Document:

exv10wtt

Exhibit (10)TT

DONEGAL GROUP INC.

2011 EQUITY INCENTIVE PLAN FOR DIRECTORS

     1. Purpose. The purpose of this 2011 equity incentive plan for directors (this
“Plan”) is to enhance the ability of Donegal Group Inc. (the “Company”) and its subsidiaries and
the member companies of the Donegal Insurance Group, including companies from which the Company or
Donegal Mutual assumes 100% quota share reinsurance (the “Group”), to attract and retain highly
qualified directors, to establish a basis for providing a portion of director compensation in the
form of equity and, in doing so, to strengthen the alignment of the interest of directors of the
Company and the members of the Group with the interests of the Company’s stockholders.

     2. Administration.

     (a) Administration by the Board. The Board of Directors of the Company (the “Board”)
shall administer this Plan.

     (b) Duty and Powers of the Board. The Board shall have the power to interpret this
Plan and the awards granted under this Plan and to adopt rules for the administration,
interpretation and application of this Plan. The Board shall have the discretion to determine to
whom the Company will grant stock options and to determine the number of stock options the Company
will grant to any director, the timing of the grant and the terms of exercise. The Board shall not
have any discretion to determine to whom the Company will grant restricted stock awards under this
Plan.

     (c) Compensation; Professional Assistance; Good Faith Actions. Members of the Board
shall not receive any compensation for their services in administering this Plan. The Company
shall pay all expenses and liabilities incurred in connection with the administration of this Plan.
The Company may employ attorneys, consultants, accountants or other experts. The Board, the
Company and the officers and directors of the Company shall be entitled to rely upon the advice,
opinions or valuations of any such experts. All actions taken and all interpretations and
determinations the Board makes in good faith shall be final and binding upon all grantees, the
Company and all other interested persons. No member of the Board shall be personally liable for
any action, determination or interpretation the Board makes in good faith with respect to this
Plan, and the Company shall fully protect and indemnify all members of the Board in respect to any
such action, determination or interpretation.

     3. Shares Subject to this Plan.

     (a) Shares Authorized. The shares of stock issuable pursuant to awards shall be
shares of Class A common stock. The total aggregate number of shares of Class A common

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stock that the Company may issue under this Plan is 400,000 shares, subject to adjustment as described below.
The shares may be authorized but unissued shares or reacquired shares for purposes of this Plan.

     (b) Share Counting. For administrative purposes, when the Board approves an award
payable in shares of Class A common stock, the Board shall reserve, and count against the share
limit, shares equal to the maximum number of shares that the Company may issue under the award. If
and to the extent options granted under this Plan terminate, expire or are canceled, forfeited,
exchanged or surrendered without having been exercised, and if and to the extent that any
restricted stock awards are forfeited or terminated, or otherwise are not paid in full, the Company
shall make the shares reserved for such awards available again for purposes of this Plan.

     (c) Adjustments. If any change in the number or kind of shares of Class A common
stock outstanding occurs by reason of:

	 	•	 	a stock dividend, spinoff, recapitalization, stock split or combination or exchange
of shares;
	 
	 	•	 	a merger, reorganization or consolidation;
	 
	 	•	 	a reclassification or change in par value; or
	 
	 	•	 	any other extraordinary or unusual event affecting the outstanding Class A common
stock as a class without the Company’s receipt of consideration, or if the value of
outstanding shares of Class A common stock is substantially reduced as a result of a
spinoff or the Company’s payment of any extraordinary dividend or distribution,

the maximum number of shares of Class A common stock available for issuance under this Plan, the
maximum number of shares of Class A common stock for which any individual may receive grants in any
year, the kind and number of shares covered by outstanding awards, the kind and number of shares to
be issued or issuable under this Plan and the price per share or applicable market value of such
grants shall automatically be equitably adjusted to reflect any increase or decrease in the number
of, or change in the kind or value of, issued shares of Class A common stock to preclude, to the
extent practicable, the enlargement or dilution of rights and benefits under this Plan and such
outstanding grants. Any fractional shares resulting from such adjustment shall be eliminated. Any
adjustments to outstanding awards shall be consistent with Section 409A of the Internal Revenue
Code of 1986, as amended, or the Code, to the extent applicable.

     4. Eligibility for Participation. Each director of the Company and its subsidiaries
and each director of a member of the Group who is not eligible to receive stock options under the
Company’s Equity Incentive Plan for Employees shall be eligible to receive stock options

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under this Plan. Each director of the Company and each director of the member companies of the Group shall be
eligible to receive restricted stock awards under this Plan.

     5. Awards. Awards under this Plan may consist of stock options as described in
Section 7 and restricted stock awards as described in Section 8. Each award shall be evidenced by
a written agreement.

     6. Definition of Fair Market Value. For purposes of this Plan, “fair market value”
shall mean the last sales price of a share of Class A common stock on the NASDAQ Stock Market, or
NASDAQ, on the day on which the board is determining the fair market value, as reported by NASDAQ.
In the event that there are no transactions in shares of Class A common stock on NASDAQ on such
day, the Board will determine the fair market value as of the immediately preceding day on which
there were transactions in shares of Class A common stock on that exchange. If shares of Class A
common stock are not listed by NASDAQ, the Board shall determine the fair market value pursuant to
Section 422 of the Code.

     7. Stock Options.

     (a) Granting of Stock Options. The Board may grant stock options to an outside
director upon such terms as the Board deems appropriate under this Section 7.

     (b) Type of Stock Option and Price. The Board may grant stock options to purchase
Class A common stock that the Board does not intend to qualify as incentive stock options within
the meaning of Section 422 of the Code. The Board shall determine the exercise price of shares of
Class A common stock subject to a stock option, which shall be equal to or greater than the fair
market value of a share of Class A common stock on the date of grant.

     (c) Exercisability of Stock Options. Each stock option agreement shall specify the
period or periods of time within which a grantee may exercise a stock option, in whole or in part,
as the Board determines. No grantee may exercise a stock option after ten years from the grant
date of the stock option. The Board may accelerate the exercisability of any or all outstanding
stock options at any time for any reason.

     (d) Rights upon Termination of Service. Upon a grantee’s termination of service as an
outside director, as a result of resignation, failure to be re-elected, removal for cause or any
reason other than death, the grantee shall have the right to exercise the stock option during its
term within a period of three years after such termination to the extent that the stock option was
exercisable at the time of termination, or within such other period, and subject to such terms and conditions, as the Board may specify. In the event that a grantee
dies prior to the expiration of his or her stock option and without having fully exercised his or
her stock option, the grantee’s representative or successor shall have the right to exercise

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the stock option during its term within a period of one year after the grantee’s death to the extent
that the stock option was exercisable at the time of death, or within such other period, and
subject to such terms and conditions, as the Board may specify.

     (e) Exercise of Stock Options. A grantee may exercise a stock option that has become
exercisable, in whole or in part, by delivering a notice of exercise to the Company. The grantee
shall pay the exercise price for the stock option:

	 	•	 	in cash;
	 
	 	•	 	by delivery of shares of Class A common stock at fair market value, shares of Class
B common stock at fair market value, or a combination of those shares, as the Board may
determine from time to time and subject to the terms and conditions as the Board may
prescribe;
	 
	 	•	 	by payment through a brokerage firm of national standing whereby the grantee will
simultaneously exercise the stock option and sell the shares acquired upon exercise
through the brokerage firm and the brokerage firm shall remit to the Company from the
proceeds of the sale of the shares the exercise price as to which the option has been
exercised in accordance with the procedures permitted by Regulation T of the Federal
Reserve Board; or
	 
	 	•	 	by any other method the Board authorizes.

The Company must receive payment for the shares acquired upon exercise of the stock option, and any
required withholding taxes and related amounts, by the time the Board specifies depending on the
type of payment being made, but in all cases prior to the issuance of the shares.

     8. Restricted Stock Awards.

     (a) Granting of Awards. The Company shall grant each director of the Company and each
director of Donegal Mutual an annual restricted stock award consisting of 400 shares of Class A
common stock, except that a person who serves as a director on both boards shall receive only one
annual grant. The Company shall grant the restricted stock awards on the first business day of
January in each year, commencing January 2, 2012, provided that the director served as a member of
the Board or of the board of directors of a member of the Group during any portion of the preceding
calendar year.

     (b) Terms of Restricted Stock Awards. Each restricted stock award agreement shall
contain such restrictions, terms and conditions as this Plan requires:

	 	•	 	The grantee may not sell or otherwise transfer the shares of Class A common stock
comprising the restricted stock awards until one year after the date of 

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	 	 	 	grant. Although the Company shall register the shares of Class A common stock comprising each
restricted stock award in the name of the grantee, the Company reserves the right to
place a restrictive legend on the stock certificate. None of such shares of Class A
common stock shall be subject to forfeiture.

	 	•	 	Subject to the restrictions on transfer set forth in this Section 8(b), a grantee
shall have all the rights of a stockholder with respect to the shares of Class A common
stock the Company issues pursuant to restricted stock awards made under this Plan,
including the right to vote the shares and receive all dividends and other
distributions paid or made with respect to the shares.
	 
	 	•	 	In the event of changes in the capital stock of the Company by reason of stock
dividends, split-ups or combinations of shares, reclassifications, mergers,
consolidations, reorganizations or liquidations while the shares comprising a
restricted stock award shall be subject to restrictions on transfer, any and all new,
substituted or additional securities to which the grantee shall be entitled by reason
of the ownership of a restricted stock award shall be subject immediately to the terms,
conditions and restrictions of this Plan.
	 
	 	•	 	If a grantee receives rights or warrants with respect to any shares comprising a
restricted stock award, the grantee may hold, exercise, sell or otherwise dispose of
such rights or warrants or any shares or other securities acquired by the exercise of
such rights or warrants free and clear of the restrictions and obligations set forth in
this Plan.

     9. Date of Grant. The grant date of a stock option under this Plan shall be the date
of the Board’s approval or such later date as the Board determines at the time it authorizes the
grant. The Board may not make retroactive grants of stock options under this Plan. The Company
shall provide notice of the grant to the grantee within a reasonable time after the grant date.

     10. Requirements for Issuance of Shares. The Company will not issue shares of Class A
common stock in connection with any award under this Plan until the issuance of the shares complies
with all of the applicable legal requirements to the satisfaction of the Board. The Board shall
have the right to condition any award made to any director on the director’s undertaking in writing
to comply with the restrictions on his or her subsequent disposition of shares subject to the award
as the Board shall deem necessary or advisable, and certificates representing those shares may be
legended to reflect any such restrictions. Certificates representing shares of Class A common
stock issued under this Plan will be subject to such stop-transfer orders and other restrictions as
applicable laws, regulations and interpretations may require, including any requirement that a
legend be placed on the certificate.

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     11. Withholding. The Company shall have the right to require the grantee to remit to
the Company an amount sufficient to satisfy any federal, state or local withholding tax
requirements prior to the delivery of any certificate for shares of Class A common stock. If and
to the extent the Board authorizes, in its sole discretion, a grantee may make an election, by
means of a form of election the Board prescribes, to have shares of Class A common stock that are
acquired upon exercise of a stock option withheld by the Company or to tender other shares of Class
A common stock or other securities of the Company owned by the grantee to the Company at the time
of exercise of a stock option to pay the amount of tax that would otherwise be required by law to
be withheld by the Company. Any such election shall be irrevocable and shall be subject to
termination by the Board, in its sole discretion, at any time. Any securities so withheld or
tendered will be valued by the Board as of the date of exercise.

     12. Transferability of Awards. Only the grantee of an award may exercise rights under
the award grant during the grantee’s lifetime, and a grantee may not transfer those rights except
by will or by the laws of descent and distribution. When a grantee dies, the personal
representative or other person entitled to succeed to the rights of the grantee may exercise those
rights. Any successor to a grantee must furnish proof satisfactory to the Company of his or her
right to receive the award under the grantee’s will or under the applicable laws of descent and
distribution. Except as stated in this Section 12, no stock option or interest therein and, for a
period of one year after the date of grant, no restricted stock award or any interest therein,
shall be subject to the debts, contracts or engagements of the grantee or his or her successors in
interest, nor shall they be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means, whether such disposition is voluntary or involuntary or
by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable
proceedings, including bankruptcy, and any attempted disposition thereof shall be null and void and
of no effect.

     13. Amendment and Termination of this Plan.

     (a) Amendments. The Board may amend or terminate this Plan at any time, except that
the Board shall not amend this Plan without approval of the stockholders of the Company if such
approval is required in order to comply with the Code or applicable laws, or to comply with
applicable stock exchange requirements. The Board may not, without the consent of the grantee,
negatively affect the rights of a grantee under any award previously granted under this Plan.

     (b) No Repricings Without Stockholder Approval. The Board may not reprice stock
options, nor may the Board amend this Plan to permit repricing of stock options unless the
stockholders of the Company provide prior approval for the repricing.

     (c) Termination. This Plan shall terminate on April 21, 2021, unless the Board
earlier terminates this Plan or the term is extended with the approval of the stockholders of

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the Company. The termination of this Plan shall not impair the power and authority of the Board with
respect to an outstanding award.

     14. Reservation of Shares. The Company, during the term of this Plan, shall at all
times reserve and keep available the number of shares of Class A common stock needed to satisfy the
requirements of this Plan. The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority the Company’s counsel deems necessary to the lawful
issuance and sale of any shares under this Plan, shall relieve the Company of any liability for the
failure to issue or sell any shares as to which the requisite authority the Company has not
obtained.

     15. No Prohibition on Corporate Action. No provision of this Plan shall be construed
to prevent the Company or any officer or director of the Company from taking any action the Company
or such officer or director deems appropriate or in the Company’s best interest, whether or not
such action could have an adverse effect on this Plan or any awards granted under this Plan, and no
grantee or grantee’s estate, personal representative or beneficiary shall have any claim against
the Company or any officer or director of the Company as a result of the taking of the action.

     16. Indemnification. With respect to the administration of this Plan, the Company
shall indemnify each present and future member of the Board against, and each member of the Board
shall be entitled without further action on such member’s part to indemnity from the Company for,
all expenses, including the amount of judgments and the amount of approved settlements made with a
view to the curtailment of costs of litigation, other than amounts paid to the Company itself,
reasonably incurred by him or her in connection with or arising out of, any action, suit or
proceeding in which he or she may be involved by reason of being or having been a member of the
Board, whether or not he or she continues to be such member at the time of incurring such expenses;
provided, however, that this indemnity shall not include any expenses incurred by any such member
of the Board (i) in respect of matters as to which he or she shall be finally adjudged in any such
action, suit or proceeding to have been guilty of gross negligence or willful misconduct in the
performance of his or her duty as such member of the Board or (ii) in respect of any matter in
which any settlement is effected for an amount in excess of the amount approved by the Company on
the advice of its legal counsel; and provided further that no right of indemnification under the
provisions set forth in this Section 16 shall be available to or enforceable by any such member of
the Board unless, within 60 days after institution of any such action, suit or proceeding, he or
she shall have offered the Company in writing the opportunity to handle and defend same at its own
expense. The foregoing right of indemnification shall inure to the benefit of the heirs, executors
or administrators of each such member of the Board and shall be in addition to all other rights to
which such member may be entitled as a matter of law, contract or otherwise.

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     17. Miscellaneous Plan Provisions.

     (a) Compliance with Plan Provisions. No grantee or other person shall have any right
with respect to this Plan, the Class A common stock reserved for issuance under this Plan or in any
award until the Company and the grantee execute a written agreement and the Company and grantee
satisfy all the applicable terms, conditions and provisions of this Plan and award.

     (b) Approval of Counsel. In the discretion of the Board, no shares of Class A common
stock, other securities or property of the Company or other forms of payment shall be issued
hereunder with respect to any award unless counsel for the Company shall be satisfied that such
issuance will be in compliance with applicable federal, state, local and foreign legal, securities
exchange and other applicable requirements.

     (c) Compliance with Rule 16b-3. To the extent that Rule 16b-3 under the Securities
Exchange Act of 1934, as amended, applies to awards granted under this Plan, it is the intention of
the Company that this Plan comply in all respects with the requirements of Rule 16b-3, that any
ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to such
intention and that if this Plan shall not so comply, whether on the date of adoption or by reason
of any later amendment to or interpretation of Rule 16b-3, the provisions of this Plan shall be
deemed to be automatically amended so as to bring them into full compliance with that rule.

     (d) Section 409A Compliance. This Plan is intended to comply with the requirements of
Section 409A of the Code and the regulations issued thereunder. To the extent of any
inconsistencies with the requirements of Section 409A, this Plan shall be interpreted and amended
in order to meet the requirements of Section 409A. Notwithstanding anything contained in this Plan
to the contrary, it is the intent of the Company to have this Plan interpreted and construed to
comply with any and all provisions Section 409A including any subsequent amendments, rulings or
interpretations from appropriate governmental agencies.

     (e) Effects of Acceptance of the Award. By accepting any award or other benefit under
this Plan, the Company shall conclusively deem each grantee and each person claiming under or
through the grantee to have indicated his acceptance and ratification of, and consent to, any
action taken under this Plan by the Company, the Board or its delegates.

Adopted by the Board on March 7, 2011.

8exv10w1

Exhibit 10.1

AMENDMENT NO. 1 TO

CREDIT AGREEMENT

dated as of March 10, 2011,

among

NOVELIS INC.,

as Borrower,

AV METALS INC.,

as Holdings,

and

THE OTHER LOAN PARTIES PARTY HERETO,

THE LENDERS PARTY HERETO,

BANK OF AMERICA, N.A.,

as Administrative Agent,

and

MERRILL LYNCH, PIERCE, FENNER AND SMITH INCORPORATED,

CITIGROUP GLOBAL MARKETS INC.

and

UBS SECURITIES LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

 

          This
AMENDMENT NO. 1
 TO CREDIT AGREEMENT (this “Amendment”), dated as of March
10, 2011, is entered into among NOVELIS INC., a corporation amalgamated under the Canada Business
Corporations Act (the “Borrower”), AV METALS INC., a corporation formed under the Canada Business
Corporations Act (“Holdings”), the SUBSIDIARY GUARANTORS (as defined in the Credit Agreement
referred to below), NOVELIS ITALIA S.P.A., NOVELIS FOIL FRANCE S.A.S. and BANK OF AMERICA, N.A., as
administrative agent (the “Administrative Agent”) under the Credit Agreement referred to below.

RECITALS

          WHEREAS, the Borrower, Holdings, the Subsidiary Guarantors, the Administrative Agent and the
Lenders from time to time party thereto entered into that certain Credit Agreement, dated as of
December 17, 2010 (the “Credit Agreement”);

          WHEREAS, each of Novelis Italia S.p.A. and Novelis Foil France S.A.S. (each, a “Third Party
Security Provider”) have pledged certain assets to secure the Secured Obligations of the Loan
Parties;

          WHEREAS, the Borrower has requested an amendment to the Credit Agreement as herein set forth;
and

          WHEREAS, the Borrower, Holdings, the Subsidiary Guarantors, the Administrative Agent and the
Lenders signatory to a consent (an “Acknowledgment and Consent”) have agreed to amend the Credit
Agreement on the terms and subject to the conditions herein provided.

          NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein
set forth and other good and valuable consideration, the adequacy and receipt of which is hereby
acknowledged, and in reliance upon the representations, warranties and covenants herein contained,
the parties hereto, intending to be legally bound, hereby agree as follows:

     Section 1. Definitions. Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement, as amended hereby.

     Section 2. Amendments. Subject to the terms and conditions set forth herein,
effective as of the Amendment Effective Date (as defined below), the Credit Agreement (including
Annex I, but excluding the Exhibits and Schedules thereto) is hereby amended in its entirety to
read as Exhibit A attached hereto.

     Section 3. Consent to Amendments; Further Assurances. The Administrative Agent and
each Lender signatory to an Acknowledgment and Consent hereby consent to the amendments to each of
the security agreements and/or guarantees listed on Exhibit B attached hereto as may be necessary
or advisable in connection with this Amendment, each in form and substance satisfactory to the
Administrative Agent.

 

 

     Section 4. Conditions Precedent to Effectiveness of this Amendment. This Amendment
shall become effective as of the first date (the “Amendment Effective Date”) on which each of the
following conditions precedent shall have been satisfied or duly waived:

     (a) Certain Documents. The Administrative Agent shall have received each of the
following, in form and substance satisfactory to the Administrative Agent:

          (i) this Amendment, duly executed by each of the Loan Parties, each Third Party Security
Provider and the Administrative Agent;

          (ii) Acknowledgment and Consents, in the form set forth hereto as Exhibit C, duly executed by
all of the Lenders holding Term Loans on the Amendment Effective Date (after giving effect to any
assignments of Term Loans effectuated pursuant to Section 2.16(c) of the Credit Agreement on or
prior to the Amendment Effective Date);

          (iii) amendments to the other Loan Documents or such other documents as may be necessary or
appropriate, in the opinion of the Administrative Agent, to effect fully the purposes of this
Amendment executed by the parties thereto, including without limitation, any documents that the
Administrative Agent may deem reasonably necessary or advisable to reaffirm, confirm or ensure that
the Secured Obligations are guaranteed by Holdings and all of the Subsidiary Guarantors and are
secured by all Collateral;

          (iv) a certificate of the secretary, assistant secretary or managing director (where
applicable) of each Loan Party and each Third Party Security Provider dated the Amendment Effective
Date, certifying (A) that attached thereto is a true and complete copy of each Organizational
Document (or its equivalent including the constitutional documents) of such Loan Party or Third
Party Security Provider, as applicable, certified (to the extent customary in the applicable
jurisdiction) as of a recent date by the Secretary of State (or equivalent Governmental Authority)
of the jurisdiction of its organization, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors and/or shareholders, as applicable, of such Loan
Party or such Third Party Security Provider, as applicable, authorizing the execution, delivery and
performance of this Amendment and the other Loan Documents executed as of the Amendment Effective
Date to which such person is a party and that such resolutions, or any other document attached
thereto, have not been modified, rescinded, amended or superseded and are in full force and effect,
and (C) as to the incumbency and specimen signature of each officer executing this Amendment and
the other Loan Documents as of the Amendment Effective Date (together with a certificate of another
officer as to the incumbency and specimen signature of the secretary, assistant secretary or
managing director executing the certificate in this clause (v), and other customary evidence of
incumbency) (provided that, with respect to each of the Third Party Security Providers, Holdings
and the Subsidiary Guarantors, the matters referred to in clause (A) and (C) may be evidenced by
certifications that the items reference in clauses (A) and (C) have not been modified since the
Closing Date and are accurately reflected in the certificates delivered on the Closing Date);

          (v) such good standing certificates (where applicable or such other customary functionally
equivalent certificates or abstracts) as the Administrative Agent may request of each Loan Party
and each Third Party Security Provider (in so-called “long-form” if available), as of a recent date
prior to the Amendment Effective Date, from the applicable Governmental Authority of such Loan
Party’s or Third Party Security Provider’s (as the case may be) jurisdiction of organization;

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          (vi) a favorable opinion of counsels to the Loan Parties, addressed to the Agents and the
Lenders in form and substance and from counsels reasonably satisfactory to the Administrative
Agent;

          (vii) an Officer’s Certificate of a Responsible Officer of the Borrower, addressed to the
Revolving Credit Administrative Agent certifying that the Borrower has determined in good faith
that this Amendment satisfies the requirements of Section 6.11(d) of the Revolving Credit
Agreement; and

          (viii) such additional documentation as the Administrative Agent may reasonably require.

     (b) Payment of Fees Costs and Expenses. The Administrative Agent (and its Affiliates)
shall have received all fees required to be paid, and all expenses (including the reasonable fees
and expenses of legal counsels) for which invoices have been presented, on or before the Amendment
Effective Date, in connection with this Amendment. The Borrower shall have paid the premium
required under Section 2.10(j) of the Credit Agreement in connection with this Amendment (which for
the avoidance of doubt, will not require payments to a replacement Lender with respect to any Loans
acquired by it from a non-consenting Lender under Section 2.16 (c)).

     (c) Representations and Warranties. Each of the representations and warranties
contained in Section 5 and 6 below shall be true and correct in all material respects and the
Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower,
addressed to the Administrative Agent and dated as of the Amendment Effective Date, certifying the
same.

     (d) No Default or Event of Default. After giving effect to this Amendment, no Default
or Event of Default shall have occurred and be continuing and the Administrative Agent shall have
received a certificate of a Responsible Officer of the Borrower, addressed to the Administrative
Agent and dated as of the Amendment Effective Date, certifying the same.

     Section 5. Representations and Warranties. Each Loan Party hereby represents and
warrants to the Administrative Agent and each Lender as follows:

     (a) After giving effect to this Amendment, each of the representations and warranties in the
Credit Agreement and in the other Loan Documents are true and correct in all material respects on
and as of the date hereof as though made on and as of such date, except to the extent that any such
representation or warranty expressly relates to an earlier date, in which case such representations
and warranties are true and correct in all material respects as of such earlier date.

     (b) The execution, delivery and performance by such Loan Party have been duly authorized by
all requisite corporate, limited liability company, limited partnership or other organizational
action on the part of such Loan Party and will not violate any of the articles of incorporation or
bylaws (or other Organizational Documents) of such Loan Party.

     (c) This Amendment has been duly executed and delivered by such Loan Party, and each of this
Amendment, the Credit Agreement as amended hereby, and each other Loan Document constitutes the
legal, valid and binding obligation of such Loan Party , in each case, to the extent party to such
Loan Document, enforceable against such Loan Party in accordance with

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their terms, except as the same may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the rights of creditors generally and by general
principles of equity.

     (d) Before and after giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing as of the date hereof.

     Section 6. Representations and Warranties. Each Third Party Security Provider hereby
represents and warrants to the Administrative Agent and each Lender as follows:

     (a) The execution, delivery and performance by such Third Party Security Provider of this
Amendment have been duly authorized by all requisite corporate, limited liability company, limited
partnership or other organizational action on the part of such Third Party Security Provider and
will not violate any of the articles of incorporation or bylaws (or other Organizational Documents)
of such Third Party Security Provider.

     (b) This Amendment has been duly executed and delivered by such Third Party Security Provider,
and the Amendment and each other Loan Document constitutes the legal, valid and binding obligation
of such Third Party Security Provider, in each case, to the extent party to such Loan Document,
enforceable against such Third Party Security Provider in accordance with their terms, except as
the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the rights of creditors generally and by general principles of equity.

     Section 7. Continuing Effect; Liens and Guarantees.

     (a) Each of the Loan Parties and each of the Third Party Security Providers hereby consents to
this Amendment, and the execution, delivery and performance of the other Loan Documents to be
executed in connection therewith. Each of the Loan Parties and each of the Third Party Security
Providers hereby acknowledges and agrees that all of its Secured Obligations, including all Liens
and (in the case of the Loan Parties) Guarantees granted to the Secured Parties under the
applicable Loan Documents, are ratified and reaffirmed and that such Liens and Guarantees shall
continue in full force and effect on and after Amendment Effective Date to secure and support the
Secured Obligations of the Borrower and the Guarantors. Each of the Loan Parties hereby further
ratifies and reaffirms the validity, enforceability and binding nature of the Secured Obligations.

     (b) Holdings and each Subsidiary Guarantor hereby (i) acknowledges and agrees to the terms of
this Amendment and (ii) confirms and agrees that, each of its Guarantee and any Foreign Guarantee
is, and shall continue to be, in full force and effect, and shall apply to all Secured Obligations
without defense, counterclaim or offset of any kind and each of its Guarantee and any such Foreign
Guarantee is hereby ratified and confirmed in all respects. The Borrower hereby confirms its
liability for the Secured Obligations, without defense, counterclaim or offset of any kind.

     (c) Holdings, the Borrower, each other Loan Party and each Third Party Security Provider
hereby ratifies and reaffirms the validity and enforceability (without defense, counterclaim or
offset of any kind) of the Liens and security interests granted by it to the Collateral Agent for
the benefit of the Secured Parties to secure any of the Secured Obligations by Holdings, the
Borrower, any other Loan Party and each Third Party Security Provider pursuant to

- 5 -

 

the Loan Documents to which any of Holdings, the Borrower, any other Loan Party or any Third
Party Security Provider is a party and hereby confirms and agrees that notwithstanding the
effectiveness of this Agreement, and except as expressly amended by this Agreement, each such Loan
Document is, and shall continue to be, in full force and effect and each is hereby ratified and
confirmed in all respects, except that, on and after the effectiveness of this Amendment, each
reference in the Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” (and each
reference in the Credit Agreement to this “Agreement”, “hereunder” or “hereof”) or words of like
import shall mean and be a reference to the Credit Agreement as amended by this Agreement.

     Section 8. Reference to and Effect on the Loan Documents.

     (a) Except as expressly set forth in this Amendment, all of the terms and provisions of the
Credit Agreement and the other Loan Documents (including all exhibits and schedules to each of the
Credit Agreement and the other Loan Documents) are and shall remain in full force and effect and
are hereby ratified and confirmed. The Amendment provided for herein is limited to the specific
provisions of the Credit Agreement specified herein and shall not constitute an amendment of, or an
indication of the Administrative Agent’s or any Lender’s willingness to amend or waive, any other
provisions of the Credit Agreement or the same sections or any provision of any other Loan Document
for any other date or purpose.

     (b) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or
any Lender under the Credit Agreement or any Loan Document, or constitute a waiver or amendment of
any other provision of the Credit Agreement or any Loan Document except as and to the extent
expressly set forth herein.

     (c) The execution and delivery of this Agreement by any Loan Party or Third Party Security
Provider shall not constitute a joinder by, or agreement to be bound by the terms of, any Loan
Document to which such Loan Party or Third Party Security Provider is not a party.

     (d) Each Lender agrees that assignments requested in the Acknowledgement and Consent by any
Lender may be effected through recordation in the Register notwithstanding anything in the contrary
in the Credit Agreement.

     Section 9. Further Assurances. Holdings, the Borrower, each other Loan Party and each
Third Party Security Provider hereby agree to execute any and all further documents, financing
statements, agreements and instruments, and take all further actions that the Administrative Agent
deems reasonably necessary or advisable in connection with this Amendment to continue and maintain
the effectiveness of the Liens and guarantees provided for under the Loan Documents, with the
priority contemplated under the Loan Documents. The Administrative Agent and the Collateral Agent
are hereby authorized by the Lenders to enter into all such further documents, financing
statements, agreements and instruments.

     Section 10. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement. Receipt by the Administrative Agent of a facsimile copy or electronic image
scan transmission (e.g., PDF via electronic email) of an executed signature page hereof shall
constitute receipt by the Administrative Agent of an executed counterpart of this Amendment.

- 6 -

 

     Section 11. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.

     Section 12. Headings. Section headings contained in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any
other purposes.

     Section 13. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL
BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT.

[SIGNATURE PAGES FOLLOW]

- 7 -

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers and members thereunto duly authorized, on the date indicated above.

	 	 	 	 	 	 	 

	 	 	NOVELIS INC., as the Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 
	 	 	  
	 
	 	 	 	 

 	 	 
	 	 	AV METALS INC., as Holdings	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Anil Malik	 	 
	 

	 	Name:
	 	Anil Malik 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS CORPORATION, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory  

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS PAE CORPORATION, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS BRAND LLC, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marion G. Barnes	 	 
	 

	 	Name:
	 	Marion G. Barnes 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS SOUTH AMERICA HOLDINGS LLC, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	ALUMINUM UPSTREAM HOLDINGS LLC, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS ACQUISITIONS LLC, as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS NORTH AMERICA HOLDINGS INC., as U.S. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	NOVELIS UK LTD, as U.K. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS SERVICES LIMITED, as U.K. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller  

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS AG, as Swiss Guarantor	 	 
	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS CAST HOUSE TECHNOLOGY LTD., as Canadian Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marion G. Barnes 	 	 
	 

	 	Name:
	 	Marion G. Barnes 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	4260848 CANADA INC., as Canadian Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marion G. Barnes 	 	 
	 

	 	Name:
	 	Marion G. Barnes 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	4260856
	 	CANADA INC., as Canadian Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marion G. Barnes 	 	 
	 

	 	Name:
	 	Marion G. Barnes 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	NOVELIS NO. 1 LIMITED PARTNERSHIP, as Canadian Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	4260848 CANADA INC.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marion G. Barnes	 	 
	 

	 	Name:
	 	Marion G. Barnes 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS EUROPE HOLDINGS LIMITED, as U.K. Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS SWITZERLAND SA, as Swiss Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS TECHNOLOGY AG, as Swiss Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS DEUTSCHLAND GMBH, as German Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	NOVELIS MADEIRA UNIPESSOAL, LDA, as Madeira Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS PAE S.A.S., as French Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS LUXEMBOURG S.A., as Luxembourg Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	NOVELIS DO BRASIL LTDA., as Brazilian Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Alexandre Di Sesso	 	 
	 

	 	Name:
	 	Alexandre Di Sesso

	 	 
	 

	 	Title:
	 	Finance Director 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	Signed and Delivered as a Deed for and on behalf of	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS ALUMINIUM HOLDING COMPANY,	 	 
	 
	 	 	 	 	 	 
	 	 	by its duly authorised attorney,	 	 
	 
	 	 	 	 	 	 
	 	 	as Irish Guarantor,	 	 
	 
	 	 	 	 	 	 
	 	 	in the presence of:	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	/s/ Leslie J. Parrette, Jr.	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	/s/ Thomas W. LaBarge	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	NOVELIS ITALIA S.P.A., as Third Party Security Provider	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	NOVELIS FOIL FRANCE S.A.S., as Third Party Security Provider	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Randal P. Miller	 	 
	 

	 	Name:
	 	Randal P. Miller 

	 	 
	 

	 	Title:
	 	Authorized Signatory

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

	 	 	 	 	 	 	 

	 	 	BANK OF AMERICA, N.A., as
Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christopher Kelly Nall 	 	 
	 

	 	Name:
	 	Christopher Kelly Nall

	 	 
	 

	 	Title:
	 	Managing Director

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Amendment No. 1 to Credit Agreement]

 

 

EXHIBIT A

[Published CUSIP Number 67001BAK9]

$1,500,000,000

CREDIT AGREEMENT

dated as of December 17, 2010,

among

NOVELIS INC.,

as Borrower,

AV METALS INC.,

as Holdings,

and

THE OTHER GUARANTORS PARTY HERETO,

THE LENDERS PARTY HERETO,

BANK OF AMERICA, N.A.,

as Administrative Agent and Collateral Agent,

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent,

CITIBANK, N.A.,

THE ROYAL BANK OF SCOTLAND PLC

and

UBS SECURITIES LLC,

as Co-Documentation Agents,

and

MERRILL LYNCH, PIERCE, FENNER AND SMITH INCORPORATED

and

J.P. MORGAN SECURITIES LLC,

as Joint Lead Arrangers

and

MERRILL LYNCH, PIERCE, FENNER AND SMITH INCORPORATED,

J.P. MORGAN SECURITIES LLC,

CITIGROUP GLOBAL MARKETS INC.,

RBS SECURITIES INC.

and

UBS SECURITIES LLC,

as Joint Bookrunners

 

 

TABLE OF CONTENTS

Page

	 	 	 	 	 

	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Defined Terms
	 	 	1	 
	Section 1.02 Classification of Loans and Borrowings
	 	 	78	 
	Section 1.03 Terms Generally; Currency Translation
	 	 	78	 
	Section 1.04 Accounting Terms; GAAP
	 	 	79	 
	Section 1.05 Resolution of Drafting Ambiguities
	 	 	80	 
	Section 1.06 Pro Forma Calculations
	 	 	80	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	80	 
	 
	 	 	 	 
	Section 2.01 Commitments
	 	 	80	 
	Section 2.02 Loans
	 	 	80	 
	Section 2.03 Borrowing Procedure
	 	 	82	 
	Section 2.04 Repayment of Loans; Evidence of Debt
	 	 	83	 
	Section 2.05 Fees
	 	 	83	 
	Section 2.06 Interest on Loans
	 	 	84	 
	Section 2.07 Termination of Commitments
	 	 	85	 
	Section 2.08 Interest Elections
	 	 	85	 
	Section 2.09 Amortization of Term Loan Borrowings
	 	 	86	 
	Section 2.10 Optional and Mandatory Prepayments of Loans
	 	 	87	 
	Section 2.11 Alternate Rate of Interest
	 	 	92	 
	Section 2.12 Yield Protection; Change in Law Generally
	 	 	92	 
	Section 2.13 Breakage Payments
	 	 	95	 
	Section 2.14 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	 	 	95	 
	Section 2.15 Taxes
	 	 	98	 
	Section 2.16 Mitigation Obligations; Replacement of Lenders
	 	 	101	 
	Section 2.17 [INTENTIONALLY OMITTED]
	 	 	103	 
	Section 2.18 [INTENTIONALLY OMITTED]
	 	 	103	 
	Section 2.19 Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of Interest
	 	 	103	 
	Section 2.20 [INTENTIONALLY OMITTED]
	 	 	104	 
	Section 2.21 [INTENTIONALLY OMITTED]
	 	 	104	 
	Section 2.22 [INTENTIONALLY OMITTED]
	 	 	104	 
	Section 2.23 Incremental Term Loan Commitments
	 	 	104	 
	Section 2.24 Refinancing Amendments
	 	 	107	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	108	 
	Section 3.01 Organization; Powers
	 	 	108	 
	Section 3.02 Authorization; Enforceability
	 	 	109	 

i

 

	 	 	 	 	 

	Section 3.03 No Conflicts
	 	 	109	 
	Section 3.04 Financial Statements; Projections
	 	 	109	 
	Section 3.05 Properties
	 	 	110	 
	Section 3.06 Intellectual Property
	 	 	111	 
	Section 3.07 Equity Interests and Subsidiaries
	 	 	112	 
	Section 3.08 Litigation; Compliance with Laws
	 	 	113	 
	Section 3.09 Agreements
	 	 	113	 
	Section 3.10 Federal Reserve Regulations
	 	 	113	 
	Section 3.11 Investment Company Act
	 	 	113	 
	Section 3.12 Use of Proceeds
	 	 	113	 
	Section 3.13 Taxes
	 	 	114	 
	Section 3.14 No Material Misstatements
	 	 	114	 
	Section 3.15 Labor Matters
	 	 	114	 
	Section 3.16 Solvency
	 	 	115	 
	Section 3.17 Employee Benefit Plans
	 	 	115	 
	Section 3.18 Environmental Matters
	 	 	116	 
	Section 3.19 Insurance
	 	 	118	 
	Section 3.20 Security Documents
	 	 	118	 
	Section 3.21 Material Indebtedness Documents
	 	 	122	 
	Section 3.22 Anti-Terrorism Law
	 	 	122	 
	Section 3.23 Location of Material Inventory and Equipment
	 	 	123	 
	Section 3.24 Senior Notes; Material Indebtedness
	 	 	123	 
	Section 3.25 Centre of Main Interests and Establishments
	 	 	123	 
	Section 3.26 Holding and Dormant Companies
	 	 	124	 
	Section 3.27 Excluded Collateral Subsidiaries
	 	 	124	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS TO CREDIT EXTENSIONS
	 	 	124	 
	 
	 	 	 	 
	Section 4.01 Conditions to Initial Credit Extension
	 	 	124	 
	Section 4.02 Conditions to Credit Extensions
	 	 	134	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS
	 	 	135	 
	 
	 	 	 	 
	Section 5.01 Financial Statements, Reports, etc.
	 	 	135	 
	Section 5.02 Litigation and Other Notices
	 	 	138	 
	Section 5.03 Existence; Businesses and Properties
	 	 	139	 
	Section 5.04 Insurance
	 	 	140	 
	Section 5.05 Taxes
	 	 	141	 
	Section 5.06 Employee Benefits
	 	 	141	 
	Section 5.07 Maintaining Records; Access to Properties and Inspections; Annual Meetings
	 	 	142	 
	Section 5.08 Use of Proceeds
	 	 	143	 
	Section 5.09 Compliance with Environmental Laws; Environmental Reports
	 	 	143	 
	Section 5.10 [INTENTIONALLY OMITTED]
	 	 	143	 
	Section 5.11 Additional Collateral; Additional Guarantors
	 	 	143	 
	Section 5.12 Security Interests; Further Assurances
	 	 	146	 
	Section 5.13 Information Regarding Collateral
	 	 	147	 

ii

 

	 	 	 	 	 

	Section 5.14 Affirmative Covenants with Respect to Leases
	 	 	148	 
	Section 5.15 Post-Closing Covenants
	 	 	148	 
	Section 5.16 Designation of Subsidiaries
	 	 	148	 
	 
	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS
	 	 	149	 
	 
	 	 	 	 
	Section 6.01 Indebtedness
	 	 	149	 
	Section 6.02 Liens
	 	 	154	 
	Section 6.03 Sale and Leaseback Transactions
	 	 	159	 
	Section 6.04 Investments, Loan and Advances
	 	 	159	 
	Section 6.05 Mergers, Amalgamations and Consolidations
	 	 	163	 
	Section 6.06 Asset Sales
	 	 	164	 
	Section 6.07 Cash Pooling Arrangements
	 	 	167	 
	Section 6.08 Dividends
	 	 	167	 
	Section 6.09 Transactions with Affiliates
	 	 	169	 
	Section 6.10 Total Net Leverage Ratio
	 	 	170	 
	Section 6.11 Prepayments of Other Indebtedness; Modifications of Organizational
Documents and Other Documents, etc.
	 	 	171	 
	Section 6.12 Limitation on Certain Restrictions on Restricted Subsidiaries
	 	 	173	 
	Section 6.13 Issuance of Disqualified Capital Stock
	 	 	174	 
	Section 6.14 Forward Share Sale Agreement and Support Agreement
	 	 	174	 
	Section 6.15 Business
	 	 	174	 
	Section 6.16 Limitation on Accounting Changes
	 	 	175	 
	Section 6.17 Fiscal Year
	 	 	175	 
	Section 6.18 Margin Rules
	 	 	175	 
	Section 6.19 No Further Negative Pledge
	 	 	175	 
	Section 6.20 Anti-Terrorism Law; Anti-Money Laundering
	 	 	176	 
	Section 6.21 Embargoed Persons
	 	 	176	 
	 
	 	 	 	 
	ARTICLE VII GUARANTEE
	 	 	176	 
	 
	 	 	 	 
	Section 7.01 The Guarantee
	 	 	176	 
	Section 7.02 Obligations Unconditional
	 	 	177	 
	Section 7.03 Reinstatement
	 	 	179	 
	Section 7.04 Subrogation; Subordination
	 	 	179	 
	Section 7.05 Remedies
	 	 	179	 
	Section 7.06 Instrument for the Payment of Money
	 	 	180	 
	Section 7.07 Continuing Guarantee
	 	 	180	 
	Section 7.08 General Limitation on Guarantee Obligations
	 	 	180	 
	Section 7.09 Release of Guarantors
	 	 	180	 
	Section 7.10 Certain Tax Matters
	 	 	181	 
	Section 7.11 German Guarantor
	 	 	181	 
	Section 7.12 Swiss Guarantors
	 	 	184	 
	Section 7.13 Irish Guarantor
	 	 	185	 
	Section 7.14 Brazilian Guarantor
	 	 	185	 
	Section 7.15 French Guarantor
	 	 	185	 
	Section 7.16 Luxembourg Guarantor
	 	 	186	 

iii

 

	 	 	 	 	 

	ARTICLE VIII EVENTS OF DEFAULT
	 	 	186	 
	 
	 	 	 	 
	Section 8.01 Events of Default
	 	 	186	 
	Section 8.02 Rescission
	 	 	190	 
	Section 8.03 Application of Proceeds
	 	 	190	 
	Section 8.04 Borrower’s Right to Cure
	 	 	192	 
	 
	 	 	 	 
	ARTICLE IX [INTENTIONALLY OMITTED]
	 	 	193	 
	 
	 	 	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT
	 	 	193	 
	 
	 	 	 	 
	Section 10.01 Appointment and Authority
	 	 	193	 
	Section 10.02 Rights as a Lender
	 	 	193	 
	Section 10.03 Exculpatory Provisions
	 	 	193	 
	Section 10.04 Reliance by the Administrative Agent
	 	 	194	 
	Section 10.05 Delegation of Duties
	 	 	195	 
	Section 10.06 Resignation of Agent
	 	 	195	 
	Section 10.07 Non-Reliance on Agent and Other Lenders
	 	 	195	 
	Section 10.08 No Other Duties, etc
	 	 	196	 
	Section 10.09 Administrative Agent May File Proofs of Claim
	 	 	196	 
	Section 10.10 Concerning the Collateral and the Related Loan Documents
	 	 	196	 
	Section 10.11 Release
	 	 	197	 
	Section 10.12 Acknowledgment of Security Trust Deed
	 	 	197	 
	Section 10.13 Secured Hedging Agreements
	 	 	197	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	197	 
	 
	 	 	 	 
	Section 11.01 Notices
	 	 	197	 
	Section 11.02 Waivers; Cumulative Remedies; Amendment
	 	 	202	 
	Section 11.03 Expenses; Indemnity; Damage Waiver
	 	 	208	 
	Section 11.04 Successors and Assigns
	 	 	211	 
	Section 11.05 Survival of Agreement
	 	 	215	 
	Section 11.06 Counterparts; Integration; Effectiveness
	 	 	215	 
	Section 11.07 Severability
	 	 	216	 
	Section 11.08 Right of Setoff
	 	 	216	 
	SECTION 11.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	 	 	216	 
	 
	SECTION 11.10 WAIVER OF JURY TRIAL
	 	 	217	 
	Section 11.11 Headings
	 	 	218	 
	Section 11.12 Treatment of Certain Information; Confidentiality
	 	 	218	 
	Section 11.13 USA PATRIOT Act Notice
	 	 	219	 
	Section 11.14 Interest Rate Limitation
	 	 	219	 
	Section 11.15 Lender Addendum
	 	 	219	 
	Section 11.16 Obligations Absolute
	 	 	219	 
	Section 11.17 Intercreditor Agreement
	 	 	220	 
	Section 11.18 Judgment Currency
	 	 	220	 

iv

 

	 	 	 	 	 

	Section 11.19 Enforcement
	 	 	221	 
	Section 11.20 No Advisory or Fiduciary Responsibility
	 	 	221	 
	Section 11.21 Abstract Acknowledgment of Indebtedness and Joint Creditorship
	 	 	222	 
	Section 11.22 Special Appointment of Collateral Agent for German Security
	 	 	223	 
	Section 11.23 Special Appointment of Collateral Agent in Relation to South Korea
	 	 	224	 
	Section 11.24 Special Appointment of Collateral Agent in Relation to France
	 	 	225	 
	Section 11.25 Swiss Tax Ruling
	 	 	225	 
	Section 11.26 Designation of Collateral Agent under Civil Code of Quebec
	 	 	226	 
	Section 11.27 Maximum Liability
	 	 	226	 
	Section 11.28 NO ORAL AGREEMENT
	 	 	226	 
	Section 11.29 Collateral Matters
	 	 	226	 
	Section 11.30 Electronic Execution of Assignments and Certain other Documents
	 	 	227	 
	Section 11.31 Payments Set Aside
	 	 	227	 

v

 

ANNEXES

	Annex I	 	Amortization Table
	 
	SCHEDULES
	 	 	 

	Schedule 1.01(a)
	 	Refinancing Indebtedness to Be Repaid

	Schedule 1.01(b)
	 	Subsidiary Guarantors

	Schedule 1.01(c)
	 	Excluded Collateral Subsidiaries

	Schedule 1.01(d)
	 	Existing Secured Hedge Providers

	Schedule 1.01(e)
	 	Administrative Agent’s Office

	Schedule 1.01(f)
	 	Closing Date Unrestricted Subsidiaries

	Schedule 3.06(c)
	 	Violations or Proceedings

	Schedule 3.17
	 	Pension Matters

	Schedule 3.19
	 	Insurance

	Schedule 3.21
	 	Material Documents

	Schedule 3.24
	 	Location of Material Inventory

	Schedule 4.01(g)
	 	Local and Foreign Counsel

	Schedule 4.01(o)(iii)
	 	Title Insurance Amounts

	Schedule 5.11(b)
	 	Certain Subsidiaries

	Schedule 5.15
	 	Post-Closing Covenants

	Schedule 6.01(b)
	 	Existing Indebtedness

	Schedule 6.02(c)
	 	Existing Liens

	Schedule 6.04(b)
	 	Existing Investments

EXHIBITS

	 	 	 

	Exhibit A
	 	Form of Administrative Questionnaire

	Exhibit B
	 	Form of Assignment and Assumption

	Exhibit C
	 	Form of Borrowing Request

	Exhibit D
	 	Form of Compliance Certificate

	Exhibit E
	 	Form of Interest Election Request

	Exhibit F
	 	Form of Joinder Agreement

	Exhibit G
	 	Form of Landlord Access Agreement

	Exhibit H
	 	[INTENTIONALLY OMITTED]

	Exhibit I
	 	Form of Lender Addendum

	Exhibit J
	 	Form of Mortgage

	Exhibit K
	 	Form of Term Loan Note

	Exhibit L-1
	 	Form of Perfection Certificate

	Exhibit L-2
	 	Form of Perfection Certificate Supplement

	Exhibit M-1
	 	Form of U.S. Security Agreement

	Exhibit M-2
	 	Form of Canadian Security Agreement

	Exhibit M-3
	 	Form of U.K. Security Agreement

	Exhibit M-4
	 	Form of Swiss Security Agreement

	Exhibit M-5
	 	Form of German Security Agreement

	Exhibit M-6
	 	Form of Irish Security Agreement

	Exhibit M-7
	 	Form of Brazilian Security Agreement

vi

 

	 	 	 

	Exhibit M-8
	 	Form of Luxembourg Security Agreement

	Exhibit M-9
	 	Form of Madeira Security Agreement

	Exhibit M-10
	 	Form of French Security Agreement

	Exhibit N
	 	Form of Opinion of Company Counsel

	Exhibit O
	 	Form of Solvency Certificate

	Exhibit P
	 	Form of Intercompany Note

	Exhibit Q
	 	Form of Secured Hedge Provider Joinder

vii

 

CREDIT AGREEMENT

This CREDIT AGREEMENT (as amended by Amendment No. 1, the “Agreement”), dated as of December 17,
2010, is among NOVELIS INC., a corporation amalgamated under the Canada Business Corporations Act
(the “Borrower”), AV METALS INC., a corporation formed under the Canada Business Corporations Act,
the Subsidiary Guarantors (such term and each other capitalized term used but not defined herein
having the meaning given to it in Article I), the Lenders, and BANK OF AMERICA, N.A., as
administrative agent (in such capacity, “Administrative Agent”) for the Lenders and as collateral
agent (in such capacity, “Collateral Agent”) for the Lenders.

WITNESSETH:

     WHEREAS, the Borrower has requested the Lenders to extend credit in the form of Term Loans on
the Closing Date in an aggregate principal amount not in excess of $1,500,000,000.

     WHEREAS, the proceeds of the Loans are to be used in accordance with Section 3.12.

     WHEREAS, Holdings, the Borrower, Novelis Corporation, a Texas corporation, and the other
Subsidiary Guarantors party thereto shall enter into the Revolving Credit Agreement providing for
Revolving Credit Loans at any time and from time to time prior to the Revolving Credit Maturity
Date in the aggregate principal amount of up to $800,000,000 simultaneously herewith.

     NOW, THEREFORE, the Lenders are willing to extend such Term Loans to the Borrower on the terms
and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01 Defined Terms. As used in this Agreement (including the preamble), the following terms shall have the meanings
specified below:

     “Acceptable Price” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

 

 

     “Accounts” shall mean all “accounts,” as such term is defined in the UCC, in which such Person
now or hereafter has rights.

     “Acquisition” shall mean any transaction or series of related transactions for the direct or
indirect (a) acquisition of all or substantially all of the property and assets or business of any
Person, or of any business unit, line of business or division of any Person or assets constituting
a business unit, line of business or division of any other Person (other than a Person that is a
Restricted Subsidiary on the Closing Date), (b) acquisition of in excess of 50% of the Equity
Interests of any Person or otherwise causing a person to become a Restricted Subsidiary of the
acquiring Person (other than in connection with the formation or creation of a Restricted
Subsidiary of the Borrower by any Company), or (c) merger, consolidation or amalgamation, whereby a
person becomes a Restricted Subsidiary of the acquiring person, or any other consolidation with any
Person, whereby a Person becomes a Restricted Subsidiary of the acquiring Person.

     “Acquisition Consideration” shall mean the purchase consideration for any Permitted
Acquisition, whether paid in cash, properties, any assumption of Indebtedness or otherwise (other
than by the issuance of Qualified Capital Stock of Holdings permitted to be issued hereunder) and
whether payable at or prior to the consummation of such Permitted Acquisition or deferred for
payment at any future time, whether or not any such future payment is subject to the occurrence of
any contingency, and includes any and all payments representing “earn-outs” and other agreements to
make any payment the amount of which is, or the terms of payment of which are, in any respect
subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any
person or business; provided that any such future payment that is subject to a contingency
shall be considered Acquisition Consideration only to the extent of the reserve, if any, required
under US GAAP at the time of such sale to be established in respect thereof by Holdings, the
Borrower or any of its Restricted Subsidiaries.

     “Additional Accrued Interest” has the meaning assigned to such term in the definition of
“Applicable Margin”.

     “Additional Lender” shall mean, at any time, any financial institution that agrees to provide
any portion of any (a) Incremental Term Loans pursuant to an Increase Joinder in accordance with
Section 2.23 or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing
Amendment in accordance with Section 2.24; provided that (i) the Administrative
Agent shall have consented (not to be unreasonably withheld) to such Additional Lender if such
consent would be required under Section 11.04(b) for an assignment of Loans to such
Additional Lender and (ii) the Borrower shall have consented to such Additional Lender.

     “Additional Senior Secured Indebtedness” shall mean any Indebtedness incurred in reliance of
Section 6.01(u).

2 

 

     “Additional Senior Secured Indebtedness Documents” shall mean all documents executed and
delivered with respect to the Additional Senior Secured Indebtedness or delivered in connection
therewith.

     “Administrative Agent” shall have the meaning assigned to such term in the preamble hereto and
includes each other person appointed as the successor pursuant to ARTICLE X.

     “Administrative Agent’s Office” shall mean the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 1.01(e), or such other address or account as
the Administrative Agent may from time to time notify to the Borrower and the Lenders.

     “Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the
form of Exhibit A.

     “Affiliate” shall mean, when used with respect to a specified person, another person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common Control with the person specified; provided, however, that, for
purposes of Section 6.09, the term “Affiliate” shall also include (i) any person that
directly or indirectly owns more than 10% of the voting power of the total outstanding Voting Stock
of the person specified or (ii) any person that is an executive officer or director of the person
specified.

     “Agents” shall mean the Administrative Agent and the Collateral Agent; and “Agent” shall mean
any of them.

     “Agreement” shall have the meaning assigned to such term in the preamble hereto.

     “Alternative Currency” shall mean (x) the lawful currency of Canada or (y) the lawful currency
of the Participating Member States introduced in accordance with the legislative measures of the
European Council for the introduction of, changeover to or operation of a single unified European
currency.

     “Amendment No. 1” shall mean that certain Amendment No. 1 to Credit Agreement, dated as of
March 10, 2011, by and among the Borrower, Holdings, the Subsidiary Guarantors and the
Administrative Agent (and consented to by the Lenders).

     “Amendment No. 1 Effective Date” shall mean the date on which Amendment No. 1 becomes
effective in accordance with the terms of Amendment No. 1.

3 

 

     “Annual Credit” shall mean the cumulative amount of $150,000,000 for each fiscal year of the
Borrower commencing after the Closing Date (beginning with the fiscal year commencing April 1,
2011) minus, in each case from and after the Closing Date until the applicable time of
determination (and taking into all transactions being consummated concurrently with the transaction
then being measured), (x) the cumulative amount of all Investments made pursuant to Section
6.04(r)(iii), (y) the cumulative amount of all Dividends made pursuant to Section
6.08(d)(ii) and (z) the cumulative amount of all payments and redemptions of Indebtedness made
pursuant to Section 6.11(a)(i)(y)(2).

     “Anti-Terrorism Laws” shall have the meaning assigned to such term in Section 3.22.

     “Applicable Discount” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Applicable Margin” shall mean, for any day, with respect to any Term Loan, the applicable
percentage set forth below under the appropriate caption:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Total Net	 	 	 	 
	Pricing	 	Leverage	 	Eurodollar	 	 
	Level	 	Ratio	 	Rate	 	Base Rate
	 	1	 	 	Greater than 3.5 to 1.00
	 	 	3.00	%	 	 	2.00	%
	 	2	 	 	Equal to or less than 3.5 to 1.00
	 	 	2.75	%	 	 	1.75	%

     For purposes of the foregoing, (a) the Applicable Margin shall be determined as of the
end of each fiscal quarter of the Borrower based upon the Borrower’s Compliance Certificate
delivered pursuant to Section 5.01(d) for such fiscal quarter and (b) each change in
the Applicable Rate resulting from a change in the Total Net Leverage Ratio shall be
effective during the period commencing on and including the date of delivery to the
Administrative Agent of such Compliance Certificate indicating such change and ending on the
date immediately preceding the effective date of the next such change, provided that
Total Net Leverage Ratio shall be deemed to be in Pricing Level 1 (i) from the Closing Date
until the Borrower’s delivery of a Compliance Certificate with respect to the first full
fiscal quarter of Borrower commencing after the Amendment No. 1 Effective Date, (ii) if the
Borrower fails to deliver the Compliance Certificate required to be delivered by it pursuant
to Section 5.01(d), during the period from the expiration of the time for delivery
thereof until such Compliance Certificate is delivered, (iii) as of the first Business Day
after an Event of Default under Section 8.01(a) or (b) shall have occurred
and be continuing, and shall continue to so apply to but excluding the date on which such
Event of Default is cured or waived (and thereafter the Pricing Level otherwise determined
in accordance with this definition shall apply) and (iv) upon and after the occurrence of an
Event of Default under Section 8.01(g) or (h). In the event that

4 

 

the
Borrower has actual knowledge or receives notice from the Administrative Agent that any
financial statement or certificate delivered pursuant to clause (a), (b) or
(d) of Section 5.01 is discovered to be inaccurate, and such inaccuracy, if
corrected, would have led to
the application of a higher Applicable Margin for Term Loans for any period (an
“Applicable Calculation Period”) than the Applicable Margin applied for such Applicable
Calculation Period, then (i) the Borrower shall promptly (and in no event later than five
Business Days following either (x) the date upon which the Borrower has actual knowledge of
such inaccuracy or (y) the receipt of written notice from the Administrative Agent of such
inaccuracy) deliver to the Administrative Agent a correct certificate for such Applicable
Calculation Period, (ii) the Borrower and the Administrative Agent shall, in consultation
with each other, recalculate the Applicable Margin and the additional amount of interest
that would have been paid based on such Applicable Margin for such Applicable Calculation
Period taking into account the Total Net Leverage Ratio at the corrected level (such amount,
the “Additional Accrued Interest”) and (iii) the Borrower shall promptly pay any Additional
Accrued Interest (and in no event later than five Business Days after determination thereof)
(and, for the avoidance of doubt, the Default Rate shall not be applied to such Additional
Accrued Interest).

     “Approved Fund” shall mean 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.

     “Approved Member State” shall mean Belgium, France, Germany, Ireland, Italy, Luxembourg, The
Netherlands, Spain, Sweden and the United Kingdom.

     “Arrangers” shall mean Merrill Lynch, Pierce, Fenner and Smith Incorporated and J.P. Morgan
Securities LLC.

     “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or
other disposition (including by way of merger or consolidation and including any Sale and Leaseback
Transaction) of any property, excluding sales of Inventory and dispositions of cash and Cash
Equivalents, in each such excluded case, which are in the ordinary course of business, by Holdings,
the Borrower or any of its Restricted Subsidiaries, or (b) any issuance of any Equity Interests of
any Restricted Subsidiary of the Borrower.

     “Asset Swap” shall mean the substantially concurrent purchase and sale or exchange of Related
Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between
any Company and another person; provided that any cash or Cash Equivalents received must be
applied in accordance with Section 2.10(c).

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or
two or more Approved Funds managed by the same investment advisor.

5 

 

     “Assignment and Assumption” shall mean an assignment and assumption entered into by a Lender
and an Eligible Assignee (with the consent of any party whose consent is required
by Section 11.04(b)), and accepted by the Administrative Agent, in substantially the
form of Exhibit B, or any other form approved by the Administrative Agent.

     “Attributable Indebtedness” shall mean, when used with respect to any Sale and Leaseback
Transaction, as at the time of determination, the present value (discounted at the rate implicit in
the lease) of the total obligations of the lessee for rental payments during the remaining term of
the lease included in any such Sale and Leaseback Transaction.

     “Auction Purchase” shall mean a purchase of Loans by the Borrower pursuant to a Dutch Auction
in accordance with the provisions of Section 11.04(b)(iv).

     “Auditor’s Determination” shall have the meaning assigned to such term in Section
7.11(b).

     “AV Metals” shall mean AV Metals Inc., a corporation formed under the Canada Business
Corporations Act.

     “Available Amount” shall have the meaning assigned to such term in Section 7.12(a).

     “Bank of America” shall mean Bank of America, N.A. and its successors.

     “Base Rate” shall mean for any day a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Effective Rate plus 1/2 of 1%, (b) the rate of interest in effect for such
day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the
Eurodollar Rate (determined on such day (or if such day is not a Business Day, on the immediately
preceding Business Day) for a one month period) plus 1.00%. The “prime rate” is a rate set by Bank
of America based upon various factors including Bank of America’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 prime rate
announced by Bank of America shall take effect at the opening of business on the day specified in
the public announcement of such change. Notwithstanding the foregoing, the Base Rate shall be
deemed to be 2.00% per annum if the Base Rate calculated pursuant to the foregoing provisions would
otherwise be less than 2.00% per annum.

     “Base Rate Borrowing” shall mean a Borrowing comprised of Base Rate Loans.

     “Base Rate Loan” shall mean a Term Loan that bears interest based on the Base Rate.

6 

 

     “Beneficially Own,” “Beneficial Owner” and “Beneficial Ownership” shall each have the meaning
assigned to such term in Rules 13d-3 and 13d-5 under the Exchange Act.

     “Board” shall mean the Board of Governors of the Federal Reserve System of the United States.

     “Board of Directors” shall mean, with respect to any person, (i) in the case of any
corporation, the board of directors of such person, (ii) in the case of any limited liability
company, the board of managers (or the functional equivalent) of such person, (iii) in the case of
any limited partnership, the Board of Directors of the general partner of such person and (iv) in
any other case, the functional equivalent of the foregoing.

     “Bookrunners” shall mean Merrill Lynch, Pierce, Fenner and Smith Incorporated, J.P. Morgan
Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc. and UBS Securities LLC.

     “Borrower” shall have the meaning assigned to such term in the preamble hereto.

     “Borrowing” shall mean Loans to the Borrower of the same Class and Type, made, converted or
continued on the same date and, in the case of Eurodollar Rate Loans, as to which a single Interest
Period is in effect.

     “Borrowing Request” shall mean a request by the Borrower in accordance with the terms of
Section 2.03 and substantially in the form of Exhibit C, or such other form as
shall be approved by the Administrative Agent.

     “Brazilian Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in
Brazil party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower organized
in Brazil that is required to become a Guarantor pursuant to the terms hereof.

     “Brazilian Security Agreements” shall mean, collectively, any Security Agreements
substantially in the form of Exhibit M-7, including all sub-parts thereto, among the
Brazilian Guarantor and the Collateral Agent for the benefit of the Secured Parties.

     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day that is also a London Banking Day.

7 

 

     “Calculation Date” shall have the meaning assigned to such term in the definition of “Senior
Secured Net Leverage Ratio”.

     “Canadian Guarantor” shall mean Holdings and each Restricted Subsidiary of the Borrower
organized in Canada party hereto as a Guarantor, and each other Restricted Subsidiary of the
Borrower organized in Canada that becomes or is required to become a Guarantor pursuant to the
terms hereof.

     “Canadian Loan Parties” shall mean Borrower and the Canadian Guarantors.

     “Canadian Security Agreement” shall mean the Security Agreements substantially in the form of
Exhibit M-2, including all sub-parts thereto, among the Canadian Loan Parties and the
Collateral Agent for the benefit of the Secured Parties.

     “Cancellation” shall mean the cancellation, termination and forgiveness by Borrower of all
Loans, Commitments and related Obligations acquired in connection with an Auction Purchase, which
cancellation shall be consummated as described in Section 11.04(b)(iv)(D) and the
definition of “Eligible Assignee”.

     “Capital Assets” shall mean, with respect to any person, all equipment, fixed assets and Real
Property or improvements of such person, or replacements or substitutions therefor or additions
thereto, that, in accordance with US GAAP, have been or should be reflected as additions to
property, plant or equipment on the balance sheet of such person.

     “Capital Expenditures” shall mean, for any period, without duplication, all expenditures made
directly or indirectly by Borrower and its Restricted Subsidiaries during such period for Capital
Assets (whether paid in cash or other consideration, financed by the incurrence of Indebtedness or
accrued as a liability), together with Borrower’s proportionate share of such amounts for Norf GmbH
for such period.

     “Capital Lease Obligations” of any person shall mean the obligations of such person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under US GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with US GAAP. It
is understood that with respect to the accounting for leases as either operating leases or capital
leases and the impact of such accounting on the definitions and covenants herein, US GAAP as in
effect on the Closing Date shall be applied.

     “Cash Equivalents” shall mean, as to any person, (a) securities issued or fully guaranteed or
insured by the federal government of the United States, Canada, Switzerland, any

8 

 

Approved Member State or any agency of the foregoing, (b) marketable direct obligations issued
by Canada or any province thereof, any state of the United States or the District of Columbia or
any political subdivision, government-sponsored entity or instrumentality thereof that, at the time
of the acquisition, are rated at least “A-2” by S&P, “P-2” by Moody’s or in the “R-2” category by
the Dominion Bond Rating Service Limited, (c) certificates of deposit, Eurocurrency time deposits,
overnight bank deposits and bankers’ acceptances of any commercial bank or trust company organized
under the laws of Canada or any province thereof, the United States, any state thereof, the
District of Columbia, any non-U.S. bank, or its branches or agencies (fully protected against
currency fluctuations) that, at the time of acquisition, is rated at least “A-2” by S&P, “P-2” by
Moody’s or in the “R-2” category by the Dominion Bond Rating Service Limited, (d) commercial paper
of an issuer rated at least “A-2” by S&P, “P-2” by Moody’s or in the “R-2” category by the Dominion
Bond Rating Service Limited, and (e) shares of any money market fund that (i) has at least 95% of
its assets invested continuously in the types of investments referred to in clauses (a), (b) and
(c) above, (ii) has net assets, the Dollar Equivalent of which exceeds $500,000,000 and (iii) is
rated at least “A-2” by S&P, “P-2” by Moody’s or in the “R-2” category by the Dominion Bond Rating
Service Limited; provided, however, that the maturities of all obligations of the
type specified in clauses (a), (b) and (c) above shall not exceed 365 days; provided,
further, that, to the extent any cash is generated through operations in a jurisdiction
outside of the United States, Canada, Switzerland or an Approved Member State, such cash may be
retained and invested in obligations of the type described in clause (c) applicable to such
jurisdiction to the extent that such obligations are customarily used in such other jurisdiction
for short term cash management purposes.

     “Cash Interest Expense” shall mean, for any period, Consolidated Interest Expense for such
period, less the sum of (a) interest on any debt paid by the increase in the principal amount of
such debt including by issuance of additional debt of such kind, (b) items described in clause (c)
of the definition of “Consolidated Interest Expense” and (c) gross interest income of Borrower and
its Restricted Subsidiaries for such period.

     “Cash Pooling Arrangements” shall mean (i) the DB Cash Pooling Arrangement, the Novelis AG
Cash Pooling Agreement and the Commerzbank Cash Pooling Agreement; provided that the
Commerzbank Cash Pooling Agreement shall cease to be effective not later than 180 days after the
Closing Date (or such later date as may be agreed to by the Administrative Agent) and (ii) any
other cash pooling arrangements (including all documentation pertaining thereto) entered into by
any Company in accordance with Section 6.07.

     “Casualty Event” shall mean any involuntary loss of title, any involuntary loss of, damage to
or any destruction of, or any expropriation, condemnation or other taking (including by any
Governmental Authority) of, any property of Holdings, the Borrower or any of its Restricted
Subsidiaries. “Casualty Event” shall include but not be limited to any taking of all or any part
of any Real Property of any person or any part thereof, in or by expropriation, condemnation or
other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary
requisition of the use or occupancy of all or any part of any Real

9 

 

Property of any person or any part thereof by any Governmental Authority, civil or military,
or any settlement in lieu thereof.

     “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act
of 1980, as amended, 42 U.S.C. § 9601 et seq. and all implementing regulations.

     A “Change in Control” shall be deemed to have occurred if:

     (a) At any time prior to a Qualified IPO, Hindalco ceases to be the Beneficial Owner
of Voting Stock representing more than 50% of the voting power of the total outstanding
Voting Stock of Holdings;

     (b) At any time prior to a Qualified Borrower IPO, Holdings at any time ceases to be
the Beneficial Owner and the direct record owner of 100% of the Equity Interests of
Borrower; provided that a Permitted Holdings Amalgamation shall not constitute a
Change in Control;

     (c) Borrower at any time ceases to be the Beneficial Owner and the direct or
indirect owner of 100% of the Equity Interests of each of Novelis Corporation and Novelis
Deutschland GmbH;

     (d) at any time a change in control (or change of control or similar event) with
respect to the Borrower or the U.S. Issuer occurs under (and as defined in) any Material
Indebtedness of any Loan Party;

     (e) (i) at any time after a Qualified IPO (other than a Qualified Borrower IPO), any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) other than the Specified Holders is or becomes the Beneficial Owner (provided that
for purposes of this clause (except as set forth below) such person or group shall be
deemed to have Beneficial Ownership of all securities that such person or group has the
right to acquire, whether such right is exercisable immediately or only after the passage
of time) of Voting Stock of Holdings representing 35% or more of the voting power of the
total outstanding Voting Stock of Holdings unless the Specified Holders at all times
Beneficially Own Voting Stock of Holdings representing greater voting power of the total
outstanding Voting Stock of Holdings than such voting power held by such person or group;
or (ii) at any time after a Qualified Borrower IPO, any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than the Specified
Holders is or becomes the Beneficial Owner (provided that for purposes of this clause
(except as set forth below) such person or group shall be deemed to have Beneficial
Ownership of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time) of Voting Stock
of Borrower representing 35% or more of the voting power of the total outstanding Voting
Stock of Borrower unless the Specified Holders at all times Beneficially Own

10 

 

Voting Stock of Borrower representing greater voting power of the total outstanding
Voting Stock of Borrower than such voting power held by such person or group; or

     (f) during any period of two consecutive years, individuals who at the beginning of
such period constituted the Board of Directors of Holdings or Borrower (together with any
new directors whose election to such Board of Directors or whose nomination for election
was approved by the Specified Holders or by a vote of at least a majority of the members
of the Board of Directors of Holdings or Borrower, as the case may be, which members
comprising such majority are then still in office and were either directors at the
beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Directors of
Holdings or Borrower.

     For purposes of this definition, a person shall not be deemed to have Beneficial Ownership of
Equity Interests subject to a stock purchase agreement, merger agreement or similar agreement until
the consummation of the transactions contemplated by such agreement.

     “Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking into effect of any law, treaty, order, policy, rule or
regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the
administration, interpretation or application thereof by any Governmental Authority or (c) the
making or issuance of any request, guideline or directive (whether or not having the force of law)
by any Governmental Authority; provided, however, that notwithstanding anything
herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith
shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

     “Chattel Paper” shall mean all “chattel paper,” as such term is defined in the UCC, in which
any Person now or hereafter has rights.

     “Chief Executive Office” shall mean, with respect to any Person, the location from which such
Person manages the main part of its business operations or other affairs.

     “Class” shall mean (a) when used with respect to Commitments, whether such Commitments are
Term Loan Commitments, Incremental Term Loan Commitments or Other Term Loan Commitments, as the
context may require, and (b) when used with respect to Loans or a Borrowing, whether such Loans, or
the Loans comprising such Borrowing, are Term Loans, Incremental Term Loans or Other Term Loans.
Other Term Loan Commitments, Other Term Loans and Incremental Term Loans made pursuant to any
Increase Joinder that have different terms and conditions than the Other Term Loans or Incremental
Term Loans shall be construed to be in different Classes.

11 

 

     “Closing Date” shall mean the date of the initial Credit Extension hereunder.

     “Closing Date Distribution” shall mean (i) the payment by the Borrower no later than 45 days
following the Closing Date with the proceeds of loans advanced under this Agreement, the Revolving
Credit Agreement and the New Senior Notes and/or cash on hand of a return of capital or other
distribution to Holdings not to exceed $1,700,000,000 in the aggregate, and (ii) the payment by
Holdings within 45 days of the Closing Date of a return of capital or other distribution to its
equity holder not to exceed the amount received as a return of capital or other distribution from
the Borrower pursuant to clause (i) above.

     “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
promulgated thereunder.

     “Co-Documentation Agents” shall mean Citibank, N.A., The Royal Bank of Scotland plc and UBS
Securities LLC.

     “Collateral” shall mean, all of the “Collateral”, “Pledged Collateral” and “Mortgaged
Property” referred to in the Security Documents and all of the other property that is or is
intended under the terms of the Security Documents to be subject to Liens in favor of the
Collateral Agent for the benefit of the Secured Parties.

     “Collateral Agent” shall have the meaning assigned to such term in the preamble hereto and
includes each other person appointed as the successor pursuant to Article X.

     “Commerzbank Cash Pooling Agreement” shall mean an Agreement regarding an Automatic Cash
Management System entered into between Novelis AG, the “Companies” (as defined therein) and
Commerzbank Aktiengesellschaft, Berlin dated 15 January 2007, together with all ancillary
documentation thereto.

     “Commitment” shall mean, with respect to any Lender, such Lender’s Term Loan Commitment,
including any Incremental Term Loan Commitment and any Other Term Loan Commitment, as the context
requires.

     “Companies” shall mean Holdings (unless Holdings has been released as a Guarantor pursuant to
Section 7.09(d)), the Borrower and its Restricted Subsidiaries; and “Company” shall mean
any one of them.

     “Compensation Plan” shall mean any program, plan or similar arrangement (other than employment
contracts for a single individual) relating generally to compensation, pension, employment or
similar arrangements with respect to which any Company, any Affiliate of any

12 

 

Company or any ERISA Affiliate of any of them has any obligation or liability, contingent or
otherwise, under any Requirement of Law other than that of the United States.

     “Compliance Certificate” shall mean a certificate of a Financial Officer substantially in the
form of Exhibit D.

     “Confidential Information Memorandum” shall mean that certain confidential information
memorandum of Novelis Inc., dated November 2010.

     “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of
Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with US GAAP.

     “Consolidated Current Assets” shall mean, as at any date of determination, the total assets of
Borrower and its Restricted Subsidiaries which may properly be classified as current assets on a
consolidated balance sheet of Borrower and its Restricted Subsidiaries in accordance with GAAP,
excluding cash and Cash Equivalents.

     “Consolidated Current Liabilities” shall mean, as at any date of determination, the total
liabilities of Borrower and its Restricted Subsidiaries which may properly be classified as current
liabilities (other than the current portion of any Loans) on a consolidated balance sheet of
Borrower and its Restricted Subsidiaries in accordance with US GAAP, but excluding (a) the current
portion of any Funded Debt of Borrower and its Restricted Subsidiaries and (b) without duplication
of clause (a) above, all Indebtedness consisting of Revolving Credit Loans to the extent otherwise
included therein.

     “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of
Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with US GAAP.

     “Consolidated EBITDA” shall mean, for any period, the sum of (A) Consolidated Net Income for
such period, adjusted by (without duplication):

     (x) adding thereto, in each case only to the extent (and in the same proportion)
deducted in determining such Consolidated Net Income and without duplication:

     (a) Consolidated Interest Expense for such period;

     (b) Consolidated Amortization Expense for such period;

     (c) Consolidated Depreciation Expense for such period;

13 

 

     (d) Consolidated Tax Expense for such period;

     (e) (i) non-recurring items or unusual charges or expenses, severance, relocation
costs or expenses, other business optimization expenses (including costs and expenses
relating to business optimization programs), new systems design and implementation costs,
project start-up costs, restructuring charges or reserves, costs related to the closure
and/or consolidation of facilities and one-time costs associated with a Qualified IPO and
(ii) the annualized amount of net cost savings, operating expense reductions and
synergies reasonably projected by the Borrower in good faith to be realized as a result
of specified actions (x) taken since the beginning of the Test Period in respect of which
Consolidated EBITDA is being determined or (y) initiated prior to or during the Test
Period (in each case, which cost savings shall be added to Consolidated EBITDA until
fully realized, but in no event for more than four fiscal quarters) (calculated on a pro
forma basis as though such annualized cost savings, operating expense reductions and
synergies had been realized on the first day of such Test Period, net of the amount of
actual benefits realized during such Test Period from such actions; provided that (A)
such cost savings, operating expense reductions and synergies are reasonably
identifiable, quantifiable and factually supportable in the good faith judgment of the
Borrower, and (B) no cost savings, operating expense reductions and synergies shall be
added pursuant to this clause (e) to the extent duplicative of any expenses or charges
otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or
otherwise, for such Test Period; provided that the aggregate amount added to
Consolidated EBITDA pursuant to this clause (e) shall not exceed in the aggregate 10% of
Consolidated EBITDA for any one Test Period; provided, further that projected
(and not yet realized) amounts may no longer be added in calculating Consolidated EBITDA
pursuant to clause (ii) of this paragraph (e) to the extent occurring more than four full
fiscal quarters after the specified action taken or initiated in order to realize such
projected cost savings, operating expense reductions and synergies;

     (f) for purposes of determining compliance with the Financial Performance Covenant
only (solely for the purposes of Section 6.10 and not for determining whether any
action predicted on being in compliance with the Financial Performance Covenant is
permitted), Specified Equity Contributions made pursuant to Section 8.04 to cure
failure to comply with the Financial Performance Covenant for a fiscal quarter in such
period;

     (g) the aggregate amount of all other non-cash charges reducing Consolidated Net
Income (excluding any non-cash charge that results in an accrual of a reserve for cash
charges in any future period) for such period;

     (h) the amount of net income (loss) attributable to non-controlling interests
deducted (and not added back) in computing Consolidated Net Income; and

     (i) Management Fees paid in compliance with Section 6.08(c);

14 

 

     (y) subtracting therefrom, (a) the aggregate amount of all non-cash items increasing
Consolidated Net Income (other than the accrual of revenue or recording of receivables in the
ordinary course of business) for such period and (b) interest income; and

     (z) excluding therefrom,

     (a) gains and losses due solely to fluctuations in currency values of non-current
assets and liabilities, realized gains and losses on currency derivatives related to such
non-current assets and liabilities determined in accordance with US GAAP for such period;

     (b) earnings or losses resulting from any reappraisal, revaluation or write-up or
write-down of assets;

     (c) non-recurring or unusual gains; and

     (d) any gain or loss relating to cancellation or extinguishment of Indebtedness

plus (B) the proportionate interest of the Borrower and its consolidated Restricted Subsidiaries in
Non-consolidated Affiliate EBITDA for such period.

Notwithstanding the foregoing clause (x), the provision for taxes and the depreciation,
amortization and non-cash items of a Restricted Subsidiary shall be added to Consolidated Net
Income to compute Consolidated EBITDA only to the extent (and in the same proportion) that the net
income of such Restricted Subsidiary was included in calculating Consolidated Net Income.

Consolidated EBITDA shall not include the Consolidated EBITDA of any Non-consolidated Affiliate if
such Non-consolidated Affiliate is subject to a prohibition, directly or indirectly, on the payment
of dividends or the making of distributions, directly or indirectly, to the Borrower, to the extent
of such prohibition.

     “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest
expense of Borrower and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with US GAAP plus, without duplication:

     (a) imputed interest on Capital Lease Obligations and Attributable Indebtedness of
Borrower and its Restricted Subsidiaries for such period;

     (b) commissions, discounts and other fees and charges owed by Borrower or any of its
Restricted Subsidiaries with respect to letters of credit securing financial obligations,
bankers’ acceptance financing and receivables financings for such period;

     (c) amortization of debt issuance costs, debt discount or premium and other
financing fees and expenses incurred by Borrower or any of its Restricted Subsidiaries
for such period;

15 

 

     (d) all interest paid or payable with respect to discontinued operations of Borrower
or any of its Restricted Subsidiaries for such period; and

     (e) the interest portion of any deferred payment obligations of Borrower or any of
its Restricted Subsidiaries for such period.

     “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of
Borrower and its Restricted Subsidiaries determined on a consolidated basis in accordance with US
GAAP; provided, however, that the following shall be excluded in the calculation of
“Consolidated Net Income”:

     (a) any net income (loss) of any person (other than the Borrower) if such person is
not a Restricted Subsidiary of the Borrower, except that:

     (i) subject to the exclusion contained in clause (c) below, equity of the
Borrower and its consolidated Restricted Subsidiaries in the net income of any such
person for such period shall be included in such Consolidated Net Income up to the
aggregate amount of cash distributed by such person during such period to the
Borrower or to a Restricted Subsidiary as a dividend or other distribution (subject,
in the case of a dividend or other distribution to a Restricted Subsidiary, to the
limitations contained in clause (b), below); and

     (ii) the equity of the Borrower and its consolidated Restricted Subsidiaries in
a net loss of any such person other than an Unrestricted Subsidiary for such period
shall be included in determining such Consolidated Net Income;

     (b) any net income (loss) of any Restricted Subsidiary of the Borrower if such
Restricted Subsidiary is subject to a prohibition, directly or indirectly, on the payment
of dividends or the making of distributions, directly or indirectly, to the Borrower, to
the extent of such prohibition, except that:

     (i) subject to the exclusion contained in clause (c) below, equity of the
Borrower and its consolidated Restricted Subsidiaries in the net income of any such
person for such period shall be included in such Consolidated Net Income up to the
aggregate amount of cash distributed by such Restricted Subsidiary during such
period to the Borrower or another Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution to a
Restricted Subsidiary, to the limitations contained in this clause (b)); and

     (ii) the equity of the Borrower and its consolidated Restricted Subsidiaries in
a net loss of any such person other than an Unrestricted Subsidiary for such period
shall be included in determining such Consolidated Net Income;

     (c) any gain or loss realized upon the sale or other disposition of any property of the
Borrower or Restricted Subsidiaries (including pursuant to any Sale and Leaseback
Transaction) that is not sold or otherwise disposed of in the ordinary course of business
(provided that sales or other dispositions of assets in connection with any Qualified

16 

 

Securitization Transaction permitted hereunder shall be deemed to be in the ordinary
course);

     (d) any extraordinary gain or loss;

     (e) the cumulative effect of a change in accounting principles;

     (f) any non-cash compensation expense realized for grants of performance shares, stock
options or other rights to officers, directors and employees of the Borrower or any
Restricted Subsidiary; provided that such shares, options or other rights can be
redeemed at the option of the holders only for Qualified Capital Stock of the Borrower or
Holdings;

     (g) any unrealized gain or loss resulting in such period from Hedging Obligations;

     (h) any expenses or charges in such period related to the Transactions (including, but
not limited to, any premiums, fees, discounts, expenses and losses payable by the Borrower
in connection with the Debt Tender Offer) and any acquisition, disposition, recapitalization
or the incurrence of any Indebtedness permitted hereunder, including such fees, expenses or
charges related to the Transactions; and

     (i) the effects of adjustments in the property, plant and equipment, inventories,
goodwill, intangible assets and debt line items in the Borrower’s consolidated financial
statements pursuant to US GAAP resulting from the application of purchase accounting in
relation to any acquisition or the amortization or write-off of any amounts thereof, net of
taxes.

Notwithstanding the foregoing, for purposes of the calculation of Cumulative Credit only, there
shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or
other transfers of property from Unrestricted Subsidiaries to the Borrower or a Restricted
Subsidiary to the extent such dividends, repayments or transfers increase the amount of Cumulative
Credit pursuant to clause (d) of the definition of Cumulative Credit.

     “Consolidated Net Tangible Assets” shall mean, as of any date of determination, the sum of the
amounts that would appear on a consolidated balance sheet of the Borrower and its Restricted
Subsidiaries as the total assets (less accumulated depreciation and amortization, allowances for
doubtful receivables, other applicable reserves and other properly deductible items) of the
Borrower and its Restricted Subsidiaries, after giving effect to purchase accounting and after
deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the
amounts of (without duplication):

     (a) the excess of cost over fair market value of assets or businesses acquired;

17 

 

     (b) any revaluation or other write-up in book value of assets subsequent to
September 30, 2010 as a result of a change in the method of valuation in accordance with
US GAAP;

     (c) unamortized debt discount and expenses and other unamortized deferred charges,
goodwill, patents, trademarks, service marks, trade names, copyrights, licenses,
organization or developmental expenses and other intangible items;

     (d) minority interests in consolidated Subsidiaries held by Persons other than the
Borrower or any Restricted Subsidiary of the Borrower;

     (e) treasury stock;

     (f) cash or securities set aside and held in a sinking or other analogous fund
established for the purpose of redemption or other retirement of Equity Interests to the
extent such obligation is not reflected in Consolidated Current Liabilities; and

     (g) Investments in and assets of Unrestricted Subsidiaries.

     “Consolidated Tax Expense” shall mean, for any period, the tax expense of Borrower and its
Restricted Subsidiaries, for such period determined on a consolidated basis in accordance with US
GAAP.

     “Consolidated Total Assets” shall mean at any date of determination, the total assets of the
Borrower and its Restricted Subsidiaries determined on a consolidated basis in accordance with US
GAAP.

     “Consolidated Total Net Debt” shall mean, as of any date of determination and without
duplication, the sum of (A) the aggregate principal amount of Indebtedness of the Borrower and its
Restricted Subsidiaries outstanding on such date of the type referenced in clauses (a), (b) and (f)
of the definition of Indebtedness, and any Continent Obligations of the Borrower and its Restricted
Subsidiaries in respect of Indebtedness of any Person under clauses (a), (b) and (f) of the
definition of Indebtedness, minus the aggregate amount of Unrestricted Cash on such date,
plus (B) the proportionate interest of the Borrower and its consolidated Restricted Subsidiaries in
the Non-consolidated Affiliate Debt of each of the Non-consolidated Affiliates at any date of
determination. The aggregate principal amount of such Indebtedness shall be determined according
to the face or principal amount thereof, based on the amount owing under the applicable contractual
obligation (without regard to any election by the Borrower, Holdings or any other Person to measure
an item of Indebtedness using fair value or any other discount that may be applicable under GAAP
(including the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities) on a
consolidated basis with respect to the Borrower and its Restricted Subsidiaries in accordance with
consolidation principles utilized in GAAP.

18 

 

     “Contingent Obligation” shall mean, as to any person, any obligation, agreement,
understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness,
leases, dividends or other obligations (“primary obligations”) of any other person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of such person,
whether or not contingent, (a) under any guaranty, endorsement, co-making or sale with recourse of
any obligation of a primary obligor, (b) to purchase any such primary obligation or any property
constituting direct or indirect security therefor; (c) to advance or supply funds (i) for the
purchase or payment of any such primary obligation or (ii) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; (d) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation; (e) with respect to bankers’ acceptances, letters of credit and similar credit
arrangements, until a reimbursement obligation arises (which reimbursement obligation shall
constitute Indebtedness); or (f) otherwise to assure or hold harmless the holder of such primary
obligation against loss in respect thereof; provided, however, that the term
“Contingent Obligation” shall not include endorsements of instruments for deposit or collection in
the ordinary course of business or any product warranties. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount
of such primary obligation for which such person may be liable, whether singly or jointly, pursuant
to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person
is required to perform thereunder) as determined by such person in good faith.

     “Contribution, Intercompany, Contracting and Offset Agreement” shall mean that certain
Contribution, Intercompany, Contracting and Offset Agreement dated as of the date hereof by and
among the Loan Parties (other than certain Foreign Subsidiaries), the Collateral Agent and the
Administrative Agent.

     “Contribution Notice” shall mean a contribution notice issued by the Pensions Regulator under
Section 38 or Section 47 of the Pensions Act 2004.

     “Control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a person, whether through the ownership of voting
securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto.

     “Control Agreement” shall mean, with respect to a Deposit Account, Securities Account, or
Commodity Account (each as defined in the UCC), (i) located in the United States, an agreement in
form and substance reasonably satisfactory to the Collateral Agent establishing the Collateral
Agent’s “control” (within the meaning of the UCC) in such account, or (ii) located in other
jurisdictions, agreements with regard to such accounts establishing and perfecting the First

19 

 

Priority Lien of the Collateral Agent in such accounts), and otherwise in form and substance
reasonably satisfactory to the Collateral Agent.

     “Credit Agreement Refinancing Indebtedness” means (a) Permitted First Priority Refinancing
Debt, (b) Permitted Second Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or
(d) Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or
otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in
exchange for, or to extend, renew, replace or refinance, in whole or part, existing Term Loans
(including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced Debt”);
provided that (i) such extending, renewing or refinancing Indebtedness is in an original
aggregate principal amount not greater than the aggregate principal amount of the Refinanced Debt
(except for unpaid accrued interest and premium thereon and any make-whole payments applicable
thereto), (ii) such Indebtedness has a later maturity and a Weighted Average Life to Maturity equal
to or greater than the Refinanced Debt and (iii) such Refinanced Debt shall be repaid, defeased or
satisfied and discharged, and all accrued interest, fees and premiums (if any) in connection
therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued,
incurred or obtained.

     “Credit Extension” shall mean the making of a Loan by a Lender.

     “Cumulative Credit” shall mean, at any date, an amount equal to:

     (a) 50% of the aggregate Consolidated Net Income accrued during the period commencing on
October 1, 2010 to and including the last day of the fiscal quarter most recently ended for which
the Borrower has delivered to the Administrative Agent the financial statements required to be
delivered by Section 5.01(a) or Section 5.01(b), taken as a single accounting
period (or, in the event Consolidated Net Income for such period is a deficit, minus 100% of such
deficit); plus

     (b) 100% of the Net Cash Proceeds received by (x) Holdings from the issuance of Qualified
Capital Stock of Holdings or as a capital contribution to Holdings after the Closing Date to the
extent that such Net Cash Proceeds are immediately contributed by Holdings to the Borrower
following such sale or contribution to Holdings (including the Net Cash Proceeds of a Qualified
IPO) and (y) Borrower from the issuance of Qualified Capital Stock of the Borrower in a Qualified
Borrower IPO; provided that, in each case, no issuances to or contributions from a
Restricted Subsidiary shall be counted for the purposes of this clause (b); plus

     (c) the aggregate net cash proceeds received by the Borrower or any Restricted Subsidiary from
the issuance or sale after the Closing Date of convertible or exchangeable Indebtedness that has
been converted into or exchanged for Qualified Capital Stock of Holdings or of the Borrower after a
Qualified Borrower IPO, excluding:

     (i) any such Indebtedness issued or sold to any Loan Party or a Subsidiary of any Loan
Party or an employee stock ownership plan or trust established by any Loan Party or any such
Subsidiary for the benefit of their employees, and

20 

 

     (ii) the aggregate amount of any cash or other property distributed by Holdings, the
Borrower or any Restricted Subsidiary upon any such conversion or exchange; plus

     (d) the net reduction in Investments made in reliance on the Cumulative Credit pursuant to
Section 6.04(r)(ii) in any person other than the Borrower or an Unrestricted Grantor
resulting from cash dividends, repayments of loans or advances or other transfers of property
(valued at fair market value), in each case to the Borrower or any Unrestricted Grantor;
provided that the foregoing amount shall not exceed, in the case of any person, the amount
of Investments made after the Closing Date by the Borrower or any Unrestricted Grantor in such
person in reliance on the Cumulative Credit pursuant to Section 6.04(r)(ii); plus

     (e) upon the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary pursuant
to Section 5.16, the lesser of (i) the fair market value of the net assets of such
Unrestricted Subsidiary at the time of redesignation and (ii) the aggregate amount of Investments
made by the Borrower or any Restricted Subsidiary in reliance on the Cumulative Credit pursuant to
Section 6.04(r)(ii) in such Unrestricted Subsidiary after the Closing Date and prior to
such redesignation; minus

     (f) in each case from and after the Closing Date, (x) the cumulative amount of all Investments
made pursuant to Section 6.04(r)(ii), (y) the cumulative amount of all Dividends made
pursuant to Section 6.08(c), Section 6.08(d)(i), Section 6.08(i) and
Section 6.08(j) and (z) the cumulative amount of all payments and redemptions of
Indebtedness made pursuant to Section 6.11(a)(i)(y)(1); minus

     (g) if, at such date of determination, the Total Net Leverage Ratio determined on a Pro Forma
Basis as of the last day of the most recently ended fiscal quarter for which the Borrower has
delivered to the Administrative Agent the financial statements required to be delivered by
Section 5.01(a) or Section 5.01(b) would be greater than or equal to 3.0 to 1.0,
the cumulative amount of Recapture Amounts paid since the Closing Date;

provided that amounts received by Holdings or the Borrower in connection with Specified
Equity Contributions made pursuant to Section 8.04 shall not be included in the calculation
of the Cumulative Credit.

     “DB Cash Pooling Arrangements” shall mean the cash pooling arrangements among the Borrower,
certain other Loan Parties and Deutsche Bank pursuant to the Transaction Banking Services Agreement
among such parties and any documents ancillary thereto.

     “Debt Issuance” shall mean the incurrence by Holdings, the Borrower or any of its Restricted
Subsidiaries of any Indebtedness after the Closing Date (other than as permitted by Section
6.01).

     “Debt Service” shall mean, for any period, Cash Interest Expense for such period plus
scheduled principal amortization of all Indebtedness paid in such period.

21 

 

     “Debt Tender Offer” shall mean the tender offers and consent solicitations for each series of
Existing Senior Notes pursuant to the Offer to Purchase and Consent Solicitation Statement of the
Borrower dated November 26, 2010 relating to each series of Existing Notes, as in effect on the
Closing Date.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, 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” shall mean an Event of Default or an event, occurrence or condition which is, or
upon notice, lapse of time or both would constitute, an Event of Default.

     “Default Rate” shall have the meaning assigned to such term in Section 2.06(c).

     “Defaulting Lender” means, subject to Section 2.18(b), any Lender that, as determined
by the Administrative Agent, (a) has failed to perform any of its funding obligations hereunder
within three Business Days of the date required to be funded by it hereunder, (b) has notified the
Borrower or the Administrative Agent that it does not intend to comply with its funding obligations
or has made a public statement to that effect with respect to its funding obligations hereunder or
generally under other agreements in which it commits to extend credit, (c) has failed, within three
Business Days after request by the Administrative Agent, to confirm to the Administrative Agent
that it will comply with its funding obligations, or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of any proceeding under any Debtor Relief Law, (ii) had a
receiver, conservator, trustee, administrator, examiner or assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or a custodian appointed
for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or
acquiescence in any such proceeding or appointment; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority.

     “Delegate” shall mean any delegate, agent, attorney, trustee or co-trustee appointed by the
Collateral Agent or any Receiver.

     “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable), or upon the
happening of any event, (a) matures (excluding any maturity as the result of an optional redemption
by the issuer thereof) or is mandatorily redeemable other than solely for Qualified Capital Stock,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder
thereof, in whole or in part, on or prior to 180 days after the Latest Maturity Date in effect at
the time of issuance of such Equity Interest, (b) is convertible into or exchangeable

22 

 

(unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity
Interests referred to in (a) above, in each case at any time on or prior to 180 days after the
Latest Maturity Date in effect at the time of issuance of such Equity Interest, or (c) contains any
mandatory repurchase obligation which may come into effect prior to 180 days after the Latest
Maturity Date in effect at the time of issuance of such Equity Interest; provided,
however, that any Equity Interests that would not constitute Disqualified Capital Stock but
for provisions thereof giving holders thereof (or the holders of any security into or for which
such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer
thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale
occurring prior to 180 days after the Latest Maturity Date in effect at the time of issuance of
such Equity Interest shall not constitute Disqualified Capital Stock if such Equity Interests
provide that the issuer thereof will not redeem any such Equity Interests pursuant to such
provisions prior to the repayment in full of the Obligations.

     “Distribution” shall mean, collectively, with respect to each Loan Party, all dividends, cash,
options, warrants, rights, instruments, distributions, returns of capital or principal, income,
interest, profits and other property, interests (debt or equity) or proceeds, including as a result
of a split, revision, reclassification or other like change of the Pledged Securities, from time to
time received, receivable or otherwise distributed to such Loan Party in respect of or in exchange
for any or all of the Pledged Securities or Pledged Intercompany Notes.

     “Dividend” with respect to any person shall mean that such person has declared or paid a
dividend or returned any equity capital to the holders of its Equity Interests or made any other
distribution, payment or delivery of property (other than Qualified Capital Stock of such person)
or cash to the holders of its Equity Interests as such, or redeemed, retired, purchased or
otherwise acquired, directly or indirectly, for consideration any of its Equity Interests
outstanding (or any options or warrants issued by such person with respect to its Equity
Interests), or set aside any funds for any of the foregoing purposes, or shall have permitted any
of its Subsidiaries to purchase or otherwise acquire for consideration any of the Equity Interests
of such person outstanding (or any options or warrants issued by such person with respect to its
Equity Interests). Without limiting the foregoing, “Dividends” with respect to any person shall
also include all payments made or required to be made by such person with respect to any stock
appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting
aside of any funds for the foregoing purposes, except to the extent such payments reduce
Consolidated Net Income.

     “Dividend Recapture Amount” shall have the meaning assigned to such term in Section
6.08(d)(iii).

     “Dollar Equivalent” shall mean, as to any amount denominated in any currency other than
Dollars as of any date of determination, the amount of Dollars that would be required to purchase
the amount of such currency based upon the Spot Selling Rate as of such date, and as to any amount
denominated in Dollars, such amount in Dollars.

23 

 

     “Dollars” or “dollars” or “$” shall mean lawful money of the United States.

     “Dutch Auction” means one or more purchases by the Borrower (each, a “Purchase”) of Term
Loans; provided that, each such Purchase is made on the following basis:

     (a) The Borrower will notify the Administrative Agent in writing (a “Purchase Notice”)
(and the Administrative Agent will deliver such Purchase Notice to each relevant Lender)
that the Borrower wishes to make an offer to purchase (i) from each Lender with respect to
any Class of Term Loans on an individual tranche basis, Term Loans, in an aggregate
principal amount as is specified by the Borrower (the “Term Loan Purchase Amount”) with
respect to each applicable tranche, subject to a range or minimum discount to par expressed
as a price at which range or price the Borrower would consummate the Purchase (the “Offer
Price”) of such Term Loans to be purchased (it being understood that different Offer Prices
and/or Term Loan Purchase Amounts may be offered with respect to different Classes of Term
Loans and, in such an event, each such offer will be treated as a separate offer pursuant to
the terms of this Section); provided that the Purchase Notice shall specify that
each Return Bid (as defined below) must be submitted by a date and time to be specified in
the Purchase Notice, which date shall be no earlier than the second Business Day following
the date of the Purchase Notice and no later than the fifth Business Day following the date
of the Purchase Notice; (ii) at the time of delivery of the Purchase Notice to the
Administrative Agent, no Default shall have occurred and be continuing or would result
therefrom (which condition shall be certified as being satisfied in such Purchase Notice)
and (iii) the Term Loan Purchase Amount specified in each Purchase Notice delivered by the
Borrower to the Administrative Agent shall not be less than $25,000,000 in the aggregate;

     (b) The Borrower will allow each Lender holding the Class of Term Loans subject to the
Purchase Notice to submit a notice of participation (each, a “Return Bid”) which shall
specify (i) one or more discounts to par of such Lender’s Class or Classes of Term Loans
subject to the Purchase Notice expressed as a price (each, an “Acceptable Price”) (but in no
event will any such Acceptable Price be greater than the highest Offer Price for the
Purchase subject to such Purchase Notice) and (ii) the principal amount of such Lender’s
Class of Term Loans at which such Lender is willing to permit a purchase of all or a portion
of its Term Loans to occur at each such Acceptable Price (the “Reply Amount”);

     (c) based on the Acceptable Prices and Reply Amounts of the Term Loans as are specified
by the Lenders, the Administrative Agent in consultation with the Borrower, will determine
the applicable discount (the “Applicable Discount”), which will be the lowest Acceptable
Price at which the Borrower can complete the Purchase for the entire Term Loan Purchase
Amount; provided, that in the event that the aggregate Reply Amounts relating to
such Purchase Notice are insufficient to allow the Borrower to complete a purchase of the
entire Term Loan Purchase Amount, the Borrower may, at its election, either (x) withdraw the
Purchase Notice and terminate the Purchase or (y)

24 

 

complete the Purchase for the aggregate Reply Amounts at an Applicable Discount equal
to the highest Acceptable Price that is less than or equal to maximum Offer Price for the
Purchase subject to the Purchase Notice;

     (d) The Borrower shall purchase Term Loans from each Lender with one or more Acceptable
Prices that are equal to or less than the Applicable Discount (“Qualifying Bids”) at the
Applicable Discount (such Term Loans, as applicable, being referred to as “Qualifying Loans”
and such Lenders being referred to as “Qualifying Lenders”), subject to clauses (e), (f),
(g) and (h) below;

     (e) The Borrower shall purchase the Qualifying Loans offered by the Qualifying Lenders
at the Applicable Discount; provided that if the aggregate principal amount required
to purchase the Qualifying Loans would exceed the Term Loan Purchase Amount, the Borrower
shall purchase Qualifying Loans ratably based on the aggregate principal amounts of all such
Qualifying Loans tendered by each such Qualifying Lender;

     (f) the Purchase shall be consummated pursuant to and in accordance with Section
11.04 and, to the extent not otherwise provided herein, shall otherwise be consummated
pursuant to procedures (including as to timing, rounding and minimum amounts, Interest
Periods, and other notices by the Borrower) mutually acceptable to the Administrative Agent
and the Borrower (provided that such Purchase shall be required to be consummated no later
than five Business Days after the time that Return Bids are required to be submitted by
Lenders pursuant to the applicable Purchase Notice);

     (g) upon submission by a Lender of a Return Bid, subject to the foregoing clause (f),
such Lender will be irrevocably obligated to sell the entirety or its pro rata portion (as
applicable pursuant to clause (e) above) of the Reply Amount at the Applicable Discount plus
accrued and unpaid interest through the date of purchase to the Borrower pursuant to
Section 11.04 and as otherwise provided herein; and

     (h) purchases by the Borrower of Qualifying Loans shall result in the immediate
cancellation of such Qualifying Loans.

     “Eligible Assignee” shall mean (a) any Lender, (b) an Affiliate of any Lender, (c) an Approved
Fund of a Lender and (d) any other person approved by the Administrative Agent and the Borrower
(each such approval not to be unreasonably withheld or delayed and, with respect to the Borrower,
such approval shall be deemed given if no objection is made by the Borrower within five Business
Days after receipt of a notice of an assignment proposing such person as an assignee of any
interest in any Loans); provided that (x) no approval of the Borrower shall be required during the
continuance of a Default under Sections 8.01(a), (b), (f) or (g) or
prior to the earlier of (i) 45 days after the Closing Date or (ii) the completion of the primary
syndication of the Commitments and Loans (as determined by the Arrangers), (y) “Eligible Assignee”
shall not

25 

 

include Holdings or any of its Affiliates or Subsidiaries (other than the Borrower, solely to
the extent that the Borrower purchases or acquires Term Loans pursuant to a Dutch Auction and
effects a Cancellation immediately upon such purchase or acquisition pursuant to documentation
reasonably satisfactory to the Administrative Agent) or any natural person and (z) each assignee
Lender shall be subject to each other applicable requirement regarding Lenders hereunder.

     “Embargoed Person” shall have the meaning assigned to such term in Section 6.21.

     “Environment” shall mean the natural environment, including air (indoor or outdoor), surface
water and groundwater (including potable water, navigable water and wetlands), the land surface or
subsurface strata, natural resources, the workplace or as otherwise defined in any Environmental
Law.

     “Environmental Claim” shall mean any claim, notice, demand, order, action, suit, proceeding or
other formal communication alleging liability for or obligation with respect to any investigation,
remediation, removal, cleanup, response, corrective action, damages to natural resources, personal
injury, property damage, fines, penalties or other costs resulting from, related to or arising out
of (i) the presence, Release or threatened Release in or into the Environment of Hazardous Material
at any location or (ii) any violation or alleged violation of any Environmental Law, and shall
include any claim seeking damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from, related to or arising out of the presence, Release or threatened
Release of Hazardous Material or alleged injury or threat of injury to the Environment or to human
health or safety relating to or arising out of the use of, exposure to or Releases or threatened
Releases of Hazardous Material.

     “Environmental Law” shall mean any and all treaties, laws, statutes, ordinances, regulations,
rules, decrees, orders, judgments, consent orders, consent decrees, code or other legally binding
requirements, and the common law, relating to protection of human health or the Environment, the
Release or threatened Release of Hazardous Material, natural resources or natural resource damages,
or occupational safety or health, and any and all Environmental Permits.

     “Environmental Permit” shall mean any permit, license, approval, registration, notification,
exemption, consent or other authorization required by or from a Governmental Authority under
Environmental Law.

     “Equipment” shall mean “equipment,” as such term is defined in the UCC, in which such Person
now or hereafter has rights.

     “Equity Interest” shall mean, with respect to any person, any and all shares, interests,
participations or other equivalents, including membership interests (however designated, whether

26 

 

voting or nonvoting), of equity of such person, including, if such person is a partnership,
partnership interests (whether general or limited) and 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
property of, such partnership, whether outstanding on the date hereof or issued after the Closing
Date, but excluding debt securities convertible or exchangeable into such equity.

     “Equity Issuance” shall mean, without duplication, (i) prior to a Qualified Borrower IPO, any
issuance or sale by Holdings after the Closing Date of any Equity Interests in Holdings (including
any Equity Interests issued upon exercise of any warrant or option) or any warrants or options to
purchase Equity Interests or any contribution to the capital of Holding and (ii) after a Qualified
Borrower IPO, any issuance or sale by the Borrower after the Closing Date of any Equity Interests
in the Borrower (including any Equity Interests issued upon exercise of any warrant or option) or
any warrants or options to purchase Equity Interests or any contribution to the capital of
Borrower.

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time.

     “ERISA Affiliate” shall mean, with respect to any person, any trade or business (whether or
not incorporated) that, together with such person, is treated as a single employer under Section
414 of the Code.

     “ERISA Event” shall mean (a) any “reportable event,” as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the thirty
(30) day notice period is waived by regulation); (b) the failure to meet the minimum funding
standard of Section 412 of the Code with respect to any Plan whether or not waived; (c) the failure
to make by its due date a required installment under Section 430(j) of the Code with respect to any
Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the filing
pursuant to Section 412 of the Code or Section 303(d) of ERISA of an application for a waiver of
the minimum funding standard with respect to any Plan; (e) the incurrence by any Company or any of
its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of
any Plan, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA; (f) the
receipt by any Company or any of its ERISA Affiliates from the PBGC or a plan administrator of any
notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (g) the occurrence of any event or condition which could reasonably be
expected to constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan; (h) the incurrence by any Company or any of its
ERISA Affiliates of any liability with respect to the withdrawal from any Plan subject to Section
4063 of ERISA or a cessation of opration that is treated as a withdrawal under Section 406(e) of
ERISA; (i) a complete or partial withdrawal by any Company or any ERISA Affiliate from a
Multiemployer Plan resulting in material Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA; (j) the making of any amendment to any Plan which could result in the imposition
of a lien or the posting of a bond or

27 

 

other security; and (k) the
occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or
Section 406 of ERISA) which could reasonably be expected to result in a Material Adverse Effect.

     “Eurodollar Base Rate” shall mean, (a) for any Interest Period, the rate per annum equal to
the higher of (i) British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or another commercially available source providing quotations of BBA LIBOR as designated
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London
Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period and (ii)
1.00%. If such rate is not available at such time for any reason, then the “Eurodollar Base Rate”
for such Interest Period shall be the higher of (i) the rate per annum determined by the
Administrative Agent to be the rate 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 by Bank of America (or such other amount as the Administrative Agent
shall determine) and with a term equivalent to such Interest Period would be offered by Bank of
America’s London Branch to major banks in the London interbank eurodollar market at their request
at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such
Interest Period and (ii) 1.00%; and (b) for any interest calculation with respect to a Base Rate
Loan on any date, the rate per annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London
time determined two London Banking Days prior to such date for Dollar deposits being delivered in
the London interbank market for a term of one month commencing that day or (ii) if such published
rate is not available at such time for any reason, the rate per annum determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of
determination in same day funds in the approximate amount of the Base Rate Loan being made or
maintained and with a term equal to one month would be offered by Bank of America’s London Branch
to major banks in the London interbank Eurodollar market at their request at the date and time of
determination.

     “Eurodollar Rate” shall mean for any Interest Period with respect to a Eurodollar Rate Loan, a
rate per annum determined by the Administrative Agent pursuant to the following formula:

	 	 	 	 	 

	Eurodollar Rate    =

	 	Eurodollar Base Rate
 

	 	 
	 

	 	1.00 – Eurodollar Reserve Percentage	 	 

     “Eurodollar Rate Borrowing” shall mean a Borrowing comprised of Eurodollar Rate Loans.

     “Eurodollar Rate Loan” shall mean a Term Loan that bears interest at a rate determined by
reference to the Eurodollar Rate.

     “Eurodollar Reserve Percentage” shall mean, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on

28 

 

such day, whether or not applicable to any Lender, under regulations issued from time to time
by the Board for determining the maximum reserve requirement (including any emergency, supplemental
or other marginal reserve requirement) with respect to Eurodollar 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.

     “Eurofoil” shall mean Eurofoil Inc. (USA), a New York corporation.

     “Event of Default” shall have the meaning assigned to such term in Section 8.01.

     “Excess Amount” shall have the meaning assigned to such term in Section 2.10.

     “Excess Cash Flow” shall mean, for any Excess Cash Flow Period, Consolidated EBITDA for such
Excess Cash Flow Period, minus, without duplication:

     (a) Debt Service for such Excess Cash Flow Period;

     (b) the aggregate amount of prepayments, redemptions and repurchases (to the extent resulting
in cancellation of the underlying obligation and in the case of revolving Indebtedness, a
simultaneous permanent reduction in commitments) made by the Borrower and its Restricted
Subsidiaries from Internally Generated Cash Flow during such Excess Cash Flow Period in respect of
principal on Capital Lease Obligations, Purchase Money Obligations, Additional Senior Secured
Indebtedness and any Indebtedness of a Restricted Subsidiary that is not a Loan Party (and, in the
case of prepayments of any revolving Indebtedness, to the extent accompanied by a simultaneous
permanent reduction in an equal amount of the revolving commitments in respect of such
Indebtedness), in each case, so long as such amounts are not already reflected in Debt Service,
during such Excess Cash Flow Period;

     (c) Capital Expenditures during such Excess Cash Flow Period (excluding Capital Expenditures
made in such Excess Cash Flow Period where a certificate in the form contemplated by the following
clause (d) was previously delivered) that are paid in cash from Internally Generated Cash Flow;

     (d) Capital Expenditures that Borrower or any of its Restricted Subsidiaries shall, during
such Excess Cash Flow Period, become obligated to make but that are not made during such Excess
Cash Flow Period; provided that Borrower shall deliver a certificate to the Administrative
Agent not later than 105 days after the end of such Excess Cash Flow Period, signed by a
Responsible Officer of Borrower and certifying that such Capital Expenditures will be made in the
following Excess Cash Flow Period from Internally Generated Cash Flow;

29 

 

     (e) the aggregate amount of Investments made in cash during such Excess Cash Flow Period
pursuant to Sections 6.04(e), (h), (l), (m) and
(r)(i), (iii), (iv) and (v);

     (f) (i) taxes of Borrower and its Restricted Subsidiaries that were paid in cash during such
Excess Cash Flow Period (excluding taxes paid in such Excess Cash Flow period where a certificate
contemplated by the following clause (ii) was previously delivered) and (ii) taxes of Borrower and
its Restricted Subsidiaries that will be paid within six months after the end of such Excess Cash
Flow Period and for which reserves have been established; provided that Borrower shall
deliver a certificate to the Administrative Agent not later than 105 days after the end of such
Excess Cash Flow Period, signed by a Responsible Officer of Borrower and certifying that such taxes
will be paid within such six month period;

     (g) the absolute value of the difference, if negative, of the amount of Net Working Capital at
the end of the prior Excess Cash Flow Period (or, in the case of the Excess Cash Flow Period for
the first complete fiscal year of Borrower commencing after the Closing Date, at the first day of
such Excess Cash Flow Period) over the amount of Net Working Capital at the end of such Excess Cash
Flow Period (excluding or removing any impacts from non-cash currency translation adjustments,
non-cash unrealized derivatives, non-cash reclassifications, interest, income taxes and dividends);

     (h) to the extent added to determine Consolidated EBITDA and paid in cash during such Excess
Cash Flow Period, cash charges referred to in clause (x)(e)(i) of the definition of Consolidated
EBITDA;

     (i) losses excluded from the calculation of Consolidated Net Income by operation of clause (d)
of the definition thereof that are paid or realized in cash during such Excess Cash Flow Period;

     (j) cash payments made in satisfaction of non-current liabilities reflected on the balance
sheet of the Borrower (excluding payments of Indebtedness for borrowed money) paid from Internally
Generated Cash Flow;

     (k) cash payments associated with realized currency derivatives hedging non-current assets and
liabilities paid from Internally Generated Cash Flow;

     (l) Dividends paid in cash to (i) Holdings and Management Fees paid in cash during such Excess
Cash Flow period in accordance with Section 6.08(c) and (ii) to holders of Equity Interests
of Restricted Subsidiaries other than any Company or any Unrestricted Subsidiary; and

30 

 

     (m) to the extent added to determine Consolidated EBITDA, all items that did not result from a
cash payment to the Borrower or any of its Restricted Subsidiaries on a consolidated basis during
such Excess Cash Flow Period;

provided that any amount deducted pursuant of any of the foregoing clauses that will be
paid after the close of such Excess Cash Flow Period shall not be deducted again in a subsequent
Excess Cash Flow Period; plus, without duplication:

          (i) the difference, if positive, of the amount of Net Working Capital at
the end of the prior Excess Cash Flow Period (or, in the case of the Excess
Cash Flow Period for the first complete fiscal year of the Borrower commencing
after the Closing Date, at the first day of such Excess Cash Flow Period) over
the amount of Net Working Capital at the end of such Excess Cash Flow Period
(excluding or removing any impacts from non-cash currency translation
adjustments, non-cash unrealized derivatives, non-cash reclassifications,
interest, income taxes and dividends);

          (ii) to the extent any permitted Capital Expenditures referred to in
clause (d) above do not occur in the Excess Cash Flow Period specified in the
certificate of the Borrower provided pursuant to clause (d) above, such
amounts of Capital Expenditures that were not so made in the Excess Cash Flow
Period specified in such certificates;

          (iii) to the extent any tax payments referred to in clause (f)(ii) above
do not occur in the Excess Cash Flow Period specified in the certificate of
the Borrower provided pursuant to clause (f)(ii) above, such amounts of tax
payments that were not so made in the Excess Cash Flow Period specified in
such certificates;

          (iv) to the extent not reflected in Consolidated EBITDA for such Excess
Cash Flow Period, any return on or in respect of Investments received in cash
during such period, which Investments were made from Internally Generated Cash
Flow pursuant to Sections 6.04(e), (h), (l),
(m) and (r)(i), (iii), (iv) and
(v);

          (v) income and gains excluded from the calculation of Consolidated Net
Income in any period by operation of clause (d) of the definition thereof or
excluded from the calculation of Consolidated EBITDA by operation of clause
(z)(c) of the definition thereof that are realized in cash during such Excess
Cash Flow Period;

31 

 

          (vi) cash receipts associated with realized currency derivatives hedging
non-current assets and liabilities; and

          (vii) to the extent subtracted in determining Consolidated EBITDA, all
items that did not result from a cash payment by the Borrower or any of its
Subsidiaries on a consolidated basis during such Excess Cash Flow Period.

     “Excess Cash Flow Percentage” shall have the meaning assigned to such term in Section
2.10(f).

     “Excess Cash Flow Period” shall mean each fiscal year of the Borrower, beginning with the
fiscal year of the Borrower ending March 31, 2012.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

     “Excluded Collateral Subsidiary” shall mean, at any date of determination, any Restricted
Subsidiary designated as such in writing by the Borrower to the Administrative Agent that:

     (x) (i) contributed 2.5% or less of Consolidated EBITDA for the period of four fiscal
quarters most recently ended for which financial statements have been or are required to
have been delivered pursuant to Section 5.01(a) or 5.01(b) prior to the date
of determination, and (ii) had consolidated assets representing 2.5% or less of the
Consolidated Total Assets of the Borrower and its Restricted Subsidiaries on the last day of
the most recent fiscal quarter ended for which financial statements have been or are
required to have been delivered pursuant to Section 5.01(a) or 5.01(b) prior
to the date of determination;

     (y) together with all other Restricted Subsidiaries constituting Excluded Collateral
Subsidiaries (i) contributed 7.5% or less of Consolidated EBITDA for the period of four
fiscal quarters most recently ended for which financial statements have been or are required
to have been delivered pursuant to Section 5.01(a) or 5.01(b) prior to the
date of determination, and (ii) had consolidated assets representing 7.5% or less of the
Consolidated Total Assets of the Borrower and its Restricted Subsidiaries on the last day of
the most recent fiscal quarter ended for which financial statements have been or are
required to have been delivered pursuant to Section 5.01(a) or 5.01(b) prior
to the date of determination; and

     (z) is not a Loan Party on the Closing Date; provided that no Loan Party shall
constitute an Excluded Collateral Subsidiary except to the extent such Loan Party issues
Equity Interests to Persons other than a Company pursuant to Section 6.06(l) and

32 

 

immediately prior to such issuance such Person would have otherwise qualified as an Excluded
Collateral Subsidiary under clause (x) and (y) above.

     The Excluded Collateral Subsidiaries as of the Closing Date are listed on Schedule
1.01(c).

     “Excluded Contract” shall have the meaning assigned to such term in the definition of
“Excluded Property”.

     “Excluded Equity Interests” means (a) any Equity Interests of any Person with respect to which
the cost or other consequences (including any adverse tax consequences) of pledging such Equity
Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom as
reasonably determined by the Administrative Agent and the Borrower, (b) any Equity Interests to the
extent the pledge thereof would be prohibited by any applicable law or contractual obligation (only
to the extent such prohibition is applicable and not rendered ineffective by any applicable law
and, in the case of any such contractual obligation, permitted under Section 6.19 hereof)
and (c) the Equity Interests of any Unrestricted Subsidiary.

     “Excluded Property” means (a) any Excluded Equity Interests, (b) any property, including the
rights under any contract or agreement (an “Excluded Contract”) to the extent that the grant of a
Lien thereon (i) is prohibited by applicable law or contractual obligation, (ii) requires a consent
not obtained of any governmental authority pursuant to such applicable law or any third party
pursuant to any contract between the Borrower or any Subsidiary and such third party or (iii) would
trigger a termination event pursuant to any “change of control” or similar provision, in each case
pursuant to this clause (a), except to the extent such anti-assignment or negative pledge is not
enforceable under the UCC or other applicable Requirements of Law, or such contractual obligation
is prohibited under Section 6.19 hereof, (b) United States intent-to-use trademark
applications to the extent that, and solely during the period in which, the grant of a Lien thereon
would impair the validity or enforceability of such intent-to-use trademark applications under
applicable United States federal law, (c) local petty cash deposit accounts maintained by the
Borrower and its Restricted Subsidiaries in proximity to their operations, (d) payroll accounts
maintained by the Borrower and its Subsidiaries, (e) Property that is, or is to become, subject to
a Lien securing a Purchase Money Obligation or Capital Lease Obligation permitted to be incurred
pursuant to this Agreement, if the contract or other agreement in which such Lien is granted (or
the documentation providing for such Purchase Money Obligation or Capital Lease Obligation) validly
prohibits the creation of any other Lien on such Property and such prohibition is permitted under
Section 6.19 hereof, (f)(x) any leasehold real property and (y) any fee-owned real property
having an individual fair market value not exceeding $10,000,000, (g) any Letter-of-Credit Rights
that are not Supporting Obligations (each as defined in the UCC), and (h) any other property with
respect to which the cost or other consequences (including any materially adverse tax consequences)
of pledging such property shall be excessive in view of the benefits to be obtained by the Lenders
therefrom as reasonably determined by the Administrative Agent.

     “Excluded Subsidiaries” shall mean Restricted Subsidiaries of Holdings that are not organized
in a Principal Jurisdiction.

33 

 

     “Excluded Taxes” shall mean, with respect to the Agents, any Lender or any other recipient of
any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes
imposed on or measured by its overall net income (however denominated), franchise taxes imposed on
it (in lieu of net income taxes) and branch profits taxes imposed on it, by a jurisdiction (or any
political subdivision thereof) as a result of the recipient being organized or having its principal
office or, in the case of any Lender, its applicable lending office in such jurisdiction and (b)
for greater certainty, taxes imposed on amounts deemed to be interest pursuant to section 214(7) of
the Income Tax Act (Canada).

     “Executive Order” shall have the meaning assigned to such term in Section 3.22.

     “Existing Lien” shall have the meaning assigned to such term in Section 6.02(c).

     “Existing Senior Note Agreements” shall mean the collective reference to (i) the indenture
dated as of February 3, 2005, pursuant to which the Existing 2005 Senior Notes were issued and (ii)
the indenture dated as of August 11, 2009, pursuant to which the Existing 2009 Senior Notes were
issued.

     “Existing Senior Note Documents” shall mean the Existing Senior Notes, the Existing Senior
Note Agreements, the Existing Senior Note Guarantees and all other documents executed and delivered
with respect to either Existing Senior Notes or the Existing Senior Note Agreements.

     “Existing Senior Note Guarantees” shall mean the guarantees pursuant to either Existing
Senior Note Agreement.

     “Existing Senior Notes” shall mean the collective reference to the Existing 2005 Senior Notes
and the Existing 2009 Senior Notes.

     “Existing 2005 Senior Notes” shall mean the Borrower’s 7-1/4% Senior Notes due 2015 issued
pursuant to the Existing Senior Note Agreements.

     “Existing 2009 Senior Notes” shall mean the Borrower’s 11.5% Senior Notes due 2015 issued
pursuant to the Existing Senior Note Agreements.

     “FASB ASC” shall mean the Accounting Standards Codification of the Financial Accounting
Standards Board.

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     “Federal Funds Effective Rate” shall mean, for any day, the rate per annum 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 Effective 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 Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a
whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as
determined by the Administrative Agent.

     “Fee Letter” shall mean that certain fee letter among the Borrower, the Arrangers and the
Bookrunners, dated December 10, 2010, as the same may be amended, amended and restated,
supplemented, revised or modified from time to time.

     “Fees” shall mean the fees and prepayment premiums payable hereunder or under the Fee Letter.

     “Financial Officer” of any person shall mean the chief financial officer, principal accounting
officer, treasurer or controller of such person.

     “Financial Performance Covenant” shall mean the financial covenant contained in Section
6.10.

     “Financial Support Direction” shall mean a financial support direction issued by the Pensions
Regulator under Section 43 of the Pensions Act 2004.

     “FIRREA” shall mean the Federal Institutions Reform, Recovery and Enforcement Act of 1989, as
amended.

     “First Priority” shall mean, with respect to any Lien purported to be created in any
Collateral pursuant to any Security Document, that such Lien is the most senior Lien to which such
Collateral is subject, other than Permitted Liens of the type described in Section 6.02(a),
(b), (c), (d), (f), (g), (h), (i),
(j), (k) (to the extent provided in the Intercreditor Agreement), (n),
(o), (q), (r), (s), (t) and (y) which have priority
over the Liens granted pursuant to the Security Documents (and in each case, subject to the proviso
to Section 6.02).

     “Foreign Asset Sale” shall have the meaning assigned to such term in Section 2.10(i).

     “Foreign Guarantee” shall have the meaning assigned to such term in Section 7.01.

35 

 

     “Foreign Plan” shall mean any pension or other employee benefit or retirement plan, program,
policy, arrangement or agreement maintained or contributed to by any Company with respect to
employees employed outside the United States.

     “Foreign Subsidiary” shall mean a Subsidiary that is organized under the laws of a
jurisdiction other than the United States or any state thereof or the District of Columbia.

     “Forward Share Sale Agreement” shall mean that certain Forward Share Sale Agreement, dated as
of December 17, 2010, between Novelis Inc. and Novelis Acquisitions LLC pursuant to which Novelis
Inc. has agreed to sell shares of 9.5% Preferred Stock of the capital stock of Novelis Corporation
owned by it to Novelis Acquisitions LLC.

     “French Collateral Agent” shall mean Bank of America, N.A., in its capacity as security agent
(agent des sûretés), under the French Security Agreements and any of its successors or assigns.
For the avoidance of doubt, the French Collateral Agent is hereby appointed by the Lenders to act
on their behalf as security agent (agent des sûretés) to constitute, register, manage and execute
the security interests contemplated by the French Security Agreements in order to fully secure and
guarantee their respective rights in each amount payable by each French Guarantor to each of the
Secured Parties under each of the Loan Documents, and in that capacity to accomplish all actions
and formalities eventually necessary under article 2328-1 of the French code civil.

     “French Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in France
party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower organized in
France that is required to become a Guarantor pursuant to the terms hereof.

     “French Security Agreement” shall mean, collectively, any Security Agreements substantially in
the form of Exhibit M-10, including all sub-parts thereto, among the French Guarantor and the
French Collateral Agent for the benefit of the Secured Parties.

     “Fund” shall mean 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 activities.

     “Funded Debt” shall mean, as to any person, all Indebtedness of such person that matures more
than one year from the date of its creation or matures within one year from such date but is
renewable or extendible, at the option of such person, to a date more than one year from such date
or arises under a revolving credit or similar agreement that obligates the lender or lenders to
extend credit during a period of more than one year from such date, including all current
maturities and current sinking fund payments in respect of such Indebtedness whether or not
required to be paid within one year from the date of its creation and, in the case of the

36 

 

Borrower and its Subsidiaries, Indebtedness in respect of the Loans and the Revolving Credit
Loans.

     “GAAP” shall mean generally accepted accounting principles in the United States applied on a
consistent basis; provided that if the Borrower converts its financial reporting from generally
accepted accounting principles in the United States to IFRS as permitted under Section 1.04, “GAAP”
shall mean (subject to the provisions of Section 1.04 hereof) IFRS applied on a consistent basis.

     “German Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in Germany
party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower organized in
Germany that is required to become a Guarantor pursuant to the terms hereof.

     “German Receivables Purchase Agreement” shall have the meaning assigned to such term in the
definition of “Receivables Purchase Agreement”.

     “German Security Agreement” shall mean, collectively, any Security Agreement substantially in
the form of Exhibit M-5, including all sub-parts thereto, among the German Guarantors and
the Collateral Agent and/or the Revolving Credit Collateral Agent, among others, for the benefit of
the Secured Parties.

     “German Seller” shall mean Novelis Deutschland GmbH, a company organized under the laws of
Germany (including in its roles as seller and collection agent under the German Receivables
Purchase Agreement).

     “Governmental Authority” shall mean the government of the United States or any other nation,
or of any political subdivision thereof, whether state, provincial or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the
European Central Bank).

     “Governmental Real Property Disclosure Requirements” shall mean any Requirement of Law of any
Governmental Authority requiring notification of the buyer, lessee, mortgagee, assignee or other
transferee of any Real Property, facility, establishment or business, or notification, registration
or filing to or with any Governmental Authority, in connection with the sale, lease, mortgage,
assignment or other transfer (including any transfer of control) of any Real Property, facility,
establishment or business, of the actual or threatened presence or Release in or into the
Environment, or the use, disposal or handling of Hazardous Material on, at, under or near the Real
Property, facility, establishment or business to be sold, leased, mortgaged, assigned or
transferred.

37 

 

     “Guarantee Payment” shall have the meaning assigned to such term in Section 7.12(b).

     “Guaranteed Obligations” shall have the meaning assigned to such term in Section 7.01.

     “Guarantees” shall mean the guarantees issued pursuant to ARTICLE VII by the
Guarantors.

     “Guarantors” shall mean Holdings and the Subsidiary Guarantors (including Holdings and each
other Canadian Guarantor, each U.S. Guarantor, each Swiss Guarantor, each U.K. Guarantor, each
German Guarantor, each Irish Guarantor, each Brazilian Guarantor, each Luxembourg Guarantor, each
Madeira Guarantor, each French Guarantor, and each other Restricted Subsidiary of the Borrower that
becomes or is required to become a Guarantor hereunder).

     “Hazardous Materials” shall mean the following: hazardous substances; hazardous wastes;
polychlorinated biphenyls (“PCBs”) or any substance or compound containing PCBs; asbestos or any
asbestos-containing materials in any form or condition; radon or any other radioactive materials
including any source, special nuclear or by-product material; petroleum, crude oil or any fraction
thereof; and any other pollutant or contaminant or chemicals, wastes, materials, compounds,
constituents or substances, subject to regulation under or which can give rise to liability
(including, but not limited to, due to their ignitability, corrosivity, reactivity or toxicity)
under any Environmental Laws.

     “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements
or arrangements dealing with interest rates, currency exchange rates or commodity prices, either
generally or under specific contingencies entered into for the purposes of hedging a Company’s
exposure to interest or exchange rates, loan credit exchanges, security or currency valuations or
commodity prices, in each case not for speculative purposes.

     “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.

     “Hindalco” shall mean Hindalco Industries Limited, a corporation organized under the laws of
India.

     “Holdings” shall mean (i) prior to the consummation of the Permitted Holdings Amalgamation, AV
Metals, and (ii) upon and after the consummation of the Permitted Holdings Amalgamation, Successor
Holdings.

     “IFRS” shall mean International Financial Reporting Standards consistently applied.

38 

 

     “Immaterial Subsidiary” shall mean, at any date of determination, any Subsidiary that,
together with all other Subsidiaries then constituting Immaterial Subsidiaries (i) contributed 5.0%
or less of Consolidated EBITDA for the period of four fiscal quarters most recently ended for which
financial statements have been or are required to have been delivered pursuant to Section
5.01(a) or 5.01(b) prior to the date of determination, (ii) had consolidated assets
representing 5.0% or less of the Consolidated Total Assets on the last day of the most recent
fiscal quarter ended for which financial statements have been or are required to have been
delivered pursuant to Section 5.01(a) or 5.01(b) prior to the date of
determination, and (iii) is not a Loan Party on the Closing Date.

     “Increase Effective Date” shall have the meaning assigned to such term in Section
2.23(a).

     “Increase Joinder” shall have the meaning assigned to such term in Section 2.23(c).

     “Incremental OID” shall have the meaning assigned to such term in Section 2.23(c).

     “Incremental Net Yield” shall have the meaning assigned to such term in Section
2.23(c).

     “Incremental Term Loan” shall have the meaning assigned to such term in Section
2.23(c).

     “Incremental Term Loan Commitment” shall have the meaning assigned to such term in Section
2.23(a).

     “Incremental Term Loan Maturity Date” shall have the meaning assigned to such term in
Section 2.23(c).

     “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money or advances; (b) all obligations of such person evidenced by bonds,
debentures, notes or similar instruments; (c) all obligations of such person under conditional sale
or other title retention agreements relating to property purchased by such person; (d) all
obligations of such person issued or assumed as the deferred purchase price of property or services
(excluding trade accounts payable and accrued obligations incurred in the ordinary course of
business on normal trade terms and not overdue by more than ninety (90) days (other than such
overdue trade accounts payable being contested in good faith and by proper proceedings, for which
appropriate reserves are being maintained with respect to such circumstances in accordance with US
GAAP or other applicable accounting standards)); (e) all Indebtedness of others secured by any Lien
on property owned or acquired by such person,
whether or not the obligations secured thereby have been assumed, but limited to the fair
market

39 

 

value of such property; (f) all Capital Lease Obligations, Purchase Money Obligations and
Synthetic Lease Obligations of such person; (g) all Hedging Obligations to the extent required to
be reflected on a balance sheet of such person; (h) all Attributable Indebtedness of such person;
(i) all obligations of such person for the reimbursement of any obligor in respect of letters of
credit, letters of guaranty, bankers’ acceptances and similar credit transactions; (j) all
obligations of such person under any Qualified Securitization Transaction; and (k) all Contingent
Obligations of such person in respect of Indebtedness or obligations of others of the kinds
referred to in clauses (a) through (j) above. The Indebtedness of any person shall include the
Indebtedness of any other entity (including any partnership in which such person is a general
partner) to the extent such person is liable therefor as a result of such person’s ownership
interest in or other relationship with such entity, except (other than in the case of general
partner liability) to the extent that the terms of such Indebtedness expressly provide that such
person is not liable therefor.

     “Indemnified Taxes” shall mean all Taxes other than Excluded Taxes and Other Taxes.

     “Indemnitee” shall have the meaning assigned to such term in Section 11.03(b).

     “Information” shall have the meaning assigned to such term in Section 11.12.

     “Initial Term Loans” shall mean the Term Loans made on the Closing Date under Section
2.01(a).

     “Instruments” shall mean all “instruments,” as such term is defined in the UCC, in which any
Person now or hereafter has rights.

     “Insurance Policies” shall mean the insurance policies and coverages required to be maintained
by each Loan Party which is an owner of Mortgaged Property with respect to the applicable Mortgaged
Property pursuant to Section 5.04 and all renewals and extensions thereof.

     “Insurance Requirements” shall mean, collectively, all provisions of the Insurance Policies,
all requirements of the issuer of any of the Insurance Policies and all orders, rules, regulations
and any other requirements of the National Board of Fire Underwriters (or any other body exercising
similar functions) binding upon each Loan Party which is an owner of Mortgaged Property and
applicable to the Mortgaged Property or any use or condition thereof.

     “Intellectual Property” shall have the meaning assigned to such term in Section
3.06(a).

40 

 

     “Interbank Rate” shall mean, for any period, (i) in respect of Loans denominated in dollars,
the Federal Funds Effective Rate, and (ii) in respect of Loans denominated in any other currency,
the Administrative Agent’s cost of funds for such period.

     “Intercompany Note” shall mean a promissory note substantially in the form of Exhibit P, or such other form as may be agreed to by the Administrative Agent in its sole discretion.

     “Intercreditor Agreement” shall mean that certain Intercreditor Agreement dated as of the date
hereof by and among the Companies party thereto, the Administrative Agent, the Collateral Agent,
the Administrative Agent under the Revolving Credit Agreement and the Collateral Agent under the
Revolving Credit Agreement, and such other persons as may become party thereto from time to time
pursuant to the terms thereof, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

     “Interest Election Request” shall mean a request by Borrower to convert or continue a
Borrowing in accordance with Section 2.08(b), substantially in the form of Exhibit
E.

     “Interest Payment Date” shall mean (a) with respect to any Base Rate Loan, the last Business
Day of each March, June, September and December to occur during any period in which such Loan is
outstanding, (b) with respect to any Eurodollar Rate Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Rate Loan
with an Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at intervals of three months’ duration after the first day of such
Interest Period, and (c) with respect to any Term Loan, the Maturity Date of such Term Loan.

     “Internally Generated Cash Flow” shall mean cash generated by the Borrower and its Restricted
Subsidiaries in the ordinary course of business, and in any event excluding (i) proceeds of
Casualty Events and Asset Sales under Section 6.06(b), (e), (i), (j),
(k), (l) and (q), (ii) proceeds of Indebtedness other than borrowings under
the Revolving Credit Facility and intercompany loans from another Company funded in the ordinary
course of operations (and not from sources otherwise not constituting Internally Generated Cash
Flow) and (iii) proceeds of issuances of Equity Interests other than to another Company funded in
the ordinary course of operations (and not from sources otherwise not constituting Internally
Generated Cash Flow).

     “Interest Period” shall mean, with respect to any Eurodollar Rate Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months (or, if acceptable to each Lender, nine or
twelve months), as Borrower may elect; provided that (a) if any Interest Period would end
on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the immediately preceding Business Day, (b) any
Interest Period that commences on the last Business Day of a calendar month (or on a day for

41 

 

which
there is no numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such Interest Period,
(c) Borrower shall not select an Interest Period for a Class of Term Loans that would extend beyond
the Latest Maturity Date of the applicable Class of such Term Loan, (d) Borrower shall not select
Interest Periods so as to require a payment or prepayment of any Eurodollar Rate Loans during an
Interest Period for such Loans and (e) any Eurodollar Rate Borrowings made or continued during the
period ending on the earlier of (x) three months following the Closing Date and (y) the completion
of the primary syndication of the Commitments (as determined by the Arrangers), shall have a
Interest Period of one month. For purposes hereof, the date of a Borrowing initially shall be the
date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

     “Inventory” shall mean all “inventory,” as such term is defined in the UCC, wherever located,
in which any Person now or hereafter has rights.

     “Investment Recapture Amount” shall have the meaning assigned to such term in Section
6.04(r)(iv).

     “Investments” shall have the meaning assigned to such term in Section 6.04.

     “Irish Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in Ireland
party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower organized in
Ireland that is required to become a Guarantor pursuant to the terms hereof.

     “Irish Security Agreement” shall mean, collectively, any Security Agreement substantially in
the form of Exhibit M-6, including all sub-parts thereto, among the Irish Guarantors and
the Collateral Agent, among others, for the benefit of the Secured Parties.

     “Joinder Agreement” shall mean a joinder agreement substantially in the form of Exhibit
F, or such other form as may be agreed to by the Administrative Agent in its sole discretion.

     “Joint Venture” shall mean any person (a) that is not a direct or indirect Subsidiary of
Holdings and (b) in which the Borrower, in the aggregate, together with its Subsidiaries, is
directly or indirectly, the beneficial owner of 5% or more of any class of Equity Interests of such
person.

     “Joint Venture Subsidiary” shall mean each of (i) Aluminum Company of Malaysia Berhard, (ii)
NKL and (iii) any other person that is a Subsidiary in which persons other than Holdings or its
Affiliates own 10% or more of the Equity Interests of such person, excluding, to

42 

 

the extent they
become Restricted Subsidiaries of the Borrower after the Closing Date, Logan and Norf GmbH.

     “Judgment Currency” shall have the meaning assigned to such term in Section 11.18(a).

     “Judgment Currency Conversion Date” shall have the meaning assigned to such term in
Section 11.18(a).

     “Junior Lien” means a Lien designated as a “Subordinated Lien” under the Intercreditor
Agreement on all or any portion of the Collateral, but only to the extent (i) any such Lien
constitutes “Subordinated Liens” under, and as defined in, the Intercreditor Agreement (it being
understood that such Subordinated Lien will be a junior, “silent” lien with respect to the Liens
securing the Secured Obligations, as provided in the Intercreditor Agreement) and (ii) the holders
of such Indebtedness (or a trustee, agent or other representative of such holders) secured by such
Lien have become a party to the Intercreditor Agreement through the execution and delivery of
joinders thereto.

     “Junior Secured Indebtedness” shall mean Indebtedness of a Loan Party that is secured by a
Junior Lien.

     “Land Registry” shall mean the Land Registry of England and Wales.

     “Landlord Access Agreement” shall mean a Landlord Access Agreement, substantially in the form
of Exhibit G, or such other form as may reasonably be acceptable to the Administrative
Agent.

     “Latest Maturity Date” shall mean, at any date of determination, the latest maturity or
expiration date applicable to any Loan hereunder at such time, including the latest maturity or
expiration date of any Initial Term Loan, Incremental Term Loan, Other Term Loan, any Other Term
Loan Commitment or Incremental Term Loan Commitment, in each case as extended in accordance with
this Agreement from time to time.

     “Leases” shall mean any and all leases, subleases, tenancies, options, concession agreements,
rental agreements, occupancy agreements, franchise agreements, access agreements and any other
agreements (including all amendments, extensions, replacements, renewals, modifications and/or
guarantees thereof), whether or not of record and whether now in existence or hereafter entered
into, affecting the use or occupancy of all or any portion of any Real Property.

     “Lender Addendum” shall mean with respect to any Lender on the Closing Date, a lender addendum
in the form of Exhibit I, to be executed and delivered by such Lender on the

43 

 

Closing Date
as provided in Section 11.15, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

     “Lenders” shall mean (a) the financial institutions that have become a party hereto pursuant
to a Lender Addendum, (b) any financial institution that has become a party hereto pursuant to an
Assignment and Assumption, other than, in each case, any such financial institution that has ceased
to be a party hereto pursuant to an Assignment and Assumption and (c) each Additional Lender that
executes an Increase Joinder in accordance with Section 2.23 hereof.

     “Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust, lien,
pledge, encumbrance, charge, assignment, hypothecation, security interest or similar encumbrance of
any kind or any arrangement to provide priority or preference in respect of such property or any
filing of any financing statement or any financing change statement under the UCC, the PPSA or any
other similar notice of lien under any similar notice or recording statute of any Governmental
Authority (other than any unauthorized notice or filing filed after the Closing Date for which
there is not otherwise any underlying lien or obligation, so long as the Borrower is (if aware of
same) using commercially reasonable efforts to cause the removal of same), including any easement,
right-of-way or other encumbrance on title to Real Property, in each of the foregoing cases whether
voluntary or imposed by law, and any agreement to give any of the foregoing; (b) the interest of a
vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing)
relating to such property; and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.

     “Liquidity” shall mean as of any date of determination, the sum of (i) Unrestricted Cash of
the Borrower and its Restricted Subsidiaries as of such date plus (ii) unutilized and
available commitments under the Revolving Credit Agreement.

     “Loan Documents” shall mean this Agreement, the Intercreditor Agreement, the Contribution,
Intercompany, Contracting and Offset Agreement, the Notes (if any), the Security Documents, each
Foreign Guarantee, the Fee Letter, each Hedging Agreement entered into with any Secured Hedge
Provider (provided that such Hedging Agreements shall be deemed not to be Loan Documents
for purposes of Sections 1.03 and 1.04 and Articles II, VI,
VIII and XI hereof), and all other pledges, powers of attorney, consents,
assignments, certificates, agreements or documents, whether heretofore, now or hereafter executed
by or on behalf of any Loan Party for the benefit of any Agent or any Lender in connection with
this Agreement.

     “Loan Modification Agreement” shall have the meaning assigned to such term in Section
11.02(f).

     “Loan Modification Offer” shall have the meaning assigned to such term in Section
11.02(f).

44 

 

     “Loan Parties” shall mean Holdings (unless Holdings has been released as a Guarantor pursuant
to Section 7.09(d)), the Borrower and the Subsidiary Guarantors.

     “Loans” shall mean Term Loans.

     “Logan” shall mean Logan Aluminum Inc., a Delaware corporation.

     “Logan Location” shall mean the premises of Logan Aluminum Inc., Route 431, North
Russellville, Kentucky 42276.

     “London Banking Day” shall mean any day on which dealings in Dollar deposits are conducted by
and between banks in the London interbank Eurodollar market.

     “Luxembourg Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in
Luxembourg party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower
organized in Luxembourg that is required to become a Guarantor pursuant to the terms hereof.

     “Luxembourg Security Agreements” shall mean, collectively, any Security Agreements
substantially in the form of Exhibit M-8, including all sub-parts thereto, among the Luxembourg
Guarantor and the Collateral Agent for the benefit of the Secured Parties.

     “Madeira Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in Madeira
party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower organized in
Madeira that is required to become a Guarantor pursuant to the terms hereof.

     “Madeira Security Agreements” shall mean, collectively, any Security Agreements substantially
in the form of Exhibit M-9, including all sub-parts thereto, among the Madeira Guarantor, the
Collateral Agent for the benefit of the Secured Parties and the other parties referred to therein.

     “Management Fees” shall have the meaning assigned to such term in Section 6.08(c)(C).

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

     “Material Adverse Effect” shall mean (a) a material adverse effect on the business, property,
results of operations, or financial condition of the Loan Parties and their Restricted
Subsidiaries, taken as a whole; (b) a material impairment of the ability of the Loan Parties to

45 

 

perform their payment and other material obligations under the Loan Documents; (c) a material
impairment of the rights of or benefits or remedies available to the Lenders, the Collateral Agent
or the Administrative Agent under the Loan Documents, taken as a whole; or (d)(i) a material
adverse effect on the Revolving Credit Priority Collateral or the Liens in favor of the Collateral
Agent (for its benefit and for the benefit of the other Secured Parties) on such Collateral or
the priority of such Liens, in each case for this clause (d)(i) taken as a whole, or (ii) a
material adverse effect on the Pari Passu Priority Collateral or the Liens in favor of the
Collateral Agent (for its benefit and for the benefit of the other Secured Parties) on such
Collateral or the priority of such Liens, in each case for this clause (d)(ii) taken as a whole.

     “Material Indebtedness” shall mean (a) Indebtedness under the Revolving Credit Loan Documents
and any Permitted Revolving Credit Facility Refinancings thereof, (b) Indebtedness under the New
Senior Notes, the Additional Senior Secured Indebtedness, the Junior Secured Indebtedness and any
Permitted Refinancings of any thereof in each case in an aggregate outstanding principal amount
exceeding $100,000,000 and (c) any other Indebtedness (other than the Loans and intercompany
Indebtedness of the Companies permitted hereunder) of the Loan Parties in an aggregate outstanding
principal amount exceeding $100,000,000.

     “Material Subsidiary” shall mean any Subsidiary of the Borrower that is not an Immaterial
Subsidiary.

     “Maturity Date” shall mean (i) with respect to the Initial Term Loans, the Original
Maturity Date, (ii) with respect to any tranche of Other Term Loans, the final maturity date as
specified in the applicable Refinancing Amendment, and (iii) with respect to any Incremental Term
Loans, the final maturity date as specified in the applicable Incremental Amendment;
provided that if any such day is not a Business Day, the applicable Maturity Date shall be
the Business Day immediately succeeding such day.

     “Maximum Rate” shall have the meaning assigned to such term in Section 11.14.

     “Maximum Revolving Credit Facility Amount” shall mean, at any time, $1,000,000,000.

     “Minimum Amount” shall mean (i) an integral multiple of $1,000,000 and not less than
$5,000,000 for Base Rate Loans and (ii) an integral multiple of $1,000,000 and not less than
$5,000,000 for Eurodollar Rate Loans.

     “Moody’s” shall mean Moody’s Investors Service, Inc.

     “Mortgage” shall mean an agreement, including, but not limited to, a mortgage, charge, deed of
trust, deed of hypothec or any other document, creating and evidencing a Lien on a

46 

 

Mortgaged
Property, which shall be substantially in the form of Exhibit J or, subject to the terms of
the Intercreditor Agreement, other form reasonably satisfactory to the Collateral Agent, in each
case, with such schedules and including such provisions as shall be necessary to conform
such document to applicable local or foreign law or as shall be customary under applicable
local or foreign law.

     “Mortgaged Property” shall mean (a) each Real Property identified as a Mortgaged Property on
Schedule 8(a) to any Perfection Certificate dated the Closing Date, (b) each future Real
Property covered by the terms of any Mortgage, and (c) each Real Property, if any, which shall be
subject to a Mortgage (or other Lien created by a Security Document) delivered after the Closing
Date pursuant to Section 5.11(c).

     “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)
or Section 3(37) of ERISA (a) to which any Company or any ERISA Affiliate is then making or
accruing an obligation to make contributions; (b) to which any Company or any ERISA Affiliate has
within the preceding six plan years made contributions; or (c) with respect to which any Company
could incur liability.

     “Net Cash Proceeds” shall mean:

     (a) with respect to any Asset Sale, the cash proceeds received by Holdings, the Borrower or
any of its Restricted Subsidiaries (including cash proceeds subsequently received (as and when
received by Holdings, the Borrower or any of its Restricted Subsidiaries) in respect of non-cash
consideration initially received) net of (without duplication) (i) selling expenses (including
reasonable brokers’ fees or commissions, legal, accounting and other professional and transactional
fees, transfer and similar taxes and Borrower’s good faith estimate of income taxes paid or payable
in connection with such sale and repatriation Taxes that are or would be payable in connection with
any sale by a Restricted Subsidiary); (ii) amounts provided as a reserve, in accordance with GAAP,
against (x) any liabilities under any indemnification obligations associated with such Asset Sale
or (y) any other liabilities retained by Holdings, the Borrower or any of its Restricted
Subsidiaries associated with the properties sold in such Asset Sale (provided that, to the
extent and at the time any such amounts are released from such reserve, such amounts shall
constitute Net Cash Proceeds); (iii) the Borrower’s good faith estimate of payments required to be
made with respect to unassumed liabilities relating to the properties sold within ninety (90) days
of such Asset Sale (provided that, to the extent such cash proceeds are not used to make
payments in respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such
cash proceeds shall constitute Net Cash Proceeds); (iv) the principal amount, premium or penalty,
if any, interest and other amounts on any Indebtedness for borrowed money (other than the Revolving
Credit Loans) which is secured by a Lien on the properties sold in such Asset Sale (so long as such
Lien was permitted to encumber such properties under the Loan Documents at the time of such sale)
and which is repaid with such proceeds (other than any such Indebtedness assumed by the purchaser
of such properties); and (v) so long as any Revolving Credit Loans remain outstanding, the proceeds
of any Revolving Credit Priority Collateral of any Loan Party sold in such Asset Sale (which shall
include, for the avoidance of doubt, the portion

47 

 

of the sale price of the Equity Interests or all
or substantially all of the property, assets or business of any Restricted Subsidiary of Holdings
consisting of the net book value of any such Revolving Credit Priority Collateral);

     (b) with respect to any Debt Issuance or any Disqualified Capital Stock, the cash proceeds
thereof, net of customary fees, commissions, costs and other expenses incurred in connection
therewith;

     (c) with respect to any Equity Issuance or any other issuance of Equity Interests (other than
Preferred Stock) by Holdings or the Borrower, the cash proceeds thereof, net of customary fees,
commissions, costs and other expenses incurred in connection therewith; and

     (d) with respect to any Casualty Event, the cash insurance proceeds, condemnation awards and
other compensation received in respect thereof, net of (i) all reasonable costs and expenses
incurred in connection with the collection of such proceeds, awards or other compensation in
respect of such Casualty Event; and (ii) so long as any Revolving Credit Loans remain outstanding,
any such cash insurance proceeds, condemnation awards and other compensation received in respect of
Revolving Credit Priority Collateral of any Loan Party to the extent such amounts are required to
be (and are) applied to the repayment of the Revolving Credit Loans pursuant to the terms of the
Revolving Credit Agreement;

provided, however, that Net Cash Proceeds arising from any Asset Sale or Casualty
Event by or applicable to a non-Wholly Owned Subsidiary shall equal the amount of such Net Cash
Proceeds calculated as provided above less the percentage thereof equal to the percentage of any
Equity Interests of such non-Wholly Owned Subsidiary not owned by Holdings, the Borrower and its
Restricted Subsidiaries.

     “Net Cash Proceeds Account” shall mean any segregated Deposit Account or Securities Account
established by the Borrower or any Guarantor with one or more financial institutions reasonably
satisfactory to the Collateral Agent (which, in the case of an account established by Borrower,
shall not be a Lender or an Affiliate of a Lender) that (i) is subject to a Control Agreement, (ii)
is subject to a First Priority security interest in favor of the Collateral Agent for the ratable
benefit of the Secured Parties to secure the Secured Obligations and (iii) solely contains proceeds
of Pari Passu Priority Collateral (and any products of such proceeds), and which has been
designated in writing to the Revolving Credit Agents as a “Net Cash Proceeds Account” on or prior
to the time that the Net Cash Proceeds from any sale of Pari Passu Priority Collateral shall be
deposited therein, pending application of such proceeds (and any products of such proceeds) in
accordance with the terms hereof.

     “Net Working Capital” shall mean, at any time, Consolidated Current Assets at such time minus
Consolidated Current Liabilities at such time.

48 

 

     “New Senior Note Agreements” shall mean the indentures dated as of December 17, 2010, pursuant
to which the New Senior Notes were issued.

     “New Senior Note Documents” shall mean the New Senior Notes, the New Senior Note Agreements,
the New Senior Note Guarantees and all other documents executed and delivered with respect to the
New Senior Notes or the New Senior Note Agreements.

     “New Senior Note Guarantees” shall mean the guarantees of the Loan Parties (other than
Holdings and the Borrower) pursuant to the New Senior Note Agreement.

     “New Senior Notes” shall mean the Borrower’s 8.375% Senior Notes due 2017 and 8.75% Senior
Notes due 2020, each issued pursuant to the New Senior Note Agreements and any senior notes issued
pursuant to a Permitted Refinancing of the New Senior Notes (including any Registered Equivalent
Notes).

     “NKL” shall mean Novelis Korea Limited.

     “Non-consolidated Affiliate” shall mean each of Norf GmbH, MiniMRF LLC (Delaware), and
Consorcio Candonga (unincorporated Brazil), in each case so long as they are not a Subsidiary of
the Borrower.

     “Non-consolidated Affiliate Debt” shall mean with respect to the Non-consolidated Affiliates,
as of any date of determination and without duplication, the Consolidated Total Net Debt of the
Non-consolidated Affiliates and their Subsidiaries (determined as if references to the Borrower and
the Restricted Subsidiaries in the definition of Consolidated Total Net Debt were references to
Non-consolidated Affiliates and their Subsidiaries).

     “Non-consolidated Affiliate EBITDA” shall mean with respect to the Non-consolidated Affiliates
for any period, the amount for such period of Consolidated EBITDA of such Non-consolidated
Affiliates and their Subsidiaries (determined as if references to the Borrower and the Restricted
Subsidiaries in the definition of Consolidated EBITDA were references to Non-consolidated
Affiliates and their Subsidiaries); provided that Non-consolidated Affiliate EBITDA shall not
include the Non-consolidated Affiliate EBITDA of Non-consolidated Affiliates if such
Non-consolidated Affiliates are subject to a prohibition, directly or indirectly, on the payment of
dividends or the making of distributions, directly or indirectly, to the Borrower, to the extent of
such prohibition.

     “Non-Guarantor Subsidiary” shall mean each Subsidiary that is not a Guarantor.

49 

 

     “Norf GmbH” shall mean Aluminium Norf GmbH, a limited liability company (GmbH) organized under
the laws of Germany.

     “Notes” shall mean any notes evidencing the Terms Loans issued pursuant to this Agreement, if
any, substantially in the form of Exhibit K.

     “Notice of Intent to Cure” shall have the meaning assigned to such term in Section
5.01(d).

     “Novelis AG” shall mean Novelis AG, a stock corporation (AG) organized under the laws of
Switzerland.

     “Novelis AG Cash Pooling Agreement” shall mean a Cash Management Agreement entered into among
Novelis AG and certain “European Affiliates” (as identified therein) dated 1 February 2007,
together with all ancillary documentation thereto.

     “Novelis Inc.” shall mean Novelis Inc., a corporation amalgamated under the Canada Business
Corporations Act.

     “Obligation Currency” shall have the meaning assigned to such term in Section
11.18(a).

     “Obligations” shall mean (a) obligations of the Borrower and the other Loan Parties from time
to time arising under or in respect of the due and punctual payment of (i) the principal of and
premium, if any, and interest (including interest accruing (and interest that would have accrued
but for such proceeding) during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans,
when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or
otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities,
whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrower and the
other Loan Parties under this Agreement and the other Loan Documents, and (b) the due and punctual
performance of all covenants, agreements, obligations and liabilities of the Borrower and the other
Loan Parties under or pursuant to this Agreement and the other Loan Documents.

     “OFAC” shall have the meaning assigned to such term in Section 3.22.

     “Offer Price” shall have the meaning set forth in the definition of “Dutch Auction”.

50 

 

     “Officer’s Certificate” shall mean a certificate executed by a Responsible Officer in his or
her official (and not individual) capacity.

     “Organizational Documents” shall mean, with respect to any person, (i) in the case of any
corporation, the certificate of incorporation and by-laws (or equivalent or comparable
constitutional documents with respect to any non-U.S. jurisdiction) of such person, (ii) in the
case of any limited liability company, the certificate of formation and operating agreement (or
similar documents) of such person, (iii) in the case of any limited partnership, the certificate of
formation and limited partnership agreement (or similar documents) of such person, (iv) in the case
of any general partnership, the partnership agreement (or similar document) of such person and (v)
in any other case, the functional equivalent of the foregoing.

     “Original Maturity Date” shall mean March 10, 2017.

     “Other Taxes” shall mean all present or future stamp, recording, documentary, excise,
transfer, sales, property or similar taxes, charges or levies arising from any payment made
hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to, this Agreement or any other Loan Document.

     “Other Term Loan Commitments” shall mean one or more Classes of Term Loan commitments
hereunder that result from a Refinancing Amendment.

     “Other Term Loans” shall mean one or more Classes of Term Loans that result from a Refinancing
Amendment.

     “Pari Passu Priority Collateral” shall mean all “Pari Passu Priority Collateral” as defined in
the Intercreditor Agreement.

     “Participant” shall have the meaning assigned to such term in Section 11.04(d).

     “Participating Member States” shall mean the member states of the European Communities that
adopt or have adopted the euro as their lawful currency in accordance with the legislation of the
European Union relating to European Monetary Union.

     “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

     “Pensions Regulator” shall mean the body corporate called the Pensions Regulator established
under Part I of the Pensions Act 2004.

51 

 

     “Perfection Certificate” shall mean, individually and collectively, as the context may
require, each certificate of a Loan Party in the form of Exhibit L-1 or any other form
approved
by the Collateral Agent in its sole discretion, as the same shall be supplemented from time to
time by a Perfection Certificate Supplement or otherwise.

     “Perfection Certificate Supplement” shall mean a certificate supplement in the form of
Exhibit L-2 or any other form approved by the Collateral Agent.

     “Permitted Acquisition” shall mean any Acquisition, if each of the following conditions is
met:

     (i) no Default is then continuing or would result therefrom;

     (ii) no Company shall, in connection with any such transaction, assume or remain liable
with respect to any Indebtedness of the related seller or the business, person or properties
acquired, except to the extent permitted under Section 6.01, and any other such
Indebtedness not permitted to be assumed or otherwise supported by any Company hereunder
shall be paid in full or released as to the business, persons or properties being so
acquired on or before the consummation of such acquisition;

     (iii) the person or business to be acquired shall be, or shall be engaged in, a
business of the type that the Loan Parties and the Subsidiaries are permitted to be engaged
in under Section 6.15, and the person or business and any property acquired in
connection with any such transaction shall be free and clear of any Liens, other than
Permitted Liens;

     (iv) the Board of Directors of the person to be acquired shall not have indicated
publicly its opposition to the consummation of such acquisition (which opposition has not
been publicly withdrawn);

     (v) all transactions in connection therewith shall be consummated in all material
respects in accordance with all applicable Requirements of Law;

     (vi) with respect to any transaction involving Acquisition Consideration of more than
$50,000,000, unless the Administrative Agent shall otherwise agree, the Borrower shall have
provided the Administrative Agent written notice on or before the consummation of such
transaction, which notice shall describe (A) in reasonable detail the terms and conditions
of such transaction and the person or business to be acquired and (B) all such other
information and data relating to such transaction or the person or business to be acquired
as may be reasonably requested by the Administrative Agent;

     (vii) the property acquired in connection with any such Acquisition shall, subject to
any Permitted Liens, be made subject to the Lien of the Security Documents, and any person
acquired in connection with any such transaction shall become a Guarantor, in each case, to
the extent required under, and within the relevant time periods provided in, Section
5.11;

52 

 

     (viii) with respect to any transaction involving Acquisition Consideration that, when
added to the fair market value of Equity Interests, including Equity Interests of Holdings,
constituting purchase consideration, exceeds $50,000,000, the Borrower shall have delivered
to the Administrative Agent an Officers’ Certificate on or prior to the consummation of such
transaction certifying that (A) such transaction complies with this definition and (B) such
transaction could not reasonably be expected to result in a Material Adverse Effect;

     (ix) at the time of such Acquisition and after giving effect thereto and any
Indebtedness incurred or acquired in connection therewith, on a Pro Forma Basis determined
on the basis of the financial information most recently delivered to the Administrative
Agent and the Lenders pursuant to Section 5.01(a) or (b) as though such
Acquisition had been consummated, incurred or assumed as of the first day of the fiscal
period covered thereby, the Total Net Leverage Ratio shall be no greater than the lesser of
(x) 5.00 to 1.00 and (y) .25 to 1.00 less than the Total Net Leverage Ratio required to be
maintained at such time under Section 6.10;

     (x) if any Person so acquired (or any Subsidiary of such Person) is not required to
become a Loan Party pursuant to Section 5.11, the Acquisition Consideration payable
for such Person (or the portion thereof attributable or allocated by the Borrower in good
faith to each such Subsidiary) in connection with such Acquisition, and all other
Acquisitions of non-Loan Parties consummated after the Closing Date shall not, unless, on
the date of such Acquisition, the Senior Secured Net Leverage Ratio, determined on a Pro
Forma Basis, after giving effect to such Acquisition shall be no greater than 1.75 to 1.00
determined on the basis of the financial information most recently delivered to the
Administrative Agent and the Lenders pursuant to Section 5.01(a) or (b) as
though such Acquisition had been consummated as of the first day of the fiscal period
covered thereby, exceed $100,000,000 during any twelve month period or $250,000,000 in the
aggregate since the Closing Date (provided that such amounts can be exceeded to the extent
of Investments made pursuant to Section 6.04(r));

     (xi) immediately after giving effect to such Acquisition, the Borrower shall, on a Pro
Forma Basis, be in compliance with the Financial Performance Covenant, such compliance to be
determined on the basis of the financial information most recently delivered to the
Administrative Agent and the Lenders pursuant to Section 5.01(a) or (b) as
though such Acquisition had been consummated as of the first day of the fiscal period
covered thereby; and

     (xii) with respect to any transaction involving Acquisition Consideration of more than
$50,000,000, the Borrower shall have delivered a certificate from a Financial Officer of the
Borrower on or prior to the consummation of such transaction (A) as to the matters set forth
in clause (i) above and (B) demonstrating its compliance with clause (ix) and (xi)
above, and (C) to the extent the person so acquired is not required to become a Loan Party
hereunder pursuant to Section 5.11, demonstrating compliance with clause (x) above,
and in each case accompanied by compliance calculations in reasonable detail.

53 

 

     “Permitted Factoring Facility” shall mean a sale of Receivables on a discounted basis by any
Company that is not the Borrower and is not organized under the laws of, and does not conduct
business in, a Principal Jurisdiction, so long as (i) no Loan Party has any obligation, contingent
or otherwise in connection with such sale (other than to deliver the Receivables purported to be
sold free and clear of any encumbrance), and (ii) such sale is for cash and fair market value.

     “Permitted First Priority Refinancing Debt” shall mean any secured Indebtedness incurred by
Borrower or the U.S. Issuer in the form of one or more series of senior secured notes under one or
more indentures; provided that (i) such Indebtedness is secured by the Collateral (or a
portion thereof) on a pari passu basis (but without regard to the control of remedies, which shall
be as set forth in the Intercreditor Agreement) with the Secured Obligations and is not secured by
any property or assets other than the Collateral, (ii) such Indebtedness constitutes Credit
Agreement Refinancing Indebtedness in respect of Term Loans (including portions of Classes of Term
Loans, Other Term Loans or Incremental Term Loans), (iii) such Indebtedness does not mature or have
scheduled amortization or payments of principal and is not subject to mandatory redemption or
prepayment (except customary asset sale or change of control provisions, which asset sale
provisions may require the application of proceeds of asset sales and casualty events co-extensive
with those set forth in Section 2.10(c) and 2.10(e), as applicable, to make mandatory prepayments
or prepayment offers out of such proceeds on a pari passu basis with the Secured Obligations, all
other Permitted First Priority Refinancing Debt and all Additional Senior Secured Indebtedness), in
each case prior to the date that is 181 days after the Latest Maturity Date at the time such
Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are
substantially the same as the Security Documents (with such differences as are reasonably
satisfactory to the Administrative Agent), (v) such Indebtedness is not guaranteed by any Persons
other than the Guarantors (and the Borrower if the U.S. Issuer is the issuer thereof), (vi) the
other terms and conditions of such Indebtedness (excluding pricing, premiums and optional
prepayment or optional redemption provisions) are customary market terms for securities of such
type (provided that such terms shall in no event include any financial maintenance covenants) and,
in any event, when taken as a whole, are not materially more favorable to the investors providing
such Indebtedness than the terms and conditions of the applicable Refinanced Debt (except with
respect to any terms (including covenants) and conditions contained in such Indebtedness that are
applicable only after the then Latest Maturity Date) (provided that a certificate of a
Responsible Officer delivered to the Administrative Agent at least five Business Days prior to the
incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating
that the Borrower has determined in good faith that such terms and conditions satisfy the
requirement of this clause (vi) shall be conclusive evidence that such terms and conditions satisfy
such requirement unless the Administrative Agent notifies the Borrower within such five Business
Day period that it disagrees with such determination (including a reasonable description of the
basis upon which it disagrees)), (vii) no Default shall exist immediately prior to or after giving
effect to such incurrence and the Borrower shall be in compliance, on a Pro Forma Basis, with
Section 6.10 after giving effect to such incurrence, and (viii) a Senior Representative
acting on behalf of the holders of such Indebtedness shall have become party to the Intercreditor
Agreement. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes
issued in exchange therefor.

54 

 

     “Permitted Holdings Amalgamation” shall mean the amalgamation of Holdings and Borrower on a
single occasion following the Closing Date; provided that (i) no Default exists or would
result therefrom and the representations and warranties set forth in the Loan Documents shall be
true and correct in all material respects on and as of the date of the amalgamation, with the same
effect as though made on such date, except to the extent such representations and warranties
expressly relate to an earlier date, (ii) the person resulting from such amalgamation shall be
named Novelis Inc., and shall be a corporation amalgamated under the Canada Business Corporations
Act (such resulting person, the “Successor Borrower”), and the Successor Borrower shall expressly
confirm its obligations as Borrower under this Agreement and the other Loan Documents to which
Borrower is a party pursuant to a confirmation in form and substance reasonably satisfactory to the
Administrative Agent, (iii) immediately upon consummation of such amalgamation, a new holding
company with no material assets other than the Equity Interests in the Successor Borrower (the
“Successor Holdings”) shall (A) be an entity organized or existing under the laws of Canada or a
province thereof, (B) directly own 100% of the Equity Interests in the Successor Borrower, (C)
execute a supplement or joinder to this Agreement in form and substance reasonably satisfactory to
the Administrative Agent to become a Guarantor and execute Security Documents (or supplements or
joinder agreements thereto) in form and substance reasonably satisfactory to the Administrative
Agent, and take all actions necessary or advisable in the opinion of the Administrative Agent or
the Collateral Agent to cause the Lien created by the applicable Security Documents to be a duly
perfected First Priority Lien in accordance with all applicable Requirements of Law, including the
filing of financing statements (or other applicable filings) in such jurisdictions as may be
reasonably requested by the Administrative Agent or the Collateral Agent and (D) subject to the
terms of the Intercreditor Agreement, pledge and deliver to the Collateral Agent the certificates,
if any, representing all of the Equity Interests of the Successor Borrower, together with undated
stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly
authorized officer of Successor Holdings, (iv) be in compliance with all covenants and obligations
of Holdings under this Agreement, (v) immediately after giving effect to any such amalgamation, the
Senior Secured Net Leverage Ratio is not greater than the Senior Secured Net Leverage Ratio
immediately prior to such amalgamation, which shall be evidenced by a certificate from the chief
financial officer of the Borrower demonstrating such compliance calculation in reasonable detail,
(vi) the Successor Borrower shall have no Indebtedness after giving effect to the Permitted
Holdings Amalgamation other than Indebtedness of the Borrower in existence prior to the date of the
Permitted Holdings Amalgamation, (vii) each other Guarantor, shall have by a confirmation in form
and substance reasonably satisfactory to the Administrative Agent, confirmed that its guarantee of
the Guaranteed Obligations (including its Guarantee) shall apply to the Successor Borrower’s
obligations under this Agreement, (viii) the Borrower and each other Guarantor shall have by
confirmations and any required supplements to the applicable Security Documents reasonably
requested by the Administrative Agent, in each case, in form and substance reasonably satisfactory
to the Administrative Agent, confirmed that its obligations thereunder shall apply to the Successor
Borrower’s obligations under this Agreement and (ix) each Loan Party shall have delivered opinions
of counsel and related officers’ certificates reasonably requested by the Administrative Agent with
respect to the execution and delivery and enforceability of the documents referred to above and the
compliance of such amalgamation with the provisions hereof, and all such opinions of counsel shall
be satisfactory to the Administrative Agent; and provided, further, that (x) if the
foregoing are satisfied, (1) Successor Holdings will

55 

 

be substituted for and assume all obligations of AV Metals under this Agreement and each of
the other Loan Documents and (2) the Successor Borrower shall be substituted for Novelis Inc. under
this Agreement and each of the other Loan Documents and all references hereunder and under the
other Loan Documents to the Borrower shall be references to the Successor Borrower and (y)
notwithstanding any provision of Section 11.02, the Administrative Agent is hereby
authorized by the Lenders to make any amendments to the Loan Documents that are necessary to
reflect such changes in the parties to the applicable Loan Documents.

     “Permitted Holdings Indebtedness” shall mean unsecured Indebtedness of Holdings (i) with
respect to which neither the Borrower nor any Subsidiary has any Contingent Obligation, (ii) that
will not mature prior to the 180th day following the Latest Maturity Date, (iii) that
has no scheduled amortization of principal prior to the 180th day following the Latest
Maturity Date, (iv) that does not require any payments in cash of interest or other amounts in
respect of the principal thereof (other than optional redemption provisions customary for senior
discount or “pay-in-kind” notes) for a number of years from the date of issuance or incurrence
thereof equal to at least one-half of the term to maturity thereof, (v) that has mandatory
prepayment, repurchase or redemption, covenant, default and remedy provisions customary for senior
discount or “pay-in-kind” notes of an issuer that is the parent of a borrower under senior secured
credit facilities and (vi) that is issued to a person that is not an Affiliate of Borrower or any
of its Subsidiaries in an arm’s-length transaction on fair market terms; provided that at
least five Business Days prior to the incurrence of such Indebtedness, a Responsible Officer of
Holdings shall have delivered a certificate to the Administrative Agent (together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the
documentation relating thereto) stating that Holdings has determined in good faith that such terms
and conditions satisfy the foregoing requirements.

     “Permitted Liens” shall have the meaning assigned to such term in Section 6.02.

     “Permitted Prepayments” shall have the meaning assigned to such term in Section 6.11.

     “Permitted Refinancing” shall mean, with respect to any person, any refinancing or renewal of
any Indebtedness of such person; provided that (a) the aggregate principal amount (or
accreted value, if applicable) of the Indebtedness incurred pursuant to such refinancing or renewal
does not exceed the aggregate principal amount (or accreted value, if applicable) of the
Indebtedness so refinanced or renewed except by an amount equal to unpaid accrued interest and
premium thereon and any make-whole payments applicable thereto plus other reasonable
amounts paid, and fees and expenses reasonably incurred, in connection with such refinancing or
renewal and by an amount equal to any existing commitments unutilized thereunder, (b) such
refinancing or renewal has a final maturity date equal to or later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to
Maturity of, the Indebtedness being refinanced or renewed (excluding the effects of nominal
amortization in the amount of no greater than one percent per annum and prepayments of
Indebtedness), (c) no Default is then continuing or would result therefrom, (d) the persons that
are (or are required to be) obligors under such refinancing or renewal do not include any person

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that is not an obligor under the Indebtedness being so refinanced or renewed (or, in the case
of a Permitted Refinancing of the Senior Notes, such obligors are Loan Parties (other than
Holdings)) and (e) the subordination provisions thereof (if any) shall be, in the aggregate, no
less favorable to the Lenders than those contained in the Indebtedness being so refinanced or
renewed; provided that at least five Business Days prior to the incurrence of such
refinancing or renewal, a Responsible Officer of the Borrower shall have delivered an Officers’
Certificate to the Administrative Agent (together with a reasonably detailed description of the
material terms and conditions of such Indebtedness or drafts of the documentation relating thereto)
certifying that the Borrower has determined in good faith that such terms and conditions satisfy
the foregoing requirements.

     “Permitted Revolving Credit Facility Refinancing” shall mean any credit facility that
refinances or renews or replaces any of the Indebtedness incurred and commitments available under
the Revolving Credit Loan Documents (which may be an asset-based or cash flow financing);
provided that (a) the aggregate principal amount (or accreted value, if applicable) of all
such Indebtedness, after giving effect to such refinancing or renewal, shall not exceed the Maximum
Revolving Credit Facility Amount then in effect plus an amount equal to unpaid accrued
interest and premium on the Indebtedness being so refinanced or renewed plus other
reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such
refinancing or renewal, (b) such refinancing or renewal has a final maturity date equal to or later
than the final maturity date of the Indebtedness being so refinanced or renewed, (c) no Default is
existing or would result therefrom, (d) the collateral securing such refinancing, renewal or
replacement is not greater than the Collateral (but without regard to whether such collateral is
treated as Pari Passu Priority Collateral or Revolving Credit Priority Collateral for purposes of
such credit facility under the Intercreditor Agreement) and (e) the persons that are (or are
required to be) obligors under such refinancing or renewal do not include any person that is not an
obligor under the Indebtedness being so refinanced or renewed (unless, in the case of a refinancing
of Indebtedness of a Loan Party, such persons are or become obligors under the Loan Documents);
provided that at least five Business Days prior to the incurrence of such refinancing or
renewal, a Responsible Officer of Borrower shall have delivered an Officers’ Certificate to the
Administrative Agent (together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto) certifying that
Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirements.

     “Permitted Second Priority Refinancing Debt” shall mean secured Indebtedness incurred by the
Borrower or the U.S. Issuer in the form of one or more series of junior lien secured notes under
one or more indentures or junior lien secured loans under one or more other debt instruments or
facilities; provided that (i) such Indebtedness is secured by a Junior Lien on the Collateral (or a
portion thereof) and is not secured by any property or assets other than the Collateral, (ii) such
Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans
(including portions of Classes of Term Loans, Other Term Loans or Incremental Term Loans), (iii)
such Indebtedness does not mature or have scheduled amortization or payments of principal and is
not subject to mandatory redemption or prepayment (except customary asset sale or change of control
provisions), in each case prior to the date that

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is 181 days after the Latest Maturity Date at the time such Indebtedness is incurred, (iv) the
security agreements relating to such Indebtedness are substantially the same as the Security
Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v)
such Indebtedness is not guaranteed by any Persons other than the Guarantors, (vi) the other terms
and conditions of such Indebtedness (excluding pricing, premiums and optional prepayment or
optional redemption provisions) are customary market terms for securities of such type and, in any
event, when taken as a whole, are not materially more favorable to the investors or lenders
providing such Indebtedness than the terms and conditions of the applicable Refinanced Debt (except
with respect to any terms (including covenants) and conditions contained in such Indebtedness that
are applicable only after the then Latest Maturity Date) (provided that a certificate of a
Responsible Officer delivered to the Administrative Agent at least five Business Days prior to the
incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating
that Borrower has determined in good faith that such terms and conditions satisfy the requirement
of this clause (vi) shall be conclusive evidence that such terms and conditions satisfy such
requirement unless the Administrative Agent notifies the Borrower within such five Business Day
period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees)), (vii) the security agreements relating to such Indebtedness (together
with the Intercreditor Agreement) reflect the Junior Lien nature of the security interests and are
otherwise substantially the same as the applicable Security Documents (with such differences as are
reasonably satisfactory to the Administrative Agent), (viii) no Default shall exist immediately
prior to or after giving effect to such incurrence and the Borrower shall be in compliance, on a
Pro Forma Basis, with Section 6.10 after giving effect to such incurrence, and (ix) a
Senior Representative acting on behalf of the holders of such Indebtedness shall have become party
to the Intercreditor Agreement. Permitted Second Priority Refinancing Debt will include any
Registered Equivalent Notes issued in exchange therefor.

     “Permitted Unsecured Refinancing Debt” shall mean unsecured Indebtedness incurred by the
Borrower or the U.S. Issuer in the form of one or more series of senior unsecured or subordinated
notes or loans under one or more instruments; provided that (i) such Indebtedness
constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans (including portions
of Classes of Term Loans, Other Term Loans or Incremental Term Loans), (ii) such Indebtedness does
not mature or have scheduled amortization or payments of principal and is not subject to mandatory
redemption or prepayment (except customary asset sale or change of control provisions), in each
case prior to the date that is 181 days after the Latest Maturity Date at the time such
Indebtedness is incurred, (iii) such Indebtedness is not guaranteed by any Persons other than the
Guarantors, (iv) the other terms and conditions of such Indebtedness (excluding pricing, premiums
and optional prepayment or optional redemption provisions) are customary market terms for
Indebtedness of such type and, when taken as a whole, are not materially more restrictive
(provided that such terms shall in no event include any financial maintenance covenants) on
the Borrower and the Restricted Subsidiaries than the terms and conditions applicable to the Term
Loans (provided that a certificate of a Responsible Officer delivered to the Administrative
Agent at least five Business Days prior to the incurrence of such Indebtedness, together with a
reasonably detailed description of the material terms and conditions of such Indebtedness or drafts
of the documentation relating thereto, stating that the

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Borrower has determined in good faith that such terms and conditions satisfy the requirement
of this clause (iv) shall be conclusive evidence that such terms and conditions satisfy such
requirement unless the Administrative Agent notifies the Borrower within such five Business Day
period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees)) and (v) such Indebtedness (including related guarantees) is not secured.
Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in
exchange therefor.

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

     “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA which is
maintained or contributed to by any Company or its ERISA Affiliate or with respect to which any
Company could incur liability (including under Section 4069 of ERISA).

     “Platform” shall have the meaning assigned to such term in Section 11.01(d).

     “Pledged Intercompany Notes” shall mean, with respect to each Loan Party, all intercompany
notes described in Schedule 11 to the Perfection Certificate as of the Closing Date and
intercompany notes hereafter acquired by such Loan Party and all certificates, instruments or
agreements evidencing such intercompany notes, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof to the extent permitted
pursuant to the terms hereof.

     “Pledged Securities” shall mean, collectively, with respect to each Loan Party, (i) all issued
and outstanding Equity Interests of each issuer set forth on Schedule 10 to the Perfection
Certificate as of the Closing Date as being owned by such Loan Party and all options, warrants,
rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by
such Loan Party (including by issuance), together with all rights, privileges, authority and powers
of such Loan Party relating to such Equity Interests in each such issuer or under any
Organizational Document of each such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Loan Party in the entries on
the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity
Interests of any issuer, which Equity Interests are hereafter acquired by such Loan Party or are
owned by a Loan Party as of the date hereof (including by issuance) and all options, warrants,
rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by
such Loan Party (including by issuance), together with all rights, privileges, authority and powers
of such Loan Party relating to such Equity Interests or under any Organizational Document of any
such issuer, and the certificates, instruments and agreements representing such Equity Interests
and any and all interest of such Loan Party in the entries on the books of any financial
intermediary pertaining to such Equity Interests, from time to time acquired by such

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Loan Party in any manner, and (iii) all Equity Interests issued in respect of the Equity
Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such
Equity Interests other than to the extent any of the foregoing constitute Excluded Equity
Interests.

     “PPSA” shall mean the Personal Property Security Act (Ontario) and the regulations promulgated
thereunder and other applicable personal property security legislation of the applicable Canadian
province or provinces in respect of the Canadian Loan Parties (including the Civil Code of Quebec
and the regulations respecting the register of personal and movable real rights promulgated
thereunder) as all such legislation now exists or may from time to time hereafter be amended,
modified, recodified, supplemented or replaced, together with all rules, regulations and
interpretations thereunder or related thereto.

     “Preferred Stock” shall mean, with respect to any person, any and all preferred or preference
Equity Interests (however designated) of such person whether now outstanding or issued after the
Closing Date.

     “Prepayments Recapture Amount” shall have the meaning assigned to such term in Section
6.11(a)(i)(C).

     “Principal Jurisdiction” shall mean (i) the United States, Canada, the United Kingdom,
Switzerland and Germany, (ii) each other country in which a Restricted Subsidiary is organized in
respect of which Accounts are included in the borrowing base for purposes of the Revolving Credit
Agreement and (iii) and any state, province or other political subdivision of the foregoing.

     “Pro Forma Basis” shall mean, with respect to compliance with any test or covenant hereunder
at any time of determination (excluding any calculation of the amount of Excess Cash Flow and the
amount referred to in clause (a) of the definition of Cumulative Credit), that all Specified
Transactions and the following transactions in connection therewith (if any) shall be deemed to
have occurred as of the first day of the applicable Test Period or other period of measurement in
such test or covenant: (a) income statement items (whether positive or negative) attributable to
the property or Person subject to such Specified Transaction, (i) in the case of a sale or other
disposition of all or substantially all Equity Interests in or assets of any Restricted Subsidiary
of the Borrower or any division, business unit, line of business or facility used for operations of
the Borrower or any of its Restricted Subsidiaries, shall be excluded (as if such sale or
disposition occurred on the first day of the applicable Test Period), and (ii) in the case of a
Permitted Acquisition or Investment described in the definition of “Specified Transaction”, shall
be included (as if such Permitted Acquisition or Investment occurred on the first day of the
applicable Test Period), (b) any retirement of Indebtedness in connection therewith, and (c) any
Indebtedness incurred or assumed by the Borrower or any of its Restricted Subsidiaries in
connection therewith.

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     “Pro Rata Percentage” of any Lender at any time shall mean the percentage of the sum of
the total outstanding Loans and unused Commitments of all Lenders represented by such Lender’s
outstanding Loans and unused Commitments.

     “Process Agent” shall have the meaning assigned to such term in Section 11.09(d).

     “property” shall mean any right, title or interest in or to property or assets of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible and including Equity
Interests or other ownership interests of any person and whether now in existence or owned or
hereafter entered into or acquired, including all Real Property.

     “Property Material Adverse Effect” shall mean, with respect to any Mortgaged Property, as of
any date of determination and whether individually or in the aggregate, any event, circumstance,
occurrence or condition which has caused or resulted in (or would reasonably be expected to cause
or result in) a material adverse effect on (a) the business or operations of any Company as
presently conducted at the Mortgaged Property; (b) the value or utility of the Mortgaged Property;
or (c) the legality, priority or enforceability of the Lien created by the Mortgage or the rights
and remedies of the Mortgagee thereunder.

     “Public Lender” shall have the meaning assigned to such term in Section 11.01(d).

     “Purchase” shall have the meaning assigned to such term in the definition of “Dutch Auction”.

     “Purchase Money Obligation” shall mean, for any person, the obligations of such person in
respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing
all or any part of the purchase price of any property (including Equity Interests of any person) or
the cost of installation, construction or improvement of any property and any refinancing thereof;
provided, however, that (i) such Indebtedness is incurred within one year after
such acquisition, installation, construction or improvement of such property by such person and
(ii) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition,
installation, construction or improvement, as the case may be.

     “Purchase Notice” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Qualified Borrower IPO” shall mean the issuance by the Borrower of its common Equity
Interests in an underwritten primary or secondary public offering (other than a public offering
pursuant to a registration statement on Form S-8) pursuant to an effective registration
statement filed with the U.S. Securities and Exchange Commission in accordance with the
Securities Act.

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     “Qualified Capital Stock” of any person shall mean any Equity Interests of such person that
are not Disqualified Capital Stock.

     “Qualified IPO” shall mean (i) the issuance by Holdings, or any direct or indirect parent of
Holdings which owns no material assets other that its direct or indirect ownership interest in the
Equity Interests of the Borrower, of its common Equity Interests in an underwritten primary or
secondary public offering (other than a public offering pursuant to a registration statement on
Form S-8) pursuant to an effective registration statement filed with the U.S. Securities and
Exchange Commission in accordance with the Securities Act or (ii) a Qualified Borrower IPO.

     “Qualified Securitization Transaction” means any transaction or series of transactions that
may be entered into by any Restricted Subsidiary (other than a Restricted Subsidiary organized
under the laws of a Principal Jurisdiction) pursuant to which any such Restricted Subsidiary may
sell, convey or otherwise transfer to a Securitization Entity or may grant a security interest in
any Receivables (whether now existing or arising or acquired in the future) of the Borrower or any
Restricted Subsidiary or any Related Security or Securitization Assets.

     “Qualifying Bids” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Qualifying Lenders” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Qualifying Loans” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Real Property” shall mean, collectively, all right, title and interest (including any
freehold, leasehold, minerals or other estate) in and to any and all parcels of or interests in
real property owned, leased or operated by any person, whether by lease, license or other means,
together with, in each case, all easements, hereditaments and appurtenances relating thereto, all
improvements and appurtenant fixtures, all general intangibles and contract rights and other
property and rights incidental to the ownership, lease or operation thereof.

     “Recapture Amounts” shall mean, at any time of determination, the cumulative amount of the
Investment Recapture Amount plus the Dividend Recapture Amount plus the Prepayments Recapture
Amount paid since the Closing Date.

     “Receivable” shall mean the indebtedness and other obligations owed to any Company (other than
any Company organized under the laws of a Principal Jurisdiction) (at the time such indebtedness
and other obligations arise, and before giving effect to any transfer or conveyance contemplated
under any Qualified Securitization Transaction documentation) arising in

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connection with the sale
of goods or the rendering of services by such person, including any indebtedness, obligation or
interest constituting an Account, contract right, payment intangible, promissory note, chattel
paper, instrument, document, investment property, financial asset or general intangible, in each
case, arising in connection with the sale of goods or the rendering of services by such person, and
further includes, the obligation to pay any finance charges with respect thereto.

     “Receivables Purchase Agreement” shall mean each of (a) the Non-Recourse Receivables Purchase
Agreement dated July 6, 2007 (as amended and restated on or around the date hereof) and any related
servicing agreements (collectively, the “German Receivables Purchase Agreement”) between the German
Seller, on the one hand, and Novelis AG, on the other hand, in each case providing, inter alia, for
the sale and transfer of Accounts by the German Seller to Novelis AG and (b) any other receivables
purchase agreement and related servicing agreements entered into after the Closing Date between a
Subsidiary Guarantor organized under the laws of a Principal Jurisdiction and a “Borrower” or a
“Borrowing Base Guarantor” (as each is defined in the Revolving Credit Agreement and any
corresponding term in any successor agreement), in order that the receivables subject thereto may
be included in the borrowing base established under the Revolving Credit Agreement and in form and
substance reasonably satisfactory to the Revolving Credit Administrative Agent.

     “Receiver” shall mean a receiver or receiver and manager or, where permitted by law, an
administrative receiver of the whole or any part of the Collateral, and that term will include any
appointee under joint and/or several appointments.

     “Refinancing” shall mean the purchase and retirement of the Existing Senior Notes purchased
under the Debt Tender Offers on the Closing Date and repayment in full and the termination of any
commitment to make extensions of credit under all of the outstanding Indebtedness listed on
Schedule 1.01(a) of the Borrower or any of its Restricted Subsidiaries.

     “Refinancing Amendment” shall mean an amendment to this Agreement in form and substance
reasonably satisfactory to the Administrative Agent and the Borrower executed by each of (a) the
Borrower, (b) the Administrative Agent and (c) each Additional Lender and Lender that agrees to
provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant
thereto, in accordance with Section 2.24.

     “Refinanced Debt” shall have the meaning assigned to such term in the definition of “Credit
Agreement Refinancing Indebtedness”.

     “Register” shall have the meaning assigned to such term in Section 11.04(c).

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     “Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule
144A or other private placement transaction under the Securities Act of 1933, substantially
identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor
pursuant to an exchange offer registered with the SEC.

     “Regulation” shall have the meaning assigned to such term in Section 3.25.

     “Regulation D” shall mean Regulation D of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation S-X” shall mean Regulation S-X promulgated under the Securities Act.

     “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Related Business Assets” shall mean assets (other than cash or Cash Equivalents) used or
useful in a Similar Business; provided that any assets received by any Loan Party in
exchange for assets transferred by a Loan Party shall not be deemed to be Related Business Assets
if they consist of securities of a person, unless upon receipt of the securities of such person,
such person would become a Loan Party.

     “Related Parties” shall mean, with respect to any person, such person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such person and of such
person’s Affiliates.

     “Related Security” shall mean, with respect to any Receivable, all of the applicable Company’s
interest in the inventory and goods (including returned or repossessed inventory or goods), if any,
the sale of which by the applicable Company gave rise to such Receivable, and all insurance
contracts with respect thereto, all other security interests or liens and property subject thereto
from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the
contract related to such Receivable or otherwise, together with all financing
statements and security agreements describing any collateral securing such Receivable, all
guaranties, letters of credit, letter-of-credit rights, supporting obligations, insurance and other
agreements or arrangements of whatever character from time to time supporting or securing

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payment
of such Receivable whether pursuant to the contract related to such Receivable or otherwise, all
service contracts and other contracts and agreements associated with such Receivable, all records
related to such Receivable, and all of the applicable Company’s right, title and interest in, to
and under the applicable Qualified Securitization Transaction documentation.

     “Release” shall mean any spilling, leaking, seepage, pumping, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating or migrating
of any Hazardous Material in, into, onto or through the Environment.

     “Repatriation Limitation” shall have the meaning assigned to such term in Section
2.10(i).

     “Reply Amount” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Required Lenders” shall mean, as of any date of determination, Lenders holding more than 50%
of the sum of all Loans outstanding and unused Commitments (if any); provided that the
Commitment of, and the portion of the Loans held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Required Lenders.

     “Requirements of Law” shall mean, collectively, any and all legally binding requirements of
any Governmental Authority including any and all laws, judgments, orders, decrees, ordinances,
rules, regulations, statutes or case law.

     “Response” shall mean (a) ”response” as such term is defined in CERCLA, 42 U.S.C. § 9601(24),
and (b) all other actions required by any Governmental Authority or voluntarily undertaken to (i)
clean up, remove, treat, abate or in any other way address any Hazardous Material in the
Environment; (ii) prevent the Release or threat of Release, or minimize the further Release, of any
Hazardous Material; or (iii) perform studies and investigations in connection with, or as a
precondition to, or to determine the necessity of the activities described in, clause (i) or (ii)
above.

     “Responsible Officer” shall mean, with respect to any Person, any of the principal executive
officers, managing members or general partners of such Person but, in any event, with respect to
financial matters, the chief financial officer, treasurer or controller of such person. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

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     “Restricted Grantor” shall mean a Loan Party that has granted a Guarantee that is subject to
limitations that impair in any material respect the benefit of such Guarantee (as determined by the
Administrative Agent in its reasonable discretion) (it being expressly understood and agreed that
(i) neither the Borrower nor any Loan Party that is a Canadian Guarantor, a U.K. Guarantor, a
Madeira Guarantor or a U.S. Guarantor shall be a Restricted Grantor and (ii) except as may be
otherwise determined by the Administrative Agent in its reasonable discretion, each Loan Party that
is a German Guarantor, an Irish Guarantor, a Swiss Guarantor, a French Guarantor, a Luxembourg
Guarantor or a Brazilian Guarantor shall be a Restricted Grantor).

     “Restricted Subsidiary” shall mean, as the context requires, (i) any Subsidiary of Holdings
other than an Unrestricted Subsidiary and (ii) any Subsidiary of Borrower other than an
Unrestricted Subsidiary.

     “Return Bid” shall have the meaning assigned to such term in the definition of “Dutch
Auction”.

     “Revolving Credit Administrative Agent” shall mean Bank of America, in its capacity as
administrative agent under the Revolving Credit Agreement, and its successors and assigns in such
capacity.

     “Revolving Credit Agents” shall mean the “Agents” (as defined in the Revolving Credit Loan
Documents, including the Revolving Credit Administrative Agent and the Revolving Credit Collateral
Agent).

     “Revolving Credit Agreement” shall mean (i) that certain $800,000,000 Credit Agreement dated
as of the date hereof among the Loan Parties, the Revolving Credit Lenders, Bank of America, as
U.S./European issuing bank, as U.S. swingline lender, and European swingline lender, the Revolving
Credit Collateral Agent, the Revolving Credit Administrative Agent, Citibank, N.A., JPMorgan Chase
Bank, N.A., The Royal Bank of Scotland plc and UBS AG, Stamford Branch, as syndication agents,
Merrill, Lynch, Pierce, Fenner and Smith Incorporated, as lead arranger, and Merrill, Lynch,
Pierce, Fenner and Smith Incorporated, Citigroup Global Markets, Inc., J.P. Morgan Securities LLC,
The Royal Bank of Scotland plc and UBS Securities LLC, as joint bookmanagers, as amended, restated,
supplemented or modified from time to time to the extent permitted by this Agreement and the
Intercreditor Agreement and (ii) any other credit agreement, loan agreement, note agreement,
promissory note, indenture or other agreement or instrument evidencing or governing the terms of
any indebtedness or other financial accommodation that has been incurred to extend (subject to the
limitations set forth herein and in the Intercreditor Agreement) or refinance in whole or in part
the indebtedness and other obligations outstanding under the (x) credit agreement referred to
in clause (i) or (y) any subsequent Revolving Credit Agreement, in each case which constitutes a
Permitted Revolving Credit Facility Refinancing with respect to the Revolving Credit Loans, unless
such agreement or instrument expressly provides that it is not intended to be and is not a

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Revolving Credit Agreement hereunder. Any reference to the Revolving Credit Agreement hereunder
shall be deemed a reference to any Revolving Credit Agreement then in existence.

     “Revolving Credit Collateral Agent” shall mean Bank of America, in its capacity as collateral
agent under the Revolving Credit Agreement, and its successors and assigns in such capacity.

     “Revolving Credit Commitments” shall mean the commitments of the Revolving Credit Lenders to
make Revolving Credit Loans under the Revolving Credit Agreement.

     “Revolving Credit Lenders” shall mean the banks, financial institutions and other entities
from time to time party to the Revolving Credit Agreement as lenders.

     “Revolving Credit Loan Documents” shall mean the Revolving Credit Agreement and the other
“Loan Documents” as defined in the Revolving Credit Agreement and any corresponding term in any
successor Revolving Credit Agreement permitted hereby, including the mortgages and other security
documents, guaranties and the notes issued thereunder.

     “Revolving Credit Loans” shall mean the revolving loans and swingline loans outstanding under
the Revolving Credit Agreement.

     “Revolving Credit Maturity Date” shall have meaning assigned to the term “Maturity Date” in
the Revolving Credit Agreement (and any corresponding term in any successor Revolving Credit
Agreement permitted hereby).

     “Revolving Credit Priority Collateral” shall mean all “Revolving Credit Priority Collateral”
as defined in the Intercreditor Agreement.

     “Revolving Credit Secured Parties” shall mean the Revolving Credit Administrative Agent, the
Revolving Credit Collateral Agent and each other Person that is a “Secured Party” under the
Revolving Credit Agreement.

     “Revolving Credit Security Documents” shall have the meaning assigned to the term “Security
Documents” in the Revolving Credit Agreement (and any corresponding term in any successor Revolving
Credit Agreement permitted hereby).

     “S&P” shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies,
Inc. and any successor thereto.

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     “Sale and Leaseback Transaction” shall have the meaning assigned to such term in Section
6.03.

     “Sarbanes-Oxley Act” shall mean the United States Sarbanes-Oxley Act of 2002, as amended, and
all rules and regulations promulgated thereunder.

     “Section 347” shall have the meaning assigned to such term in Section 2.19(a).

     “Secured Debt Agreement” shall mean (i) this Agreement and (ii) the other Loan Documents.

     “Secured Hedge Provider” shall mean (i) any person that is a counterparty to a Hedging
Agreement with the Borrower or any Loan Party that was a Lender, Arranger, Bookrunner or Agent (or
an Affiliate of a Lender, Arranger, Bookrunner or Agent) on the date of entering into such Hedging
Agreement (or, with respect to Hedging Agreements in effect at the date hereof, on the date
hereof), (ii) any other person that is counterparty to a Hedging Agreement with the Borrower or any
Loan Party if, at or prior to the time such Hedging Agreement is entered into, the Borrower shall
designate such person as a “Secured Hedge Provider” in a notice to the Administrative Agent and the
Collateral Agent, which person shall execute a Secured Hedge Provider Joinder and (iii) any Person
that is a counterparty to a Hedging Agreement with the Borrower or any Loan Party that is in effect
on the Closing Date and was entered into prior to the Closing Date to the extent that such Person
is listed as a “Secured Hedge Provider” on Schedule 1.01(d), which Person shall become a
Secured Hedge Provider on the day following the Closing Date but shall cease to be a Secured Hedge
Provider if such Person fails to execute a Secured Hedge Provider Joinder on or prior to the
ninetieth (90th) day after the Closing Date and (y) such Secured Hedge Provider shared
in the collateral granted in connection with the Borrower’s and the U.S. Issuer’s existing term
loan facility (which is further identified on Schedule 1.01(a)).

     “Secured Hedge Provider Joinder” shall mean a letter agreement substantially in the form of
Exhibit Q attached hereto or in such other form as may be acceptable to the Administrative
Agent pursuant to which such person (i) appoints the Administrative Agent and the Collateral Agent
as its agent under the applicable Loan Documents with respect to Collateral, as provided therein,
and (ii) agrees to be bound by the provisions of Section 10.03, Section 10.09, the
Intercreditor Agreement and the Security Documents as if it were a Lender.

     “Secured Obligations” shall mean (a) the Obligations and (b) the due and punctual payment and
performance of all obligations of the Borrower and the other Loan Parties under each Hedging
Agreement entered into with any Secured Hedge Provider.

     “Secured Parties” shall mean, collectively, the Administrative Agent, the Collateral Agent,
each co-agent or sub-agent appointed by the Administrative Agent or the Collateral Agent,

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any
Receiver or Delegate, the Lenders and any Secured Hedge Provider (to the extent such Secured Hedge
Provider executes and delivers to the Administrative Agent and the Collateral Agent a Secured Hedge
Provider Joinder).

     “Securities Act” shall mean the Securities Act of 1933.

     “Securities Collateral” shall mean, collectively, the Pledged Securities, the Pledged
Intercompany Notes and the Distributions.

     “Securitization Assets” shall mean all existing or hereafter acquired or arising (i)
Receivables that are sold, assigned or otherwise transferred pursuant to a Qualified Securitization
Transaction, (ii) the Related Security with respect to the Receivables referred to in clause (i)
above, (iii) the collections and proceeds of the Receivables and Related Security referred to in
clauses (i) and (ii) above, (iv) all lockboxes, lockbox accounts, collection accounts or other
deposit accounts into which such collections are deposited (and in any event excluding any
lockboxes, lockbox accounts, collection accounts or deposit accounts that any Company organized
under the laws of any Principal Jurisdiction has an interest in) and which have been specifically
identified and consented to by the Administrative Agent, (v) all other rights and payments which
relate solely to such Receivables and (vi) all cash reserves comprising credit enhancements for
such Qualified Securitization Transaction.

     “Securitization Entity” shall mean any corporation, company (including any limited liability
company), association, partnership, joint venture, trust, mutual fund or other business entity to
which any Restricted Subsidiary (excluding any Restricted Subsidiary that is in a Principal
Jurisdiction) or any other Securitization Entity transfers Receivables and Related Security) (a)
which engages in no activities other than in connection with the financing of Receivables or
Related Security, (b) which is designated by the Board of Directors of the Borrower as a
Securitization Entity, (c) no portion of the Indebtedness or any other obligations (contingent or
otherwise) of which (i) is guaranteed by the Borrower or any Restricted Subsidiary (excluding
guarantees of such transferor Restricted Subsidiary of obligations (other than the principal of,
and interest on, Indebtedness) pursuant to Standard Securitization Undertakings and guarantees by
the Securitization Entity), (ii) is recourse to or obligates the Borrower or any Restricted
Subsidiary (other than the Securitization Entity) in any way other than pursuant to Standard
Securitization Undertakings or (iii) subjects any property or asset of the Borrower or any
Restricted Subsidiary (other than the Securitization Entity), directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings and other than any interest in the Receivables and Related Security being financed
(whether in the form of any equity interest in such assets or subordinated indebtedness payable
primarily from such financed assets) retained or acquired by the transferor Restricted Subsidiary,
(d) to which none of the Borrower nor any Restricted Subsidiary has any obligation to maintain or
preserve such entity’s financial condition or cause such entity to achieve certain levels of
operating results and (e) with which none of Holdings, the Borrower nor
any Restricted Subsidiary of the Borrower has any material contract, agreement, arrangement or
understanding other than those customary for a Qualified Securitization Transaction and, in any

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event, on terms no less favorable to the Borrower or such Restricted Subsidiary that those that
might be obtained at the time from Persons that are not Affiliates of the Borrower or such
Restricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the
Administrative Agent by providing the Administrative Agent with a certified copy of the resolution
of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying
that such designation complied with the foregoing conditions.

     “Security Agreement” shall mean each U.S. Security Agreement, each Canadian Security
Agreement, each U.K. Security Agreement, each Swiss Security Agreement, each German Security
Agreement, each Irish Security Agreement, each Brazilian Security Agreement, each Luxembourg
Security Agreement, each Madeira Security Agreement, each French Security Agreement, and each other
Security Agreement entered into pursuant to Section 5.11(b), individually and collectively,
as the context may require.

     “Security Agreement Collateral” shall mean all property pledged or granted as Collateral
pursuant to any Security Agreement (a) on the Closing Date or (b) thereafter pursuant to
Section 5.11.

     “Security Documents” shall mean each Security Agreement, the Mortgages, any Security Trust
Deed, and each other security document, deed of trust, charge or pledge agreement delivered in
accordance with applicable local or foreign law to grant a valid, perfected security interest in
any property as Collateral for the Secured Obligations, and all UCC or other financing statements
or financing change statements, control agreements, bailee notification letters, or instruments of
perfection required by this Agreement, any Security Agreement, any Mortgage or any other such
security document, charge or pledge agreement to be filed with respect to the security interests in
property and fixtures created pursuant to any Security Agreement or any Mortgage and any other
document or instrument utilized to pledge or grant or purport to pledge or grant a security
interest or lien on any property as Collateral for the Secured Obligations or to perfect, obtain
control over or otherwise protect the interest of the Collateral Agent therein.

     “Security Trust Deed” shall mean any security trust deed to be executed by, among others, the
Collateral Agent, the Administrative Agent and any Loan Party granting security over U.K. or Irish
assets of any Loan Party.

     “Senior Note Documents” shall mean the collective reference to the Existing Senior Note
Documents and the New Senior Note Documents.

     “Senior Notes” shall mean shall mean the collective reference to the Existing Senior Notes and
the New Senior Notes.

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     “Senior Representative” means, with respect to any series of Permitted First Priority
Refinancing Debt, Permitted Second Priority Refinancing Debt, Additional Senior Secured
Indebtedness or Junior Secured Indebtedness, the trustee, administrative agent, collateral agent,
security agent or similar agent under the indenture or agreement pursuant to which such
Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their
successors in such capacities.

     “Senior Secured Net Leverage Ratio” shall mean, with respect to any date of determination (the
“Calculation Date”), the ratio of (a) Consolidated Total Net Debt as of the Calculation Date (other
than any portion of Consolidated Total Net Debt that is unsecured or is secured solely by Liens
that are subordinated to the Liens securing the Secured Obligations pursuant to the Intercreditor
Agreement) (it being understood that Indebtedness under the Revolving Credit Loan Documents which
constitutes Consolidated Total Net Debt will be included in the Senior Secured Net Leverage Ratio)
to (b) Consolidated EBITDA for the Test Period most recently ended prior to the Calculation Date
for which financial information has been delivered to the Administrative Agent and the Lenders
pursuant to Section 5.01(a) or (b); provided that if the Senior Secured Net
Leverage Ratio is being determined for purposes of determining the Excess Cash Flow Percentage for
a particular Excess Cash Flow Period, then Consolidated EBITDA for such Excess Cash Flow Period
shall be utilized in clause (b) of this ratio.

     “Series of Cash Neutral Transactions” means any series of Investments, incurrences of
Indebtedness, Asset Sales in the form of transfers of intercompany promissory notes and preferred
stock or similar instruments and/or Dividends solely among Companies; provided that (i) the amount
of cash or Cash Equivalents transferred by any Company (each such Company, an “Initiating Company”)
to another Company in such Series of Cash Neutral Transactions is not greater than the amount of
cash or Cash Equivalents received by such Initiating Company in such Series of Cash Neutral
Transactions less reasonable transaction expenses and taxes (which cash and Cash Equivalents must
be received by such Initiating Company within three Business Days of the initiation of such Series
of Cash Neutral Transactions), (ii) any Collateral (including cash or Cash Equivalents of any Loan
Party involved in such Series of Cash Neutral Transactions) shall remain subject to a perfected
security interest of the Collateral Agent, and the validly, perfection and priority of such
security interest shall not be impaired by or in connection with such Series of Cash Neutral
Transactions, (iii) no more than $50,000,000 in aggregate of cash or Cash Equivalents may be held
by Companies that are not Loan Parties in connection with transfers from Loan Parties as part of
such Series of Cash Neutral Transactions (and any such Company that is not a Loan Party may not
retain any of such cash or Cash Equivalents after giving effect to the Cash Neutral Transactions)
and (iv) the fair market value of the assets (other than cash or Cash Equivalents) that may be held
by Companies that are not Loan Parties in connection with transfers from Loan Parties as part of
such Series of Cash Neutral Transactions may not exceed $50,000,000 in the aggregate.

     “Significant Event of Default” shall mean any Event of Default under Section 8.01(a),
(b), (g) or (h).

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     “Similar Business” shall mean any business conducted by the Borrower and the other Loan
Parties on the Closing Date as described in the Confidential Information Memorandum (or, in the
good faith judgment of the Board of Directors of the Borrower, which is substantially related
thereto or is a reasonable extension thereof).

     “Specified Equity Contribution” shall mean any cash contribution to the common equity of
Holdings and/or any purchase or investment in an Equity Interest of Holdings other than
Disqualified Capital Stock in each case made pursuant to Section 8.04.

     “Specified Holders” shall mean Hindalco and its Affiliates.

     “Specified Transaction” shall mean, with respect to any period, any Permitted Acquisition
(other than Permitted Acquisitions where the amount of the Acquisition Consideration plus the fair
market value of any Equity Interests which constitutes all or a portion of the purchase price is
less than $15,000,000), Asset Sales (other than any dispositions in the ordinary course of business
and dispositions where the fair market value of the assets disposed of is less than $15,000,000),
Dividend, designation or redesignation of a Subsidiary as a Restricted Subsidiary or an
Unrestricted Subsidiary, incurrence or prepayment of Indebtedness (including any transaction under
Section 6.11), any Incremental Term Loan or Revolving Credit Commitment increase that by
the terms of this Agreement requires compliance on a Pro Forma Basis with a test or covenant
hereunder or requires such test or covenant (or a component of such test or covenant) to be
calculated on a “Pro Forma Basis”.

     “Spot Selling Rate” shall mean, on any date of determination, the spot selling rate determined
by the Administrative Agent which shall be the spot selling rate posted by Reuters on its website
for the sale of the applicable currency for Dollars at approximately 5:00 p.m. (New York City time)
on the prior Business Day; provided that if such rate is not available, such rate shall be
the spot selling rate posted by the Federal Reserve Bank of New York on its website for the sale of
the applicable currency for Dollars at approximately 5:00 p.m. (New York City time) on the prior
Business Day.

     “Standard Securitization Undertakings” means representations, warranties, covenants and
indemnities entered into by any Restricted Subsidiary (other than a Restricted Subsidiary organized
under the laws of a Principal Jurisdiction) that are negotiated in good faith at arm’s length in a
Receivables securitization transaction so long as none of the same constitute Indebtedness, a
Contingent Obligation (other than in connection with an obligation to repurchase receivables that
do not satisfy related representations and warranties) or otherwise require the provision of credit
support in excess of customary credit enhancement established upon entering into such Receivables
securitization transaction negotiated in good faith at arm’s length.

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     “Subordinated Indebtedness” shall mean Indebtedness of a Loan Party that is subordinated by
its terms (including pursuant to the terms of any subordination agreement, intercreditor agreement,
or otherwise) in right of payment to the Obligations of such Loan Party.

     “Subsidiary” shall mean, with respect to any person (the “parent”) at any date, (i) any
corporation, limited liability company, association or other business entity of which securities or
other ownership interests representing more than 50% of the voting power of all Equity Interests
entitled (without regard to the occurrence of any contingency) to vote in the election of the Board
of Directors thereof are, as of such date, owned, controlled or held by the parent and/or one or
more subsidiaries of the parent, (ii) any partnership (a) the sole general partner or the managing
general partner of which is the parent and/or one or more subsidiaries of the parent or (b) the
only general partners of which are the parent and/or one or more subsidiaries of the parent and
(iii) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries
of the parent. Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of
Holdings. Notwithstanding the foregoing, Logan shall not be treated as a Subsidiary hereunder or
under the other Loan Documents unless it qualifies as a Subsidiary under clause (i) of this
definition.

     “Subsidiary Guarantor” shall mean each Restricted Subsidiary listed on Schedule
1.01(b), and each other Restricted Subsidiary that is or becomes a party to this Agreement as a
Subsidiary Guarantor pursuant to Section 5.11.

     “Successor Holdings” shall have the meaning assigned to such term in the definition of
“Permitted Holdings Amalgamation”.

     “Support Agreement” shall mean the Support Agreement, dated December 17, 2010, among Novelis
North America Holdings Inc., Novelis Acquisitions LLC and the Borrower.

     “Survey” shall mean a survey of any Mortgaged Property (and all improvements thereon) which is
(a) (i) prepared by a surveyor or engineer licensed to perform surveys in the jurisdiction where
such Mortgaged Property is located, (ii) current as of a date which shows all exterior construction
on the site of such Mortgaged Property or any easement, right of way or other interest in the
Mortgaged Property has been granted or become effective through operation of law or otherwise with
respect to such Mortgaged Property which, in either case, can be depicted on a survey, unless
otherwise acceptable to the Collateral Agent, (iii) certified by the surveyor (in a manner
reasonably acceptable to the Collateral Agent) to the Administrative Agent, the Collateral Agent
and the Title Company, (iv) complying in all respects with the minimum detail requirements of the
American Land Title Association (or the local equivalent) as such requirements are in effect on the
date of preparation of such survey and (v) sufficient for the Title Company to remove all standard
survey exceptions from the title insurance policy (or commitment) relating to such Mortgaged
Property and issue the endorsements of the type required by Section 4.01(o)(iii) or (b)
otherwise reasonably acceptable to the Collateral Agent.

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     “Swiss Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in
Switzerland party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower
organized in Switzerland that is required to become a Guarantor pursuant to the terms hereof.

     “Swiss Security Agreement” shall mean, collectively, any Security Agreement substantially in
the form of Exhibit M-4, including all sub-parts thereto, among the Swiss Guarantors and
the Collateral Agent for the benefit of the Secured Parties.

     “Swiss Withholding Tax” shall mean any withholding tax in accordance with the Swiss Federal
Statute on Anticipatory Tax of 13 October 1965 (Bundesgesetz uber die Verrechnungssteuer) and any
successor provision, as appropriate.

     “Syndication Agent” shall mean JPMorgan Chase Bank, N.A.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under a so-called
synthetic, off-balance sheet or tax retention lease.

     “Tax Return” shall mean all returns, statements, filings, attachments and other documents or
certifications required to be filed in respect of Taxes.

     “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,
withholdings, payroll, social security, employment and unemployment taxes, assessments, fees or
other charges imposed by any Taxing Authority, including any interest, additions to tax or
penalties applicable thereto. For greater certainty it shall further be specified that Taxes shall
also include any federal, cantonal and municipal direct taxes levied at source in Switzerland as
per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990
and as per Article 21 § 2 lit. a and Article 35 § lit. e of the Swiss Federal Harmonization Direct
Tax Act of December 14, 1990.

     “Taxing Authority” shall mean any Governmental Authority of any jurisdiction or political
subdivision thereof with the authority to impose, assess, and collect Taxes and engage in
activities of a similar nature with respect to such Taxing Authority.

     “Term Loan Commitment” shall mean, with respect to each Lender, the commitment, if any, of
such Lender to make Term Loans hereunder up to the amount set forth on Schedule I to the Lender
Addendum executed and delivered by such Lender directly under the column entitled “Term Loan
Commitment” or in an Increase Joinder. The aggregate amount of the Lenders’ Term Loan Commitments
on the Closing Date is $1,500,000,000.

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     “Term Loan Purchase Amount” shall have the meaning assigned to such term in the definition of
“Dutch Auction”.

     “Term Loan Repayment Date” shall have the meaning assigned to such term in Section
2.09.

     “Term Loans” shall mean the Initial Term Loan, the Other Term Loan and the Incremental Term
Loan, as the context requires.

     “Test Period” shall mean, at any time, the four consecutive fiscal quarters of the Borrower
then last ended (in each case taken as one accounting period).

     “Title Company” shall mean any title insurance company as shall be retained by the Borrower
and reasonably acceptable to the Administrative Agent.

     “Title Policy” shall have the meaning assigned to such term in Section 4.01(o)(iii).

     “Total Net Leverage Ratio” shall mean, with respect to any Test Period, the ratio of (a)
Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for
such Test Period; provided that if the Total Net Leverage Ratio is being determined for purposes of
whether an action or transaction is permitted under this Agreement (and not for purposes of
compliance with Section 6.10, but including for purposes of determining whether the
Borrower will be in compliance with Section 6.10 on a Pro Forma Basis after giving effect to or
taking into account an action or transaction), then Consolidated Total Net Debt shall be determined
as of the particular Calculation Date upon which such action or transaction is being measured and
Consolidated EBITDA shall be determined for the Test Period most recently ended prior to the
Calculation Date for which financial information has been delivered to the Administrative Agent and
the Lenders pursuant to Section 5.01(a) or (b).

     “Transaction Documents” shall mean the Loan Documents (other than Hedging Agreements), the New
Senior Note Documents and the Revolving Credit Loan Documents.

     “Transactions” shall mean, collectively, the transactions to occur pursuant to the Transaction
Documents, including (a) the execution and delivery of the Loan Documents and the initial
borrowings hereunder; (b) the Refinancing; (c) the execution and delivery of the Revolving Credit
Loan Documents and the borrowings thereunder; (d) the execution and delivery of the New Senior Note
Documents on the Closing Date and the receipt by Borrower of at least $2,500,000,000 in gross
proceeds from the sale of the New Senior Notes, (e) the consummation of the Debt Tender Offer, (f)
the payment of the Closing Date Distribution and (g) the payment of all fees and expenses to be
paid on or prior to the Closing Date and owing in connection with the foregoing.

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     “Transferred Guarantor” shall have the meaning assigned to such term in Section 7.09.

     “Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Eurodollar Rate or the Base Rate.

     “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of
New York; provided that if perfection or the effect of perfection or non-perfection or the priority
of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code as
in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority.

     “U.K. Guarantor” shall mean each Restricted Subsidiary of the Borrower incorporated in England
and Wales party hereto as a Guarantor, and each other Restricted Subsidiary of the Borrower
incorporated in England and Wales that is required to become a Guarantor pursuant to the terms
hereof.

     “U.K. Security Agreement” shall mean, collectively, any Security Agreement substantially in
the form of Exhibit M-3, including all sub-parts thereto, among the U.K. Guarantors and the
Collateral Agent for the benefit of the Secured Parties, including the U.K. Share Charge.

     “U.K. Share Charge” shall mean shall mean a Security Agreement in substantially the form of
Exhibit M-3-2, among the Borrower and the Collateral Agent.

     “United States” shall mean the United States of America.

     “Unrestricted Cash” shall mean cash and Cash Equivalents of the Borrower and its Restricted
Subsidiaries (in each case, free and clear of all Liens (other than Liens permitted pursuant to
Section 6.02(a), (j), and (k)), to the extent the use thereof for the
application to payment of Indebtedness is not prohibited by law or any contract to which the
Borrower or any of the Restricted Subsidiaries is a party and excluding cash and Cash Equivalents
(i) which are listed as “restricted” on the consolidated balance sheet of the Borrower and its
Subsidiaries as of such date or (ii) constituting proceeds of a Specified Equity Contribution.

     “Unrestricted Grantors” shall mean Loan Parties that are not Restricted Grantors.

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     “Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower designated by the board of
directors of the Borrower as an Unrestricted Subsidiary pursuant to Section 5.16 subsequent
to the Closing Date.

     “Upfront Fees” shall have the meaning assigned to such term in Section 2.05.

     “US GAAP” shall have the meaning assigned to such term in Section 1.04.

     “U.S. Guarantor” shall mean each Restricted Subsidiary of the Borrower organized in the United
States, any state thereof or the District of Columbia, party hereto as a Guarantor, and each other
Restricted Subsidiary of the Borrower organized in the United States, any state thereof or the
District of Columbia that is required to become a Guarantor pursuant to the terms hereof.

     “U.S. Issuer” shall mean Novelis Corporation, a Texas corporation.

     “U.S. Loan Parties” shall mean the U.S. Guarantors.

     “U.S. Security Agreement” shall mean a Security Agreement substantially in the form of
Exhibit M-1 among the Borrower, the U.S. Loan Parties and the Collateral Agent for the
benefit of the Secured Parties.

     “Voting Stock” shall mean, with respect to any person, any class or classes of Equity
Interests pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the Board of Directors of such person.

     “Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date,
the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i)
the amount of each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect thereof, by (ii) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment; by (b) the then outstanding principal amount of such Indebtedness.

     “Wholly Owned Subsidiary” shall mean, as to any person, (a) any corporation 100% of whose
capital stock (other than directors’ qualifying shares) is at the time owned by such person and/or
one or more Wholly Owned Subsidiaries of such person and (b) any partnership, association, joint
venture, limited liability company or other entity in which such person and/or one or more Wholly
Owned Subsidiaries of such person have a 100% equity interest at such time.

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     “Wind-Up” shall have the meaning assigned to such term in Section 6.05(g), and the
term “Winding-Up” shall have a meaning correlative thereto.

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

Section 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Class (e.g., an “Initial Term Loan” or an “Incremental Term Loan”)
or Type (e.g., a “Eurodollar Rate Loan”). Borrowings also may be classified and referred to by
Class or Type (e.g., a “Eurodollar Term Borrowing”).

Section 1.03 Terms Generally; Currency Translation. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise (a) any definition of or reference to any Loan Document, agreement,
instrument or other document (including any Organizational Document) herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein or in any other Loan Document), (b) any reference herein to any
person shall be construed to include such person’s successors and assigns, (c) any reference to a
Subsidiary of a Person shall include any direct or indirect Subsidiary of such Person, (d) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (e) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement, (f) any reference to any law or
regulation herein shall include all statutory and regulatory provisions consolidating, amendment or
interpreting such law or regulation and any reference to any law or regulation shall, unless
otherwise specified, refer to such law or regulation as amended, modified or supplemented from time
to time, (g) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights and (h) “on,” when used with respect to the Mortgaged
Property or any property adjacent to the Mortgaged Property, means “on, in, under, above or about.”
For purposes of this Agreement and the other Loan Documents, where the permissibility of a
transaction or determinations of required actions or circumstances depend upon compliance with, or
are determined by reference to, amounts stated in dollars, such amounts shall be deemed to refer to
Dollars or Dollar Equivalents and any requisite currency translation shall be based on the Spot
Selling Rate in effect on the Business Day immediately preceding the date of such transaction or
determination and the permissibility of actions taken under Article VI shall not be affected by
subsequent fluctuations in exchange rates (provided that if Indebtedness is incurred to refinance
other Indebtedness, and such refinancing would cause the applicable dollar denominated limitation
to be exceeded if calculated at the Spot Selling Rate in effect on the Business Day

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immediately preceding the date of such refinancing, such dollar denominated restriction shall be
deemed not to have been exceeded so long as (x) such refinancing Indebtedness is denominated in the
same currency as such Indebtedness being refinanced and (y) the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced
except as permitted by the definition of Permitted Refinancing Indebtedness). For purposes of this
Agreement and the other Loan Documents, the word “foreign” shall refer to jurisdictions other than
the United States, the states thereof and the District of Columbia. From and after the
effectiveness of the Permitted Holdings Amalgamation (i) all references to Borrower in any Loan
Document shall refer to the Successor Borrower and (ii) all references to Holdings in any Loan
Document shall refer to the Successor Holdings.

Section 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all financial
statements to be delivered pursuant to this Agreement shall be prepared in accordance with
generally accepted accounting principles in the United States applied on a consistent basis as in
effect from time to time (“US GAAP”) and all terms of an accounting or financial nature shall be
construed and interpreted in accordance with US GAAP, as in effect from time to time unless
otherwise agreed to by Borrower and the Required Lenders or as set forth below; provided that (i)
the Borrower may elect to convert from US GAAP for the purposes of preparing its financial
statements and keeping its books and records to IFRS and if the Borrower makes such election it
shall give prompt written notice to the Administrative Agent and the Lenders within five Business
Days of such election, along with a reconciliation of the Borrower’s financial statements covering
the four most recent fiscal quarters for which financial statements are available (including a
reconciliation of the Borrower’s audited financial statements prepared during such period), (ii)
upon election of any conversion to IFRS, the Administrative Agent, the Lenders and the Borrower
shall negotiate in good faith to amend the financial ratios and requirements and other terms of an
accounting or a financial nature in the Loan Documents to preserve the original intent thereof in
light of such conversion to IFRS (subject to the approval of the Required Lenders);
provided that, until so amended (x) such ratios or requirements (and all terms of an
accounting or a financial nature) shall continue to be computed in accordance with US GAAP prior to
such conversion to IFRS and (y) the Borrower shall provide to the Administrative Agent and the
Lenders any documents and calculations required under this Agreement or as reasonably requested
hereunder by the Administrative Agent or any Lender setting forth a reconciliation between
calculations of such ratios and requirements and other terms of an accounting or a financial nature
made before and after giving effect to such conversion to IFRS and (iii) if at any time any change
in US GAAP or change in IFRS would affect the computation of any financial ratio or requirement or
other terms of an accounting or a financial nature set forth in any Loan Document, and the Borrower
or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower
shall negotiate in good faith to amend such ratio or requirement or other terms of an accounting or
a financial nature to preserve the original intent thereof in light of such change in US GAAP or
change in IFRS (subject to the approval of the Required Lenders); provided that, until so
amended, (x) such ratio or requirement or other terms of an accounting or a financial nature shall
continue to be computed in accordance with US GAAP prior to such change therein or change in IFRS
and (y) the Borrower shall provide to the Administrative Agent and the Lenders any documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement or other terms of an accounting or a financial
nature made before and after giving effect to such change in US GAAP or change in IFRS.

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Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including
the computation of any financial covenant) contained herein, Indebtedness of Holdings, the Borrower
and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

Section 1.05 Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was
represented by counsel in connection with the execution and delivery of the Loan Documents to which
it is a party, that it and its counsel reviewed and participated in the preparation and negotiation
hereof and thereof and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

Section 1.06 Pro Forma Calculations. Notwithstanding anything to the contrary herein, the Total Net
Leverage Ratio and the Senior Secured Net Leverage Ratio shall be calculated on a Pro Forma Basis
with respect to each Specified Transaction occurring during the applicable four quarter period to
which such calculation relates, or subsequent to the end of such four-quarter period but not later
than the date of such calculation; provided that notwithstanding the foregoing, when calculating
the Total Net Leverage Ratio and the Senior Secured Net Leverage Ratio, as applicable, for purposes
of (i) determining the applicable percentage of Excess Cash Flow set forth in Section
2.10(f), (ii) determining actual compliance with any covenant pursuant to Section 6.10
(and not compliance for the purposes of determining whether a specific action or transaction is
permitted) and (iii) determining the Applicable Margin, the Specified Transactions and the events
described in the definition of Pro Forma Basis (and corresponding provisions of the definition of
Consolidated EBITDA) that occurred subsequent to the end of the applicable four quarter period
shall not be given pro forma effect or calculated on a Pro Forma Basis.

ARTICLE II

THE CREDITS

Section 2.01 Commitments.

     (a) Subject to the terms and conditions and relying upon the representations and warranties
herein set forth, each Lender agrees, severally and not jointly, to make a Term Loan in Dollars to
the Borrower on the Closing Date in the principal amount not to exceed its Term Loan Commitment.

     (b) Amounts paid or prepaid in respect of Term Loans may not be reborrowed.

Section 2.02 Loans.

     (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders
ratably in accordance with their applicable Commitments; provided that the failure of

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any Lender to make its Loan shall not in itself relieve any other Lender of its obligation to
lend hereunder (it being understood, however, that no Lender shall be responsible for the failure
of any other Lender to make any Loan required to be made by such other Lender). Each Borrowing
shall be in an aggregate principal amount that is not less than (and in integral amounts consistent
with) the Minimum Amount.

     (b) Subject to Section 2.11 and Section 2.12, each Borrowing shall be
comprised entirely of Base Rate Loans or Eurodollar Rate Loans as the Borrower may request pursuant
to Section 2.03; provided that all Loans comprising the same Borrowing shall at all
times be of the same Type. Each Lender may at its option make any Eurodollar Rate Loan by causing
any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that
any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in
accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding
at the same time; provided that the Borrower shall not be entitled to request any Borrowing
that, if made, would result in more than eight (8) Eurodollar Rate Borrowings hereunder at any one
time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of
whether they commence on the same date, shall be considered separate Borrowings.

     (c) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds to such account in New York City as the
Administrative Agent may designate not later than 11:00 a.m., New York City time, and the
Administrative Agent shall promptly credit the amounts so received to an account of the Borrower as
directed by the Borrower in the applicable Borrowing Request maintained with the Administrative
Agent or, if a Borrowing shall not occur on such date because any condition precedent herein
specified shall not have been met, return the amounts so received to the respective Lenders.

     (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
portion of such Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in accordance with
paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. If the Administrative Agent shall
have so made funds available, then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, each of such Lender and the Borrower severally agrees to
repay to the Administrative Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date such amount is made available to the Borrower until
the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the
interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of
such Lender, the greater of the Interbank Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. If such Lender shall repay to
the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan
as part of

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such Borrowing for purposes of this Agreement, and the Borrower’s obligation to repay the
Administrative Agent such corresponding amount pursuant to this Section 2.02(d) shall
cease.

     (e) Notwithstanding anything to the contrary contained herein, the Borrower shall not be
entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period
requested with respect thereto would end after the Maturity Date of such Loans.

Section 2.03 Borrowing Procedure.

     (a) To request a Borrowing, the Borrower shall deliver, by hand delivery, telecopier or, to
the extent separately agreed by the Administrative Agent, by an electronic communication in
accordance with the second sentence of Section 11.01(b) and the second paragraph of
Section 11.01(d), a duly completed and executed Borrowing Request to the Administrative
Agent (i) in the case of a Eurodollar Rate Borrowing, not later than 11:00 a.m., New York City
time, three (3) Business Days before the date of the proposed Borrowing, or (ii) in the case of a
Base Rate Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed
Borrowing. Each Borrowing Request shall be irrevocable and shall specify the following information
in compliance with Section 2.02:

          (i) the aggregate amount of such Borrowing;

          (ii) the date of such Borrowing, which shall be a Business Day;

          (iii) [Reserved];

          (iv) whether such Borrowing is to be a Base Rate Borrowing or a
Eurodollar Rate Borrowing;

          (v) in the case of a Eurodollar Rate Borrowing, the initial Interest
Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”;

          (vi) the location and number of the Borrower’s account to which funds are
to be disbursed, which shall comply with the requirements of Section
2.02(c); and

          (vii) in the case of the initial Credit Extension hereunder or under any
Incremental Term Loan Commitments, that the conditions set forth in
Section 4.02(b) — (d) have been satisfied as of the date of the
notice.

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     If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be
a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurodollar
Rate Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount
of such Lender’s Loan to be made as part of the requested Borrowing.

Section 2.04 Repayment of Loans; Evidence of Debt.

     (a) Promise to Repay. The Borrower hereby unconditionally promises to pay to the
Administrative Agent, for the account of each applicable Lender, the then unpaid principal amount
of each Term Loan of such Lender on the Maturity Date of such Term Loans. All payments or
repayments of Loans made pursuant to this Section 2.04(a) shall be made in Dollars.

     (b) Lender and Administrative Agent Records. Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time under this Agreement. The
Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan
made hereunder, the Type and Class thereof and the Interest Period applicable thereto; (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof. The entries made in the
accounts maintained pursuant to this paragraph shall be prima facie evidence of the existence and
amounts of the obligations therein recorded; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligations of the Borrower to repay the Loans in accordance with their terms.

     (c) Promissory Notes. Any Lender by written notice to Borrower (with a copy to the
Administrative Agent) may request that Loans of any Class made by it be evidenced by a promissory
note. In such event, the Borrower shall prepare, execute and deliver to such Lender one or more
promissory notes payable to such Lender or its registered assigns in the form of Exhibit K
(with, in the case of Loans other than the Initial Term Loans, such changes as are appropriate, in
the Administrative Agent’s reasonable discretion, to reflect the terms of such Loans). Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 11.04) be represented by one or more promissory notes
in such form payable to such payee or its registered assigns.

Section 2.05 Fees.

     (a) Fees. The Borrower agrees to pay all Fees payable pursuant to the Fee Letter, in
the amounts and on the dates set forth therein.

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     (b) Upfront Fees. The Borrower agrees to pay each Lender on the Closing Date an
upfront fee equal to 1.0% of the aggregate amount of Term Loan Commitments of such Lender (the
“Upfront Fees”).

     (c) All Fees shall be paid on the dates due, in immediately available funds in dollars, to the
Administrative Agent. Once paid, none of the Fees shall be refundable under any circumstances.

Section 2.06 Interest on Loans.

     (a) Base Rate Loans. Subject to the provisions of Section 2.06(c), the Loans
comprising each Base Rate Borrowing shall bear interest at a rate per annum equal to the Base Rate
plus the Applicable Margin in effect from time to time; provided that Incremental
Term Loans and Other Term Loans may have a different Applicable Margin as provided for in
Sections 2.23 and 2.24, subject to the provisions thereof.

     (b) Eurodollar Rate Loans. Subject to the provisions of Section 2.06(c), the
Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to
the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the
Applicable Margin in effect from time to time provided that Incremental Term Loans and
Other Term Loans may have a different Applicable Margin as provided for in Sections 2.23
and 2.24, subject to the provisions thereof.

     (c) Default Rate. Notwithstanding the foregoing, if at any time any principal of or
interest on any Loan or any fee or other amount payable by the Loan Parties hereunder has not been
paid when due, whether at stated maturity, upon acceleration or otherwise and for so long as such
amounts have not been paid, such overdue amount shall, to the extent permitted by applicable law,
bear interest, after as well as before judgment, at a per annum rate equal to (i) in the case of
principal of or interest on any Loan, 2% plus the rate otherwise applicable to such Loan as
provided in the preceding paragraphs of this Section 2.06 or (ii) in the case of any other
amount, 2% plus the rate applicable to Base Rate Loans as provided in Section
2.06(a) (in either case, the “Default Rate”).

     (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears
on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to
Section 2.06(c) shall be payable on demand, (ii) in the event of any repayment or
prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar Rate Loan prior to the end of the current Interest Period therefor, accrued
interest on such Loan shall be payable on the effective date of such conversion.

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     (e) Interest Calculation. All interest hereunder shall be computed on the basis of a
year of 360 days, except that interest computed by reference to the Base Rate shall be computed on
the basis of a year of 365 days (or 366 days in a leap year) and, in each case, shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). The
applicable Base Rate or Eurodollar Rate shall be determined by the Administrative Agent in
accordance with the provisions of this Agreement and such determination shall be conclusive absent
manifest error.

     (f) Currency for Payment of Interest. All interest paid or payable pursuant to this
Section 2.06 shall be paid in Dollars.

Section 2.07 Termination of Commitments. The Term Loan Commitments shall automatically terminate at
5:00 p.m., New York City time, on the Closing Date.

Section 2.08 Interest Elections.

     (a) Generally. Each Borrowing initially shall be of the Type specified in the
applicable Borrowing Request and, in the case of a Eurodollar Rate Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert such Borrowing to a Base Rate Borrowing or to rollover or continue such Borrowing and, in
the case of a Eurodollar Rate Borrowing, may elect Interest Periods therefor, all as provided in
this Section. The Borrower may elect different options with respect to different portions (not
less than the Minimum Amount) of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing. Notwithstanding anything to
the contrary, the Borrower shall not be entitled to request any conversion, rollover or
continuation that, if made, would result in more than eight (8) Eurodollar Rate Borrowings
outstanding hereunder at any one time.

     (b) Interest Election Notice. To make an election pursuant to this Section, the
Borrower shall deliver, by hand delivery or telecopier, a duly completed and executed Interest
Election Request to the Administrative Agent not later than the time that a Borrowing Request would
be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type
resulting from such election to be made on the effective date of such election. Each Interest
Election Request shall be irrevocable. Each Interest Election Request shall specify the following
information in compliance with Section 2.02:

          (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions
thereof, or if outstanding Borrowings are being combined, allocation to each
resulting Borrowing (in which case the information to be specified pursuant to
clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

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          (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day;

          (iii) whether such Borrowing is to be a Base Rate Borrowing or a
Eurodollar Rate Borrowing; and

          (iv) if the resulting Borrowing is a Eurodollar Rate Borrowing, the
Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated, as applicable, by the definition of the
term “Interest Period”.

     If any such Interest Election Request requests a Eurodollar Rate Borrowing but does not
specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period
of one month’s duration.

     Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

     (c) Automatic Conversion to Base Rate Borrowings. If an Interest Election Request
with respect to a Eurodollar Rate Borrowing is not timely delivered prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at
the end of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is
continuing, the Administrative Agent or the Required Lenders may require, by notice to the
Borrower, that (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Rate
Borrowing and (ii) unless repaid, each Eurodollar Rate Borrowing shall be converted to an Base Rate
Borrowing at the end of the Interest Period applicable thereto.

Section 2.09 Amortization of Term Loan Borrowings.

     (a) The Borrower shall pay to the Administrative Agent, for the account of the Lenders, on the
dates set forth on Annex I, or if any such date is not a Business Day, on the immediately
preceding Business Day (each such date, a “Term Loan Repayment Date”), a principal amount of the
Term Loans equal to the amount set forth on Annex I for such date (as adjusted from time to
time pursuant to Section 2.10(g)), together in each case with accrued and unpaid interest
on the principal amount to be paid to but excluding the date of such payment.

     (b) To the extent not previously paid, all Term Loans shall be due and payable on the Maturity
Date of such Term Loans.

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Section 2.10 Optional and Mandatory Prepayments of Loans.

     (a) Optional Prepayments. The Borrower shall have the right at any time and
from time to time to prepay any Borrowing, in whole or in part, subject to the requirements of this
Section 2.10; provided that each partial prepayment shall be in a principal amount
that is not less than (and in integral amounts consistent with) the Minimum Amount or, if less, the
outstanding principal amount of such Borrowing.

     (b) Net Cash Proceeds Account. Subject to the terms of the Intercreditor Agreement,
the Net Cash Proceeds of any Pari Passu Priority Collateral arising from an Asset Sale or Casualty
Event by the Borrower or any Subsidiary Guarantor which Net Cash Proceeds are being reinvested in
accordance with Sections 2.10(c) or (e), respectively, shall be deposited in one or
more Net Cash Proceeds Accounts pending final application of such proceeds (and any products of
such proceeds) in accordance with the terms hereof (provided that prior to such final
application, and without affecting the Borrower’s obligations under Sections 2.10(c) and
(e), such proceeds may be utilized to make repayments of the Revolving Credit Loans without
reducing Revolving Credit Commitments).

     (c) Asset Sales. Not later than three (3) Business Days following the receipt of any
Net Cash Proceeds of any Asset Sale by the Borrower or any of its Restricted Subsidiaries, the
Borrower shall make prepayments of the Term Loans in accordance with Section 2.10(g) and
(h) in an aggregate amount equal to 100% of such Net Cash Proceeds; provided, that
if at the time that any such prepayment would be required, the Borrower is required to prepay or
offer to repurchase Permitted First Priority Refinancing Debt or any Additional Senior Secured
Indebtedness that is secured on a pari passu basis with the Secured Obligations pursuant to the
terms of the documentation governing such Indebtedness with the Net Cash Proceeds of such Asset
Sale (such Permitted First Priority Refinancing Debt or Additional Senior Secured Indebtedness
required to be prepaid or offered to be so repurchased, “Other Applicable Indebtedness”), then the
Borrower may apply such Net Cash Proceeds on a pro rata basis (determined on the basis of the
aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such
time; provided, that the portion of such net proceeds allocated to the Other Applicable
Indebtedness shall not exceed the amount of such Net Cash Proceeds required to be allocated to the
Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of
such Net Cash Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to
the prepayment of the Term Loans and to the prepayment or repurchase of Other Applicable
Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been
required pursuant to this Section 2.10(c) shall be reduced accordingly; provided
further, that to the extent the holders of Other Applicable Indebtedness decline to have
such indebtedness prepaid or repurchased, the declined amount shall promptly (and in any event
within 10 Business Days after the date of such rejection) be applied to prepay the Term Loans in
accordance with the terms hereof; provided further that:

          (i) no such prepayment shall be required under this Section
2.10(c) with respect to (A) any Asset Sale permitted by Section
6.06 other than clauses (b), (i), (k) and
(l) thereof, (B) the disposition of
property which constitutes a Casualty Event, or (C) Asset Sales for fair

87 

 

          market value resulting in less than $10,000,000 in Net Cash Proceeds in any
fiscal year; and

          (ii) so long as no Event of Default shall then exist or would arise
therefrom, such proceeds shall not be required to be so applied on such date
to the extent that the Borrower shall have delivered an Officers’ Certificate
to the Administrative Agent on or prior to such date stating that such Net
Cash Proceeds are expected to be reinvested in fixed or capital assets or to
make Permitted Acquisitions (and (x) in the case of Net Cash Proceeds from an
Asset Sale made pursuant to Section 6.06(k), such Net Cash Proceeds
may also be used to make investments in joint ventures so long as a Company
owns at least 50% of the Equity Interests in such joint venture and (y) in the
case of Net Cash Proceeds from an Asset Sale by a Joint Venture Subsidiary,
such Net Cash Proceeds may also be used by such Joint Venture to reinvest in
property (other than cash, Cash Equivalents and securities) to be owned by
such Joint Venture and used in an activity permitted under Section
6.15) within 365 days (or in the event the Borrower or any Restricted
Subsidiary has entered into a binding agreement to make such reinvestment
within such 365 day period, such period shall be extended for an additional
180 days with respect to the portion of such Net Cash Proceeds so committed to
be reinvested) following the date of such Asset Sale (which Officers’
Certificate shall set forth the estimates of the proceeds to be so expended);
provided that if all or any portion of such Net Cash Proceeds is not
so reinvested within such 365-day period (as such period may be extended
pursuant to the foregoing) , such unused portion shall be applied on the last
day of such period to mandatory prepayments as provided in this Section
2.10(c).

     (d) Debt Issuance. Not later than one (1) Business Day following the receipt of any
Net Cash Proceeds of any Debt Issuance or issuance of Disqualified Capital Stock by Holdings, the
Borrower or any of its Restricted Subsidiaries (other than in the case of an issuance of
Disqualified Capital Stock, as permitted by Section 6.13), the Borrower shall make prepayments in
accordance with Section 2.10(g) and (h) in an aggregate amount equal to 100% of
such Net Cash Proceeds.

     (e) Casualty Events. Not later than three (3) Business Days following the receipt of
any Net Cash Proceeds from a Casualty Event by the Borrower or any of its Restricted Subsidiaries,
the Borrower shall make prepayments in accordance with Section 2.10(g) and (h) in
an aggregate amount equal to 100% of such Net Cash Proceeds; provided that:

          (i) so long as no Event of Default shall then exist or arise therefrom,
such proceeds shall not be required to be so applied on such date to the
extent that the Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating
that

88 

 

such proceeds are expected to be used to repair, replace or restore any
property in respect of which such Net Cash Proceeds were paid or to reinvest
in other fixed or capital assets, no later than 365 days (or in the event the
Borrower or any Restricted Subsidiary has entered into a binding agreement to
make such repair, replacement, restoration or reinvestment within such 365 day
period, such period shall be extended for an additional 180 days with respect
to the portion of such Net Cash Proceeds committed for such repair,
replacement, restoration or reinvestment) following the date of receipt of
such proceeds; and

          (ii) if any portion of such Net Cash Proceeds shall not be so applied
within such 365-day period (as such period may be extended pursuant to clause
(i), above), such unused portion shall be applied on the last day of such
period to mandatory prepayments as provided in this Section 2.10(e).

     (f) Excess Cash Flow. No later than 105 days after the end of each Excess Cash Flow
Period, the Borrower shall make prepayments in accordance with Sections 2.10(g) and
(h) in an aggregate amount equal to the amount by which (A) the Excess Cash Flow Percentage
(defined below) of such Excess Cash Flow for such Excess Cash Flow Period exceeds (B) the aggregate
amount of all voluntary prepayments of Term Loans made pursuant to Section 2.10(a) with
Internally Generated Cash Flow during such Excess Cash Flow Period and voluntary prepayments of
Revolving Credit Loans made with Internally Generated Cash Flow during such Excess Cash Flow Period
(but, in the case of Revolving Credit Loans, only to the extent such prepayments are accompanied by
a simultaneous permanent reduction of the Revolving Loan Commitments in an equal amount (and
excluding any such reduction to the extent relating to the entering into of a replacement Revolving
Credit Agreement)). “Excess Cash Flow Percentage” shall mean 50%; provided,
however, that if (i) on the date such prepayment is required to be made, no Event of
Default has occurred and is continuing, and (ii) the Senior Secured Net Leverage Ratio, as of the
last day of such Excess Cash Flow Period, is less than or equal to 1.75 to 1.0 but greater than
1.50 to 1.0, then such percentage shall be 25%. No payment of any Loans shall be required under
this Section 2.10(f) if (i) on the date such prepayment is required to be made, no Event of
Default has occurred and is continuing and (ii) the Senior Secured Net Leverage Ratio, as of the
last day of such Excess Cash Flow Period, is less than or equal to 1.50:1.0.

     (g) Application of Prepayments. (i) [Intentionally Omitted].

          (ii) [Intentionally Omitted]

          (iii) Prior to any optional or mandatory prepayment hereunder, the
Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment

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pursuant to Section 2.10(i), subject to the provisions of this
Section 2.10(h); provided that after an Event of Default has
occurred and is continuing or after the acceleration of the Obligations,
Section 8.03 shall apply and provided further, such
prepayment shall be applied ratably to each Class of Loans.

          (iv) Any prepayments of any Class of Term Loans (x) pursuant to
Section 2.10(a) shall be applied as directed by the Borrower and (y)
pursuant to Section 2.10(c), (d), (e), (f) and
(i) shall be applied (i) in direct order of maturity to the next eight
scheduled repayments of such Class of Term Loans and (ii) to the extent of any
excess, ratably to the remaining scheduled repayments of Term Loans.

          (v) Amounts to be applied pursuant to this Section 2.10 to the
prepayment of Term Loans shall be applied first to reduce outstanding Base
Rate Loans. Any amounts remaining after each such application shall be
applied to prepay Eurodollar Rate Loans.

          (vi) Notwithstanding any of the foregoing, if the amount of any
prepayment of Loans required under this Section 2.10 shall be in
excess of the amount of the Base Rate Loans at the time outstanding (an
“Excess Amount”), only the portion of the amount of such prepayment as is
equal to the amount of such outstanding Base Rate Loans shall be immediately
prepaid and, at the election of the Borrower, the Excess Amount shall be
either (1) deposited in an escrow account on terms satisfactory to the
Collateral Agent and applied to the prepayment of Eurodollar Loans on the last
day of the then next-expiring Interest Period for Eurodollar Loans;
provided that (i) interest in respect of such Excess Amount shall
continue to accrue thereon at the rate provided hereunder for the Loans which
such Excess Amount is intended to repay until such Excess Amount shall have
been used in full to repay such Loans and (ii) at any time while a Default has
occurred and is continuing, the Administrative Agent may, and upon written
direction from the Required Lenders shall, apply any or all proceeds then on
deposit to the payment of such Loans in an amount equal to such Excess Amount
or (2) prepaid immediately, together with any amounts owing to the Lenders
under Section 2.13.

     (h) Notice of Prepayments. (i) The Borrower shall notify the Administrative Agent by
written notice of any prepayment hereunder (A) in the case of prepayment of a Eurodollar Rate
Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date
of prepayment, and (B) in the case of prepayment of a Base Rate Borrowing, not later than 11:00
a.m., New York City time, one (1) Business Day before the date of prepayment. Each such notice
shall be irrevocable. Each such notice shall specify the prepayment date, the
principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a

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mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly
following receipt of any such notice, the Administrative Agent shall advise the Lenders of the
contents thereof.

          (ii) [Intentionally Omitted]

          (iii) Each partial prepayment of any Borrowing shall be in an amount that
would be permitted in the case of a Credit Extension of the same Type as
provided in Section 2.02(a), except as necessary to apply fully the
required amount of a mandatory prepayment. Each prepayment of a Borrowing
shall be applied ratably to the Loans included in the prepaid Borrowing and
otherwise in accordance with this Section 2.10. Prepayments shall be
accompanied by accrued interest to the extent required by Section
2.06.

     (i) Foreign Asset Sales. Notwithstanding any other provisions of Section
2.10(b), (c) or (e) (i) to the extent that any of or all the Net Cash Proceeds
of any Asset Sale or Casualty Event subject to such sections are received by a Restricted
Subsidiary that is not organized under the United States or any State or political subdivision
thereof or of Canada or any province or political subdivision thereof (a “Foreign Asset Sale”) and
such Net Cash Proceeds are prohibited, restricted or otherwise delayed (each, a “Repatriation
Limitation”) by applicable local law from being repatriated to the United States or Canada, the
portion of such Net Cash Proceeds so affected will not be required to be applied to repay Term
Loans at the times provided in this Section 2.10 but may be retained by the applicable
Restricted Subsidiary so long as such Repatriation Limitation exists (provided, that such
Restricted Subsidiary shall use its commercially reasonable efforts to overcome any Repatriation
Limitation) and once such Repatriation Limitation no longer exists, such Restricted Subsidiary
shall promptly repatriate an amount equal to such Net Cash Proceeds to the Borrower which shall
promptly (and in any event not later than five Business Days after such repatriation) apply such
amount to the repayment of the Term Loans pursuant to this Section 2.10 and (ii) to the
extent that the Borrower has reasonably determined in good faith that repatriation of any of or all
of such Net Cash Proceeds of any Asset Sale or Casualty Event subject to Section 2.10(c) or
(e) would have a material adverse tax cost consequence with respect to such Net Cash
Proceeds for such Restricted Subsidiary or any other Loan Party, the Net Cash Proceeds so affected
may be retained by the applicable Restricted Subsidiary.

     (j) Prepayment Premium. In the event that there shall occur any amendment, amendment
and restatement or other modification of this Agreement that reduces the Applicable Margin or
interest rate (excluding changes in the calculation of the Total Net Leverage Ratio) with respect
to any Term Loans or any prepayment or refinancing of any Term Loans, in whole or in part with
proceeds of Indebtedness having lower applicable total yield than the applicable total yield for
the Term Loans as of the Amendment No. 1 Effective Date, then (x) each such amendment, amendment
and restatement, modification, prepayment or refinancing that occurs on
or prior to the six month anniversary of the Amendment No. 1 Effective Date, as the case may
be,

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shall be accompanied by a fee or prepayment premium, as applicable, equal to 1.00% of the
outstanding principal amount of the Term Loans affected by such amendment, amendment and
restatement or modification, or subject to such prepayment or refinancing and (y) each such
amendment, amendment and restatement, modification, prepayment or refinancing that occurs after the
six month anniversary of the Amendment No. 1 Effective Date but on or prior to the first
anniversary of the Amendment No. 1 Effective Date, as the case may be, shall be accompanied by a
fee or prepayment premium, as applicable, equal to 0.50% of the outstanding principal amount of the
Term Loans affected by such amendment, amendment and restatement or modification, or subject to
such prepayment or refinancing. As a condition to effectiveness of any required assignment by any
non-consenting Lender of its Term Loans pursuant to Section 2.16 in respect of any
amendment, amendment and restatement or modification to this Agreement effective prior to the first
anniversary of the Amendment No. 1 Effective Date that has the effect of reducing the Applicable
Margin or interest rate for any Term Loans from the Applicable Margin or interest rate in effect on
the Amendment No. 1 Effective Date, the Borrower shall pay to such non-consenting Lender of Term
Loans a premium or fee equal to the premium or fee that would apply pursuant to the preceding
sentence if such non-consenting Lender’s Term Loans being assigned were being prepaid.

Section 2.11 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Rate Borrowing:

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

     (b) the Administrative Agent is advised in writing by the Required Lenders that the Eurodollar
Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Borrowing for such Interest Period;

then the Administrative Agent shall give written notice thereof to the Borrower and the Lenders as
promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and
the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing
as, a Eurodollar Rate Borrowing shall be ineffective and (ii) if any Borrowing Request requests a
Eurodollar Rate Borrowing, such Borrowing shall be made as a Base Rate Borrowing.

Section 2.12 Yield Protection; Change in Law Generally.

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

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

          (ii) impose on any Lender or the interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender;

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

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

     (c) Certificates for Reimbursement. A certificate of a Lender setting forth the
amount or amounts necessary to compensate such Lender or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section 2.12 and delivered to the Borrower
shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may be,
the amount shown as due on any such certificate within ten (10) Business Days after receipt
thereof.

     (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to this Section 2.12 shall not constitute a waiver of such Lender’s
right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender pursuant to this Section for any increased costs incurred or reductions
suffered more than nine months prior to the date that such Lender, as the case may be, notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to
such increased

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costs or reductions is retroactive, then the nine-month period referred to above shall be
extended to include the period of retroactive effect thereof).

     (e) Change in Legality Generally. Notwithstanding any other provision of this
Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any
Eurodollar Rate Loan or to give effect to its obligations as contemplated hereby with respect to
any Eurodollar Rate Loan, then, upon written notice by such Lender to the Borrower and the
Administrative Agent:

          (i) the Commitments of such Lender (if any) to fund the affected Type of
Loan shall immediately terminate; and

          (ii) (x) such Lender may declare that Eurodollar Rate Loans will not
thereafter (for the duration of such unlawfulness) be continued for additional
Interest Periods and Base Rate Loans will not thereafter (for such duration)
be converted into Eurodollar Rate Loans, whereupon any request to convert a
Base Rate Borrowing to a Eurodollar Rate Borrowing or to continue a Eurodollar
Rate Borrowing for an additional Interest Period shall, as to such Lender
only, be deemed a request to continue a Base Rate Loan as such, or to convert
a Eurodollar Rate Loan into a Base Rate Loan, as the case may be, unless such
declaration shall be subsequently withdrawn and (y) all such outstanding
Eurodollar Rate Loans made by such Lender shall be automatically converted to
Base Rate Loans on the last day of the then current Interest Period therefor
or, if earlier, on the date specified by such Lender in such notice (which
date shall be no earlier than the last day of any applicable grace period
permitted by applicable law).

     (f) Increased Tax Costs. If any Change in Law shall subject any Lender to any (i) Tax
of any kind whatsoever with respect to this Agreement or any Loan made by it, or change the basis
of taxation of payments to such Lender in respect thereof, or (ii) Tax imposed on it that is
specially (but not necessarily exclusively) applicable to lenders such as such Lender as a result
of the general extent and/or nature of their activities, assets, liabilities, leverage, other
exposures to risk, or other similar factors, including but not limited to the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or
directives thereunder or issued in connection therewith, the proposed United Kingdom Tax to be
known as the “bank levy” (in respect of which draft legislation was last published on December 9,
2010) in such form as it may be imposed and as amended or reenacted, and similar legislation
(except, in each case of the foregoing clauses (i) and (ii), for Indemnified Taxes or Other Taxes
covered by Section 2.15 and the imposition of, or any change in the rate of, any Excluded
Tax payable by such Lender; provided, however, for purposes of this Section
2.12(f), a franchise tax in lieu of or in substitute of net income taxes shall be treated as an
Excluded Tax only if such franchise tax in lieu of or in substitute of net income taxes is imposed
by a state, city or political subdivision of a state, in each case in the United States, for the
privilege of being organized or chartered in, or

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doing business in, such state, city or political subdivision of such state or city in the
United States), and the result of any of the foregoing shall be to increase the cost to such Lender
of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to
reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or any other amount), then, upon request of such Lender, the Borrower will pay to such
Lender, as the case may be, such additional amount or amounts as will compensate such Lender, as
the case may be, for such additional costs incurred or reduction suffered.

Section 2.13 Breakage Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any principal
of any Eurodollar Rate Loan earlier than the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion of any Eurodollar Rate Loan
earlier than the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Term Loan on the date specified in any notice delivered pursuant
hereto or (d) the assignment of any Eurodollar Rate Loan earlier than the last day of the Interest
Period applicable thereto as a result of a request by Borrower pursuant to Section 2.16(c),
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of any Eurodollar Rate Loan, such loss, cost or expense to
any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any,
of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Eurodollar Rate that would have been applicable to such Loan, for
the period from the date of such event to the last day of the then current Interest Period therefor
(or, in the case of a failure to borrow, convert or continue, for the period that would have been
the Interest Period for such Loan) (excluding, however, the Applicable Margin included therein, if
any, and the effect of clause (ii) of each of the sentences contained in the “Eurodollar
Base Rate” definition), over (ii) the amount of interest which would accrue on such principal
amount for such period at the interest rate which such Lender would bid were it to bid, at the
commencement of such period, for deposits of a comparable currency, amount and period from other
banks in the applicable interbank market. A certificate of any Lender setting forth in reasonable
detail any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.13
shall be delivered to the Borrower (with a copy to the Administrative Agent) and shall be
conclusive and binding absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within five (5) days after receipt thereof.

Section 2.14 Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

     (a) Payments Generally. Each Loan Party shall make each payment required to be made
by it hereunder or under any other Loan Document (whether of principal, interest or fees, or of
amounts payable under Section 2.12, Section 2.13, Section 2.15, Section
2.16 or Section 11.03, or otherwise) on or before the time expressly required hereunder
or under such other Loan Document for such payment (or, if no such time is expressly required,
prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds,
without condition or deduction for any counterclaim, defense, recoupment or setoff. Any amounts
received after such time on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All payments by any Loan Party shall be made to the Administrative Agent, for the account
of the

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respective Lenders to which such payment is owed, at the Administrative Agent’s Office, except
that payments pursuant to Section 2.12, Section 2.13, Section 2.15,
Section 2.16 and Section 11.03 shall be made directly to the persons entitled
thereto and payments pursuant to other Loan Documents shall be made to the persons specified
therein. The Administrative Agent shall distribute any such payments received by it for the
account of any other person to the appropriate recipient promptly following receipt thereof in like
funds as received by the Administrative Agent. If any payment under any Loan Document shall be due
on a day that is not a Business Day, unless specified otherwise, the date for payment shall be
extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments under each Loan
Document shall be made in Dollars, except as expressly specified otherwise.

     (b) Pro Rata Treatment.

          (i) Each payment by the Borrower of interest in respect of the Loans of
any Class shall be applied to the amounts of such obligations owing to the
Lenders pro rata according to the respective amounts then due and owing to the
Lenders.

          (ii) Each payment by the Borrower on account of principal of the
Borrowings of any Class shall be made pro rata according to the respective
outstanding principal amounts of the Loans then held by the Lenders.

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

     (d) Sharing of Set-Off. Subject to the terms of the Intercreditor Agreement, if any
Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of its Loans or other Obligations resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued
interest thereon or other Obligations greater than its pro rata share thereof as provided herein,
then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such
fact, and (b) purchase (for cash at face value) participations in the Loans and such other
obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans and other amounts
owing them, provided that:

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          (i) if any such participations are purchased and all or any portion of
the payment giving rise thereto is recovered, such participations shall be
rescinded and the purchase price restored to the extent of such recovery,
without interest; and

          (ii) the provisions of this paragraph shall not be construed to apply to
(x) any payment made by any Loan Party pursuant to and in accordance with the
express terms of this Agreement or (y) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its
Loans to any assignee or participant, other than to any Loan Party or any
Subsidiary thereof (as to which the provisions of this paragraph shall apply);
provided, that this paragraph shall not apply to purchases or other
payments pursuant to the Dutch Auction provisions of this Agreement, as
provided in Section 11.04(b)(v).

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Loan Party in the
amount of such participation. If under applicable bankruptcy, insolvency or any similar law any
Secured Party receives a secured claim in lieu of a setoff or counterclaim to which this
Section 2.14(d) applies, such Secured Party shall to the extent practicable, exercise its
rights in respect of such secured claim in a manner consistent with the rights to which the Secured
Party is entitled under this Section 2.14(d) to share in the benefits of the recovery of
such secured claim.

     (e) Borrower Default. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the
account of the Lenders hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount
due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders,
as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Interbank Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this Section
2.14(e) shall be conclusive, absent manifest error.

     (f) Lender Default. If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.02(c), Section 2.14(e) or Section 11.03(c),
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for the account of such

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Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid.

     (g) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans and to make payments pursuant to Section 11.03 are several and not joint. The
failure of any Lender to make any Loan or to make any payment under Section 11.03 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 to make its payment under Section 11.03.

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

Section 2.15 Taxes.

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

     (b) Payment of Other Taxes by Borrower. Without limiting the provisions of paragraph
(a) above, each Loan Party shall timely pay any Other Taxes to the relevant Taxing Authority in
accordance with applicable Requirements of Law.

     (c) Indemnification by Loan Parties. Each Loan Party shall indemnify each Agent and
each Lender, within ten (10) Business Days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section 2.15) paid by such Agent or such
Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Taxing Authority. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative
Agent), or by such Agent on its own behalf or on behalf of a Lender, shall be

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conclusive absent manifest error. The Borrower shall not be obliged to provide indemnity
under this Section where the Indemnified Tax or Other Tax in question is compensated for by an
increased payment under Sections 2.12(f) or 2.15(a).

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

     (e) Status of Lenders. Any Lender that is entitled to an exemption from or reduction
of withholding tax under the law of the jurisdiction in which the applicable Loan Party is resident
for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall, to the extent it may lawfully do so, deliver to
the Borrower (with a copy to the Administrative Agent), if reasonably requested by the Borrower or
the Administrative Agent (and from time to time thereafter, as requested by the Borrower or
Administrative Agent), such properly completed and executed documentation prescribed by applicable
Requirements of Law or any subsequent replacement or substitute form that it may lawfully provide
as will permit such payments to be made without withholding or at a reduced rate of withholding;
provided, however, that no Lender shall be required to provide any such
documentation or form if, in the relevant Lender’s reasonable judgment, doing so would subject such
Lender to any material unreimbursed costs or otherwise be disadvantageous to it in any material
respect. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall,
to the extent it may lawfully do so, deliver such other documentation reasonably requested by the
Borrower or the Administrative Agent as will enable the applicable Loan Parties or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements; provided, however, that no Lender shall be
required to provide any such documentation if, in the relevant Lender’s reasonable judgment, doing
so would subject such Lender to any material unreimbursed costs or otherwise be disadvantageous to
it in any material respect.

Each Lender which so delivers any document requested by the Borrower or Administrative Agent in
this Section 2.15(e) further undertakes to deliver to the Borrower (with a copy to
Administrative Agent), upon request of the Borrower or Administrative Agent, copies of such
requested form (or a successor form) on or before the date that such form expires or becomes
obsolete or after the occurrence of any event requiring a change in the most recent form so
delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably
requested by the Borrower or Administrative Agent, in each case, unless an event (including any
change in treaty, law or regulation) has occurred prior to the date on which any such delivery
would otherwise be required that renders all such forms inapplicable or that would prevent such
Lender from duly completing and delivering any such form with respect to it. For avoidance of
doubt, the Borrower shall not be required to pay additional amounts to any Lender or Agent pursuant
to Section 2.15 to the extent the

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obligation to pay such additional amount would not have arisen but for the failure of such Lender
or Agent to comply with this paragraph.

     (f) Treatment of Certain Refunds. If an Agent or a Lender determines, in its sole
discretion, that it has received a refund of, credit against, relief or remission for any
Indemnified Taxes or Other Taxes as to which it has been indemnified by the Loan Parties or with
respect to which any Loan Party has paid additional amounts pursuant to this Section or Section
2.12(f), it shall pay to such Loan Party an amount equal to such refund, credit, relief or
remission (but only to the extent of indemnity payments made, or additional amounts paid, by such
Loan Party under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to
such refund or any additional amounts under Section 2.12(f)), net of all reasonable and
customary out-of-pocket expenses of such Agent or Lender, as the case may be, and without interest
(other than any interest paid by the relevant Taxing Authority with respect to such refund or any
additional amounts under Section 2.12(f)); provided that each Loan Party, upon the request
of such Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any
penalties, interest or other charges imposed by the relevant Taxing Authority) to such Agent or
such Lender in the event such Agent or such Lender is required to repay such refund to such Taxing
Authority. Nothing in this Agreement shall be construed to require any Agent or any Lender to make
available its tax returns (or any other information relating to its taxes that it deems
confidential) to any Loan Party or any other person. Notwithstanding anything to the contrary, in
no event will any Agent or any Lender be required to pay any amount to any Loan Party the payment
of which would place such Agent or such Lender in a less favorable net after-tax position than such
Agent or such Lender would have been in if the additional amounts giving rise to such refund of any
Indemnified Taxes or Other Taxes had never been paid.

     (g) Co-operation. Notwithstanding anything to the contrary in Section 2.15(e), with
respect to non-U.S. withholding taxes, the relevant Agent, the relevant Lender(s) (at the written
request of the relevant Loan Party) and the relevant Loan Party shall, co-operate in completing any
procedural formalities necessary (including delivering any documentation prescribed by the
applicable Requirement of Law and making any necessary reasonable approaches to the relevant Taxing
Authorities) for the relevant Loan Party to obtain authorization to make a payment to which such
Agent or such Lender(s) is entitled without any, or a reduced rate of, deduction or withholding
for, or on account of, Taxes; provided, however, that none of the Agents or any
Lender shall be required to provide any documentation that it is not legally entitled to provide,
or take any action that, in the relevant Agent’s or the relevant Lender’s reasonable judgment,
would subject such Agent or such Lender to any material unreimbursed costs or otherwise be
disadvantageous to it in any material respect.

     (h) Tax Returns. If, as a result of executing a Loan Document, entering into the
transactions contemplated thereby or with respect thereto, receiving a payment or enforcing its
rights thereunder, any Agent or any Lender is required to file a Tax Return in a jurisdiction in
which it would not otherwise be required file, the Loan Parties shall promptly provide such
information necessary for the completion and filing of such Tax Return as the relevant Agent or
Lender shall reasonably request with respect to the completion and filing of such Tax Return.

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For clarification, any expenses incurred in connection with such filing shall be subject to
Section 11.03.

     (i) Value Added Tax. All amounts set out, or expressed to be payable under a Loan
Document by any party to a Lender or Agent which (in whole or in part) constitute the consideration
for value added tax purposes shall be deemed to be exclusive of any value added tax which is
chargeable on such supply, and accordingly, if value added tax is chargeable on any supply made by
any Lender or Agent to any party under a Loan Document, that party shall pay to the Lender or Agent
(in addition to and at the same time as paying the consideration) an amount equal to the amount of
the value added tax (and such Lender or Agent shall promptly provide an appropriate value added
invoice to such party).

Where a Loan Document requires any party to reimburse a Lender or Agent for any costs or expenses,
that party shall also at the same time pay and indemnify the Lender or Agent against all value
added tax incurred by the Lender or Agent in respect of the costs or expenses to the extent that
the party reasonably determines that neither it nor any other member of any group of which it is a
member for value added tax purposes is entitled to credit or repayment from the relevant tax
authority in respect of the value added tax.

If any Lender or Agent requires any Loan Party to pay any additional amount pursuant to Section
2.15(i), then such Lender or Agent and Loan Party shall use reasonable efforts to co-operate to
minimize the amount such Loan Party is required to pay if, in the judgment of such Lender or Agent,
such co-operation would not subject such Lender or Agent to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender or Agent.

Section 2.16 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. Each Lender may at any time or from
time to time designate, by written notice to the Administrative Agent, one or more lending offices
(which, for this purpose, may include Affiliates of the respective Lender) for the various Loans
made by such Lender; provided that to the extent such designation shall result, as of the
time of such designation, in increased costs under Section 2.12 or Section 2.15 in
excess of those which would be charged in the absence of the designation of a different lending
office (including a different Affiliate of the respective Lender), then the Borrower shall not be
obligated to pay such excess increased costs (although the Borrower, in accordance with and
pursuant to the other provisions of this Agreement, shall be obligated to pay the costs which would
apply in the absence of such designation and any subsequent increased costs of the type described
above resulting from changes after the date of the respective designation). Each lending office
and Affiliate of any Lender designated as provided above shall, for all purposes of this Agreement,
be treated in the same manner as the respective Lender (and shall be entitled to all indemnities
and similar provisions in respect of its acting as such hereunder). Each lending office and
Affiliate of any Lender designated as provided above shall, for all purposes of this Agreement, be
treated in the same manner as the respective Lender (and shall be entitled to all indemnities and
similar provisions in respect of its acting as such hereunder). The proviso to the first

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sentence of this Section 2.16(a) shall not apply to changes in a lending office
pursuant to Section 2.16(b) if such change was made upon the written request of the
Borrower.

     (b) Mitigation Obligations. If any Lender requests compensation under Section
2.12, or requires any Loan Party to pay any additional amount to any Lender or any Taxing
Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall
use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.12 or Section 2.15, as the case may
be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. Each Loan Party hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment. A certificate setting forth such costs and expenses submitted by such Lender to the
Borrower shall be conclusive absent manifest error.

     (c) Replacement of Lenders. If any Lender requests compensation under Section
2.12, or if the Borrower is required to pay any additional amount to any Lender or any Taxing
Authority for the account of any Lender pursuant to Section 2.15, or if any Lender is a
Defaulting Lender, or if the Borrower exercises its replacement rights under Section
11.02(d), then the Borrower may, at its sole expense and effort, upon notice by the Borrower 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, and consents required
by, Section 11.04), all of its interests, rights and obligations under this Agreement and
the other Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that:

          (i) the Borrower or the assignee shall have paid to the Administrative
Agent the processing and recordation fee specified in Section
11.04(b);

          (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, and all other
amounts payable to it hereunder and under the other Loan Documents (including
any amounts under Section 2.13), 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, including any amounts under Section
2.10(j));

          (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.12 or payments required to be made
pursuant to Section 2.15, such assignment will result in a reduction
in such compensation or payments thereafter; and

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          (iv) such assignment does not conflict with applicable Requirements of
Law.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply.

Section 2.17 [INTENTIONALLY OMITTED].

Section 2.18 [INTENTIONALLY OMITTED].

Section 2.19 Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of Interest.

     (a) Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, solely to the extent that a court of competent jurisdiction finally determines that the
calculation or determination of interest or any fee payable by any Canadian Loan Party in respect
of the Obligations pursuant to this Agreement and the other Loan Documents shall be governed by the
laws of any province of Canada or the federal laws of Canada, in no event shall the aggregate
interest (as defined in Section 347 of the Criminal Code, R.S.C. 1985, c. C-46, as the same shall
be amended, replaced or re-enacted from time to time, “Section 347”) payable by the Canadian Loan
Parties to the Agents or any Lender under this Agreement or any other Loan Document exceed the
effective annual rate of interest on the Credit advances (as defined in Section 347) under this
Agreement or such other Loan Document lawfully permitted under Section 347 and, if any payment,
collection or demand pursuant to this Agreement or any other Loan Document in respect of Interest
(as defined in Section 347) is determined to be contrary to the provisions of Section 347, such
payment, collection or demand shall be deemed to have been made by mutual mistake of the Agents,
the Lenders and the Canadian Loan Parties and the amount of such payment or collection shall be
refunded by the relevant Agents and Lenders to the applicable Canadian Loan Parties. For the
purposes of this Agreement and each other Loan Document to which the Canadian Loan Parties are a
party, the effective annual rate of interest payable by the Canadian Loan Parties shall be
determined in accordance with generally accepted actuarial practices and principles over the term
of the loans on the basis of annual compounding for the lawfully permitted rate of interest and, in
the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by
the Administrative Agent for the account of the Canadian Loan Parties will be conclusive for the
purpose of such determination in the absence of evidence to the contrary.

     (b) For the purposes of the Interest Act (Canada) and with respect to Canadian Loan Parties
only:

          (i) whenever any interest or fee payable by the Canadian Loan Parties is
calculated using a rate based on a year of 360 days or 365 days, as the case
may be, the rate determined pursuant to such calculation, when expressed as an
annual rate, is equivalent to (x) the

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applicable rate based on a year of 360 days or 365 days, as the case may
be, (y) multiplied by the actual number of days in the calendar year in which
such rate is to be ascertained and (z) divided by 360 or 365, as the case may
be; and

          (ii) all calculations of interest payable by the Canadian Loan Parties
under this Agreement or any other Loan Document are to be made on the basis of
the nominal interest rate described herein and therein and not on the basis of
effective yearly rates or on any other basis which gives effect to the
principle of deemed reinvestment of interest.

The parties hereto acknowledge that there is a material difference between the stated nominal
interest rates and the effective yearly rates of interest and that they are capable of making the
calculations required to determine such effective yearly rates of interest.

Section 2.20 [INTENTIONALLY OMITTED].

Section 2.21 [INTENTIONALLY OMITTED].

Section 2.22 [INTENTIONALLY OMITTED].

Section 2.23 Incremental Term Loan Commitments.

     (a) Borrower Request. The Borrower may by written notice to the Administrative Agent,
elect to request the establishment of one or more new Term Loan Commitments (each, an “Incremental
Term Loan Commitment”) (x) in an aggregate principal amount of not less than $50,000,000
individually and (y) an integral multiple of $1,000,000 in excess thereof. Each such notice shall
specify (i) date on which the Borrower proposes that such Incremental Term Loan Commitments shall
be effective (each, an “Increase Effective Date”), which shall be a date not less than 10 Business
Days after the date on which such notice is delivered to the Administrative Agent and (ii) the
identity of each Lender or Additional Lender to whom the Borrower proposes any portion of such
Incremental Term Loan Commitments be allocated and the amount of such allocations; provided
that any existing Lender approached to provide all or a portion of any Incremental Term Loan
Commitments may elect or decline, in its sole discretion, to provide such Incremental Term Loan
Commitments.

     (b) Conditions. Such Incremental Term Loan Commitments shall become effective, as of
such Increase Effective Date; provided that:

          (i) each of the conditions set forth in Section 4.02 shall be
satisfied;

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          (ii) no Default shall have occurred and be continuing or would result
from the borrowings to be made on the Increase Effective Date;

          (iii) after giving effect to the borrowings to be made on the Increase
Effective Date and to the consummation of any Permitted Acquisition or other
Investment or application of funds made with the proceeds of such borrowings,
on a Pro Forma Basis, the Senior Secured Net Leverage Ratio at such date shall
be not greater than 2.5 to 1.0 (provided that in calculating the Senior
Secured Net Leverage Ratio, the proceeds of Incremental Term Loans shall be
excluded from Unrestricted Cash); and

          (iv) the Borrower shall deliver or cause to be delivered any legal
opinions or other documents reasonably requested by the Administrative Agent
in connection with any such transaction.

     (c) Terms of Incremental Term Loans and Commitments. The terms and provisions of
Loans made pursuant to the new Commitments shall be as follows:

          (i) terms and provisions of Loans made pursuant to Incremental Term Loan
Commitments (“Incremental Term Loans”) shall be, except as otherwise set forth
herein or in the Increase Joinder, identical to the existing Term Loans;

          (ii) the Weighted Average Life to Maturity of all Incremental Term Loans
shall be no shorter than the Weighted Average Life to Maturity of the existing
Term Loans;

          (iii) the maturity date of Incremental Term Loans (the “Incremental Term
Loan Maturity Date”) shall not be earlier than the Latest Maturity Date; and

          (iv) the Applicable Margins for the Incremental Term Loans shall be
determined by the Borrower and the applicable new Lenders and the interest
rate for the Incremental Term Loans shall be determined by reference to the
Base Rate and Eurodollar Rate; provided, however, that with
respect to any Incremental Term Loans incurred on or prior to the second
anniversary of the Amendment No. 1 Effective Date, if the initial yield on
such Incremental Term Loans (as determined by the Administrative Agent to be
equal to the sum of (x) the margin above the Eurodollar Rate on such
Incremental Term Loans, (y) if such Incremental Term Loans are initially made
at a discount or the Lenders making the same

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receive an upfront fee (other than any customary arrangement,
underwriting or similar fees that are paid to the arranger of such Incremental
Term Loans in its capacity as such) directly or indirectly from Holdings, the
Borrower or any Subsidiary for doing so (the amount of such discount or fee,
expressed as a percentage of the Incremental Term Loans, being referred to
herein as “Incremental OID”), the amount of such Incremental OID divided by
the lesser of (A) the average life to maturity of such Incremental Term Loans
and (B) four, and (z) the greater of (A) any amount by which the minimum
Eurodollar Rate applicable to such Incremental Term Loans exceeds the minimum
Eurodollar Rate then applicable to the Initial Term Loans, and (B) any amount
by which the minimum Base Rate applicable to such Incremental Term Loans
exceeds the minimum Base Rate then applicable to the Initial Term Loans)
exceeds the sum of (1) the Applicable Margin then in effect for Eurodollar
Rate Loans that are Initial Term Loans, and (2) the Upfront Fees divided by
four, by more than 50 basis points (the amount of such excess above 50 basis
points being referred to herein as the “Incremental Net Yield”), then the
Applicable Margin then in effect for Initial Term Loans shall automatically be
increased by the Incremental Net Yield, effective upon the making of the
Incremental Term Loans, provided that to the extent the Applicable
Margin applicable to the Initial Term Loans is so increased, the Applicable
Margin on the Term Loans advanced after the Closing Date but prior to the
relevant Increase Effective Date shall be increased such that the difference
between the Applicable Margin applicable to the Initial Term Loans and such
Term Loans remains constant (or, if such Applicable Margin of both such series
of Term Loans was equal, such Applicable Margin remains equal)). All
determinations by the Administrative Agent as to Incremental Net Yield or
other matters contemplated by this Section 2.23 shall be conclusive
absent manifest error.

The Incremental Term Loan Commitments shall be effected by a joinder agreement (the “Increase
Joinder”) executed by the Loan Parties, the Administrative Agent and each Lender or Additional
Lender making such Incremental Term Loan Commitment, in form and substance satisfactory to each of
them. The Increase Joinder may, without the consent of any other Lenders, effect such amendments
to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion
of the Administrative Agent, to effect the provisions of this Section 2.23. This
Section 2.23 (including clause (f) hereof) shall supersede any provision in Section
2.14 or Section 11.02 to the contrary. In addition, unless otherwise specifically
provided herein, all references in Loan Documents to Term Loans shall be deemed, unless the context
otherwise requires, to include references to Term Loans made pursuant to Incremental Term Loan
Commitments made pursuant to this Agreement, and all references in Loan Documents to Commitments of
a Class shall be deemed, unless the context otherwise requires, to include references to new
Commitments of such Class made pursuant to this Agreement.

     (d) Making of Incremental Term Loans. On any Increase Effective Date on which
Incremental Term Loan Commitments are effective, subject to the satisfaction of the foregoing

106 

 

terms and conditions, each Lender of such Incremental Term Loan Commitments shall make a Term
Loan to the Borrower in an amount equal to its new Commitment.

     (e) Equal and Ratable Benefit. The Loans and Commitments established pursuant to this
Section 2.23 shall constitute Loans and Commitments under, and shall be entitled to all the
benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the
foregoing, benefit equally and ratably from the Guarantees and security interests created by the
Security Documents. The Loan Parties shall take any actions reasonably required by the
Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by
the Security Documents continue to be perfected under the UCC, the PPSA or otherwise after giving
effect to the establishment of any such Incremental Term Loan Commitments or any such new Term
Loans.

     (f) Alternative Currency Term Loans. Subject to the conditions set forth above, the
Borrower may elect to establish Incremental Term Loan Commitments denominated in an Alternative
Currency. In such event, the Increase Joinder may additionally effect such amendments and
modifications to this Agreement or the other Loan Documents, and the Administrative Agent and the
Loan Parties may enter into such additional Loan Documents, in each case, deemed necessary or
appropriate by the Administrative Agent in connection with such Incremental Term Loan Commitments
denominated in Alternative Currencies to modify or add provisions relating to (i) the reference
source for the determination of the Eurodollar Rate applicable to Term Loans made in any
Alternative Currency or alternative interest rate benchmark for any applicable Alternative
Currency, (ii) the notice periods for borrowing requests with respect to Term Loans made in any
Alternative Currency, (iii) the minimum borrowing or prepayments amounts applicable to any Term
Loan denominated in an Alternative Currency, (iv) the timing and manner of delivery of funds in any
Alternative Currency, (v) gross-up and/or indemnity with respect to withholding tax matters and
(vi) other provisions customarily applicable to loans in an Alternative Currency. With respect to
the calculations set for in clause (c)(iv) above for any Incremental Net Yield with respect to
Incremental Term Loans denominated in an Alternative Currency, such calculations shall be made by
the Administrative Agent based on the margin above the appropriate benchmark component of the
interest rate for the Alternative Currency, as well as any applicable minimum rates or floors and
original issue discount or up front fees (which original issue discount and upfront fees shall be
given effect as provided above).

Section 2.24 Refinancing Amendments.

     (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any
Additional Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of
the Term Loans then outstanding under this Agreement (which will be deemed to include any then
outstanding Other Term Loans), in the form of Other Term Loans or Other Loan Term Commitments, in
each case pursuant to a Refinancing Amendment; provided that such Credit Agreement
Refinancing Indebtedness (i) will rank pari passu in right of payment and of security with the
other Loans and Commitments hereunder, (ii) will have such pricing and

107 

 

optional prepayment terms as may be agreed by the Borrower and the Lenders thereof, (iii) will
have a maturity date that is not prior to the maturity date of, and will have a Weighted Average
Life to Maturity that is not shorter than the Term Loans being refinanced, (iv) subject to clause
(ii) above, will have terms and conditions that are substantially identical to, or less favorable
to the investors providing such Credit Agreement Refinancing Indebtedness than, the Refinanced Debt
and (v) the proceeds of such Credit Agreement Refinancing Indebtedness shall be applied,
substantially concurrently with the incurrence thereof, to the prepayment of outstanding Term Loans
being so refinanced; provided further that the terms and conditions applicable to
such Credit Agreement Refinancing Indebtedness may provide for any additional or different
financial or other covenants or other provisions that are agreed between the Borrower and the
Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect
on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof
of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested
by the Administrative Agent, receipt by the Administrative Agent of legal opinions, board
resolutions, officers’ certificates and/or reaffirmation agreements consistent with those delivered
on the Closing Date under Section 4.01. Each Class of Credit Agreement Refinancing
Indebtedness incurred under this Section 2.24 shall be in an aggregate principal amount
that is (x) not less than $50,000,000 in the case of Other Term Loans and (y) an integral multiple
of $1,000,000 in excess thereof. The Administrative Agent shall promptly notify each Lender as to
the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that,
upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Credit
Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to
treat the Loans and Commitments subject thereto as Other Term Loans and/or Other Term Loan
Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in
the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of
this Section.

     (b) This Section 2.24 shall supersede any provisions in Section 2.14 or
Section 11.02 to the contrary.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     Each Loan Party represents and warrants to the Administrative Agent, the Collateral Agent and
each of the Lenders that:

Section 3.01 Organization; Powers. Each Company (a) is duly organized or incorporated (as applicable) and validly existing under
the laws of the jurisdiction of its organization or incorporation (as applicable), (b) has all
requisite organizational or constitutional power and authority to carry on its business as now
conducted and to own and lease its property and (c) is

108 

 

qualified and in good standing (to the extent such concept is applicable in the applicable
jurisdiction) to do business in every jurisdiction where such qualification is required, except in
such jurisdictions where the failure to so qualify or be in good standing, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Section 3.02 Authorization; Enforceability. The Transactions to be entered into by each Loan Party are within such Loan Party’s
organizational or constitutional powers and have been duly authorized by all necessary
organizational or constitutional action on the part of such Loan Party. This Agreement has been
duly executed and delivered by each Loan Party and constitutes, and each other Loan Document to
which any Loan Party is to be a party, when executed and delivered by such Loan Party, will
constitute, a legal, valid and binding obligation of such Loan Party, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

Section 3.03 No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority, except (i) such as have been obtained or made and
are in full force and effect, (ii) filings necessary to perfect Liens created by the Loan Documents
(as reflected in the applicable Perfection Certificate) and (iii) consents, approvals,
registrations, filings, permits or actions the failure to obtain or perform which could not
reasonably be expected to result in a Material Adverse Effect, (b) will not violate the
Organizational Documents of any Company, (c) will not violate any material Requirement of Law, (d)
will not violate or result in a default or require any consent or approval under any indenture,
agreement or other instrument binding upon any Company or its property, or give rise to a right
thereunder to require any payment to be made by any Company, except for violations, defaults or the
creation of such rights that could not reasonably be expected to result in a Material Adverse
Effect and except for consents received pursuant to the Debt Tender Offer, and (e) will not result
in the creation or imposition of any Lien on any property of any Company, except Liens created by
the Loan Documents and Permitted Liens. The execution, delivery and performance of the Loan
Documents will not violate, or result in a default under, or require any consent or approval under,
the Senior Notes, the Senior Note Documents, or the Revolving Credit Loan Documents.

Section 3.04 Financial Statements; Projections.

     (a) Historical Financial Statements. The Borrower has heretofore delivered to the
Lenders the consolidated balance sheets and related statements of income, stockholders’ equity and
cash flows of the Borrower (i) as of and for the fiscal years ended March 31, 2009 and March 31,
2010, audited by and accompanied by the unqualified opinion of PricewaterhouseCoopers, independent
public accountants, and (ii) as of and for the six-month period ended September 30, 2010, and for
the comparable period of the preceding fiscal year, in each case, certified by the chief financial
officer of the Borrower. Such financial statements and all financial statements delivered pursuant
to Section 5.01(a) and Section 5.01(b) have been prepared in accordance with US
GAAP and present fairly in all material respects the financial condition and results of operations
and cash flows of the Borrower as of the dates and for the periods to which they relate.

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     (b) No Liabilities. Except as set forth in the most recent financial statements
referred to in Section 3.04(a), as of the Closing Date there are no liabilities of any
Company of any kind, whether accrued, contingent, absolute, determined, determinable or otherwise,
which could reasonably be expected to result in a Material Adverse Effect, other than liabilities
under the Loan Documents, the Revolving Credit Loan Documents and the Senior Notes. Since March
31, 2010, there has been no event, change, circumstance or occurrence that, individually or in the
aggregate, has had or could reasonably be expected to result in a Material Adverse Effect.

     (c) Pro Forma Financial Statements. The Borrower has heretofore delivered to the
Lenders in the Confidential Information Memorandum, the Borrower’s unaudited pro forma consolidated
capitalization table as of September 30, 2010, after giving effect to the Transactions as if they
had occurred on such date. Such capitalization table has been prepared in good faith by the Loan
Parties, based on the assumptions stated therein (which assumptions are believed by the Loan
Parties on the date hereof to be reasonable), are based on the best information available to the
Loan Parties as of the date of delivery thereof, accurately reflect all adjustments required to be
made to give effect to the Transactions and present fairly in all material respects the pro forma
capitalization of Holdings as of such date assuming the Transactions had occurred at such date.

     (d) Forecasts. The forecasts of financial performance of the Borrower and its
subsidiaries furnished to the Lenders have been prepared in good faith by the Loan Parties and
based on assumptions believed by the Loan Parties to be reasonable, it being understood that any
such forecasts may vary from actual results and such variations could be material.

Section 3.05 Properties.

     (a) Generally. Each Company has good title to, valid leasehold interests in, or
license of, all its property material to its business, free and clear of all Liens except for
Permitted Liens. The property that is material to the business of the Companies, taken as a whole,
(i) is in good operating order, condition and repair in all material respects (ordinary wear and
tear excepted) and (ii) constitutes all the property which is required for the business and
operations of the Companies as presently conducted.

     (b) Real Property. Schedules 8(a) and 8(b) to the Perfection
Certificate dated the Closing Date contain a true and complete list of each interest in Real
Property (i) owned by any Loan Party as of the date hereof having fair market value of $1,000,000
or more and describes the type of interest therein held by such Loan Party and whether such owned
Real Property is leased to a third party and (ii) leased, subleased or otherwise occupied or
utilized by any Loan Party, as lessee, sublessee, franchisee or licensee, as of the date hereof
having annual rental payments of $1,000,000 or more and describes the type of interest therein held
by such Loan Party.

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     (c) No Casualty Event. No Company has as of the date hereof received any notice of,
nor has any knowledge of, the occurrence or pendency or contemplation of any Casualty Event
affecting all or any material portion of its property. No Mortgage encumbers improved Real
Property located in the United States that is located in an area that has been identified by the
Secretary of Housing and Urban Development as an area having special flood hazards within the
meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act
has been obtained in accordance with Section 5.04.

     (d) Collateral. Each Company owns or has rights to use all of the Collateral used in,
necessary for or material to each Company’s business as currently conducted, except where the
failure to have such ownership or rights of use could not reasonably be expected to have a Material
Adverse Effect. The use by each Company of such Collateral does not infringe on the rights of any
person other than such infringement which could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect. No claim has been made and remains outstanding
that any Company’s use of any Collateral does or may violate the rights of any third party that
could, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect.

Section 3.06 Intellectual Property.

     (a) Ownership/No Claims. Each Loan Party owns, or is licensed to use, all patents,
trademarks, copyrights and other intellectual property (including intellectual property in
software, mask works, inventions, designs, trade names, service marks, technology, trade secrets,
proprietary information and data, domain names, know-how and processes) necessary for the conduct
of such Loan Party’s business as currently conducted (“Intellectual Property”), except for those
the failure to own or license which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. As of the date hereof, no material claim has been
asserted and is pending by any person, challenging or questioning the validity of any Loan Party’s
Intellectual Property or the validity or enforceability of any such Intellectual Property, nor does
any Loan Party know of any valid basis for any such claim. The use of any Intellectual Property by
each Loan Party, and the conduct of each Loan Party’s business as currently conducted, does not
infringe or otherwise violate the rights of any third party in respect of Intellectual Property,
except for such claims and infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

     (b) Registrations. Except pursuant to non-exclusive licenses and other non-exclusive
use agreements entered into by each Loan Party in the ordinary course of business, and except as
set forth on Schedule 12(c) to the Perfection Certificate, on and as of the date hereof each Loan
Party owns and possesses the right to use and has not authorized or enabled any other person to
use, any Intellectual Property listed on any schedule to the relevant Perfection Certificate or any
other Intellectual Property that is material to its business, except for such authorizations and
enablements as could not reasonably be expected to result in a Material Adverse Effect. All
registrations listed on Schedule 12(a) and 12(b) to the Perfection Certificate are valid and in
full

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force and effect, in each case, except where the absence of such validity or full force and
effect, individually or collectively, could not reasonably be expected to have a Material
Adverse Effect.

     (c) No Violations or Proceedings. To each Loan Party’s knowledge, on and as of the
date hereof, (i) there is no material infringement or other violation by others of any right of
such Loan Party with respect to any Intellectual Property listed on any schedule to the relevant
Perfection Certificate, or any other Intellectual Property that is material to its business, except
as may be set forth on Schedule 3.06(c), and (ii) no claims are pending or threatened to
such effect except as set forth on Schedule 3.06(c).

Section 3.07 Equity Interests and Subsidiaries.

     (a) Equity Interests. Schedules 1(a) and 10 to the Perfection
Certificate dated the Closing Date set forth a list of (i) all the Subsidiaries of Holdings and
their jurisdictions of organization as of the Closing Date and (ii) the number of each class of its
Equity Interests authorized, and the number outstanding, on the Closing Date and the number of
shares covered by all outstanding options, warrants, rights of conversion or purchase and similar
rights at the Closing Date. As of the Closing Date, all Equity Interests of each Company held by
Holdings or a Subsidiary thereof are duly and validly issued and are fully paid and non-assessable,
and, other than the Equity Interests of Holdings, are owned by Holdings, directly or indirectly
through Wholly Owned Subsidiaries except as indicated on Schedules 1(a) and 10 to
the Perfection Certificate. At all times prior to a Qualified Borrower IPO, the Equity Interests
of the Borrower will be owned directly by Holdings. As of the Closing Date, each Loan Party is the
record and beneficial owner of, and has good and marketable title to, the Equity Interests pledged
by it under the Security Documents, free of any and all Liens, rights or claims of other persons,
except Permitted Liens, and as of the Closing Date there are no outstanding warrants, options or
other rights to purchase, or shareholder, voting trust or similar agreements outstanding with
respect to, or property that is convertible into, or that requires the issuance or sale of, any
such Equity Interests other than with respect to the Forward Share Sale Agreement.

     (b) No Consent of Third Parties Required. Except as have previously been obtained, no
consent of any person including any other general or limited partner, any other member of a limited
liability company, any other shareholder or any other trust beneficiary is necessary in connection
with the creation, perfection or First Priority status of the security interest of the Collateral
Agent in any Equity Interests pledged to the Collateral Agent for the benefit of the Secured
Parties under the Security Documents or the exercise by the Collateral Agent of the voting or other
rights provided for in the Security Documents or the exercise of remedies in respect thereof, other
than any restrictions on transfer of the Equity Interests in NKL or its direct parents, 4260848
Canada Inc. and 4260856 Canada Inc., imposed by any lock-up or listing agreement, rule or
regulation in connection with any listing or offering of Equity Interests in NKL to the extent
required by applicable Requirements of Law or listing or stock exchange requirements.

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     (c) Organizational Chart. An accurate organizational chart, showing the ownership
structure of Holdings, the Borrower and each Subsidiary on the Closing Date is set forth on
Schedule 10 to the Perfection Certificate dated the Closing Date.

Section 3.08 Litigation; Compliance with Laws. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority now pending or, to the knowledge of any Company, threatened against or affecting any
Company or any business, property or rights of any Company (i) that involve any Loan Document or
(ii) as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect. No Company or any of its property is in violation of, nor will the
continued operation of its property as currently conducted violate, any Requirements of Law
(including any zoning or building ordinance, code or approval or any building permits) or any
restrictions of record or agreements affecting any Company’s Real Property or is in default with
respect to any Requirement of Law, where such violation or default, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect.

Section 3.09 Agreements. No Company is a party to any agreement or instrument or subject to any corporate or other
constitutional restriction that has resulted or could reasonably be expected to result in a
Material Adverse Effect. No Company is in default in any manner under any provision of any
indenture or other agreement or instrument evidencing Indebtedness, or any other agreement or
instrument to which it is a party or by which it or any of its property is or may be bound, where
such default could reasonably be expected to result in a Material Adverse Effect. There is no
existing default under any Organizational Document of any Company or any event which, with the
giving of notice or passage of time or both, would constitute a default by any party thereunder
that could reasonably be expected to have a Material Adverse Effect.

Section 3.10 Federal Reserve Regulations. No Company is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock. No part of the proceeds of
any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or
ultimately, for any purpose that entails a violation of, or that is inconsistent with, the
provisions of the regulations of the Board, including Regulation T, U or X. The pledge of the
Securities Collateral pursuant to the Security Documents does not violate such regulations.

Section 3.11 Investment Company Act. No Company is an “investment company” or a company “controlled” by an “investment company,” as
defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

Section 3.12 Use of Proceeds. The Borrower will use the proceeds of (a) the Loans on the Closing Date for the Refinancing and
the Closing Date Distribution and for payment of fees, premiums and expenses in connection with the
Transactions, (b) any Incremental Term Loans after the Closing Date for general corporate purposes
(including to effect Permitted Acquisitions and other Investments and Dividends permitted
hereunder) and (c) any Other Term Loans after the Closing Date to refinance Term Loans and pay
related fees and expenses; provided that in no event shall any proceeds of any Loans (including any
Incremental Term Loans or Other Term Loans) be remitted, directly or indirectly, to any Swiss tax
resident Company or Swiss tax

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resident permanent establishment, where this remittance could be
viewed as a use of such proceeds in Switzerland (whether through an intercompany loan or advance by
any other Company or otherwise) as per the practice of the Swiss Federal Tax Administration, unless
the Swiss Federal Tax Administration confirms in a written advance tax ruling (based on a fair
description of the fact pattern in the tax ruling request made by a Loan Party) that such use of
proceeds in Switzerland does not lead to Swiss Withholding Tax becoming due on or in respect any
Loans (including any Incremental Term Loans or Other Term Loans) or parts thereof.

Section 3.13 Taxes. Each Company has (a) timely filed or caused to be timely filed all material Tax Returns required
by applicable Requirements of Law to have been filed by it and (b) duly and timely paid, collected
or remitted or caused to be duly and timely paid, collected or remitted all material Taxes due and
payable, collectible or remittable by it and all assessments received by it, except Taxes (i) that
are being contested in good faith by appropriate proceedings and for which such Company has set
aside on its books adequate reserves in accordance with US GAAP or other applicable accounting
rules and (ii) which could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Each Company has made adequate provision in accordance with US GAAP or
other applicable accounting rules for all material Taxes not yet due and payable. No Company has
received written notice of any proposed or pending tax assessments, deficiencies or audits that
could be reasonably expected to, individually or in the aggregate, result in a Material Adverse
Effect. No Company has ever been a party to any understanding or arrangement constituting a “tax
shelter” within the meaning of Section 6111(c), Section 6111(d) or Section 6662(d)(2)(C)(iii) of
the Code, or has ever “participated” in a “reportable transaction” within the meaning of Treasury
Regulation Section 1.6011-4, except as could not be reasonably expected to, individually or in the
aggregate, result in a Material Adverse Effect.

Section 3.14 No Material Misstatements. The written information (including the Confidential Information Memorandum), reports, financial
statements, certificates, exhibits or schedules furnished by or on behalf of any Company to any
Agent or any Lender in connection with the negotiation of any Loan Document or included therein or
delivered pursuant thereto, taken as a whole, did not and does not contain any material
misstatement of fact and, taken as a whole, did not and does not omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were
or are made, not materially misleading in their presentation of Holdings, the Borrower and its
Subsidiaries taken as a whole as of the date such information is dated or certified; provided that
to the extent any such information, report, financial statement, exhibit or
schedule was based upon or constitutes a forecast or projection, each Loan Party represents only
that it was prepared in good faith and based on assumptions believed by the applicable Loan Parties
to be reasonable.

Section 3.15 Labor Matters. As of the Closing Date, there are no material strikes, lockouts or labor slowdowns against any
Company pending or, to the knowledge of any Company, threatened in writing. The hours worked by
and payments made to employees of any Company have not been in violation of the Fair Labor
Standards Act of 1938, as amended, or any other applicable federal, state, provincial, local or
foreign law dealing with such matters in any manner which could reasonably be expected to result in
a Material Adverse Effect. All payments due from any Company, or for which any claim may be made
against any Company, on account of wages and employee health and welfare insurance and other
benefits, have been paid or accrued

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as a liability on the books of such Company except where the
failure to do so could not reasonably be expected to result in a Material Adverse Effect. The
consummation of the Transactions will not give rise to any right of termination or right of
renegotiation on the part of any union under any collective bargaining agreement to which any
Company is bound, except as could not reasonably be expected to result in a Material Adverse
Effect.

Section 3.16 Solvency. At the time of and immediately after the consummation of the Transactions to occur on the
Closing Date, and at the time of and immediately following the making of the initial Credit
Extension under any Incremental Term Loan Commitments and after giving effect to the application of
the proceeds of each Loan, the Closing Date Distribution and the operation of the Contribution,
Intercompany, Contracting and Offset Agreement, (a) the fair value of the assets of each Loan Party
(individually and on a consolidated basis with its Subsidiaries) will exceed its debts and
liabilities, subordinated, contingent, prospective or otherwise; (b) the present fair saleable
value of the property of each Loan Party (individually and on a consolidated basis with its
Subsidiaries) will be greater than the amount that will be required to pay the probable liability
of its debts and other liabilities, subordinated, contingent, prospective or otherwise, as such
debts and other liabilities become absolute and matured; (c) each Loan Party (individually and on a
consolidated basis with its Subsidiaries) will be able to pay its debts and liabilities,
subordinated, contingent, prospective or otherwise, as such debts and liabilities become absolute
and matured; (d) each Loan Party (individually and on a consolidated basis with its Subsidiaries)
will not have unreasonably small capital with which to conduct its business in which it is engaged
as such business is now conducted and is proposed to be conducted following the Closing Date; and
(e) each Loan Party is not “insolvent” as such term is defined under any bankruptcy, insolvency or
similar laws of any jurisdiction in which any Loan Party is organized or incorporated (as
applicable), or otherwise unable to pay its debts as they fall due.

Section 3.17 Employee Benefit Plans. Each Company and its ERISA Affiliates is in compliance in all material respects with the
applicable provisions of ERISA and the Code and the regulations and published interpretations
thereunder except for such non-compliance that in the aggregate would not have a Material
Adverse Effect. No ERISA Event has occurred or is reasonably expected to occur that, when taken
together with all other such ERISA Events, could reasonably be expected to result in a Material
Adverse Effect or the imposition of a Lien on any of the property of any Company. The present
value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions
used in the most recent actuarial valuations used for the respective Plans) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair market value of
the property of all such underfunded Plans in an amount which could reasonably be expected to have
a Material Adverse Effect. Using actuarial assumptions and computation methods consistent with
subpart I of subtitle E of Title IV of ERISA, the aggregate liabilities of each Company or its
ERISA Affiliates to all Multiemployer Plans in the event of a complete withdrawal therefrom, as of
the close of the most recent fiscal year of each such Multiemployer Plan, could not reasonably be
expected to result in a Material Adverse Effect.

          To the extent applicable, each Foreign Plan has been maintained in compliance with its terms
and with the requirements of any and all Requirements of Law and has been

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maintained, where
required, in good standing with applicable Governmental Authority and Taxing Authority, except for
such non-compliance that in the aggregate would not have a Material Adverse Effect. No Company has
incurred any obligation in connection with the termination of or withdrawal from any Foreign Plan,
except to the extent of liabilities which could not reasonably be expected to have a Material
Adverse Effect. Each Foreign Plan which is required to be funded is funded in accordance with
Requirements of Law, and for each Foreign Plan which is not required to be funded, the obligations
of such Foreign Plan are properly accrued in the financial statements of the Borrower and its
Subsidiaries, in each case in an amount that could not reasonably be expected to have a Material
Adverse Effect.

          Except as specified on Schedule 3.17, (i) no Company is or has at any time been an
employer (for the purposes of Sections 38 to 51 of the Pensions Act 2004) of an occupational
pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes
Act 1993), and (ii) no Company is or has at any time been “connected” with or an “associate” of (as
those terms are used in Sections 39 and 43 of the Pensions Act 2004) such an employer.

Section 3.18 Environmental Matters.

     (a) Except as, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect:

          (i) The Companies and their businesses, operations and Real Property are
in compliance with, and the Companies have no liability under, any applicable
Environmental Law;

          (ii) The Companies have obtained all Environmental Permits required for
the conduct of their businesses and operations, and the ownership, operation
and use of their property, under Environmental Law, and all such Environmental
Permits are valid and in good standing;

          (iii) There has been no Release or threatened Release of Hazardous
Material on, at, under or from any Real Property or facility presently or
formerly owned, leased or operated by the Companies or their predecessors in
interest that could reasonably be expected to result in liability of the
Companies under any applicable Environmental Law;

          (iv) There is no Environmental Claim pending or, to the knowledge of any
Company, threatened against the Companies, or relating to the Real Property
currently or formerly owned, leased or operated by the Companies or their
predecessors in interest or relating to the operations of the Companies, and,
to the knowledge of any Company, there are no actions,

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activities,
circumstances, conditions, events or incidents that could reasonably be
expected to form the basis of such an Environmental Claim;

          (v) No Lien has been recorded or, to the knowledge of any Company,
threatened under any Environmental Law with respect to any Real Property or
other assets of the Companies;

          (vi) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby will not require any
notification, registration, filing, reporting, disclosure, investigation,
remediation or cleanup pursuant to any Governmental Real Property Disclosure
Requirements or any other applicable Environmental Law; and

          (vii) No person with an indemnity or contribution obligation to the
Companies relating to compliance with or liability under Environmental Law is
in default with respect to such obligation.

     (b) As of the Closing Date:

          (i) Except as could not reasonably be expected to have a Material Adverse
Effect, no Company is obligated to perform any action or otherwise incur any
expense under Environmental Law pursuant to any order, decree, judgment or
agreement by which it is bound or has assumed by contract, agreement or
operation of law, and no Company is conducting
or financing any Response pursuant to any Environmental Law with respect
to any Real Property or any other location; and

          (ii) No Real Property or facility owned, operated or leased by the
Companies and, to the knowledge of the Companies, no Real Property or facility
formerly owned, operated or leased by the Companies or any of their
predecessors in interest is (i) listed or proposed for listing on the National
Priorities List promulgated pursuant to CERCLA, or (ii) listed on the
Comprehensive Environmental Response, Compensation and Liability Information
System promulgated pursuant to CERCLA and is reasonably likely to result in
any material liability to any Company, or (iii) included on any other publicly
available list of contaminated sites maintained by any Governmental Authority
analogous to CERCLA or the Resource Conservation and Recovery Act, 42 U.S.C.
§6901 et seq., including any such list relating to the management or clean up
of petroleum and is reasonably likely to result in any material liability to a
Company.

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Section 3.19 Insurance. Schedule 3.19 sets forth a true and correct description of all insurance policies
maintained by each Company as of the Closing Date. All insurance maintained by the Companies to
the extent required by Section 5.04 is in full force and effect, and all premiums thereon
have been duly paid. As of the Closing Date, no Company has received notice of violation or
cancellation thereof, the Mortgaged Property, and the use, occupancy and operation thereof, comply
in all material respects with all Insurance Requirements, and there exists no material default
under any Insurance Requirement. Each Company has insurance in such amounts and covering such
risks and liabilities as are customary for companies of a similar size engaged in similar
businesses in similar locations.

Section 3.20 Security Documents.

     (a) U.S. Security Agreement. The U.S. Security Agreement is effective to create in
favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable
Liens on, and security interests in, the Security Agreement Collateral referred to therein and,
when (i) financing statements and other filings in appropriate form are filed in the offices
specified on Schedule 7 to the relevant Perfection Certificate as in effect on the Closing
Date and (ii) upon the taking of possession or control by the Collateral Agent of the Security
Agreement Collateral with respect to which a security interest may be perfected only by possession
or control (which possession or control shall be given to the Collateral Agent to the extent
possession or control by the Collateral Agent is required by each Security Agreement), the Liens
created by the Security Agreement shall constitute valid, perfected First Priority Liens on, and
security interests in, all right, title and interest of the grantors thereunder in the Security
Agreement Collateral (other than such Security Agreement Collateral in which a security interest
cannot be perfected under the UCC as in effect at the relevant time in the relevant
jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (b) Canadian Security Agreement. Each of the Canadian Security Agreements is
effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, legal,
valid and enforceable Liens on, and security interests in, the Security Agreement Collateral
referred to therein and, when PPSA financing statements and other filings in appropriate form are
filed in the offices specified on Schedule 7 to the relevant Perfection Certificate as in
effect on the Closing Date, the Liens created by such Canadian Security Agreement shall constitute
valid, perfected First Priority Liens on, and security interests in, all right, title and interest
of the grantors thereunder in the Security Agreement Collateral referred to therein (other than
such Security Agreement Collateral in which a security interest cannot be perfected under the PPSA
as in effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens
other than Permitted Liens.

     (c) U.K. Security Agreement. The U.K. Security Agreement is effective to create in
favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable
Liens on, and security interests in, the Security Agreement Collateral referred to therein and,
upon the registration specified on Schedule 7 to the relevant Perfection Certificate as in
effect on the Closing Date, the Liens created by the U.K. Security Agreement shall constitute
valid,

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perfected First Priority Liens on, and security interests in, all right, title and interest
of the grantors thereunder in the Security Agreement Collateral referred to therein (other than
such Security Agreement Collateral in which a security interest cannot be perfected under
applicable law as in effect at the relevant time in the relevant jurisdiction), in each case
subject to no Liens other than Permitted Liens.

     (d) Swiss Security Agreement. The Swiss Security Agreement is effective to create in
favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable
Liens on, and security interests in, the Security Agreement Collateral referred to therein and,
upon the registrations, recordings and other actions specified on Schedule 7 to the
relevant Perfection Certificate as in effect on the Closing Date, the Liens created by the Swiss
Security Agreement shall constitute valid, perfected First Priority Liens on, and security
interests in, all right, title and interest of the grantors thereunder in the Security Agreement
Collateral referred to therein (other than such Security Agreement Collateral in which a security
interest cannot be perfected under applicable law as in effect at the relevant time in the relevant
jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (e) German Security Agreement. The German Security Agreement is effective to create
in favor of the Collateral Agent for the benefit of the Secured Parties, or in the case of
accessory security, in favor of the Secured Parties, legal, valid and enforceable Liens on, and
security interests in, the Security Agreement Collateral referred to therein and, upon the
registrations, recordings and other actions specified on Schedule 7 to the relevant
Perfection Certificate as in effect on the Closing Date, the Liens created by the German Security
Agreement shall constitute valid, perfected First Priority Liens on, and security interests in, all
right, title and
interest of the grantors thereunder in the Security Agreement Collateral referred to therein
(other than such Security Agreement Collateral in which a security interest cannot be perfected
under applicable law as in effect at the relevant time in the relevant jurisdiction), in each case
subject to no Liens other than Permitted Liens.

     (f) Irish Security Agreement. The Irish Security Agreement is effective to create in
favor of the Collateral Agent for the benefit of and as trustee for the Secured Parties, legal,
valid and enforceable Liens on, and security interests in, the Security Agreement Collateral
referred to therein and, upon the registrations, recordings and other actions specified on
Schedule 7 to the relevant Perfection Certificate as in effect on the Closing Date, the
Liens created by the Irish Security Agreement shall constitute valid, perfected First Priority
Liens on, and security interests in, all right, title and interest of the grantors thereunder in
the Security Agreement Collateral referred to therein (other than such Security Agreement
Collateral in which a security interest cannot be perfected under applicable law as in effect at
the relevant time in the relevant jurisdiction), in each case subject to no Liens other than
Permitted Liens.

     (g) Brazilian Security Agreement. Each Brazilian Security Agreement is effective to
create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and
enforceable Liens on, and security interests in, the Security Agreement Collateral referred to
therein and, upon the registrations, recordings and other actions specified on Schedule 7
to the

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relevant Perfection Certificate as in effect on the Closing Date, the Liens created by each
of the Brazilian Security Agreements shall constitute valid, perfected First Priority Liens on, and
security interests in, all right, title and interest of the grantors thereunder in the Security
Agreement Collateral referred to therein (other than such Security Agreement Collateral in which a
security interest cannot be perfected under applicable law as in effect at the relevant time in the
relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (h) Luxembourg Security Agreement. Each Luxembourg Security Agreement is effective to
create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and
enforceable Liens on, and security interests in, the Security Agreement Collateral referred to
therein and, upon the registrations, recordings and other actions specified on Schedule 7
to the relevant Perfection Certificate as in effect on the Closing Date, the Liens created by each
of the Luxembourg Security Agreements shall constitute valid, perfected First Priority Liens on,
and security interests in, all right, title and interest of the grantors thereunder in the Security
Agreement Collateral referred to therein (other than such Security Agreement Collateral in which a
security interest cannot be perfected under applicable law as in effect at the relevant time in the
relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (i) Madeira Security Agreement. Each Madeira Security Agreement is effective to
create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and
enforceable Liens on, and security interests in, the Security Agreement Collateral referred to
therein and, upon the registrations, recordings and other actions specified on Schedule 7
to the relevant Perfection Certificate as in effect on the Closing Date, the Liens created by each
of the Madeira Security Agreements shall constitute valid, perfected First Priority Liens on, and
security interests in, all right, title and interest of the grantors thereunder in the
Security Agreement Collateral referred to therein (other than such Security Agreement Collateral in
which a security interest cannot be perfected under applicable law as in effect at the relevant
time in the relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (j) French Security Agreement. Each French Security Agreement is effective to create
in favor of the French Collateral Agent for the benefit of the Secured Parties, legal, valid and
enforceable Liens on, and security interests in, the Security Agreement Collateral referred to
therein and, upon the registrations, recordings and other actions specified on Schedule 7
to the relevant Perfection Certificate as in effect on the Closing Date, the Liens created by each
of the French Security Agreements shall constitute valid, perfected First Priority Liens on, and
security interests in, all right, title and interest of the grantors thereunder in the Security
Agreement Collateral referred to therein (other than such Security Agreement Collateral in which a
security interest cannot be perfected under applicable law as in effect at the relevant time in the
relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.

     (k) Intellectual Property Filings. When the (i) financing statements and other
filings in appropriate form referred to on Schedule 7 to the relevant Perfection
Certificate have been made, and (ii) U.S. Security Agreement or a short form thereof is filed in
the United States Patent and Trademark Office and the United States Copyright Office, the Liens
created by such

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Security Agreement shall constitute valid, perfected First Priority Liens on, and
security interests in, all right, title and interest of the grantors thereunder in Patents and
Trademarks (each as defined in such Security Agreement) that are registered or applied for by any
Loan Party with the United States Patent and Trademark Office or Copyrights (as defined in such
Security Agreement) registered or applied for by any Loan Party with the United States Copyright
Office, as the case may be, in each case subject to no Liens other than Permitted Liens.

     (l) Mortgages. Each Mortgage (other than a Mortgage granted by a U.K. Guarantor) is
effective to create, in favor of the Collateral Agent, for its benefit and the benefit of the
Secured Parties, legal, valid, perfected and enforceable First Priority Liens on, and security
interests in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Properties
thereunder and the proceeds thereof, subject only to Permitted Liens, and when such Mortgages are
filed in the offices specified on Schedule 8(a) to the applicable Perfection Certificates
dated the Closing Date (or, in the case of any Mortgage executed and delivered after the date
thereof in accordance with the provisions of Sections 5.11 and 5.12, when such
Mortgage is filed in the offices specified in the local counsel opinion delivered with respect
thereto in accordance with the provisions of Sections 5.11 and 5.12), the Mortgages
shall constitute First Priority fully perfected Liens on, and security interests in, all right,
title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, in
each case prior and superior in right to any other person, other than Permitted Liens.

     The Mortgages granted by each applicable U.K. Guarantor under the relevant U.K. Security
Agreement are effective to create in favor of the Collateral Agent, for the ratable benefit of the
Secured Parties, legal, valid and enforceable Liens on all of each such Loan Party’s right,
title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and
when the Mortgages are filed with the Land Registry, the Mortgages shall constitute fully perfected
First Priority Liens on, and security interest in, all right, title and interest of each applicable
U.K. Guarantor in such Mortgaged Property and the proceeds thereof, in each case prior and superior
in right to any other Person, other than with respect to the rights of Persons pursuant to
Permitted Liens until terminated in accordance with the terms hereof.

     (m) Valid Liens. Each Security Document delivered pursuant to Sections 5.11
and 5.12 will, upon execution and delivery thereof, be effective to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, legal, valid and enforceable Liens on,
and security interests in, all of the Loan Parties’ right, title and interest in and to the
Collateral thereunder, and (i) when all appropriate filings, registrations or recordings and other
actions set forth in the relevant Perfection Certificate are made in the appropriate offices as may
be required under applicable law and (ii) upon the taking of possession or control by the
Collateral Agent of such Collateral with respect to which a security interest may be perfected only
by possession or control (which possession or control shall be given to the Collateral Agent to the
extent required by any Security Document), such Security Document will constitute First Priority
fully perfected Liens on, and security interests in, all right, title and interest of the Loan
Parties in such Collateral, in each case subject to no Liens other than the applicable Permitted
Liens.

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     (n) German Receivables Purchase Agreement. As of the Closing Date, (i) the German
Receivables Purchase Agreement is in full force and effect, (ii) each representation and warranty
under the Receivables Purchase Agreement of each Loan Party party thereto is true and correct in
all material respects on and as of the date made thereunder and (iii) no “Termination Event” (as
defined therein) has occurred under the Receivables Purchase Agreement.

Section 3.21 Material Indebtedness Documents. Schedule 3.21 lists, as of the Closing Date, (i) each material New Senior Note Document,
(ii) each material Revolving Credit Loan Document, and (iii) each material agreement, certificate,
instrument, letter or other document evidencing any other Material Indebtedness, and the Lenders
have been furnished true and complete copies of each of the foregoing.

Section 3.22 Anti-Terrorism Law. No Loan Party is in violation of any Requirement of Law relating to terrorism or money
laundering, including Executive Order No. 13224 on Terrorist Financing, effective September 24,
2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, Part II.1 of the
Criminal Code, R.S.C. 1985, c. C-46, as amended, the Proceeds of Crime (Money Laundering) and
Terrorist Financing Act, S.C. 2000, c.17, as amended, regulations promulgated pursuant to the
Special Economic Measures Act, S.C. 1992 c. 17 and the United Nations Act, R.S.C. 1985 c. U-2, in
each case, as amended (collectively, the “Anti-Terrorism Laws”).

          No Loan Party and to the knowledge of the Loan Parties, no broker or other agent of any Loan
Party acting or benefiting in any capacity in connection with the Loans is any of the following:

          (i) a person that is listed in the annex to, or is otherwise subject to
the provisions of, the Executive Order;

          (ii) a person owned or controlled by, or acting for or on behalf of, any
person that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

          (iii) a person with which any Lender is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism Law;

          (iv) a person that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order; or

          (v) a person that is named as a “specially designated national and
blocked person” on the most current list published by the U.S. Treasury
Department Office of Foreign Assets Control (“OFAC”) at its

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official website
or any replacement website or other replacement official publication of such
list.

          No Loan Party and, to the knowledge of the Loan Parties, no broker or other agent of any Loan
Party acting in any capacity in connection with the Loans (w) conducts any business or engages in
making or receiving any contribution of funds, goods or services to or for the benefit of any
person described in clauses (i) through (v) above, (x) deals in, or otherwise engages in any
transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or Anti-Terrorism Laws, (y) engages in or conspires to engage in any transaction that evades
or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law or (z) is in violation of any applicable
Anti-Terrorism Laws.

Section 3.23 Location of Material Inventory and Equipment. Schedule 3.24 sets forth as of the Closing Date all locations where the aggregate value
of Inventory and Equipment (other than mobile Equipment or Inventory in transit) owned by the Loan
Parties at each such location exceeds $1,000,000.

Section 3.24 Senior Notes; Material Indebtedness. The Obligations constitute “Senior Debt” or “Designated Senior Indebtedness” (or any other
defined term having a similar purpose) within the meaning of the Senior Note Documents (and any
Permitted Refinancings thereof permitted under Section 6.01 other than refinancings with
Incremental Term Loans). The Commitments and the Loans and other extensions of credit under the
Loan Documents constitute “Credit Facilities” (or any other defined term having a similar purpose)
or liabilities payable under the documentation related to “Credit Facilities” (or any other defined
term having a similar purpose), in each case, within the meaning of the Senior Note Documents (and
any Permitted Refinancings thereof permitted under Section 6.01 other than refinancings
with Incremental Term Loans). The consummation of each of (i) the Transactions, (ii) each
incurrence of Indebtedness hereunder and (iii) the granting of the Liens provided for under the
Security Documents to secure the Secured Obligations is permitted under, and, in each case, does
not require any consent or approval under, the terms of (A) the Senior Note Documents (and any
Permitted Refinancings thereof), the Revolving Credit Loan Documents (and any Permitted Revolving
Credit Facility Refinancings thereof) or any other Material Indebtedness or (B) any other material
agreement or instrument binding upon any Company or any of its property except, in the case of this
clause (B), (1) as could not reasonably be expected to result in a Material Adverse Effect or (2)
as contemplated in the amendments to the Existing Senior Note Documents effectuated in connection
with the Debt Tender Offer.

Section 3.25 Centre of Main Interests and Establishments. For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency
Proceedings (the “Regulation”), (i) the centre of main interest (as that term is used in Article
3(1) of the Regulation) of each U.K. Guarantor is situated in England and Wales, (ii) the centre of
main interest of Irish Guarantor is situated in Ireland or Germany, and it has no “establishment”
(as that term is used in Article 2(h) of the Regulation) in any jurisdiction other than Ireland or
Germany, (iii) the centre of main interest of each Swiss Guarantor is situated in Switzerland, and
in each case each has no “establishment” (as that term is used in Article 2(h) of the Regulation)
in any other jurisdiction,

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(iv) the centre of main interest of German Seller is situated in
Germany, (v) the centre of main interest of each Luxembourg Guarantor is situated in Luxembourg,
and in each case each has no “establishment” (as that term is used in Article 2(h) of the
Regulation) in any other jurisdiction, (vi) the centre of main interest of each French Guarantor is
situated in France, and in each case each has no “establishment” (as that term is used in Article
2(h) of the Regulation) in any other jurisdiction and (vii) other than as provided in paragraph
(ii) above, no Guarantor (to the extent such Guarantor is subject to the Regulation) shall have a
centre of main interest other than as situated in its jurisdiction of incorporation.

Section 3.26 Holding and Dormant Companies. Except as may arise under the Loan Documents, the Revolving Credit Loan Documents or any
Permitted Holdings Indebtedness or (in the case of Novelis Europe Holdings Limited) the New Senior
Notes and any Existing Senior Notes that are not purchased or cancelled pursuant to the Debt Tender
Offer, neither Holdings nor Novelis Europe Holdings Limited trades or has any liabilities or
commitments (actual or contingent, present or future) other than liabilities attributable or
incidental to acting as a holding company of shares in the Equity Interests of its Subsidiaries.

Section 3.27 Excluded Collateral Subsidiaries. The Excluded Collateral Subsidiaries as of the Closing Date are listed on Schedule
1.01(c).

ARTICLE IV

CONDITIONS TO CREDIT EXTENSIONS

Section 4.01 Conditions to Initial Credit Extension. The obligation of each Lender to fund the initial Credit Extension requested to be made by it
shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set
forth in this Section 4.01.

     (a) Loan Documents. The Administrative Agent shall have received executed
counterparts of each of the following, properly executed by a Responsible Officer of each
applicable signing Loan Party, each in form and substance reasonably satisfactory to the
Administrative Agent and each of the Lenders:

          (i) this Agreement,

          (ii) each Foreign Guarantee;

          (iii) the Intercreditor Agreement;

          (iv) the Contribution, Intercompany, Contracting and Offset Agreement;

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          (v) the German Receivables Purchase Agreement;

          (vi) a Note executed by the Borrower in favor of each Lender that has
requested a Note prior to the Closing Date;

          (vii) the U.S. Security Agreement, each Canadian Security Agreement, each
U.K. Security Agreement, each Swiss Security Agreement, each German Security
Agreement, each Irish Security Agreement, each Brazilian Security Agreement,
each Luxembourg Security Agreement, each Madeira Security Agreement, each
French Security
Agreement, and each other Security Document reasonably requested by the
Administrative Agent prior to the Closing Date; and

          (viii) the Perfection Certificates.

     (b) Corporate Documents. The Administrative Agent shall have received:

          (i) a certificate of the secretary, assistant secretary or managing
director (where applicable) of each Loan Party dated the Closing Date,
certifying (A) that attached thereto is a true and complete copy of each
Organizational Document (or its equivalent including the constitutional
documents) of such Loan Party certified (to the extent customary in the
applicable jurisdiction) as of a recent date by the Secretary of State (or
equivalent Governmental Authority) of the jurisdiction of its organization,
(B) that attached thereto is a true and complete copy of resolutions duly
adopted by the Board of Directors and/or shareholders, as applicable, of such
Loan Party authorizing the execution, delivery and performance of the Loan
Documents to which such person is a party and, in the case of the Borrower,
the borrowings hereunder, and that such resolutions, or any other document
attached thereto, have not been modified, rescinded, amended or superseded and
are in full force and effect, (C) as to the incumbency and specimen signature
of each officer executing any Loan Document or any other document delivered in
connection herewith on behalf of such Loan Party (together with a certificate
of another officer as to the incumbency and specimen signature of the
secretary, assistant secretary or managing director executing the certificate
in this clause (i), and other customary evidence of incumbency) and (D) that
the borrowing, guarantee, or granting of Liens with respect to the Loans or
any of the other Secured Obligations would not cause any borrowing, guarantee,
security or similar limit binding on any Loan Party to be exceeded;

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          (ii) a certificate as to the good standing (where applicable, or such
other customary functionally equivalent certificates or abstracts) of each
Loan Party (in so-called “long-form” if available) as of a recent date, from
such Secretary of State (or other applicable Governmental Authority);

          (iii) evidence that the records of the applicable Loan Parties at the
United Kingdom Companies House and each other relevant registrar of companies
(or equivalent Governmental Authority) in the respective jurisdictions of
organization of the Loan Parties are accurate, complete and up to date and
that the latest relevant accounts have been duly filed, where applicable;

          (iv) if relevant, evidence that each Irish Guarantor has done all that is
necessary to follow the procedures set out in Sub-Sections (2) and (11) of
section 60 of the Companies Act 1963 of Ireland in order to enable it to enter
into the Loan Documents;

          (v) a copy of the constitutional documents of any Person incorporated in
Ireland whose shares are subject to security under any Security Document,
together with any resolutions of the shareholders of such Person adopting such
changes to the constitutional documents of that Person to remove any
restriction on any transfer of shares or partnership interests (or equivalent)
in such Person pursuant to any enforcement of any such Security Document;

          (vi) evidence that each of the Loan Parties are members of the same group
of companies consisting of a holding company and its subsidiaries for the
purposes of Section 155 of the Companies Act 1963 of Ireland and Section 35 of
the Companies Act 1990 of Ireland; and

          (vii) such other documents as the Lenders or the Administrative Agent may
reasonably request.

     (c) Officers’ Certificate. The Administrative Agent shall have received a
certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower, certifying
(i) compliance with the conditions precedent set forth in this Section 4.01 and Section
4.02(b) and (c), (ii) that no Default has occurred and is continuing and (iii) that
each of the representations and warranties made by any Loan Party set forth in ARTICLE III
hereof or in any other Loan Document were true and correct in all material respects on and as of
the Closing Date, except to the extent such representations and warranties expressly related to an
earlier date,

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in which case such representation and warranty shall have been true and correct in
all material respects as of such earlier date.

     (d) Financings and Other Transactions, etc.

          (i) The Transactions referred to in clauses (a) through (d) and clause
(g) of the definition thereof shall have been consummated or shall be
consummated simultaneously on the Closing Date, in each case in all material
respects in accordance with the terms hereof and the terms of the Transaction
Documents, without the waiver or amendment of any such terms not approved by
the Administrative Agent and the Arrangers other than any waiver or amendment
thereof that is not materially adverse to the interests of the Lenders.

          (ii) The Refinancing shall be consummated contemporaneously with the
transactions contemplated hereby in full to the satisfaction of the Lenders
with all Liens in favor of the existing lenders being unconditionally
released; the Administrative Agent shall have received a “pay-off” letter in
form and substance reasonably satisfactory to the Administrative Agent with
respect to all debt being refinanced in the Refinancing; and the
Administrative Agent shall have received from any person holding any Lien
securing any such debt, such UCC termination statements, mortgage releases,
releases of assignments of leases and rents, releases of security interests in
Intellectual Property or undertakings to provide registrable releases and
other instruments, in each case in proper form for recording, as the
Administrative Agent shall have reasonably requested to release and terminate
of record the Liens securing such debt.

     (e) Financial Statements; Pro Forma Balance Sheet; Projections. The Administrative
Agent shall have received the financial statements described in Section 3.04(a) and the pro
forma capitalization table described in Section 3.04(c), together with forecasts of the
financial performance of the Companies.

     (f) Indebtedness and Minority Interests. After giving effect to the Transactions and
the other transactions contemplated hereby, no Company shall have outstanding any Indebtedness or
preferred stock other than (i) the Loans hereunder, (ii) the Revolving Credit Loans and other
extensions of credit under the Revolving Credit Agreement, (iii) the Senior Notes, (iv) the
Indebtedness listed on Schedule 6.01(b), (v) Indebtedness owed to, and preferred stock held
by, the Borrower or any Guarantor to the extent permitted hereunder and (vi) other Indebtedness
permitted under Section 6.01.

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     (g) Opinions of Counsel. The Administrative Agent shall have received, on behalf of
itself, the Arrangers, the Bookrunners and the Lenders, (i) a favorable written opinion of Fried,
Frank, Harris, Shriver & Jacobson LLP, special counsel for the Loan Parties, and (ii) a favorable
written opinion of each local and foreign counsel of the Loan Parties listed on Schedule
4.01(g), in each case (A) dated the Closing Date, (B) addressed to the Agents and the Lenders
and (C) covering the matters set forth in Exhibit N and such other matters relating to the
Loan Documents and the Transactions as the Administrative Agent shall reasonably request.

     (h) Solvency Certificate. The Administrative Agent shall have received a solvency
certificate in the form of Exhibit O (or in such other form as is satisfactory to the
Administrative Agent to reflect applicable legal requirements), dated the Closing Date and signed
by a senior Financial Officer of each Loan Party or of the Borrower.

     (i) Requirements of Law. The Administrative Agent shall be satisfied that Holdings,
the Borrower and its Subsidiaries and the Transactions shall be in full compliance with all
material Requirements of Law, including Regulations T, U and X of the Board, and shall have
received satisfactory evidence of such compliance reasonably requested by them.

     (j) Consents. All approvals of Governmental Authorities and third parties necessary
to consummate the Transactions shall been obtained and shall be in full force and effect.

     (k) Litigation. There shall be no governmental or judicial action, actual or
threatened, that has or would have, singly or in the aggregate, a reasonable likelihood of
restraining, preventing or imposing burdensome conditions on the Transactions.

     (l) [Intentionally Omitted].

     (m) Fees. The Arrangers and the Agents shall have received all Fees and other amounts
due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement
or payment of all reasonable out-of-pocket expenses (including the reasonable legal fees and
expenses of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Agents, and the
reasonable fees and expenses of any local counsel, foreign counsel, appraisers, consultants and
other advisors) required to be reimbursed or paid by any Loan Party hereunder or under any other
Loan Document.

     (n) Personal Property Requirements. The Collateral Agent shall have received:

          (i) subject to the terms of the Intercreditor Agreement, all
certificates, agreements or instruments, if any, representing or evidencing
the Securities Collateral accompanied by instruments of transfer and stock
powers undated and endorsed in blank;

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          (ii) subject to the terms of the Intercreditor Agreement, the
Intercompany Note executed by and among Borrower and each of its Subsidiaries,
accompanied by instruments of transfer undated and endorsed in blank;

          (iii) subject to the terms of the Intercreditor Agreement, all other
certificates, agreements (including Control Agreements) or instruments
necessary to perfect the Collateral Agent’s security interest in all “Chattel
Paper”, “Instruments”, “Deposit Accounts” and “Investment Property” (as each
such term is defined in the U.S. Security Agreement) of each Loan Party to the
extent required hereby or under the relevant Security Documents;

          (iv) UCC financing statements in appropriate form for filing under the
UCC, filings with the United States Patent and Trademark Office and United
States Copyright Office, PPSA filings, and such other documents under
applicable Requirements of Law in each jurisdiction as may be necessary or
appropriate or, in the opinion of the Collateral Agent, desirable to perfect
the Liens created, or purported to be created, by the Security Documents;

          (v) certified copies of UCC, United States Patent and Trademark Office
and United States Copyright Office, PPSA, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches (in
jurisdictions where such searches are available), each of a recent date
listing all outstanding financing statements, lien notices or comparable
documents that name any Loan Party as debtor and that are filed in those state
and county (or other applicable) jurisdictions in which any property of any
Loan Party (other than Inventory in transit) is located and the state and
county (or other applicable) jurisdictions in which any Loan Party is
organized or maintains its principal place of business and such other searches
that the Collateral Agent deems necessary or appropriate, none of which are
effective to encumber the Collateral covered or intended to be covered by the
Security Documents (other than Permitted Liens);

          (vi) evidence acceptable to the Collateral Agent of payment or
arrangements for payment by the Loan Parties of all applicable recording
taxes, fees, charges, costs and expenses required for the recording of the
Security Documents;

          (vii) evidence that all Liens (other than Permitted Liens) affecting the
assets of the Loan Parties have been or will be discharged on

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or before the
Closing Date (or, in the case of financing statement filings or similar notice
of lien filings that do not evidence security interests (other than security
interests that are discharged on or before the Closing Date), that
arrangements with respect to the release or termination thereof satisfactory
to the Administrative Agent have been made);

          (viii) copies of all notices required to be sent and other documents
required to be executed under the Security Documents;

          (ix) all share certificates, duly executed and stamped stock transfer
forms and other documents of title required to be provided under the Security
Documents; and

          (x) evidence that the records of each U.K. Guarantor at the United
Kingdom Companies House are accurate, complete and up to date and that the
latest relevant accounts have been duly filed.

     (o) Real Property Requirements. The Collateral Agent shall have received:

          (i) a Mortgage encumbering each Mortgaged Property in favor of the
Collateral Agent, for the benefit of the Secured Parties, duly executed and
acknowledged by each Loan Party that holds any direct interest in such
Mortgaged Property, and otherwise in form for recording in the recording
office of each applicable political subdivision where each such Mortgaged
Property is situated, together with such certificates, affidavits,
questionnaires or returns as shall be required in connection with the
recording or filing thereof to create a lien under applicable Requirements of
Law, and such financing statements and any other instruments necessary to
grant a mortgage lien under the laws of any applicable jurisdiction, all of
which shall be in form and substance reasonably satisfactory to the Collateral
Agent;

          (ii) with respect to each Mortgaged Property, such consents, approvals,
amendments, supplements, estoppels, tenant subordination agreements or other
instruments as necessary to consummate the Transactions or as shall reasonably
be deemed necessary by the Collateral Agent in order for the owner or holder
of the fee or leasehold interest constituting such Mortgaged Property to grant
the Lien contemplated by the Mortgage with respect to such Mortgaged Property;

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          (iii) with respect to each Mortgage of property located in the United
States, Canada or, to the extent reasonably requested by the Collateral Agent,
any other jurisdictions, (a) a policy of title insurance (or marked up title
insurance commitment having the effect of a policy of title insurance)
insuring the Lien of such Mortgage as a valid, perfected mortgage Lien on the
Mortgaged Property and fixtures described therein having the priority
specified in the Intercreditor Agreement in the amount equal to not less than
115% of the fair market value of such Mortgaged Property and fixtures, which
fair market value is set forth on Schedule 4.01(o)(iii), which policy
(or such marked-up commitment) (each, a “Title Policy”) shall (A) be issued by
the Title Company, (B) to the extent necessary, include such reinsurance
arrangements (with provisions for direct access, if necessary) as shall be
reasonably acceptable to the Collateral Agent, (C) contain a “tie-in” or
“cluster” endorsement, if available under applicable law (i.e., policies which
insure against losses regardless of location or allocated value of the insured
property up to a stated maximum coverage amount), (D) have been supplemented
by such
endorsements (or where such endorsements are not available, opinions of
special counsel, architects or other professionals reasonably acceptable to
the Collateral Agent) as shall be reasonably requested by the Collateral Agent
(including endorsements on matters relating to usury, first loss, last dollar,
zoning, contiguity, revolving credit, doing business, non-imputation, public
road access, survey, variable rate, environmental lien, subdivision, mortgage
recording tax, separate tax lot, and so-called comprehensive coverage over
covenants and restrictions), and (E) contain no exceptions to title other than
exceptions acceptable to the Collateral Agent, it being acknowledged that
Permitted Liens of the type described in Section 6.02(a),
6.02(b), 6.02(d), 6.02(f) (clause (x) only),
6.02(g), and 6.02(k) shall be acceptable or (b) in respect of
Mortgaged Property situated outside the United States, a title opinion of the
Borrower’s local counsel in form and substance reasonably satisfactory to the
Collateral Agent;

          (iv) with respect to each applicable Mortgaged Property, such affidavits,
certificates, information (including financial data) and instruments of
indemnification (including a so-called “gap” indemnification) as shall be
required to induce the Title Company to issue the Title Policy/ies and
endorsements contemplated above;

          (v) evidence reasonably acceptable to the Collateral Agent of payment by
the Borrower of all Title Policy premiums, search and examination charges,
escrow charges and related charges, mortgage recording taxes, fees, charges,
costs and expenses required for the recording of the Mortgages and issuance of
the Title Policies referred to above;

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          (vi) with respect to each Mortgaged Property, copies of all Leases in
which any Loan Party or any Restricted Subsidiary holds the lessor’s interest
or other agreements relating to possessory interests, if any, in each case
providing for annual rental payments in excess of $500,000. To the extent any
of the foregoing affect any Mortgaged Property, such agreement shall be
subordinate to the Lien of the Mortgage to be recorded against such Mortgaged
Property, either expressly by its terms or pursuant to a subordination,
non-disturbance and attornment agreement, and shall otherwise be reasonably
acceptable to the Collateral Agent;

          (vii) with respect to each Mortgaged Property, each Company shall have
made all material notifications, registrations and filings, to the extent
required by, and in accordance with, all Governmental Real Property Disclosure
Requirements applicable to such Mortgaged Property;

          (viii) to the extent requested by the Collateral Agent, Surveys with
respect to the Mortgaged Properties;

          (ix) with respect to each Mortgaged Property situated in the United
States, a completed Federal Emergency Management Agency Standard Flood Hazard
Determination acknowledged notice to the Borrower and flood insurance (if
appropriate) for each such Mortgaged Property;

          (x) (a) title deeds to each real property situated in England and Wales
secured in favor of the Collateral Agent; or (b) a letter (reasonably
satisfactory to the Collateral Agent) from solicitors holding those title
deeds undertaking to hold them to the order of the Collateral Agent; or (c) if
any document is at the Land Registry, a certified copy of that document and a
letter from the U.K. Guarantors’ solicitors directing the registry to issue
the document to the Collateral Agent or its solicitors; and

          (xi) in relation to property situated in England and Wales, if
applicable, satisfactory priority searches at the Land Registry and Land
Charges Searches, giving not less that 25 Business Days’ priority notice
beyond the date of the debenture and evidence that no Lien is registered
against the relevant property (other than Permitted Liens or any Liens that
will be released on the date of first drawdown, such searches to be addressed
to or capable of being relied upon by the Secured Parties).

     (p) Insurance. The Administrative Agent shall have received a copy of, or a
certificate as to coverage under, the property and liability insurance policies required by
Section 5.04

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and the applicable provisions of the Security Documents, each of which shall
be endorsed or otherwise amended to include a “standard” lender’s loss payable or mortgagee
endorsement (as applicable) and shall name the Collateral Agent, on behalf of the Secured Parties,
as additional insured, in form and substance satisfactory to the Administrative Agent.

     (q) USA Patriot Act. The Lenders shall have received, sufficiently in advance of the
Closing Date, all documentation and other information that may be required by the Lenders in order
to enable compliance with applicable “know your customer” and anti-money laundering rules and
regulations, including the United States PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) including, without limitation, the information described in Section
11.13.

     (r) Cash Management. The Administrative Agent and the Collateral Agent shall have
reviewed and approved the Companies’ cash management system.

     (s) Process Agent. The Administrative Agent and the Collateral Agent shall have
received evidence of the acceptance by the Process Agent of its appointment as such by the Loan
Parties.

     (t) Debt Tender Offers; New Senior Notes.

          (i) All Existing Senior Notes tendered and not properly withdrawn prior to the Closing
Date in accordance with the terms set forth in the applicable Debt Tender Offers have been,
or concurrently with the Closing Date will be, consummated in accordance with the terms set
forth in the applicable Offer to Purchase and Consent Solicitation Statement of the Borrower
dated November 26, 2010, in each case as in effect on the Closing Date and, concurrent with
the funding of the Term Loans on the Closing Date, shall have been accepted for payment and
will be acquired and cancelled.

          (ii) Amendments to the terms of the Existing Senior Notes eliminating substantially all
of the covenants and defaults thereunder shall have become operative as contemplated by the
Debt Tender Offer.

          (iii) The Administrative Agent shall have received satisfactory evidence that not less
than $2,500,000,000 in aggregate principal amount of New Senior Notes have been, or
concurrently with the Closing Date will be, issued by the Borrower.

Notwithstanding the foregoing, to the extent that the execution and delivery of any document or the
completion of any task or action is listed on Schedule 5.15, such item shall not be a
condition precedent and shall instead be subject to Section 5.15.

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Section 4.02 Conditions to Credit Extensions. The obligation of each Lender to make the initial Credit Extension and the obligation of any
Lenders to make the initial Credit Extension under any Incremental Term Loan Commitments or Other
Term Loan Commitments shall be subject to, and to the satisfaction of, each of the conditions
precedent set forth below.

     (a) Notice. The Administrative Agent shall have received a Borrowing Request as
required by Section 2.03 (or such notice shall have been deemed given in accordance with
Section 2.03).

     (b) No Default. No Default shall exist, or would result from such proposed Credit
Extension or from the application of the proceeds therefrom.

     (c) Representations and Warranties. Each of the representations and warranties made
by any Loan Party set forth in ARTICLE III hereof or in any other Loan Document (other than
Hedging Agreements) shall be true and correct in all material respects on and as of the date of
such Credit Extension with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, in which case such
representation and warranty shall have been true and correct in all material respects as of such
earlier date.

     (d) No Legal Bar. With respect to each Lender, no order, judgment or decree of any
Governmental Authority shall purport to restrain such Lender from making any Loans to be made by
it. No injunction or other restraining order shall have been issued, shall be pending or noticed
with respect to any action, suit or proceeding seeking to enjoin or otherwise prevent the
consummation of, or to recover any damages or obtain relief as a result of, the transactions
contemplated by this Agreement or the making of Loans hereunder.

     Each of the delivery of a Borrowing Request and the acceptance by the Borrower of the proceeds
of such Credit Extension shall constitute a representation and warranty by the Borrower and each
other Loan Party that on the date of such Credit Extension (both immediately before and after
giving effect to such Credit Extension and the application of the proceeds thereof) the conditions
contained in Section 4.02(b) through (d) have been satisfied (which representation
and warranty shall be deemed limited to the knowledge of the Loan Parties in the case of the first
sentence of Section 4.02(d)). The Borrower shall provide such information as the Administrative
Agent may reasonably request to confirm that the conditions in Section 4.02(b) through
(d) have been satisfied.

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ARTICLE V

AFFIRMATIVE COVENANTS

     Each Loan Party warrants, covenants and agrees with each Lender that so long as this Agreement
shall remain in effect and until the Commitments have been terminated and the principal of and
interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document
shall have been paid in full, unless the Required Lenders shall otherwise consent in writing, each
Loan Party will, and will cause each of its Restricted Subsidiaries to:

Section 5.01 Financial Statements, Reports, etc.
Furnish to the Administrative Agent (and the Administrative Agent shall make available to the
Lenders, on the Platform or otherwise, in accordance with its customary procedures):

     (a) Annual Reports. As soon as available and in any event within the earlier of (i)
ninety (90) days and (ii) such shorter period as may be required by the Securities and Exchange
Commission (including, if applicable, any extension permitted under Rule 12b-25 of the Exchange
Act), after the end of each fiscal year, beginning with the first fiscal year ending after the
Closing Date, (i) the consolidated balance sheet of the Borrower as of the end of such fiscal year
and related consolidated statements of income, cash flows and stockholders’ equity for such fiscal
year, in comparative form with such financial statements as of the end of, and for, the preceding
fiscal year, and notes thereto, all prepared in accordance with Regulation S-X and accompanied by
an opinion of independent public accountants of recognized national standing reasonably
satisfactory to the Administrative Agent (which opinion shall not be qualified as to scope or
contain any going concern qualification, paragraph of emphasis or explanatory statement), stating
that such financial statements fairly present, in all material respects, the consolidated financial
condition, results of operations and cash flows of the Borrower as of the dates and for the periods
specified in accordance with US GAAP, (ii) a narrative report and management’s discussion and
analysis, in a form reasonably satisfactory to the Administrative Agent, of the financial condition
and results of operations of the Borrower for such fiscal year, as compared to amounts for the
previous fiscal year (it being understood that the information required by clauses (i) and (ii) of
this Section 5.01(a) may be furnished in the form of a Form 10-K (so long as the financial
statements, narrative report and management’s discussion therein comply with the requirements set
forth above)) and (iii) consolidating balance sheets, statements of income and cash flows of the
Borrower and its Restricted Subsidiaries separating out the results by region;

     (b) Quarterly Reports. As soon as available and in any event within the earlier of
(i) forty-five (45) days and (ii) such shorter period as may be required by the Securities and
Exchange Commission (including, if applicable, any extension permitted under Rule 12b-25 of the
Exchange Act), after the end of each of the first three fiscal quarters of each fiscal year (i) the
consolidated balance sheet of the Borrower as of the end of such fiscal quarter and related
consolidated statements of income and cash flows for such fiscal quarter and for the then elapsed
portion of the fiscal year, in comparative form with the consolidated statements of income and

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cash flows for the comparable periods in the previous fiscal year, and notes thereto, all
prepared in accordance with Regulation S-X under the Securities Act and accompanied by a
certificate of a Financial Officer stating that such financial statements fairly present, in all
material respects, the consolidated financial condition, results of operations and cash flows of
the Borrower as of the date and for the periods specified in accordance with US GAAP consistently
applied, and on a basis consistent with audited financial statements referred to in clause (a) of
this Section, except as otherwise disclosed therein and subject to the absence of footnote
disclosures and to normal year-end audit adjustments, (ii) a narrative report and management’s
discussion and analysis, in a form reasonably satisfactory to the Administrative Agent, of the
financial condition and results of operations for such fiscal quarter and the then elapsed portion
of the fiscal year, as compared to the comparable periods in the previous fiscal year (it being
understood that the information required by clauses (i) and (ii) of this Section 5.01(b)
may be furnished in the form of a Form 10-Q (so long as the financial statements, management report
and management’s discussion therein comply with the requirements set forth above)) and (iii)
consolidating balance sheets, statements of income and cash flows of the Borrower and its
Restricted Subsidiaries separating out the results by region;

     (c) [INTENTIONALLY OMITTED];

     (d) Financial Officer’s Certificate. (i) Concurrently with any delivery of financial
statements under Section 5.01(a) or (b), a Compliance Certificate (which delivery
may, unless the Administrative Agent or a Lender requests executed originals, be by electronic
communication including fax or email and shall be deemed to be an original authentic counterpart
thereof for all purposes) (A) certifying that no Default has occurred or, if such a Default has
occurred, specifying the nature and extent thereof and any corrective action taken or proposed to
be taken with respect thereto, (B) concurrently with any delivery of financial statements under
Section 5.01(a) above (commencing with the financial statements for the first complete
fiscal year of the Borrower beginning after the Closing Date), setting forth the Borrower’s
calculation of Excess Cash Flow, (C) showing a reconciliation of Consolidated EBITDA to the net
income set forth on the statement of income, such reconciliation to be on a quarterly basis, and,
if such Compliance Certificate demonstrates an Event of Default of the Financial Performance
Covenant, any of the Specified Holders may deliver, together with such Compliance Certificate,
notice of their intent to cure (a “Notice of Intent to Cure”) such Event of Default pursuant to
Section 8.04; provided that the delivery of a Notice of Intent to Cure shall in no
way affect or alter the occurrence, existence or continuation of any such Event of Default or the
rights, benefits, powers and remedies of the Administrative Agent and the Lenders under any Loan
Document, and (D)(x) specifying all Investments made during the prior fiscal quarter in reliance on
Section 6.04(r) and specifying which clause of Section 6.04(r) such Investment was
made pursuant to and calculating in reasonable detail the amount of the Cumulative Credit or Annual
Credit, as applicable, immediately prior to such election and the amount thereof elected to be so
applied, the Total Net Leverage Ratio and, in the case of Investments made pursuant to Section
6.04(r)(iii), the amount of Liquidity, (y) specifying all Dividends made during the prior
fiscal quarter in reliance on Section 6.08(d) and specifying which clause of Section
6.08(d) such Dividend was made pursuant to and calculating in reasonable detail the amount of
the Cumulative Credit or Annual Credit, as applicable, immediately prior to such

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election and the amount thereof elected to be so applied, the Total Net Leverage Ratio and, in
the case of Dividends made pursuant to Section 6.08(d)(ii), the amount of Liquidity, and
(z) specifying all Permitted Prepayments made during the prior fiscal quarter in reliance on
Section 6.11(a) and specifying which clause of Section 6.11(a) such Permitted
Prepayment was made pursuant to and calculating in reasonable detail the amount of the Cumulative
Credit or Annual Credit, as applicable, immediately prior to such election and the amount thereof
elected to be so applied, the Total Net Leverage Ratio and, in the case of a Permitted Prepayment
made pursuant to Section 6.11(a)(B), the amount of Liquidity, and (ii) to the extent any
Unrestricted Subsidiaries are in existence during the period covered by such financial statements,
consolidating balance sheets, statements of income and cash flows separating out the results of the
Borrower and its Restricted Subsidiaries, on the one hand, and the Unrestricted Subsidiaries, on
the other;

     (e) Officer’s Certificate Regarding Organizational Chart and Perfection of Collateral.
Concurrently with any delivery of financial statements under Section 5.01(a), a
certificate of a Responsible Officer of the Borrower (which delivery may, unless the Administrative
Agent or a Lender requests executed originals, be by electronic communication including fax or
email and shall be deemed to be an original authentic counterpart thereof for all purposes)
attaching an accurate organizational chart (or confirming that there has been no change in
organizational structure) and otherwise setting forth the information required pursuant to the
Perfection Certificate Supplement or confirming that there has been no change in such information
since the date of the Perfection Certificate or latest Perfection Certificate Supplement;

     (f) Public Reports. Promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements and other materials filed by any Loan Party with the
Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the
functions of said Commission, with any national U.S. or non-U.S. securities regulatory authority or
securities exchange or with the National Association of Securities Dealers, Inc., or distributed to
holders of its publicly held Indebtedness or securities pursuant to the terms of the documentation
governing such Indebtedness or securities (or any trustee, agent or other representative therefor),
as the case may be; provided that documents required to be delivered pursuant to this
clause (f) 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 (or other location specified by the Borrower) on the Internet; or (ii) on
which such documents are posted on the Borrower’s behalf on the Platform; provided that:
(i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of
such documents to the Administrative Agent for further distribution to each Lender until a written
request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower
shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting
of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents;

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     (g) Management Letters. Promptly after the receipt thereof by any Company, a copy of
any “management letter”, exception report or other similar letter or report received by any such
person from its certified public accountants and the management’s responses thereto;

     (h) Projections. Within sixty (60) days of the end of each fiscal year, a copy of the
annual projections for the Borrower (including balance sheets, statements of income and sources and
uses of cash), for each quarter of the then-current fiscal year prepared in detail on a
consolidated basis, with appropriate presentation and discussion of the principal assumptions upon
which such forecasts are based, accompanied by the statement of a Financial Officer of the Borrower
to the effect that such assumptions are believed to be reasonable;

     (i) Labor Relations. Promptly after becoming aware of the same, written notice of (a)
any labor dispute to which any Loan Party or any of its Restricted Subsidiaries is or is expected
to become a party, including any strikes, lockouts or other labor disputes relating to any of such
person’s plants and other facilities, which could reasonably be expected to result in a Material
Adverse Effect, (b) any Worker Adjustment and Retraining Notification Act or related liability
incurred with respect to the closing of any plant or other facility of any such person and (c) any
material liability under Requirements of Law similar to the Worker Adjustment and Retraining
Notification Act or otherwise arising out of plant closings;

     (j) Asset Sales. On or prior to an Asset Sale pursuant to Section 6.06(b)
hereof the Net Cash Proceeds of which (or the Dollar Equivalent thereof) are anticipated to exceed
$100,000,000, written notice (a) describing such Asset Sale or the nature and material terms and
conditions of such transaction and (b) stating the estimated Net Cash Proceeds anticipated to be
received by any Loan Party or any of its Restricted Subsidiaries; and

     (k) Other Information. Promptly, from time to time, such other information regarding
the operations, properties, business affairs and condition (financial or otherwise) of any Company,
or compliance with the terms of any Loan Document, or matters regarding the Collateral (beyond the
requirements contained in Section 9.03) as the Administrative Agent or any Lender (acting
through the Administrative Agent) may reasonably request.

Section 5.02 Litigation and Other Notices. Furnish to the Administrative Agent written notice of the following promptly (and, in any event,
within ten (10) Business Days after acquiring knowledge thereof):

     (a) any Default, specifying the nature and extent thereof and the corrective action (if any)
taken or proposed to be taken with respect thereto;

     (b) the filing or commencement of, or any written notice of intention of any person to file or
commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any
Governmental Authority, (i) against the Borrower or other Company that in the

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reasonable judgment of the Borrower could reasonably be expected to result in a Material
Adverse Effect if adversely determined or (ii) with respect to any Loan Document;

     (c) any development that has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect;

     (d) the occurrence of a Casualty Event involving a Dollar Equivalent amount in excess of
$50,000,000; and

     (e) (i) the incurrence of any Lien (other than Permitted Liens) on the Collateral or (ii) the
occurrence of any other event which could reasonably be expected to be material with regard to (x)
the Revolving Credit Priority Collateral, taken as a whole, or (y) the Pari Passu Priority
Collateral, taken as a whole.

Section 5.03 Existence; Businesses and Properties.

     (a) Do or cause to be done all things reasonably necessary to preserve, renew and keep in full
force and effect its legal existence, rights and franchises necessary or desirable in the normal
conduct of its business, except (i) other than with respect to the Borrower’s legal existence, to
the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect
or (ii) pursuant to a transaction permitted by Section 6.05 or Section 6.06.

     (b) Do or cause to be done all things reasonably necessary to obtain, maintain, preserve,
renew, extend and keep in full force and effect the rights, licenses, permits, privileges,
franchises, approvals, authorizations, and Intellectual Property used or necessary to the conduct
of its business, except where the failure to do so could not reasonably be expected to result in a
Material Adverse Effect; do or cause to be done all things reasonably necessary to preserve its
business and the goodwill and business of the customers, advertisers, suppliers and others having
business relations with each Loan Party or any of its Restricted Subsidiaries, except where the
failure to do so could not reasonably be expected to result in a Material Adverse Effect; comply
with all applicable Requirements of Law (including any and all zoning, building, Environmental Law,
ordinance, code or approval or any building permits or any restrictions of record or agreements
affecting the Real Property), contractual obligations, and decrees and orders of any Governmental
Authority, whether now in effect or hereafter enacted, except where the failure to comply,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect; and at all times maintain, preserve and protect all of its property and keep such property
in good repair, working order and condition (other than wear and tear occurring in the ordinary
course of business) and from time to time make, or cause to be made, all needful and proper
repairs, renewals, additions, improvements and replacements thereto reasonably necessary in order
that the business carried on in connection therewith may be properly conducted at all times, except
in each case where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect.

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Section 5.04 Insurance.

     (a) Generally. Keep its insurable property adequately insured at all times by
financially sound and reputable insurers; maintain such other insurance, to such extent and against
such risks as is customary with companies in the same or similar businesses operating in the same
or similar locations, including insurance with respect to Mortgaged Properties and other properties
material to the business of the Companies against such casualties and contingencies and of such
types and in such amounts with such deductibles as is customary in the case of similar businesses
operating in the same or similar locations, including (i) physical hazard insurance on an “all
risk” basis (subject to usual and customary exclusions), (ii) commercial general liability against
claims for bodily injury, death or property damage covering any and all insurable claims, (iii)
explosion insurance in respect of any boilers, machinery or similar apparatus constituting
Collateral, (iv) business interruption insurance and, with respect to Mortgaged Properties located
in the United States or in any other jurisdiction requiring such insurance, flood insurance (to the
extent such flood insurance is required under clause (c) below), and (v) worker’s compensation
insurance and such other insurance as may be required by any Requirement of Law; provided
that the Collateral Agent shall be permitted to control the adjustment of any claim thereunder with
respect to Pari Passu Priority Collateral involving an amount in excess of $30,000,000 thereunder
after the occurrence and during the continuance of an Event of Default.

     (b) Requirements of Insurance. All such property and liability insurance maintained
by the Loan Parties shall (i) provide that no cancellation, material reduction in amount or
material change in coverage thereof shall be effective until at least thirty (30) days after
receipt by the Collateral Agent of written notice thereof, (ii) name the Collateral Agent as
mortgagee or loss payee, as applicable (in the case of property insurance) or additional insured on
behalf of the Secured Parties (in the case of liability insurance), as applicable, and (iii) if
reasonably requested by the Collateral Agent, include a breach of warranty clause.

     (c) Flood Insurance. Except to the extent already obtained in accordance with clause
(iv) of Section 5.04(a), with respect to each Mortgaged Property located in the United
States or another jurisdiction which requires such type of insurance, obtain flood insurance in
such total amount as the Administrative Agent may from time to time reasonably require, if at any
time the area in which any improvements located on any Mortgaged Property is designated a “flood
hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency
(or any successor agency), and such insurance is required to be obtained pursuant to the
requirements of the National Flood Insurance Act of 1968, as amended from time to time, or the
Flood Disaster Protection Act of 1973, as amended from time to time.

     (d) Broker’s Report. As soon as practicable and in any event within ninety (90) days
after the end of each fiscal year, deliver to the Administrative Agent and the Collateral Agent (i)
a report of a reputable insurance broker with respect to the insurance maintained pursuant to
clauses (i)-(iv) of Section 5.04(a) in form and substance reasonably satisfactory to the
Administrative Agent and the Collateral Agent (together with such additional reports (provided

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such reports are readily ascertainable) as the Administrative Agent or the Collateral Agent
may reasonably request), and (ii) such broker’s statement that all premiums then due and payable
with respect to the coverage maintained pursuant to clauses (i)-(iv) of Section 5.04(a)
have been paid and confirming, with respect to any property, physical hazard or liability insurance
maintained by a Loan Party, that the Collateral Agent has been named as loss payee or additional
insured, as applicable.

     (e) Mortgaged Properties. Each Loan Party shall comply in all material respects with
all Insurance Requirements in respect of each Mortgaged Property; provided,
however, that each Loan Party may, at its own expense and after written notice to the
Administrative Agent, (i) contest the applicability or enforceability of any such Insurance
Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis
for cancellation or revocation of any insurance coverage required under this Section 5.04
or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a
new policy complying with the provisions of this Section 5.04.

Section 5.05 Taxes.

     (a) Payment of Taxes. Pay and discharge promptly when due all material Taxes and
governmental charges or levies imposed upon it or upon its income or profits or in respect of its
property, before the same shall become delinquent or in default, as well as all lawful claims for
labor, services, materials and supplies or otherwise that, if unpaid, might give rise to a Lien
other than a Permitted Lien upon such properties or any part thereof; provided that such
payment and discharge shall not be required with respect to any such Tax, charge, levy or claim so
long as (x) the validity or amount thereof shall be contested in good faith by appropriate
proceedings timely instituted and diligently conducted and the applicable Company shall have set
aside on its books adequate reserves or other appropriate provisions with respect thereto in
accordance with US GAAP (or other applicable accounting rules), and (y) such contest operates to
suspend collection of the contested obligation, Tax or charge and enforcement of a Lien other than
a Permitted Lien.

     (b) Filing of Tax Returns. Timely file all material Tax Returns required by
applicable Requirements of Law to be filed by it.

Section 5.06 Employee Benefits.

     (a) Comply with the applicable provisions of ERISA and the Code and any Requirements of Law
applicable to any Foreign Plan or Compensation Plan, except where any non-compliance could not
reasonably be expected to result in a Material Adverse Effect.

     (b) Furnish to the Administrative Agent (x) as soon as possible after, and in any event within
five (5) Business Days after any Responsible Officer of any Company or any ERISA Affiliates of any
Company knows that, any ERISA Event has occurred, a statement of a

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Financial Officer of the
Borrower setting forth details as to such ERISA Event and the action, if
any, that the Companies propose to take with respect thereto, and (y) upon request by the
Administrative Agent, copies of such other documents or governmental reports or filings relating to
any Plan (or Foreign Plan, or other employee benefit plan sponsored or contributed to by any
Company) as the Administrative Agent shall reasonably request.

     (c) (i) Ensure that the Novelis U.K. Pension Plan is funded in accordance with the agreed
schedule of contributions dated May 16, 2007 and that no action or omission is taken by any Company
in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse
Effect; (ii) except for any existing defined benefit pension schemes as specified on Schedule
3.17 ensure that no Company is or has been at any time an employer (for the purposes of
Sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money
purchase scheme (both terms as defined in the Pension Schemes Act 1993) or “connected” with or an
“associate” of (as those terms are defined in Sections 39 or 43 of the Pensions Act 2004) such an
employer; (iii) deliver to the Administrative Agent upon request as those reports are prepared in
order to comply with the then current statutory or auditing requirements (as applicable either to
the trustees of any relevant schemes), actuarial reports in relation to all pension schemes
mentioned in clause (i) above; (iv) promptly notify the Administrative Agent of any material change
in the agreed rate of contributions to any pension schemes mentioned in clause (i) above; (v)
promptly notify the Administrative Agent of any investigation or proposed investigation by the
Pensions Regulator which may lead to the issue of a Financial Support Direction or a Contribution
Notice to any member of the Group; and (vi) promptly notify the Administrative Agent if it receives
a Financial Support Direction or a Contribution Notice from the Pensions Regulator.

     (d) Ensure that all Foreign Plans (except the Novelis U.K. Pension Plan) and Compensation
Plans that are required to be funded are funded and contributed to in accordance with their terms
to the extent of all Requirements of Law, except where any non-compliance could not reasonably be
expected to result in a Material Adverse Effect.

Section 5.07 Maintaining Records; Access to Properties and Inspections; Annual Meetings. Keep proper books of record and account in which full, true and correct entries in conformity in
all material respects with GAAP (or other applicable accounting standards) and all Requirements of
Law of all financial transactions and the assets and business of each Company and its Restricted
Subsidiaries are made of all dealings and transactions in relation to its business and activities,
including, without limitation, proper records of intercompany transactions) with full, true and
correct entries reflecting all payments received and paid (including, without limitation, funds
received by or for the account of any Loan Party from deposit accounts of the other Companies).
Each Company will permit any representatives designated by the Administrative Agent (who may be
accompanied by any Agent or Lender) to visit and inspect the financial records and the property of
such Company on no more than on two occasions per fiscal year so long as no Event of Default is
continuing (at reasonable intervals, during normal business hours and within five Business Days
after written notification of the same to the Borrower, except that, during the continuance of an
Event of Default, none of such restrictions shall be applicable) and to make extracts from and
copies of such financial records, and permit

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any representatives designated by the Administrative Agent (who may be accompanied by any
Agent or Lender) to discuss the affairs, finances, accounts and condition of any Company with the
officers and employees thereof and advisors therefor (including independent accountants).

Section 5.08 Use of Proceeds. Use the proceeds of the Loans only for the purposes set forth in Section 3.12.

Section 5.09 Compliance with Environmental Laws; Environmental Reports.

     (a) Comply, and cause all lessees and other persons occupying Real Property owned, operated or
leased by any Company to comply, in all respects with all Environmental Laws and Environmental
Permits applicable to its operations and Real Property; obtain and renew all Environmental Permits
applicable to its operations and Real Property; and conduct all Responses, including any emergency
response, required by, and in accordance with, Environmental Laws, in each case, to the extent that
the failure to do so could reasonably be expected to have a Material Adverse Effect;
provided that no Company shall be required to undertake any Response to the extent that its
obligation to do so is being contested in good faith and by proper proceedings and appropriate
reserves are being maintained with respect to such circumstances in accordance with US GAAP or
other applicable accounting standards.

     (b) If a Default caused by reason of a breach of Section 3.18 or Section
5.09(a) shall have occurred and be continuing for more than thirty (30) days without the
Companies commencing activities reasonably likely to cure such Default in accordance with
Environmental Laws, at the written request of the Administrative Agent or the Required Lenders
through the Administrative Agent, provide to the Lenders as soon as reasonably practicable after
such request, at the expense of the Borrower, an environmental assessment report regarding the
matters which are the subject of such Default, including, where appropriate, soil and/or
groundwater sampling, prepared by an environmental consulting firm and, in form and substance,
reasonably acceptable to the Administrative Agent and indicating the presence or absence of
Hazardous Materials and the estimated cost of any compliance or Response to address them.

Section 5.10 [INTENTIONALLY OMITTED].

Section 5.11 Additional Collateral; Additional Guarantors.

     (a) Subject to the terms of the Intercreditor Agreement and this Section 5.11, with
respect to any property acquired after the Closing Date by any Loan Party that is intended to be
subject to the Lien created by any of the Security Documents but is not so subject, promptly (and
in any event within thirty (30) days after the acquisition thereof provided that the Administrative
Agent may agree to an extension thereof in its sole discretion) (i) execute and deliver to the
Administrative Agent and the Collateral Agent such amendments or supplements to the relevant
Security Documents or such other documents as the Administrative Agent or the Collateral Agent
shall deem necessary or advisable to grant to the Collateral Agent, for its benefit and for the
benefit of the other Secured Parties, a First Priority Lien on such property subject to no Liens
other than Permitted Liens, and (ii) take all actions necessary to cause such Lien to be duly

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perfected to the extent required by such Security Document in accordance with all applicable
Requirements of Law, including the filing of financing statements (or other applicable
filings) in such jurisdictions as may be reasonably requested by the Administrative Agent; provided
that the actions required by clauses (i) and (ii) above need not be taken if the costs of doing so
are excessive in relation to the benefits afforded thereby, as determined by the Administrative
Agent in its reasonable discretion. The Borrower shall otherwise take such actions and execute
and/or deliver to the Administrative Agent and the Collateral Agent such documents as the
Administrative Agent or the Collateral Agent shall reasonably require to confirm the validity,
perfection and priority of the Lien of the Security Documents against such after-acquired
properties.

     (b) With respect to any person that becomes a Restricted Subsidiary after the Closing Date
(other than (x) an Excluded Collateral Subsidiary and (y) a Securitization Entity) or any
Restricted Subsidiary that was an Excluded Collateral Subsidiary but, as of the end of the most
recently ended fiscal quarter, has ceased to be an Excluded Collateral Subsidiary or is required to
become a Loan Party by operation of the provisions of Section 5.11(d), promptly (and in any
event within thirty (30) days after such person becomes a Restricted Subsidiary or ceases to be an
Excluded Collateral Subsidiary or is required to become a Loan Party by operation of the provisions
of Section 5.11(d) provided that the Administrative Agent may agree to an extension of such
time period in its sole discretion) (i) pledge and deliver to the Collateral Agent the
certificates, if any, representing all of the Equity Interests of such Restricted Subsidiary owned
by a Loan Party, together with undated stock powers or other appropriate instruments of transfer
executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity
Interests, and all intercompany notes owing from such Restricted Subsidiary to any Loan Party
together with instruments of transfer executed and delivered in blank by a duly authorized officer
of such Loan Party and (ii) cause any such Restricted Subsidiary that is a Wholly Owned Subsidiary
(other than (x) any Restricted Subsidiary prohibited from being a Guarantor under any applicable
Requirement of Law relating to financial assistance, maintenance of capital or other corporate
benefit restrictions and (y) any Restricted Subsidiaries where providing such guarantee would
result in (1) materially adverse tax consequences, as determined by the Administrative Agent in its
reasonable discretion (after consultation with its counsel) or (2) costs that are excessive in
relation to the benefits afforded thereby, as determined by the Administrative Agent in its
reasonable discretion), in each case to the extent not prohibited by applicable Requirements of
Law, (A) to execute a Joinder Agreement or such comparable documentation to become a Subsidiary
Guarantor and joinder agreements to the applicable Security Documents (in each case, substantially
in the form annexed thereto or in such other form as may be reasonably satisfactory to the
Administrative Agent) or, in the case of a Foreign Subsidiary, execute such other Security
Documents (or joinder agreements) to the extent possible under and compatible with the laws of such
Foreign Subsidiary’s jurisdiction in form and substance reasonably satisfactory to the
Administrative Agent, and (B) to take all actions necessary or advisable in the opinion of the
Administrative Agent or the Collateral Agent to cause the Liens created by the applicable Security
Documents to be duly perfected to the extent required by such agreement in accordance with all
applicable Requirements of Law, including the filing of financing statements (or other applicable
filings) in such jurisdictions as may be reasonably requested by the Administrative Agent or the
Collateral Agent. Notwithstanding the foregoing, (1) clause (i) of this paragraph (b) shall not
apply to the Equity Interests of (w) any

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Company listed on Schedule 5.11(b) to the extent
any applicable Requirement of Law continues to prohibit the pledging of its Equity Interests to secure the Secured Obligations and any
Company acquired or created after the Closing Date to the extent any applicable Requirement of Law
prohibits the pledging of its Equity Interests to secure the Secured Obligations, (x) any
non-Wholly Owned Subsidiary to the extent that the pledge or perfection of a Lien on such Equity
Interests would violate any anti-assignment or negative pledge provisions of any contract to which
such non-Wholly Owned Subsidiary is a party or the organizational documents or shareholders’
agreement of such non-Wholly Owned Subsidiary (but only to the extent such anti-assignment or
negative pledge clause is enforceable under applicable law), (y) any Joint Venture Subsidiary, to
the extent the terms of any contract to which such Joint Venture Subsidiary is a party or any
applicable joint venture, stockholders’, partnership, limited liability company or similar
agreement (other than any of the foregoing entered into with any Company or Affiliate of any
Company) prohibits or conditions the pledging of its Equity Interests to secure the Secured
Obligations and (z) any Restricted Subsidiary to the extent such pledge would result in materially
adverse tax consequences, as determined by the Administrative Agent in its reasonable discretion
(after consultation with its counsel) and (2) clause (ii) of this paragraph (b) shall not apply to
any Company listed on Schedule 5.11(b) to the extent any applicable Requirement of Law
prohibits it from becoming a Loan Party.

     (c) Subject to the terms of the Intercreditor Agreement, promptly grant to the Collateral
Agent, within sixty (60) days of the acquisition thereof, a security interest in and Mortgage on
each Real Property owned in fee by such Loan Party as is acquired by such Loan Party after the
Closing Date and that, together with any improvements thereon, individually has a fair market value
the Dollar Equivalent of which is at least $10,000,000 (unless the subject property is already
mortgaged to a third party to the extent permitted by Section 6.02 hereof or the costs of doing so
are excessive in relation to the benefits afforded thereby, as determined by the Administrative
Agent in its reasonable discretion). Subject to the terms of the Intercreditor Agreement, such
Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance
to the Administrative Agent and the Collateral Agent and shall constitute valid, perfected and
enforceable First Priority Liens subject only to Permitted Liens. Subject to the terms of the
Intercreditor Agreement, the Mortgages or instruments related thereto shall be duly recorded or
filed in such manner and in such places as are required by law to establish, perfect, preserve and
protect the First Priority Liens in favor of the Collateral Agent required to be granted pursuant
to the Mortgages and all taxes, fees and other charges payable in connection therewith shall be
paid in full. Such Loan Party shall otherwise take such actions and execute and/or deliver to the
Administrative Agent and the Collateral Agent such documents as the Administrative Agent or the
Collateral Agent shall reasonably require to confirm the validity, perfection and priority of the
Lien of any existing Mortgage or new Mortgage against such after-acquired Real Property (including
a Title Policy (or title opinion reasonably satisfactory to the Administrative Agent and the
Collateral Agent), a Survey (if applicable in the respective jurisdiction), and a local counsel
opinion (in form and substance reasonably satisfactory to the Administrative Agent and the
Collateral Agent) in respect of such Mortgage). For purposes of this Section 5.11(c) Real
Property owned by a Company that becomes a Loan Party following the Closing Date in accordance with
the terms of this Agreement shall be deemed to have been acquired on the later of (x) the date of
acquisition of such Real Property and (y) the date such Company becomes a Loan Party.

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     (d) If, at any time and from time to time after the Closing Date, Restricted Subsidiaries that
are not Loan Parties because they are Excluded Collateral Subsidiaries comprise in the aggregate
more than 7.5% of the Consolidated Total Assets of the Borrower and its Subsidiaries as of the end
of the most recently ended fiscal quarter or more than 7.5% of Consolidated EBITDA of the Borrower
and its Restricted Subsidiaries as of the end of the most recently ended fiscal quarter, then the
Loan Parties shall, not later than 45 days after the date by which financial statements for such
fiscal quarter are required to be delivered pursuant to this Agreement, cause one or more of such
Restricted Subsidiaries to become Loan Parties (notwithstanding that such Restricted Subsidiaries
are, individually, Excluded Collateral Subsidiaries) such that the foregoing condition ceases to be
true. The Borrower may designate a Subsidiary Guarantor that was not a Restricted Subsidiary of
the Borrower on the Closing Date as an Excluded Collateral Subsidiary subject to the terms of the
definition thereof, in which event the Guarantee by such Restricted Subsidiary shall be released in
accordance with Section 7.09 and the Collateral Agent shall release the Collateral pledged
by such Person.

     (e) Any Foreign Subsidiary that is a Loan Party that has in the United States at any time (i)
a deposit account that is part of the Cash Pooling Arrangements or (ii) property (other than
Excluded Property) having an aggregate fair market value in excess of $5,000,000 for any such
foreign Loan Party, shall execute a joinder agreement to the U.S. Security Agreement reasonably
satisfactory to the Administrative Agent.

     (f) Notwithstanding any other provision of this Section 5.11 to the contrary, in no
event shall this Section 5.11 obligate any Loan Party to grant a Lien to the Collateral
Agent on any Excluded Property.

Section 5.12 Security Interests; Further Assurances. Subject to the terms of the Intercreditor Agreement, promptly, upon the reasonable request of
the Administrative Agent or the Collateral Agent, at the Borrower’s expense, execute, acknowledge
and deliver, or cause the execution, acknowledgment and delivery of, and thereafter register, file
or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any
document or instrument supplemental to or confirmatory of the Security Documents or otherwise
deemed by the Administrative Agent or the Collateral Agent reasonably necessary for the continued
validity, perfection and priority of the Liens on the Collateral covered thereby subject to no
other Liens except Permitted Liens, or use commercially reasonable efforts to obtain any consents
or waivers as may be reasonably required in connection therewith. Deliver or cause to be delivered
(using commercially reasonable efforts with respect to delivery of items from Persons who are not
in the control of any Loan Party) to the Administrative Agent and the Collateral Agent from time to
time such other documentation, consents, authorizations, approvals and orders in form and substance
reasonably satisfactory to the Administrative Agent and the Collateral Agent as the Administrative
Agent and the Collateral Agent shall reasonably deem necessary to perfect or maintain the Liens on
the Collateral pursuant to the Security Documents. Upon the exercise by the Administrative Agent,
the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to any Loan
Document that requires any consent, approval, registration, qualification or authorization of any
Governmental Authority, execute and deliver all applications, certifications, instruments and other
documents and papers that the Administrative

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Agent, the Collateral Agent or such Lender may reasonably require in connection therewith. If the
Administrative Agent, the Collateral Agent or the Required Lenders determine that they are required
by a Requirement of Law to have appraisals prepared in respect of the Real Property of any Loan
Party constituting Collateral, the Borrower shall provide to the Administrative Agent appraisals
that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA
(or other applicable requirements) and are otherwise in form reasonably satisfactory to the
Administrative Agent and the Collateral Agent.

Section 5.13 Information Regarding Collateral. Not effect any change (i) in any Loan Party’s legal name or in any trade name used to identify
it in the conduct of its business or in the ownership of its properties, (ii) in the location of
any Loan Party’s chief executive office, its principal place of business, any office in which it
maintains books or records relating to Collateral owned by it or any office or facility at which
any material Pari Passu Priority Collateral owned by it is located (including the establishment of
any such new office or facility) other than changes in location to a property identified on
Schedule 3.24, another property location previously identified on a Perfection Certificate
Supplement or otherwise by notice to the Administrative Agent and the Collateral Agent, as to which
the steps required by clause (B) below have been completed or to a Mortgaged Property or a leased
property subject to a Landlord Access Agreement, (iii) in any Loan Party’s identity or
organizational structure, (iv) in any Loan Party’s Federal Taxpayer Identification Number or
organizational identification number, if any, or (v) in any Loan Party’s jurisdiction of
organization (in each case, including by merging with or into any other entity, reorganizing,
dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall
have given the Collateral Agent and the Administrative Agent not less than ten (10) Business Days’
prior written notice (in the form of an Officers’ Certificate) of its intention to do so, or such
lesser notice period agreed to by the Administrative Agent and the Collateral Agent, clearly
describing such change and providing such other information in connection therewith as the
Collateral Agent or the Administrative Agent may reasonably request and (B) it shall have taken all
action reasonably satisfactory to the Administrative Agent and the Collateral Agent to maintain the
perfection and priority of the security interest of the Collateral Agent for the benefit of the
Secured Parties in the Collateral, if applicable. Each Loan Party agrees to promptly provide the
Administrative Agent and the Collateral Agent, upon request therefor, with certified Organizational
Documents reflecting any of the changes described in the preceding sentence. For the purposes of
the Regulation, (i) no U.K. Guarantor shall change its centre of main interest (as that term is
used in Article 3(1) of the Regulation) from England and Wales, (ii) nor shall any Irish Guarantor
change its centre of main interest from Ireland or Germany, nor shall Irish Guarantor have an
“establishment” (as that term is used in Article 2(h) of the Regulation) in any jurisdiction other
than Ireland or Germany, (iii) nor shall any Swiss Guarantor change its centre of main interest
from Switzerland, nor shall any Swiss Guarantor have an “establishment” in any other jurisdiction,
(iv) nor shall German Seller change its centre of main interest from Germany, (v) nor shall any
Luxembourg Guarantor change its centre of main interest from Luxembourg, nor shall any Luxembourg
Guarantor have an “establishment” in any other jurisdiction, (vi) nor shall any French Guarantor
change its centre of main interest from France, nor shall any French Guarantor have an
“establishment” in any other jurisdiction and (vii) other than as provided in paragraph (ii) above,
no Guarantor (to the extent such Guarantor is subject to the Regulation) shall have a centre of
main interest other than as situated in its jurisdiction of incorporation.

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Section 5.14 Affirmative Covenants with Respect to Leases. With respect to each Lease to which a Loan Party is party as landlord or lessor, the respective
Loan Party shall perform all the obligations imposed upon the landlord under such Lease and enforce
all of the tenant’s obligations thereunder, except where the failure to so perform or enforce could
not reasonably be expected to result in a Property Material Adverse Effect.

Section 5.15 Post-Closing Covenants. Execute and deliver the documents and complete the tasks and take the other actions set forth on
Schedule 5.15, in each case within the time limits specified on such Schedule.

Section 5.16 Designation of Subsidiaries. The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the
Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary;
provided that (i) immediately before and after such designation, no Default shall have
occurred and be continuing, (ii) immediately after giving effect to such designation, the Borrower
shall be in compliance, on a Pro Forma Basis, with the Financial Performance Covenant (it being
understood that, as a condition precedent to the effectiveness of any such designation, the
Borrower shall deliver to the Administrative Agent a certificate of a Responsible Officer setting
forth in reasonable detail the calculations demonstrating such compliance), (iii) no Subsidiary may
be designated as an Unrestricted Subsidiary or continue as an Unrestricted Subsidiary if it is a
“Restricted Subsidiary” for the purpose of any of the Senior Notes, the Revolving Credit Agreement,
any Additional Senior Secured Indebtedness, any Junior Secured Indebtedness or any other
Indebtedness, as applicable, constituting Material Indebtedness, (iv) no Restricted Subsidiary may
be designated an Unrestricted Subsidiary if it was previously designated an Unrestricted
Subsidiary, (v) if a Restricted Subsidiary is being designated as an Unrestricted Subsidiary
hereunder, the sum of (A) the fair market value of assets of such Subsidiary as of such date of
designation (the “Designation Date”), plus (B) the aggregate fair market value of assets of all
Unrestricted Subsidiaries designated as Unrestricted Subsidiaries pursuant to this Section
5.16 prior to the Designation Date (in each case measured as of the date of each such
Unrestricted Subsidiary’s designation as an Unrestricted Subsidiary) shall not exceed $500,000,000
in the aggregate as of such Designation Date pro forma for such designation, and (vi) no Restricted
Subsidiary shall be a Subsidiary of an Unrestricted Subsidiary. The designation of any Subsidiary
as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower
or its applicable Restricted Subsidiary therein at the date of designation in an amount equal to
the fair market value of the Borrower’s or such Restricted Subsidiary’s (as applicable) investment
therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens
of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower or any
of its Restricted Subsidiaries in Unrestricted Subsidiaries pursuant to the preceding sentence in
an amount equal to the lesser of (x) the fair market value at the date of such designation of the
Borrower’s or its Restricted Subsidiary’s (as applicable) Investment in such Subsidiary and (y) the
amount of Investments made by the Borrower or its Restricted Subsidiaries in such Unrestricted
Subsidiary from and after the date of such Subsidiary was designated as an Unrestricted Subsidiary.

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ARTICLE VI

NEGATIVE COVENANTS

     Each Loan Party warrants, covenants and agrees with each Lender that, so long as this
Agreement shall remain in effect and until the Commitments have been terminated and the principal
of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan
Document have been paid in full, unless the Required Lenders (and such other Lenders whose consent
may be required under Section 11.02) shall otherwise consent in writing, no Loan Party
will, nor will they cause or permit any Restricted Subsidiaries to:

Section 6.01 Indebtedness. Incur, create, assume or permit to exist, directly or indirectly, any Indebtedness, except

     (a) Indebtedness incurred under this Agreement and the other Loan Documents;

     (b) (i) Indebtedness outstanding on the Closing Date and listed on Schedule 6.01(b),
and Permitted Refinancings thereof, (ii) Indebtedness of Loan Parties under the Revolving Credit
Loan Documents and Permitted Revolving Credit Facility Refinancings thereof in an aggregate
principal amount at any time outstanding not to exceed the Maximum Revolving Credit Facility
Amount, (iii) Indebtedness under the Existing Senior Note Documents that will be cancelled and
cease to be outstanding on the Closing Date in connection with the Debt Tender Offer and (iv)
consisting of Existing Senior Notes outstanding on the Closing Date and not acquired on the Closing
Date pursuant to the Debt Tender Offer;

     (c) Indebtedness of any Company under Hedging Agreements (including Contingent Obligations of
any Company with respect to Hedging Agreements of any other Company); provided that if such
Hedging Obligations relate to interest rates, (i) such Hedging Agreements relate to payment
obligations on Indebtedness otherwise permitted to be incurred by the Loan Documents and (ii) the
notional principal amount of such Hedging Agreements at the time incurred does not exceed the
principal amount of the Indebtedness to which such Hedging Agreements relate;

     (d) Indebtedness permitted by Section 6.04(i) or (s);

     (e) Indebtedness of any Securitization Entity under any Qualified Securitization Transaction
(i) that is without recourse to any Company (other than such Securitization Entity) or any of their
respective assets (other than pursuant to Standard Securitization Undertakings, and (ii) that are
negotiated in good faith at arm’s length; provided that the sum of (x) the aggregate
outstanding principal amount of the Indebtedness of all Securitization Entities under all Qualified
Securitization Transactions, plus (y) the aggregate amount of Indebtedness then outstanding
under Section 6.01(m), plus (z) the aggregate book value at the time of
determination of the then

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outstanding Receivables subject to a Permitted Factoring Facility at such time, at any time
outstanding shall not exceed $400,000,000;

     (f) Indebtedness in respect of Purchase Money Obligations and Capital Lease Obligations, and
Permitted Refinancings thereof (other than refinancings funded with intercompany advances);
provided that at the time such obligations are incurred, the outstanding amount of
Indebtedness incurred under this clause (f) shall not exceed the greater of (x) 7.5% of
Consolidated Net Tangible Assets and (y) $400,000,000;

     (g) Sale and Leaseback Transactions permitted under Section 6.03;

     (h) Indebtedness in respect of bid, performance or surety bonds or obligations, workers’
compensation claims, self-insurance obligations, financing of insurance premiums, and bankers
acceptances issued for the account of the Borrower or any Restricted Subsidiary, in each case,
incurred in the ordinary course of business (including guarantees or obligations of the Borrower or
any Restricted Subsidiary with respect to letters of credit supporting such bid, performance or
surety bonds or obligations, workers’ compensation claims, self-insurance obligations and bankers
acceptances) (in each case other than Indebtedness for borrowed money);

     (i) Contingent Obligations (i) of any Loan Party in respect of Indebtedness otherwise
permitted to be incurred by such Loan Party under this Section 6.01, (ii) of any Loan Party
in respect of Indebtedness of Restricted Subsidiaries that are not Loan Parties or are Restricted
Grantors in an aggregate amount not exceeding $75,000,000 at any one time outstanding less
all amounts paid with regard to Contingent Obligations permitted pursuant to Section
6.04(a), and (iii) of any Company that is not a Loan Party in respect of Indebtedness otherwise
permitted to be incurred by such Company under this Section 6.01;

     (j) Indebtedness arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn
against insufficient funds in the ordinary course of business; provided that such
Indebtedness is extinguished within five (5) Business Days of incurrence;

     (k) Indebtedness arising in connection with endorsement of instruments for deposit in the
ordinary course of business;

     (l) unsecured Indebtedness and Junior Secured Indebtedness not otherwise permitted under this
Section 6.01; provided, that (i) such Indebtedness has a final maturity date no
earlier than 180 days after the Latest Maturity Date, (ii) such Indebtedness has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Term Loans
with the Latest Maturity Date, (iii) no Default is then continuing or would result therefrom, (iv)
such Indebtedness is incurred by the Borrower or the U.S. Issuer and the persons that are (or are

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required to be) guarantors under such Indebtedness do not consist of any persons other than
those persons that are (or are required to be) guarantors under and with respect to the Term Loans,
and the Borrower, if the U.S. Issuer is the issuer thereof, (v) the terms of such Indebtedness do
not require any amortization, mandatory prepayment or redemption or repurchase at the option of the
holder thereof (other than customary offers to purchase upon a change of control or asset sale)
earlier than 180 days after the Latest Maturity Date, (vi) such Indebtedness has terms and
conditions (excluding pricing, premiums and subordination terms), when taken as a whole, are not
materially more restrictive or less favorable to the Companies and are not materially less
favorable to the Lenders, than the terms of the Loan Documents (except with respect to terms and
conditions that are applicable only after the then Latest Maturity Date), (vii) in the case of any
such secured Indebtedness, the Liens securing such Indebtedness, if any, shall be subordinated to
the Liens securing the Secured Obligations on a junior “silent” basis in a manner satisfactory to
the Administrative Agent (provided that the terms of the Intercreditor Agreement as they relate to
subordination are hereby acknowledged as being satisfactory) (and the holders of such Indebtedness
shall not have any rights with respect to exercising remedies pursuant to such Liens) and such
Liens shall only be on assets that constitute Collateral, (viii) in the case of any such secured
Indebtedness, the security agreements relating to such Indebtedness (together with the
Intecreditor Agreement) reflect the Junior Lien nature of the security interests and are otherwise
substantially the same as the applicable Security Documents (with differences as are reasonably
satisfactory to the Administrative Agent), (ix) in the case of any such secured Indebtedness, such
Indebtedness and the holders thereof or the Senior Representative thereunder shall be subject to
the Intercreditor Agreement and the Liens securing such Indebtedness shall be subject to the
Intercreditor Agreement, and (x) after giving effect to the incurrence of such Indebtedness and to
the consummation of any Permitted Acquisition or other Investment or application of funds made with
the proceeds of such incurrence on a Pro Forma Basis, the Total Net Leverage Ratio at such date
shall be not greater than 4.0 to 1.0 (provided that in calculating the Total Net Leverage
Ratio, the proceeds of such Indebtedness shall be excluded from Unrestricted Cash);
provided, further that delivery to the Administrative Agent at least five Business
Days prior to the incurrence of such Indebtedness of an Officers’ Certificate of a Responsible
Officer of the Borrower (together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto) certifying that
the Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirements shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent notifies the Borrower within such five Business Day period that it
disagrees with such determination (including a reasonable description of the basis upon which it
disagrees);

     (m) Indebtedness consisting of working capital facilities, lines of credit or cash management
arrangements for Excluded Subsidiaries and Contingent Obligations of Excluded Subsidiaries in
respect thereof; provided that the sum of (x) the aggregate outstanding principal amount of
the Indebtedness of all Securitization Entities under all Qualified Securitization Transactions
incurred in compliance with Section 6.01(e), plus (y) the aggregate amount of Indebtedness
then outstanding under this Section 6.01(m), plus (z) the aggregate book value at the time
of determination of the then outstanding Receivables subject to a Permitted Factoring Facility at
such time, shall not exceed $400,000,000 at any time outstanding;

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     (n) Indebtedness in respect of indemnification obligations or obligations in respect of
purchase price adjustments or similar obligations incurred or assumed by the Loan Parties and their
Subsidiaries in connection with (i) an Asset Sale or sale of Equity Interests otherwise permitted
under this Agreement and (ii) Permitted Acquisitions or other Investments permitted under
Section 6.04;

     (o) unsecured guaranties in the ordinary course of business of any person of the obligations
of suppliers, customers, lessors or licensees;

     (p) Indebtedness of NKL arising under letters of credit issued in the ordinary course of
business;

     (q) (i) Indebtedness of any person existing at the time such person is acquired in connection
with a Permitted Acquisition or any other Investment permitted under Section 6.04;
provided that such Indebtedness is not incurred in connection with or in contemplation of
such Permitted Acquisition or other Investment and is not secured by Accounts or Inventory of any
Company organized in a Principal Jurisdiction or the proceeds thereof, and at the time of such
Permitted Acquisition or other Investment, no Event of Default shall have occurred and be
continuing, and (ii) Permitted Refinancings of such Indebtedness, in an aggregate amount, for all
such Indebtedness permitted under this clause (q), not to exceed $100,000,000 at any time
outstanding;

     (r) Indebtedness in respect of treasury, depositary and cash management services or automated
clearinghouse transfer of funds (including the Cash Pooling Arrangements and other pooled account
arrangements and netting arrangements) in the ordinary course of business, in each case, arising
under the terms of customary agreements with any bank at which such Restricted Subsidiary maintains
an overdraft, pooled account or other similar facility or arrangement;

     (s) Permitted Holdings Indebtedness;

     (t) Indebtedness constituting the New Senior Notes in an aggregate principal amount not to
exceed $2,500,000,000, and Permitted Refinancings thereof;

     (u) Indebtedness of the Borrower or the U.S. Issuer under one or more series of senior secured
notes under one or more indentures, provided that (i) such Indebtedness has a final
maturity date that is no earlier than the Latest Maturity Date, (ii) such Indebtedness has a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of
the Term Loans with the Latest Maturity Date, (iii) no Default is then continuing or would result
therefrom, (iv) such Indebtedness is incurred by the Borrower or the U.S. Issuer and the persons
that are (or are required to be) guarantors under such Indebtedness do not consist of

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any persons other than those persons that are (or are required to be) guarantors under or in
respect to the Term Loans, and the Borrower, if the U.S. Issuer is the issuer thereof, (v) the
terms of such Indebtedness do not require any amortization, mandatory prepayment or redemption or
repurchase at the option of the holders thereof (other than customary asset sale or change of
control provisions, which asset sale provisions may require the application of proceeds of asset
sales and casualty events co-extensive with those set forth in Section 2.10(c) or
(e), as applicable, to make mandatory prepayments or prepayment offers out of such proceeds
on a pari passu basis with the Secured Obligations, all Permitted First Priority Refinancing Debt
and all other Additional Senior Secured Indebtedness) earlier than the Latest Maturity Date, (vi)
such Indebtedness has terms and conditions (excluding pricing and premiums), when taken as a whole,
that are not materially more restrictive or less favorable to the Companies and the Lenders than
the terms of the Loan Documents (except with respect to terms and conditions that are applicable
only after the then Latest Maturity Date), (vii) the Liens securing such Indebtedness shall be pari
passu with the Liens securing the Secured Obligations (other than with respect to control of
remedies) and such Liens shall only be on assets that constitute Collateral, (viii) the security
agreements relating to such Indebtedness shall be substantially the same as the Security Documents
(with such differences as are reasonably satisfactory to the Administrative Agent), (ix) such
Indebtedness and the holders thereof or the Senior Representative thereunder shall be subject to
the Intercreditor Agreement and the Liens securing such Indebtedness shall be subject to the
Intercreditor Agreement, (x) after giving effect to the incurrence of such Indebtedness and to the
consummation of any Permitted Acquisition or other Investment or application of funds made with the
proceeds of such incurrence on a Pro Forma Basis, the Senior Secured Net Leverage Ratio at such
date shall be not greater than 2.5 to 1.0 (provided that in calculating the Senior Secured
Net Leverage Ratio, the proceeds of the incurrence of such Indebtedness shall be excluded from
Unrestricted Cash), and (xi) immediately after giving effect to the incurrence of such
Indebtedness, the Borrower shall, on a Pro Forma Basis, be in compliance with the Financial
Performance Covenant, such compliance to be determined on the basis of the financial information
most recently delivered to the Administrative Agent and the Lenders pursuant to Section
5.01(a) or (b) as though such Indebtedness had been outstanding as of the last day of
the fiscal period covered thereby (provided that in calculating the Financial Performance
Covenant, the proceeds of such Indebtedness shall be excluded from Unrestricted Cash);
provided, further that delivery to the Administrative Agent at least five Business
Days prior to the incurrence of such Indebtedness of an Officers’ Certificate of a Responsible
Officer of the Borrower (together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto) certifying that
the Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirements shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent notifies the Borrower within such five Business Day period that it
disagrees with such determination (including a reasonable description of the basis upon which it
disagrees);

     (v) Permitted Unsecured Refinancing Debt, and any Permitted Refinancing thereof;

     (w) Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt,
and any Permitted Refinancings thereof;

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     (x) obligations of the Borrower or any of its Restricted Subsidiaries to reimburse or refund
deposits posted by customers pursuant to forward sale agreements entered into by the Borrower or
such Restricted Subsidiary in the ordinary course of business;

     (y) unsecured Indebtedness not otherwise permitted under this Section 6.01 in an
aggregate principal amount not to exceed $250,000,000 at any time outstanding;

     (z) (i) unsecured Indebtedness in respect of obligations of the Borrower or any Restricted
Subsidiary to pay the deferred purchase price of goods or services or progress payments in
connection with such goods and services; provided that such obligations are incurred in
connection with open accounts extended by suppliers on customary trade terms in the ordinary course
of business and not in connection with the borrowing of money or any Hedge Agreements and (ii)
unsecured indebtedness in respect of intercompany obligations of the Borrower or any Restricted
Subsidiary in respect of accounts payable incurred in connection with goods sold or services
rendered in the ordinary course of business and not in connection with the borrowing of money;

     (aa) Indebtedness representing deferred compensation or similar arrangements to employees,
consultants or independent contractors of the Borrower (or its direct or indirect parent) and its
Restricted Subsidiaries incurred in the ordinary course of business or otherwise incurred in
connection with the Transactions or any Permitted Acquisition or other Investment permitted under
Section 6.04; and

     (bb) Indebtedness consisting of promissory notes issued to current or former officers,
managers, consultants, directors and employees (or respective spouses, former spouses, successors,
executors, administrators, heirs, legatees or distributees) to finance the purchase or redemption
of capital stock of the Borrower or any of its direct or indirect parent companies permitted by
Section 6.08(j).

Section 6.02 Liens. Create, incur, assume or permit to exist, directly or indirectly, any Lien on any property now
owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof,
except the following (collectively, the “Permitted Liens”):

     (a) (i) inchoate Liens for Taxes not yet due and payable or delinquent and (ii) Liens for
Taxes which are due and payable and are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided on the books of the
appropriate Company in accordance with US GAAP;

     (b) Liens in respect of property of any Company imposed by Requirements of Law, which were
incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such
as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s and
mechanics’ Liens and other similar Liens arising in the ordinary

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course of business, and (i) which do not in the aggregate materially detract from the value of
the property of the Companies, taken as a whole, and do not materially impair the use thereof in
the operation of the business of the Companies, taken as a whole, and (ii) which, if they secure
obligations that are then due and unpaid for more than 30 days, are being contested in good faith
by appropriate proceedings diligently conducted and for which adequate reserves have been provided
on the books of the appropriate Company in accordance with US GAAP;

     (c) any Lien in existence on the Closing Date and set forth on Schedule 6.02(c) that
does not attach to the Accounts and Inventory of the Borrower and any Lien granted as a
replacement, renewal or substitution therefor; provided that any such replacement, renewal
or substitute Lien (i) does not secure an aggregate amount of Indebtedness, if any, greater than
that secured on the Closing Date (including undrawn commitments thereunder in effect on the Closing
Date, accrued and unpaid interest thereon and fees and premiums payable in connection with a
Permitted Refinancing of the Indebtedness secured by such Lien) and (ii) does not encumber any
property other than the property subject thereto on the Closing Date (any such Lien, an “Existing
Lien”);

     (d) easements, rights-of-way, restrictions (including zoning restrictions), reservations
(including pursuant to any original grant of any Real Property from the applicable Governmental
Authority), covenants, licenses, encroachments, protrusions and other similar charges or
encumbrances, and minor title deficiencies or irregularities on or with respect to any Real
Property, in each case whether now or hereafter in existence, not (i) securing Indebtedness for
borrowed money or (ii) individually or in the aggregate materially interfering with the ordinary
conduct of the business of the Companies at such Real Property;

     (e) Liens arising out of judgments, attachments or awards not resulting in an Event of Default
that are being contested in good faith by appropriate proceedings diligently conducted and for
which adequate reserves have been provided on the books of the appropriate Company in accordance
with US GAAP;

     (f) Liens (other than any Lien imposed by ERISA) (x) imposed by Requirements of Law or
deposits made in connection therewith in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security legislation, (y)
incurred in the ordinary course of business to secure the performance of tenders, statutory
obligations (other than excise taxes), surety, stay, customs and appeal bonds, statutory bonds,
bids, leases, government contracts, trade contracts, performance and return of money bonds and
other similar obligations (exclusive of obligations for the payment of borrowed money) or (z)
arising by virtue of deposits made in the ordinary course of business to secure liability for
premiums to insurance carriers; provided that (i) with respect to clauses (x), (y) and (z)
of this paragraph (f), such Liens are for amounts not yet due and payable or delinquent or, to the
extent such amounts are so due and payable, such amounts are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been established
on the books of the appropriate Company in accordance with US GAAP, and (ii) to the extent such
Liens are not imposed by Requirements of Law, such Liens shall in no event

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encumber any property other than cash and Cash Equivalents and, with respect to clause (y),
property relating to the performance of obligations secured by such bonds or instruments;

     (g) (i) Leases, subleases or licenses of the properties of any Company granted to other
persons which do not, individually or in the aggregate, interfere in any material respect with the
ordinary conduct of the business of any Company and (ii) interests or title of a lessor, sublessor,
licensor or sublicensor or Lien securing a lessor’s, sublessor’s, licensor’s or sublicensor’s
interest in any lease or license not prohibited by this Agreement;

     (h) Liens arising out of conditional sale, hire purchase, title retention, consignment or
similar arrangements for the sale of goods entered into by any Company in the ordinary course of
business;

     (i) Liens securing Indebtedness incurred pursuant to Section 6.01(f) or Section
6.01(g); provided that any such Liens attach only to the property being financed
pursuant to such Indebtedness and any proceeds of such property and do not encumber any other
property of any Company;

     (j) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to
cash and Cash Equivalents on deposit in one or more accounts maintained by any Company, in each
case granted in the ordinary course of business in favor of the bank or banks with which such
accounts are maintained, securing amounts owing to such bank with respect to treasury, depositary
and cash management services or automated clearinghouse transfer of funds (including pooled account
arrangements and netting arrangements or claims against any clearing agent or custodian with
respect thereto); provided that, unless such Liens are non-consensual and arise by
operation of law, in no case shall any such Liens secure (either directly or indirectly) the
repayment of any other Indebtedness;

     (k) (i) Liens granted pursuant to the Loan Documents to secure the Secured Obligations, (ii)
pursuant to the Revolving Credit Security Documents to secure the “Secured Obligations” (as defined
in the Revolving Credit Agreement) and any Permitted Revolving Credit Facility Refinancings
thereof, (iii) Liens securing Permitted First Priority Refinancing Debt and Permitted Second
Priority Refinancing Debt, (iv) Liens securing Additional Senior Secured Indebtedness that are
pari passu with the Liens securing the Secured Obligations and subject to the terms of the
Intercreditor Agreement and (v) Liens securing Junior Secured Indebtedness that are subordinated to
the Liens securing the Secured Obligations and subject to the terms of the Intercreditor Agreement;

     (l) licenses of Intellectual Property granted by any Company in the ordinary course of
business and not interfering in any material respect with the ordinary conduct of business of the
Companies;

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     (m) the filing of UCC or PPSA financing statements (or the equivalent in other jurisdictions)
solely as a precautionary measure in connection with operating leases or consignment of goods;

     (n) Liens on property of Excluded Subsidiaries securing Indebtedness of Excluded Subsidiaries
permitted by Section 6.01(m) and (p);

     (o) Liens securing the refinancing of any Indebtedness secured by any Lien permitted by
clauses (c), (i), (k) or (r) of this Section 6.02 or this clause (o) without any change in
the assets subject to such Lien and to the extent such refinanced Indebtedness is permitted by
Section 6.01;

     (p) to the extent constituting a Lien, the existence of the “equal and ratable” clause in the
New Senior Note Documents (and any Permitted Refinancings thereof) (but not any security interests
granted pursuant thereto);

     (q) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of
business;

     (r) Liens on assets acquired in a Permitted Acquisition or on property of a person existing at
the time such person is acquired or merged with or into or amalgamated or consolidated with any
Company to the extent permitted hereunder or such assets are acquired (and not created in
anticipation or contemplation thereof); provided that (i) such Liens do not extend to
property not subject to such Liens at the time of acquisition (other than improvements thereon and
proceeds thereof) and are no more favorable to the lienholders than such existing Lien and (ii) the
aggregate principal amount of Indebtedness secured by such Liens does not exceed $100,000,000 at
any time outstanding;

     (s) any encumbrance or restriction (including put and call agreements) solely in respect of
the Equity Interests of any Joint Venture or Joint Venture Subsidiary that is not a Loan Party,
contained in such Joint Venture’s or Joint Venture Subsidiary’s Organizational Documents or the
joint venture agreement or stockholders agreement in respect of such Joint Venture or Joint Venture
Subsidiary;

     (t) Liens granted in connection with Indebtedness permitted under Section 6.01(e) that
are limited in each case to the Securitization Assets transferred or assigned pursuant to the
related Qualified Securitization Transaction;

     (u) Liens not otherwise permitted by this Section 6.02 securing liabilities not in
excess of $50,000,000 in the aggregate at any time outstanding;

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     (v) to the extent constituting Liens, rights under purchase and sale agreements with respect
to Equity Interests or other assets permitted to be sold in Asset Sales permitted under Section
6.06;

     (w) Liens securing obligations owing to the Loan Parties so long as such obligations and
Liens, where owing by or on assets of Loan Parties, are subordinated to the Secured Obligations and
to the Secured Parties’ Liens on the Collateral in a manner satisfactory to the Administrative
Agent;

     (x) Liens created, arising or securing obligations under the Receivables Purchase Agreements;

     (y) Liens on deposits provided by customers or suppliers in favor of such customers or
suppliers securing the obligations of the Borrower or its Restricted Subsidiaries to refund
deposits posted by customers or suppliers pursuant to forward sale agreements entered into by the
Borrower or its Restricted Subsidiaries in the ordinary course of business;

     (z) Liens on cash advances in favor of the seller of any property to be acquired in an
Investment permitted pursuant to Section 6.04 to be applied against the purchase price for
such Investment;

     (aa) Liens pursuant to the Forward Share Sale Agreement; and

     (bb) Liens in favor of any underwriter, depositary or stock exchange on the Equity Interests
in NKL or its direct parents, 4260848 Canada Inc. and 4260856 Canada Inc., and any securities
accounts in which such Equity Interests are held in connection with any listing or offering of
Equity Interests in NKL, to the extent required by applicable Requirements of Law or stock exchange
requirements (and not securing Indebtedness).

provided, however, that notwithstanding any of the foregoing, no consensual Liens
(other than Liens permitted under clauses (s), (v) and (bb) above, in the case of Securities
Collateral) shall be permitted to exist, directly or indirectly, on any Securities Collateral,
other than Liens granted pursuant to the Security Documents or the Revolving Credit Security
Documents or any agreement, document or instrument pursuant to which any Lien is granted securing
any Additional Secured Indebtedness, Permitted First Priority Refinancing Debt, Permitted Second
Priority Refinancing Debt or Junior Secured Indebtedness.

Any reference in this Agreement or any of the other Loan Documents to a Lien permitted by this
Agreement is not intended to subordinate or postpone, and shall not be interpreted as subordinating
or postponing, or as any agreement to subordinate or postpone, any Lien created by any of the Loan
Documents to any Lien permitted hereunder.

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Section 6.03 Sale and Leaseback Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property which it intends
to use for substantially the same purpose or purposes as the property being sold or transferred (a
“Sale and Leaseback Transaction”) unless (i) the sale of such property is permitted by Section
6.06, (ii) any Liens arising in connection with its use of such property are permitted by
Section 6.02 and (iii) after giving effect to such Sale and Leaseback Transaction, the
aggregate fair market value of all properties covered by Sale and Leaseback Transactions entered
into would not exceed $250,000,000.

Section 6.04 Investments, Loan and Advances. Directly or indirectly, lend money or credit (by way of guarantee or otherwise) or make advances
to any person, or purchase or acquire any stock, bonds, notes, debentures or other obligations or
securities of, or any other ownership interest in, or make any capital contribution to, any other
person, or purchase or otherwise acquire (in one transaction or a series of transactions) all or
substantially all of the property and assets or business of any other person or assets constituting
a business unit, line of business or division of any other person, or purchase or own a futures
contract or otherwise become liable for the purchase or sale of currency or other commodities at a
future date in the nature of a futures contract (all of the foregoing, collectively, “Investments”;
it being understood that (x) the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such Investment and when
determining the amount of an Investment that remains outstanding, the last paragraph of this
Section 6.04 shall apply, (y) in the event a Restricted Subsidiary ceases to be a
Restricted Subsidiary as a result of being designated an Unrestricted Subsidiary, the Borrower will
be deemed to have made an Investment in such Unrestricted Subsidiary as of the date of such
designation, as provided in Section 5.16 and (z) in the event a Restricted Subsidiary ceases to be
a Restricted Subsidiary as a result of an Asset Sale or similar transaction, and the Borrower and
its Restricted Subsidiaries continue to own Equity Interests in such Restricted Subsidiary, the
Borrower will be deemed, at the time of such transaction and after giving effect thereto, to have
made an Investment in such Person equal to the fair market value of the Borrower’s and its
Restricted Subsidiaries’ Investments in such Person at such time), except that the following shall
be permitted:

     (a) Investments consisting of unsecured guaranties by Loan Parties of, or other unsecured
Contingent Obligations with respect to, operating payments not constituting Indebtedness for
borrowed money incurred by Restricted Subsidiaries that are not Loan Parties or that are Restricted
Grantors, in the ordinary course of business, that, to the extent paid by such Loan Party, shall
not exceed an aggregate amount equal to $75,000,000 less the amount of Contingent
Obligations by Loan Parties in respect of Companies that are not Loan Parties or that are
Restricted Grantors permitted pursuant to Section 6.01(i)(ii);

     (b) Investments outstanding on the Closing Date and identified on Schedule 6.04(b);

     (c) the Companies may (i) acquire and hold accounts receivable owing to any of them if created
or acquired in the ordinary course of business or in connection with a Permitted Acquisition, (ii)
invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable

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instruments held
for collection in the ordinary course of business or (iv) make lease, utility and other similar
deposits in the ordinary course of business;

     (d) Investments of Securitization Assets in Securitization Entities in connection with
Qualified Securitization Transactions permitted by Section 6.01(e);

     (e) the Loan Parties and their Restricted Subsidiaries may make loans and advances (including
payroll, travel and entertainment related advances) in the ordinary course of business to their
respective employees (other than any loans or advances to any director or executive officer (or
equivalent thereof) that would be in violation of Section 402 of the Sarbanes-Oxley Act) so long as
the aggregate principal amount thereof at any time outstanding (determined without regard to any
write-downs or write-offs of such loans and advances) shall not exceed (when aggregated with loans
and advances outstanding pursuant to clause (h) below) $15,000,000;

     (f) any Company may enter into Hedging Agreements (including Contingent Obligations of any
Company with respect to Hedging Obligations of any other Company) to the extent permitted by
Section 6.01(c);

     (g) Investments made by any Company as a result of consideration received in connection with
an Asset Sale made in compliance with Section 6.06;

     (h) loans and advances to directors, employees and officers of the Loan Parties and their
Restricted Subsidiaries for bona fide business purposes, in aggregate amount not to exceed (when
aggregated with loans and advances outstanding pursuant to clause (e) above) $15,000,000 at any
time outstanding; provided that no loans in violation of Section 402 of the Sarbanes-Oxley
Act shall be permitted hereunder;

     (i) Investments (i) by any Company in any other Company outstanding on the Closing Date, (ii)
by any Company in any Unrestricted Grantor, (iii) by any Restricted Grantor in any other Restricted
Grantor, (iv) by an Unrestricted Grantor in any Restricted Grantor up to an aggregate amount made
after the Closing Date of $500,000,000 in the aggregate at any one time outstanding, and (v) by any
Company that is not a Loan Party in any other Company; provided that any such Investment in
the form of a loan or advance to any Loan Party shall be subordinated to the Secured Obligations on
terms reasonably satisfactory to the Administrative Agent and, in the case of a loan or advance by
a Loan Party, evidenced by an Intercompany Note and pledged by such Loan Party as Collateral
pursuant to the Security Documents;

     (j) Investments in securities or other obligations received upon foreclosure or pursuant to
any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency
of trade creditors or customers or in connection with the settlement of delinquent

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accounts in the
ordinary course of business, and Investments received in good faith in settlement of disputes or
litigation;

     (k) Investments in Joint Ventures in which the Loan Parties hold at least 50% of the
outstanding Equity Interests or Joint Venture Subsidiaries made with the Net Cash Proceeds of Asset
Sales made in accordance with Section 6.06(k);

     (l) Investments in Norf GmbH for purposes of making Capital Expenditures in an aggregate
amount not to exceed $20,000,000 during any Fiscal Year;

     (m) Permitted Acquisitions;

     (n) [INTENTIONALLY OMITTED];

     (o) Mergers, amalgamations and consolidations in compliance with Section 6.05;
provided that the Lien on and security interest in such Investment granted or to be granted
in favor of the Collateral Agent under the Security Documents shall be maintained or created in
accordance with the provisions of Section 5.11 or Section 5.12, as applicable;

     (p) Investments in respect of Cash Pooling Arrangements, subject to the limitations set forth
in Section 6.07;

     (q) Investments consisting of guarantees of Indebtedness referred to in clauses (i) (to the
extent such guarantee is in effect on the Closing Date or permitted as part of a Permitted
Refinancing), (ii), (iii) and (iv) of Section 6.01(b) and Contingent Obligations permitted
by Section 6.01(c) or (i);

     (r) other Investments in an aggregate amount not to exceed:

          (i) $75,000,000 during any fiscal year of the Borrower;

          (ii) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis after
giving effect to such Investment, would not exceed 4.0 to 1.0, the then available Cumulative
Credit;

          (iii) so long as (A) the Total Net Leverage Ratio, calculated on a Pro Forma Basis
after giving effect to such Investment, would not exceed 3.5 to 1.0 and

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(B) Liquidity after
giving effect to such Investment shall be greater than or equal to $750,000,000, the then
available Annual Credit;

          (iv) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis after
giving effect to such Investment, would not exceed 3.0 to 1.0, such additional amounts as
the Borrower may determine (the cumulative amount of Investments made after the Closing Date
under this clause (iv) at any time that the Total Net Leverage Ratio, calculated on a Pro
Forma Basis after giving effect to such Investment, would exceed 2.0 to 1.0, referred to as
the “Investment Recapture Amount”); and

          (v) $75,000,000 over the term of this Agreement minus the aggregate amount of
Dividends made pursuant to Section 6.08(g);

provided that (x) any such Investment in the form of a loan or advance to any Loan Party
shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the
Administrative Agent and, in the case of a loan or advance by a Loan Party, evidenced by an
Intercompany Note and pledged by such Loan Party as Collateral pursuant to the Security Documents
and (y) with respect to any Investment in an aggregate amount in excess of $50,000,000, on or prior
to the date of any Investment pursuant to Section 6.04(r)(ii), (iii) or
(iv), the Borrower shall deliver to the Administrative Agent an Officer’s Certificate
specifying which clause of Section 6.04(r) such Investment is being made pursuant to and
calculating in reasonable detail the amount of the Cumulative Credit or Annual Credit, as
applicable, immediately prior to such election and the amount thereof elected to be so applied, the
Total Net Leverage Ratio referred to above and, in the case of Investments pursuant to clause (iii)
above, the amount of Liquidity referred to therein;

     (s) Investments by any Company in any other Company; provided that such Investment is
part of a Series of Cash Neutral Transactions and no Default has occurred and is continuing; and

     (t) contribution of promissory notes with face amounts of €293,834,842 and €87,291,599
outstanding on the Closing Date by the Borrower to a newly formed Loan Party under the laws of
Luxembourg.

An Investment shall be deemed to be outstanding to the extent not returned in the same form as the
original Investment to any Company. The outstanding amount of an Investment shall, in the case of
a Contingent Obligation that has been terminated, be reduced to the extent no payment is or was
made with respect to such Contingent Obligation upon or prior to the termination of such Contingent
Obligation; and the outstanding amount of other Investments shall be reduced by the amount of cash
or Cash Equivalents received with respect to such Investment upon the sale or disposition thereof,
or constituting a return of capital with respect thereto or, repayment of the principal amount
thereof, in the case of a loan or advance.

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Section 6.05 Mergers, Amalgamations and Consolidations. Wind up, liquidate or dissolve its affairs or enter into any transaction of merger, amalgamation
or consolidation (or agree to do any of the foregoing at any future time), except that the
following shall be permitted:

     (a) Asset Sales in compliance with Section 6.06;

     (b) Permitted Acquisitions in compliance with Section 6.04;

     (c) (i) any Company may merge, amalgamate or consolidate with or into any Unrestricted Grantor
(provided that in the case of any merger, amalgamation or consolidation involving the
Borrower, the Borrower is the surviving or resulting person, and in any other case, an Unrestricted
Grantor is the surviving or resulting person, (ii) any Restricted Grantor may merge, amalgamate or
consolidate with or into any other Restricted Grantor (provided that a Subsidiary Guarantor
is the surviving or resulting person), (iii) Novelis Aluminum Holding Company and Novelis
Deutschland GmbH may merge provided Novelis Deutschland GmbH is the surviving or resulting person,
and (iv) any Company that is not a Loan Party may merge, amalgamate or consolidate with or into any
Restricted Grantor (provided that a Subsidiary Guarantor is the surviving or resulting
person); provided that, in the case of each of the foregoing clauses (i) through (iv), (1)
the surviving or resulting person is a Wholly Owned Subsidiary of Holdings (or the Borrower or a
Wholly Owned Subsidiary of the Borrower following a Qualified Borrower IPO), (2) the Lien on and
security interest in such property granted or to be granted in favor of the Collateral Agent under
the Security Documents shall be maintained in full force and effect and perfected and enforceable
(to at least the same extent as in effect immediately prior to such transfer) or created in
accordance with the provisions of Section 5.11 or Section 5.12, as applicable and
(3) no Default is then continuing or would result therefrom; provided that in the case of
any amalgamation or consolidation involving a Loan Party, at the request of the Administrative
Agent, such Loan Party and each other Loan Party shall confirm its respective Secured Obligations
and Liens under the Loan Documents in a manner reasonably satisfactory to the Administrative Agent;

     (d) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate
with or into any other Restricted Subsidiary that is not a Loan Party;

     (e) Holdings and the Borrower may consummate the Permitted Holdings Amalgamation;

     (f) any Restricted Subsidiary of the Borrower may dissolve, liquidate or wind up its affairs
at any time; provided that such dissolution, liquidation or winding up, as applicable,
could not reasonably be expected to have a Material Adverse Effect; and

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     (g) any Unrestricted Grantor (other than Holdings or the Borrower) may dissolve, liquidate or
wind-up its affairs (collectively, “Wind-Up”), so long as all of its assets are distributed or
otherwise transferred to any other Unrestricted Grantor and any Restricted Grantor may Wind-Up so
long as all of its assets are distributed or otherwise transferred to a Restricted Grantor or an
Unrestricted Grantor; provided that (1) the Lien on and security interest in such property
granted or to be granted in favor of the Collateral Agent under the Security Documents shall be
maintained in full force and effect and perfected and enforceable (to at least the same extent as
in effect immediately prior to such transfer) or created in accordance with the provisions of
Section 5.11 or Section 5.12, as applicable and (2) no Default is then continuing
or would result therefrom.

Section 6.06 Asset Sales. Effect any Asset Sale except that the following shall be permitted:

     (a) disposition of used, worn out, obsolete or surplus property by any Company in the ordinary
course of business and the abandonment or other disposition of Intellectual Property that is, in
the reasonable judgment of the Borrower, no longer economically practicable to maintain or useful
in the conduct of the business of the Companies taken as a whole;

     (b) so long as no Default is then continuing or would result therefrom, any other Asset Sale
(other than the Equity Interests of any Wholly Owned Subsidiary that is a Restricted Subsidiary
unless, after giving effect to any such Asset Sale, such person either ceases to be a Restricted
Subsidiary or, in the case of an Excluded Collateral Subsidiary, becomes a Joint Venture
Subsidiary) for fair market value, with at least 75% of the consideration received for all such
Asset Sales or related Asset Sales in which the consideration received exceeds $10,000,000 payable
in cash upon such sale (provided, however, that for the purposes of this clause
(b), the following shall be deemed to be cash: (i) any liabilities (as shown on the Borrower’s most
recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such
Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment
in cash of the Obligations, that are assumed by the transferee with respect to the applicable Asset
Sale and for which Holdings, the Borrower and all of its Restricted Subsidiaries shall have been
validly released by all applicable creditors in writing, (ii) any securities received by the
Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the
Borrower or such Restricted Subsidiary into cash (to the extent of the cash received) within 180
days following the closing of the applicable Asset Sale, and (iii) aggregate non-cash consideration
received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market
value (determined as of the closing of the applicable Asset Sale for which such non-cash
consideration is received) not to exceed $50,000,000 at any time (net of any non-cash consideration
converted into cash)); provided, however, that with respect to any such Asset Sale
pursuant to this clause (b), the aggregate consideration received for all such Asset Sales shall
not exceed $400,000,000 during any fiscal year or $800,000,000 in the aggregate after the Closing
Date;

     (c) leases, subleases or licenses of the properties of any Company in the ordinary course of
business and which do not, individually or in the aggregate, interfere in any material respect with
the ordinary conduct of the business of any Company;

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     (d) mergers and consolidations, and liquidations and dissolutions in compliance with
Section 6.05;

     (e) sales, transfers and other dispositions of Receivables for the fair market value thereof
in connection with a Permitted Factoring Facility so long as at any time of determination the
aggregate book value of the then outstanding Receivables subject to a Permitted Factoring Facility
does not exceed an amount equal to $400,000,000 less the amount of Indebtedness under all
outstanding Qualified Securitization Transactions at such time under Section 6.01(e)
less the amount of Indebtedness outstanding under Section 6.01(m) at such time;

     (f) the sale or disposition of cash and Cash Equivalents in connection with a transaction
otherwise permitted under the terms of this Agreement;

     (g) assignments and licenses of Intellectual Property of any Loan Party and its Subsidiaries
in the ordinary course of business and which do not, individually or in the aggregate, interfere in
any material respect with the ordinary conduct of the business of any Company;

     (h) Asset Sales (i) by and among Unrestricted Grantors (other than Holdings), (ii) by any
Restricted Grantor to any other Restricted Grantor, (iii) by any Restricted Grantor to any
Unrestricted Grantor so long as the consideration paid by the Unrestricted Grantor in such Asset
Sale does not exceed the fair market value of the property transferred, (iv) by (x) any
Unrestricted Grantor to any Restricted Grantor for fair market value and (y) by any Loan Party to
any Restricted Subsidiary that is not a Loan Party for fair market value provided that the fair
market value of such Asset Sales under this clause (iv) does not exceed $100,000,000 in the
aggregate for all such Asset Sales since the Closing Date, (v) by any Company that is not a Loan
Party to any Loan Party so long as the consideration paid by the Loan Party in such Asset Sale does
not exceed the fair market value of the property transferred, and (vi) by and among Companies that
are not Loan Parties; provided that (A) in the case of any transfer from one Loan Party to
another Loan Party, any security interests granted to the Collateral Agent for the benefit of the
Secured Parties pursuant to the relevant Security Documents in the assets so transferred shall (1)
remain in full force and effect and perfected and enforceable (to at least the same extent as in
effect immediately prior to such transfer) or (2) be replaced by security interests granted to the
Collateral Agent for the benefit of the Secured Parties pursuant to the relevant Security
Documents, which new security interests shall be in full force and effect and perfected and
enforceable (to at least the same extent as in effect immediately prior to such transfer) and (B)
no Default is then continuing or would result therefrom;

     (i) the Companies may consummate Asset Swaps so long as (x) each such sale is in an
arm’s-length transaction and the applicable Company receives at least fair market value
consideration (as determined in good faith by such Company), (y) the Collateral Agent shall have a
First Priority perfected Lien on the assets acquired pursuant to such Asset Swap at least to the
same extent as the assets sold pursuant to such Asset Swap (immediately prior to giving effect
thereto) and (z) the aggregate fair market value of all assets sold pursuant to this clause (i)

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shall not exceed $50,000,000 in the aggregate since the Closing Date; provided that so long
as the assets acquired by any Company pursuant to the respective Asset Swap are located in the same
country as the assets sold by such Company, such $50,000,000 aggregate cap will not apply to such
Asset Swap;

     (j) sales, transfers and other dispositions of Receivables (whether now existing or arising or
acquired in the future) and Related Security to a Securitization Entity in connection with a
Qualified Securitization Transaction permitted under Section 6.01(e) and all sales,
transfers or other dispositions of Securitization Assets by a Securitization Entity under, and
pursuant to, a Qualified Securitization Transaction permitted under Section 6.01(e);

     (k) so long as no Default is then continuing or would result therefrom, the arm’s-length sale
or disposition for cash of Equity Interests in a Joint Venture Subsidiary for fair market value or
the issuance of Equity Interests in a Joint Venture Subsidiary; provided, however,
that the aggregate fair market value of all such Equity Interests sold or otherwise disposed of
pursuant to this clause (k) following the Closing Date shall not exceed $300,000,000;

     (l) issuances of Equity Interests by Joint Venture Subsidiaries and Excluded Collateral
Subsidiaries;

     (m) Asset Sales among Companies of promissory notes or preferred stock or similar instruments
issued by a Company; provided that such Asset Sales are part of a Series of Cash Neutral
Transactions and no Default has occurred and is continuing;

     (n) the sale of Receivables made pursuant to the Receivables Purchase Agreement;

     (o) to the extent constituting an Asset Sale, Investments permitted by Section 6.04(i);

     (p) issuances of Qualified Capital Stock (including by way of sales of treasury stock) or any
options or warrants to purchase, or securities convertible into, any Qualified Capital Stock (A)
for stock splits, stock dividends and additional issuances of Qualified Capital Stock which do not
decrease the percentage ownership of the Loan Parties in any class of the Equity Interests of such
issuing Company and (B) by Subsidiaries of the Borrower formed after the Closing Date to the
Borrower or the Subsidiary of the Borrower which is to own such Qualified Capital Stock. All
Equity Interests issued in accordance with this Section 6.06(p) shall, to the extent
required by
Section 5.11 or any Security Document or if such Equity Interests are issued by any
Loan Party (other than Holdings), be delivered to the Collateral Agent; and

     (q) contribution of promissory notes with face amounts of €293,834,842 and €87,291,599
outstanding on the Closing Date by the Borrower to a newly formed Loan Party under the laws of
Luxembourg.

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Section 6.07 Cash Pooling Arrangements. Amend, vary or waive any term of the Cash Pooling Arrangements or enter into any new pooled
account or netting agreement with any Affiliate in a manner materially adverse to the Lenders or
which adversely affects the security interests in such accounts. Without the consent of the
Administrative Agent under the Revolving Credit Agreement, permit the aggregate amount owed
pursuant to the Cash Pooling Arrangements by all Companies who are not Loan Parties minus the
aggregate amount on deposit pursuant to the Cash Pooling Arrangements from such Persons to exceed
$50,000,000.

Section 6.08 Dividends. Declare or pay, directly or indirectly, any Dividends with respect to any Company, except that
the following shall be permitted:

     (a) (i) Dividends by any Company to any Loan Party that is a Wholly Owned Subsidiary of
Holdings (or the Borrower or a Wholly Owned Subsidiary of the Borrower following a Qualified
Borrower IPO), (ii) Dividends by Holdings (or the Borrower following a Qualified Borrower IPO)
payable solely in Qualified Capital Stock and (iii) Dividends by Holdings payable with the proceeds
of Permitted Holdings Indebtedness;

     (b) (i) Dividends by any Company that is not a Loan Party to any other Company that is not a
Loan Party but is a Wholly Owned Subsidiary of Holdings (or the Borrower or a Wholly Owned
Subsidiary of the Borrower following a Qualified Borrower IPO) and (ii) cash Dividends by any
Company that is not a Loan Party to the holders of its Equity Interests on a pro rata basis;

     (c) (A) to the extent actually used by Holdings to pay such franchise taxes, costs and
expenses, fees, payments by the Borrower to or on behalf of Holdings in an amount sufficient to pay
franchise taxes and other fees solely required to maintain the legal existence of Holdings, (B)
payments by the Borrower to or on behalf of Holdings in an amount sufficient to pay out-of-pocket
legal, accounting and filing costs and other expenses in the nature of overhead in the ordinary
course of business of Holdings, and (C) management, consulting, monitoring and advisory fees and
related expenses and termination fees pursuant to a management agreement with one or more Specified
Holders relating to the Borrower (collectively, the “Management Fees”), in the case of clauses (A),
(B) and (C) in an aggregate amount not to exceed in any calendar year the greater of (i)
$20,000,000 and (ii) 1.5% of the Borrower’s Consolidated EBITDA in the prior calendar year;

     (d) the Borrower may pay cash Dividends to the holders of its Equity Interests and, if
Holdings is a holder of such Equity Interests, the proceeds thereof may be utilized by Holdings to
pay cash Dividends to the holders of its Equity Interests in an amount not to exceed:

          (i) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis after
giving effect to such Dividends, would not exceed 4.0 to 1.0, the then available Cumulative
Credit;

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          (ii) so long as (A) the Total Net Leverage Ratio, calculated on a Pro Forma Basis after
giving effect to such Dividends, would not exceed 3.5 to 1.0 and (B) Liquidity after giving
effect to such Dividend shall be greater than or equal to $750,000,000, the then available
Annual Credit; and

          (iii) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis after
giving effect to such Dividends, would not exceed 3.0 to 1.0, such additional amounts as the
Borrower may determine (the cumulative amount of Dividends made after the Closing Date under
this clause (iii) at any time that the Total Net Leverage Ratio, calculated on a Pro Forma
Basis after giving effect to such Dividends, would exceed 2.0 to 1.0, referred to as the
“Dividend Recapture Amount”);

provided that (x) the Dividends described in this clause (d) shall not be permitted if a
Default is continuing at the date of declaration or payment thereof or would result therefrom and
(y) with respect to any Dividend in an aggregate amount in excess of $50,000,000, on or prior to
the date of any such Dividend pursuant to this Section 6.08(d), the Borrower shall deliver
to the Administrative Agent an Officer’s Certificate specifying which clause of this Section
6.08(d) such Dividend is being made pursuant to and calculating in reasonable detail the amount
of the Cumulative Credit or Annual Credit, as applicable, immediately prior to such election and
the amount thereof elected to be so applied (in the case of Dividends pursuant to clause (i) and
(ii) above) and the Total Net Leverage Ratio referred to above and, in the case of Dividends
pursuant to clause (ii) above, the amount of Liquidity referred to therein;

     (e) to the extent constituting a Dividend, payments permitted by Section 6.09(d) that
do not relate to Equity Interests;

     (f) the Closing Date Distribution;

     (g) the Borrower may pay additional cash Dividends to Holdings the proceeds of which may be
utilized by Holdings to pay cash Dividends to the holders of its Equity Interests in an aggregate
amount not to exceed $75,000,000 after the Closing Date minus the amount of Investments made in
reliance on Section 6.04(r)(v); provided that the Dividends described in this
clause (g) shall not be permitted if a Default is continuing at the date of declaration or
payment thereof or would result therefrom;

     (h) Dividends by any Company to any other Company that are part of a Series of Cash Neutral
Transactions; provided no Default has occurred and is continuing;

     (i) following a Qualified IPO, Dividends by the Borrower paid to Holdings (which may pay the
proceeds thereof to the holders of its Equity Interests) or, in the case of a Qualified

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Borrower
IPO, its other equity holders, of up to 6% of the net cash proceeds received by (or contributed to
the capital of) the Borrower in or from such Qualified IPO; and

     (j) Dividends to repurchase Equity Interests of Holdings or any direct or indirect parent
entity (or following a Qualified Borrower IPO, Equity Interests of the Borrower) from current or
former officers, directors or employees of the Borrower or any of its Restricted Subsidiaries or
any direct or indirect parent entity (or permitted transferees of such current or former officers,
directors or employees); provided, however, that the aggregate amount of such repurchases shall not
exceed (i) $10,000,000 in any calendar year prior to completion of a Qualified IPO, or (ii)
$15,000,000 in any calendar year following completion of a Qualified IPO (with unused amounts in
any calendar year being permitted to be carried over for the next two succeeding calendar years up
to a maximum of (A) $20,000,000 in the aggregate in any calendar year prior to completion of a
Qualified IPO, or (B) $30,000,000 in the aggregate in any calendar year following completion of a
Qualified IPO); provided, further, that such amount in any calendar year may be increased by an
amount not to exceed (x) the cash proceeds received by the Borrower or any of its Restricted
Subsidiaries from the sale of Equity Interests of the Borrower, Holdings or any parent entity to
officers, directors or employees (to the extent contributed to the Borrower (excluding any portion
thereof included in the Cumulative Credit)), plus (y) the cash proceeds of key man life insurance
policies in such calendar year.

Section 6.09 Transactions with Affiliates. Enter into, directly or indirectly, any transaction or series of related transactions, whether
or not in the ordinary course of business, with or for the benefit of any Affiliate of any Company
(other than between or among Loan Parties), other than on terms and conditions at least as
favorable to such Company as would reasonably be obtained by such Company at that time in a
comparable arm’s-length transaction with a person other than an Affiliate, except that the
following shall be permitted:

     (a) Dividends permitted by Section 6.08;

     (b) Investments permitted by Section 6.04(d), (e), (h), (i),
(l), (p), or (s);

     (c) mergers, amalgamations and consolidations permitted by Section 6.05(c),
(d), (e), (f) or (g), Asset Sales permitted by Section
6.06(h)(iv) and (v), or (m);

     (d) reasonable and customary director, officer and employee compensation (including bonuses)
and other benefits (including retirement, health, stock option and other benefit plans) and
indemnification arrangements, in each case approved by the Board of Directors of the Borrower;

     (e) transactions with customers, clients, suppliers, joint venture partners or purchasers or
sellers of goods and services, in each case in the ordinary course of business on terms not
materially less favorable as might reasonably have been obtained at such time from a Person that

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is not an Affiliate of the Borrower, as determined in good faith by the Borrower, and otherwise not
prohibited by the Loan Documents;

     (f) the existence of, and the performance by any Company of its obligations under the terms
of, any limited liability company, limited partnership or other Organizational Document or
securityholders agreement (including any registration rights agreement or purchase agreement
related thereto) to which it is a party on the Closing Date and which has been disclosed in writing
to the Administrative Agent as in effect on the Closing Date, and similar agreements that it may
enter into thereafter, to the extent not more adverse to the interests of the Lenders in any
material respect, when taken as a whole, than any of such documents and agreements as in effect on
the Closing Date;

     (g) the Transactions as contemplated by the Transaction Documents;

     (h) Qualified Securitization Transactions permitted under Section 6.01(e) and
transactions in connection therewith on a basis no less favorable to the applicable Company as
would be obtained in a comparable arm’s length transaction with a person not an Affiliate thereof;

     (i) cash management netting and pooled account arrangements permitted under Section
6.01(r);

     (j) transactions between or among any Companies that are not Loan Parties;

     (k) transactions pursuant to a management agreement with the Specified Holders so long as the
aggregate payment of Management Fees thereunder are permitted under Section 6.08(c);

     (l) transactions between Loan Parties and Companies that are not Loan Parties that are at
least as favorable to each such Loan Party as would reasonably be obtained by such Loan Party in a
comparable arm’s-length transaction with a person other than an Affiliate; and

     (m) transactions contemplated by the Receivables Purchase Agreements;

provided that notwithstanding any of the foregoing or any other provision of this
Agreement, all intercompany loans, advances or other extensions of credit made to or by Companies
organized in Switzerland shall be on fair market terms.

Section 6.10 Total Net Leverage Ratio. Permit the Total Net Leverage Ratio as of the last day of any Test Period ending during
any period set forth in the table below to be greater than

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the ratio set forth below opposite the
period in the table below during which the last day of such Test Period occurs:

	 	 	 	 	 
	 	 	Total Net
	Test Period	 	Leverage Ratio
	March 30, 2011 through March 31, 2012
	 	 	4.75 to 1.0	 
	April 1, 2012 through March 31, 2013
	 	 	4.50 to 1.0	 
	April 1, 2013 through March 31, 2014
	 	 	4.375 to 1.0	 
	April 1, 2014 through March 31, 2015
	 	 	4.25 to 1.0	 
	April 1, 2015 and thereafter
	 	 	4.0 to 1.0	 

Section 6.11 Prepayments of Other Indebtedness; Modifications of Organizational Documents and
Other Documents, etc. Directly or indirectly:

     (a) (i) make any voluntary or optional payment of principal on or prepayment on or redemption
or acquisition for value of, or complete any mandatory prepayment, redemption or purchase offer in
respect of, or otherwise voluntarily or optionally defease or segregate funds with respect to, any
Indebtedness incurred under Section 6.01(l), Permitted Second Priority Refinancing Debt and
Permitted Unsecured Refinancing Debt or any Indebtedness under the New Senior Note Documents or any
Subordinated Indebtedness or any Permitted Refinancings
of any of such Indebtedness, except (x) any such Indebtedness may be prepaid or redeemed with
the proceeds of a Permitted Refinancing, and (y) so long as no Default is continuing or would
result therefrom, repayments or redemptions of Indebtedness under the New Senior Notes Documents,
Indebtedness incurred under Section 6.01(l), Permitted Second Priority Refinancing Debt,
Permitted Unsecured Refinancing Debt or Subordinated Indebtedness (or any Permitted Refinancings
(other than a refinancing with Incremental Term Loans) of any of such Indebtedness) (“Permitted
Prepayments”) in an amount not to exceed:

     (1) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis,
would not exceed 4.0 to 1.0 after giving effect to such Permitted Prepayments, the
then available Cumulative Credit;

     (2) so long as (A) the Total Net Leverage Ratio, calculated on a Pro Forma
Basis after giving effect to such Permitted Prepayments, would not exceed

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3.5 to
1.0, and (B) Liquidity after giving effect to such Permitted Prepayments shall be
greater than or equal to $750,000,000, the then available Annual Credit; and

     (3) so long as the Total Net Leverage Ratio, calculated on a Pro Forma Basis
after giving effect to such Permitted Prepayments, would not exceed 3.0 to 1.0, such
additional amounts as the Borrower may determine (the cumulative amount of Permitted
Prepayments made after the Closing Date under this clause (3) at any time that the
Total Net Leverage Ratio, calculated on a Pro Forma Basis after giving effect to
such Permitted Prepayments, would exceed 2.0 to 1.0, referred to as the “Prepayments
Recapture Amount”); or

          (ii) make any payment on or with respect to any Subordinated Indebtedness wholly among
Loan Parties in violation of the subordination provisions thereof or (iii) make any payment
(whether, voluntary, mandatory, scheduled or otherwise) on or with respect to any
Subordinated Indebtedness (including payments of principal and interest thereon, but
excluding the discharge by Novelis AG (as consideration for the purchase of Accounts under
the Receivables Purchase Agreement) of loans or advances made by Novelis AG to German Seller
or any Swiss Seller), if an Event of Default is continuing or would result therefrom;

provided that with respect to any Permitted Prepayment in an aggregate amount in excess of
$50,000,000, on or prior to the date of any such payment or redemption pursuant to this Section
6.11(a)(i)(y), the Borrower shall deliver to the Administrative Agent an Officer’s Certificate
specifying which clause of this Section 6.11(a)(i)(y) such payment or redemption is being
made pursuant to and calculating in reasonable detail the amount of the Cumulative Credit or Annual
Credit, as applicable, immediately prior to such election and the amount thereof elected to be so
applied, the Total Net Leverage Ratio referred to above and, in the case of reliance on clause (2)
above, the amount of Liquidity referred to therein.

     (b) [INTENTIONALLY OMITTED];

     (c) amend or modify, or permit the amendment or modification of, any provision of any document
governing any Material Indebtedness (other than Indebtedness under the Loan Documents or Revolving
Credit Loan Documents (or any Permitted Revolving Credit Facility Refinancings thereof)) in any
manner that, taken as a whole, is adverse in any material respect to the interests of the Lenders;

     (d) amend or modify, or permit the amendment or modification of, any provision of any document
governing any Indebtedness under the Revolving Credit Loan Documents (or any Permitted Revolving
Credit Facility Refinancings thereof) if such amendment or modification would (i) cause the
aggregate principal amount (or accreted value, if applicable) of all such

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Indebtedness, after
giving effect to such amendment or modification, to at any time exceed the Maximum Revolving Credit
Facility Amount, (ii) cause such Indebtedness to have a final maturity date earlier than the final
maturity date of such Indebtedness immediately prior to such amendment or modification or (iii)
result in the persons that are (or are required to be) obligors under such Indebtedness to be
different from the persons that are (or are required to be) obligors under such Indebtedness being
so amended or modified (unless such persons required to be obligors under such Indebtedness are or
are required to be or become obligors under the Loan Documents); or

     (e) terminate, amend or modify any of its Organizational Documents (including (x) by the
filing or modification of any certificate of designation and (y) any election to treat any Pledged
Securities (as defined in the Security Agreement) as a “security” under Section 8-103 of the UCC
other than concurrently with the delivery of certificates representing such Pledged Securities to
the Collateral Agent) or any agreement to which it is a party with respect to its Equity Interests
(including any stockholders’ agreement), or enter into any new agreement with respect to its Equity
Interests, other than any such amendments or modifications or such new agreements which are not
adverse in any material respect to the interests of the Lenders.

Section 6.12 Limitation on Certain Restrictions on Restricted Subsidiaries. Directly or indirectly, create or otherwise cause or suffer to exist or become effective any
encumbrance or restriction on the ability of any Restricted Subsidiary of the Borrower to (a) pay
dividends or make any other distributions on its Equity Interests or any other interest or
participation in its profits owned by the Borrower or any Restricted Subsidiary of the Borrower, or
pay any Indebtedness owed to the Borrower or a Restricted Subsidiary of the Borrower, (b) make
loans or advances to the Borrower or any Restricted Subsidiary of the Borrower or (c) transfer any
of its properties to the Borrower or any Restricted Subsidiary of the Borrower, except for such
encumbrances or restrictions existing under or by reason of (i) applicable Requirements of Law;
(ii) this Agreement and the other Loan Documents; (iii) the Senior Note Documents and the Revolving
Credit Loan Documents or other Material Indebtedness; provided that in the case of such
other Material Indebtedness, such encumbrances and restrictions are, taken as a whole, no more
restrictive than such encumbrances and restrictions in the Loan Documents in existence on the
Closing Date; (iv) customary provisions restricting subletting or
assignment of any lease governing a leasehold interest of a Company; (v) customary provisions
restricting assignment of any agreement entered into by a Restricted Subsidiary of the Borrower;
(vi) any holder of a Lien permitted by Section 6.02 restricting the transfer of the
property subject thereto; (vii) customary restrictions and conditions contained in any agreement
relating to the sale of any property permitted under Section 6.06 pending the consummation
of such sale; (viii) any agreement in effect at the time such Restricted Subsidiary of the Borrower
becomes a Restricted Subsidiary of the Borrower, so long as such agreement was not entered into in
connection with or in contemplation of such person becoming a Restricted Subsidiary of the
Borrower; (ix) without affecting the Loan Parties’ obligations under Section 5.11,
customary provisions in partnership agreements, shareholders’ agreements, joint venture agreements,
limited liability company organizational governance documents and other Organizational Documents,
entered into in the ordinary course of business (or in connection with the formation of such
partnership, joint venture, limited liability company or similar person) that (A) restrict the
transfer of Equity Interests in such partnership, joint venture, limited liability company or
similar person or (B) the

173 

 

case of any Joint Venture or Joint Venture Subsidiary that is not a Loan
Party, provide for other restrictions of the type described in clauses (a), (b) and (c) above,
solely with respect to the Equity Interests in, or property held in, such joint venture, and
customary provisions in asset sale and stock sale agreements and other similar agreements permitted
hereunder that provide for restrictions of the type described in clauses (a), (b) and (c) above,
solely with respect to the assets or persons subject to such sale agreements; (x) restrictions on
cash or other deposits or net worth imposed by suppliers or landlords under contracts entered into
in the ordinary course of business; (xi) any instrument governing Indebtedness assumed in
connection with any Permitted Acquisition, which encumbrance or restriction is not applicable to
any person, or the properties or assets of any person, other than the person or the properties or
assets of the person so acquired; (xii) any encumbrances or restrictions imposed by any amendments
or refinancings that are otherwise not prohibited by the Loan Documents of the contracts,
instruments or obligations referred to in clauses (iii), (viii) or (xi) above; provided
that such amendments or refinancings are no more materially restrictive with respect to such
encumbrances and restrictions than those prior to such amendment or refinancing or (xiii) any
restrictions on transfer of the Equity Interests in NKL or its direct parents, 4260848 Canada Inc.
and 4260856 Canada Inc., imposed by any lock-up or listing agreement, rule or regulation in
connection with any listing or offering of Equity Interests in NKL to the extent required by
applicable Requirements of Law or listing or stock exchange requirements.

Section 6.13 Issuance of Disqualified Capital Stock. Issue any Disqualified Capital Stock except (i) Joint Venture Subsidiaries and Excluded
Collateral Subsidiaries may issue Disqualified Capital Stock pursuant to Section 6.06(l)
and (ii) issuances of Disqualified Capital Stock under Section 6.04(i) shall be permitted.

Section 6.14 Forward Share Sale Agreement and Support Agreement. With respect to the Borrower, assign, transfer, convey, sell or otherwise dispose of any of its
right, title or interest in any of the Forward Share Sale Agreement or the Support Agreement,
except that such agreements may be cancelled or terminated.

Section 6.15 Business.

     (a) Each of Holdings, Novelis Europe Holdings Limited and Eurofoil shall not engage in any
business or activity other than (i) holding shares in the Equity Interests of its Subsidiaries
(which, in the case of Holdings, shall be limited to the Borrower), (ii) holding intercompany loans
made to the Borrower, (iii) other activities attributable to or ancillary to its role as a holding
company for its Subsidiaries and (iv) compliance with its obligations under the Loan Documents, the
Revolving Loan Documents (and any Permitted Revolving Credit Refinancings thereof), and the Senior
Note Documents (and any Permitted Refinancings thereof), the Additional Senior Secured Indebtedness
Documents and documents relating to Permitted First Priority Refinancing Indebtedness, Permitted
Second Priority Refinancing Indebtedness, Permitted Unsecured Refinancing Indebtedness and
Indebtedness under Section 6.01(l).

     (b) The Borrower and its Restricted Subsidiaries will not engage (directly or indirectly) in
any business other than those businesses in which the Borrower and its Restricted

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Subsidiaries are
engaged on the Closing Date as described in the Confidential Information Memorandum (or, in the
good faith judgment of the Board of Directors, which are substantially related thereto or are
reasonable extensions thereof).

     (c) The Borrower will not permit any Securitization Entity that it controls to engage in any
business or activity other than performing its obligations under the related Qualified
Securitization Transaction and will not permit any Securitization Entity that it controls to hold
any assets other than the Securitization Assets.

Section 6.16 Limitation on Accounting Changes. Make or permit any change in accounting policies or reporting practices or tax reporting
treatment, except changes that are permitted by GAAP or any Requirement of Law and disclosed to the
Administrative Agent and changes described in Section 1.04.

Section 6.17 Fiscal Year. Change its fiscal year-end to a date other than March 31.

Section 6.18 Margin Rules. Use the proceeds of any Loans, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U)
or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose.

Section 6.19 No Further Negative Pledge. Enter into or suffer to exist any consensual agreement, instrument, deed or lease which
prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any
Lien upon any of their respective properties or revenues, whether now owned or hereafter acquired
to secure the Secured Obligations, or which requires the grant of any security for an obligation if
security is granted to secure the Secured Obligations, except the following: (1) this Agreement
and the other Loan Documents; (2) covenants in documents creating Liens permitted by Section
6.02 prohibiting further Liens on the properties encumbered thereby; (3) the Revolving Credit
Loan Documents, (4) the Additional Senior Secured Indebtedness Documents, and documents relating to
any Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt and
Junior Secured Indebtedness (so long as such documents permit Liens to secure the Secured
Obligations); and (5) any prohibition or limitation that (a) exists pursuant to applicable
Requirements of Law, (b) consists of customary restrictions and conditions contained in any
agreement relating to the sale of any property permitted under Section 6.06 pending the
consummation of such sale, (c) restricts subletting or assignment of any lease governing a
leasehold interest of a Loan Party or a Subsidiary, (d) is permitted under Section 6.02(s),
(e) exists in any agreement or other instrument of a person acquired in an Investment permitted
hereunder in existence at the time of such Investment (but not created in connection therewith or
in contemplation thereof), which prohibition or limitation is not applicable to any person, or the
properties or assets of any person, other than the person, or the property or assets of the person
so acquired, (f) is contained in any joint venture, shareholders agreement, limited liability
operating agreement or other Organizational Document governing a Joint Venture or Joint Venture
Subsidiary which limits the ability of an owner of an interest in a Joint Venture or Joint Venture
Subsidiary from encumbering its ownership interest therein or (g) is imposed by any amendments or
refinancings that are otherwise permitted by the Loan Documents of the contracts, instruments or
obligations

175 

 

referred to in clause (3), (4) or (5)(e); provided that such amendments and
refinancings are no more materially restrictive with respect to such prohibitions and limitations
than those prior to such amendment or refinancing.

Section 6.20 Anti-Terrorism Law; Anti-Money Laundering.

     (a) Directly or indirectly, (i) knowingly conduct any business or engage in making or
receiving any contribution of funds, goods or services to or for the benefit of any person
described in Section 3.22, (ii) knowingly deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order or any
other Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of
the prohibitions set forth in any Anti-Terrorism Law (and the Loan Parties shall deliver to the
Lenders any certification or other evidence requested from time to time by any Lender in its
reasonable discretion, confirming the Loan Parties’ compliance with this Section 6.20).

     (b) Cause or permit any of the funds of such Loan Party that are used to repay the Loans to be
derived from any unlawful activity with the result that the making of the Loans would be in
violation of any Requirement of Law.

Section 6.21 Embargoed Persons. Cause or permit (a) any of the funds or properties of the Loan Parties that are used to
repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, any
person subject to sanctions or trade restrictions under United States law (“Embargoed Person” or
“Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and
Blocked Persons” maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to
any authorizing statute including, but not limited to, the International Emergency Economic Powers
Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Order or Requirement of Law promulgated thereunder, with the result that the investment
in the Loan Parties (whether directly or indirectly) is prohibited by a Requirement of Law, or the
Loans made by the Lenders would be in violation of a Requirement of Law, or (2) the Executive
Order, any related enabling legislation or any other similar Executive Orders or (b) any Embargoed
Person to have any direct or indirect interest, of any nature whatsoever in the Loan Parties, with
the result that the investment in the Loan Parties (whether directly or indirectly) is prohibited
by a Requirement of Law or the Loans are in violation of a Requirement of Law.

ARTICLE VII

GUARANTEE

Section 7.01 The Guarantee. The Guarantors hereby jointly and severally guarantee, as a primary obligor and not as a surety
to each Secured Party and their respective successors and permitted assigns, the prompt payment in
full when due (whether at stated maturity, by required prepayment, declaration, demand, by
acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or
charges that would accrue after the commencement of a

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case under Title 11 of the United States Code
or any other Debtor Relief Law or after any bankruptcy or insolvency petition is filed under Title
11 of the United States Code (or any other Debtor Relief Law) but for the provisions of the Title
11 of the United States Code (or other Debtor Relief Law) or that accrues after the commencement of
a case under Title 11 of the United States Code or any other Debtor Relief Law or after any
bankruptcy or insolvency petition is filed under Title 11 of the United States Code (or any other
Debtor Relief Law), whether or not allowed) on the Loans made by the Lenders to, and the Notes held
by each Lender of, the Borrower, and all other Secured Obligations from time to time owing to the
Secured Parties by any Loan Party under any Loan Document (including any Hedging Agreement entered
into with a counterparty that is a Secured Party), and the performance of all obligations under any
of the foregoing, in each case strictly in accordance with the terms thereof (such obligations
being herein collectively called the “Guaranteed Obligations”). In addition to the guarantee
contained herein, each Guarantor that is a Foreign Subsidiary, as well as Holdings, shall execute a
Guarantee governed by the applicable law of such Person’s jurisdiction of organization (each such
Guarantee, a “Foreign Guarantee”) and to the extent that the provisions of this Article VII shall
duplicate or conflict with the provisions thereof, the terms of the Foreign Guarantees shall govern
the obligations of
such Guarantors. The Guarantors hereby jointly and severally agree that if the Borrower or other
Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or
otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,
without any demand or notice whatsoever as if it was the principal obligor, and that in the case of
any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be
promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in
accordance with the terms of such extension or renewal. The Borrower hereby guarantees, as a
primary obligor and not as a surety to each Secured Party and their respective successors and
permitted assigns, the payment and performance of all obligations of any other Loan Party under any
Hedging Agreement entered into with a counterparty that is a Secured Party and agrees if any such
Loan Party shall fail to pay in full when due (whether at stated maturity, by acceleration or
otherwise) any amount due under such Hedging Agreement, the Borrower will promptly pay the same in
cash, without any demand or notice whatsoever as if it was the principal obligor, and that in the
case of any extension of time of payment or renewal of any obligation of such Loan Party, the same
will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise)
in accordance with the terms of such extension or renewal. Without prejudice to the generality of
Section 7.01 and Section 7.02, each Guarantor expressly confirms that it intends
that this guarantee
shall extend from time to time to any (however fundamental and of whatsoever
nature and whether or not more onerous) variation, increase, extension or addition of or to any of
the Loan Documents and/or any facility or amount made available under any of the Loan Documents for
the purposes of or in connection with any of the following: acquisitions of any nature; increasing
working capital; enabling investor distributions or Dividends to be made (including the Closing
Date Distribution); carrying out restructurings; refinancing existing facilities; refinancing any
other indebtedness; making facilities available to new borrower; any other variation or extension
of the purposes for which any such facility or amount might be made available from time to time;
and any fees, costs and/or expenses associated with any of the foregoing.

Section 7.02 Obligations Unconditional. The obligations of the Guarantors and the Borrower under Section 7.01 shall constitute a
guaranty of payment and not of collection and to the fullest

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extent permitted by applicable
Requirements of Law, are absolute, irrevocable and unconditional, joint and several, irrespective
of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of
the Borrower or any other Loan Party under this Agreement, the Notes, if any, or any other
agreement or instrument referred to herein or therein, or any substitution, release or exchange of
any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any
other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or
defense of a surety or Guarantor or Borrower (except for payment in full). Without limiting the
generality of the foregoing, it is agreed that the occurrence of any one or more of the following
shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute,
irrevocable and unconditional under any and all circumstances as described above:

          (i) at any time or from time to time, without notice to the Guarantors,
the time for any performance of or compliance with any of the Guaranteed
Obligations shall be extended, or such performance or
compliance shall be waived or the Maturity Date shall be extended with
respect to all or a portion of the Guaranteed Obligations;

          (ii) any of the acts mentioned in any of the provisions of this Agreement
or the Notes, if any, or any other agreement or instrument referred to herein
or therein shall be done or omitted;

          (iii) the maturity of any of the Guaranteed Obligations shall be
accelerated, or any of the Guaranteed Obligations shall be amended in any
respect, or any right under the Loan Documents or any other agreement or
instrument referred to herein or therein shall be amended or waived in any
respect or any other guarantee of any of the Guaranteed Obligations or any
security therefor shall be released or exchanged in whole or in part or
otherwise dealt with;

          (iv) any Lien or security interest granted to, or in favor of, any Lender
or Agent as security for any of the Guaranteed Obligations shall fail to be
perfected; or

          (v) the release of any other Guarantor pursuant to Section 7.09.

     The Guarantors and the Borrower hereby expressly waive diligence, presentment, demand of
payment, protest and all notices whatsoever, and any requirement that any Secured Party exhaust any
right, power or remedy or proceed against the Borrower or any other Loan Party under this Agreement
or the Notes, if any, or any other agreement or instrument referred to herein or therein, or
against any other person under any other guarantee of, or security for, any of

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the Guaranteed
Obligations. The Guarantors and the Borrower waive any and all notice of the creation, renewal,
extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or
proof of reliance by any Secured Party upon this Guarantee or acceptance of this Guarantee, and the
Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred in reliance upon this Guarantee, and all dealings between the Borrower and
the Secured Parties shall likewise be conclusively presumed to have been had or consummated in
reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute,
irrevocable and unconditional guarantee of payment without regard to any right of offset with
respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and
the obligations and liabilities of the Guarantors and the Borrower hereunder shall not be
conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time
of any right or remedy against the Borrower or any other Loan Party, or against any other person
which may be or become liable in respect of all or any part of the Guaranteed Obligations or
against any collateral security or guarantee therefor or right of offset with respect thereto.
This Guarantee shall remain in full force and effect and be binding in accordance with and to the
extent of its terms upon the Guarantors and the Borrower and the
respective successors and assigns thereof, and shall inure to the benefit of the Lenders and
the other Secured Parties, and their respective successors and assigns, notwithstanding that from
time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 7.03 Reinstatement. The obligations of the Guarantors under this ARTICLE VII shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or
other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise
restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings
in bankruptcy or reorganization pursuant to any Debtor Relief Law or otherwise. The Guarantors and
the Borrower jointly and severally agree that they will indemnify each Secured Party on demand for
all reasonable costs and expenses (including reasonable fees of counsel) incurred by such Secured
Party in connection with such rescission or restoration, including any such costs and expenses
incurred in defending against any claim alleging that such payment constituted a preference,
fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law, other than
any costs or expenses resulting from the bad faith or willful misconduct of such Secured Party.

Section 7.04 Subrogation; Subordination. Each Guarantor and the Borrower hereby agrees that until the indefeasible and irrevocable
payment and satisfaction in full in cash of all Guaranteed Obligations and the expiration and
termination of the Commitments of the Lenders under this Agreement it shall waive any claim and
shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by
it of its guarantee in Section 7.01, whether by subrogation or otherwise, against the
Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the
Guaranteed Obligations. Any Indebtedness of any Loan Party permitted pursuant to Section
6.01(d) shall be subordinated to such Loan Party’s Secured Obligations a manner reasonably
satisfactory to the Administrative Agent.

Section 7.05 Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the
obligations of the Borrower under this Agreement and the Notes,

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if any, may be declared to be
forthwith due and payable as provided in Section 8.01 (and shall be deemed to have become
automatically due and payable in the circumstances provided in Section 8.01) for purposes
of Section 7.01, notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such obligations from becoming automatically due and payable) as against the
Borrower and that, in the event of such declaration (or such obligations being deemed to have
become automatically due and payable), such obligations (whether or not due and payable by the
Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section
7.01.

Section 7.06 Instrument for the Payment of Money. Each Guarantor and the Borrower hereby acknowledges that the guarantee in this ARTICLE
VII constitutes an instrument for the payment of money, and consents and agrees that any Lender
or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any
moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section
3213.

Section 7.07 Continuing Guarantee. The guarantee in this ARTICLE VII is a continuing guarantee of payment, and shall apply
to all Guaranteed Obligations whenever arising.

Section 7.08 General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited
liability company law, or any applicable state, federal or foreign bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of any
Guarantor or the Borrower under Section 7.01 would otherwise be held or determined to be
void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on
account of the amount of its liability under Section 7.01, then, notwithstanding any other
provision to the contrary, the amount of such liability shall, without any further action by such
Guarantor, any Loan Party or any other person, be automatically limited and reduced to the highest
amount (after giving effect to the rights of contribution established in the Contribution,
Intercompany, Contracting and Offset Agreement) that are valid and enforceable and not subordinated
to the claims of other creditors as determined in such action or proceeding.

Section 7.09 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, (a) Equity Interests of
any Subsidiary Guarantor are issued, sold or transferred such that it ceases to be a Restricted
Subsidiary (a “Transferred Guarantor”) to a person or persons, none of which is a Loan Party or a
Subsidiary, (b) a Guarantor is designated as an Unrestricted Subsidiary in accordance with the Loan
Documents, (c) a Restricted Subsidiary that becomes a Loan Party after the Closing Date is
subsequently designated as an Excluded Collateral Subsidiary in accordance with the definition
thereof, or (d) a Qualified Borrower IPO shall occur, then, such Transferred Guarantor (in the case
of clause (a)), such Unrestricted Subsidiary (in the case of clause (b)), such Restricted
Subsidiary (in the case of clause (c)), and Holdings (in the case of clause (d)), shall, upon the
consummation of such issuance, sale or transfer or upon such designation as an Unrestricted
Subsidiary or Excluded Collateral Subsidiary or upon the completion of the Qualified Borrower IPO,
be released from its obligations under this Agreement (including under Section 11.03
hereof) and any other Loan Documents to which it is a party and its obligations to pledge and grant
any Collateral owned by it pursuant to any Security Document, and the Collateral Agent shall take
such actions as are within its powers to effect each release described in this Section 7.09
in accordance with the

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relevant provisions of the Security Documents and the Intercreditor
Agreement; provided that such Guarantor is also released from its obligations, if any,
under the Revolving Credit Loan Documents, the Senior Note Documents, the Additional Senior Secured
Indebtedness Documents and other Material Indebtedness guaranteed by such Person on the same terms.

Section 7.10 Certain Tax Matters. Notwithstanding the provisions of Section 2.15 if a Loan Party (other than the Borrower)
makes a payment hereunder that is subject to withholding tax in excess of the withholding tax that
would have been imposed on payments made by the Borrower with respect to whose obligation it is
making a payment, the relevant Loan Party shall increase the amount of such payment such that,
after deduction and payment of all such withholding taxes (including withholding taxes applicable
to additional sums payable under this Section), the payee receives an amount equal to the amount it
would have received if no such excess withholding tax had been imposed; provided that the
Agent or Lender provides, as reasonably requested by the relevant Loan Party and as required under
Sections 2.15(e) or 2.15(g), as the case may be, such forms, certificates and
documentation that it is legally entitled to furnish and would be required to reduce or eliminate
withholding and, with respect to non-U.S. withholding taxes, would not, in the Administrative
Agent’s or the relevant Lender’s reasonable judgment, subject it to any material unreimbursed costs
or otherwise be disadvantageous to it in any material respect.

Section 7.11 German Guarantor.

     (a) Subject to Section 7.11(b) through Section 7.11(e) below, the Secured
Parties shall not enforce the guarantee obligations of a German Guarantor existing in the form of a
German limited liability company or limited partnership with a limited liability company as partner
(GmbH or GmbH & Co. KG) under this Article VII to the extent (i) such German Guarantor
guarantees obligations of one of its shareholders or of an affiliated company (verbundenes
Unternehmen) of a shareholder within the meaning of Section 15 of the German Stock Corporation Act
(Aktiengesetz) (other than a Subsidiary of that German Guarantor or the German Guarantor itself),
and (ii) the enforcement of such guarantee for shareholder obligations would reduce, in violation
of Section 30 of the German Limited Liability Companies Act (GmbHG), the net assets (assets
minus liabilities minus provisions and liability reserves (Reinvermögen), in each
case as calculated in accordance with generally accepted accounting principles in Germany
(Grundsätze ordnungsmäßiger Buchführung) as consistently applied by such German Guarantor in
preparing its unconsolidated balance sheets (Jahresabschluss gem. § 42 GmbH — Act, §§ 242, 264
HGB) of the German Guarantor (or in the case of a GmbH & Co. KG, its general partner) to an amount
that is insufficient to maintain its (or in the case of a GmbH & Co. KG, its general partner’s)
registered share capital (Stammkapital) (or would increase an existing shortage in its net assets
below its registered share capital); provided that for the purpose of determining the
relevant registered share capital and the net assets, as the case may be:

          (i) The amount of any increase of registered share capital (Stammkapital)
of such German Guarantor (or its general partner in the form of a GmbH)
implemented after the date of this Agreement that is effected without the
prior written consent of the Administrative Agent shall

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be deducted from the
registered share capital of the German Guarantor (or its general partner in
the form of a GmbH);

          (ii) any loans provided to the German Guarantor by a direct or indirect
shareholder or an affiliate thereof (other than a Subsidiary of such German
Guarantor) shall be disregarded and not accounted for as a liability to the
extent that such loans are subordinated pursuant to Section 39(1) Nr. 1
through Nr. 5 of the German Insolvency Code (Insolvenzordnung) or subordinated
in any other way by law or contract;

          (iii) any shareholder loans, other loans and contractual obligations and
liabilities incurred by the German Guarantor in violation of the provisions of
any of the Loan Documents shall be disregarded and not accounted for as
liabilities;

          (iv) any assets that are shown in the balance sheet with a book value
that, in the opinion of the Administrative Agent, is significantly lower than
their market value and that are not necessary for the business of the German
Guarantor (nicht betriebsnotwendig) shall be accounted for with their market
value; and

          (v) the assets of the German Guarantor will be assessed at liquidation
values (Liquidationswerte) if, at the time the managing directors prepare the
balance sheet in accordance with paragraph (b) below and absent the demand a
positive going concern prognosis (positive Fortbestehensprognose) cannot be
established.

     (b) The limitations set out in Section 7.11(a) only apply:

          (i) if and to the extent that the managing directors of the German
Guarantor (or in the case of a GmbH Co. KG, its general partner) have
confirmed in writing to the Administrative Agent within ten (10) Business Days
of a demand for payment under this Article VII the amount of the
obligations under this Article VII which cannot be paid without
causing the net assets of such German Guarantor (or in the case of a GmbH Co.
KG, its general partner) to fall below its registered share capital, or
increase an existing shortage in net assets below its registered share capital
(taking into account the adjustments set out above) and such confirmation is
supported by a current balance sheet and other evidence satisfactory to the
Administrative Agent and neither the Administrative Agent nor any Lender
raises any objections against that confirmation within five Business Days
after its receipt; or

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          (ii) if, within twenty Business Days after an objection under clause (i)
has been raised by the Administrative Agent or a Lender,
the Administrative Agent receives a written audit report (“Auditor’s
Determination”) prepared at the expense of the relevant German Guarantor by a
firm of auditors of international standing and reputation that is appointed by
the German Guarantor and reasonably acceptable to the Administrative Agent, to
the extent such report identifies the amount by which the net assets of that
German Guarantor (or in the case of a GmbH & Co. KG, its general partner in
the form of a GmbH) are necessary to maintain its registered share capital as
at the date of the demand under this Article VII (taking into account
the adjustments set out above). The Auditor’s Determination shall be prepared
in accordance with generally accepted accounting principles applicable in
Germany (Grundsätze ordnungsgemäßer Buchführung) as consistently applied by
the German Guarantor in the preparation of its most recent annual balance
sheet. The Auditor’s Determination shall be binding for all Parties except for
manifest error.

     (c) In any event, the Secured Parties shall be entitled to enforce the guarantee up to those
amounts that are undisputed between them and the relevant German Guarantor or determined in
accordance with Section 7.11(a) and Section 7.11(b). In respect of the exceeding
amounts, the Secured Parties shall be entitled to further pursue their claims (if any) and the
German Guarantor shall be entitled to provide evidence that the excess amounts are necessary to
maintain its registered share capital (calculated as at the date of demand under this Article
VII and taking into account the adjustments set out above). The Secured Parties are entitled
to pursue those parts of the guarantee obligations of the German Guarantor that are not enforced by
operation of Section 7.11(a) above at any subsequent point in time. This Section
7.11 shall apply again as of the time such additional demands are made.

     (d) Section 7.11(a) shall not apply as to the amount of Loans borrowed under this
Agreement and passed on (whether by way of shareholder loan or equity contribution) to the
respective German Guarantor or any of its Subsidiaries as long as the respective shareholder loan
is outstanding or the respective equity contribution has not been dissolved or otherwise repaid.

     (e) Should it become legally permissible for managing directors of a German Guarantor to enter
into guarantees in support of obligations of their shareholders without limitations, the
limitations set forth in Section 7.11(a) shall no longer apply. Should any such guarantees
become subject to legal restrictions that are less stringent than the limitations set forth in
Section 7.11(a) above, such less stringent limitations shall apply. Otherwise, Section
7.11(a) shall remain unaffected by changes in applicable law.

     (f) The limitations provided for in paragraph (a) above shall not apply where (i) the relevant
German Guarantor has a fully valuable (vollwertig) recourse claim (Gegenleistungs- oder
Rückgewähranspruch) vis-à-vis the relevant shareholder or (ii) a domination agreement

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(Beherrschungsvertrag) or a profit and loss pooling agreement (Ergebnisabführungsvertrag) is or
will be in existence with the relevant German Guarantor (or the relevant general partner) and
the relevant German Guarantor has a fully valuable (vollwertig) compensation claim
(Ausgleichsanspruch).

Section 7.12 Swiss Guarantors. If and to the extent that (i) the obligations under this ARTICLE VII of any Swiss
Guarantor are for the exclusive benefit of any of such Swiss Guarantor’s Affiliates (other than
such Swiss Guarantor’s direct or indirect Subsidiaries) and (ii) complying with the obligations
under this ARTICLE VII would constitute a repayment of capital (restitution des apports) or
the payment of a (constructive) dividend (distribution de dividende), the following shall apply:

     (a) The aggregate obligations under this ARTICLE VII of any Swiss Guarantor shall be
limited to the maximum amount of such Swiss Guarantor’s profits and reserves available for
distribution, in each case in accordance with, without limitation, articles 671 para.1 to 3 and 675
para.2 of the Swiss Code of Obligations (the “Available Amount”) at the time any Swiss Guarantor
makes a payment under this ARTICLE VII (provided such limitation is still a legal
requirement under Swiss law at that time).

     (b) Immediately after having been requested to make a payment under this ARTICLE VII
(the “Guarantee Payment”), each Swiss Guarantor shall (i) provide the Administrative Agent, within
thirty (30) Business Days from being requested to make the Guarantee Payment, with (1) an interim
audited balance sheet prepared by the statutory auditors of the applicable Swiss Guarantor, (2) the
determination of the Available Amount based on such interim audited balance sheet as computed by
the statutory auditors, and (3) a confirmation from the statutory auditors that the Available
Amount is the maximum amount which can be paid by the Swiss Guarantor under this ARTICLE
VII without breaching the provisions of Swiss corporate law, which are aimed at protecting the
share capital and legal reserves, and (ii) upon receipt of the confirmation referred to in the
preceding sentence under (3) and after having taken all actions required pursuant to paragraph (d)
below, make such Guarantee Payment in full (less, if required, any Swiss Withholding Tax).

     (c) If so required under Swiss law (including double tax treaties to which Switzerland is a
party) at the time it is required to make a payment under this ARTICLE VII or the Security
Documents, the applicable Swiss Guarantor (1) may deduct the Swiss Withholding Tax at the rate of
35% (or such other rate as may be in force at such time) from any payment under this ARTICLE
VII or the Security Documents, (2) may pay the Swiss Withholding Tax to the Swiss Federal Tax
Administration, and (3) shall notify and provide evidence to the Administrative Agent that the
Swiss Withholding Tax has been paid to the Swiss Federal Tax Administration. To the extent the
Guarantee Payment due is less than the Available Amount, the applicable Swiss Guarantor shall be
required to make a gross-up, indemnify or otherwise hold harmless the Secured Parties for the
deduction of the Swiss Withholding Tax, it being understood that at no time shall the Guarantee
Payment (including any gross-up or indemnification payment pursuant to this paragraph (c) and
including any Swiss Withholding Tax levied thereon) exceed the

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Available Amount. The applicable
Swiss Guarantor shall use its best efforts to ensure that any person which is, as a result of a
payment under this ARTICLE VII, entitled to a full or partial
refund of the Swiss Withholding Tax, shall as soon as possible after the deduction of the
Swiss Withholding Tax (i) request a refund of the Swiss Withholding Tax under any applicable law
(including double tax treaties) and (ii) pay to the Administrative Agent for distribution to the
applicable Secured Parties upon receipt any amount so refunded. The Secured Obligations will only
be considered as discharged to the extent of the effective payment received by the Secured Parties
under this ARTICLE VII. This subsection (c) is without prejudice to the gross-up or
indemnification obligations of any Guarantor other that the Swiss Guarantors.

     (d) The Swiss Guarantors shall use reasonable efforts to take and cause to be taken all and
any other action, including the passing of any shareholders’ resolutions to approve any Guarantee
Payment under this ARTICLE VII or the Security Documents, which may be required as a matter
of Swiss mandatory law or standard business practice as existing at the time it is required to make
a Guarantee Payment under this ARTICLE VII or the Security Documents in order to allow for
a prompt payment of the Guarantee Payment or Available Amount, as applicable.

Section 7.13 Irish Guarantor. This Guarantee does not apply to any liability to the extent that it would result in this
Guarantee constituting unlawful financial assistance within the meaning of, in respect of any Irish
Guarantor, Section 60 of the Companies Act 1963 of Ireland.

Section 7.14 Brazilian Guarantor. The Brazilian Guarantor waives and shall not exercise any and all rights and privileges granted
to guarantors which might otherwise be deemed applicable, including but not limited to the rights
and privileges referred to in Articles 827, 834, 835, 836, 837, 838 and 839 of the Brazilian Civil
Code and the provisions of Article 595 of the Brazilian Civil Procedure Code.

Section 7.15 French Guarantor.

     (a) The obligations and liabilities of a French Guarantor under the Loan Documents and in
particular under Article VII (Guarantee) of this Agreement shall not include any obligation or
liability which if incurred would constitute the provision of financial assistance within the
meaning of article L. 225-216 of the French Code de commerce and/or would constitute a misuse of
corporate assets within the meaning of article L. 241-3 or L. 242-6 of the French Code de commerce
or any other laws or regulations having the same effect, as interpreted by French courts.

     (b) The obligations and liabilities of a French Guarantor under Article VII (Guarantee) of
this Agreement for the obligations under the Loan Documents of any other Guarantor which is not a
French Subsidiary of such French Guarantor, shall be limited at any time to an amount equal to the
aggregate of all amounts borrowed under this Agreement by such other Guarantor as Borrower to the
extent directly or indirectly on-lent to the French Guarantor
under inter-company loan agreements and outstanding at the date a payment is to be made by

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such French Guarantor under Article VII (Guarantee) of this Agreement, it being specified that any
payment made by a French Guarantor under Article VII (Guarantee) of the Credit Agreement in respect
of the obligations of such Guarantor as Borrower shall reduce pro tanto the outstanding amount of
the inter-company loans due by the French Guarantor under the inter-company loan arrangements
referred to above.

     (c) The obligations and liabilities of a French Guarantor under Article VII (Guarantee) of
this Agreement for the obligations under the Loan Documents of any Guarantor which is its
Subsidiary shall not be limited and shall therefore cover all amounts due by such Guarantor as
Borrower and/or as Guarantor, as applicable. However, where such Subsidiary is not incorporated in
France, the amounts payable by the French Guarantor under this paragraph (c) in respect of
obligations of this Subsidiary as Borrower and/or Guarantor, shall be limited as set out in
paragraph (b) above.

Section 7.16 Luxembourg Guarantor. The obligations and liabilities of a Luxembourg Guarantor under Article VII (Guarantee) of this
Agreement and the Secured Obligations secured by the Collateral granted by such Luxembourg
Guarantor pursuant to the Loan Documents shall at no time, in the aggregate, exceed an amount equal
to the maximum financial capacity of such Luxembourg Guarantor, such maximum financial capacity
being limited to ninety-five percent (95%) of the net Luxembourg Guarantor’s capitaux propres (as
referred to in article 34 of the Luxembourg law of 19th December 2002 on the commercial register
and annual accounts, where the capitaux propres mean the shareholders’ equity (including the share
capital, share premium, legal and statutory reserves, other reserves, profit and losses carried
forward, investment subsidies and regulated provisions) of such Luxembourg Guarantor as shown in
the latest financial statements (comptes annuels) available at the date of the relevant payment
hereunder and approved by the shareholders of such Luxembourg Guarantor and certified by the
statutory auditor as the case may be or as applicable its external auditor (“réviseur
d’entreprises”), if required by law; provided that these restrictions shall not apply to the extent
of (i) the total payment obligations of such Luxembourg Guarantor’s Subsidiaries under the Loan
Documents; and (ii) the payment obligations of any Loan Party where that Loan Party is not a
subsidiary of the Luxembourg Guarantor, up to an amount equal to the amounts borrowed (directly or
indirectly) by way of intra-group loans from such Loan Party by such Luxembourg Guarantor or such
Luxembourg Guarantor’s Subsidiaries. The obligations and liabilities of a Luxembourg Guarantor
under Article VII (Guarantee) of this Agreement shall not include any obligation which, if
incurred, would constitute either (a) a misuse of corporate assets as defined under Article 171-1
of the Luxembourg Company Act of August 10, 1915, as amended from time to time, (the “Luxembourg
Company Act”) or (b) financial assistance.

ARTICLE VIII

EVENTS OF DEFAULT

Section 8.01 Events of Default. Upon the occurrence and during the continuance of the following events (“Events of Default”):

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     (a) default shall be made in the payment of any principal of any Loan when and as the same
shall become due and payable, whether at the due date thereof (including a Term Loan Repayment
Date) or at a date fixed for prepayment (whether voluntary or mandatory) thereof or by acceleration
thereof or otherwise;

     (b) default shall be made in the payment of any interest on any Loan or any Fee or any other
amount (other than an amount referred to in paragraph (a) above) due under any Loan Document, when
and as the same shall become due and payable, and such default shall continue unremedied for a
period of three (3) Business Days;

     (c) any representation or warranty made or deemed made in or in connection with any Loan
Document or the borrowings hereunder, or which is contained in any certificate furnished by or on
behalf of a Loan Party pursuant to this Agreement or any other Loan Document, shall prove to have
been false or misleading in any material respect when so made or deemed made;

     (d) default shall be made in the due observance or performance by any Company of any covenant,
condition or agreement contained in (x) Section 5.02(a), Section 5.03(a),
Section 5.08, Section 5.16 or ARTICLE VI or (y) Section 5.04(a) or
Section 5.04(b) (provided that in the case of defaults under Sections 5.04(a) or
(b) which do not impair in any material respect the insurance coverage maintained on the
Collateral or the Companies’ assets taken as a whole, then such default will not constitute an
Event of Default unless such default has continued unremedied for a period of three (3) Business
Days;

     (e) (i) default shall be made in the due observance or performance by any Company of any
covenant, condition or agreement contained in Section 5.02 (other than Section
5.02(a)), and such default shall continue unremedied or shall not be waived for a period of
five (5) Business Days after written notice thereof from the Administrative Agent or any Lender to
the Borrower, or (ii) default shall be made in the due observance or performance by any Company of
any covenant, condition or agreement contained in any Loan Document (other than those specified in
paragraphs (a), (b), (d) or (e)(i) immediately above) and such default shall continue unremedied or
shall not be waived for a period of thirty (30) days after written notice thereof from the
Administrative Agent or any Lender to the Borrower;

     (f) any Company shall (i) fail to pay any principal or interest, regardless of amount, due in
respect of any Indebtedness (other than the Obligations), when and as the same shall become due and
payable beyond any applicable grace period, or (ii) fail to observe or perform any other term,
covenant, condition or agreement contained in any agreement or instrument evidencing or governing
any such Indebtedness if the effect of any failure referred to in this clause (ii) is to cause, or
to permit the holder or holders of such Indebtedness or a trustee or other
representative on its or their behalf to cause, such Indebtedness to become due prior to its
stated maturity or become subject to a mandatory offer purchase by the obligor; provided
that, other than in the case of the Revolving Credit Agreement, it shall not constitute an Event of
Default

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pursuant to this paragraph (f) unless the aggregate Dollar Equivalent amount of all such
Indebtedness referred to in clauses (i) and (ii) exceeds $100,000,000 at any one time
(provided that, in the case of Hedging Obligations, the amount counted for this purpose
shall be the net amount payable by all Companies if such Hedging Obligations were terminated at
such time);

     (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in
a court of competent jurisdiction seeking (i) relief in respect of any Loan Party or Material
Subsidiary, or of a substantial part of the property of any Loan Party or Material Subsidiary,
under Title 11 of the U.S. Code, as now constituted or hereafter amended, or any other federal,
state, provincial or foreign bankruptcy, insolvency, receivership, reorganization or other Debtor
Relief Law, including any proceeding under applicable corporate law; (ii) the appointment of a
receiver, trustee, custodian, sequestrator, conservator, examiner or similar official for any Loan
Party or Material Subsidiary or for a substantial part of the property of any Loan Party or
Material Subsidiary; or (iii) the winding-up, liquidation or examination of any Loan Party or
Material Subsidiary; and such proceeding or petition shall continue undismissed for sixty (60) days
or an order or decree approving or ordering any of the foregoing shall be entered;

     (h) any Loan Party or Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking relief under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or
other Debtor Relief Law; (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or the filing of any petition described in clause (g) above;
(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator, examiner or similar official for any Loan Party or Material Subsidiary or for a
substantial part of the property of any Loan Party or Material Subsidiary; (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding; (v) make
a general assignment for the benefit of creditors; (vi) become unable, admit in writing its
insolvency or inability or fail generally to pay its debts as they become due; (vii) take any
action for the purpose of effecting any of the foregoing; (viii) wind up or liquidate (except in
accordance with Section 6.05) or put into examination, or (ix) take any step with a view to
a moratorium or a composition or similar arrangement with any creditors of any Loan Party or
Material Subsidiary, or a moratorium is declared or instituted in respect of the indebtedness of
any Loan Party or Material Subsidiary;

     (i) one or more judgments, orders or decrees for the payment of money in an aggregate Dollar
Equivalent amount in excess of $100,000,000, to the extent not covered by insurance or supported by
a letter of credit or appeal bonds posted in cash, shall be rendered against any Company or any
combination thereof and the same shall remain undischarged, unvacated or unbonded for a period of
thirty (30) consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy
upon properties of any Company to enforce any such judgment;

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     (j) one or more ERISA Events or noncompliance with respect to Foreign Plans or Compensation
Plans shall have occurred that, when taken together with all other such ERISA Events and
noncompliance with respect to Foreign Plans or Compensation Plans that have occurred, could
reasonably be expected to result in liability of any Company and its ERISA Affiliates that could
reasonably be expected to result in a Material Adverse Effect;

     (k) any security interest and Lien purported to be created by any Security Document shall
cease to be in full force and effect, or shall cease to give the Collateral Agent, for the benefit
of the Secured Parties, a valid, perfected First Priority security interest in and Lien on all of
the Collateral thereunder (except as otherwise expressly provided in such Security Document) in
favor of the Collateral Agent, or shall be asserted by the Borrower or any other Loan Party not to
be a valid, perfected, First Priority (except as otherwise expressly provided in this Agreement,
the Intercreditor Agreement or such Security Document) security interest in or Lien on the
Collateral covered thereby;

     (l) any Loan Document or any material provisions thereof shall at any time and for any reason
be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be
commenced by any Loan Party or by any Governmental Authority, seeking to establish the invalidity
or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or
any Loan Party shall repudiate or deny any portion of its liability or obligation for the
Obligations;

     (m) there shall have occurred a Change in Control;

     (n) the Intercreditor Agreement or any material provision thereof shall cease to be in full
force or effect other than (i) as expressly permitted hereunder or thereunder, (ii) by a consensual
termination or modification thereof agreed to by the Agent party thereto, the Revolving Credit
Agents party thereto and all other creditors of the Borrower and its Restricted Subsidiaries (or
any trustee, agent or representative acting on their behalf) that is a party thereto, or (iii) as a
result of satisfaction in full of the obligations under the Revolving Credit Loan Documents, the
Additional Senior Secured Indebtedness Documents (if any), the Junior Secured Indebtedness (if any)
and any other Material Indebtedness subject to the terms of the Intercreditor Agreement; or

     (o) any Company shall be prohibited or otherwise restrained from conducting the business
theretofore conducted by it in any manner that has or could reasonably be expected to result in a
Material Adverse Effect by virtue of any determination, ruling, decision, decree or order of any
court or Governmental Authority of competent jurisdiction;

then, and in every such event (other than an event with respect to any Loan Party described in
paragraph (g) or (h) above), and at any time thereafter during the continuance of such event the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the

189 

 

Borrower, take either or both of the following actions, at the same or different times: (i)
terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due
and payable in whole or in part, whereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and any unpaid accrued Fees and all other
Obligations of the Loan Parties accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived by each of the Loan Parties, anything contained herein or
in any other Loan Document to the contrary notwithstanding; and in any event, with respect to any
Loan Party described in paragraph (g) or (h) above, the Commitments shall automatically terminate
and the principal of the Loans then outstanding, together with accrued interest thereon and any
unpaid accrued Fees and all other Obligations of the Loan Parties accrued hereunder and under any
other Loan Document, shall automatically become due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived by each of the
Loan Parties, anything contained herein or in any other Loan Document to the contrary
notwithstanding.

Section 8.02 Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the
Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal
of the Loans owing by them that shall have become due otherwise than by acceleration (with interest
on principal and, to the extent permitted by law, on overdue interest, at the rates specified
herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans
due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section
11.02, then upon the written consent of the Required Lenders and written notice to the
Borrower, the termination of the Commitments or the acceleration and their consequences may be
rescinded and annulled; but such action shall not affect any subsequent Default or impair any right
or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind
the Lenders to a decision that may be made at the election of the Required Lenders, and such
provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to
require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set
forth herein are met.

Section 8.03 Application of Proceeds. Subject to the terms of the Intercreditor Agreement, the proceeds received by any of the Agents
in respect of any sale of, collection from or other realization upon all or any part of the
Collateral, whether pursuant to the exercise by the Collateral Agent of its remedies or otherwise
(including any payments received with respect to adequate protection payments or other
distributions relating to the Obligations during the pendency of any reorganization or proceeding
under any Debtor Relief Law) after an Event of Default has occurred and is continuing or after the
acceleration of the Obligations, shall be applied, in full or in part, together with any other sums
then held by the Agents or any Receiver pursuant to this Agreement, promptly by the Agents or any
Receiver as follows:

     (a) First, to the payment of all reasonable costs and expenses, fees, commissions and taxes of
such sale, collection or other realization including compensation to the Agents or any Receiver and
their agents and counsel, and all expenses, liabilities and advances made or incurred by the Agents
or any Receiver in connection therewith, and all amounts for which the Agents or any Receiver are
entitled to indemnification or reimbursement pursuant to the

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provisions of any Loan Document,
together with interest on each such amount at the highest rate then in effect under this Agreement
from and after the date such amount is due, owing or unpaid until paid in full;

     (b) Second, to the payment of all other reasonable costs and expenses of such sale, collection
or other realization including any compensation payable to the other Secured Parties and their
agents and counsel and all costs, liabilities and advances made or incurred by the other Secured
Parties in connection therewith, together with interest on each such amount at the highest rate
then in effect under this Agreement from and after the date such amount is due, owing or unpaid
until paid in full;

     (c) Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to
the indefeasible payment in full in cash, pro rata, of interest and other amounts constituting
Obligations which are then due and owing (other than principal) and any fees, premiums and
scheduled periodic payments due under Hedging Agreements constituting Secured Obligations and any
interest accrued thereon, in each case equally and ratably in accordance with the respective
amounts thereof then due and owing with respect to such Obligations;

     (d) Fourth, to the indefeasible payment in full in cash, pro rata, of the principal amount of
the Obligations and any premium thereon and any breakage, termination or other payments under
Hedging Agreements constituting Secured Obligations and any interest accrued thereon and any
remaining Secured Obligations, in each case equally and ratably in accordance with the respective
amounts thereof then due and owing; and

     (e) Fifth, the balance, if any, to the person lawfully entitled thereto (including the
applicable Loan Party or its successors or assigns) or as a court of competent jurisdiction may
direct.

     In the event that any such proceeds are insufficient to pay in full the items described in
clauses (a) through (d) of this Section 8.03, the Loan Parties shall remain liable, jointly
and severally, for any deficiency.

     Notwithstanding the foregoing, Obligations arising under Hedging Agreements constituting
Secured Obligations shall be excluded from the application described above if the Administrative
Agent has not received written notice thereof, together with such supporting documentation as the
Administrative Agent may request, from the applicable Secured Hedge Provider. Each Secured Hedge
Provider not a party to the Credit Agreement that has given the notice contemplated by the
preceding sentence shall, by such notice, be deemed to have
acknowledged and accepted the appointment of the Administrative Agent and the Collateral Agent
pursuant to the terms of Article X hereof for itself and its Affiliates as if a “Lender”
party hereto.

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Section 8.04 Borrower’s Right to Cure.

     (a) Notwithstanding anything to the contrary contained in Section 8.01, in the event
the Borrower fails to comply with the Financial Performance Covenant with respect to a period of
four consecutive fiscal quarters, then at any time after the end of the last fiscal quarter (the
“Cure Amount”) of such period of four consecutive fiscal quarters until the expiration of the tenth
(10th) day after the date on which financial statements are required to be delivered with respect
to such fiscal quarter hereunder, any Specified Holder may make a Specified Equity Contribution to
Holdings, and Holdings shall immediately contribute such amount to the Borrower. The Borrower may
apply the amount of the Net Cash Proceeds thereof received by the Borrower to increase Consolidated
EBITDA with respect to such applicable quarter; provided that such Net Cash Proceeds (i)
are actually received by the Borrower (including through capital contribution of such Net Cash
Proceeds by Holdings to the Borrower) no later than ten (10) days after the date on which financial
statements are required to be delivered with respect to such fiscal quarter hereunder and (ii) do
not exceed the aggregate amount necessary for purposes of complying (by addition to Consolidated
EBITDA) with the Financial Performance Covenant for such period. The parties hereby acknowledge and
agree that notwithstanding anything to the contrary contained elsewhere in this Agreement, this
Section 8.04(a) (and any Specified Equity Contribution or the proceeds thereof) may not be
relied on for purposes of calculating any financial ratios (other than as applicable to the
Financial Performance Covenant for purposes of increasing Consolidated EBITDA as provided herein)
or any available basket or thresholds under this Agreement and shall not result in any adjustment
to any amounts or calculations other than the amount of the Consolidated EBITDA referred to in the
immediately preceding sentence.

     (b) The parties hereto agree that (i) in each period of four consecutive fiscal quarters,
there shall be at least two (2) fiscal quarters in which no Specified Equity Contribution is made,
(ii) during the term of this Agreement, no more than four Specified Equity Contributions will be
made, and (iii) the cash contributed or received pursuant to such Specified Equity Contribution (A)
shall be disregarded for any purpose other than increasing Consolidated EBITDA solely for the
purposes of measuring the Financial Performance Covenant (and, for the avoidance of doubt, such
cash shall not constitute “cash and Cash Equivalents” or Unrestricted Cash for purposes of the
definition of “Consolidated Total Net Debt” and shall not increase Consolidated EBITDA for the
purpose of determining compliance with the Financial Performance Covenant on a Pro Forma Basis in
determining whether another transaction will be permitted) and (B) for purposes of calculating the
Total Net Leverage Ratio, the Senior Secured Net Leverage Ratio and the Financial Performance
Covenant, shall not be deemed to reduce any Indebtedness or other obligations of the Loan Parties
that would otherwise be included in the definition of “Consolidated Total Net Debt” (except, with
respect to periods after the fiscal quarter with respect to which such Equity Issuance is made, to
the extent such Specified Equity Contribution is applied to repay Indebtedness).

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ARTICLE IX

[INTENTIONALLY OMITTED]

ARTICLE X

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

Section 10.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent and the Collateral Agent hereunder and under the other Loan Documents and
authorizes each Agent to take such actions on its behalf and to exercise such powers as are
delegated to such Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto. The provisions of this Article are solely for the benefit of
the Agents and the Lenders and neither the Borrower nor any other Loan Party shall have rights as a
third party beneficiary of any of such provisions.

Section 10.02 Rights as a Lender. Each person serving an Agent hereunder shall have the same rights and powers in its capacity as
a Lender as any other Lender and may exercise the same as though it were not an Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include each person serving as an Agent hereunder in its individual capacity. Such
person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrower
or other Loan Party, or any Subsidiary or other Affiliate thereof, as if such person were not an
Agent hereunder and without any duty to account therefor to the Lenders.

Section 10.03 Exculpatory Provisions.

     (a) No Agent shall have any duties or obligations except those expressly set forth herein and
in the other Loan Documents. Without limiting the generality of the foregoing, no Agent:

          (i) shall be subject to any fiduciary or other implied duties, regardless
of whether a Default has occurred and is continuing;

          (ii) shall have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that
such Agent is required to exercise as directed in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents);
provided that such Agent shall not be required to take any action
that, in its judgment

193 

 

or the judgment of its counsel, may expose such Agent to
liability or that is contrary to any Loan Document or applicable Requirements
of Law; and

          (iii) shall, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to the Borrower or other Loan Party or
any of its Affiliates that is communicated to or obtained by the person
serving as such Agent or any of its Affiliates in any capacity.

     (b) No Agent shall be liable for any action taken or not taken by it (x) with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as such Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 8.01 and 11.02) or (y) in the absence of its
own gross negligence or willful misconduct. No Agent shall be deemed to have knowledge of any
Default unless and until notice describing such Default is given to such Agent by the Borrower or a
Lender.

     (c) No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other
Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in ARTICLE IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to such Agent. Without limiting the
generality of the foregoing, the use of the term “agent” in this Agreement with reference to the
Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable law. Instead,
such term us used merely as a matter of market custom and is intended to create or reflect only an
administrative relationship between independent contracting parties.

Section 10.04 Reliance by the Administrative Agent. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
person. Each Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan that by
its
terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that
such condition is satisfactory to such Lender unless the Administrative Agent shall have received
notice to the contrary from such Lender prior to the making of such Loan. Each Agent may consult
with legal counsel (who may be counsel for the Borrower or other Loan Party), independent
accountants

194 

 

and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 10.05 Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or
under any other Loan Document by or through, or delegate any and all such rights and powers to, any
one or more sub-agents appointed by tsuch Agent, including a sub-agent which is a non-U.S.
affiliate of such Agent. Each Agent and any such sub-agent may perform any and all of its duties
and exercise its rights and powers by or through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of each
Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Agent.

Section 10.06 Resignation of Agent. Each Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in
consultation with the Borrower, to appoint a successor, which (i) shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the United States and (ii)
for the Administrative Agent, shall be a commercial bank or other financial institution having
assets in excess of $1,000,000,000. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within thirty (30) days after the
retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the
Lenders, appoint a successor Agent meeting the qualifications set forth above, provided
that if the Agent shall notify the Borrower and the Lenders that no qualifying person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents (except that in the case of any collateral security held by the
Collateral Agent on behalf of the Lenders under any of the Loan Documents, the retiring Collateral
Agent shall continue to hold such collateral security as nominee until such time as a successor
Collateral Agent is appointed) and (2) all payments, communications and determinations provided to
be made by, to or through an Agent shall instead be made by or to each Lender directly, until such
time as the Required Lenders appoint a successor Agent as provided for above in this paragraph.
Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations
hereunder or under the other Loan Documents (if not already discharged therefrom as provided above
in this paragraph). The fees payable by the Borrower to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed between the Borrower and such successor.
After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions
of this ARTICLE X and Section 11.03 shall continue in effect for the benefit of
such retiring Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Agent was acting as
Agent.

Section 10.07 Non-Reliance on Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently

195 

 

and without reliance upon any Agent or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

Section 10.08 No Other Duties, etc. Notwithstanding anything to the contrary contained herein, none of the Bookrunners, Arrangers,
Syndication Agent, or Co-Documentation Agents listed on the cover page hereof shall have any
powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as the Administrative Agent, Collateral Agent or as a Lender
hereunder.

Section 10.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any
Loan shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the any Agent shall have made any demand on the Borrower or any Guarantor)
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 and all other Secured 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
Agents and the other Secured Parties (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Agents and their respective agents and
counsel and all other amounts due the Secured Parties and the Agents hereunder) 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 Secured Party to make such payments to
the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Secured Parties, to pay to the Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the
Agents and their respective agents and counsel, and any other amounts due the Agents hereunder.
Nothing contained herein shall be deemed to authorize any Agent to authorize or consent to or
accept or adopt on behalf of any Secured Party any plan of reorganization, arrangement, adjustment
or composition affecting the Secured Obligations or the rights of any Secured Party to authorize
any Agent to vote in respect of the claim of any Secured Party in any such proceeding.

Section 10.10 Concerning the Collateral and the Related Loan Documents. Each Lender authorizes and directs the Agents to enter into this Agreement and the other Loan
Documents, including the Intercreditor Agreement and to perform their obligations thereunder. Each
Lender agrees that any action taken by the Agents or Required Lenders in accordance with the terms
of

196 

 

this Agreement or the other Loan Documents, including the Intercreditor Agreement, and the
exercise by the Agents or Required Lenders of their respective powers set forth therein or herein,
together with such other powers that are reasonably incidental thereto, shall be binding upon all
of the Lenders.

Section 10.11 Release. Each Lender and each Issuer hereby releases each Agent acting on its behalf pursuant to the
terms of this Agreement or any other Loan Document from the restrictions of Section 181 of the
German Civil Code (Bürgerliches Gesetzbuch) (restriction on self-dealing).

Section 10.12 Acknowledgment of Security Trust Deed. Each Secured Party acknowledges the terms of the Security Trust Deed and, in particular, the
terms, basis and limitation on which the Collateral Agent holds the “Transaction Security” (as
defined therein) and specifically agrees and accepts (i) such terms, basis and limitation; (ii)
that the Collateral Agent shall, as trustee, have only those duties, obligations and
responsibilities expressly specified in the Security Trust Deed; (iii) the limitation and exclusion
of the Collateral Agent’s liability as set out therein; and (iv) all other provisions of the
Security Trust Deed as if it were a party thereto.

Section 10.13 Secured Hedging Agreements. Except as otherwise expressly set forth herein or in any Guarantee or any Security Document, no
Secured Hedge Provider that obtains the benefits of Section 8.03, any Guarantee or any
Collateral by virtue of the provisions hereof or of any Guarantee or any Security Document shall
have any right to notice of any action or to consent to, direct or object to any action hereunder
or under any other Loan Document or otherwise in respect of the Collateral (including the release
or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to
the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this
Article X to the contrary, no Agent shall be required to verify the payment of, or that
other satisfactory arrangements have been made with respect to, Hedging Obligations owing to
Secured Hedge Providers unless such Agent has received written notice of such Obligations, together
with such supporting documentation as such Agent may request, from the applicable Secured Hedge
Provider.

ARTICLE XI

MISCELLANEOUS

Section 11.01 Notices.

     (a) Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and
other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:

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          (i) if to any Loan Party, to the Borrower at:

Novelis Inc.

Two Alliance Center

3560 Lennox Road, Suite 2000

Atlanta, GA 30326

Attention: Randal P. Miller

Telecopier No.: 404-760-0124

Email: randy.miller@novelis.com

          with a copy to:

Novelis Inc.

Two Alliance Center

3560 Lennox Road, Suite 2000

Atlanta, GA 30326

Attention: Leslie J. Parrette, Jr.

Telecopier No.: 404-760-0137

Email: les.parrette@novelis.com

and

Fried Frank Harris Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: F. William Reindel

Telecopier No.: 212-859-4000

Email: f.william.reindel@friedfrank.com

and

Torys LLP

237 Park Avenue

New York, New York 10017

Attention: Jonathan B. Wiener

Telecopier No.: 212-682-0200

Email: jwiener@torys.com

          (ii) if to a Lender, to it at its address (or telecopier number) set
forth in its Administrative Questionnaire (including, as appropriate, notices
delivered solely to the person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that may contain
material non-public information relating to the Borrower); and

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          (iii) if to the Administrative Agent or the Collateral Agent, to it at:

Bank of America, N.A.

1455 Market Street

San Francisco, CA 94103

Attention: Bridgett Manduk

Telecopier No.: 415-503-5011

Email: bridgett.manduk@baml.com

          with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue

Los Angeles, CA 90071

Attention: David C. Reamer

Telecopier No.: (213) 687-5600

Phone No.: (213) 687-5000

Notices and other communication sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices sent by telecopier
shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next
Business Day for the recipient). Notices delivered through electronic communications to the extent
provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

     (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may (subject to Section 11.01(d)) be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices to any
Lender pursuant to ARTICLE II if such Lender, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, the Collateral Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it (including as set forth in Section
11.01(d)); provided that approval of such procedures may be limited to particular
notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at

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its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) Change of Address, Etc. Any party hereto (other than a Lender) may change its
address or telecopier number for notices and other communications hereunder by notice to the other
parties hereto. Each Lender may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the Borrower and the Administrative Agent. In
addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that
the Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent
and (ii) accurate wire instructions for such Lender.

     (d) Posting. Each Loan Party hereby agrees that it will provide to the
Administrative Agent all information, documents and other materials that it is obligated to furnish
to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all
notices, requests, financial statements, financial and other reports, certificates and other
information materials, but excluding any such communication that (i) relates to a request for a
new, or a conversion of an existing, Borrowing or other extension of credit (including any election
of an interest rate or interest period relating thereto), (ii) relates to the payment of any
principal or other amount due under this Agreement prior to the scheduled date therefor, (iii)
provides notice of any Default under this Agreement or (iv) is required to be delivered to satisfy
any condition precedent to the effectiveness of this Agreement and/or any borrowing or other
extension of credit hereunder (all such non-excluded communications, collectively, the
“Communications”), by transmitting the Communications in an electronic/soft medium in a
format reasonably acceptable to the Administrative Agent at bridgett.manduk@baml.com or at
such other e-mail address(es) provided to the Borrower from time to time or in such other form,
including hard copy delivery thereof, as the Administrative Agent shall reasonably require.
Nothing in this Section 11.01(d) shall prejudice the right of the Agents, any Lender or any
Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan
Document in any other manner specified in this Agreement or any other Loan Document.

     To the extent consented to by the Administrative Agent from time to time, Administrative Agent
agrees that receipt of the Communications by the Administrative Agent at its e-mail address(es) set
forth above shall constitute effective delivery of the Communications to the Administrative Agent
for purposes of the Loan Documents; provided that the Borrower shall also deliver to the
Administrative Agent an executed original of each Compliance Certificate and an executed copy
(which may be by pdf or similar electronic transmission) of each notice or request of the type
described in clauses (i) through (iv) of paragraph (d) above required to be delivered hereunder.

     Each Loan Party further agrees that Administrative Agent may make the Communications available
to the Lenders by posting the Communications on Intralinks or a substantially similar electronic
transmission system (the “Platform”). THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED

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BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER
MATERIALS (AS DEFINED BELOW) OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to the Borrower, any Lender or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the
Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to the
Borrower, any Lender or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

     Each Loan Party further agrees and acknowledges that certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who
may be engaged in investment and other market-related activities with respect to such persons’
securities. The Borrower and each other Loan Party hereby agree that it
will use commercially reasonable efforts to identify that portion of the materials and/or
information provided by or on behalf of the Borrower hereunder (the “Borrower Materials”) that may
be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials hereunder “PUBLIC,” the
Loan Parties shall be deemed to have authorized the Arrangers, the Bookrunners, the Agents and the
Lenders to treat such materials as not containing any material non-public information (although it
may be sensitive and proprietary) with respect to the Borrower, the
other Loan Parties or their
respective securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such materials constitute Information, they
shall be treated as set forth in Section 11.12); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) the Agents, the Bookrunners and the Arrangers shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not designated “Public Side Information”. Each Public Lender agrees to cause at least
one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order
to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable law, including United States Federal and state securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the
Borrower, the

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other Loan Parties or their respective securities for purposes of United States
Federal or state securities laws.

     (e) Reliance by the Administrative Agent, the Collateral Agent and Lenders. The
Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon
any 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 the Administrative Agent, the
Collateral Agent, each Lender and the Related Parties of each of them 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. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each
of the parties hereto hereby consents to such recording.

Section 11.02 Waivers; Cumulative Remedies; Amendment.

     (a) Waivers; Cumulative Remedies. No failure or delay by the Administrative Agent,
the Collateral Agent or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of each Agent and the Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provision of any Loan Document or consent to any departure by any Loan
Party therefrom shall in any event be effective unless the same shall be permitted by this
Section 11.02, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing,
the making of a Loan shall not be construed as a waiver of any Default, regardless of whether any
Agent or any Lender may have had notice or knowledge of such Default at the time. No notice or
demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or
demand in similar or other circumstances.

     (b) Required Consents. Subject to the terms of the Intercreditor Agreement and to
Section 11.02(c) and (d), neither this Agreement nor any other Loan Document nor
any provision hereof or thereof may be waived, amended, supplemented or modified except, in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the
Borrower and the Required Lenders (or by the Administrative Agent with the written consent of the
Required Lenders) or, in the case of any other Loan Document, pursuant to an agreement or
agreements in writing entered into by the Administrative Agent (or, in the case of any applicable
Security Document, the Collateral Agent) and the Loan Party or Loan Parties that are party thereto,
in each case with the written consent of the Required Lenders; provided that no such
agreement shall be effective if the effect thereof would:

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          (i) increase the Commitment of any Lender without the written consent of
such Lender (it being understood that no amendment, modification, termination,
waiver or consent with respect to any condition precedent, covenant or Default
shall constitute an increase in the Commitment of any Lender);

          (ii) reduce the principal amount of any Loan or reduce the rate of
interest thereon (other than interest pursuant to Section 2.06(c)), or
reduce any Fees payable hereunder, or change the form or currency of payment
of any Obligation, without the written consent of each Lender directly
affected thereby (it being understood that any amendment or modification
relating to the calculation of the Total Net Leverage Ratio will not
constitute a reduction in the rate of interest);

          (iii) (A) change the scheduled final maturity of any Loan, or any
scheduled date of payment of or the installment otherwise due on the principal
amount of any Loan under Section 2.09, (B) postpone the date for
payment of any interest or fees payable hereunder, (C) change the amount of,
waive or excuse any such payment (other than waiver of any increase in the
interest rate pursuant to Section 2.06(c) (it being understood that
any amendment or modification relating to the calculation of the Total Net
Leverage Ratio will not constitute a change the amount of interest)), or
(D) postpone the scheduled date of expiration of any Commitment without the
written consent of each Lender directly affected thereby;

          (iv) increase the maximum duration of Interest Periods hereunder, without
the written consent of each Lender directly affected thereby;

          (v) permit the assignment or delegation by the Borrower of any of its
rights or obligations under any Loan Document, without the written consent of
each Lender (provided that the Permitted Holdings Amalgamation shall
not constitute an assignment or delegation by the Borrower of its rights or
obligations under the Loan Documents);

          (vi) except pursuant to the Intercreditor Agreement, release Holdings or
all or substantially all of the Subsidiary Guarantors from their Guarantees
(except as expressly provided in this Agreement or as otherwise expressly
provided by any such Guarantee), or limit their liability in respect of such
Guarantees, without the written consent of each Lender;

203 

 

          (vii) except pursuant to the Intercreditor Agreement or the express terms
hereof, release all or a substantial portion of the Collateral from the Liens
of the Security Documents or alter the relative priorities of a material
portion of the Secured Obligations entitled to the Liens of the Security
Documents, in each case without the written consent of each Lender (it being
understood that additional Indebtedness consented to by the Required Lenders
and additional Loans pursuant to Section 2.23 or Section 2.24
and Additional Senior Secured Indebtedness or Permitted First Priority
Refinancing Debt may be equally and ratably secured by the Collateral with the
then existing Secured Obligations under the Security Documents);

          (viii) change Section 2.14(b), (c) or (d) in a
manner that would alter the pro rata sharing of payments or setoffs required
thereby or any other provision in a manner that would alter the pro rata
allocation among the Lenders of Loan disbursements, including the requirements
of Section 2.02(a), without the written consent of each Lender
directly affected thereby (it being understood that additional Indebtedness
consented to by the Required Lenders and additional Loans pursuant to
Section 2.23 and Section 2.24 may be equally and ratably
secured by the Collateral with the then existing Secured Obligations under the
Security Documents and may share payments and setoffs ratably with other
Loans);

          (ix) change any provision of this Section 11.02(b), (c),
or (d), without the written consent of each Lender directly affected
thereby (except for additional restrictions on amendments or waivers for the
benefit of Lenders of additional Indebtedness consented to by the Required
Lenders and additional Loans pursuant to Section 2.23 and Section
2.24);

          (x) change the percentage set forth in the definition of “Required
Lenders” or any other provision of any Loan Document (including this Section)
specifying the number or percentage of Lenders required to waive, amend or
modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender, other than to increase
such percentage or number or to give any additional Lender or group of Lenders
such right to waive, amend or modify or make any such determination or grant
any such consent;

          (xi) amend, modify or waive any provision of: (A) Section 2.1 of the
Intercreditor Agreement to the extent such amendment, modification or waiver
would adversely affect the priority of the Liens on the Collateral held by the
Collateral Agent for the benefit of the Secured Parties or (B) Section 6.3 of
the Intercreditor Agreement in a manner that adversely affects the priority of
payments of Collateral proceeds, in each

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case without the written consent of
each affected Lender; provided that this clause (xi) shall not apply
to amending, modifying or waiving any provision of Section 2.1 or 6.3 of the
Intercreditor Agreement in order to (1) give effect to any additional
Indebtedness, including the designation of any such Indebtedness as Pari Passu
Debt (as defined in the Intercreditor Agreement), Subordinated Lien Debt (as
defined in the Intercreditor Agreement) or Indebtedness under any Revolving
Credit Loan Document and the granting of security interests to the holders of
such Pari Passu Debt, Subordinated Lien Debt or Indebtedness under any
Revolving Credit Loan Document in the Collateral to secure the obligations
under such Pari Passu Debt, Subordinated Lien Debt or Indebtedness under any
Revolving Credit Loan Document that is permitted pursuant to Section
6.01 hereof (or would be permitted pursuant to an amendment, modification
or waiver of this Agreement that is otherwise permitted by this Section
11.02) or (2) to enable any other Indebtedness to constitute Pari Passu
Debt, Subordinated Lien Debt or Indebtedness under any Revolving Credit Loan
Document to the extent not prohibited by this Agreement; and

          (xii) change or waive any provision of ARTICLE X as the same
applies to any Agent, or any other provision hereof as the same applies to the
rights or obligations of any Agent, in each case without the written consent
of such Agent;

provided, further, that

     (1) any waiver, amendment or modification of the Intercreditor Agreement (and any
related definitions) may be effected by an agreement or agreements in writing entered into
among the Collateral Agent, the Administrative Agent, the Revolving Credit Collateral Agent
and the Revolving Credit Administrative Agent (in each case, with the consent of the
Required Lenders but without the consent of any Loan Party, so long as such amendment,
waiver or modification does not impose any additional duties or obligations on the Loan
Parties or alter or impair any right of any Loan Party under the Loan Documents); and

     (2) upon the effectiveness of any Refinancing Amendment or any Incremental Term Loan
Commitment or any Incremental Term Loan, the Administrative Agent, the Borrower and the
Lenders providing the relevant Credit Agreement Refinancing Indebtedness or Incremental Term
Loan Commitment may amend this Agreement to the extent (but only to the extent) necessary to
reflect the existence and terms of the Credit Agreement Refinancing Indebtedness or
Incremental Term Loans incurred pursuant thereto (including any amendments necessary to
treat the Loans and Commitments subject thereto as Other Term Loans and/or Other Term Loan
Commitments and any Incremental Term Loan Commitments or Incremental Term Loans, as
applicable). The Administrative Agent and the Borrower may effect such amendments to this
Agreement

205 

 

and the other Loan Documents as may be necessary or appropriate, in the reasonable
opinion of the Administrative Agent and the Borrower, to effect the terms of any Refinancing
Amendment;

provided, further, that, notwithstanding anything to the contrary contained herein,
each Agent is hereby authorized by each Lender to enter into any amendment to or modification of
the Intercreditor Agreement or the Security Documents in connection with the issuance or incurrence
of Pari Passu Secured Obligations or Subordinated Lien Secured Obligations (each as defined under
the Intercreditor Agreement) or any Permitted Revolving Credit Facility Refinancings, solely to the
extent necessary to effect such amendments as may be necessary or appropriate, in the reasonable
opinion of such Agent, in connection with any such issuance or incurrence expressly permitted
hereunder, so long as such amendment or modification does not adversely affect the rights of any
Lender (it being understood that allowing Pari Passu Secured Obligations, Subordinated Lien
Secured Obligations and Permitted Revolving Credit Facility Refinancings to be secured by
Collateral on the terms set forth in the Intercreditor Agreement will not be deemed to adversely
affect the rights of any Lender);

and provided, further, that any amendment, waiver or consent which by its terms
requires the consent of all Lenders or each affected Lender may be effected with the consent of the
applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any Defaulting
Lender may not be increased or extended, the principal owed to such Lender reduced or this proviso
amended, without the consent of such Lender and (y) any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that by its terms affects
any Defaulting Lender more adversely than other affected Lenders shall require the consent of such
Defaulting Lender.

     (c) Collateral. Without the consent of any other person, the Administrative Agent
and/or Collateral Agent may (in its or their respective sole discretion or shall, to the extent
required by any Loan Document) enter into any amendment or waiver of any Security Document (subject
to the consent of the Loan Parties party thereto except as otherwise provided in such Security
Document) or enter into any new agreement or instrument, to effect the granting, perfection,
protection, expansion or enhancement of any security interest in any Collateral or additional
property to become Collateral for the benefit of the Secured Parties, or as required by local law
to give effect to, or protect any security interest for the benefit of the Secured Parties, in any
property or so that the security interests therein comply with applicable Requirements of Law.

     (d) Dissenting Lenders. If, in connection with any proposed change, waiver, consent,
discharge or termination of the provisions of this Agreement as contemplated by Section
11.02(b), the consent of the Required Lenders is obtained but the consent of one or more of
such other Lenders whose consent is required is not obtained, then the Borrower shall have the
right, upon notice by the Borrower to such Lender and the Administrative Agent, to replace all, but
not less than all, of such non-consenting Lender or Lenders (so long as all non-consenting Lenders
are so replaced) with one or more persons pursuant to Section 2.16 so long as at the time
of such

206 

 

replacement each such new Lender consents to the proposed change, waiver, consent,
discharge or termination. Each Lender agrees that, if the Borrower elects to replace such Lender
in accordance with this Section, it shall promptly execute and deliver to the Administrative Agent
an Assignment and Assumption to evidence such sale and purchase and shall deliver to the
Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject
to such Assignment and Assumption; provided that the failure of any such non-consenting
Lender to execute an Assignment and Assumption shall not render such sale and purchase (and the
corresponding assignment) invalid and such assignment shall be recorded in the Register.

     (e) Holdings Amalgamation and Increased Commitments. Notwithstanding the foregoing,
the Administrative Agent and the Borrower (without the consent of any Lenders) may amend or amend
and restate this Agreement and the other Loan Documents if necessary or advisable in connection
with or to effectuate (i) the Permitted Holdings Amalgamation and (ii) any additional Loans
contemplated by Section 2.23 and Section 2.24.

     (f) Loan Modification Offers.

          (i) The Borrower may, by written notice to the Administrative Agent from
time to time, make one or more offers (each, a “Loan Modification Offer”) to
all the Lenders of one or more Classes of Loans (each Class subject to such a
Loan Modification Offer, an “Affected
Class”) to make one or more Permitted Amendments (as defined below)
pursuant to procedures reasonably specified by the Administrative Agent and
reasonably acceptable to the Borrower. Such notice shall set forth (i) the
terms and conditions of the requested Permitted Amendment and (ii) the date on
which such Permitted Amendment is requested to become effective (which shall
not be less than 10 Business Days nor more than 30 Business Days after the
date of such notice) (or such shorter periods as are acceptable to the
Administrative Agent). Permitted Amendments shall become effective only with
respect to the Loans of the Lenders of the Affected Class that accept the
applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”)
and, in the case of any Accepting Lender, only with respect to such Lender’s
Loans of such Affected Class as to which such Lender’s acceptance has been
made.

          (ii) The Borrower and each Accepting Lender shall execute and deliver to
the Administrative Agent an agreement in form and substance satisfactory to
the Administrative Agent giving effect to the Permitted Amendment (a “Loan
Modification Agreement”) and such other documentation as the Administrative
Agent shall reasonably specify to evidence the acceptance of the Permitted
Amendments and the terms and conditions thereof. The Administrative Agent
shall promptly notify each Lender as to the effectiveness of each Loan
Modification Agreement. Each

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of the parties hereto hereby agrees that, upon
the effectiveness of any Loan Modification Agreement, this Agreement shall be
deemed amended to the extent (but only to the extent) necessary to reflect the
existence and terms of the Permitted Amendment evidenced thereby and only with
respect to the Loans and Commitments of the Accepting Lenders of the Affected
Class. Notwithstanding the foregoing, no Permitted Amendment shall become
effective under this Section 11.02 unless the Administrative Agent, to
the extent so reasonably requested by the Administrative Agent, shall have
received corporate documents, officers’ certificates or legal opinions
consistent with those delivered on the Closing Date under Section
4.01.

          (iii) “Permitted Amendments” shall be (A) an extension of the final
maturity date of the applicable Loans of the Accepting Lenders
(provided that such extensions may not result in having more than two
additional final maturity dates in any year, or more than three additional
final maturity dates at any time, under this Agreement without the consent of
the Administrative Agent), (B) a reduction, elimination or extension, of the
scheduled amortization of the applicable Loans of the Accepting Lenders, (C) a
change in rate of interest (including a change to the Applicable Margin and
any provision establishing a minimum rate), premium, or other amount with
respect to the applicable Loans of the Accepting Lenders and/or a change in
the payment of fees to the Accepting Lenders (such change and/or payments to
be in the form of cash, Equity
Interests or other property to the extent not prohibited by this
Agreement), and (D) any other amendment to a Loan Document required to give
effect to the Permitted Amendments described in clauses (A) to (C) of this
Section 11.02(g).

Section 11.03 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Borrower shall pay or cause the applicable Loan Party to
pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, the Arrangers, the Bookrunners, the Syndication Agent, the Co-Documentation Agents and their
respective Affiliates (including the reasonable fees, charges and disbursements of one primary
transaction counsel (plus local counsel in each applicable jurisdiction) for the Administrative
Agent and/or the Collateral Agent, all fees and time charges for attorneys who may be employees of
the Administrative Agent and/or Collateral Agent, expenses incurred in connection with due
diligence, inventory appraisal and collateral audit and reporting fees, travel, courier,
reproduction, printing and delivery expenses, and the obtaining and maintaining of CUSIP numbers
for the Loans) in connection with the syndication of the credit facilities provided for herein, the
preparation, negotiation, execution, delivery and administration of this Agreement and the other
Loan Documents, or in connection with any amendment, amendment and restatement, modification or
waiver of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated), including in connection with post-closing searches to confirm that
security filings and recordations have been properly

208 

 

made, (ii) all out-of-pocket expenses incurred
by the Administrative Agent, the Collateral Agent, any Lender or any Receiver (including the fees,
charges and disbursements of one primary counsel (plus local or special counsel in each applicable
jurisdiction) for the Administrative Agent and/or the Collateral Agent (and all fees and time
charges for attorneys who may be employees of the Administrative Agent and/or the Collateral Agent)
and one primary counsel (plus local or special counsel in each applicable jurisdiction) for the
Lenders, and one primary counsel (plus local or special counsel in each applicable jurisdiction)
for any Receiver), in connection with the enforcement or protection of its rights (A) in connection
with this Agreement and the other Loan Documents, including its rights under this Section
11.03, (B) in enforcing, preserving and protecting, or attempting to enforce, preserve or
protect its interests in the Collateral or (C) in connection with the Loans issued hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans and (iv) all documentary and similar taxes and charges in
respect of the Loan Documents.

     (b) Indemnification by Borrower. Each Loan Party shall indemnify each Agent (and any
sub-agent thereof), each Lender and Receiver, and each Related Party of any of the foregoing
persons (each such person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all reasonable out-of-pocket losses, claims, damages, liabilities and related
expenses (including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
the Borrower or any other Loan Party arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or
any amendment, amendment and restatement, modification or waiver of the provisions hereof or
thereof, or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the
proceeds therefrom, (iii) any actual or alleged presence or Release or threatened Release of
Hazardous Materials on, at, under or from any property owned, leased or operated by any Company at
any time, or any Environmental Claim related in any way to any Company, 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, whether brought by a third party or by the
Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the
Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. WITHOUT LIMITATION OF THE FOREGOING, IT IS THE INTENTION OF THE LOAN
PARTIES, AND THE LOAN PARTIES AGREE, THAT THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNITEE
WITH RESPECT TO LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES (INCLUDING,
WITHOUT LIMITATION, ALL EXPENSES OF LITIGATION OR PREPARATION THEREFOR), WHICH IN WHOLE OR IN

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PART
ARE CAUSED BY OR ARISE OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF SUCH (AND/OR ANY
OTHER) INDEMNITEE.

     (c) Reimbursement by Lenders. To the extent that any Loan Party for any reason fails
to indefeasibly pay any amount required under paragraph (a) or (b) of this Section 11.03 to
be paid by it to the Administrative Agent (or any sub-agent thereof), the Collateral Agent (or any
sub-agent thereof) or any Receiver or any Related Party thereof, each Lender severally agrees to
pay to the Administrative Agent (or any such sub-agent), the Collateral Agent (or any such
sub-agent)such Receiver or such Related Party, as the case may be, such Lender’s pro rata share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent), the Collateral Agent (or any such sub-agent) or the
Receiver, in each case, in its capacity as such, or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent), the Collateral Agent (or any
such sub-agent)or the Receiver in connection with such capacity. The obligations of the Lenders
under this paragraph (c) are subject to the provisions of Section 2.14(g). For purposes
hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the
total outstanding Term Loans and unused Commitments of all Lenders at the time (or if the Term
Loans have been repaid in full and the Commitments have been terminated, based upon its share of
the Term Loans immediately prior to such repayment).

     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Requirements of Law, no Loan Party shall assert, and each Loan Party hereby waives, any
claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds
thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

     (e) Payments. All amounts due under this Section shall be payable not later than
three (3) Business Days after demand therefore accompanied by reasonable particulars of amounts
due.

     (f) Survival. The agreements in this Section shall survive the resignation of either
or both of the Administrative Agent or the Collateral Agent, the replacement of any Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all the Obligations

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Section 11.04 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that neither the Borrower nor any other Loan Party may (except as
a result of a transaction expressly permitted by Section 6.05(c) or 6.05(e)) assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of the Administrative Agent, the Collateral Agent and 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 paragraph (b) of this Section 11.04, (ii) by way of
participation in accordance with the provisions of paragraph (d) of this Section 11.04 or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of
paragraph (f) of this Section (and any other attempted assignment or transfer by the Borrower or
any Lender shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and,
to the extent expressly contemplated hereby, the other Indemnitees) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

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

          (i) except in the case of any assignment made in connection with the
primary syndication of the Commitment and Loans by the Arrangers or their
Affiliates up to 45 days after the Closing Date or 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) or, if the applicable Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or,
if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date) shall be an integral multiple of $1,000,000, unless each of the
Administrative Agent and, so long as no Event of Default under Section
8.01 (a), (b), (g) or (h) has occurred and is
continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed) and, with respect to the Borrower, such
consent shall be deemed given if no objection is made by the Borrower within
five Business Days after notice of the proposed assignment; provided, however,
that concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single Eligible Assignee
(or to an Eligible Assignee and members of its Assignee Group) will be treated
as a single assignment for purposes of determining whether such minimum amount
has been met;

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          (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 Agreement with respect to the Loan or the Commitment assigned;

          (iii) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with (except in
the case of any such assignments by the Arrangers or the Bookrunners or their
respective Affiliates) a processing and recordation fee of $3,500
(provided that only one such fee shall be imposed in the case of
simultaneous assignments by related Approved Funds or Affiliates of the
assigning Lender), and the Eligible Assignee, if it shall not be a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire; and

          (iv) Auction Purchases. Each Lender acknowledges that the Borrower is an
Eligible Assignee hereunder and may purchase or acquire Term Loans hereunder
from Lenders from time to time pursuant to a Dutch Auction in accordance with
the terms of this Agreement (including, without limitation, Section
11.04 hereof), subject to the restrictions set forth in the definitions of
“Eligible Assignee” and “Dutch Auction” and the following limitations:

          (A) in connection with each Purchase Notice and each Auction Purchase, the Borrower
represents and warrants, as of the date of each Purchase Notice and the effective date of
any Auction Purchase, to the Administrative Agent and each Lender that the Borrower is not
in possession of any information with respect to the Loan Parties, their Subsidiaries and
Affiliates of the foregoing and their respective securities or any of the Obligations that
(x) has not been disclosed by or on behalf of the Loan Parties either (1) publicly, (2) to
Lenders generally or (3) otherwise been posted to that portion of the Intralinks site for
the Loans that has been designated for “private-side” Lenders and (y) would reasonably be
expected to have a material effect on the market price of the Loans or otherwise be material
with respect to the Loan Parties for purposes of United States federal and state securities
laws;

          (B) the Borrower agrees that, notwithstanding anything herein or in any of the other
Loan Documents to the contrary, with respect to any Auction Purchase, (1) under no
circumstances, whether or not any Loan Party is subject to a bankruptcy or other insolvency
proceeding, shall the Borrower be permitted to exercise any voting rights or other
privileges with respect to any Term Loans and any Term Loans that are assigned to the
Borrower shall have no voting rights or other privileges under this Agreement and the other
Loan Documents and shall not be taken into account in determining any required vote or
consent and (2) the Borrower shall not receive information provided solely to Lenders by the
Administrative Agent or any Lender and

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shall not be permitted to attend or participate in
meetings attended solely by Lenders and the Administrative Agent and their advisors; rather,
all Loans held by the Borrower shall be automatically cancelled immediately upon the
purchase or acquisition thereof in accordance with the terms of this Agreement (including,
without limitation, Section 11.04 hereof);

          (C) at the time the Borrower is making purchases of Loans pursuant to a Dutch Auction
it shall enter into an agreement with the Administrative Agent for the benefit of the
Administrative Agent and Lenders, setting forth the agreements, representations and
warranties set forth in this paragraph (iii) that are applicable to it, in a manner
reasonably satisfactory to the Administrative Agent;

          (D) immediately upon the effectiveness of each Auction Purchase, a Cancellation (it
being understood that such cancellation shall not constitute a voluntary repayment of Loans
for purposes of this Agreement) shall be automatically irrevocably
effected with respect to all of the Loans and related Obligations subject to such
Auction Purchase for no consideration, with the effect that such Loans and related
Obligations shall for all purposes of this Agreement and the other Loan Documents no longer
be outstanding, and the Borrower and the Guarantors shall no longer have any Obligations
relating thereto, it being understood that such forgiveness and cancellation shall result in
the Borrower and the Guarantors being irrevocably and unconditionally released from all
claims and liabilities relating to such Obligations which have been so cancelled and
forgiven, and the Collateral shall cease to secure any such Obligations which have been so
cancelled and forgiven; and

          (E) at the time of such Purchase Notice and Auction Purchase, (x) no Default or Event
of Default shall have occurred and be continuing or would result therefrom, and (y) no
proceeds of Revolving Credit Loans are used to consummate the Auction Purchase.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c)
of this Section 11.04, from and after the effective date specified in each Assignment and
Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but
shall continue to be entitled to the benefits of Section 2.12, Section 2.13,
Section 2.15, Section 2.16, Section 7.10 and Section 11.03 with
respect to facts and circumstances occurring prior to the effective date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with paragraph (d) of this
Section 11.04.

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 In the event of a transfer by novation of all or part of its rights and
obligations under this Agreement by a Lender, such Lender expressly reserves the rights, powers,
privileges and actions that it enjoys under any Security Documents governed by French law in favor
of its Eligible Assignee, in accordance with the provisions of article 1278 et seq. of the French
Code civil.

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower (and such agency being solely for tax purposes), shall, at all times at the
Administrative Agent’s Office, while any Loans are outstanding, maintain 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 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 shall treat each person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. In
addition, the Administrative Agent shall maintain in the Register information regarding the
designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register
shall be available for inspection by the Collateral Agent, the Borrower and any Lender (with
respect to its own interest only), at any reasonable time and from time to time upon reasonable
prior notice. The requirements of this Section 11.04(c) are intended to result in any and
all Loans being in “registered form” for purposes of Section 871, Section 881 and any other
applicable provision of the Code, and shall be interpreted and applied in a manner consistent
therewith.

     (d) Participations. 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, a Defaulting Lender or the Borrower, any of the Borrower’s or any other Company’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the
Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) each Loan Party, the Administrative Agent and the
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve
any amendment, modification or waiver of any provision of the Loan Documents; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in clause (i), (ii) or (iii)
of the first proviso to Section 11.02(b) that affects such Participant. Subject to
paragraph (e) of this Section, the Borrower agrees that each Participant shall be entitled to the
benefits of Section 2.12, Section 2.13, Section 2.15, Section 2.16
and Section 7.10 (subject to the requirements of those Sections) to the same extent as if
it were a Lender and had acquired its

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interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 11.08 as though it were a Lender, provided such Participant agrees to be
subject to such Section 2.14 as though it were a Lender.

     (e) Limitations on Participant Rights. A Participant shall not be entitled to receive
any greater payment under Section 2.12, Section 2.13, Section 2.15,
Section 2.16 and Section 7.10 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.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender,
including any 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.

Section 11.05 Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to
this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of
any Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Agents or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid or any
Commitments have not expired or terminated. The provisions of Section 2.12, Section
2.14, Section 2.15, Section 2.16 and ARTICLE X and Section
11.03 shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the
Commitments or the termination of this Agreement or any provision hereof.

Section 11.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement and the other Loan Documents and any separate
letter agreements with respect to fees payable to any Agent, the Bookrunners or the Arrangers
constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of
each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this
Agreement. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

215 

 

Section 11.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall
not invalidate such provision in any other jurisdiction.

Section 11.08 Right of Setoff. Subject to the Intercreditor Agreement, if an Event of Default shall have occurred and be
continuing, each Lender and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set
off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any
other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or
hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement or any other Loan
Document and although such obligations of the Borrower or such Loan Party may be contingent or
unmatured or are owed to a branch or office of such Lender different from the branch or office
holding such deposit or obligated on such indebtedness. The rights of each Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender or its respective Affiliates may have. Each Lender agrees
to notify the Borrower and the Administrative Agent promptly after any such setoff and application;
provided that the failure to give such notice shall not affect the validity of such setoff
and application.

SECTION 11.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.

     (a) GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

     (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF
ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF
THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR

216 

 

PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT ANY AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.

     (C) WAIVER OF VENUE. EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION
11.09(B). EACH FRENCH GUARANTOR AND EACH OTHER FRENCH SUBSIDIARY HEREBY WAIVES THE BENEFIT OF
THE PROVISIONS OF ARTICLE 14 OF THE FRENCH CODE CIVIL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

     (D) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, IN THE MANNER PROVIDED
FOR NOTICES (OTHER THAN TELECOPIER, E-MAIL OR OTHER ELECTRONIC TRANSMISSION) IN SECTION
11.01. EACH LOAN PARTY HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS CSC CORPORATION,
1180 AVE OF THE AMERICAS, SUITE 210, NEW YORK, NEW YORK, 10036 (TELEPHONE NO: 212-299-5600)
(TELECOPY NO: 212-299-5656) (ELECTRONIC MAIL ADDRESS: MWIENER@CSCINFO.COM)] (THE “PROCESS AGENT”),
IN THE CASE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE UNITED STATES AS ITS DESIGNEE,
APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS
PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS THAT MAY BE SERVED
IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY LOAN
DOCUMENT. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY
HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW.

SECTION 11.10 WAIVER OF JURY TRIAL. EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS

217 

 

CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

Section 11.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement.

Section 11.12 Treatment of Certain Information; Confidentiality. Each Agent and each Lender agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and
other representatives (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 purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any
subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 11.12, to (i) any assignee of or Participant in, or any prospective Lender, or
prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to any Loan Party and its obligations or (iii) any rating agency for the purpose of
obtaining a credit rating applicable to any Lender, (g) with the consent of the Borrower or the
applicable Loan Party or (h) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section or (y) becomes available to the Administrative Agent,
any Lender or any of their respective Affiliates on a nonconfidential basis from a source other
than the Loan Parties. For purposes of this Section, “Information” shall mean all information
received from a Loan Party or any of its Subsidiaries relating to the Loan Parties or any of their
Subsidiaries or any of their respective businesses, other than any such information that is
available to any Agent or any Lender on a nonconfidential basis prior to disclosure by any Loan
Party or any of their Subsidiaries, provided that, in the case of information received from any
Loan Party or any of their Subsidiaries after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such person has exercised the same degree of care to maintain the
confidentiality of such Information as such person would accord to its own confidential
information.

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Section 11.13 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent
(for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan
Parties 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 and the other Loan Parties, which information includes the
name, address and tax identification number of the Borrower and the other Loan Parties and other
information regarding the Borrower and the other Loan Parties that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower and the other Loan Parties in
accordance with the Act. This notice is given in accordance with the requirements of the Act and
is effective as to the Lenders and the Administrative Agent.

Section 11.14 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any
Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall
be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the
Borrower. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such person may, to the extent permitted
by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or
premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c)
amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

Section 11.15 Lender Addendum. Each Lender to become a party to this Agreement on the date hereof shall do so by delivering to
the Administrative Agent a Lender Addendum duly executed by such Lender, the Borrower and the
Administrative Agent.

Section 11.16 Obligations Absolute. To the fullest extent permitted by applicable Requirements of Law, all obligations of the Loan
Parties hereunder shall be absolute and unconditional irrespective of:

     (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any Loan Party;

     (b) any lack of validity or enforceability of any Loan Document or any other agreement or
instrument relating thereto against any Loan Party;

     (c) any change in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations, or any other amendment or waiver of or any consent to any departure from any
Loan Document or any other agreement or instrument relating thereto;

219 

 

     (d) any exchange, release or non-perfection of any other Collateral, or any release or
amendment or waiver of or consent to any departure from any guarantee, for all or any of the
Obligations;

     (e) any exercise or non-exercise, or any waiver of any right, remedy, power or privilege under
or in respect hereof or any Loan Document; or

     (f) any other circumstances which might otherwise constitute a defense available to, or a
discharge of, the Loan Parties.

Section 11.17 Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, each Lender acknowledges that the
Lien and security interest granted to the Collateral Agent pursuant to the Security Documents and
the exercise of any right or remedy by such Collateral Agent thereunder are subject to the
provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the
Intercreditor Agreement, on the one hand, and the Security Documents, on the other hand, the terms
of the Intercreditor Agreement shall govern and control.

Section 11.18 Judgment Currency.

     (a) Each Loan Party’s obligations hereunder and under the other Loan Documents to make
payments in Dollars (the “Obligation Currency”) shall not be discharged or satisfied by any tender
or recovery pursuant to any judgment expressed in or converted into any currency other than the
Obligation Currency, except to the extent that such tender or recovery results in the effective
receipt by the Administrative Agent or the respective Lender of the full amount of the Obligation
Currency expressed to be payable to the Administrative Agent or such Lender under this Agreement or
the other Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Loan
Party in any court or in any jurisdiction, it becomes necessary to convert into or from any
currency other than the Obligation Currency (such other currency being hereinafter referred to as
the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at
the spot selling rate at which the Administrative Agent (or if the Administrative Agent does not
quote a rate of exchange on such currency, by a known dealer in such currency designated by the
Administrative Agent) offers to sell such Judgment Currency for the Obligation Currency in the
London foreign exchange market at approximately 11:00 a.m. London time on such date for delivery
two (2) Business Days later (such date of determination of such spot selling rate, being
hereinafter referred to as the “Judgment Currency Conversion Date”).

     (b) If there is a change in the rate of exchange prevailing between the Judgment Currency
Conversion Date and the date of actual payment of the amount due, the Borrower covenants and agrees
to pay, or cause to be paid, such additional amounts, if any (but in any
event not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment
Currency, when converted at the rate of exchange prevailing on the date of payment, will produce
the amount of the Obligation Currency which could have been purchased with the

220 

 

amount of Judgment
Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the
Judgment Currency Conversion Date.

     (c) For purposes of determining any rate of exchange for this Section 11.18, such
amounts shall include any premium and costs payable in connection with the purchase of the
Obligation Currency.

Section 11.19 Enforcement. Notwithstanding anything to the contrary contained herein or in any other Loan
Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents
against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained
exclusively by, any of the Administrative Agent and the Collateral Agent, as the relevant Loan
Document may provide, in accordance with the terms of the Loan Documents; provided,
however, that the foregoing shall not prohibit (a) the Administrative Agent or the
Collateral Agent from exercising on its own behalf the rights and remedies that inure to its
benefit (solely in its capacity as Administrative Agent and the Collateral Agent, as the case may
be) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in
accordance with the terms hereof (subject to Section 2.14), (c) any Lender from filing
proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any bankruptcy, insolvency or Debtor Relief Law or (d)
any Person authorized under the Intercreditor Agreement to exercise rights and remedies with
respect to the Collateral; and provided, further, that if at any time there is no
person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent regarding the
enforcement of rights and remedies under to the Loan Documents and (ii) in addition to the matters
set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.14,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available
to it and as authorized by the Required Lenders.

Section 11.20 No Advisory or Fiduciary Responsibility.In connection with all aspects of each transaction contemplated hereby (including in connection
with any amendment, waiver or other modification hereof or of any other Loan Document), the
Borrower and each other Loan Party acknowledges and agrees that: (i) (A) the arranging and other
services regarding this Agreement provided by the Administrative Agent, the Collateral Agent, the
Bookrunners and the Arrangers are arm’s-length commercial transactions between the Borrower and
each other Loan Party and their respective Affiliates, on the one hand, and the Administrative
Agent, the Collateral Agent, the Bookrunners and the Arrangers, on the other hand, (B) each of the
Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax
advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is
capable of evaluating, and understands and accepts, the
terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A) the Administrative Agent, the Collateral Agent, and the Arrangers each is and
has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the
Borrower, any other Loan Party or

221 

 

any of their respective Affiliates, or any other Person and (B)
neither the Administrative Agent, the Collateral Agent, the Bookrunners nor the Arrangers has any
obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect
to the transactions contemplated hereby except those obligations expressly set forth herein and in
the other Loan Documents; and (iii) the Administrative Agent, the Collateral Agent, the Bookrunners
and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrower, the other Loan Parties and their
respective Affiliates, and neither the Administrative Agent, the Collateral Agent, the Bookrunners
nor any of the Arrangers has any obligation to disclose any of such interests to the Borrower, any
other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law,
each of the Borrower and the other Loan Parties hereby waives and releases any claims that it may
have against the Administrative Agent, the Collateral Agent, the Bookrunners and the Arrangers with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby.

Section 11.21 Abstract Acknowledgment of Indebtedness and Joint Creditorship.

     (a) Notwithstanding any other provision of this Agreement, each Loan Party hereby irrevocably
and unconditionally agrees and covenants with the Collateral Agent by way of an abstract
acknowledgment of indebtedness (abstraktes Schuldversprechen) that it owes to the Collateral Agent
as creditor in its own right and not as a representative of the other Secured Parties, sums equal
to, and in the currency of, each amount payable by such Loan Party to each of the Secured Parties
under each of the Loan Documents relating to any Secured Obligations, as and when that amount falls
due for payment under the relevant Secured Debt Agreement or would have fallen due but for any
discharge resulting from failure of another Secured Party to take appropriate steps, in insolvency
proceedings affecting such Loan Party, to preserve its entitlement to be paid that amount.

     (b) Each Loan Party undertakes to pay to the Collateral Agent upon first written demand the
amount payable by such Loan Party to each of the Secured Parties under each of the Secured Debt
Agreements as such amount has become due and payable.

     (c) The Collateral Agent has the independent right to demand and receive full or partial
payment of the amounts payable by each Loan Party under this Section 11.21, irrespective of
any discharge of such Loan Party’s obligation to pay those amounts to the other Secured Parties
resulting from failure by them to take appropriate steps, in insolvency proceedings affecting such
Loan Party, to preserve their entitlement to be paid those amounts.

     (d) Any amount due and payable by a Loan Party to the Collateral Agent under this Section
11.21 shall be decreased to the extent that the other Secured Parties have received (and are
able to retain) payment in full of the corresponding amount under the other provisions of the
Secured Debt Agreements and any amount due and payable by a Loan Party to the other Secured Parties
under those provisions shall be decreased to the extent that the Collateral Agent has received (and
is able to retain) payment in full of the corresponding amount under this Section 11.21;
provided that no Loan Party may consider its obligations towards a Secured Party to be so

222 

 

discharged by virtue of any set-off, counterclaim or similar defense that it may invoke vis-à-vis
the Collateral Agent.

     (e) The rights of the Secured Parties (other than the Collateral Agent) to receive payment of
amounts payable by each Loan Party under the Secured Debt Agreements are several and are separate
and independent from, and without prejudice to, the rights of the Collateral Agent to receive
payment under this Section 11.21.

     (f) In addition, but without prejudice to the foregoing, the Collateral Agent shall be the
joint creditor (together with the relevant Secured Parties) of all obligations of each Loan Party
towards each of the Secured Parties under the Secured Debt Agreements.

Section 11.22 Special Appointment of Collateral Agent for German Security.

     (a) (i) Each Secured Party that is or will become party to this Agreement hereby appoints the
Collateral Agent as trustee (Treuhaender) and administrator for the purpose of holding on trust
(Treuhand), administering, enforcing and releasing the German Security (as defined below) for the
Secured Parties, (ii) the Collateral Agent accepts its appointment as a trustee and administrator
of the German Security on the terms and subject to the conditions set out in this Agreement and
(iii) the Secured Parties, the Collateral Agent and all other parties to this Agreement agree that,
in relation to the German Security, no Secured Party shall exercise any independent power to
enforce any German Security or take any other action in relation to the enforcement of the German
Security, or make or receive any declarations in relation thereto.

     (b) To the extent possible, the Collateral Agent shall hold and administer any German Security
which is security assigned, transferred or pledged under German law to it as a trustee for the
benefit of the Secured Parties, where “German Security” shall mean the assets which are the subject
of a security document which is governed by German law.

     (c) Each Secured Party hereby authorizes and instructs the Collateral Agent (with the right of
sub delegation) to enter into any documents evidencing German Security and to make and accept all
declarations and take all actions as it considers necessary or useful in connection with any German
Security on behalf of the Secured Parties. The Collateral Agent shall further
be entitled to rescind, release, amend and/or execute new and different documents securing the
German Security.

     (d) The Secured Parties and the Collateral Agent agree that all rights and claims constituted
by the abstract acknowledgment of indebtedness pursuant to this Section 11.22 and all
proceeds held by the Collateral Agent pursuant to or in connection with such abstract
acknowledgment of indebtedness are held by the Collateral Agent with effect from the date of such
abstract acknowledgment of indebtedness in trust for the Secured Parties and will be administered
in accordance with the Loan Documents. The Secured Parties and the Collateral

223 

 

Agent agree further
that the respective Loan Party’s obligations under such abstract acknowledgment of indebtedness
shall not increase the total amount of the Secured Obligations (as defined in the respective
agreement governing German Security) and shall not result in any additional liability of any of the
Loan Parties or otherwise prejudice the rights of any of the Loan Parties. Accordingly, payment of
the obligations under such abstract acknowledgment of indebtedness shall, to the same extent,
discharge the corresponding Secured Obligations and vice versa.

Section 11.23 Special Appointment of Collateral Agent in Relation to South Korea.

     (a) Notwithstanding any other provision of this Agreement, each Loan Party hereby irrevocably
and unconditionally undertakes to pay to the Collateral Agent, as creditor in its own right and not
as representative of the other Secured Parties, sums equal to and in the currency of each amount
payable by such Loan Party to each of the Secured Parties under each of the Loan Documents as and
when that amount falls due for payment under the relevant Loan Document or would have fallen due
but for any discharge resulting from failure of another Secured Party to take appropriate steps, in
insolvency proceedings affecting that Loan Party, to preserve its entitlement to be paid that
amount.

     (b) The Collateral Agent shall have its own independent right to demand payment of the amounts
payable by each Loan Party under this Section 11.23, irrespective of any discharge of such
Loan Party’s obligation to pay those amounts to the Secured Parties resulting from failure by them
to take appropriate steps, in insolvency proceedings affecting that Loan Party, to preserve their
entitlement to be paid those amounts.

     (c) Any amount due and payable by a Loan Party to the Collateral Agent under this Section
11.23 shall be decreased to the extent that the other Secured Parties have received (and are
able to retain) payment in full of the corresponding amount under the other provisions of the Loan
Documents and any amount due and payable by a Loan Party to the other Secured Parties under those
provisions shall be decreased to the extent that the Collateral Agent has received (and is able to
retain) payment in full of the corresponding amount under this Section 11.23.

     (d) Subject to paragraph (c) above, the rights of the Secured Parties (in each case, other
than the Collateral Agent) to receive payment of amounts payable by each Loan Party under the Loan
Documents are several and are separate and independent from, and without prejudice to, the rights
of the Collateral Agent to receive payment under this Section 11.23.

     (e) The Administrative Agent and the Collateral Agent are authorized to enter into consents to
any lock-up or listing agreement required by any applicable rule or regulation in connection with
any listing or offering of Equity Interests in NKL and may consent to such Equity Interests being
held by a depositary or securities intermediary; provided, that the Collateral Agent’s Liens in the
Equity Interests of NKL or its direct parents, 4260848 Canada Inc. and 4260856 Canada Inc., are not
impaired.

224 

 

Section 11.24 Special Appointment of Collateral Agent in Relation to France.

     (a) Notwithstanding any other provision of this Agreement, each French Guarantor hereby
irrevocably and unconditionally undertakes insofar as necessary, in advance, to pay to the
Collateral Agent, as creditor in its own right and not as representative of the other Secured
Parties, sums equal to and in the currency of each amount payable by such French Guarantor to each
of the Secured Parties under each of the Loan Documents as and when that amount falls due for
payment under the relevant Loan Document or would have fallen due but for any discharge resulting
from failure of another Secured Party to take appropriate steps to preserve its entitlement to be
paid that amount (such payment undertakings, obligations and liabilities which are the result
thereof, hereinafter referred to as the “Parallel Debt”).

     (b) The Collateral Agent shall have its own independent right to demand payment of the amounts
payable by each French Guarantor under this Section 11.24, irrespective of any discharge of
such French Guarantor’s obligation to pay those amounts to the other Secured Parties resulting from
failure by them to take appropriate steps to preserve their entitlement to be paid those amounts.

     (c) Any amount due and payable by a French Guarantor to the Collateral Agent under this
Section 11.24 shall be decreased to the extent that the other Secured Parties have received
(and are able to retain) payment in full of the corresponding amount under the other provisions of
the Loan Documents and any amount due and payable by a French Guarantor to the other Secured
Parties under those provisions shall be decreased to the extent that the Collateral Agent has
received (and is able to retain) payment in full of the corresponding amount under this Section
11.24.

     (d) The Collateral Agent shall apply any amounts received in payment of any Parallel Debt in
accordance with the terms and conditions of this Agreement governing the application of proceeds in
payment of any Secured Obligations.

     (e) The rights of the Secured Parties (other than any Parallel Debt) to receive payment of
amounts payable by each French Guarantor under the Loan Documents are several and are separate and
independent from, and without prejudice to, the rights of the Collateral Agent to receive payment
under this Section 11.24.

Section 11.25 Swiss Tax Ruling. The Borrower shall obtain subsequent to the Closing Date (but within a reasonable time
frame) (a) a ruling from the Wallis cantonal tax authority confirming that the payment of Interests
under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied
at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct
Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § lit. e of the Swiss
Federal Harmonization Direct Tax Act of December 14, 1990, and (b) a ruling from the Zurich
cantonal tax authority confirming that the aforesaid direct taxes levied at source may be solely
ruled with the Canton where the Swiss real estate is located.

225 

 

In the event that the aforementioned
confirmation is not granted, the Borrower further acknowledges that the gross-up mechanism provided
for under Section 2.15 shall apply with respect to any such direct taxes levied at source.

Section 11.26 Designation of Collateral Agent under Civil Code of Quebec. Each of the parties hereto (including each Lender, acting for itself and on behalf of each of
its Affiliates which are or become Secured Parties from time to time) confirms the appointment and
designation of the Collateral Agent (or any successor thereto) as the person holding the power of
attorney (fondé de pouvoir) within the meaning of Article 2692 of the Civil Code of Québec for the
purposes of the hypothecary security to be granted by the Loan Parties or any one of them under the
laws of the Province of Québec and, in such capacity, the Collateral Agent shall hold the hypothecs
granted under the laws of the Province of Québec as such fondé de pouvoir in the exercise of the
rights conferred thereunder. The execution by the Collateral Agent in its capacity as fondé de
pouvoir prior to the date hereof of any document creating or evidencing any such hypothecs is
hereby ratified and confirmed. Notwithstanding the provisions of Section 32 of the Act respecting
the special powers of legal persons (Québec), the Collateral Agent may acquire and be the holder of
any of the bonds secured by any such hypothec. Each future Secured Party, whether a Lender or any
other holder of any Secured Obligation, shall be deemed to have ratified and confirmed (for itself
and on behalf of each of its Affiliates that are or become Secured Parties from time to time) the
appointment of the Collateral Agent as fondé de pouvoir.

Section 11.27 Maximum Liability. Subject to Section 7.08 and Sections 7.11 through 7.16, it is the desire
and intent of (i) each Loan Party and the Lenders, that, in each case, the liability of such Loan
Party shall be enforced against such Loan Party to the fullest extent permissible under the laws
and public policies applied in each jurisdiction in which enforcement is sought after giving effect
to the rights of contribution established in the Contribution, Intercompany, Contracting and Offset
Agreement that are valid and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding. If, however, and to the extent that, the obligations of
any Loan
Party under any Loan Document shall be adjudicated to be invalid or unenforceable for any reason
(including, without limitation, because of any applicable state, provincial or federal law relating
to fraudulent conveyances or transfers), then the amount of such Loan Party’s obligations (in the
case of any invalidity or unenforceability with respect such Loan Party’s obligations) under the
Loan Documents shall be deemed to be reduced and such Loan Party shall pay the maximum amount of
the Secured Obligations which would be permissible under applicable law; provided that any
guarantees of any such obligations that are subject to deemed reduction pursuant to this
Section 11.27 shall, to the fullest extent permitted by applicable Requirements of Law, be
absolute and unconditional in respect of the full amount of such obligations without giving effect
to any such deemed reduction.

Section 11.28 NO ORAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

Section 11.29 Collateral Matters. The Lenders irrevocably agree:

226 

 

     (a) that the Collateral Agent is authorized to release any Lien on any property granted to or
held by the Collateral Agent under any Loan Document, (i) at the time the property subject to such
Lien is sold, leased, licensed, consigned, transferred or otherwise disposed of as part of or in
connection with any Asset Sale permitted under Section 6.06 to any Person other than a Loan Party
(provided that no Lien shall be released in any Series of Cash Neutral Transactions) (or, if such
transferee is a Loan Party, the Collateral Agent is authorized to release such Lien on such asset
in connection with the transfer so long as (w) the transferee grants a new Lien to the Collateral
Agent on such asset substantially concurrently with the transfer of such asset, (x) the transfer is
between parties organized under the laws of different countries, (y) the priority of the new Lien
is the same as that of the original Lien and (z) the Liens on such property held by or on behalf of
the holders of Indebtedness under the Revolving Credit Loan Documents or any Permitted Revolving
Credit Facility Refinancing, Permitted First Priority Refinancing Debt, Permitted Secured Priority
Refinancing Debt, Additional Senior Secured Indebtedness and Junior Secured Indebtedness are also
released), (ii) subject to Section 11.02, if the release of such Lien is approved,
authorized or ratified in writing by the Required Lenders (or such other number of Lenders whose
consent is required under Section 11.02), (iii) if the property subject to such Lien is
owned by a Guarantor, upon release of such Guarantor from its obligations under its Guarantee
pursuant to Section 7.09 or (iv) upon termination of all Commitments and the repayment in
full of all outstanding principal and accrued interest with respect to the Loans, all Fees and
other Obligations; and

     (b) to release or subordinate any Lien on any property granted to or held by the Collateral
Agent under any Loan Document to the holder of any Lien on such property that is permitted by
Section 6.02(i), to the extent required by the terms of the obligations secured by such
Liens;

Each Lender irrevocably authorizes the Collateral Agent to, at the Borrower’s expense, execute and
deliver documents to authorize the release or subordination of such items of Collateral from the
Liens granted under the Security Documents, in each case in accordance with the terms of the Loan
Documents and this Section 11.29.

Section 11.30 Electronic Execution of Assignments and Certain other Documents. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and
Assumption or in any amendment or other modification hereof (including waivers and consents) shall
be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.

Section 11.31 Payments Set Aside. To the extent that any payment by or on behalf of any Loan Party is made to any Agent or any
Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by such
Agent or such Lender in its discretion) to be repaid to a

227 

 

trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender severally agrees to pay to the Agents upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the Agents, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to
the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause
(b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

[Signature Pages Follow]

228 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers and members thereunto duly authorized, on the date indicated above.

	 	 	 	 	 
	 	NOVELIS INC., as the Borrower

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title  	 
	 
	 	AV METALS INC., as Holdings

 	 
	 	By:  	 	 
	 	Name:   	 
	 	 	 	 
	 
	 	NOVELIS CORPORATION, as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title  	 
	 
	 	NOVELIS PAE CORPORATION, as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS BRAND LLC, as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS SOUTH AMERICA HOLDINGS LLC, as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-1

 

	 	 	 	 	 
	 	ALUMINUM UPSTREAM HOLDINGS LLC,
as
U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS ACQUISITIONS LLC, as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS NORTH AMERICA HOLDINGS INC., as U.S. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-2

 

	 	 	 	 	 
	 	NOVELIS UK LTD, as U.K. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS SERVICES LIMITED, as U.K. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS AG, as Swiss Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS CAST HOUSE TECHNOLOGY LTD., as Canadian Guarantor

 	 
	 	By:  	 	 
	 	Name:   	 
	 	Title 	 
	 
	 	4260848 CANADA INC., as Canadian Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	4260856 CANADA INC., as Canadian Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-3

 

	 	 	 	 	 
	 	NOVELIS NO. 1 LIMITED PARTNERSHIP, as Canadian Guarantor,

By: 4260848 CANADA INC.

Its: General Partner

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS EUROPE HOLDINGS LIMITED, as U.K. Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS SWITZERLAND SA, as Swiss Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS TECHNOLOGY AG, as Swiss Guarantor

 	 
	 	By:  	 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS DEUTSCHLAND GMBH, as German Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-4

 

	 	 	 	 	 
	 	NOVELIS MADEIRA UNIPESSOAL, LDA, as Madeira Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS PAE S.A.S., as French Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 
	 	NOVELIS LUXEMBOURG S.A., as Luxembourg Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-5

 

	 	 	 	 	 
	 	NOVELIS DO BRASIL LTDA., as Brazilian Guarantor

 	 
	 	By:  	
 	 
	 	Name:   	 
	 	Title 	 
	 

S-6

 

	 	 	 	 	 
	 	Signed and Delivered as a Deed for and on behalf of

NOVELIS ALUMINIUM HOLDING COMPANY,

by its duly authorised attorney,

as Irish Guarantor,

in the presence of:

 	 
	 	Name:
 	
 	 
	 	Title:  	 
	 	 	 
	 	Name:
 	
	 
	 	Title: 	 
	 	 	 
	 

S-7

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	 	 
	 	Name:   	 
	 	Title:   	 
	 
	 	 	 
	 	By:  	 	 
	 	Name:    	 	 
	 	Title:  	 	 
	 

S-8

 

Annex I

Amortization Table

	 	 	 	 	 
	Date	 	Term Loan Amount
	March 31, 2011
	 	$	3,750,000	 
	June 30, 2011
	 	$	3,750,000	 
	September 30, 2011
	 	$	3,750,000	 
	December 31, 2011
	 	$	3,750,000	 
	March 31, 2012
	 	$	3,750,000	 
	June 30, 2012
	 	$	3,750,000	 
	September 30, 2012
	 	$	3,750,000	 
	December 31, 2012
	 	$	3,750,000	 
	March 31, 2013
	 	$	3,750,000	 
	June 30, 2013
	 	$	3,750,000	 
	September 30, 2013
	 	$	3,750,000	 
	December 31, 2013
	 	$	3,750,000	 
	March 31, 2014
	 	$	3,750,000	 
	June 30, 2014
	 	$	3,750,000	 
	September 30, 2014
	 	$	3,750,000	 
	December 31, 2014
	 	$	3,750,000	 
	March 31, 2015
	 	$	3,750,000	 
	June 30, 2015
	 	$	3,750,000	 
	September 30, 2015
	 	$	3,750,000	 
	December 31, 2015
	 	$	3,750,000	 
	March 31, 2016
	 	$	3,750,000	 
	June 30, 2016
	 	$	3,750,000	 
	September 30, 2016
	 	$	3,750,000	 
	December 31, 2016
	 	$	3,750,000	 
	Original Maturity Date
	 	Remaining outstanding principal

 

 

EXHIBIT B

Brazilian Security Agreements

German Security Agreements

 

 

EXHIBIT C

March __, 2011

			
	To:	 	Bank of America, N.A., as Administrative Agent

1455 Market Street

San Francisco, California 94103

Attention: Bridgett Manduk

			
	Re:	 	Novelis Inc. Amendment No. 1 to Credit Agreement

Ladies and Gentlemen:

     Reference is hereby made to (i) the Credit Agreement, dated as of December 17, 2010 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Novelis Inc., certain affiliates and subsidiaries of Novelis Inc., the
several banks and other financial institutions or entities party thereto as lenders, and Bank of
America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and (ii)
Amendment No. 1 to Credit Agreement (the “First Amendment”) among Novelis Inc., certain affiliates
and subsidiaries of Novelis Inc., and the Administrative Agent, in the form posted by the
Administrative Agent via Intralinks, Syndtrak or a substantially similar electronic transmission
system. Capitalized terms used but not defined herein having the meaning assigned to such terms in
the First Amendment.

     CONSENT TO EFFECTIVENESS OF AMENDMENT NO. 1 TO CREDIT AGREEMENT. By signing below,
the undersigned, in its capacity as a Lender under the Credit Agreement, hereby acknowledges and
consents to, and agrees to the terms of, the First Amendment and hereby irrevocably authorizes Bank
of America, N.A., in its capacity as Administrative Agent, to execute the First Amendment on behalf
of the undersigned with respect to all Loans owned by the undersigned immediately prior to giving
effect to the Amendment.

     AMOUNT OF LOANS TO BE RETAINED. In connection with such consent, the undersigned, in
its capacity as a Lender under the Credit Agreement, notifies Bank of America, N.A., in its
capacity as Administrative Agent, that such Lender agrees:

                              Retain all Loans

     o to continue to hold the total outstanding principal amount of its existing Loans, as
modified by the Amendment.

                              Retain a Portion of the Loans

o to hold _____% of the outstanding principal amount of its existing Loans, as modified
by the Amendment, with the remaining percentage of its existing Loans assigned on the
Amendment Effective Date at par (and such assignment may be consummated by recordation in
the Register by the Administrative Agent).

                              Allocate Loans to an Affiliated Fund

o to (x) continue to hold $___________ of the outstanding principal amount of its
existing Loans, as modified by the Amendment, with the remaining amount of the outstanding
principal amount of its existing Loans assigned at par on the Amendment Effective Date (such
assigned Loans, the “Assigned Amount”) (and such assignment may be consummated

 

 

by recordation in the Register by the Administrative Agent) and (y) purchase by
assignment to an affiliated fund $__________ aggregate principal amount of Loans (which
shall equal the Assigned Amount) promptly following the Amendment Effective Date via such
affiliated fund.

                              Increase Amount of Loans

o to increase the amount of Loans currently held and to (x) continue to hold the
outstanding principal amount of its existing Loans, as modified by the Amendment, and (y)
promptly following the Amendment Effective Date, purchase by assignment $___________
aggregate principal amount of Loans (or such lesser amount allocated to such Lender by the
Administrative Agent).

 

 

IN WITNESS WHEREOF, the undersigned as duly executed this Acknowledgement and Consent as of
the date first written above.

	 	 	 	 	 	 	 
	 	 	 	,	 
	 

	 	(Name of Institution)
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 	 	 

	 	 	[If a second signature is necessary:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	  
	 

	 	 	 	Title:]

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