Section 9.02 Acceleration; Remedies.

     Upon the occurrence of an Event of Default, and at any time thereafter unless and until such
Event of Default has been waived by the Lenders or the Required Lenders, as applicable, the
Administrative Agent may, or upon the request and direction of the Required Lenders shall, by
written notice to the Borrower, take any of the following actions without prejudice to the rights
of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as
otherwise specifically provided for herein:

55

 

          (a) Termination of Commitments. Declare the Commitments terminated, whereupon the
Commitments shall be immediately terminated.

          (b) Acceleration of Loans. Declare the unpaid amount of all Borrower Obligations to
be due whereupon the same shall be immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower.

          (c) Enforcement of Rights. Enforce any and all rights and interests created and
existing under the Credit Documents, including, without limitation, all rights of set-off.

Notwithstanding the foregoing, if an Event of Default specified in Section 9.01(e) shall occur,
then the Commitments and any obligation of any Issuing Bank to grant extensions of outstanding
Letters of Credit shall automatically terminate and all Loans, the LC Exposure, all accrued
interest in respect thereof, all accrued and unpaid fees and other Borrower Obligations owing to
the Administrative Agent and the Lenders hereunder shall immediately become due and payable without
the giving of any notice or other action by the Administrative Agent or the Lenders, which notice
or other action is expressly waived by the Borrower.

Notwithstanding the fact that enforcement powers reside primarily with the Administrative Agent,
each Lender has, to the extent permitted by Law, a separate right of payment and shall be
considered a separate “creditor” holding a separate “claim” within the meaning of Section 101(5) of
the Bankruptcy Code or any other Debtor Relief Law.

     Section 9.03 Allocation of Payments After Event of Default.

     Notwithstanding any other provisions of this Credit Agreement, after the occurrence of an
Event of Default and the exercise of remedies by the Administrative Agent or the Lenders pursuant
to Section 9.02 (or after the Commitments shall automatically terminate and the Loans (with accrued
interest thereon) and all other amounts under the Credit Documents shall automatically become due
and payable in accordance with the terms of such Section), all amounts collected or received by the
Administrative Agent or any Lender on account of amounts outstanding under any of the Credit
Documents shall be paid over or delivered as follows:

     FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including,
without limitation, reasonable attorneys’ fees) of the Administrative Agent or any of the
Lenders in connection with enforcing its rights under the Credit Documents
ratably among them in proportion to the amounts described in this clause “FIRST”
payable to them;

     SECOND, to payment of any fees owed to the Administrative Agent or any of the Lenders
ratably among them in proportion to the amounts described in this clause “SECOND” payable to
them;

     THIRD, to the payment of all accrued interest payable to the Lenders hereunder ratably
among them in proportion to the amounts described in this clause “THIRD” payable to them;

56

 

     FOURTH, to the payment of the outstanding principal amount of the Loans (including the
reimbursement of LC Disbursements and the cash collateralization of any outstanding Letters
of Credit) ratably among them in proportion to the amounts described in this clause “FOURTH”
payable to them;

     FIFTH, to all other obligations which shall have become due and payable under the
Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above ratably
among the holders of the Borrower Obligations in proportion to the amounts described in this
clause “FIFTH” payable to them; and

     SIXTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to
receive such surplus.

In carrying out the foregoing, amounts received shall be applied in the numerical order provided
until exhausted prior to application to the next succeeding category.

Subject to Section 2.04(d), amounts used to cash collateralize the aggregate undrawn amount of
Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Borrower Obligations, if any, in the order set forth above.

ARTICLE X

AGENCY PROVISIONS

     Section 10.01 Appointment and Authorization of the Administrative Agent.

          (a) Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Credit Agreement and each
other Credit Document and to exercise such powers and perform such duties as are expressly
delegated to it by the terms of this Credit Agreement or any other Credit Document, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
contained elsewhere herein or in any other Credit Document, the Administrative Agent shall not have
any duties or responsibilities, except those expressly set forth herein, nor shall the
Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or
participant, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Credit Agreement or any other Credit
Document or otherwise exist against the Administrative Agent. Without limiting the generality
of the foregoing sentence, the use of the term “agent” herein and in the other Credit Documents
with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Requirement of
Law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties.

          (b) Each Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and each Issuing Bank shall have all of the
benefits and immunities (i) provided to the Administrative Agent in this Article X with respect to
any acts taken or omissions suffered by such Issuing Bank in

57

 

connection with Letters of Credit
issued by it or proposed to be issued by it and the applications and agreements for letters of
credit pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in this Article X and in the definition of “Agent-Related Person” included such Issuing Bank with
respect to such acts or omissions, and (ii) as additionally provided herein with respect to the
Issuing Banks.

     Section 10.02 Delegation of Duties.

     The Administrative Agent may execute any of its duties under this Credit Agreement or any
other Credit Document by or through agents, employees or attorneys-in-fact and shall be entitled to
advice of counsel and other consultants or experts concerning all matters pertaining to such
duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any
agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

     Section 10.03 Liability Of Agents.

     No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any
of them under or in connection with this Credit Agreement or any other Credit Document or the
transactions contemplated hereby (except for its own gross negligence or willful misconduct in
connection with its duties expressly set forth herein), or (b) be responsible in any manner to any
Lender or participant for any recital, statement, representation or warranty made by the Borrower
or any officer thereof, contained herein or in any other Credit Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Credit Agreement or any other Credit
Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Credit
Agreement or any other Credit Document, or for any failure of the Borrower or any other party to
any Credit Document to perform its obligations hereunder or thereunder. No Agent-Related Person
shall be under any obligation to any Lender or participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Credit
Agreement or any other Credit Document, or to inspect the properties, books or records of the
Borrower or any Affiliate thereof.

     Section 10.04 Reliance by Administrative Agent.

          (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to the Borrower), independent accountants and other experts
selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing
or refusing to take any action under any Credit Document unless it shall first receive such advice
or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall
first be indemnified to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in

58

 

refraining from acting,
under this Credit Agreement or any other Credit Document in accordance with a request or consent of
the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any
instance) and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders.

          (b) For purposes of determining compliance with the conditions specified in Section 5.01, each
Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

     Section 10.05 Notice of Default.

     The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default, except with respect to defaults in the payment of principal,
interest and fees required to be paid to the Administrative Agent for the account of the Lenders,
unless the Administrative Agent shall have received written notice from a Lender or the Borrower
referring to this Credit Agreement, describing such Default or Event of Default and stating that
such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its
receipt of any such notice. The Administrative Agent shall take such action with respect to such
Default or Event of Default as may be directed by the Required Lenders in accordance with Article
IX; provided, however, that unless and until the Administrative Agent has received
any such direction, the Administrative Agent may (but shall not be obligated to) take such action,
or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable or in the best interest of the Lenders.

     Section 10.06 Credit Decision; Disclosure of Information by the Administrative Agent.

     Each Lender acknowledges that no Agent-Related Person has made any representation or warranty
to it, and that no act by the Administrative Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of the Borrower or any Affiliate thereof,
shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Lender as to any matter, including whether Agent-Related Persons have disclosed material
information in their possession. Each Lender represents to the Administrative Agent
that it has, independently and without reliance upon any Agent-Related Person and based on
such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrower and its Subsidiaries, and all applicable bank or other regulatory
Requirement of Laws relating to the transactions contemplated hereby, and made its own decision to
enter into this Credit Agreement and to extend credit to the Borrower hereunder. Each Lender also
represents that it will, independently and without reliance upon any Agent-Related Person and based
on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Credit
Agreement and the other Credit Documents, and to make such investigations as it deems necessary to
inform itself as to the business, prospects, operations, property, financial and other condition
and creditworthiness of the Borrower. Except for notices,

59

 

reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent herein, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of the Borrower or any of its Affiliates which may come into the possession of
any Agent-Related Person.

     Section 10.07 Indemnification of the Administrative Agent.

     Whether or not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of
the Borrower and without limiting the obligation of the Borrower to do so), on a pro rata basis,
and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; provided, however, that no Lender shall be liable for the payment
to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined
in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such
Agent-Related Person’s own gross negligence or willful misconduct; provided
further, however, that no action taken in accordance with the directions of the
Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes
of this Section. Without limitation of the foregoing, each Lender shall reimburse the
Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including, without limitation, the reasonable fees and expenses of legal counsel) incurred by the
Administrative Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Credit
Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the
extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the
Borrower. The undertaking in this Section shall survive termination of the Commitments, the
payment of all Borrower Obligations and the resignation of the Administrative Agent.

     Section 10.08 Administrative Agent in its Individual Capacity.

     JPMorgan and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with the Borrower and its Affiliates as
though JPMorgan were not the Administrative Agent or an Issuing Bank hereunder and without
notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such
activities, JPMorgan or its Affiliates may receive information regarding the Borrower or its
Affiliates (including information that may be subject to confidentiality obligations in favor of
the Borrower or such Affiliate) and acknowledge that JPMorgan shall be under no obligation to
provide such information to them. With respect to its Loans, JPMorgan shall have the same rights
and powers under this Credit Agreement as any other Lender and may exercise such rights and powers
as though it were not the Administrative Agent or an Issuing Bank, and the terms “Lender” and
“Lenders” include JPMorgan in its individual capacity.

     Section 10.09 Successor Administrative Agent.

60

 

     The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the
Lenders. If the Administrative Agent resigns under this Credit Agreement, the Required Lenders
shall appoint from among the Lenders a successor administrative agent for the Lenders, which
successor administrative agent shall be consented to by the Borrower at all times other than during
the existence of an Event of Default (which consent of the Borrower shall not be unreasonably
withheld or delayed). If no successor administrative agent is appointed prior to the effective
date of the resignation of the retiring Administrative Agent, the retiring Administrative Agent may
appoint, after consulting with the Lenders and the Borrower, a successor administrative agent from
among the Lenders. Upon the acceptance of its appointment as successor administrative agent
hereunder, the Person acting as such successor administrative agent shall succeed to all the
rights, powers and duties of the retiring Administrative Agent, and the term “Administrative Agent”
shall mean such successor administrative agent, and the retiring Administrative Agent’s
appointment, powers and duties as Administrative Agent shall be terminated without any other or
further act or deed on the part of the resigning Administrative Agent or any other Lender. After
the Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this
Article X and Section 11.05 shall continue to inure to its benefit as to any actions taken or
omitted to be taken by it while it was the Administrative Agent under this Credit Agreement. If no
successor administrative agent has accepted appointment as Administrative Agent by the date which
is 30 days following the retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as
the Required Lenders appoint a successor administrative agent as provided for above.

     Section 10.10 Administrative Agent May File Proofs of Claim.

     In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Borrower, the Administrative
Agent (irrespective of whether the principal of any Loan or LC Disbursement shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:

          (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, LC Disbursements and all other Borrower Obligations that are owing
and unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Lenders and the Administrative Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders
and the Administrative Agent under Sections 3.04 and 11.05) allowed in such judicial proceeding;
and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the

61

 

Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 3.04 and
11.05).

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

     Section 10.11 Other Agents, Arrangers and Managers.

     None of the Lenders or other Persons identified on the facing page or signature pages of this
Credit Agreement as a “co-syndication agent,” “documentation agent,” “sole book manager,” or “sole
lead arranger” shall have any right, power, obligation, liability, responsibility or duty under
this Credit Agreement other than, in the case of such Lenders, those applicable to all Lenders as
such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall
have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in
deciding to enter into this Credit Agreement or in taking or not taking action hereunder.

ARTICLE XI

MISCELLANEOUS

     Section 11.01 Notices and Other Communications; Facsimile Copies.

          (a) General. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including by facsimile transmission).
All such written notices shall be mailed, faxed or delivered to the address, facsimile number or
(subject to subsection (c) below) electronic mail address specified for notices to the applicable
party on Schedule 11.01; or to such other address, facsimile number or electronic mail
address as shall be designated by such party in a notice to the other party. All notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the
telephone number specified for notices to the applicable party on Schedule 11.01, or to
such other telephone number as shall be designated by such party in a notice to the other party.
All such notices and other communications shall be deemed to be given or made upon the earlier to
occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by
courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail,
four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when
sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which
form of delivery is subject to the provisions of subsection (c) below), when delivered on a
Business Day (and if not delivered on a Business Day, then the next succeeding Business Day);
provided, however, that notices and other communications to the Administrative
Agent and the Issuing Banks pursuant to Article II shall not be effective until actually received
by such Person.

62

 

In no event shall a voicemail message be effective as a notice, communication or
confirmation hereunder.

          (b) Effectiveness of Facsimile Documents and Signatures. Credit Documents may be
transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures
shall, subject to applicable law, have the same force and effect as manually-signed originals and
shall be binding on the Borrower and the Lenders. The Administrative Agent may also require that
any such documents and signatures be confirmed by a manually-signed original thereof;
provided, however, that the failure to request or deliver the same shall not limit
the effectiveness of any facsimile document or signature.

          (c) Limited Use of Electronic Mail. Electronic mail and Internet and intranet
websites may be used only to distribute routine communications, such as financial statements and
other information, and to distribute Credit Documents for execution by the parties thereto, and may
not be used for any other purpose, including Article II notices.

          (d) Reliance by Administrative Agent and Lenders. The Administrative Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic notices)
purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender,
their Affiliates, and their respective officers, directors, employees, agents and attorneys-in-fact
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower, except that the Borrower shall not be
obligated to indemnify any Person under the provisions of this subsection (d) where such losses,
costs, expenses and liabilities are the result of such Person’s willful misconduct or gross
negligence. All telephonic notices to and other communications with the Administrative Agent may
be recorded by the Administrative Agent, and the Borrower hereby consents to such recording.

     Section 11.02 Right of Set-Off.

     In addition to any rights now or hereafter granted under applicable law or otherwise, and not
by way of limitation of any such rights, upon the occurrence of an Event of Default and the
commencement of remedies described in Section 9.02, each Lender, to the extent permitted by law, is
authorized at any time and from time to time, without presentment, demand, protest or
other notice of any kind (all of which rights being hereby expressly waived), to set-off and
to appropriate and apply any and all deposits (general or special) and any other indebtedness at
any time held or owing by each Lender (including, without limitation branches, agencies or
affiliates of such Lender wherever located) to or for the credit or the account of the Borrower
against obligations and liabilities of the Borrower to the Lenders hereunder, under the Notes, the
other Credit Documents or otherwise, irrespective of whether the Administrative Agent or the
Lenders shall have made any demand hereunder and although such obligations, liabilities or claims,
or any of them, may be contingent or unmatured, and any such set-off shall be deemed to have been
made immediately upon the occurrence of an Event of Default even though such charge is made or
entered on the books of such Lender subsequent thereto. The Borrower hereby agrees that any

63

 

Person
purchasing a participation in the Loans and Commitments hereunder pursuant to Sections 3.09 or
11.03(e) may exercise all rights of set-off with respect to its Participation Interest as fully as
if such Person were a Lender hereunder.

     Section 11.03 Benefit of Agreement.

          (a) The provisions of this Credit Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (g) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Credit
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Credit
Agreement.

          (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Credit Agreement (including all or a portion of its
Commitment and the Loans (including for purposes of this subsection (b), participations in LC
Disbursements) at the time owing to it); provided that (i) except in the case of an
assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the
time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) subject to each such assignment, determined as of
the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date, shall not be less than $15,000,000 and after giving effect to any such assignment, the
assigning Lender shall have Commitments and Loans outstanding aggregating at least $10,000,000, in
each case unless otherwise agreed by the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrower; (ii) each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Credit Agreement with respect to the Loans or the Commitment assigned,
(iii) any assignment of a Commitment must be approved by the Administrative Agent, each Issuing
Bank and, so long as no Event of Default has occurred and is continuing, the Borrower (each such
consent not to be unreasonably withheld or delayed), unless the Person that is the proposed
assignee is itself a Lender or an Affiliate of a Lender (whether or not the proposed assignee would
otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500. Subject to acceptance and recording thereof by the Administrative
Agent pursuant to subsection (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the Eligible

64

 

Assignee thereunder shall be a party to this Credit
Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Credit Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Credit Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 4.01, 4.04, 4.05, and 11.05(b) with respect to facts and circumstances occurring prior to
the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or
obligations under this Credit Agreement that does not comply with this subsection shall be treated
for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with subsection (d) of this Section.

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

          (d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person or the
Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including
all or a portion of its Commitment and/or the Loans (including such Lender’s participations in LC
Exposure) owing to it); provided that (i) such Lender’s obligations under this Credit
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative
Agent and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Credit Agreement. Any agreement or
instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this
Credit Agreement and to approve any amendment, modification or waiver of any provision of this
Credit Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 11.06 that directly affects such
Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 4.01, 4.04 and 4.05 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.
To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section
3.08 as

65

 

though it were a Lender, provided such Participant agrees to be subject to Section
3.09 as though it were a Lender.

          (e) A Participant shall not be entitled to receive any greater payment under Section 4.01,
4.04 or 4.05 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 4.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 4.01(f) as though it were a Lender.

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

          (g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time
to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the
option to provide all or any part of any Loan that such Granting Lender would otherwise be
obligated to make pursuant to this Credit Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such
option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (A)
neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or
expenses or otherwise increase or change the obligations of the Borrower under this Credit
Agreement (including its obligations under Sections 4.01, 4.04 and 4.05), (B) no SPC shall be
liable for any indemnity or similar payment obligation under this Credit Agreement for which a
Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval
of any amendment, waiver or other modification of any provision of any Credit Document, remain the
lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment
of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender.
In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Credit Agreement) that, prior to the date that is one year and one day after
the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will
not institute against, or
join any other Person in instituting against, such SPC any bankruptcy, reorganization,
arrangement, insolvency, or liquidation proceeding under the Laws of the United States or any State
thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice
to, but without prior written consent of the Borrower and the Administrative Agent and without
paying any processing fee therefor, assign all or any portion of its right to receive payment with
respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public
information relating to its funding of Loans to any rating agency, commercial paper dealer or
provider of any surety or guarantee or credit or liquidity enhancement to such SPC.

66

 

          (h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may
create a security interest in all or any portion of the Loans owing to it and the Note, if any,
held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as
security for such obligations or securities, provided that unless and until such trustee
actually becomes a Lender in compliance with the other provisions of this Section 11.03, (i) no
such pledge shall release the pledging Lender from any of its obligations under the Credit
Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender
under the Credit Documents even though such trustee may have acquired ownership rights with respect
to the pledged interest through foreclosure or otherwise.

     Section 11.04 No Waiver; Remedies Cumulative.

     No failure or delay on the part of the Administrative Agent or any Lender in exercising any
right, power (including, without limitation, any power of attorney) or privilege hereunder or under
any other Credit Document and no course of dealing between the Borrower, the Administrative Agent
or any Lender shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Credit Document preclude any other or
further exercise thereof or the exercise of any other right, power or privilege hereunder or
thereunder. The rights and remedies provided herein are cumulative and not exclusive of any rights
or remedies which the Administrative Agent or any Lender would otherwise have. No notice to or
demand on the Borrower in any case shall entitle the Borrower to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of the Administrative
Agent or any Lender to any other or further action in any circumstances without notice or demand.

     Section 11.05 Attorney Costs, Expenses, Taxes and Indemnification by Borrower.

          (a) The Borrower agrees (i) to pay or reimburse the Administrative Agent and the Arranger,
subject to agreed limitations, for all reasonable out-of-pocket costs and expenses incurred in
connection with the development, preparation, negotiation and execution of this Credit Agreement
and the other Credit Documents and any amendment, waiver, consent or other modification of the
provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are
consummated), and the consummation and administration of the transactions contemplated hereby and
thereby, including all reasonable fees and expenses of legal counsel, and (ii) to pay or reimburse
the Administrative Agent and each Lender for all costs and expenses incurred in connection with the
enforcement, attempted enforcement, or preservation of any rights or remedies under this Credit
Agreement or the other Credit
Documents (including all such costs and expenses incurred during any “workout” or
restructuring in respect of the Borrower Obligations and during any legal proceeding, including any
proceeding under any Debtor Relief Law), including all reasonable fees and expenses of legal
counsel. The foregoing costs and expenses shall include all search, filing, recording, and
appraisal charges and fees and taxes related thereto, and other out-of-pocket expenses incurred by
the Administrative Agent and the Arranger and the cost of independent public accountants and other
outside experts retained by the Administrative Agent, the Arranger or any Lender. Other than costs
and expenses payable in connection with the closing of the transactions contemplated by this Credit
Agreement pursuant to Section 11.05(a) (which shall be payable on the Closing Date unless otherwise
agreed by the Administrative Agent and the Arranger), all

67

 

amounts due under this Section 11.05
shall be payable within ten Business Days after demand therefor. The agreements in this Section
shall survive the termination of the Commitments and repayment of all other Borrower Obligations.

          (b) Whether or not the transactions contemplated hereby are consummated, the Borrower shall
indemnify and hold harmless each Agent-Related Person, each Lender, each Issuing Bank and their
respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact
(collectively the “Indemnitees”) from and against any and all liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and
disbursements (including the reasonable fees and expenses of legal counsel) of any kind or nature
whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee
in any way relating to or arising out of or in connection with (i) the execution, delivery,
enforcement, performance or administration of any Credit Document or any other agreement, letter or
instrument delivered in connection with the transactions contemplated thereby or the consummation
of the transactions contemplated thereby, (ii) any Commitment, Loan or Letter of Credit or the use
or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of hazardous substances on or from any property currently or formerly owned or
operated by the Borrower, any of its Subsidiaries, or any environmental claim related in any way to
the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory (including any investigation of, preparation for, or defense of any pending or
threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee
is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”), in all
cases, whether or not caused by or arising, in whole or in part, out of the negligence of the
Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to
the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements arise from the gross negligence or
willful misconduct of such Indemnitee or constitute a violation of law or breach in bad faith of
such Indemnitee’s obligations under this Credit Agreement. Neither the Borrower nor any Indemnitee
shall be liable for any damages arising from the use by others of any information or other
materials obtained through IntraLinks or other similar information transmission systems in
connection with this Credit Agreement, nor shall the Borrower, any of its Affiliates or any
Indemnitee have any liability for any indirect, punitive, special, incidental or consequential
damages relating to this Credit Agreement or any other Credit Document or arising out of its
activities in connection
herewith or therewith (whether before or after the Closing Date). All amounts due under this
Section 11.05 shall be payable within ten Business Days after demand therefor. The agreements in
this Section shall survive the resignation of the Administrative Agent, the replacement of any
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the
other Borrower Obligations.

     Section 11.06 Amendments, Waivers and Consents.

     Neither this Credit Agreement nor any other Credit Document nor any of the terms hereof or
thereof may be amended, changed, waived, discharged or terminated unless such amendment,

68

 

change,
waiver, discharge or termination is in writing and signed by the Required Lenders and the Borrower;
provided that no such amendment, change, waiver, discharge or termination shall, without
the consent of each Lender directly affected thereby:

          (a) extend the Maturity Date;

          (b) reduce the rate or extend the time of payment of interest (other than as a result of
waiving the applicability of any post-default increase in interest rates) on the Loans or fees
hereunder;

          (c) reduce or waive the principal amount of any Loan or extend the time of payment thereof;

          (d) increase or extend the Commitment of a Lender (it being understood and agreed that a
waiver of any Default or Event of Default or a waiver of any mandatory reduction in the Commitments
shall not constitute a change in the terms of any Commitment of any Lender);

          (e) release the Borrower from its obligations or consent to the assignment or transfer by the
Borrower of any of its rights and obligations under (or in respect of) the Credit Documents;

          (f) amend, modify or waive any provision of this Section 11.06 or Sections 3.08, 3.09,
9.01(a), 11.02, 11.03 or 11.05; or

          (g) reduce any percentage specified in, or otherwise modify, the definition of Required
Lenders.

     Notwithstanding the above, (i) no provision of Section 3.04(d) may be amended or modified
without the consent of the Administrative Agent, (ii) no provision of Sections 2.04, 3.04(b) or
3.04(c) may be amended or modified without the consent of the then Issuing Banks and (iii) no
provision of this Credit Agreement or any other Credit Document that addresses the rights or
obligations of the Administrative Agent (including, without limitation, Section 10) may be amended
or modified without prior written consent of the Administrative Agent.

     Each Lender understands and agrees that if such Lender is a Defaulting Lender then,
notwithstanding the provisions of this Section 11.06, it shall not be entitled to vote on any
matter requiring the consent of the Required Lenders or to object to any matter requiring the
consent of
all the Lenders; provided, however, that all other benefits and obligations
under the Credit Documents shall apply to such Defaulting Lender.

     Notwithstanding the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, (A) each Lender is entitled to vote as such Lender sees fit on
any reorganization plan that affects the Borrower Obligations, and each Lender acknowledges that
the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions
set forth herein and (B) the Required Lenders may consent to allow the Borrower to use cash
collateral in the context of a bankruptcy or insolvency proceeding.

69

 

     Section 11.07 Counterparts.

     This Credit Agreement may be executed in any number of counterparts, each of which where so
executed and delivered shall be an original, but all of which shall constitute one and the same
instrument.

     Section 11.08 Survival of Indemnification and Representations and Warranties.

          (a) Survival of Indemnification. All indemnities set forth herein shall survive the
execution and delivery of this Credit Agreement, the making of the Loans, the repayment of the
Loans and the other Borrower Obligations and the termination of the Commitments hereunder.

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

     Section 11.09 Governing Law; Venue.

          (a) THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Credit
Agreement or any other Credit Document may be brought in the courts of the State of New York, or of
the United States District Court sitting in New York City, New York, and, by execution and delivery
of this Credit Agreement, the Borrower hereby irrevocably accepts for itself and in respect of its
property, generally and unconditionally, the jurisdiction of such courts. The Borrower further
irrevocably consents to the service of process out of any of the aforementioned courts in any such
action or proceeding by the mailing of copies thereof by registered or certified mail, postage
prepaid, to it at the address for notices pursuant to Section 11.01, such service to become
effective 30 days
after such mailing. Nothing herein shall affect the right of the Administrative Agent or any
Lender to serve process in any other manner permitted by law or to commence legal proceedings or to
otherwise proceed against the Borrower in any other jurisdiction.

          (b) The Borrower hereby irrevocably waives any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection
with this Credit Agreement or any other Credit Document in the courts referred to in subsection (a)
hereof and hereby further irrevocably waives and agrees not to plead

70

 

or claim in any such court
that any such action or proceeding brought in any such court has been brought in an inconvenient
forum.

     Section 11.10 Waiver of Jury Trial; Waiver of Consequential and Punitive Damages.

     EACH OF THE PARTIES TO THIS CREDIT AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT,
ANY OF THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. Each of the
parties to this Credit Agreement agrees not to assert any claim against any other party to this
Credit Agreement, any of such party’s Affiliates or any of its directors, officers, employees,
attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive
damages arising out of or otherwise relating to any of the transactions contemplated herein.

     Section 11.11 Severability.

     If any provision of any of the Credit Documents is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in
full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

     Section 11.12 Further Assurances.

     The Borrower agrees, upon the request of the Administrative Agent, to promptly take such
actions, as reasonably requested, as are necessary to carry out the intent of this Credit Agreement
and the other Credit Documents.

     Section 11.13 Entirety.

     This Credit Agreement together with the other Credit Documents represent the entire agreement
of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or
written, if any, including any commitment letters or correspondence relating to the Credit
Documents or the transactions contemplated herein and therein.

     Section 11.14 Binding Effect; Continuing Agreement.

          (a) This Credit Agreement shall become effective at such time as all of the conditions set
forth in Section 5.01 have been satisfied or waived in the sole discretion of the Lenders and it
shall have been executed by the Borrower, the Administrative Agent and the
Lenders, and thereafter this Credit Agreement shall be binding upon and inure to the benefit
of the Borrower, the Administrative Agent, the Lenders and their respective successors and assigns.

          (b) This Credit Agreement shall be a continuing agreement and shall remain in full force and
effect until all Loans, LC Disbursements, interest, fees and other Borrower Obligations have been
paid in full and the Commitments and Letters of Credit have terminated. Upon termination, the
Borrower shall have no further obligations (other than the indemnification provisions that survive)
under the Credit Documents; provided that should any payment, in

71

 

whole or in part, of the
Borrower Obligations be rescinded or otherwise required to be restored or returned by the Lenders,
whether as a result of any proceedings in bankruptcy or reorganization or otherwise, then the
Credit Documents shall automatically be reinstated and all amounts required to be restored or
returned and all costs and expenses incurred by the Administrative Agent and any Lender in
connection therewith shall be deemed included as part of the Borrower Obligations.

     Section 11.15 Confidentiality.

     Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its and its
Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent requested by any regulatory authority; (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other
party to this Credit Agreement; (e) only to the extent necessary in connection with the exercise of
any remedies hereunder or any suit, action or proceeding relating to this Credit Agreement or the
enforcement of rights hereunder; (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any Eligible Assignee of or Participant in, or any
prospective Eligible Assignee of or Participant in, any of its rights or obligations under this
Credit Agreement or (ii) any direct or indirect contractual counterparty or prospective
counterparty (or such contractual counterparty’s or prospective counterparty’s professional
advisor) to any credit derivative transaction relating to obligations of the Borrower; (g) with the
consent of the Borrower; (h) to the extent such Information (i) becomes publicly available other
than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent
or any Lender on a nonconfidential basis from a source other than the Borrower; or (i) to the
National Association of Insurance Commissioners or any other similar organization. In addition,
the Administrative Agent and the Lenders may disclose the existence of this Credit Agreement and
information about this Credit Agreement to market data collectors, similar service providers to the
lending industry, and service providers to the Administrative Agent and the Lenders in connection
with the administration and management of this Credit Agreement, the other Credit Documents, the
Commitments, and the Loans. For the purposes of this Section, “Information” means all information
received from the Borrower relating to the Borrower or its business, other than any such
information that is available to the Administrative Agent or any Lender on a nonconfidential basis
prior to disclosure by the Borrower; provided that, in the case of information received from the
Borrower after the date hereof, such information is clearly identified in writing at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain
the confidentiality of such Information as such Person would accord to its own confidential
information.

     Section 11.16 Entire Agreement. THIS WRITTEN CREDIT AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR

72

 

SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

     Section 11.17 USA Patriot Act Notice. Each Lender hereby notifies the Borrower that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender to identify the Borrower in accordance with the Act.

[Remainder of Page Intentionally Left Blank]

73

 

     Each of the parties hereto has caused a counterpart of the Credit Agreement to be duly
executed and delivered as of the date first above written.

	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Douglas C. Doty
	 

	 	 	 	 
	 

	 	Name:
Douglas C. Doty
	 

	 	Title:
V.P. & Treasurer

Signature Page to Credit Agreement

74

 

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

	 	By:
	 	/s/ Beth Lawrence
	 

	 	 	 	 
	 

	 	Name:
Beth Lawrence
	 

	 	Title:
Managing Director

Signature Page to Credit Agreement

75

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Co-
	 	 	Syndication Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Zewditu Menelik
	 

	 	 	 	 
	 

	 	Name:
Zewditu Menelik
	 

	 	Title:
Vice President

Signature Page to Credit Agreement

76

 

	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as Co-
	 	 	Syndication Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Nicholas Bell
	 

	 	 	 	 
	 

	 	Name:
Nicholas Bell
	 

	 	Title:
Director

Signature Page to Credit Agreement

77

 

	 	 	 	 	 
	 	 	CITIBANK, N.A., as Co-Syndication
	 	 	Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Shirley E. Burrow
	 

	 	 	 	 
	 

	 	Name:
Shirley E. Burrow
	 

	 	Title:
Attorney-in-Fact

Signature Page to Credit Agreement

78

 

	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI,
	 	 	LTD., HOUSTON AGENCY, as Co-
	 	 	Syndication Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Kelton Glasscock
	 

	 	 	 	 
	 

	 	Name:
Kelton Glasscock
	 

	 	Title:
Vice President & Manager

Signature Page to Credit Agreement

79

 

	 	 	 	 	 
	 	 	ABN AMRO BANK N.V., as

Documentation Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Joshua Wolf
	 

	 	 	 	 
	 	 	Name: Joshua Wolf
	 	 	Title: Vice-President
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Frank Russo
	 

	 	 	 	 
	 	 	Name: Frank Russo
	 	 	Title: Director

Signature Page to Credit Agreement

80

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Beth Lawrence
	 

	 	 	 	 
	 	 	Name: Beth Lawrence
	 	 	Title: Managing Director

Signature Page to Credit Agreement

81

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Zewditu Menelik
	 

	 	 	 	 
	 	 	Name: Zewditu Menelik
	 	 	Title: Vice President

Signature Page to Credit Agreement

82

 

	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Nicholas Bell
	 

	 	 	 	 
	 	 	Name: Nicholas Bell
	 	 	Title: Director

Signature Page to Credit Agreement

83

 

	 	 	 	 	 
	 	 	CITIBANK, N.A., as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Shirley E. Burrow
	 

	 	 	 	 
	 	 	Name: Shirley E. Burrow
	 	 	Title: Attorney-in-Fact

Signature Page to Credit Agreement

84

 

	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI,

LTD., HOUSTON AGENCY, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Donald W. Herrick, Jr
	 

	 	 	 	 
	 	 	Name: Donald W. Herrick, Jr.
	 	 	Title: Vice President

Signature Page to Credit Agreement

85

 

	 	 	 	 	 
	 	 	ABN AMRO BANK N.V., as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Joshua Wolf
	 

	 	 	 	 
	 	 	Name: Joshua Wolf
	 	 	Title: Vice-President
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Frank Russo
	 

	 	 	 	 
	 	 	Name: Frank Russo
	 	 	Title: Director

Signature Page to Credit Agreement

86

 

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Craig J. Anderson
	 

	 	 	 	 
	 	 	Name: Craig J. Anderson
	 	 	Title: Vice President

Signature Page to Credit Agreement

87

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC, as Lender
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Marie A. Haddad
	 	 	 	 	 
	 

	 	Name:
Marie A. Haddad
	 

	 	Title:
Associate Director

          Banking Products

          Services, US
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Doris Mesa
	 	 	 	 	 
	 

	 	Name:
Doris Mesa

            Associate Director

            Banking Products

            Services, US

Signature Page to Credit Agreement

88

 

	 	 	 	 	 
	 	 	AUSTRALIA AND NEW ZEALAND

BANKING GROUP LIMITED, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert Grillo
	 

	 	 	 	 
	 	 	Name: Robert Grillo
	 	 	Title: First Vice President

Signature Page to Credit Agreement

89

 

	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS

BRANCH, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Sarah Wu
	 

	 	 	 	 
	 	 	Name: Sarah Wu
	 	 	Title: Director
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Denise Alvarez
	 

	 	 	 	 
	 	 	Name: Denise Alvarez
	 	 	Title: Associate

Signature Page to Credit Agreement

90

 

	 	 	 	 	 
	 	 	FOKUS BANK ASA, as Lender
	 
	 	 	 	 
	 	 	By: /s/ Morten Bjornsen
	 

	 	 	 	 
	 	 	Name: Morten Bjornsen
	 	 	Title: Head of Corporate Banking

Signature Page to Credit Agreement

91

 

	 	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK, as Lender
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Daniel Twenge
	 	 	 	 	 
	 

	 	Name:
Daniel Twenge
	 

	 	Title:
Vice President

          Morgan Stanley Bank

Signature Page to Credit Agreement

92

 

	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY,

as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Kathleen D. Schurr
	 

	 	 	 	 
	 	 	Name: Kathleen D. Schurr
	 	 	Title: Vice President

Signature Page to Credit Agreement

93

 

	 	 	 	 	 
	 	 	WILLIAM STREET COMMITMENT
	 	 	CORPORATION (Recourse only to
	 	 	William Street Commitment Corporation),
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Manda D’Agata
	 

	 	 	 	 
	 	 	Name: Manda D’Agata
	 	 	Title: Assistant Vice President

Signature Page to Credit Agreement

94

 

EXHIBIT 2.02

FORM OF

NOTICE OF BORROWING

	 	 	 
	TO:

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	 	 
	RE:

	 	Credit Agreement, dated as of July 7, 2005, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders
and Agents identified therein, and JPMorgan Chase Bank, N.A. as
Administrative Agent (the “Administrative Agent”) (as amended or
otherwise modified from time to time, the “Credit Agreement”)
	 
	 	 
	DATE:

	 	                                        ,                     

 

	1.	 	This Notice of Borrowing is made pursuant to the terms of Section 2.02 of the Credit
Agreement. All capitalized terms used herein unless otherwise defined shall have the meanings
set forth in the Credit Agreement.
	 
	2.	 	Please be advised that the Borrower is requesting Loans in the amount of $                     to be
funded on                     , 200___at the interest rate option set forth in paragraph 3 below.
	 
	3.	 	The interest rate option applicable to the requested Loans shall be:

	 	 	 	 	 	 	 
	 

	 	a.
	 	                    
	 	the Base Rate
	 
	 	 	 	 	 	 
	 

	 	b.
	 	                    
	 	the Adjusted Eurodollar Rate for an Interest Period of:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	                     one month
	 

	 	 	 	 	 	                     two months
	 

	 	 	 	 	 	                     three months
	 

	 	 	 	 	 	                     six months

	4.	 	Unless notification to the contrary is received by the Administrative Agent prior to the date
on which funds are to be advanced, as of the date on which Loans are to be advanced, all
representations and warranties contained in the Credit Agreement and in the other Credit
Documents, other than Section 6.08 of the Credit Agreement, will be true and correct in all
material respects.

	5.	 	Unless notification to the contrary is received by the Administrative Agent prior to the date
on which funds are to be advanced, as of the date on which funds are to be advanced, no
Default or Event of Default will have occurred and be continuing or will be caused by this
Notice of Borrowing.

95

 

	6.	 	Subsequent to the funding of the requested Loans, the aggregate amount of Loans outstanding
plus the LC Exposure will be $                     which is less than or equal to the Committed
Amount.

     The Borrower has caused this Notice of Borrowing to be executed and delivered and the
certification and warranties contained herein to be made as of the date first above written.

	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

96

 

EXHIBIT 2.05

FORM OF NOTICE OF CONTINUATION/CONVERSION

	 	 	 
	TO:

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	 	 
	RE:

	 	Credit Agreement, dated as of July 7, 2005, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders
and Agents identified therein, and JPMorgan Chase Bank, N.A. as
Administrative Agent (the “Administrative Agent”) (as amended or
otherwise modified from time to time, the “Credit Agreement”)
	 
	 	 
	DATE:

	 	                                        ,                     

 

	1.	 	This Notice of Continuation/Conversion is made pursuant to the terms of Section 2.05 of the
Credit Agreement. All capitalized terms used herein unless otherwise defined shall have the
meanings set forth in the Credit Agreement.

	2.	 	Please be advised that the Borrower is requesting that the outstanding Loan, in the amount of
$___, currently accruing interest at ___, and scheduled to mature on
___, be continued or converted at the interest rate option set forth in paragraph 3
below.

	3.	 	The interest rate option applicable to the continuation or conversion of the Loan shall be:

	 	 	 	 	 	 	 
	 

	 	a.
	 	                    
	 	the Base Rate
	 
	 	 	 	 	 	 
	 

	 	b.
	 	                    
	 	the Adjusted Eurodollar Rate for an Interest Period of:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	                     one month
	 

	 	 	 	 	 	                     two months
	 

	 	 	 	 	 	                     three months
	 

	 	 	 	 	 	                     six months

 

 

     The Borrower has caused this Notice of Continuation/Conversion to be executed and delivered
and the certification and warranties contained herein to be made as of the date first above
written.

	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

 

 

EXHIBIT 2.07

FORM OF NOTE

                                        , 20                    

     FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
                                         or registered assigns (the “Lender”), in accordance with the
provisions of the Credit Agreement (as hereinafter defined), the principal amount of each Loan from
time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of
July 7, 2005 (as amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Credit Agreement;” the terms defined therein being used herein as
therein defined), among the Borrower, the Agents and the Lenders from time to time party thereto,
and JPMorgan Chase Bank, N.A., as Administrative Agent.

     The Borrower promises to pay interest on the unpaid principal amount of each Loan from the
date of such Loan until such principal amount is paid in full, at such interest rates and at such
times as provided in the Credit Agreement. All payments of principal and interest shall be made to
the Administrative Agent for the account of the Lender in Dollars in immediately available funds at
the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such
unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date
of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Credit Agreement.

     This Note is one of the Notes referred to in the Credit Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified in
the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable all as provided in the Credit Agreement. Loans made by
the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in
the ordinary course of business. The Lender may also attach schedules to this Note and endorse
thereon the date, amount and maturity of its Loans and payments with respect thereto.

     The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

 

     IN WITNESS WHEREOF, the Borrower has caused this Note to be executed as of the date first
above written.

	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

 

 

EXHIBIT 2.09

FORM OF

NOTICE OF COMMITTED AMOUNT INCREASE

[Date]

JPMorgan Chase Bank, N.A.

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: ___

Ladies and Gentlemen:

     The undersigned, Baker Hughes Incorporated (the “Borrower”), refers to the Credit
Agreement dated as of July 7, 2005 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”, with terms defined in the Credit Agreement and not otherwise
defined herein being used herein as therein defined) among the Borrower, and JPMorgan Chase Bank,
N.A., as Administrative Agent, and the Agents and Lenders party thereto. The Borrower hereby
notifies you, pursuant to Section 2.09 of the Credit Agreement, that it hereby requests that the
Committed Amount under the Credit Agreement be increased and the CI Lenders agree to provide
Commitments under the Credit Agreement, and in that connection sets forth below the information
relating to such proposed Committed Amount as required by Section 2.09(b) of the Credit Agreement:

          (a) the effective date of such increase of the Committed Amount is ___;

          (b) the amount of the requested increase of the Committed Amount is $___;

          (c) the CI Lenders that have agreed with the Borrower to provide their respective Commitments,
are ___[INSERT NAMES OF THE CI LENDERS]; and

          (d) set forth on Annex I attached hereto is the amount of the respective Commitments
of all Reducing Percentage Lenders and all CI Lenders as of the effective date of such Committed
Amount Increase.

 

 

     Delivery of an executed counterpart of this Notice of Committed Amount Increase by telecopier
shall be effective as delivery of an original executed counterpart of this Notice of Committed
Amount Increase.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

	 	 	 	 	 
	Approved and Consented to by:	 	 
	 
	 	 	 	 
	JPMORGAN CHASE BANK, N.A.,
as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 
	Title:
	 	 

 

 

ANNEX I

TO

NOTICE OF COMMITTED AMOUNT INCREASE

(as of _________, 20__)

	 	 	 	 	 
	 	 	 	 	Percentage of
	Lender 	 	Amount of Commitment	 	Committed Amount
	Total:

	 	[                                                            ]
	 	100.0000000%

 

 

EXHIBIT 7.01(c)

FORM OF OFFICER’S CERTIFICATE

	 	 	 
	TO:

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	 	 
	RE:

	 	Credit Agreement, dated as of July 7, 2005, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders
and Agents identified therein, and JPMorgan Chase Bank, N.A. as
Administrative Agent (the “Administrative Agent”) (as amended or
otherwise modified from time to time, the “Credit Agreement”)
	 
	 	 
	DATE:

	 	                                                            ,                     

 

     Pursuant to the terms of the Credit Agreement, I, ___, the
___of the Borrower, hereby certify as follows (all capitalized terms used below
shall have the meanings set forth in the Credit Agreement):

     a. Attached hereto as Schedule 1 are calculations demonstrating compliance by
the Borrower with the financial covenant contained in Section 7.02 of the Credit Agreement
as of the fiscal [quarter] [year] ending ___, ___.

     b. No Default or Event of Default exists under the Credit Agreement as of the last day
of the fiscal [quarter] [year] referenced in paragraph a. above, except as indicated on a
separate page attached hereto, which also sets forth an explanation of the action taken or
proposed to be taken by the Borrower with respect thereto.

     c. The quarterly/annual financial statements for the fiscal period cited above, fairly
present in all material respects the financial condition of the Borrower and its
Subsidiaries and have been prepared in accordance with GAAP except to the extent of items
that are immaterial in the aggregate and except that the quarterly financial statements are
unaudited and are subject to year-end adjustments.

     d. The following documents required to be delivered pursuant to Section 7.01[(a)] [(b)]
were filed with the Securities and Exchange Commission:

i. [Form filed] on [Date]

	 	 	 	 	 
	 	 	BAKER HUGHES INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

 

 

Schedule 1

to Officer’s Certificate

Compliance with Financial Covenant

Compliance with Section 7.02 – Funded Indebtedness-to-Capitalization

	 	 	 	 	 	 	 
	A.	 	Funded Indebtedness
of the Borrower and
its Subsidiaries	 	$                                        
	 
	 	 	 	 	 	 
	B.	 	Total Capitalization	 	 
	 
	 	 	 	 	 	 
	 

	 	 1.
	 	Net Worth
	 	$                                        
	 
	 	 	 	 	 	 
	 

	 	 2.
	 	Funded
Indebtedness of the
Borrower and its
Subsidiaries (Line
A)
	 	$                                        
	 
	 	 	 	 	 	 
	 

	 	 3.
	 	Total
Capitalization
(Line B.1 plus Line
B.2)
	 	$                                        
	 
	 	 	 	 	 	 
	C.	 	Ratio of Funded
Indebtedness to
Total
Capitalization
(Line A to Line
B.3	 	to 1.0 
	 

	 	 	 	 	 	 

Requirement: Line C shall be less than or equal to .60 to 1

 

 

EXHIBIT 11.03(b)

FORM OF ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including without limitation any letters
of credit and guarantees included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

	 	 	 	 	 
	1.

	 	Assignor:
	 	                                                            
	 
	 	 	 	 
	2.

	 	Assignee:
	 	                                                            
	 

	 	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 	 	 
	3.

	 	Borrower:
	 	Baker Hughes Incorporated
	 
	 	 	 	 
	4.

	 	Administrative Agent:
	 	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
	 
	 	 	 	 
	5.

	 	Credit Agreement:
	 	Credit Agreement, dated as of July 7, 2005, among Baker Hughes Incorporated, a
Delaware corporation (the “Borrower”), the Lenders and Agents identified
therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the
“Administrative Agent”) (as amended or otherwise modified from time to time, the
“Credit Agreement”)

 

	1 	Select as applicable.

 

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	 	 	 	 	 	 
	 	 	Commitment/Loans for	 	 	Commitment/Loans	 	 	Percentage Assigned of	 	 	 	 	 
	Facility Assigned	 	all Lenders*	 	 	Assigned*	 	 	Commitment/Loans	 	 	 	 	 
	Revolving Facility
	 	$	 	 	 	$	 	 	 	 	%	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[7. Trade Date:
	 	 	 	 	 	 	______________________2]	 	 	 	 	 	 	 	 	 

Effective Date: ___________, __, 20__ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	 	ASSIGNOR

	 	 	[NAME OF ASSIGNOR]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 	 	 
	 	 	ASSIGNEE

	 	 	[NAME OF ASSIGNEE]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 

	 	Title:

 

	* 	Amount to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date
and the Effective Date.
	 
	2 	To be completed if the Assignor and the
Assignee intend that the minimum assignment amount is to be determined as of
the Trade Date.

 

 

Consented to and Accepted:

JPMORGAN CHASE BANK, N.A., as

Administrative Agent

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 
	Title:
	 	 

Consented to (if applicable):

BAKER HUGHES INCORPORATED

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 
	Title:
	 	 

 

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Credit Document.

          1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such
other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, and (v) if it is a “foreign corporation, partnership or
trust” within the meaning of the Code, attached to the Assignment and Assumption is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Credit Documents are required to
be performed by it as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

 

     3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

 

Schedule 1.01(a)

COMMITMENT PERCENTAGES

	 	 	 	 	 	 	 	 	 
	Lender	 	Pro Rata Percentage	 	 	Commitment	 
	JPMorgan Chase Bank, N.A.
	 	 	11.0	%	 	$	55,000,000	 
	Bank of America, N.A.
	 	 	9.0	%	 	$	45,000,000	 
	Barclays Bank PLC
	 	 	9.0	%	 	$	45,000,000	 
	Citibank, N.A.
	 	 	9.0	%	 	$	45,000,000	 
	ABN AMRO Bank, N.V.
	 	 	9.0	%	 	$	45,000,000	 
	The Bank of Tokyo-Mitsubishi, Ltd., Houston
Agency
	 	 	9.0	%	 	$	45,000,000	 
	The Bank of New York
	 	 	7.0	%	 	$	35,000,000	 
	UBS Loan Finance LLC
	 	 	7.0	%	 	$	35,000,000	 
	Australia and New Zealand Banking Group Limited
	 	 	5.0	%	 	$	25,000,000	 
	Credit Suisse, Cayman Islands Branch
	 	 	5.0	%	 	$	25,000,000	 
	Fokus Bank ASA
	 	 	5.0	%	 	$	25,000,000	 
	Morgan Stanley Bank
	 	 	5.0	%	 	$	25,000,000	 
	The Northern Trust Company
	 	 	5.0	%	 	$	25,000,000	 
	William Street Commitment Corporation
	 	 	5.0	%	 	$	25,000,000	 
	 
	 	 	 	 	 	 	 	 
	Total:
	 	 	100	%	 	$	500,000,000.00	 

 

 

Schedule 1.01(b)

EXISTING CREDIT AGREEMENT

Credit Agreement dated as of July 7, 2003, among Baker Hughes Incorporated, the financial
institutions from time to time parties thereto, and Bank of America, N.A., as Administrative Agent.

 

 

Schedule 1.01(c)

SIGNIFICANT SUBSIDIARIES

	 
	Western Atlas Inc.

	 

	Western Research Holdings, Inc.

	 

	Western Atlas International, Inc.

	 

	Baker Hughes International Branches, Inc.

	 

	Baker Hughes Oilfield Operations, Inc.

	 

	Wm. S. Barnickel & Company

	 

	Baker Petrolite Corporation

	 

	Baker Hughes EHHC, Inc.

	 

	Baker Hughes GmbH

	 

	Baker Hughes Limited

	 

	Baker Hughes Norge A/S

	 

	Baker Hughes Canada Company

	 

	Baker Hughes EHO Ltd.

 

 

Schedule 8.06

SUBSIDIARY INDEBTEDNESS

As of March 31, 2005.

($000s)

	 	 	 	 	 
	Legal Entity	 	Amount	 
	Western Atlas, Inc.
	 	 	147,454	 
	Baker Hughes INTEQ GmbH
	 	 	68	 
	Baker Nigeria Limited
	 	 	442	 
	Luna Energy LLC
	 	 	14	 
	Baker Hughes Canada Company
	 	 	16,008	 
	Baker Hughes Denmark Aps
	 	 	503	 
	Baker Hughes S.R.L.
	 	 	4,744	 
	Baker Hughes EHO Ltd.
	 	 	1,349	 
	Baker Eastern S.A.
	 	 	520	 
	Baker Hughes Singapore Pte.
	 	 	290	 
	Baker Hughes GmbH — Swiss Branch
	 	 	1,386	 
	Baker Hughes de Colombia Ltd.
	 	 	170	 
	 
	 
	 	 	 
	 
	 	 	172,948	 

 

 

Schedule 11.01

NOTICE INFORMATION

	 	 	 
	Borrower:
	 	 
	 
	 	 
	BAKER HUGHES INCORPORATED
	 	 
	 
	 	 
	Baker Hughes Incorporated
	 	 
	3900 Essex Lane, Suite 1200
	 	 
	Houston, TX 77027-5177
	 	 
	Attn: Douglas C. Doty, Vice President & Treasurer
	 	 
	 
	 	 
	Telephone: 713-439-8822
	 	 
	Facsimile: 713-439-8678
	 	 
	Email: dougc.doty@bakerhughes.com
	 	 
	 
	 	 
	Lender:
	 	 
	 
	 	 
	Credit Contact

	 	Administrative Contact
	 
	 	 
	JPMORGAN CHASE BANK, N.A.
	 	 
	 
	 	 
	JPMorgan Chase Bank, N.A.

	 	JPMorgan Chase Bank, N.A.
	600 Travis Street, 20th Floor

	 	1111 Fannin
	Houston, TX 77002

	 	Houston, TX 77002
	Attn: Beth Lawrence

	 	Attn: Sylvia Gutierrez
	 
	 	 
	Telephone: 713-216-5968

	 	Telephone: 713-750-2510
	Facsimile: 713-216-8870

	 	Facsimile: 713-427-6307
	Email: Beth.Lawrence@jpmorgan.com

	 	Email: Sylvia.Gutierrez@jpmorgan.com
	 
	 	 
	CITIBANK, N.A.
	 	 
	 
	 	 
	Citicorp North America, Inc.

	 	Citigroup
	333 Clay Street, Suite 3700, Suite 3700

	 	One Penn’s Way
	Houston, TX 77002

	 	New Castle, DE 19720
	Attn: James F. Reilly

	 	Attn: Dennis Banfield
	 
	 	 
	Telephone: 713-654-2912

	 	Telephone: 302-894-6109
	Facsimile: 713-654-2849

	 	Facsimile: 212-994-0847
	Email: james.f.reilly@citigroup.com

	 	Email: dennis.l.banfield@citigroup.com

 

 

	 	 	 
	BANK OF AMERICA, N.A.
	 	 
	 
	 	 
	Bank of America, N.A.

	 	Bank of America, N.A.
	700 Louisiana Street

	 	901 Main Street
	Houston, Texas 77002-2700

	 	Dallas, Texas 75202-3714
	Attn: Zedwitu Menelik

	 	Attn: Karen Dumond
	 
	 	 
	Telephone: 713-247-7238

	 	Telephone: 214-209-0539
	Facsimile: 713-247-7286

	 	Facsimile: 214-290-9445
	Email: zewditu.menelik@bankofamerica.com

	 	Email: Karen.s.dumond@bankofamerica.com
	 
	 	 
	BARCLAYS BANK PLC
	 	 
	 
	 	 
	Barclays Bank Capital

	 	Barclays Capital Services LLC
	200 Park Avenue, 4th Floor

	 	200 Cedar Knolls Road
	New York, NY 10166

	 	Whippany, NY 07981
	Attn: Nicholas Bell

	 	Attn: Jonathan Cohen
	 
	 	 
	Telephone: 212-412-4029

	 	Telephone: 973-576-3544
	Facsimile: 212-412-7600

	 	Facsimile: 973-576-3014
	Email: Nicholas.bell@barcap.com

	 	Email: jonathan.cohen@barcap.com
	 
	 	 
	THE BANK OF TOKYO-MITSUBISHI, LTD.,
HOUSTON AGENCY
	 	 
	 

	 	The Bank of Tokyo-Mitsubishi, Ltd., Houston Agency
	The Bank of Tokyo-Mitsubishi, Ltd., Houston Agency

	 	 34 Exchange Place
	1100 Louisiana, Suite 2800

	 	Info Svc Plaza III
	Houston, TX 77002

	 	Jersey City, NJ 07302
	Attn: Giovanny Pieternelle

	 	Attn: Jimmy Yu or Maria DeJesus
	 
	 	 
	Telephone: 713-655-3150

	 	Telephone: 201-413-8566/8571
	Facsimile: 713-658-0116

	 	Facsimile: 201-521-2338

2

 

	 	 	 
	ABN AMRO BANK N.V.
	 	 
	 
	 	 
	ABN AMRO Bank N.V.

	 	ABN AMRO Bank N.V.
	208 South LaSalle Street, Suite 1500

	 	208 South LaSalle Street, Suite 1500
	Chicago, IL 60604-1003

	 	Chicago, IL 60604-1003
	Attn: Credit Administration

	 	Attn: Credit Administration
	 
	 	 
	Facsimile: 312-992-5111

	 	Facsimile: 312-992-5111
	Email: melanie.dziobas@abnamro.com

	 	Email:
melanie.dziobas@abnamro.com
	 
	 

	 	ABN AMRO Bank N.V.
4400 Post Oak Parkway, Suite 1500
Houston, TX 77027
Attn: Quandra Kelley
	 
	 	 
	 

	 	Telephone: 832-681-7137
	 

	 	Facsimile: 832-681-7141
	 

	 	Email: quandra.kelley@abnamro.com

	 	 	 
	THE BANK OF NEW YORK
	 	 
	 
	 	 
	The Bank of New York

	 	The Bank of New York
	1 Wall Street, 19th Floor

	 	1 Wall Street, 19th Floor
	New York, NY 10286

	 	New York, NY 10286
	Attn: Craig Anderson

	 	Attn: Frank Su
	 
	 	 
	Telephone: 212-635-7547

	 	Telephone: 212-635-7532
	Facsimile: 212-635-7926

	 	Facsimile: 212-635-7552
	Email: CJAnderson@bankofny.com

	 	Email:
	 
	 	 
	UBS LOAN FINANCE LLC
	 	 
	 
	 	 
	UBS AG, Stamford Branch

	 	UBS AG, Stamford Branch
	677 Washington Boulevard

	 	677 Washington Boulevard
	Stamford, CT 06901

	 	Stamford, CT 06901
	Attn: Wilfred Saint
	 	Attn: Anthony Finocchi
	 
	 	 
	Telephone: 203-719-4330

	 	Telephone: 203-719-3377
	Facsimile: 203-719-3888

	 	Facsimile: 203-719-3888
	email: Wilfred.saint@ubs.com

	 	email: Anthony.finocchi@ubs.com
	 
	 	 
	AUSTRALIA AND NEW ZEALAND BANKING GROUP

LIMITED
	 	 
	 
	 	 
	ANZ Investment Bank

	 	ANZ Investment Bank
	1177 Avenue of the Americas

	 	1177 Avenue of the Americas
	New York, NY 10036

	 	New York, NY 10036
	Attn: Joel Kaplan

	 	Attn: Doreen Klingenbeck
	 
	 	 
	Telephone: 212-801-9894

	 	Telephone: 212-801-9894
	Facsimile: 212-536-9294

	 	Facsimile: 212-536-9294
	Email: kaplanj1@anz.com

	 	Email: Dklingen@anz.com

3

 

	 	 	 
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	 	 
	 
	 	 
	Credit Suisse, Cayman Islands Branch

	 	Credit Suisse, Cayman Islands Branch
	Eleven Madison Avenue

	 	One Madison Avenue
	New York, NY 10010

	 	New York, NY 10010
	Attn: Sarah Wu

	 	Attn: Ed Markowski
	Telephone: 212-325-5813

	 	Telephone: 212-538-3380
	Facsimile: 212-743-2042

	 	Facsimile: 212-538-6851
	Email: sarah.wu@csfb.com

	 	Email: edward.markowski@csfb.com
	 
	 	 
	FOKUS BANK ASA
	 	 
	 
	 	 
	Fokus Bank ASA

	 	Fokus Bank ASA
	P.O. Box 209

	 	NO-7466 Trondheim
	NO-4001 Stavanger

	 	Norway
	Attn: Svein Terje Hoyland

	 	Attn: Maria Reguilon Aune
	 
	 	 
	Telephone: + 47 51 83 50 36

	 	Telephone: + 47 72 90 74 12
	Facsimile: + 47 51 53 63 22

	 	Facsimile: + 47 72 90 78 05
	Email: svein.t.hoiland@fokus.no

	 	Email: maria.reguilon.aune@fokus.no
	 
	 	 
	MORGAN STANLEY BANK
	 	 
	 
	 	 
	Morgan Stanley Bank
	 	 
	1633 Broadway, 25th Floor

	 	Morgan Stanley Bank
	New York, NY 10019

	 	Attn: Larry Benison / Adam Hoffman
	Attn: Erma Dell’Aquila

	 	 
	 
	 	Telephone: 212-537-1439 / 1366
	Telephone: 212-537-1532

	 	Facsimile: 212-537-1867 / 1866
	Facsimile: 212-537-1867

	 	Email: larry.benison@morganstanley.com;
	Email: erma.dell’acquila@morganstanley.com

	 	adam.hoffman@morganstanley.com
	 
	 	 
	THE NORTHERN TRUST COMPANY
	 	 
	 
	 	 
	The Northern Trust Company

	 	The Northern Trust Company
	50 South LaSalle Street

	 	801 South Canal Street
	Chicago, IL 60675

	 	Chicago, IL 60607
	Attn: Craig Smith

	 	Attn: Kathy Hoff
	 
	 	 
	Telephone: 312-444-4575

	 	Telephone: 312-444-4747
	Facsimile: 312-444-5055

	 	Facsimile: 312-444-3502
	Email: cls7@ntrs.com

	 	Email: ksh1@ntrs.com
	 
	 	 
	WILLIAM STREET COMMITMENT CORPORATION
	 	 
	 
	 	 
	William Street Commitment Corporation

	 	William Street Commitment Corporation
	30 Hudson Street, 17th Floor

	 	30 Hudson Street, 17th Floor
	Jersey City, NJ 07302

	 	Jersey City, NJ 07302
	Attn: Philip Green

	 	Attn: Pedro Ramirez
	 
	 	 
	Telephone: 212-357-7575

	 	Telephone: 917-343-8319
	Facsimile: 212-357-4597 / 212-428-1022

	 	Facsimile: 212-428-1243
	Email: Philip.f.green@gs.com

	 	Email: pedro.Ramirez@gs.com

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]