Document:

Executive Employment Agreement - Laura Janke Jaeger

 Exhibit 10.47 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered effective as of April 23, 2007 (the “Effective Date”), between ELANDIA, INC., a Delaware corporation, (the “Company”), with a principal place of business at 1500 Cordova
Road, Suite 300, Fort Lauderdale, Florida 33316 and LAURA JANKE JAEGER, an individual (the “Executive”), whose address is 366 Amsterdam Avenue, Suite 213, New York, NY 10024. 
 RECITALS: 
 A. The Company provides wireless telecommunications services and
information solutions and services (the “Business”). 
 B. The Executive has extensive experience in the industry and has extensive
experience in corporate development and as a corporate attorney and general counsel. 
 C. The Company wishes to employ Executive.

 D. The Company has in effect a policy of director and officer liability insurance consistent with those of companies of similar size and
risk. 
 NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Executive hereby agree as follows:

 AGREEMENT 
 1.
EMPLOYMENT. The Company hereby agrees to employ Executive and Executive hereby accepts such employment in her capacity of Senior Vice President and General Counsel, upon the terms and conditions hereinafter set forth. The Executive
shall diligently perform all services as may be assigned to her by the Chief Executive Officer of the Company (the “CEO”), and shall exercise such power and authority as may from time to time be delegated to her by the CEO and/or the Board
of Directors (the “Board”). The Company may also direct Executive to perform such duties for other entities which are now or may in the future be affiliated with the Company (the “Affiliates”), subject to the limitation that
Executive’s overall time commitment is comparable to similarly situated executives. Executive shall serve the Company and the Affiliates faithfully, diligently and to the best of her ability. Executive agrees during the Term (as hereinafter
defined) of the Agreement to devote all of her full-time business efforts, attention, energy and skill to the performance of her employment to furthering the interest of the Company and the Affiliates. The Executive shall render such services at
locations as are required from time to time by the CEO. During the Term, Executive shall not engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior written consent of the CEO;
provided however, that Executive shall be entitled to serve as a non-executive director of up to two other companies, as long as such companies do not compete with the Company or its Affiliates and other activities as set forth on Appendix A.

  

 2. COMPENSATION/BENEFITS. 
 (a) Salary. Company shall pay Executive a base salary (the “Base Salary”), of $250,000 per annum. Said salary shall be payable biweekly
in US$ and consistent with the Company’s payroll policies and procedures for all employees. The Base Salary shall be reviewed, at least annually, for merit increases and may, by action and in the discretion of the CEO as approved by the
Compensation Committee of the Board, be increased at any time or from time to time. 
 (b) Performance Bonus. During the Term, Executive shall be eligible to receive an annual bonus (“Bonus”) at the discretion of the CEO as approved by the Compensation Committee of the Board, or pursuant to one or more
written plans adopted by the Board. In the event that the Initial Term (as defined below) is extended as provided herein, the Executive shall be eligible to receive an annual bonus at the discretion of the CEO as approved by the Compensation
Committee of the Board, or pursuant to one or more written plans adopted by the Company. The amount of any such Bonus, assuming Executive’s achievement of applicable milestones (as determined by the Compensation Committee of the Board from time
to time), shall be based  1/3 on the key performance indicators of the Executive and  2/3 on the overall performance of the Company. The Bonus potential for the Executive is anticipated to be an amount of
33 1/3% of the Base Salary, but shall be subject to no maximum. The Bonus, if any, shall be payable on an annual
basis (or as set forth above) in February of each year during the Term. 
 (c) Employee Benefits. Executive shall
be entitled to participate in all benefit programs of the Company currently existing or hereafter made available to executives and/or other executive employees, subject to the eligibility requirements, restrictions and limitations of any such
programs, including, but not limited to, health, dental, hospitalization, surgical and major medical coverage, pension and other retirement plans, including any 401K Plan, sick leave, salary continuation, vacation and holidays and other fringe
benefits. 
 (d) Vacation. Executive shall be entitled to four weeks of vacation each calendar year during the Term, to be taken at
such times as the Executive and the Company shall mutually determine and provided that no vacation time shall interfere with the duties required to be rendered by the Executive hereunder. Any vacation time not taken by Executive during any calendar
year may not be carried forward into any succeeding calendar year and is not cumulative; provided that Executive shall be entitled to carry forward into the next year up to (10) unused vacation days for such year. 
 (e) Business Expense Reimbursement; Telephone Expenses. Upon the submission of proper substantiation by Executive, and subject to such rules and
guidelines as the Company may from time to time adopt, the Company shall reimburse Executive for all reasonable expenses actually paid or incurred by the Executive during the Term in the course of and pursuant to the business of the Company. The
Executive shall account to the Company in writing for all expenses for which reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or other evidence reasonably requested by the Company. This reimbursement
shall cover, among other things, the cost of Executive’s cellular telephone use in connection with her employment hereunder. 
  

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 3. STOCK OPTIONS. Following the adoption by the Company and stockholder approval of a stock option
plan, the Company shall grant to the Executive options (the “Stock Option”) to purchase up to 100,000 shares of common stock (the “Common Stock”) of the Company under (and therefore subject to all terms and conditions of) the
Company’s stock option plan, as may be amended from time-to-time, and any successor plan thereto (the “Stock Option Plan”) and all rules of regulation of the Securities and Exchange Commission applicable to stock option plans then in
effect. The Stock Option shall have an exercise price per share equal to the fair market value of the Common Stock on the date of the grant, as determined by the Board (or the Compensation Committee thereof). The Stock Option will vest, subject to
continued employment as of the vesting date, as follows: (i) 1/4 will vest and become exercisable on the first anniversary of the Effective Date; and (ii) an additional 1/48th will vest and become exercisable at the end of each one-month
period thereafter, so as to become 100% vested by the fourth anniversary of the Effective Date. No right to any Common Stock is earned or accrued until such time that vesting occurs (subject to Executive being employed and in good standing hereunder
on each vesting date), nor does the grant confer any right to continued vesting or employment. The Stock Option shall lapse as provided in the Stock Option Plan. 
 4. TERM. The initial term of employment hereunder will commence on the Effective Date, and end one year thereafter (the “Initial Term”), unless terminated earlier pursuant to Section 6 of this
Agreement. The Initial Term shall be renewable upon mutual agreement 90 days prior to its expiration (a “Renewal Term”) for successive one year terms, unless written notification of non-renewal is provided by either party no less than 90
days prior to the expiration of the Term or the then current Renewal Term. 
 5. REPRESENTATIONS AND WARRANTIES OF EXECUTIVE. The
Executive represents and warrants to the Company as follows: 
 (a) Executive has the full right to enter into this Agreement and perform all
duties hereunder, and has made no contract or other commitment in contravention of the terms hereof (including, without limitation, contracts or obligations respecting trade secrets or proprietary information or otherwise restricting competition),
or which would prevent Executive from using her best efforts in the performance of her duties hereunder. Executive has fulfilled all of her obligations under all prior employment or consulting agreements (or similar arrangements), and there is not,
under any of the foregoing, any existing default or breach by Executive with respect thereto. 
 (b) Executive’s performance hereunder
shall not constitute a default under any contract or other commitment to which the Executive is bound. 
 (c) All information furnished by
Executive to the Company is true and complete (including, without limitation, documentary evidence of Executive’s identity and eligibility for employment in the United States), and Executive will promptly advise the Company with respect to any
change in the information of record. 
  

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 (d) Executive is not subject to any order, decree or decision precluding him from performing her duties
as described herein. 
 (e) Executive declares that she has read and understands all the terms of this Agreement; that she has had ample
opportunity to review it with her attorney before signing it; that no promise, inducement, or agreement has been made except as expressly provided in this Agreement; that it contains the entire Agreement between the parties; and that she enters into
this Agreement fully, voluntarily, knowingly and without coercion. 
 (f) Executive acknowledges that the Company reserves the right to
conduct background investigations and/or reference checks on all of its potential employees. By executing this Agreement, Executive authorizes the Company to conduct such an investigation. Executive further acknowledges that her employment is
contingent upon a clearance of such a background investigation and/or reference check. 
 6. DEATH, DISABILITY AND TERMINATION.

 (a) Death. In the event of the death of the Executive during the Term of the Agreement, accrued and unpaid Base Salary, accrued
vacation and expense reimbursement shall be paid to the Executive’s designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive. Other death benefits will be determined in
accordance with the terms of the Company’s benefit programs and plans. 
 (b) Disability. 
 (i) In the event of the Executive’s disability, as hereinafter defined, the Executive shall be entitled to receive the Executive’s Base Salary,
at the annual rate in effect immediately prior to the commencement of disability, for a period of not less than three months from the date on which the disability has deemed to occur as hereinafter provided below. Any amounts provided for in this
Section 6(b) shall be offset by other long-term disability benefits obtained by Executive hereunder. 
 (ii) “Disability” for
purposes of this Agreement, shall be deemed to have occurred in the event (1) the Executive is unable by reason of sickness or accident to perform the Executive’s duties under this Agreement for a cumulative total of 12 weeks within any
one calendar year; (2) the Executive is unable to perform Executive’s duties for 90 consecutive days; or (3) the Executive has a guardian of the person or estate appointed by a court of competent jurisdiction. Termination due to
disability shall be deemed to have occurred upon the first day of the month following the determination of disability as defined in the preceding sentence. 
 (iii) Anything herein to the contrary notwithstanding, if, following a termination of employment hereunder due to disability as provided in the preceding paragraph, the Executive becomes reemployed by the Company,
whether as an employee or a consultant, any salary, annual incentive payments or other benefits earned by the Executive from such employment shall offset any salary continuation due to the Executive hereunder commencing with the date of
re-employment. 
  

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 (c) Termination by the Company for Cause. 
 (i) Nothing herein shall prevent the Company from terminating Executive for “Cause” as hereinafter defined. The Executive shall continue to
receive the Base Salary only for the period ending with the date of such termination as provided in this Section 6(c). Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with
the terms of such other compensation arrangements or such plans or programs. 
 (ii) “Cause” shall mean any of the following:
(1) commission or participation by Executive in an injurious act of personal dishonesty, fraud, gross neglect, misrepresentation or embezzlement against the Company or any Affiliate; (2) Executive’s conviction of or plea of nolo
contendere to a felony; (3) commission or participation by Executive in any other injurious act or omission wantonly, willfully, recklessly or in a manner which was grossly negligent against the Company; or (4) continued willful violations
by Executive of her obligations to the Company (provided that, the Company shall have delivered to the Executive a notice of termination stating that the Executive committed one of the types of conduct set forth in this Section 6(c)(ii)(4) and
specifying the particulars thereof and the Executive shall be given a 15 day period to cure such conduct). 
 (d) Termination by the
Company Other than for Cause. 
 (i) The foregoing notwithstanding, the Company shall have the right, at any time, to terminate the
Executive’s employment for whatever reason it deems appropriate upon written notice to the Executive. In the event such termination is not based on Cause, as provided in Section 6(c) above, and such termination occurs during the Initial
Term, the Company shall continue to pay the Executive’s Base Salary for the remainder of the Initial Term payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. If
such termination occurs during any Renewal Term or if Executive’s employment is terminated under 6(f) or 6(g) hereto, the Company shall continue to pay the Executive’s Base Salary for the remainder of such Renewal Term payable in
installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. In addition, subject to the Executive’s timely electing COBRA continuation coverage, the Company will continue to pay
health insurance premiums in the same proportion as if Executive had remained an active employee for purposes of group medical coverage for Executive and her family (as in effect immediately prior to Executive’s termination) until the earlier
of: (1) 12 months from the effective date of termination; or (2) the date upon which Executive becomes eligible for coverage under the group health plans of another employer. 
 For all purposes under this Agreement, the failure by Company to offer to renew the Agreement following the expiration of the initial Term or any Renewal
Term on the same terms and conditions hereunder shall not be treated as if the Company terminated this Agreement pursuant to this Section 6(d). 
  

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 (e) Voluntary Termination. In the event the Executive terminates the Executive’s employment
on the Executive’s own volition (except as provided in Section 6(g)) prior to the expiration of the Term or any Renewal Term of this Agreement, including any renewals thereof, such termination shall constitute a voluntary termination and
in such event the Executive shall be limited to the same rights and benefits as provided in connection with Section 6(a). 
 (f)
Termination Following a Change of Control and Compensation Reduction. 
 (i) In the event that a “Change in Control,” as
hereinafter defined, of the Company shall occur at any time after the Initial Term and during any Renewal Term hereof, and within 12 months of the occurrence of such “Change in Control” event the Company terminates the Executive without
Cause or the Executive shall terminate the Executive’s employment under this Agreement, then, in any such event such termination shall be deemed to be a Termination by the Company Other than for Cause and the Executive shall be entitled to such
compensation and benefits as set forth in Section 6(d) of this Agreement. In addition, upon the effective date of such termination, the vesting of the Stock Option or any other shares of capital stock of the Company subject to all equity awards
granted during any Renewal Term that remain outstanding as of the time of such termination, shall accelerate as to 50% of the then unvested equity awards. 
 (ii) For purposes of this Agreement, a “Change in Control”‘ of the Company shall mean any of the following: 
 (1) a sale of all or substantially all of the assets of the Company; 
 (2) the acquisition of more than 50%
of the Common Stock of the Company (with all classes or series thereof treated as a single class) by any person or group of persons; provided, that, the acquisition of 50% or more of the Common Stock of the Company by Stanford International Bank
Ltd. or any of its affiliates (collectively, “Stanford”) shall not be deemed a “Change in Control” hereunder; 
 (3) a
reorganization of the Company whereby the holders of Common Stock of the Company receive stock in another company (other than a subsidiary of the Company), a merger of the Company with another company whereby there is a 50% or greater change in the
ownership of the Common Stock of the Company as a result of such merger, or any other transaction in which the Company (other than as the parent corporation) is consolidated for federal income tax purposes or is eligible to be consolidated for
federal income tax purposes with another corporation; or 
 (4) in the event that the Common Stock of the Company is traded on an
established securities market, a public announcement that any person (other than Stanford) has acquired or has the right to acquire beneficial ownership of more than 50% of the then-outstanding Common Stock; for purposes hereof the terms
“person” and “beneficial ownership” shall have the meanings 

  

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provided in Section 13(d) of the Securities and Exchange Act of 1934, as amended, or related rules promulgated by the Securities and Exchange
Commission, or the commencement of or public announcement of an intention to make a tender offer or exchange offer for more than 50% of the then outstanding shares of Common Stock; provided, however, that a Change of Control shall
expressly not include (x) any consolidation or merger effected exclusively to change the domicile of the Company, or (y) any transaction or series of transactions principally for bona fide equity financing purposes. 
 (g) Constructive Termination. Notwithstanding anything herein to the contrary, the Executive shall have the right, upon written notice to the
Company, to terminate her employment in the event of the occurrence of “Constructive Termination” (as hereinafter defined). For purposes hereof, “Constructive Termination” shall be deemed to occur if, without the Executive’s
written consent: (i) Executive is assigned a title, duties or responsibilities below the senior executive officer level (provided, however, that there shall not be a Constructive Termination if Executive is assigned a comparable title, duties
or responsibilities with respect to the acquired or surviving entity or a division or unit thereof resulting from a transaction involving the Company or its assets (e.g., the senior executive of a business unit or president of the subsidiary of an
acquirer)); (ii) there is a material reduction by the Company of the Executive’s Base Salary as in effect immediately prior to such reduction (except as part of a base salary reduction generally applicable to all executives of the
Company); or (iii) Executive is relocated to a facility or a location more than 35 miles from the Company’s current offices; provided, however, that the Company shall have a period of 15 days following receipt of written notice from the
Executive specifying the grounds for a purported Constructive Termination to cure any event or failure that would otherwise constitute a Constructive Termination. 
 (h) Release. The payment of any severance amount under this Section 6 is conditioned on the Executive executing and delivering to the Company a standard waiver and general release of claims promptly
after the effective date of termination (without any revocation thereof). 
 7. COVENANT NOT TO COMPETE/NON-SOLICITATION. Executive
acknowledges and recognizes the highly competitive nature of the Company’s Business and the goodwill and business strategy of the Company constitute a substantial asset of the Company. Executive further acknowledges and recognizes that during
the course of the Executive’s employment Executive will receive specific knowledge of the Company’s Business, access to trade secrets and Confidential Information (as hereinafter defined), participate in business acquisitions and
decisions, and that it would be impossible for Executive to work for a competitor without using and divulging this valuable Confidential Information. Executive further acknowledges that this covenant not to compete is an independent covenant within
this Agreement. This covenant shall survive this Agreement and shall be treated as an independent covenant for the purposes of enforcement. Executive agrees to the following: 
 (a) that all times during the Term and any Renewal Terms and of the Executive’s employment under this Agreement or any renewal or extension thereof
(the “Restricted Period”), for whatever reason and in any geographic areas in which the Company operated or was actively planning on operating as of date of termination of the Executive’s employment (the “Restricted Area”),

  

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Executive will not individually or in conjunction with others, directly engage in Competition (as hereinafter defined) with the Business of the Company,
whether as an officer, director, proprietor, employer, employee, partner independent contractor, investor, consultant, advisor, agent or otherwise; provided that this provision shall not apply to the Executive’s ownership of the capital stock,
solely as an investment, of securities of any issuer that is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted for trading on any United States national securities
exchange or that are quoted on the National Association of Securities Dealers Automated Quotations System, or any similar system or automated dissemination of quotations of securities prices in common use, so long as the Executive does not control,
acquire a controlling interest in or become a member of a group which exercises direct or indirect control or, more than three percent of any class of capital stock of such corporation; 
 (b) that during the Restricted Period and within the Restricted Area, Executive will not, indirectly or directly, compete with the Company by soliciting,
inducing or influencing any of the Company’s customers that have a business relationship with the Company at any time during the Restricted Period to discontinue or reduce the extent of such relationship with the Company; 
 (c) that during the Restricted Period and within the Restricted Area, Executive will not (i) directly or indirectly recruit any employee of the
Company to discontinue such employment relationship with the Company, or (ii) employ or seek to employ, or cause to permit any business which competes directly or indirectly with the Business of the Company to employ or seek to employ for any
such business any person who is then (or was at any time within six months prior to the date Executive or the competitive business employs or seeks to employ such person) employed by the Company; 
 (d) that during the Restricted Period, Executive will not interfere with, disrupt attempt to disrupt any past or present relationship contractual or
otherwise, between the Company and any Company’s employees. 
 (e) For purposes hereof, “Competition” shall mean any company,
partnership, limited liability company or other entity any portion of whose business directly or indirectly competes with the Business of the Company. 
 (f) In the event that a court of competent jurisdiction shall determine that any provision of this Section 7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only
as to enforcement of this Section 7 within the jurisdiction of such court, such provision shall be interpreted and enforced as if it provided for the maximum restriction permitted under such governing law. 
 (g) If the Executive shall be in violation of any provision of this Section 7, then each time limitation set forth in this Section 7 shall be
extended for a period of time equal to the period of time during which such violation or violations occur. If the Company seeks injunctive relief from such violation in any court, then the covenants set forth in this Section 7 shall be extended
for a period of time equal to the pendency of such proceeding including all appeals by the Executive. 
  

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 8. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION. 
 (a) Executive acknowledges that the Company’s trade secrets, private or secret processes, methods and ideas, as they exist from time to time, and
information concerning the Company’s services, business records and plans, inventions, acquisition strategy, price structure and pricing, discounts, costs, computer programs and listings, source code and/or subject code, copyright trademark
proprietary information, formulae, protocols, forms, procedures, training methods, development technical information, know-how, show-how, new product and service development, advertising budgets, past, present or planned marketing, activities and
procedures, method for operating the Company’s Business, credit and financial data concerning the Company’s customers, and marketing; advertising, promotional and sales strategies, sales presentations, research information, revenues,
acquisitions, practices and plans and information which is embodied in written or otherwise recorded form, and other information of a confidential nature not known publicly or by other companies selling to the same markets and specifically including
information which is mental, not physical (collectively, the “Confidential Information”) are valuable, special and unique assets of the Company, access to and knowledge of which have been provided to Executive by virtue of Executive’s
association with the Company. In light of the highly competitive nature of the industry in which the Company’s business is conducted, Executive agrees that all Confidential Information, heretofore or in the future obtained by Executive as a
result of Executive’s association with the Company shall be considered confidential. 
 (b) The Executive agrees that the Executive
shall (i) hold in confidence and not disclose or make available to any third party any such Confidential Information obtained directly or constructively from the Company, unless so authorized in writing by the Company; (ii) exercise all
reasonable efforts to prevent third parties from gaining access to the Confidential Information; (iii) not use, directly or indirectly. the Confidential information in order to perform the Executive’s duties and responsibilities to the
Company; (iv) restrict the disclosure or availability of the Confidential Information to those who have read and understand this Agreement and who have a need to know the information in order to achieve the purposes of this Agreement without
the prior consent of the Company; (v) not copy or modify any Confidential Information without prior written consent of the Company, provided, however, that such copy or modification of any Confidential Information does not include any
modifications or copying which would otherwise prevent the Executive from performing his/her duties and responsibilities to the Company; (vi) take such other protective measures as may be reasonably necessary to preserve the confidentiality of
the Confidential Information; and (vii) relinquish and require all of its employees to relinquish all rights it may have in any matter, such as drawings, documents, models, samples, photographs, patterns, templates, molds, tools or prototypes,
which may contain, embody or make use of the Confidential Information; promptly delivery to the Company any such matter as the Company may direct at any time, and not retain any copies or other reproductions thereof. 
  

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 (c) Executive further agrees (i) that Executive shall promptly disclose in writing to the Company
all ideas, inventions, improvements and discoveries which may be conceived, made or acquired by Executive as the direct or indirect result of the disclosure by the Company of the Confidential Information to Executive; (ii) that all such ideas,
inventions, improvements and discoveries conceived, made or acquired by Executive, alone or with the assistance of others, relating to the Confidential Information in accordance with the provisions hereof and that Executive shall not acquire any
intellectual property rights under this Agreement except the limited right to use set forth in this Agreement; (iii) that Executive shall assist in the preparation and execution of all applications, assignments and other documents which the
Company may deem necessary to obtain patents, copyrights and the like in the United States and in jurisdictions foreign thereto, and to otherwise protect the Company. 
 (d) Excluded from the Confidential Information, and therefore not subject to the provisions of this Agreement, shall be any information which the Executive can show (i) at the time of disclosure, is in the public
domain as evidenced by printed publications; (ii) after the disclosure, enters the public domain by way of printed publication through no fault of the Executive; (iii) by written documentation was in its possession at the time of
disclosure and which was not acquired directly or indirectly from the Company; or (iv) by written documentation was acquired, after disclosure, from a third party who did not receive it from the Company, and who had the right to disclose the
information without any obligation to hold such information confidential. The foregoing exceptions shall apply only from and after the date that the information becomes generally available to the public or is disclosed to the Executive by a third
party, respectively. Specific information shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general information in the public domain. Additionally, any combination of features shall not be deemed to be
within the foregoing exceptions merely because individual features are in the public domain. If the Executive intends to avail himself/herself of any of the foregoing exceptions, the Executive shall notify the Company in writing of his/her intention
to do so and the basis for claiming the exception. 
 (e) Upon written request of the Company, Executive shall immediately return to the
Company all written materials containing the Confidential Information as well as any other books, records and accounts relating in any manner to the Company or the Business. Executive shall also deliver to the Company written statements signed by
Executive certifying all materials have been returned within five days of receipt of the request. 
 9. ACKNOWLEDGMENT BY EXECUTIVE.
The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Agreement are reasonably necessary to protect the legitimate business interests of the Company, and (b) the restrictions contained herein
(including without limitation the length of the term of the provisions of the covenant not to compete) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. The Executive further acknowledges
and confirms that her full, uninhibited and faithful observance of each of the covenants contained herein will not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair
her ability to obtain employment commensurate with her abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and her family and the satisfaction of the needs of her creditors. The
Executive 

  

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acknowledges and confirms that her special knowledge of the business of the Company is such as would cause the Company serious injury or loss if she were to
use such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms hereof. The Executive further acknowledges that the restrictions contained herein are intended to be, and shall be, for the
benefit of and shall be enforceable by, the Company=s successors and assigns. 
 10. INJUNCTION. It is recognized and hereby
acknowledged by the parties hereto that a breach by the Executive of any of the covenants contained in Sections 7 and 8 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible
to ascertain. As a result, the Executive recognizes and hereby acknowledges that the Company shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained
in Sections 7 and 8 of this Agreement by the Executive or any of her affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the
Company may possess. In addition, upon any violation of the covenants contained in Sections 7 and 8, all severance payments and benefits to which the Executive may be entitled to hereunder shall immediately cease and be without further force and
effect. 
 11. SURVIVAL. The provisions of Sections 7 through 24 shall survive the termination of this Agreement, as applicable.

 12. NOTICES. All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by
courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on
the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S. mail. Notice
shall be sent to the addresses set forth in the introductory paragraph of this Agreement, or to such other address as either party hereto may from time to time give notice of to the other. 
 13. HEADINGS. All sections and descriptive headings of this Agreement are inserted for convenience only, and shall not affect the construction or
interpretation hereof. 
 14. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which, when executed
and delivered, shall be an original, but all counterparts shall together constitute on e and the same instrument. 
 15. ENTIRE
AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and
written, between the Executive and the Company (or any of its Affiliates) with respect to such subject matter. This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive. 
  

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 16. GOVERNING LAW. This Agreement is to be construed and enforced according to the laws of the
State of Florida. The prevailing party shall be entitled to recover legal fees and costs from the other party in any dispute hereunder. The parties agree to accept any service of process by mail and to the exclusive venue of courts of competent
jurisdiction located in Broward County, Florida in any dispute arising out of the employment by the Company of the Executive, compensation or any damages in respect thereof. 
 17. CONSTRUCTION. This Agreement shall not be construed more strictly against one party than the other, merely by virtue of the fact that it may
have been prepared by counsel for one of the parties, it being recognized that both Company and Executive have contributed substantially and materially to the negotiation and preparation of this Agreement. 
 18. SEVERABILITY. Inapplicability or unenforceability of any provision of this Agreement shall not limit or impair the operation or validity of
any other provision of this Agreement or any such other instrument. 
 19. NON-ASSIGNABILITY. The Executive shall not have the right
to assign or delegate her rights or obligations hereunder, or any portion thereof, to any other person. 
 20. BINDING EFFECT. This
Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where applicable, assigns, including, without limitation, any successor to the
Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise. 
 21. WAIVERS. The waiver by either party
hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. 
 22. NO THIRD PARTY BENEFICIARY. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Company, the parties hereto and their
respective heirs, personal representatives, legal representatives, successors and assigns, any rights or remedies under or by reason of this Agreement. 
 23. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT
OF, UNDER OR IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY ENTERING INTO THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR OUT OF THE EMPLOYMENT OF EXECUTIVE BY THE COMPANY, COMPENSATION OR ANY DAMAGES IN RESPECT THEREOF. 
 [Signatures Begin on Following Page] 
  

 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	ELANDIA, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	EXECUTIVE
	
	  

	 Laura Janke Jaeger

  

 13EX-4.(a)

Exhibit 4(a)

Multicurrency Credit Agreement

Among

Cleveland-Cliffs Inc

Various Lenders

From Time to Time Party Hereto

and

Bank of America, N.A.,

as Administrative Agent, Swing Line Lender and L/C Issuer

JPMorgan Chase Bank, N.A.

as Syndication Agent

Banc of America Securities LLC,

and

J.P. Morgan Securities Inc.

as Joint Lead Arrangers and Joint Book Managers

Dated as of August 17, 2007

	 	 	 	 	 	 	 	 	 
	SECTION 1.DEFINITIONS; INTERPRETATION 1
	 	 	 	 
	Section 1.1
	 	Definitions	 	 	1	 
	Section 1.2
	 	Interpretation	 	 	25	 
	Section 1.3
	 	Change in Accounting Principles	 	 	26	 
	Section 1.4
	 	Letter of Credit Amounts	 	 	26	 
	Section 1.5
	 	Exchange Rates; Currency Equivalents	 	 	26	 
	Section 1.6
	 	Additional Alternative Currencies	 	 	27	 
	Section 1.7
	 	Change of Currency	 	 	27	 
	Section 1.8
	 	Rounding	 	 	28	 
	SECTION 2.THE CREDIT FACILITIES
	 	 	28	 
	Section 2.1
	 	Credit Facilities	 	 	28	 
	Section 2.2
	 	Letters of Credit	 	 	29	 
	Section 2.3
	 	Applicable Interest Rates	 	 	37	 

	 	 	 	Section 2.4 Manner of Borrowing Loans and Designating Currency and Applicable
Interest Rates 38	 

	 	 	 	 	 	 	 	 	 
	Section 2.5
	 	Minimum Borrowing Amounts; Maximum Eurocurrency Loans	 	 	41	 
	Section 2.6
	 	Repayment of Loans	 	 	41	 
	Section 2.7
	 	Prepayments	 	 	42	 
	Section 2.8
	 	Payments	 	 	43	 
	Section 2.9
	 	Termination or Reduction of Commitments	 	 	44	 
	Section 2.10
	 	Swing Loans.	 	 	45	 
	Section 2.11
	 	Evidence of Indebtedness	 	 	48	 
	Section 2.12
	 	Fees	 	 	48	 
	Section 2.13
	 	Hedge Agreements	 	 	49	 
	SECTION 3.CONDITIONS PRECEDENT
	 	 	49	 
	Section 3.1
	 	Initial Credit Extension	 	 	49	 
	Section 3.2
	 	All Credit Extensions	 	 	51	 
	SECTION 4.THE GUARANTIES
	 	 	 	 	 	 	51	 
	Section 4.1
	 	Guaranties	 	 	51	 
	Section 4.2
	 	Further Assurances	 	 	52	 
	SECTION 5.REPRESENTATIONS AND WARRANTIES
	 	 	52	 
	Section 5.1
	 	Organization and Qualification	 	 	52	 
	Section 5.2
	 	Authority and Enforceability	 	 	52	 
	Section 5.3
	 	Financial Reports	 	 	53	 
	Section 5.4
	 	No Material Adverse Change	 	 	53	 
	Section 5.5
	 	Litigation and other Controversies	 	 	53	 
	Section 5.6
	 	True and Complete Disclosure	 	 	53	 
	Section 5.7
	 	Use of Proceeds; Margin Stock	 	 	53	 
	Section 5.8
	 	Taxes	 	 	54	 
	Section 5.9
	 	ERISA	 	 	54	 
	Section 5.10
	 	Subsidiaries	 	 	54	 
	Section 5.11
	 	Compliance with Laws	 	 	54	 
	Section 5.12
	 	Environmental Matters	 	 	55	 
	Section 5.13
	 	Investment Company	 	 	55	 
	Section 5.14
	 	Intellectual Property	 	 	55	 
	Section 5.15
	 	Good Title	 	 	55	 
	Section 5.16
	 	Labor Relations	 	 	55	 
	Section 5.17
	 	Capitalization	 	 	55	 
	Section 5.18
	 	Other Agreements	 	 	56	 
	Section 5.19
	 	Governmental Authority and Licensing	 	 	56	 
	Section 5.20
	 	Approvals	 	 	56	 
	Section 5.21
	 	Affiliate Transactions	 	 	56	 
	Section 5.22
	 	Solvency	 	 	56	 
	Section 5.23
	 	Foreign Assets Control Regulations and Anti-Money Laundering	 	 	56	 
	SECTION 6.COVENANTS
	 	 	 	 	 	 	57	 
	Section 6.1
	 	Information Covenants	 	 	57	 
	Section 6.2
	 	Inspections	 	 	60	 
	Section 6.3
	 	Maintenance of Property, Insurance, Environmental Matters, etc	 	 	60	 
	Section 6.4
	 	Preservation of Existence	 	 	61	 
	Section 6.5
	 	Compliance with Laws	 	 	61	 
	Section 6.6
	 	ERISA	 	 	61	 
	Section 6.7
	 	Payment of Taxes	 	 	61	 
	Section 6.8
	 	Books and Records	 	 	61	 
	Section 6.9
	 	Contracts With Affiliates	 	 	62	 
	Section 6.10
	 	No Changes in Fiscal Year	 	 	62	 
	Section 6.11
	 	Change in the Nature of Business	 	 	62	 
	Section 6.12
	 	Indebtedness	 	 	62	 
	Section 6.13
	 	Liens	 	 	64	 
	Section 6.14
	 	Consolidation, Merger, Sale of Assets, etc	 	 	65	 
	Section 6.15
	 	Restricted Investments Prohibited	 	 	66	 
	Section 6.16
	 	Dividends and Certain Other Restricted Payments	 	 	66	 
	Section 6.17
	 	Limitation on Restrictions	 	 	66	 
	Section 6.18
	 	OFAC	 	 	67	 
	Section 6.19
	 	Financial Covenants	 	 	67	 
	Section 6.20
	 	Limitation on Non-Material Subsidiaries	 	 	67	 
	Section 6.21
	 	Limitation on Assets and Operations of Cliffs Sonoma Entities	 	 	68	 
	SECTION 7.EVENTS OF DEFAULT AND REMEDIES
	 	 	68	 
	Section 7.1
	 	Events of Default	 	 	68	 
	Section 7.2
	 	Non-Bankruptcy Defaults	 	 	69	 
	Section 7.3
	 	Bankruptcy Defaults	 	 	70	 
	Section 7.4
	 	Notice of Default	 	 	70	 
	Section 7.5
	 	Expenses	 	 	70	 
	SECTION 8.CHANGE IN CIRCUMSTANCES AND CONTINGENCIES
	 	 	71	 
	Section 8.1
	 	Funding Indemnity	 	 	71	 
	Section 8.2
	 	Illegality	 	 	71	 
	Section 8.3
	 	Inability to Determine Rates	 	 	72	 
	Section 8.4
	 	Increased Costs; Reserves on Eurocurrency Rate Loans	 	 	72	 
	Section 8.5
	 	Substitution of Lenders	 	 	74	 
	Section 8.6
	 	Discretion of Lender as to Manner of Funding	 	 	74	 
	SECTION 9.THE ADMINISTRATIVE AGENT
	 	 	75	 
	Section 9.1
	 	Appointment and Authority	 	 	75	 
	Section 9.2
	 	Rights as a Lender	 	 	75	 
	Section 9.3
	 	Exculpatory Provisions	 	 	75	 
	Section 9.4
	 	Reliance by Administrative Agent	 	 	76	 
	Section 9.5
	 	Delegation of Duties	 	 	76	 
	Section 9.6
	 	Resignation of Administrative Agent	 	 	76	 
	Section 9.7
	 	Non-Reliance on Administrative Agent and Other Lenders	 	 	77	 
	Section 9.8
	 	No Other Duties, Etc	 	 	78	 
	Section 9.9
	 	Guaranty Matters	 	 	78	 

	 	 	 	Section 9.10 Hedging Liability and Funds Transfer and Deposit Account Liability
Arrangements 78	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	SECTION 10.MISCELLANEOUS
	 	 	 	 	 	 	78	 
	Section 10.1
	 	 	 	 	 	Taxes	 	 	78	 
	Section 10.2
	 	 	 	 	 	No Waiver, Cumulative Remedies	 	 	80	 
	Section 10.3
	 	 	 	 	 	Non-Business Days	 	 	81	 
	Section 10.4
	 	 	 	 	 	Documentary Taxes	 	 	81	 
	Section 10.5
	 	 	 	 	 	Survival of Representations	 	 	81	 
	Section 10.6
	 	 	 	 	 	Survival of Indemnities	 	 	81	 
	Section 10.7
	 	 	 	 	 	Sharing of Set-Off	 	 	81	 
	Section 10.8
	 	 	 	 	 	Notices; Effectiveness; Electronic Communication	 	 	82	 
	Section 10.9
	 	 	 	 	 	Counterparts	 	 	84	 
	Section 10.10
	 	 	 	 	 	Successors and Assigns	 	 	84	 
	Section 10.11
	 	 	 	 	 	Amendments	 	 	88	 
	Section 10.12
	 	 	 	 	 	Headings	 	 	89	 
	Section 10.13
	 	 	 	 	 	Expenses; Indemnity; Damage Waiver	 	 	89	 
	Section 10.14
	 	 	 	 	 	Set-off	 	 	91	 
	Section 10.15
	 	 	 	 	 	Payments Set Aside	 	 	91	 
	Section 10.16
	 	 	 	 	 	Treatment of Certain Information; Confidentiality	 	 	92	 
	Section 10.17
	 	 	 	 	 	Entire Agreement	 	 	92	 
	Section 10.18
	 	 	 	 	 	Severability of Provisions	 	 	92	 
	Section 10.19
	 	 	 	 	 	Excess Interest	 	 	93	 
	Section 10.20
	 	 	 	 	 	Construction	 	 	93	 
	Section 10.21
	 	 	 	 	 	USA Patriot Act	 	 	93	 
	Section 10.22
	 	 	 	 	 	Currency	 	 	94	 
	Section 10.23
	 	 	 	 	 	Governing Law; Jurisdiction; Etc	 	 	94	 
	Section 10.24
	 	 	 	 	 	Waiver of Jury Trial	 	 	95	 
	Section 10.25
	 	 	 	 	 	No Advisory or Fiduciary Responsibility	 	 	95	 
	Exhibit A
	 	 	—	 	 	Swing Loan Notice	 	 	 	 
	Exhibit B
	 	 	—	 	 	Notice of Borrowing	 	 	 	 
	Exhibit C
	 	 	—	 	 	Notice of Continuation/Conversion	 	 	 	 
	Exhibit D-1
	 	 	—	 	 	Revolving Note	 	 	 	 
	Exhibit D-2
	 	 	—	 	 	Swing Note	 	 	 	 
	Exhibit D-3
	 	 	—	 	 	Term Note	 	 	 	 
	Exhibit E
	 	 	—	 	 	Compliance Certificate	 	 	 	 
	Exhibit F
	 	 	—	 	 	Assignment and Assumption	 	 	 	 
	Schedule 1(a)
	 	 	—	 	 	Commitments	 	 	 	 
	Schedule 1(b)
	 	 	—	 	 	Mandatory Costs	 	 	 	 
	Schedule 5.3
	 	 	—	 	 	Contingent Liabilities	 	 	 	 
	Schedule 5.5
	 	 	—	 	 	Litigation	 	 	 	 
	Schedule 5.9
	 	 	—	 	 	Welfare Plans	 	 	 	 
	Schedule 5.10(a)
	 	 	—	 	 	Restricted Subsidiaries	 	 	 	 
	Schedule 5.10(b)
	 	 	—	 	 	Unrestricted Subsidiaries	 	 	 	 
	Schedule 5.17
	 	 	—	 	 	Capitalization	 	 	 	 
	Schedule 6.12
	 	 	—	 	 	Existing Indebtedness	 	 	 	 
	Schedule 6.13
	 	 	—	 	 	Existing Liens	 	 	 	 
	Schedule 6.15
	 	 	—	 	 	Permitted Investments	 	 	 	 
	Schedule 6.15(A)
	 	 	—	 	 	Existing Investments in Non-Joint Ventures	 	 	 	 
	Schedule 6.17
	 	 	—	 	 	Limitations on Restrictions	 	 	 	 
	Schedule 10.8
	 	 	—	 	 	Administrative Agent’s Office; Certain Addresses for Notices	 	 	 	 

1

Multicurrency Credit Agreement

This Multicurrency Credit Agreement is entered into as of August 17, 2007, by and among
Cleveland-Cliffs Inc, an Ohio corporation (the “Borrower”), the various institutions from time to
time party to this Agreement as Lenders, Bank of America, N.A. (“Bank of America”), as
Administrative Agent, Swing Line Lender and L/C Issuer and JPMorgan Chase Bank, N.A., as
Syndication Agent.

The Borrower has requested, and the Lenders have agreed to extend, certain credit facilities
on the terms and conditions of this Agreement. In consideration of the mutual agreements set forth
in this Agreement, the parties to this Agreement agree as follows:

SECTION 1. Definitions; Interpretation.

Section 1.1 Definitions. The following terms when used herein shall have the following
meanings:

“Acquisition” means any transaction or series of related transactions for the purpose of or
resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets
of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of
the capital stock, partnership interests, membership interests or equity of any Person (other than
a Person that is a Subsidiary), or (c) a merger or consolidation or any other combination with
another Person (other than a Person that is a Subsidiary), provided that the Borrower or the
Subsidiary is the surviving entity.

“Additional Revolving Commitments” is defined in Section 2.1(b)(ii) hereof.

“Administrative Agent” means Bank of America, N.A., as contractual representative for itself
and the other Lenders and any successor pursuant to Section 9.7 hereof.

“Administrative Agent’s Office” means, with respect to any currency, the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 10.8 with respect to such
currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Borrower and the Lenders.

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

“Affiliate” means any Person directly or indirectly controlling or controlled by, or under
direct or indirect common control with, another Person. A Person shall be deemed to control
another Person for purposes of this definition if such Person possesses, directly or indirectly,
the power to direct, or cause the direction of, the management and policies of the other Person,
whether through the ownership of voting securities, common directors, trustees or officers, by
contract or otherwise; provided that, in any event for purposes of this definition, any Person that
owns, directly or indirectly, 30% or more of the securities having the ordinary voting power for
the election of directors or governing body of a corporation or 30% or more of the partnership or
other ownership interests of any other Person (other than as a limited partner of such other
Person) will be deemed to control such corporation or other Person.

“Agent Fee Letter” means the letter agreement, dated July 19, 2007, among the Borrower, the
Administrative Agent and Banc of America Securities LLC.

“Agreement” means this Multicurrency Credit Agreement, as the same may be amended, modified,
restated or supplemented from time to time pursuant to the terms hereof.

“Alternative Currency” means each of Australian Dollars, Canadian Dollars and Euros and each
other currency (other than U.S. Dollars) that is approved in accordance with Section 1.5.

“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated
in U.S. Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined
by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of
the most recent Revaluation Date) for the purchase of such Alternative Currency with U.S. Dollars.

“Amapa” means MMX Amapá Mineração Ltda., a company organized under the Laws of Brazil.

“Amapa Investment” means, collectively, all Investments by the Borrower and its Subsidiaries
in Amapa.

“Applicable Margin” means, with respect to Loans, L/C Borrowings, and the commitment fees and
letter of credit fees payable under Section 2.12 hereof, (a) from the Closing Date until the first
Pricing Date, the rates per annum shown opposite Level II below, thereafter, from one Pricing Date
to the next, the rates per annum determined in accordance with the following schedule:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Level

	 	Total Funded Debt

to EBITDA ratio for

Such Pricing

Date
	 	Applicable

Margin for Base

Rate Loans and L/C

Borrowings shall

be:
	 	Applicable

Margin for

Eurocurrency Loans

and Letter of

Credit Fee shall

be:
	 	

Applicable

Margin for

Commitment Fee

shall be:

	I

	 	Less than 1.00 to 1.00
	 	 	0.000	%	 	 	0.450	%	 	 	0.090	%
	II

	 	Less than 1.50 to

1.00, but greater

than or equal to 1.00

to 1.00
	 	

0.000%
	 	

0.500%
	 	

0.100%

	III

	 	Less than 2.00 to

1.00, but greater

than or equal to 1.50

to 1.00
	 	

0.000%
	 	

0.625%
	 	

0.125%

	IV

	 	Less than 2.75 to

1.00, but greater

than or equal to 2.00

to 1.00
	 	

0.000%
	 	

0.875%
	 	

0.175%

	V

	 	Greater than or equal

to 2.75 to 1.00
	 	

0.125%
	 	

1.125%
	 	

0.225%

For purposes hereof, the term “Pricing Date” means, for any fiscal quarter of the
Borrower ending on or after September 30, 2007, the date on which the Administrative Agent is in
receipt of the Borrower’s most recent financial statements (and, in the case of the year-end
financial statements, audit report) for the fiscal quarter then ended, pursuant to Section 6.1
hereof. The Applicable Margin shall be established based on the Total Funded Debt to EBITDA ratio
for the most recently completed fiscal quarter and the Applicable Margin established on a Pricing
Date shall remain in effect until the next Pricing Date. If the Borrower has not delivered its
financial statements by the date such financial statements (and, in the case of the year-end
financial statements, audit report) are required to be delivered under Section 6.1 hereof, until
such financial statements and audit report are delivered, the Applicable Margin shall be the
highest Applicable Margin (i.e., the Total Funded Debt to EBITDA ratio shall be deemed to be
greater than or equal to 2.75 to 1.00). If the Borrower subsequently delivers such financial
statements before the next Pricing Date, the Applicable Margin established by such late delivered
financial statements shall take effect from the date of delivery until the next Pricing Date. In
all other circumstances, the Applicable Margin established by such financial statements shall be in
effect from the Pricing Date that occurs immediately after the end of the fiscal quarter covered by
such financial statements until the next Pricing Date. Each determination of the Applicable Margin
made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding
on the Borrower and the Lenders absent manifest error.

“Applicable Rate” is defined in Section 2.12(b) hereof.

“Application” means an application and agreement for the issuance or amendment of a Letter of
Credit in the form from time to time in use by the L/C Issuer.

“Appropriate Lender” means, at any time, (a) with respect to any of the Term Credit Facility
or the Revolving Credit Facility, a Lender that has a Commitment with respect to such Facility or
holds a Term Loan or a Revolving Loan, respectively, at such time, (b) with respect to the Letter
of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant
to Section 2.3(a), the Revolving Lenders and (c) with respect to the Swing Line, (i) the Swing Line
Lender and (ii) if any Swing Loans are outstanding pursuant to Section 2.10(a), the Revolving
Lenders.

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

“Arrangers” means Banc of America Securities LLC and J.P. Morgan Securities Inc., in their
respective capacities as joint lead arrangers and joint book managers.

“Arranger Fee Letter” means the letter agreement, dated July 19, 2007, among the Borrower, the
Administrative Agent, the Arrangers and JPMorgan Chase Bank, N.A.

“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.

“Assignment and Assumption” means 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 10.10), and
accepted by the Administrative Agent, in substantially the form of Exhibit F or any other form
approved by the Administrative Agent.

“Authorized Representative” means those persons shown on the list of officers provided by the
Borrower pursuant to Section 3.1 hereof or on any update of any such list provided by the Borrower
to the Administrative Agent, or any further or different officers of the Borrower so named by any
Authorized Representative of the Borrower in a written notice to the Administrative Agent.

“Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.” 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 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.

“Base Rate Loan” means a Loan bearing interest at a rate specified in Section 2.3(a) hereof.

“Borrower” is defined in the introductory paragraph of this Agreement.

“Borrower Materials” is defined in Section 6.1 hereof.

“Borrowing” means the total of Loans in one Facility of a single type advanced, continued for
an additional Interest Period, or converted from a different type into such type by the Appropriate
Lenders on a single date and, in the case of Eurocurrency Loans, for a single Interest Period.
Borrowings of Loans are made and maintained ratably from each of the Lenders according to their
Percentages under the respective Facility. A Borrowing is “advanced” on the day Lenders advance
funds comprising such Borrowing to the Borrower, is “continued” on the date a new Interest Period
for the same type of Loans commences for such Borrowing, and is “converted” when such Borrowing is
changed from one type of Loan to the other, all as requested by the Borrower pursuant to
Section 2.4(a) hereof.

“Business Day” means 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 with respect to Obligations denominated in U.S. Dollars is located
and:

(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in U.S. Dollars, any fundings, disbursements, settlements and payments in U.S. Dollars
in respect of any such Eurocurrency Loan, or any other dealings in U.S. Dollars to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Loan, means any such day on which
dealings in deposits in U.S. Dollars are conducted by and between banks in the London interbank
eurodollar market;

(b) if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in
Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such
Eurocurrency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in
respect of any such Eurocurrency Loan, means a TARGET Day;

(c) if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in
a currency other than U.S. Dollars or Euro, means any such day on which dealings in deposits in the
relevant currency are conducted by and between banks in the London or other applicable offshore
interbank market for such currency; and

(d) if such day relates to any fundings, disbursements, settlements and payments in a currency
other than U.S. Dollars or Euro in respect of a Eurocurrency Loan denominated in a currency other
than U.S. Dollars or Euro, or any other dealings in any currency other than U.S. Dollars or Euro to
be carried out pursuant to this Agreement in respect of any such Eurocurrency Loan (other than any
interest rate settings), means any such day on which banks are open for foreign exchange business
in the principal financial center of the country of such currency.

“Capital Expenditures” means, with respect to any Person for any period, the aggregate amount
of all expenditures (whether paid in cash or accrued as a liability) by such Person during that
period for the acquisition or leasing (pursuant to a Capital Lease) of fixed or capital assets or
additions to property, plant, or equipment (including replacements and improvements) which should
be capitalized on the balance sheet of such Person in accordance with GAAP.

“Capital Lease” means any lease of Property which in accordance with GAAP is required to be
capitalized on the balance sheet of the lessee.

“Capitalized Lease Obligation” means, for any Person, the amount of the liability shown on the
balance sheet of such Person in respect of a Capital Lease determined in accordance with GAAP.

“Cash Collateralize” is defined in Section 2.2(g) hereof.

“Cash Equivalents” shall mean, as to any Person: (a) investments in direct obligations of the
United States of America or of any agency or instrumentality thereof whose obligations constitute
full faith and credit obligations of the United States of America and securities that are the
direct obligations of any member state of the European Union or any other sovereign nation, which
at the time of acquisition thereof, was not targeted for sanctions by the Office of Foreign Assets
Control of the United States Department of the Treasury so long as the full faith of and credit of
such nation is pledged in support thereof, provided that in each case any such obligations shall
mature within one year of the date of issuance thereof; (b) investments in commercial paper rated
at least P-1 by Moody’s or at least A-1 by S&P or the highest rating available by any other credit
agency of national standing or an equivalent rating from a comparable foreign rating agency, in
each case maturing within one year of the date of issuance thereof; (c) investments in certificates
of deposit or banker’s acceptances issued by any Lender or by any commercial bank having capital
and surplus of not less than U.S. $100,000,000 which have a maturity of one year or less;
(d) investments in repurchase obligations with a term of not more than 7 days for underlying
securities of the types described in clause (a) above entered into with any bank meeting the
qualifications specified in clause (c) above, provided all such agreements require physical
delivery of the securities securing such repurchase agreement, except those delivered through the
Federal Reserve Book Entry System; (e) investments in auction reset securities, which are variable
rate securities with interest rates that reset no less frequently than quarterly in each case rated
“AA” or better by S&P, “Aa2” or better by Moody’s or an equivalent rating by any other credit
rating agency of recognized national standing; (f) investments in variable rate demand notes and
bonds that are credit enhanced by any commercial bank having capital and surplus of not less than
U.S. $100,000,000; and (g) investments in money market funds that invest solely, and which are
restricted by their respective charters to invest solely, in investments of the type described in
the immediately preceding subsections (a), (b), (c), (d), (e) and (f) above.

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§9601 et
seq., and any future amendments.

“Change of Control” shall mean and include any Person or related Persons constituting a
“group” for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended,
becoming the beneficial owner or owners, directly or indirectly, of a majority of the Voting Stock
(determined by number of votes) of the Borrower (the “Beneficial Owners”); provided that a Change
of Control shall not have occurred if the Beneficial Owners include, and are under the general
direction and control of, a member or members of the Current Management Group. As used herein, the
term “Voting Stock” shall mean Securities of any class or classes, the holders of which are
ordinarily, in the absence of contingencies, entitled to elect a majority of the corporate
directors (or Persons performing similar functions). As used herein, the term “Current Management
Group” shall mean Joseph A. Carrabba, William R. Calfee and Donald J. Gallagher and any successors
thereto who are appointed by a majority of the Continuing Directors. As used herein, this term
“Continuing Director” shall mean any director of the Borrower who either (x) is a director of the
Borrower on the date hereof or (y) becomes a director of the Borrower subsequent to the date hereof
but prior to the date of the Change of Control and whose election or nomination for election by the
shareholders of the Borrower was duly approved by at least two-thirds of the Continuing Directors
who were such immediately prior to that time of election or nomination, either by a specific vote
of such Continuing Directors or by approval of the proxy statement issued by the Borrower in which
such individual was named as a nominee for director of the Borrower.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty or (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority.

“Cliffs Erie” Cliffs Erie L.L.C., a Delaware corporation.

“Cliffs Sonoma Entities” means, collectively, Cliffs Australia Washplant Operations Pty Ltd
CAN 123 748 032 and Cliffs Australia Coal Pty Ltd CAN 123 583 326.

“Closing Date” means the date of this Agreement or such later Business Day upon which each
condition described in Section 3.1 shall be satisfied in a manner acceptable to the Administrative
Agent in its discretion.

“Code” means the Internal Revenue Code of 1986, as amended, and any successor statute thereto.

“Commitment” means, as to any Lender, such Lender’s Revolving Credit Commitment and/or Term
Loan Commitment, as the case may be.

“Contingent Obligation” shall mean as to any Person, any obligation of such Person
guaranteeing or intended to guarantee any Indebtedness (“primary obligations”) of any other Person
(the “primary obligor”) in any manner, whether directly or indirectly, including, without
limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such
primary obligation or any Property constituting direct or indirect security therefor, (ii) to
advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (iii) 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 or (iv) 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. The amount of any Contingent Obligation shall be
deemed to be an amount equal to the stated or determinable principal amount of the primary
obligation in respect of which such Contingent Obligation is made 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.

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

“Credit Extension” means the advancing of any Loan, the continuation of or conversion into a
Eurocurrency Loan, or an L/C Credit Extension.

“Damages” means all damages including, without limitation, punitive damages, liabilities,
costs, expenses, losses, judgments, fines, penalties, demands, claims, cost recovery actions,
lawsuits, administrative proceedings, orders, response action, removal and remedial costs,
compliance costs, reasonable investigation expenses, reasonable consultant fees, reasonable
attorneys’ and paralegals’ fees and reasonable litigation expenses.

“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” means any event or condition the occurrence of which would, with the passage of time
or the giving of notice, or both, constitute an Event of Default.

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Loans,
participations in L/C Obligations or participations in Swing Loans required to be funded by it
hereunder within one Business Day of the date required to be funded by it hereunder unless such
failure has been cured, (b) has otherwise failed to pay over to the Administrative Agent or any
other Lender any other amount required to be paid by it hereunder within one Business Day of the
date when due, unless the subject of a good faith dispute or unless such failure has been cured, or
(c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

“Domestic Subsidiary” means each Subsidiary that is not a Foreign Subsidiary.

“EBIT” means, with reference to any period, Net Income for such period plus all amounts
deducted in arriving at such Net Income amount in respect of (a) Interest Expense for such period,
plus (b) federal, state and local income taxes as accrued for such period; provided, however, that
EBIT for any period shall (y) include the EBIT for any Person or business unit that has been
acquired by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior
to the date of acquisition, and (z) exclude the EBIT for any Person or business unit that has been
disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period
prior to the date of disposition.

“EBITDA” means, with reference to any period, Net Income for such period plus all amounts
deducted in arriving at such Net Income amount in respect of (a) Interest Expense for such period,
plus (b) federal, state and local income taxes as accrued for such period, plus (c) depreciation of
fixed assets and amortization of intangible assets for such period; provided, however, that EBITDA
for any period shall (y) include the EBITDA for any Person or business unit that has been acquired
by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the
date of acquisition, and (z) exclude the EBITDA for any Person or business unit that has been
disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period
prior to the date of disposition.

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund,
and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent and
the L/C Issuer, and (ii) unless an Event of Default has occurred and is continuing, the Borrower
(each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates
or Subsidiaries.

“EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as
amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of
1998.

“EMU Legislation” means the legislative measures of the European Council for the introduction
of, changeover to or operation of a single or unified European currency.

“Environmental Claim” means any investigation, notice, violation, demand, allegation, action,
suit, injunction, judgment, order, consent decree, penalty, fine, lien, proceeding or claim
(whether administrative, judicial or private in nature) arising (a) pursuant to, or in connection
with an actual or alleged violation of, any Environmental Law, (b) in connection with any Hazardous
Material, (c) from any abatement, removal, remedial, corrective or response action in connection
with a Hazardous Material, Environmental Law or order of a Governmental Authority or (d) from any
actual or alleged damage, injury, threat or harm to health, safety, natural resources or the
environment.

“Environmental Law” means any current or future Law pertaining to (a) the protection of the
indoor or outdoor environment, (b) the conservation, management or use of natural resources and
wildlife, (c) the protection or use of surface water or groundwater, (d) the management,
manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal,
Release, threatened Release, abatement, removal, remediation or handling of, or exposure to, any
Hazardous Material or (e) pollution (including any Release to air, land, surface water or
groundwater), and any amendment, rule, regulation, order or directive issued thereunder.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute thereto.

“Euro” and “EUR” mean the lawful currency of the Participating Member States introduced in
accordance with the EMU Legislation.

“Eurocurrency Loan” means a Loan bearing interest at the rate specified in Section 2.3(b)
hereof.

“Event of Default” means any event or condition identified as such in Section 7.1 hereof.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer
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), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) except as provided in the following sentence,
in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under
Section 8.5), any withholding tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 10.1(e), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 10.1(a).

“Existing Credit Agreements” means, collectively, (a) that certain Multicurrency Credit
Agreement, dated as of June 23, 2006, as amended, by and among the Borrower, the lenders party
thereto and Fifth Third Bank, as administrative agent thereunder and (b) that certain Credit
Agreement, dated as of July 26, 2007, by and among the Borrower, the lenders party thereto and Bank
of America, as administrative agent thereunder.

“Facility” or “Facilities” means, collectively, (a) the Term Credit Facility and (b) the
Revolving Credit Facility, or as the context may require, any such Facility.

“Fee Letter” means, collectively, the Arranger Fee Letter and the Agent Fee Letter.

“Federal Funds Rate” means, 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 Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (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.

“Foreign Lender” means, with respect to the Borrower, any Lender that is organized under the
laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. For
purposes of this definition, the United States, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

“Foreign Subsidiary” means each Subsidiary which is organized under the Laws of a jurisdiction
other than the United States of America or any state thereof or the District of Columbia.

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

“Funds Transfer and Deposit Account Liability” means the liability of the Borrower or any of
its Subsidiaries owing to any of the Lenders, or any Affiliates of such Lenders, arising out of
(a) the execution or processing of electronic transfers of funds by automatic clearing house
transfer, wire transfer or otherwise to or from the deposit accounts of the Borrower and/or any
Subsidiary now or hereafter maintained with any of the Lenders or their Affiliates, (b) the
acceptance for deposit or the honoring for payment of any check, draft or other item with respect
to any such deposit accounts, and (c) any other deposit, disbursement, and cash management services
afforded to the Borrower or any such Subsidiary by any of such Lenders or their Affiliates.

“GAAP” means generally accepted accounting principles as in effect in the United States as set
forth from time to time in the opinions and pronouncements of the Accounting Principles Board and
the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board (or agencies with similar functions of comparable stature and
authority within the U.S. accounting profession), which are applicable to the circumstances as of
the date of determination.

“Governmental Authority” means the government of the United States or any other nation, or of
any political subdivision thereof, whether state 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).

“Guarantor” means each Material Subsidiary (other than Cleveland-Cliffs International Holding
Company) from time to time party to a Guaranty in accordance with the provisions of Section 4
hereof. As of the Closing Date, the Guarantors are The Cleveland-Cliffs Iron Company, Cliffs
Mining Company, Cliffs Sales Company, Northshore Mining Company, Cliffs Minnesota Mining Company,
PinnOak Resources, LLC, CLF PinnOak LLC, Silver Bay Power Company, Cliffs Empire, Inc. and Cliffs
TIOP, Inc.

“Guaranty” and “Guaranties” each is defined in Section 4.1 hereof.

“Hazardous Material” means (a) any “hazardous chemical” as defined in CERCLA and (b) any
material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an
Environmental Law.

“Hedge Agreement” means any interest rate, currency or commodity swap agreements, cap
agreements, collar agreements, floor agreements, exchange agreements, forward contracts, option
contracts or similar interest rate or currency or commodity hedging arrangements.

“Hedging Liability” means the liability of the Borrower or any Subsidiary to any of the
Lenders, or any Affiliates of such Lenders, in respect of any Hedge Agreement as the Borrower or
such Subsidiary, as the case may be, may from time to time enter into with any one or more of the
Lenders party to this Agreement or their Affiliates.

“Honor Date” is defined in Section 2.2(c)(i) hereof.

“Indebtedness” means for any Person (without duplication) (a) all indebtedness of such Person
for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness for
the deferred purchase price of Property or services, (c) all indebtedness created or arising under
any conditional sale or other title retention agreement with respect to Property acquired by such
Person (even though the rights and remedies of the seller or lender under such agreement in the
event of a default are limited to repossession or sale of such Property), (d) all indebtedness
secured by a purchase money mortgage or other Lien to secure all or part of the purchase price of
Property subject to such mortgage or Lien, (e) all obligations under leases which shall have been
or must be, in accordance with GAAP, recorded as Capital Leases in respect of which such Person is
liable as lessee, (f) any reimbursement liability in respect of banker’s acceptances or letters of
credit, (g) any indebtedness, whether or not assumed, secured by Liens on Property acquired by such
Person at the time of acquisition thereof, (h) all obligations under any so-called “synthetic
lease” transaction entered into by such Person, (i) all obligations under any so-called “asset
securitization” transaction entered into by such Person, and (j) all Contingent Obligations;
provided, however that the term “Indebtedness” shall not include (i) trade payables arising in the
ordinary course of business, (ii) any letter of credit secured by cash or Cash Equivalents, and
(iii) up to U.S. $500,000 in obligations under the Agreement for Loan of Minnesota Investment Fund
dated August 24, 2004 between United Taconite LLC and the Township of McDavitt.

“Indemnitee” is defined in Section 10.13(b) hereof.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Interest Coverage Ratio” means, at any time the same is to be determined, the ratio of (a)
EBIT of the Borrower and its Restricted Subsidiaries for the four fiscal quarters of the Borrower
most recently ended to (b) Interest Expense of the Borrower and its Restricted Subsidiaries for the
same four fiscal quarters most recently ended; provided, however, that Interest Expense for any
period shall (y) include the Interest Expense for any Person or business unit acquired by Borrower
or any of its Restricted Subsidiaries for any portion of such period prior to the date of
acquisition, and (z) exclude the Interest Expense for any Person or business unit that has been
disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period
prior to the disposition.

“Interest Expense” means, with reference to any period, the sum of all interest charges
(including imputed interest charges with respect to Capitalized Lease Obligations and all
amortization of debt discount and expense) of the Borrower and its Restricted Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP.

“Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date
such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan
and ending on the date seven (7) days or one, two, three or six months thereafter (and in the case
of a Eurocurrency Rate Loan disbursed on the Closing Date, the period commencing on the Closing
Date and ending on the date seven (7), fourteen (14) or twenty-one (21) days, or one, two, three or
six months thereafter), as selected by the Borrower in its Notice of Borrowing or such other period
that is twelve months or less requested by the Borrower and consented to by all of the Appropriate
Lenders; provided that:

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be
extended to the next succeeding Business Day unless such Business Day falls in the following
calendar week, in respect of any seven (7), fourteen (14) or twenty-one (21) day Interest Period,
or in another calendar month, in respect of any other Interest Period, in which case such Interest
Period shall end on the next preceding Business Day;

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall end on the last Business Day of the calendar month at the end of such
Interest Period; and

(c) no Interest Period shall extend beyond the Termination Date.

“Investment” means any investment, made in cash or by delivery of property, by the Borrower or
any of its Restricted Subsidiaries (i) in any Person, whether by acquisition of stock, Indebtedness
or other obligation or Security, or by loan, guaranty, advance, capital contribution or otherwise,
or (ii) in Property.

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice, Inc. (or such later version
thereof as may be in effect at the time of issuance).

“Issuer Documents” means with respect to any Letter of Credit, the Application, and any other
document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any
Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit.

“Joint Venture” means any corporation, partnership, limited liability company or other entity
or organization that has Voting Stock directly or indirectly owned by the Borrower; provided,
however, that, notwithstanding this definition, none of the following shall be a Joint Venture
hereunder: (i) any Wholly-Owned Subsidiary, (ii) any trade creditor or customer in which the
Borrower or any of its Subsidiaries has made an Investment pursuant to clause (i) of the definition
of Restricted Investments, (iii) any entity or organization set forth on Schedule 6.15(A), (iv)
Amapa, and (v) any entity or organization in which the Borrower or any of its Subsidiaries has made
an Investment (other than any Investment in an entity or organization that was a Joint Venture
immediately prior to such Investment) pursuant to clause (o) of the definition of Restricted
Investments.

“Joint Venture Equity Investments” means all Investments by the Borrower and its Restricted
Subsidiaries in Joint Ventures that are not Restricted Subsidiaries of the Borrower, which
Investments are made for the purpose of financing Capital Expenditures of a Joint Venture and other
obligations of a Joint Venture, other than those Investments made for the purpose of funding
operating expenses of such Joint Venture.

“Laws” means, collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and binding and enforceable agreements with, any Governmental Authority, in each case
whether or not having the force of law.

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation
in any L/C Borrowing in accordance with its Percentage.

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as a Base Rate Loan
pursuant to Section 2.2.

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof.

“L/C Issuer” means Bank of America.

“L/C Obligations” means, as at any date of determination, an amount equal to the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.4. For all purposes of this Agreement, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of
the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in
the amount so remaining available to be drawn..

“L/C Sublimit” means U.S. $50,000,000, as reduced pursuant to the terms hereof.

“Lenders” means and includes Bank of America, N.A., and the other financial institutions from
time to time party to this Agreement, including each assignee Lender pursuant to Section 10.10
hereof.

“Lending Office” means, as to any Lender, the office or offices of such Lender described as
such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may
from time to time notify in writing to the Borrower and the Administrative Agent. To the extent
reasonably possible, a Lender shall designate an alternative branch or funding office with respect
to its Eurocurrency Loans to reduce any liability of the Borrower to such Lender under Section 8.4
hereof or to avoid the unavailability of Eurocurrency Loans under Section 8.3 hereof, so long as
such designation is not disadvantageous to the Lender.

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

“Letter of Credit Expiration Date” means the day that is 30 days prior to the Termination Date
then in effect (or, if such day is not a Business Day, the next preceding Business Day).

“Letter of Credit Fee” is defined in Section 2.12(b) hereof.

“LIBOR” means, for any Interest Period with respect to a Eurocurrency Loan, the rate per annum
equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or
other 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 Business Days
prior to the commencement of such Interest Period, for deposits in U.S. Dollars or the relevant
Alternative Currency (for delivery on the first day of such Interest Period) with a term equivalent
to such Interest Period. If such rate is not available at such time for any reason, then the
“Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the
Administrative Agent to be the rate at which deposits in the relevant currency for delivery on the
first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency
Loan being made, continued or converted by Bank of America and with a term equivalent to such
Interest Period would be offered by Bank of America’s London Branch (or other Bank of America
branch or Affiliate) to major banks in the London or other offshore interbank market for such
currency at their request at approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such Interest Period.

“Lien” means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind
in respect of any Property, including the interests of a vendor or lessor under any conditional
sale, Capital Lease or other title retention arrangement.

“Loan” means any Revolving Loan, Term Loan or Swing Loan, whether outstanding as a Base Rate
Loan or Eurocurrency Loan or otherwise as permitted hereunder, each of which is a “type” of Loan
hereunder.

“Loan Documents” means this Agreement, the Notes, the Issuer Documents, the Guaranties, the
Fee Letters and each other instrument or document to be executed or delivered by the Borrower or
any Restricted Subsidiary hereunder or thereunder or otherwise in connection therewith, other than
Hedge Agreements.

“Mandatory Cost” means, with respect to any period, the percentage rate per annum determined
in accordance with Schedule 1(b).

“Material Adverse Effect” means (a) a material adverse change in, or material adverse effect
upon, the operations, business, Property or condition (financial or otherwise) of the Borrower and
its Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the
Administrative Agent or any Lender under any Loan Document, or of the ability of the Borrower or
any Restricted Subsidiary to perform its material obligations under any Loan Document to which it
is a party; or (C) a material adverse effect upon the legality, validity, binding effect or
enforceability against the Borrower or any Restricted Subsidiary of any Loan Document to which it
is a party.

“Material Subsidiary” shall mean and include (i) each Wholly-Owned Subsidiary that is a
Domestic Subsidiary, except any Wholly-Owned Subsidiary that is a Domestic Subsidiary and does not
have (together with its Subsidiaries) (a) at the time of determination thereof, consolidated total
assets that constitute more than 10% of the consolidated total assets of the Borrower and its
Subsidiaries at such time and (b) consolidated gross revenues for any fiscal year of the Borrower
ending on or after December 31, 2006, that constitute more than 10% of the consolidated gross
revenues of the Borrower and its Subsidiaries during such fiscal year and (ii) each Domestic
Subsidiary that the Borrower has designated to the Administrative Agent in writing as a Material
Subsidiary. As of the Closing Date, the Material Subsidiaries are The Cleveland-Cliffs Iron
Company, Cliffs Mining Company, Cliffs Sales Company, Northshore Mining Company, Cliffs Minnesota
Mining Company, PinnOak Resources, LLC, CLF PinnOak LLC, Silver Bay Power Company, Cliffs Empire,
Inc., Cliffs TIOP, Inc., and Cleveland-Cliffs International Holding Company.

“Moody’s” means Moody’s Investors Service, Inc.

“Net Income” means, with reference to any period, the net income (or net loss) of the Borrower
and its Restricted Subsidiaries for such period computed on a consolidated basis in accordance with
GAAP; provided that there shall be excluded from Net Income (a) the net income (or net loss) of any
Person accrued prior to the date it becomes a Restricted Subsidiary of, or has merged into or
consolidated with, the Borrower or another Restricted Subsidiary, and (b) the net income (or net
loss) of any Person (other than a Restricted Subsidiary) in which the Borrower or any of its
Restricted Subsidiaries has an equity interest in, except to the extent of the amount of dividends
or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries during
such period.

“Net Worth” means, at any time the same is to be determined, total shareholder’s equity
(including capital stock, additional paid-in capital, and retained earnings after deducting
treasury stock) which would appear on the balance sheet of the Borrower and its Restricted
Subsidiaries determined on a consolidated basis in accordance with GAAP.

“Notes” means and includes the Revolving Notes, Term Notes and the Swing Note.

“Non-Guarantor Subsidiaries” means each Restricted Subsidiary that is not a Guarantor.

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties
of, the Borrower and the Guarantors arising under any Loan Document or otherwise with respect to
any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against the Borrower or any Guarantor
thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

“Other Hedging Liability” means the liability (other than any Hedging Liability) of the
Borrower or any Restricted Subsidiary under any Hedge Agreement.

“Original Dollar Amount” means the amount of any Obligation denominated in U.S. Dollars and,
in relation to any Loan denominated in an Alternative Currency, the U.S. Dollar Equivalent of such
Loan on the day it is advanced or continued for an Interest Period, and, if the applicable Interest
Period is longer than three months, on each day occurring every three months after the commencement
of such Interest Period.

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

“Overnight Rate” means, for any day, (a) with respect to any amount denominated in U.S.
Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, and (b)
with respect to any amount denominated in an Alternative Currency, the rate of interest per annum
at which overnight deposits in the applicable Alternative Currency, in an amount approximately
equal to the amount with respect to which such rate is being determined, would be offered for such
day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for
such currency to major banks in such interbank market.

“Participant” is defined in Section 10.10(d) hereof.

“Participating Member State” means each state so described in any EMU Legislation.

“Participating Interest” is defined in Section 2.2(b)(ii) hereof.

“Participating Lender” is defined in Section 2.2(d) hereof.

“Patriot Act” is defined in Section 5.24(b) hereof.

“PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all
of its functions under ERISA.

“Percentage” means (a) in respect of the Term Credit Facility, with respect to any Term Lender
at any time, the percentage (carried out to the ninth decimal place) of the Total Term Loan
Commitment represented by such Term Lender’s Term Loan Commitment at such time, and (b) in respect
of the Revolving Credit Facility, with respect to any Revolving Lender at any time, the percentage
(carried out to the ninth decimal place) of the Total Revolving Credit Commitment represented by
such Revolving Lender’s Revolving Credit Commitment at such time. If the commitment of each
Revolving Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Sections 7.2 or 7.3, or if the Revolving Credit
Commitments have expired, then the Percentage of each Revolving Lender in respect of the Revolving
Credit Facility shall be determined based on the Percentage of such Revolving Lender in respect of
such Facility most recently in effect, giving effect to any subsequent assignments. The initial
Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender
on Schedule 1(a) or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable.

“Permitted Acquisition” means any Acquisition with respect to which the following condition is
satisfied: after giving effect to the Acquisition, no Default or Event of Default shall exist,
including with respect to the covenants contained in Section 6.19 hereof on a pro forma basis.

“Permitted Investment Amount” means an amount equal to (a) U.S. $150,000,000 plus (b) 20% of
positive Consolidated Net Income for each fiscal year of the Borrower commencing with the
Borrower’s fiscal year ending December 31, 2006.

“Permitted Lien” is defined in Section 6.13 hereof.

“Person” means any natural person, partnership, corporation, limited liability company,
association, trust, unincorporated organization or any other entity or organization, including a
government or agency or political subdivision thereof.

“Portman Limited Facility” means the Facility Agreement dated October 24, 1997, between
Portman Limited and Commonwealth Bank of Australia, as the same has been, and may further be,
amended, modified, supplemented or restated from time to time, as well as any subsequent agreements
between Portman Limited and any other lender(s) entered into to replace such Facility Agreement (or
its replacements).

“Plan” means any employee pension benefit plan covered by Title IV of ERISA or subject to the
minimum funding standards under Section 412 of the Code that either (a) is maintained by a member
of the Controlled Group for employees of a member of the Controlled Group or (b) is maintained
pursuant to a collective bargaining agreement or any other arrangement under which more than one
employer makes contributions and to which a member of the Controlled Group is then making or
accruing an obligation to make contributions or has within the preceding five plan years made
contributions.

“Platform” is defined in Section 6.1 hereof.

“Property” means, as to any Person, all types of real, personal, tangible, intangible or mixed
property owned by such Person whether or not included in the most recent balance sheet of such
Person and its Restricted Subsidiaries under GAAP.

“Project Indebtedness” is defined in Section 6.12(c) hereof.

“Public Lender” is defined in Section 6.1 hereof.

“RCRA” means the Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act of 1976 and Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§6901 et seq.,
and any future amendments.

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

“Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, disposing or migration into the environment.

“Required Lenders” means, as of the date of determination thereof, Lenders whose aggregate
Commitments constitute more than 50% of the Total Commitments, provided that if the Commitments are
terminated pursuant to the terms of this Agreement, “Required Lenders” means as of the date of
determination thereof, Lenders whose outstanding Loans and interests in Swing Loans and Letters of
Credit constitute more than 50% of the sum of the total outstanding Loans and interests in Letters
of Credit; provided further that the Commitment of, and the portion of the outstanding Loans and
interests in Swing Loans and Letters of Credit held or deemed held by, any Defaulting Lender shall,
so long as such Lender is a Defaulting Lender, be excluded for purposes of making a determination
of Required Lenders.

“Responsible Officer” shall mean any of the President, Chairman, Chief Executive Officer,
Chief Operating Officer, Vice Chairman, any Executive Vice President, Chief Financial Officer or
General Counsel, of the Borrower.

“Restricted Investments” means all Investments except the following:

(a) property, plant and equipment to be used in the ordinary course of business of the
Borrower and its Restricted Subsidiaries;

(b) current assets arising from the sale of goods and services in the ordinary course
of business of the Borrower and its Restricted Subsidiaries;

(c) existing Investments in Restricted Subsidiaries disclosed on Schedule 5.10(a)
hereof;

(d) Permitted Acquisitions; provided that the Borrower shall deliver to the
Administrative Agent at least 10 Business Days (or such shorter period as may be agreed to
by the Administrative Agent) prior to any such Acquisition a certificate confirming pro
forma compliance with Section 6.19 hereof;

(e) Investments disclosed on Schedule 6.15, including without limitation, Schedule 6.
15(a), hereof;

(f) Investments in cash and Cash Equivalents;

(g) Pledging Liability and Other Hedging Liability to any other Person, in all cases
incurred in the ordinary course of business and not for speculative purposes;

(h) Contingent Obligations permitted by Section 6.12 hereof;

(i) mergers and consolidations permitted by Section 6.14 hereof;

(j) loans and advances to directors, employees and officers of the Borrower and its
Restricted Subsidiaries for bona fide business purposes in the ordinary course of business;

(k) Investments by the Borrower or any Wholly-Owned Subsidiary that is a Restricted
Subsidiary in or to any other Wholly-Owned Subsidiary that is a Restricted Subsidiary and
Investments by any Restricted Subsidiary in the Borrower or any Wholly-Owned Subsidiary that
is a Restricted Subsidiary;

(l) Investments in securities of trade creditors or customers in the ordinary course of
business that are received (i) in settlement of bona fide disputes or pursuant to any plan
of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of
such trade creditors or customers or (ii) in the settlement of debts created in the ordinary
course of business;

(m) Investments in Joint Ventures (i) for the purpose of financing such entities’ (X)
operating expenses incurred in the ordinary course of business and (Y) reasonable Capital
Expenditures and other reasonable obligations that are accounted for by the Borrower and its
Restricted Subsidiaries as increases in equity in such Joint Ventures;

(n) the Amapa Investment;

(o) Investments of the Borrower and its Restricted Subsidiaries to make acquisitions of
additional mining interests or for other strategic or commercial purposes; provided that,
(i) in no event shall the amount of such Investments exceed the Permitted Investment Amount
and (ii) after giving effect to any such Investment, no Default or Event of Default shall
exist, including with respect to the covenants contained in Section 6.19 hereof on a pro
forma basis; provided further that, in the case of any such Investment in which the
aggregate amount to be invested is greater than U.S. $20,000,000, the Borrower shall deliver
to the Administrative Agent at least 10 Business Days (or such shorter period of time as is
agreed to by the Administrative Agent) prior to such Investment a certificate confirming
such pro forma compliance;

(p) the Sonoma Investment; and

(q) Investments, not otherwise permitted under clauses (a)-(p), of the Borrower and its
Restricted Subsidiaries; provided that the Borrower shall be in pro forma compliance with
Section 6.19 hereof and shall deliver to the Administrative Agent at least 10 Business Days
(or such shorter period as shall be agreed to by the Administrative Agent) prior to any such
Investment a certificate confirming such pro forma compliance.

“Restricted Subsidiary” means each Subsidiary of the Borrower that is not an Unrestricted
Subsidiary.

“Revaluation Date” means with respect to any Loan, each of the following: (a) each date of a
Borrowing of a Eurocurrency Loan denominated in an Alternative Currency, (b) each date of a
continuation of a Eurocurrency Loan denominated in an Alternative Currency pursuant to Section
2.4., and (c) such additional dates as the Administrative Agent shall determine or the Required
Lenders shall require.

“Revolving Credit Commitment” means, as to any Revolving Lender, the obligation of such Lender
to make Revolving Loans and to participate in Swing Loans and Letters of Credit issued for the
account of the Borrower hereunder in an aggregate principal or face amount at any one time
outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1(a) under
the caption “Revolving Credit Commitment” attached hereto and made a part hereof, as the same may
be reduced or modified at any time or from time to time pursuant to the terms hereof. The
aggregate amount of the Revolving Credit Commitments on the date hereof equals U.S. $600,000,000.

“Revolving Credit Facility” means the credit facility for making Revolving Loans and Swing
Loans and issuing Letters of Credit described in Sections 2.1(b), 2.2 and 2.10 hereof.

“Revolving Lender” means each Lender that has a Revolving Credit Commitment or holds a
Revolving Loan.

“Revolving Loan” is defined in Section 2.1(b) hereof.

“Revolving Note” means a promissory note made by the Borrower in favor of a Revolving Lender
evidencing Revolving Loans made by such Revolving Lender, substantially in the form of Exhibit D-1.

“Same Day Funds” means (a) with respect to disbursements and payments in U.S. Dollars,
immediately available funds, and (b) with respect to disbursements and payments in an Alternative
Currency, same day or other funds as may be determined by the Administrative Agent, to be customary
in the place of disbursement or payment for the settlement of international banking transactions in
the relevant Alternative Currency.

“SEC” is defined in Section 6.1(f) hereof.

“Security” shall have the same meaning as in Section 2(1) of the Securities Act of 1933, as
amended.

“Sonoma” means the unincorporated joint venture formed by QCoal Sonoma Pty Ltd, Watami (Qld)
Pty .Ltd, CSC Sonoma Pty Ltd, JS Sonoma Pty Ltd and Cliffs Australia Coal Pty Ltd, a Wholly-Owned
Subsidiary of the Borrower, for the purpose of mining and developing a coal mine in Queensland,
Australia, including the construction of a washplant by Cliffs Australia Washplant Operations Pty
Ltd, an indirectly held Wholly-Owned Subsidiary of the Borrower.

“Sonoma Investment” means, collectively, all Investments by the Borrower and its Restricted
Subsidiaries in Sonoma.

“Spot Rate” means, for a currency, the rate determined by the Administrative Agent to be the
rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person
of such currency with another currency through its principal foreign exchange trading office at
approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign
exchange computation is made; provided that the Administrative Agent may obtain such spot rate from
another financial institution designated by the Administrative Agent if the Person acting in such
capacity does not have as of the date of determination a spot buying rate for any such currency.

“Standard Permitted Liens” means, with respect to any Person, any of the following:

(a) inchoate Liens for the payment of taxes which are not yet due and payable or, in
the case of the Borrower or any of its Restricted Subsidiaries, the payment of which is not
required by Section 6.7;

(b) Liens arising by statute in connection with worker’s compensation, unemployment
insurance, old age benefits, social security obligations, taxes, assessments, statutory
obligations or other similar charges (other than Liens arising under ERISA);

(c) mechanics’, workmen’s, materialmen’s, landlords’, carriers’ or other similar Liens
arising in the ordinary course of business with respect to obligations which are not due or
which are being contested in good faith by appropriate proceedings which prevent enforcement
of the matter under contest;

(d) Liens created by or pursuant to this Agreement;

(e) any interest or title of a lessor under any operating lease;

(f) easements, rights-of-way, restrictions, and other similar encumbrances against real
property incurred in the ordinary course of business which, in the aggregate, are not
substantial in amount and which do not materially detract from the value of the Property
subject thereto or materially interfere with the ordinary conduct of the business of such
Person;

(g) Liens of or resulting from any judgment or award, the time for the appeal or
petition for rehearing of which shall not have expired, or in respect of which such Person
shall at any time in good faith be prosecuting an appeal or proceeding for a review and in
respect of which a stay of execution pending such appeal or proceeding for review shall have
been secured, provided that, the aggregate amount of such judgments or awards secured by
Liens permitted under this subsection, including interest and penalties thereon, if any,
shall not be in excess of U.S. $20,000,000 (except to the extent fully (excluding any
deductibles or self-insured retention) covered by insurance pursuant to which the insurer
has accepted liability therefor in writing) at any one time outstanding;

(h) Liens in the nature of royalties, dedications of reserves or similar rights or
interests granted, taken subject to or otherwise imposed on properties consistent with
normal practices in the iron ore mining industry;

(i) Liens 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
Indebtedness) or arising by virtue of deposits made in the ordinary course of business to
security liability for premiums to insurance carriers and/or benefit obligations to
claimants;

(j) leases or subleases of properties, in each case entered into in the ordinary course
of business so long as such leases or subleases do not, individually or in the aggregate,
(i) interfere in any material respect with the ordinary conduct of the business of the
Borrower and its Restricted Subsidiaries or (ii) materially impair the use (for its intended
purposes) or the value of the Property subject thereto;

(k) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of business in
accordance with the past business practices of such Person, and any products or proceeds
thereof to the extent covered by such Liens;

(l) 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, 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 cash management
and operating account arrangements, including those involving pooled accounts and netting
arrangements; 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 Indebtedness;

(m) the filing of UCC financing statements in connection with operating leases,
consignment of goods or bailment agreements; and

(n) Liens securing reimbursement obligations with respect to trade or commercial
letters of credit that encumber only the documents underlying such letters of credit and any
products or proceeds thereof to the extent covered by such Liens.

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

“Subsidiary” means, as to any particular parent corporation or organization, any other
corporation or organization more than 50% of the outstanding Voting Stock of which is at the time
directly or indirectly owned by such parent corporation or organization or by any one or more other
entities which are themselves subsidiaries of such parent corporation or organization.

“Swing Line” means the credit facility for making one or more Swing Loans described in
Section 2.10 hereof.

“Swing Line Lender” means Bank of America in its capacity as provider of Swing Loans, or any
successor swing line lender hereunder.

“Swing Line Sublimit” means U.S. $30,000,000, as reduced pursuant to the terms hereof.

“Swing Loan” and “Swing Loans” each is defined in Section 2.10 hereof.

“Swing Loan Notice” means a notice of a Borrowing of Swing Loans pursuant to Section 2.10(b),
which, if in writing, shall be substantially in the form of Exhibit A and appropriately completed
and signed by a Responsible Officer of the Borrower.

“Swing Note” means a promissory note made by the Borrower in favor of Swing Line Lender
evidencing Swing Loans made by the Swing Line Lender, substantially in the form of Exhibit D-2.

“Syndication Agent” means JPMorgan Chase Bank, N.A., and any other Lender as may be designated
from time to time by the Borrower as a syndication agent, with the consent of such Lender and the
Arrangers.

“TARGET Day” means any day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such
other payment system (if any) determined by the Administrative Agent to be a suitable replacement)
is open for the settlement of payments in Euro.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto.

“Term Credit Facility” means the credit facility for making Term Loans described in
Section 2.1(a) hereof.

“Term Lender” means each Lender that has a Term Loan Commitment or holds a Term Loan.

“Term Loan” is defined in Section 2.1(a) hereof.

“Term Loan Commitment” means, as to any Term Lender, the obligation of such Lender to make its
Term Loan to the Borrower hereunder in an aggregate principal or face amount at any one time
outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1(a) under
the caption “Term Loan Commitment” attached hereto and made a part hereof. The aggregate amount of
the Term Loan Commitments on the date hereof equals U.S. $200,000,000.

“Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing
Term Loans made by such Term Lender, substantially in the form of Exhibit D-3.

“Termination Date” means August 17, 2012, or such earlier date on which the Commitments are
terminated in whole pursuant to Section 2.9, 7.2 or 7.3 hereof.

“Total Commitments” means the sum of the Total Revolving Credit Commitments and the Total Term
Loan Commitments.

“Total Consideration” means, with respect to an Acquisition, the sum (but without duplication)
of (a) cash paid in connection with any Acquisition, (b) indebtedness payable to the seller in
connection with such Acquisition, (c) the fair market value of any equity securities, including any
warrants or options therefor, delivered in connection with any Acquisition, (d) the present value
of covenants not to compete entered into in connection with such Acquisition or other future
payments which are required to be made over a period of time and are not contingent upon the
Borrower or its Restricted Subsidiary meeting financial performance objectives (exclusive of
salaries paid in the ordinary course of business) (discounted at the Base Rate), but only to the
extent not included in clause (a), (b) or (c) above, and (e) the amount of Indebtedness assumed in
connection with such Acquisition.

“Total Funded Debt” means, at any time the same is to be determined, the aggregate of all
Indebtedness of the Borrower and its Restricted Subsidiaries at such time.

“Total Revolving Credit Commitments” means, at any time, the aggregate amount of Revolving
Credit Commitments, which shall be Six Hundred Million Dollars (U.S. $600,000,000) on the Closing
Date and which may be increased pursuant to Section 2.1(b)(ii) hereof or decreased pursuant to
Section 2.9 or other applicable provisions hereof.

“Total Term Loan Commitments” means, at any time, the aggregate amount of Term Loan
Commitments, which shall be Two Hundred Million Dollars (U.S. $200,000,000) on the Closing Date.

“Unfunded Vested Liabilities” means, for any Plan at any time, the amount (if any) by which
the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair
market value of all Plan assets allocable to such benefits, all determined as of the then most
recent valuation date for such Plan, but only to the extent that such excess represents a potential
liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA.

“Unreimbursed Amount” is defined in Section 2.2(c)(i) hereof.

“Unrestricted Subsidiary” means any Subsidiary of the Borrower designated, from time to time,
by the Borrower in writing to the Administrative Agent as an Unrestricted Subsidiary; provided,
however, that at the time of such designation (a) no Default or Event of Default shall have
occurred and be continuing or would result therefrom, (b) such Subsidiary, together with all other
Subsidiaries then designated as Unrestricted Subsidiaries shall not account for more than 15% of
consolidated revenues or consolidated EBITDA of the Borrower, as measured as of the end of the most
recently completed fiscal quarter of the Borrower for the period of four consecutive fiscal
quarters of the Borrower then-ended, (c) after giving effect to such designation, the Borrower
shall be in pro forma compliance with each of the financial covenants set forth in Section 6.19,
and (d) the Borrower shall have delivered to the Administrative Agent a certificate, in form and
substance reasonably satisfactory to the Administrative Agent, signed by a Responsible Officer of
the Borrower certifying that the conditions set forth in clauses (a) through (c) above are
satisfied (which certificate shall attach supporting information and calculations with respect to
the requirements set forth in clauses (b) and (c) above).

“Unused Commitments” means, at any time, the difference between the Revolving Credit
Commitments then in effect and the aggregate outstanding principal amount of Revolving Loans and
L/C Obligations.

“U.S. Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in
U.S. Dollars, such amount, and (b) with respect to any amount denominated in any Alternative
Currency, the equivalent amount thereof in U.S. Dollars as determined by the Administrative Agent
at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of U.S. Dollars with such Alternative Currency.

“U.S. Dollars” and “U.S. $” each means the lawful currency of the United States of America.

“Voting Stock” of any Person means capital stock or other equity interests of any class or
classes (however designated) having ordinary power for the election of directors or other similar
governing body of such Person (including, without limitation, general partners of a partnership),
other than stock or other equity interests having such power only by reason of the happening of a
contingency.

“Wabush Mines Joint Venture” means the Borrower’s 26.83 percent ownership interest in a
contractual Joint Venture in respect of mining assets located Newfoundland and Quebec, Canada.

“Welfare Plan” means a “welfare plan” as defined in Section 3(1) of ERISA.

“Wholly-Owned Subsidiary” means, at any time, any Subsidiary all of the Voting Stock (except
directors’ qualifying shares) of which are owned by any one or more of the Borrower and the
Borrower’s other Wholly-Owned Subsidiaries at such time.

Section 1.2 Interpretation. The foregoing definitions are equally applicable to both the
singular and plural forms of the terms defined. The words “hereof”, “herein”, and “hereunder” and
words of like import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement. All references to time of day herein are references
to New York, New York time unless otherwise specifically provided. Where the character or amount
of any asset or liability or item of income or expense is required to be determined or any
consolidation or other accounting computation is required to be made for the purposes of this
Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent
with the specific provisions of this Agreement. All terms that are used in this Agreement which
are defined in the Uniform Commercial Code of the State of Ohio as in effect from time to time
(“UCC”) shall have the same meanings herein as such terms are defined in the UCC, unless this
Agreement shall otherwise specifically provide.

Section 1.3 Change in Accounting Principles. If, after the date of this Agreement, there
shall occur any change in GAAP from those used in the preparation of the financial statements
referred to in Section 5.3 hereof and such change shall result in a change in the method of
calculation of any financial covenant, standard or term found in this Agreement, either the
Borrower or the Required Lenders may by notice to the Lenders and the Borrower, respectively,
require that the Lenders and the Borrower negotiate in good faith to amend such covenants,
standards, and term so as equitably to reflect such change in accounting principles, with the
desired result being that the criteria for evaluating the financial condition of the Borrower and
its Restricted Subsidiaries shall be the same as if such change had not been made. No delay by the
Borrower or the Required Lenders in requiring such negotiation shall limit their right to so
require such a negotiation at any time after such a change in accounting principles. Until any
such covenant, standard, or term is amended in accordance with this Section 1.3, financial
covenants shall be computed and determined in accordance with GAAP in effect prior to such change
in accounting principles. Without limiting the generality of the foregoing, the Borrower shall
neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance
with any financial covenant hereunder if such state of compliance or noncompliance, as the case may
be, would not exist but for the occurrence of a change in accounting principles after the date
hereof.

Section 1.4 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in
effect at such time; provided, however, that with respect to any Letter of Credit that, by its
terms or the terms of any Issuer Document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

Section 1.5 Exchange Rates; Currency Equivalents. (a) The Administrative Agent shall
determine the Spot Rates as of each Revaluation Date to be used for calculating the U.S. Dollar
Equivalent of the aggregate outstanding amount denominated in Alternative Currencies and shall
provide notice of the same to the Borrower. Such Spot Rates shall become effective as of such
Revaluation Date and shall be the Spot Rates employed in converting any amounts between the
applicable currencies until the next Revaluation Date to occur. Except for purposes of financial
statements delivered by the Borrower hereunder or calculating financial covenants hereunder or
except as otherwise provided herein, the applicable amount of any currency (other than U.S.
Dollars) for purposes of the Loan Documents shall be such U.S. Dollar Equivalent amount as so
determined by the Administrative Agent.

(b) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or
prepayment of a Eurocurrency Loan, an amount, such as a required minimum or multiple amount, is
expressed in U.S. Dollars, but such Borrowing or Eurocurrency Loan is denominated in an Alternative
Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount
(rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded
upward), as determined by the Administrative Agent.

Section 1.6 Additional Alternative Currencies. (a) The Borrower may from time to time request
that Eurocurrency Loans be made in a currency other than those specifically listed in the
definition of “Alternative Currency;” provided that such requested currency is a lawful currency
(other than U.S. Dollars) that is readily available and freely transferable and convertible into
U.S. Dollars. In the case of any such request with respect to the making of Eurocurrency Loans,
such request shall be subject to the approval of the Administrative Agent and the Revolving
Lenders.

(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20
Business Days prior to the date of the desired Borrowing (or such other time or date as may be
agreed by the Administrative Agent, in its sole discretion). The Administrative Agent shall
promptly notify each Revolving Lender of such request for Eurocurrency Loans. Each Revolving
Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after
receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency
Loans in such requested currency.

(c) Any failure by a Revolving Lender to respond to such request within the time period
specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender to
permit Eurocurrency Loans to be made in such requested currency. If the Administrative Agent and
all the Revolving Lenders consent to making Eurocurrency Loans in such requested currency, the
Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for
all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Eurocurrency
Loans. If the Administrative Agent shall fail to obtain consent to any request for an additional
currency under this Section 1.6, the Administrative Agent shall promptly so notify the Borrower.

Section 1.7 Change of Currency. (a) Each obligation of the Borrower to make a payment
denominated in the national currency unit of any member state of the European Union that adopts the
Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of
such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any
such member state, the basis of accrual of interest expressed in this Agreement in respect of that
currency shall be inconsistent with any convention or practice in the London interbank market for
the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by
such convention or practice with effect from the date on which such member state adopts the Euro as
its lawful currency; provided that if any Borrowing in the currency of such member state is
outstanding immediately prior to such date, such replacement shall take effect, with respect to
such Borrowing, at the end of the then current Interest Period.

(b) Each provision of this Agreement shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect
the adoption of the Euro by any member state of the European Union and any relevant market
conventions or practices relating to the Euro.

(c) Each provision of this Agreement also shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect
a change in currency of any other country and any relevant market conventions or practices relating
to the change in currency.

Section 1.8 Rounding. Any financial ratios required to be maintained by the Borrower pursuant
to this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

	 	 	 
	SECTION 2.The Credit Facilities.

	Section 2.1

	 	Credit Facilities.

(a) Term Loan Commitments. Each Term Lender severally and not jointly agrees, subject to the
terms and conditions hereof, to make a loan (each individually a “Term Loan” and, collectively, the
“Term Loans”) in U.S. Dollars to the Borrower on the Closing Date in an amount not to exceed such
Term Lender’s Term Loan Commitment. Amounts borrowed under this Section 2.1(a) and repaid or
prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Loans, as further
provided herein. Notwithstanding anything to the contrary contained herein, Term Loans shall not
be denominated in an Alternative Currency.

(b) Revolving Credit Facility.

(i) Revolving Credit Commitments. Prior to the Termination Date, each Revolving
Lender severally and not jointly agrees, subject to the terms and conditions hereof, to
make revolving loans (each individually a “Revolving Loan” and, collectively, the
“Revolving Loans”) in U.S. Dollars and Alternative Currencies to the Borrower from time to
time in an aggregate outstanding Original Dollar Amount up to the amount of such Revolving
Lender’s Revolving Credit Commitment; provided, however, the sum of the (i) aggregate
Original Dollar Amount of Revolving Loans, (ii) the aggregate principal amount of Swing
Loans and (iii) the aggregate principal amount of L/C Obligations at any time outstanding
shall not exceed the Total Revolving Credit Commitments in effect at such time. Each
Borrowing of Revolving Loans shall be made ratably by the Revolving Lenders in proportion
to their respective Percentages. As provided in Section 2.4(a), and subject to the terms
hereof, the Borrower may elect that each Borrowing of Revolving Loans denominated in U.S.
Dollars be either Base Rate Loans or Eurocurrency Loans. All Loans denominated in an
Alternative Currency shall be Eurocurrency Loans. Revolving Loans may be repaid and
reborrowed before the Termination Date, subject to the terms and conditions hereof.

(ii) Revolving Credit Commitment Increases. The Borrower shall be entitled to request
that the Total Revolving Credit Commitments be increased by an aggregate amount not to
exceed Two Hundred Million Dollars (U.S. $200,000,000) less the aggregate amount of all
prior increases of the Total Revolving Credit Commitments pursuant to this Section
2.1(b)(ii) (such additional Revolving Commitments are referred to herein as the “Additional
Revolving Commitments”); provided that in no event shall the Total Revolving Credit
Commitments exceed at any time Eight Hundred Million Dollars (U.S. $800,000,000); and
provided further that (i) at the time of giving effect to any such Revolving Credit
Commitment increase, no Default or Event of Default then exists, (ii) the Borrower gives
the Revolving Lenders thirty (30) days prior written notice of such election, (iii) any
such increase shall be in a minimum amount of U.S. $50,000,000, (iv) no Revolving Lender
shall be obligated to increase such Revolving Lender’s Revolving Credit Commitment without
such Revolving Lender’s written consent, which may be withheld in such Revolving Lender’s
sole discretion, (v) the Administrative Agent is able to arrange, on a best efforts basis,
any needed Additional Revolving Commitment amounts, which Additional Revolving Commitments
shall be subject to the terms hereof and the other Loan Documents, and (vi) any Person
providing any Additional Revolving Commitment amount must be reasonably acceptable to the
Administrative Agent, the L/C Issuer, the Swing Line Lender and the Borrower, if such
Person is not already a Revolving Lender. In connection with any such increase in the
Total Revolving Credit Commitments the parties shall execute any documents reasonably
requested in connection with or to evidence such increase, including without limitation, an
amendment to this Agreement.

(iii) Adjustments. On the date (“Funding Date”) of any increase in the Total
Revolving Credit Commitments permitted by this Agreement, which date shall be designated by
the Administrative Agent, each Revolving Lender who has an Additional Revolving Commitment
shall fund to the Administrative Agent such amounts as may be required to cause each such
Revolving Lender to hold its Percentage of Revolving Loans based upon the Revolving Credit
Commitments as of such Funding Date, and the Administrative Agent shall distribute the
funds so received to the other Revolving Lenders in such amounts as may be required to
cause each of them to hold its Percentage of Revolving Loans as of such Funding Date. The
Revolving Lenders receiving such amounts to be applied to Eurocurrency Loans may demand
payment of the breakage costs under Section 8.1 hereof as though the Borrower had elected
to prepay such Eurocurrency Loans on such date and the Borrower shall pay the amount so
demanded as provided in Section 8.1. The first payment of interest and Letter of Credit
Fees received by the Administrative Agent after such Funding Date shall be paid to the
Revolving Lenders in amounts adjusted to reflect the adjustments of their respective
Percentages as of the Funding Date. On the Funding Date each Revolving Lender shall be
deemed to have either sold or purchased, as applicable, a participating interest in L/C
Obligations and L/C Borrowings so that upon consummation of all such sales and purchases
each Revolving Lender, other than the Lender acting as the L/C Issuer, holds an undivided
participating interest in each Letter of Credit and each L/C Borrowing equal to such
Revolving Lender’s Percentage as of such Funding Date.

Section 2.2 Letters of Credit.

(a) The Letter of Credit Commitment.

(i) Subject to the terms and conditions set forth herein, (1) the L/C Issuer agrees,
in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.2, (A)
from time to time on any Business Day during the period from the Closing Date until the
Letter of Credit Expiration Date, to issue Letters of Credit for the account of the
Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by
it, in accordance with subsection (b) below, and (B) to honor drawings under the Letters of
Credit; and (2) the Revolving Lenders severally agree to participate in Letters of Credit
issued for the account of the Borrower or its Subsidiaries and any drawings thereunder;
provided that after giving effect to any L/C Credit Extension with respect to any Letter of
Credit, (x) the aggregate Original Dollar Amount of Revolving Loans plus the aggregate
principal amount of L/C Obligations then outstanding shall not exceed the Total Revolving
Credit Commitments then in effect, (y) the aggregate Original Dollar Amount of Revolving
Loans of any Revolving Lender, plus such Revolving Lender’s Percentage of the aggregate
amount of L/C Obligations then outstanding, plus such Revolving Lender’s Percentage of the
aggregate amount of Swing Loans shall not exceed such Revolving Lender’s Revolving Credit
Commitment, and (z) the aggregate amount of L/C Obligations shall not exceed the L/C
Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit
shall be deemed to be a representation by the Borrower that the L/C Credit Extension so
requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s
ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower
may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit
that have expired or that have been drawn upon and reimbursed.

(ii) The L/C Issuer shall not issue any Letter of Credit, if:

(1) the expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance or last extension, unless the Required Lenders have
approved such expiry date; or

(2) the expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Revolving Lenders have approved such expiry date.

(iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

(1) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit,
or any Law applicable to the L/C Issuer or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer
shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of
credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer
with respect to such Letter of Credit any restriction, reserve or capital requirement (for
which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing
Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which the L/C Issuer in good faith deems material to
it;

(2) the issuance of such Letter of Credit would violate one or more policies of the L/C
Issuer applicable to letters of credit generally;

(3) such Letter of Credit is to be denominated in a currency other than U.S. Dollars;

(4) a default of any Revolving Lender’s obligations to fund under Section 2.2(c) exists
or any Revolving Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer
has entered into satisfactory arrangements with the Borrower or such Revolving Lender to
eliminate the L/C Issuer’s risk with respect to such Revolving Lender.

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not
be permitted at such time to issue such Letter of Credit in its amended form under the
terms hereof.

(v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (1)
the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

(vi) The L/C Issuer shall act on behalf of the Revolving Lenders with respect to any
Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer
shall have all of the benefits and immunities (1) provided to the Administrative Agent in
Section 9 with respect to any acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Section 9 included the L/C Issuer with respect to such acts or omissions,
and (B) as additionally provided herein with respect to the L/C Issuer.

(b) Procedures for Issuance and Amendment of Letters of Credit.

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative
Agent) in the form of an Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Application must be received by the L/C Issuer and the
Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later
date and time as the Administrative Agent and the L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of
amendment, as the case may be. In the case of a request for an initial issuance of a
Letter of Credit, such Application shall specify in form and detail satisfactory to the L/C
Issuer: (1) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (2) the amount thereof; (3) the expiry date thereof; (4) the name and
address of the beneficiary thereof; (5) the documents to be presented by such beneficiary
in case of any drawing thereunder; (6) the full text of any certificate to be presented by
such beneficiary in case of any drawing thereunder; and (7) the purpose and nature of the
requested Letter of Credit. In the case of a request for an amendment of any outstanding
Letter of Credit, such Application shall specify in form and detail satisfactory to the L/C
Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof
(which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such
other matters as the L/C Issuer may require. Additionally, the Borrower shall furnish to
the L/C Issuer and the Administrative Agent such other documents and information pertaining
to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as the L/C Issuer or the Administrative Agent may, in its reasonable discretion, deem
necessary.

(ii) Promptly after receipt of any Application, the L/C Issuer will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has
received a copy of such Application from the Borrower and, if not, the L/C Issuer will
provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received
written notice from any Revolving Lender, the Administrative Agent or the Borrower, at
least one Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained in Section 3
shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C
Issuer shall, on the requested date, issue a Letter of Credit for the account of the
Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case
may be, in each case in accordance with the L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product
of such Revolving Lender’s Percentage times the amount of such Letter of Credit.

(iii) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

(c) Drawings and Reimbursements; Funding of Participations.

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the
Administrative Agent thereof. Not later than 3:00 p.m. on the date of any payment by the
L/C Issuer under a Letter of Credit, if the Administrative Agent has provided notice of
such drawing by 11:00 a.m. on such date, or by 3:00 p.m. on the next Business Day if notice
of such drawing is given after 11:00 a.m. on the date of such drawing (each such date, an
“Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent
in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse
the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving
Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Revolving Lender’s Percentage thereof. In such event, the
Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the
minimum and multiples specified in Section 2.5 for the principal amount of Base Rate Loans,
but subject to the amount of the unutilized portion of the Total Revolving Credit
Commitments and the conditions set forth in Section 3.2 (other than the delivery of a
Notice of Borrowing). Any notice given by the L/C Issuer or the Administrative Agent
pursuant to this Section 2.2(c)(i) may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

(ii) Each Revolving Lender shall upon any notice pursuant to Section 2.2(c)(i) make
funds available to the Administrative Agent for the account of the L/C Issuer at the
Administrative Agent’s Office in an amount equal to its Percentage of the Unreimbursed
Amount not later than 1:00 p.m. on the Business Day specified in such notice by the
Administrative Agent, whereupon, subject to the provisions of Section 2.2(c)(iii), each
Revolving Lender that so makes funds available shall be deemed to have made a Base Rate
Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so
received to the L/C Issuer.

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Borrowing of Base Rate Loans because the conditions set forth in Section 3.2 cannot be
satisfied or for any other reason, the Borrower shall be deemed to have incurred from the
L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so
refinanced, which L/C Borrowing shall be due and payable on demand (together with interest)
and shall bear interest at a rate per annum equal to the sum of 2.0% plus the Applicable
Margin plus the Base Rate. In such event, each Revolving Lender’s payment to the
Administrative Agent for the account of the L/C Issuer pursuant to Section 2.2(c)(ii) shall
be deemed payment in respect of its participation in such L/C Borrowing and shall
constitute an L/C Advance from such Revolving Lender in satisfaction of its participation
obligation under this Section 2.2.

(iv) Until each Revolving Lender funds its Base Rate Loan or L/C Advance pursuant to
this Section 2.2(c) to reimburse the L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Revolving Lender’s Percentage of such amount shall be
solely for the account of the L/C Issuer.

(v) Each Revolving Lender’s obligation to make Base Rate Loans or L/C Advances to
reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section 2.2(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Revolving Lender may have against the L/C Issuer, the Borrower or any other
Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C)
any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Revolving Lender’s obligation to make Base Rate Loans pursuant
to this Section 2.2(c) is subject to the conditions set forth in Section 3.2 (other than
delivery by the Borrower of a Notice of Borrowing). No such making of an L/C Advance shall
relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for
the amount of any payment made by the L/C Issuer under any Letter of Credit, together with
interest as provided herein.

(vi) If any Revolving Lender fails to make available to the Administrative Agent for
the account of the L/C Issuer any amount required to be paid by such Revolving Lender
pursuant to the foregoing provisions of this Section 2.2(c) by the time specified in
Section 2.2(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Lender
(acting through the Administrative Agent), on demand, such amount with interest thereon for
the period from the date such payment is required to the date on which such payment is
immediately available to the L/C Issuer at a rate per annum equal to the greater of the
Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the L/C Issuer in connection with the foregoing. If such
Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Revolving Lender’s Base Rate Loan included in the relevant Borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate
of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with
respect to any amounts owing under this clause (vi) shall be conclusive absent manifest
error.

(d) Repayment of Participations.

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Revolving Lender such Revolving Lender’s L/C Advance in respect of
such payment in accordance with Section 2.2(c), if the Administrative Agent receives for
the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of
Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Revolving Lender its Percentage thereof in the same funds as those
received by the Administrative Agent.

(ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.2(c)(i) is required to be returned under any of the
circumstances described in Section 10.15 (including pursuant to any settlement entered into
by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative
Agent for the account of the L/C Issuer its Percentage thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the date such
amount is returned by such Revolving Lender, at a rate per annum equal to the Federal Funds
Rate from time to time in effect. The obligations of the Revolving Lenders under this
clause shall survive the payment in full of the Obligations and the termination of this
Agreement.

(e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement,
or any other Loan Document;

(ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Restricted Subsidiary may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such beneficiary or any
such transferee may be acting), the L/C Issuer or any other Person, whether in connection
with this Agreement, the transactions contemplated hereby or by such Letter of Credit or
any agreement or instrument relating thereto, or any unrelated transaction;

(iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

(iv) subject to the second proviso set forth in Section 2.2(f) below, any payment by
the L/C Issuer under such Letter of Credit against presentation of a draft or certificate
that does not strictly comply with the terms of such Letter of Credit; or any payment made
by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in
bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator,
receiver or other representative of or successor to any beneficiary or any transferee of
such Letter of Credit, including any arising in connection with any proceeding under any
Debtor Relief Law; or

(v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Restricted Subsidiary.

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that
is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions
or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be
conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents
unless such notice is given as aforesaid.

(f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under
a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other
than any sight draft, certificates and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the L/C Issuer, the Administrative
Agent, any of their respective Related Parties nor any correspondent, participant or assignee of
the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Revolving Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; provided, however, that this assumption is not intended to, and shall not,
preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or
transferee at Law or under any other agreement. None of the L/C Issuer, the Administrative Agent,
any of their respective Related Parties nor any correspondent, participant or assignee of the L/C
Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v)
of Section 2.2(e); provided, however, that anything in such clauses to the contrary
notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to
pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In
furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason.

(g) Cash Collateral. Upon the request of the Administrative Agent, if, as of the Letter of
Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall
immediately Cash Collateralize the then aggregate amount of L/C Obligations. Sections 2.7, 7.2 and
7.3 set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes
of this Agreement, “Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the L/C Issuer and the Revolving Lenders, as collateral
for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and
substance satisfactory to the Administrative Agent and the L/C Issuer (which documents are hereby
consented to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower
hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the Revolving
Lenders, a security interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing
deposit accounts at Bank of America.

(h) Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer and the
Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of
Credit.

(i) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and
the terms of any Issuer Document, the terms hereof shall control.

(j) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued
or outstanding hereunder is in support of any obligations of, or is for the account of, a
Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all
drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of
Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that
the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.3 Applicable Interest Rates. (a) Base Rate Loans. Subject to the provisions of
clause (d) below, each Base Rate Loan made or maintained by a Lender shall bear interest (computed
on the basis of a year of 365 or 366 days, as applicable, and the actual days elapsed) on the
unpaid principal amount of such Loan from the date such Loan is advanced or created by conversion
from a Eurocurrency Loan until the Termination Date (whether by acceleration or otherwise) at a
rate per annum equal to the sum of the Applicable Margin plus the Base Rate from time to time in
effect, payable in arrears on the last Business Day of each month and on the Termination Date
(whether by acceleration or otherwise).

(b) Eurocurrency Loans. Subject to the provisions of clause (d) below, each Eurocurrency Loan
made or maintained by a Lender shall bear interest during each Interest Period it is outstanding
(computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal
amount thereof from the date such Loan is advanced, continued or created by conversion from a Base
Rate Loan until the Termination Date (whether by acceleration or otherwise) at a rate per annum
equal to the sum of the Applicable Margin plus LIBOR applicable for such Interest Period plus (in
the case of a Eurocurrency Loan of any Lender which is lent from a Lending Office in the United
Kingdom or a Participating Member State) the Mandatory Cost, payable in arrears on the last day of
the Interest Period and on the Termination Date (whether by acceleration or otherwise), and, if the
applicable Interest Period is longer than three months, on each day occurring every three months
after the commencement of such Interest Period.

(c) Swing Loans. Subject to the provisions of clause (d) below, each Swing Loan shall bear
interest (computed on the basis of a year of 365 or 366 days, as applicable, and the actual days
elapsed) on the unpaid principal amount of such Loan from the date such Loan is advanced until the
Termination Date (whether by acceleration or otherwise) at a rate per annum equal to the sum of the
Applicable Margin plus the Base Rate from time to time in effect, payable in arrears on the last
Business Day of each month and on the Termination Date (whether by acceleration or otherwise).

(d) Default Rate. While any Event of Default exists or after acceleration, the Borrower shall
pay interest (after as well as before entry of judgment thereon to the extent permitted by Law and
before and after the commencement of any proceeding under any Debtor Relief Law) on the principal
amount of all Loans owing by it at a rate per annum equal to:

(i) for any Base Rate Loan (including any Swing Loan), the sum of 2.0% per annum plus
the Applicable Margin plus the Base Rate from time to time in effect;

(ii) for any Eurocurrency Loan denominated in U.S. Dollars, the sum of 2.0% plus the
rate of interest in effect thereon (including any Mandatory Cost) at the time of such Event
of Default until the end of the Interest Period applicable thereto and, thereafter, at a
rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus
the Base Rate from time to time in effect; and

(iii) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of
2.0% plus the rate of interest in effect thereon at the time of such Event of Default until
the end of the Interest Period applicable thereto and, thereafter, at a rate per annum
equal to the sum of (A) the Applicable Margin for Eurocurrency Loans plus (B)  2% plus
(C) the rate of interest per annum as determined in good faith by the Administrative Agent
(rounded upwards, if necessary, to the next higher 1/100,000 of 1%) at which overnight or
weekend deposits (or, if such amount due remains unpaid more than three Business Days, then
for such other period of time not longer than one month as the Administrative Agent may
elect in good faith) of the relevant Alternative Currency for delivery in immediately
available and freely transferable funds would be offered by the Administrative Agent to
major banks in the interbank market upon request of such major banks for the applicable
period as determined above and in an amount comparable to the unpaid principal amount of
any such Eurocurrency Loan (or, if the Administrative Agent is not placing deposits in such
currency in the interbank market, then the Administrative Agent’s cost of funds in such
currency for such period);

provided, however, prior to acceleration, any increase in interest rates pursuant to this Section
shall be made at the election of the Administrative Agent, acting at the request or with the
consent of the Required Lenders, with written notice to the Borrower. While any Event of Default
exists or after acceleration, interest shall be paid on demand of the Administrative Agent, acting
at the request or with the consent of the Required Lenders.

(e) Rate Determinations. The Administrative Agent shall determine each interest rate
applicable to the Loans and L/C Borrowings hereunder, and its determination thereof shall be
conclusive and binding except in the case of manifest error. The Original Dollar Amount of each
Eurocurrency Loan denominated in an Alternative Currency shall be determined or redetermined, as
applicable, effective as of the first day of each Interest Period applicable to such Loan.

Section 2.4 Manner of Borrowing Loans and Designating Currency and Applicable Interest Rates.
(a) Notice to the Administrative Agent. Each Borrowing of Revolving Loans, the Borrowing of Term
Loans, each conversion of Term Loans or Revolving Loans from Base Rate Loans to Eurocurrency Loans
and Eurocurrency Loans to Base Rate Loans, and each continuation of Eurocurrency Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by
telephone and promptly confirmed in writing, substantially in the form attached hereto as Exhibit B
(Notice of Borrowing) or Exhibit C (Notice of Continuation/Conversion), as applicable, or in such
other form acceptable to the Administrative Agent. Each such notice must be received by the
Administrative Agent by no later than 12:00 p.m.: (i) at least four (4) Business Days before the
date on which the Borrower requests the Lenders to advance a Borrowing of, conversion to or
continuation of Eurocurrency Loans denominated in an Alternative Currency, (ii) at least 3 Business
Days before the date on which the Borrower requests the Lenders to advance a Borrowing of,
conversion to or continuation of Eurocurrency Loans denominated in U.S. Dollars and (iii) on the
date the Borrower requests the Lenders to advance a Borrowing of or conversion to Base Rate Loans;
provided, however, that if the Borrower wishes to request Eurocurrency Loans having an Interest
Period other than seven (7) days or one, two, three or six months (or in respect of Eurocurrency
Loans made on the Closing Date , fourteen (14) or twenty-one (21) days) in duration as provided in
the definition of “Interest Period,” the applicable notice must be received by the Administrative
Agent not later than 12:00 p.m. (i) three Business Days prior to the requested date of such
Borrowing, conversion or continuation of Eurocurrency Loans denominated in U.S. Dollars, or (ii)
four Business Days prior to the requested date of such Borrowing, conversion or continuation of
Eurocurrency Loans denominated in Alternative Currencies, whereupon the Administrative Agent shall
give prompt notice to the Appropriate Lenders of such request and determine whether the requested
Interest Period is acceptable to all of them. Not later than 12:00 p.m., (i) two Business Days
prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Loans
denominated in U.S. Dollars, or (ii) three Business Days prior to the requested date of such
Borrowing, conversion or continuation of Eurocurrency Loans denominated in Alternative Currencies,
the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or
not the requested Interest Period has been consented to by all of the Appropriate Lenders. The
Loans included in each Borrowing shall bear interest initially at the type of rate specified in
such notice. All notices concerning the advance, continuation or conversion of a Borrowing shall
specify the date of the requested advance, continuation or conversion of a Borrowing (which shall
be a Business Day), the amount of the requested Borrowing to be advanced, which existing Term Loans
or Revolving Loans are to be continued or converted, the type of Loans to comprise such new,
continued or converted Borrowing and, if such Borrowing is to be comprised of Eurocurrency Loans,
the currency and Interest Period applicable thereto. The Borrower agrees that the Administrative
Agent may rely on any such telephonic or telecopy notice given by any person the Administrative
Agent in good faith believes is an Authorized Representative without the necessity of independent
investigation (the Borrower hereby indemnifying the Administrative Agent from any liability or loss
ensuing from such reliance) and, in the event any such notice by telephone conflicts with any
written confirmation, such telephonic notice shall govern if the Administrative Agent has acted in
reliance thereon.

(b) Notice to the Lenders. The Administrative Agent shall give prompt telephonic or telecopy
notice to each Appropriate Lender of any notice from the Borrower received pursuant to
Section 2.4(a) above and, if such notice requests such Lenders to make Eurocurrency Loans, the
Administrative Agent shall give notice to the Borrower and each such Lender of the interest rate
applicable thereto promptly after the Administrative Agent has made such determination and, if such
Borrowing is denominated in an Alternative Currency, shall give notice by such means to the
Borrower and such Lender of the Original Dollar Amount thereof.

(c) Borrower’s Failure to Notify; Automatic Continuations and Conversions; Defaults.

(i) Except as otherwise provided herein, a Eurocurrency Loan may be continued or
converted only on the last day of an Interest Period for such Eurocurrency Loan. If the
Borrower fails to give proper notice of the continuation or conversion of any outstanding
Borrowing of Eurocurrency Loans denominated in U.S. Dollars before the last day of its then
current Interest Period within the period required by Section 2.4(a) or, whether or not
such notice has been given, one or more of the conditions set forth in Section 3.2 for the
continuation or conversion of a Borrowing of Eurocurrency Loans would not be satisfied, and
such Borrowing is not prepaid in accordance with Section 2.7(a), such Borrowing shall
automatically be converted into a Borrowing of Base Rate Loans. If the Borrower fails to
give proper notice of the continuation of any outstanding Borrowing of Eurocurrency Loans
denominated in an Alternative Currency before the last day of its then current Interest
Period within the period required by Section 2.4(a) and has not notified the Administrative
Agent within the period required by Section 2.7(a) that it intends to prepay such
Borrowing, such Borrowing shall automatically be continued as a Borrowing of Eurocurrency
Loans in the same Alternative Currency with an Interest Period of one month.

(ii) During the existence of a Default, no Loans may be requested as, converted to or
continued as Eurocurrency Loans (whether in U.S. Dollars or any Alternative Currency)
without the consent of the Required Lenders, and the Required Lenders may demand that any
or all of the then outstanding Eurocurrency Loans denominated in an Alternative Currency be
prepaid, or redenominated into U.S. Dollars in the amount of the U.S. Dollar Equivalent
thereof, on the last day of the then current Interest Period with respect thereto.

(d) Disbursement of Loans. Not later than 2:00 p.m. on the date of any requested advance of a
new Borrowing, subject to Section 3 hereof, each Appropriate Lender shall make available its Loan
comprising part of such Borrowing in funds immediately available at the Administrative Agent’s
Office. The Administrative Agent shall make the proceeds of each new Borrowing available to the
Borrower at the Administrative Agent’s Office, except that if such Borrowing is denominated in an
Alternative Currency each Appropriate Lender shall, subject to Section 3 hereof, make available its
Loan comprising part of such Borrowing at such account with such financial institution as the
Administrative Agent has previously specified in a notice to each such Lender, in such funds as are
then customary for the settlement of international transactions in such currency and no later than
such local time as is necessary for such funds to be received and transferred to the Borrower for
same day value on the date of the Borrowing. The Administrative Agent shall make the proceeds of
each new Borrowing denominated in U.S. Dollars available to the Borrower at such account with such
financial institution as the Administrative Agent has previously agreed to with the Borrower, and
the Administrative Agent shall make the proceeds of each new Borrowing denominated in an
Alternative Currency available at such account with such financial institution as the
Administrative Agent has previously agreed to with the Borrower, in each case in the type of funds
received by the Administrative Agent from the Appropriate Lenders.

(e) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent
shall have received notice from a Lender prior to the proposed date of any Borrowing of
Eurocurrency Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the
date of such Borrowing) that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with this Section 2.4 (or, in the case of a
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and
at the time required by this Section 2.4) and may, in reliance upon such assumption, make available
to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and
the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in Same Day Funds with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (1) in the case of a payment to be made by such Lender, the Overnight
Rate, plus any administrative, processing or similar fees customarily charged by the Administrative
Agent in connection with the foregoing, and (2) in the case of a payment to be made by the
Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the
Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the
Borrower for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such
Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent. A
notice of the Administrative Agent to any Lender with respect to any amount owing under this
subsection (e) shall be conclusive, absent manifest error.

(f) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term
Loans and Revolving Loans, to fund participations in Letters of Credit and Swing Loans and to make
payments pursuant to Section 10.13(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any payment under Section 10.13(c) 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, to purchase its participation or to make its payment under Section 10.13(c).

Section 2.5 Minimum Borrowing Amounts; Maximum Eurocurrency Loans. Each Borrowing of Base
Rate Loans shall be in an amount not less than U.S. $250,000. Each Borrowing of Eurocurrency Loans
advanced, continued or converted under the Revolving Credit Facility shall be in an amount not less
than an Original Dollar Amount of U.S. $1,000,000 or such greater amount in units of the relevant
currency as would have the Original Dollar Amount most closely approximating U.S. $100,000 or an
integral multiple thereof. Without the Administrative Agent’s consent, there shall not be more
than eight (8) Borrowings of Eurocurrency Loans outstanding hereunder at any one time; provided
that only one such Eurocurrency Loan may have an Interest Period of seven (7) days at any one time.

Section 2.6 Repayment of Loans.

(a) The Borrower shall repay to the Term Lenders on the Termination Date the aggregate
principal amount of Term Loans, together with interest thereon, outstanding on such date.

(b) The Borrower shall repay to the Revolving Lenders on the Termination Date the aggregate
principal amount of Revolving Loans, together with interest thereon, outstanding on such date.

(c) The Borrower shall repay each Swing Loan, together with interest thereon, on the earlier
to occur of (i) the date fifteen (15) Business Days after such Swing Loan is made and (ii) the
Termination Date.

Section 2.7 Prepayments. (a) Voluntary. The Borrower may, upon notice to the Administrative
Agent, at any time or from time to time voluntarily prepay the Term Loans or Revolving Loans in
whole or in part without premium or penalty (except as set forth in Section 8.1 below); provided
that (i) such notice must be received by the Administrative Agent no later than 11:00 a.m. (x)
3 Business Days prior to any date of prepayment of Eurocurrency Loans denominated in U.S. Dollars,
(y) 4 Business Days prior to any date of prepayment of Eurocurrency Loans denominated in an
Alternative Currency, or (z) on the date of prepayment of Base Rate Loans, (or, in each case, such
shorter period of time then agreed to by the Administrative Agent), (ii) any prepayment of Base
Rate Loans shall be in a principal amount not less than U.S. $250,000, (iii) any prepayment of
Eurocurrency Loans denominated in U.S. Dollars shall be in a principal amount not less than U.S.
$1,000,000, and (iv) any prepayment of Eurocurrency Loans denominated in an Alternative Currency
shall be in a principal amount for which the U.S. Dollar Equivalent is not less than U.S.
$1,000,000 or, in each case, if less, the entire principal amount thereof then outstanding. Each
such notice shall specify the date and amount of such prepayment and the type(s) of Loans to be
prepaid and, if Eurocurrency Loans are to be prepaid, the Interest Period(s) of such Loans. Any
prepayment of a Eurocurrency Loans shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 8.1.

(b) Mandatory. (i)The Borrower shall, on each date the Total Revolving Credit Commitments are
reduced pursuant to Section 2.9, prepay the Revolving Loans and Swing Loans and, if necessary, Cash
Collateralize the L/C Obligations by the amount, if any, necessary to reduce the sum of the
aggregate principal amount of Revolving Loans, Swing Loans and L/C Obligations then outstanding to
the amount to which the Total Revolving Credit Commitments have been so reduced.

(ii) If at any time the sum of the aggregate Original Dollar Amount of the Revolving
Loans, Swing Loans and the L/C Obligations then outstanding shall be in excess of the Total
Revolving Credit Commitments then in effect, the Borrower shall, within three (3) days of
such date and without notice or demand, pay over the amount of the excess to the
Administrative Agent for the account of the Revolving Lenders as and for a mandatory
prepayment on such Obligations, with each such prepayment first to be applied to the Swing
Loans then outstanding until payment in full thereof, with any remaining balance to be
applied to the Revolving Loans then outstanding until payment in full thereof, with any
remaining balance to be held by the Administrative Agent as Cash Collateral for the L/C
Obligations.

(iii) Unless the Borrower otherwise directs, prepayments of Loans under this
Section 2.7(b) in U.S. Dollars shall be applied first to Borrowings of Base Rate Loans
until payment in full thereof with any balance applied to Borrowings of Eurocurrency Loans
denominated in U.S. Dollars in the order in which their Interest Periods expire and
prepayments made in Alternative Currencies under this Section 2.7(b) shall be applied to
Borrowings in such Alternative Currency in the order in which their Interest Periods
expire. Each prepayment of Loans under this Section 2.7(b) shall be made by the payment of
the principal amount to be prepaid and, in the case of Eurocurrency Loans, accrued interest
thereon to the date of prepayment together with any amounts due the Revolving Lenders under
Section 8.1 hereof. Cash Collateralization of L/C Obligations shall be made in accordance
with Section 2.2(g) hereof. The Administrative Agent will promptly advise each Revolving
Lender of any notice of prepayment it receives from the Borrower.

Section 2.8 Payments. (a) Place of Payments. All payments to be made by the Borrower shall
be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except
as otherwise expressly provided herein, all payments by the Borrower hereunder and the other Loan
Documents, shall be made by the Borrower to the Administrative Agent by no later than 2:00 p.m. on
the due date thereof at the Administrative Agent office (or such other location as the
Administrative Agent may designate to the Borrower) or, if such payment is to be made in an
Alternative Currency, no later than 12:00 noon local time at the place of payment at such account
with such financial institution as the Administrative Agent has previously specified in a notice to
the Borrower for the benefit of the Lender or Lenders entitled thereto. Any payments received
after such time shall be deemed to have been received by the Administrative Agent on the next
Business Day. All such payments shall be made (i) in U.S. Dollars, in Same Day Funds at the place
of payment, or (ii) in the case of amounts denominated in an Alternative Currency, in such
Alternative Currency in such funds then customary for the settlement of international transactions
in such currency, in each case without deduction, set-off or counterclaim. The Administrative
Agent will promptly thereafter cause to be distributed like funds relating to the payment of
principal or interest on Loans ratably to the Lenders and like funds relating to the payment of any
other amount payable to any Lender to such Lender, in each case to be applied in accordance with
the terms of this Agreement.

(b) Funding By Borrower. 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 or the L/C Issuer 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 Appropriate Lenders or the
L/C Issuer, 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 Appropriate Lenders or the L/C Issuer, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or the L/C Issuer, in Same Day Funds 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 Overnight Rate. A notice of the Administrative Agent the Borrower
with respect to any amount owing under this Section 2.8 shall be conclusive, absent manifest error.

(c) Application of Payments. Anything contained herein to the contrary notwithstanding,
(x) pursuant to the exercise of remedies under Sections 7.2 and 7.3 hereof or (y) after written
instruction by the Required Lenders after the occurrence and during the continuation of an Event of
Default, all payments and collections received in respect of the Obligations by the Administrative
Agent or any of the Lenders shall be remitted to the Administrative Agent and distributed as
follows:

First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent) payable to the Administrative Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest and Letter of Credit Fees) payable to the
Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the
respective Lenders and the L/C Issuer (including fees and time charges for attorneys who may
be employees of any Lender or the L/C Issuer)) and amounts payable under Section 8.4,
ratably among them in proportion to the respective amounts described in this clause Second
payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter
of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuer in proportion to the respective amounts described in
this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the
Loans, L/C Borrowings and Hedging Liability and Funds Transfer and Deposit Account
Liability, ratably among the Lenders, the L/C Issuer and their Affiliates in proportion to
the respective amounts described in this clause Fourth held by them;

Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize
that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of
Credit; and

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full,
to the Borrower or as otherwise required by Law.

Subject to Section 2.3(c), amounts used to Cash Collateralize the aggregate undrawn amount of
Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such
Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above.

Section 2.9 Termination or Reduction of Commitments. (a) Revolving Credit Commitments. The
Borrower shall have the right at any time and from time to time, upon 3 Business Days prior written
notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative
Agent), to terminate the Total Revolving Credit Commitments in whole or in part, any partial
termination to be (i) in an amount equal to U.S. $1,000,000 or such greater amount that is an
integral multiple of U.S. $100,000 and (ii) allocated ratably among the Revolving Lenders in
proportion to their respective Percentages, provided that the Total Revolving Credit Commitments
may not be reduced to an amount less than the sum of the aggregate principal amount of Swing Loans
and L/C Obligations and the Original Dollar Amount of Revolving Loans then outstanding. Any
termination of the Total Revolving Credit Commitments below the L/C Sublimit then in effect shall
reduce the L/C Sublimit by a like amount. Any termination of the Total Revolving Credit
Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a
like amount. The Administrative Agent shall give prompt notice to each Revolving Lender of any
such termination of the Total Revolving Credit Commitments. Any termination of the Total Revolving
Credit Commitments pursuant to this Section 2.9 may not be reinstated.

(b) Term Loan Commitments. The aggregate Term Loan Commitments shall be automatically and
permanently reduced to zero on the Closing Date.

Section 2.10 Swing Loans.

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line
Lender agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section
2.10, to make loans in U.S. Dollars (each such loan, a “Swing Loan” and collectively, the “Swing
Loans”) to the Borrower from time to time on any Business Day from the Closing Date until the
Termination Date in an aggregate amount not to exceed at any time outstanding the amount of the
Swing Line Sublimit, notwithstanding the fact that such Swing Loans, when aggregated with the
Percentage of the Original Dollar Amount of all Revolving Loans then outstanding and the L/C
Obligations then outstanding of the Lender acting as Swing Line Lender, may exceed the amount of
such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Swing
Loan, (i) the aggregate Original Dollar Amount of Revolving Loans plus the aggregate principal
amount of L/C Obligations then outstanding shall not exceed the Total Revolving Credit Commitments
then in effect, and (ii) the aggregate Original Dollar Amount of Revolving Loans of any Revolving
Lender (other than the Swing Line Lender), plus such Revolving Lender’s Percentage of the aggregate
amount of L/C Obligations then outstanding, plus such Revolving Lender’s Percentage of the
aggregate amount of Swing Loans shall not exceed such Revolving Lender’s Revolving Credit
Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.10, prepay under Section 2.7, and reborrow under this
Section 2.10. Each Swing Loan shall be a Base Rate Loan. Immediately upon the making of a Swing
Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from the Swing Line Lender a risk participation in such Swing Loan in an amount equal
to the product of such Revolving Lender’s Percentage times the amount of such Swing Loan.

(b) Borrowing Procedures. Each Borrowing of Swing Loans shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of U.S. $250,000 or such greater amount that is an integral
multiple of U.S. $100,000, and (ii) the requested borrowing date, which shall be a Business Day.
Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the
Administrative Agent of a written Swing Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any
telephonic Swing Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has also received such Swing Loan Notice
and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in
writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone
or in writing) from the Administrative Agent (including at the request of any Revolving Lender)
prior to 2:00 p.m. on the date of the proposed Borrowing (1) directing the Swing Line Lender not to
make such Swing Loan as a result of the limitations set forth in the first proviso to the first
sentence of Section 2.10(a), or (2) that one or more of the applicable conditions specified in
Section 3 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line
Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Loan Notice,
make the amount of its Swing Loan available to the Borrower at its office by crediting the account
of the Borrower on the books of the Swing Line Lender in Same Day Funds.

(c) Refinancing of Swing Loans.

(i) The Swing Line Lender at any time in its sole and absolute discretion may request,
on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal
to such Revolving Lender’s Percentage of the amount of Swing Loans then outstanding. Such
request shall be made in writing (which written request shall be deemed to be a Notice of
Borrowing for purposes hereof) and in accordance with the requirements of Section 2.4,
without regard to the minimum and multiples specified therein for the principal amount of
Base Rate Loans, but subject to the unutilized portion of the Total Revolving Credit
Commitments and the conditions set forth in Section 3.2. The Swing Line Lender shall
furnish the Borrower with a copy of the applicable Notice of Borrowing promptly after
delivering such notice to the Administrative Agent. Each Revolving Lender shall make an
amount equal to its Percentage of the amount specified in such Notice of Borrowing
available to the Administrative Agent in Same Day Funds for the account of the Swing Line
Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified
in such Notice of Borrowing, whereupon, subject to Section 2.10(c)(ii), each Revolving
Lender that so makes funds available shall be deemed to have made a Revolving Loan to the
Borrower in such amount. The Administrative Agent shall remit the funds so received to the
Swing Line Lender.

(ii) If for any reason any Swing Loan cannot be refinanced by such a Borrowing in
accordance with Section 2.10(c)(i), the request for Base Rate Loans submitted by the Swing
Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender
that each of the Revolving Lenders fund its risk participation in the relevant Swing Loan
and each Revolving Lender’s payment to the Administrative Agent for the account of the
Swing Line Lender pursuant to Section 2.10(c)(i) shall be deemed payment in respect of such
participation.

(iii) If any Revolving Lender fails to make available to the Administrative Agent for
the account of the Swing Line Lender any amount required to be paid by such Revolving
Lender pursuant to the foregoing provisions of this Section 2.10(c) by the time specified
in Section 2.10(c)(i), the Swing Line Lender shall be entitled to recover from such
Revolving Lender (acting through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the Swing Line Lender at a rate per annum equal to
the applicable Overnight Rate from time to time in effect, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with
the foregoing. If such Revolving Lender pays such amount (with interest and fees as
aforesaid), the amount so paid shall constitute such Revolving Lender’s Revolving Loan
included in the relevant Borrowing or funded participation in the relevant Swing Loan, as
the case may be. A certificate of the Swing Line Lender submitted to any Revolving Lender
(through the Administrative Agent) with respect to any amounts owing under this clause
(iii) shall be conclusive absent manifest error.

(iv) Each Revolving Lender’s obligation to make Revolving Loans or to purchase and
fund risk participations in Swing Loans pursuant to this Section 2.10(c) shall be absolute
and unconditional and shall not be affected by any circumstance, including (1) any setoff,
counterclaim, recoupment, defense or other right which such Revolving Lender may have
against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever,
(2) the occurrence or continuance of a Default, or (3) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, however, that each
Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.10(c) is
subject to the conditions set forth in Section 3.2. No such funding of risk participations
shall relieve or otherwise impair the obligation of the Borrower to repay Swing Loans,
together with interest as provided herein.

(d) Repayment of Participations.

(i) At any time after any Revolving Lender has purchased and funded a risk
participation in a Swing Loan, if the Swing Line Lender receives any payment on account of
such Swing Loan, the Swing Line Lender will distribute to such Revolving Lender its
Percentage thereof in the same funds as those received by the Swing Line Lender.

(ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Loan is required to be returned by the Swing Line Lender under any of
the circumstances described in Section 10.15 (including pursuant to any settlement entered
into by the Swing Line Lender in its discretion), each Revolving Lender shall pay to the
Swing Line Lender its Percentage thereof on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a
rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make
such demand upon the request of the Swing Line Lender. The obligations of the Revolving
Lenders under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

(e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for
invoicing the Borrower for interest on the Swing Loans. Until each Revolving Lender funds its Base
Rate Loan or risk participation pursuant to this Section 2.10 to refinance such Revolving Lender’s
Percentage of any Swing Loan, interest in respect of such Percentage shall be solely for the
account of the Swing Line Lender.

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal
and interest in respect of the Swing Loans directly to the Swing Line Lender.

Section 2.11 Evidence of Indebtedness. (a) The Credit Extensions made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit
Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure
to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any
Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to
such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the
date, type (if applicable), amount and maturity of its Loans and payments with respect thereto.

(b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing
Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

Section 2.12 Fees. (a) Commitment Fee. The Borrower shall pay to the Administrative Agent
for the ratable account of the Revolving Lenders according to their Percentages a commitment fee at
the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and
the actual number of days elapsed) on the average daily Unused Commitments. Such commitment fee
shall be payable quarterly in arrears on the last Business Day of each March, June, September, and
December in each year (commencing on the first such date occurring after the date hereof) and on
the Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier
date, in which event the commitment fee for the period to the date of such termination in whole
shall be paid on the date of such termination.

(b) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account
of each Revolving Lender in accordance with its Percentage a Letter of Credit fee (the “Letter of
Credit Fee”) for each Letter of Credit equal to the Applicable Margin then in effect for
Eurocurrency Loans (the “Applicable Rate”) times the daily amount available to be drawn under such
Letter of Credit. For purposes of computing the daily amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.4. Letter of Credit Fees shall be (i) due and payable quarterly in arrears on the last
Business Day of each March, June, September and December, commencing with the first such date to
occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in
the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of
Credit shall be computed and multiplied by the Applicable Rate separately for each period during
such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders, while any Event of Default exists, all
Letter of Credit Fees shall be increased by 2% per annum in excess of the per annum rate otherwise
applicable hereunder.

(c) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower
shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter
of Credit, at the rate per annum specified in the Agent Fee Letter, computed on the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting
fee shall be due and payable on the last Business Day of each March, June, September and December
in respect of the most recently-ended quarterly period (or portion thereof, in the case of the
first payment), commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such
Letter of Credit shall be determined in accordance with Section 1.4. In addition, the Borrower
shall pay directly to the L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of the L/C Issuer
relating to letters of credit as from time to time in effect. Such customary fees and standard
costs and charges are due and payable on demand and are nonrefundable.

Section 2.13 Hedge Agreements. All Hedge Agreements, if any, between the Borrower and the
Subsidiaries and the Lenders and their Affiliates are independent agreements governed by the
written provisions of such Hedge Agreements, which will remain in full force and effect, unaffected
by any repayment, prepayment, acceleration, reduction, increase or change in the terms of this
Agreement, except as otherwise provided in such Hedge Agreements, and any payoff statement from
Administrative Agent relating to this Agreement shall not apply to such Hedge Agreements, except as
otherwise expressly provided in such payoff statement.

SECTION 3. Conditions Precedent.

The obligation of each Lender to make any Credit Extension, shall be subject to the following
conditions precedent:

Section 3.1 Initial Credit Extension. The Administrative Agent’s receipt of the following,
each of which shall be originals or telecopies (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the Borrower or Guarantor, as the
case may be, each dated the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance satisfactory to
the Administrative Agent and each of the Lenders:

(a) executed counterparts of this Agreement, sufficient in number for distribution to the
Administrative Agent, each Lender and the Borrower;

(b) a Note duly executed by the Borrower in favor of each Lender requesting a Note;

(c) the Guaranty duly executed by each Guarantor;

(d) copies of the Borrower’s and each Guarantor’s articles of incorporation and bylaws (or
comparable organizational documents) and any amendments thereto, certified in each instance by its
Secretary or Assistant Secretary;

(e) copies of resolutions of the Borrower’s and each Guarantor’s Board of Directors (or
similar governing body) authorizing the execution, delivery and performance of this Agreement and
the other Loan Documents to which it is a party and the consummation of the transactions
contemplated hereby and thereby, together with incumbency certificates and specimen signatures of
the persons authorized to execute such documents on the Borrower’s and each Guarantor’s behalf, all
certified in each instance by its Secretary or Assistant Secretary;

(f) copies of the certificates of good standing, or the nearest equivalent in the relevant
jurisdiction, for the Borrower and each Guarantor (dated no earlier than 45 days prior to the date
hereof) from the office of the secretary of state or other appropriate governmental department or
agency of the state of its incorporation or organization and of each state in which it is qualified
to do business as a foreign corporation or organization;

(g) a certificate of the Borrower signed by a Responsible Officer of the Borrower certifying
(i) that the conditions specified in Sections 3.2(a), (b), (c) and (e) have been satisfied, and
(ii) that there has been no event or circumstance since December 31, 2006 that has had or could be
reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

(h) a list of the Authorized Representatives;

(i) the initial fees called for by Section 2.12 hereof;

(j) the Administrative Agent shall have received for itself the fees otherwise agreed to in
writing among them and the Borrower;

(k) financing statement, tax, and judgment lien search results against the Property of the
Borrower and each Guarantor evidencing the absence of Liens on its Property except for Permitted
Liens;

(l) the favorable written opinion of counsel to the Borrower and each Guarantor, in form and
substance reasonably satisfactory to the Administrative Agent;

(m) evidence (including, without limitation, payoff letters and UCC termination statements),
reasonably satisfactory to the Administrative Agent, that the Existing Credit Agreements have been
or concurrently with the Closing Date are being terminated; and

(n) such other agreements, instruments, documents, certificates, and opinions as the
Administrative Agent may reasonably request.

Without limiting the generality of the provisions of the last paragraph of Section 9.3, for
purposes of determining compliance with the conditions specified in this Section 3.1, each Lender
that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 3.2 All Credit Extensions. At the time of each Credit Extension hereunder:

(a) each of the representations and warranties set forth herein and in the other Loan
Documents shall be and remain true and correct in all material respects as of said time, except to
the extent the same expressly relate to an earlier date with respect to which such representations
and warranties shall be true and correct as of such earlier date;

(b) no Default or Event of Default shall have occurred and be continuing or would occur as a
result of such Credit Extension;

(c) in the case of any request for a Revolving Loan, after giving effect to such Revolving
Loan, the aggregate principal amount U.S. Dollar Equivalent of all Revolving Loans, Swing Loans and
L/C Obligations under this Agreement shall not exceed the Total Revolving Credit Commitments;

(d) in the case of a Borrowing the Administrative Agent shall have received the notice
required by Section 2.4 hereof, in the case of the issuance of any Letter of Credit the L/C Issuer
shall have received a duly completed Application together with any fees called for by Section 2.12
hereof, and, in the case of an extension or increase in the amount of a Letter of Credit, a written
request therefor in a form acceptable to the L/C Issuer together with fees called for by
Section 2.12 hereof;

(e) such Credit Extension shall not violate any order, judgment or decree of any court or
other authority or any provision of Law applicable to the Administrative Agent or any Lender
(including, without limitation, Regulation U of the Board of Governors of the Federal Reserve
System) as then in effect; and

(f) in the case of a Credit Extension to be denominated in an Alternative Currency, there
shall not have occurred any change in national or international financial, political or economic
conditions or currency exchange rates or exchange controls which in the reasonable opinion of the
Administrative Agent or the Required Lenders (in the case of any Loans to be denominated in an
Alternative Currency) would make it impracticable for such Credit Extension to be denominated in
the relevant Alternative Currency.

Each request for a Credit Extension shall be deemed to be a representation and warranty by the
Borrower on the date of such Credit Extension as to the facts specified in subsections (a) through
(d), both inclusive, of this Section.

SECTION 4. The Guaranties.

Section 4.1 Guaranties. The payment and performance of the Obligations, Hedging Liability,
and Funds Transfer and Deposit Account Liability shall at all times be guaranteed by each Material
Subsidiary (other than Cleveland-Cliffs International Holding Company) pursuant to one or more
guaranty agreements in form and substance reasonably acceptable to the Administrative Agent (as the
same may be amended, modified or supplemented from time to time, individually a “Guaranty” and
collectively the “Guaranties”); provided, however, notwithstanding the foregoing, no such guaranty
will be required by a Material Subsidiary if doing so could have a material adverse effect on the
Borrower’s or the Material Subsidiary’s income tax liability.

Section 4.2 Further Assurances. In the event the Borrower or any Restricted Subsidiary forms
or acquires any other Restricted Subsidiary after the date hereof, the Borrower shall, in
accordance with this Section 4.2, promptly upon such formation or acquisition cause such newly
formed or acquired Restricted Subsidiary to execute a Guaranty, as the Administrative Agent may
then require, and the Borrower shall also deliver to the Administrative Agent, or cause such
Restricted Subsidiary to deliver to the Administrative Agent, at the Borrower’s cost and expense,
such other instruments, documents, certificates, and opinions reasonably required by the
Administrative Agent in connection therewith; provided, however, notwithstanding the foregoing, no
such guaranty will be required by a Material Subsidiary if doing so could have a material adverse
effect on the Borrower’s or the Material Subsidiary’s income tax liability.

SECTION 5. Representations and Warranties.

The Borrower represents and warrants to each Lender and the Administrative Agent, and agrees,
that:

Section 5.1 Organization and Qualification. The Borrower and each of its Restricted
Subsidiaries (i) is duly organized, validly existing and in good standing under the Laws of the
jurisdiction of its organization, (ii) has the power and authority to own its property and to
transact the business in which it is engaged and proposes to engage and (iii) is duly qualified and
in good standing in each jurisdiction where the ownership, leasing or operation of property or the
conduct of its business requires such qualification, except where the failure to be so qualified
and in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 5.2 Authority and Enforceability. The Borrower has full right and authority to enter
into this Agreement and the other Loan Documents executed by it, to make the borrowings herein
provided for and to perform all of its obligations hereunder and under the other Loan Documents
executed by it. Each Guarantor has full right and authority to enter into the Loan Documents
executed by it, to guarantee the Obligations, Hedging Liability, and Funds Transfer and Deposit
Account Liability and to perform all of its obligations under the Loan Documents executed by it.
The Loan Documents delivered by the Borrower and by each Guarantor have been duly authorized,
executed, and delivered by such Person and constitute valid and binding obligations of such Person
enforceable against it in accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance or similar Laws affecting creditors’ rights generally
and general principles of equity (regardless of whether the application of such principles is
considered in a proceeding in equity or at Law); and this Agreement and the other Loan Documents do
not, nor does the performance or observance by the Borrower or any Restricted Subsidiary of any of
the matters and things herein or therein provided for, (a) contravene or constitute a default under
any provision of Law or any judgment, injunction, order or decree binding upon the Borrower or any
Restricted Subsidiary or any provision of the organizational documents (e.g., charter, articles of
incorporation or by-laws, articles of association or operating agreement, partnership agreement or
other similar document) of the Borrower or any Restricted Subsidiary, (b) contravene or constitute
a default under any covenant, indenture or agreement of or affecting the Borrower or any Restricted
Subsidiary or any of its Property, in each case where such contravention or default, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (c) result
in the creation or imposition of any Lien on any Property of the Borrower or any Restricted
Subsidiary.

Section 5.3 Financial Reports. The audited consolidated financial statements of the Borrower
and its Restricted Subsidiaries as at December 31, 2006, and the unaudited interim consolidated
financial statements of the Borrower and its Restricted Subsidiaries as at June 30, 2007, for the
6 months then ended, heretofore furnished to the Administrative Agent, fairly and adequately
present, in all material respects, the consolidated financial condition of the Borrower and its
Restricted Subsidiaries as at said dates and the consolidated results of their operations and cash
flows for the periods then ended in conformity with GAAP applied on a consistent basis. Except as
set forth on Schedule 5.3, neither the Borrower nor any Restricted Subsidiary has contingent
liabilities or judgments, orders or injunctions against it that are material to it other than as
indicated on such financial statements or, with respect to future periods, on the financial
statements furnished pursuant to Section 6.1 hereof.

Section 5.4 No Material Adverse Change. Since December 31, 2006, there has been no change in
the condition (financial or otherwise) the Borrower and its Restricted Subsidiaries except those
occurring in the ordinary course of business, none of which individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect.

Section 5.5 Litigation and other Controversies. Except as set forth on Schedule 5.5, there is
no litigation, arbitration or governmental proceeding pending or, to the knowledge of the Borrower
and its Restricted Subsidiaries, threatened against the Borrower or any of its Restricted
Subsidiaries that could reasonably be expected to have a Material Adverse Effect.

Section 5.6 True and Complete Disclosure. All information furnished by or on behalf of the
Borrower or any of its Restricted Subsidiaries in writing to the Administrative Agent or any Lender
for purposes of or in connection with this Agreement, or any transaction contemplated herein, is
true and accurate in all material respects and not incomplete by omitting to state any fact
necessary to make such information (taken as a whole) not misleading in light of the circumstances
under which such information was provided; provided that to the extent any such information was
based upon or constitutes a forecast or projection, the Borrower represents only that it acted in
good faith and utilized assumptions reasonable at the time made and due care in the preparation of
such information, report, financial statement, exhibit or schedule.

Section 5.7 Use of Proceeds; Margin Stock. (a)  All proceeds of Loans shall be used by the
Borrower to refinance certain existing indebtedness and for working capital purposes and other
general corporate purposes (including the funding of Permitted Acquisitions) of the Borrower and
its Restricted Subsidiaries. No part of the proceeds of any Loan or other extension of credit
hereunder will be used by the Borrower or any Restricted Subsidiary thereof to purchase or carry
any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System) or to extend credit to others for the purpose of purchasing or carrying any margin
stock. Neither the making of any Loan or other extension of credit hereunder nor the use of the
proceeds thereof will violate or be inconsistent with the provisions of Regulations T, U or X of
the Board of Governors of the Federal Reserve System and any successor to all or any portion of
such regulations. Margin Stock (as defined above) constitutes less than 25% of the value of those
assets of the Borrower and its Restricted Subsidiaries that are subject to any limitation on sale,
pledge or other restriction hereunder.

Section 5.8 Taxes. All material tax returns required to be filed by the Borrower or any
Restricted Subsidiary in any jurisdiction have, in fact, been filed, and all material taxes,
assessments, fees, and other governmental charges upon the Borrower or any Restricted Subsidiary or
upon any of their Property, income or franchises, which are shown to be due and payable in such
returns, have been paid except to the extent that the Borrower or any Restricted Subsidiary is
contesting the same in good faith. The Borrower does not know of any proposed additional material
tax assessment against it or its Restricted Subsidiaries for which adequate provisions in
accordance with GAAP have not been made on their accounts. Adequate provisions in accordance with
GAAP for taxes on the books of the Borrower and its Restricted Subsidiaries have been made for all
open years, and for the current fiscal period.

Section 5.9 ERISA. The Borrower and each other member of its Controlled Group has fulfilled
its obligations under the minimum funding standards of, and is in compliance in all material
respects with, ERISA and the Code to the extent applicable to it and, other than a liability for
premiums under Section 4007 of ERISA, does not owe any liability to the PBGC or a Plan under
Title IV of ERISA. Except with respect to the Welfare Plans identified on Schedule 5.9, as of the
date hereof, neither the Borrower nor any Restricted Subsidiary has any contingent liabilities with
respect to any post-retirement benefits under a Welfare Plan, other than liability for continuation
coverage described in article 6 of Title I of ERISA.

Section 5.10 Subsidiaries. (a) Restricted Subsidiaries. Schedule 5.10(a) correctly sets
forth, as of the Closing Date, each Restricted Subsidiary of the Borrower, its respective
jurisdiction of organization and the percentage ownership (direct and indirect) of the Borrower in
each class of capital stock or other equity interests of each of its Restricted Subsidiaries and
also identifies the direct owner thereof.

(b) Unrestricted Subsidiaries. Schedule 5.10(b) correctly sets forth, as of the Closing Date,
each Unrestricted Subsidiary of the Borrower, its respective jurisdiction of organization and the
percentage ownership (direct and indirect) of the Borrower in each class of capital stock or other
equity interests of each of its Unrestricted Subsidiaries and also identifies the direct owner
thereof.

Section 5.11 Compliance with Laws. The Borrower and each of its Restricted Subsidiaries is in
compliance with all applicable statutes, regulations and orders of, and all applicable restrictions
imposed by, any Governmental Authority, or any subdivision thereof, in respect of the conduct of
their businesses and the ownership of their property, except such noncompliances as could not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

Section 5.12 Environmental Matters. The Borrower and each of its Restricted Subsidiaries is
in compliance with all applicable Environmental Laws and the requirements of any permits issued
under such Environmental Laws, except to the extent that the aggregate effect of all noncompliances
could not reasonably be expected to have a Material Adverse Effect. Except as disclosed in the
Borrower’s most recent Form 10-K or Form 10-Q filed with the SEC, there are no pending or, to the
best knowledge of the Borrower and its Restricted Subsidiaries after due inquiry, threatened
Environmental Claims, including any such claims (regardless of materiality) for liabilities under
CERCLA relating to the disposal of Hazardous Materials, against the Borrower or any of its
Restricted Subsidiaries or any real property, including leaseholds, owned or operated by the
Borrower or any of its Restricted Subsidiaries. There are no facts, circumstances, conditions or
occurrences on any real property, including leaseholds, owned or operated by the Borrower or any of
its Restricted Subsidiaries that, to the best knowledge of the Borrower and its Restricted
Subsidiaries after due inquiry, could reasonably be expected (i) to form the basis of an
Environmental Claim against the Borrower or any of its Restricted Subsidiaries or any such real
property, or (ii) to cause any such real property to be subject to any restrictions on the
ownership, occupancy, use or transferability of such real property by the Borrower or any of its
Restricted Subsidiaries under any applicable Environmental Law. Hazardous Materials have not been
Released on or from any real property, including leaseholds, owned or operated by the Borrower or
any of its Restricted Subsidiaries where the costs of remediating such Release may reasonably be
expected to have a Material Adverse Effect.

Section 5.13 Investment Company. Neither the Borrower nor any Restricted Subsidiary is an
“investment company” or a company “controlled” by an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

Section 5.14 Intellectual Property. The Borrower and each of its Restricted Subsidiaries owns
all the patents, trademarks, permits, service marks, trade names, copyrights, franchises and
formulas, or rights with respect to the foregoing, or each has obtained licenses of all other
rights of whatever nature necessary for the present conduct of its businesses, in each case without
any known conflict with the rights of others which, or the failure to obtain which, as the case may
be, could reasonably be expected to result in a Material Adverse Effect.

Section 5.15 Good Title. The Borrower and its Restricted Subsidiaries have good and
marketable title, or valid leasehold interests, to their assets as reflected on the Borrower’s most
recent consolidated balance sheet provided to the Administrative Agent, except for sales of assets
in the ordinary course of business, subject to no Liens, other than Permitted Liens.

Section 5.16 Labor Relations. Neither the Borrower nor any of its Restricted Subsidiaries is
engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse
Effect. There is no strike, labor dispute, slowdown or stoppage pending against the Borrower or
any of its Restricted Subsidiaries or, to the best knowledge of the Borrower and its Restricted
Subsidiaries, threatened against the Borrower or any of its Restricted Subsidiaries, except such as
could not reasonably be expected to have a Material Adverse Effect.

Section 5.17 Capitalization. Except as disclosed on Schedule 5.17, as of the Closing Date,
all outstanding equity interests of the Borrower and each Restricted Subsidiary have been duly
authorized and validly issued, and are fully paid and nonassessable, and there are no outstanding
commitments or other obligations of the Borrower or any Restricted Subsidiary to issue, and no
rights of any Person to acquire, any equity interests in the Borrower or any Restricted Subsidiary.

Section 5.18 Other Agreements. Neither the Borrower nor any Restricted Subsidiary is in
default under the terms of any covenant, indenture or agreement of or affecting the Borrower, any
Restricted Subsidiary or any of their Property, which default if uncured could reasonably be
expected to have a Material Adverse Effect.

Section 5.19 Governmental Authority and Licensing. The Borrower and its Restricted
Subsidiaries have received all licenses, permits, and approvals of all Governmental Authorities, if
any, necessary to conduct their businesses, in each case where the failure to obtain or maintain
the same could reasonably be expected to have a Material Adverse Effect. No investigation or
proceeding with respect to any such licenses, permits and approvals that, if adversely determined,
could reasonably be expected to result in a Material Adverse Effect is pending or, to the knowledge
of the Borrower and its Restricted Subsidiaries, threatened.

Section 5.20 Approvals. No authorization, consent, license or exemption from, or filing or
registration with, any Governmental Authority, nor any approval or consent of any other Person, is
or will be necessary to the valid execution, delivery or performance by the Borrower or any
Restricted Subsidiary of any Loan Document, except for such approvals which have been obtained
prior to the date of this Agreement and remain in full force and effect.

Section 5.21 Affiliate Transactions. Except in connection with any Investment permitted
hereunder, neither the Borrower nor any Restricted Subsidiary is a party to any contract or
agreement with any of its Affiliates (other than any contract or agreement between the Borrower and
any Domestic Subsidiary which is a Guarantor or between any Domestic Subsidiary which is a
Guarantor and any other Domestic Subsidiary which is a Guarantor) on terms and conditions which are
less favorable to the Borrower or such Restricted Subsidiary than would be usual and customary in
similar contracts or agreements between Persons not affiliated with each other.

Section 5.22 Solvency. The Borrower and its Restricted Subsidiaries are solvent, able to pay
their debts as they become due, and have sufficient capital to carry on their business and all
businesses in which they are about to engage.

Section 5.23 Foreign Assets Control Regulations and Anti-Money Laundering. (a)OFAC. Neither
the Borrower nor any of its Restricted Subsidiaries is (i) a person whose property or interest in
property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of
September 23, 2001 Blocking Party and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) a person who engages in any dealings
or transactions prohibited by Section 2 of such executive order, or is otherwise associated with
any such person in any manner violative of Section 2, or (iii) a person on the list of Specially
Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any
other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order.

(b) Patriot Act. The Borrower and its Restricted Subsidiaries are in compliance, in all
material respects, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)) (the “Patriot Act”). No part of the proceeds of the Loans will be used, directly or
indirectly, for any payments to any governmental official or employee, political party, official of
a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as Amended.

(c) No Default. No Default has occurred and is continuing or would result from the
consummation of the transactions contemplated by this Agreement or any other Loan Document.

SECTION 6. Covenants.

The Borrower covenants and agrees that, so long as any Loans or Letters of Credit are
available to the Borrower hereunder and until all Obligations are paid in full:

Section 6.1 Information Covenants. The Borrower will furnish to the Administrative Agent,
with sufficient copies for each Lender:

(a) Quarterly Statements. Within 60 days after the close of each quarterly accounting period
in each fiscal year of the Borrower, a consolidated balance sheet as at the end of such quarterly
accounting period and the related consolidated statements of income and retained earnings and of
cash flows for such quarterly accounting period and for the elapsed portion of the fiscal year
ended with the last day of such quarterly accounting period, in each case setting forth comparative
figures for the related periods in the prior fiscal year, all of which shall be in reasonable
detail, prepared by the Borrower in accordance with GAAP, and certified by the chief financial
officer or other officer of the Borrower acceptable to the Administrative Agent that they fairly
present in all material respects in accordance with GAAP the financial condition of the Borrower
and its Restricted Subsidiaries as of the dates indicated and the results of their operations and
changes in their cash flows for the periods indicated, subject to normal year-end audit adjustments
and the absence of footnotes. Any items required to be delivered pursuant to this Section need not
to be separately delivered to the Administrative Agent if such items are publicly available through
the SEC; provided that such items are filed with the SEC within the time allotted in this Section
and, with respect to each such item other than a Form 10-K or a Form 10-Q, the Borrower furnishes
to the Administrative Agent within the time allotted in this Section a written or electronic notice
of such filing.

(b) Annual Statements. Within 90 days after the close of each fiscal year of the Borrower, a
consolidated balance sheet as of the last day of the fiscal year then ended and the related
consolidated statements of income and retained earnings and of cash flows for the fiscal year then
ended, and accompanying notes thereto, each in reasonable detail showing in comparative form the
figures for the previous fiscal year, accompanied by an unqualified opinion (as to scope and going
concern) of a firm of independent public accountants of recognized national standing, selected by
the Borrower and acceptable to the Administrative Agent, to the effect that the consolidated
financial statements have been prepared in accordance with GAAP and present fairly in accordance
with GAAP the consolidated financial condition of the Borrower and its Restricted Subsidiaries as
of the close of such fiscal year and the results of their operations and cash flows for the fiscal
year then ended and that an examination of such accounts in connection with such financial
statements has been made in accordance with generally accepted auditing standards. Any items
required to be delivered pursuant to this Section need not to be separately delivered to the
Administrative Agent if such items are publicly available through the SEC; provided that such items
are filed with the SEC within the time allotted in this Section and, with respect to each such item
other than a Form 10-K or a Form 10-Q, the Borrower furnishes to the Administrative Agent within
the time allotted in this Section a written or electronic notice of such filing.

(c) Officer’s Certificates. At the time of the delivery of the financial statements provided
for in Section 6.1(a) and (b), except for financial statements delivered pursuant to Section 6.1(a)
with respect to a fiscal quarter that ends on the same date as the end of the Borrower’s fiscal
year, a certificate of the chief financial officer or other officer of the Borrower acceptable to
Administrative Agent in the form of Exhibit E (w) stating no Default or Event of Default has
occurred during the period covered by such statements of, if a Default or Event of Default exists,
a detailed description of the Default or Event of Default and all actions the Borrower is taking
with respect to such Default or Event of Default, (x) confirming that the representations and
warranties stated in Section 5 remain true and correct in all material respects (except to the
extent such representations and warranties relate to an earlier date, in which case they are true
and correct of such date), (y) showing the Borrower’s compliance with the covenants set forth in
Section 6.19 hereof and (z) showing a reconciliation (in form, substance and scope satisfactory to
the Administrative Agent) of the financial statements delivered pursuant to Section 6.1(a) and (b),
as applicable, with the calculation of financial covenants set forth in Section 6.19 hereof.

(d) Notice of Default or Litigation. Promptly, and in any event within five Business Days
after any Responsible Officer obtains knowledge thereof, notice of (i) the occurrence of any event
which constitutes a Default or an Event of Default or any other event which could reasonably be
expected to have a Material Adverse Effect, which notice shall specify the nature thereof, the
period of existence thereof and what action the Borrower proposes to take with respect thereto,
(ii) the commencement of, or threat of, or any significant development in, any litigation, labor
controversy, arbitration, governmental proceeding or investigation pending against the Borrower or
any of its Restricted Subsidiaries which could reasonably be expected to have a Material Adverse
Effect.

(e) Other Reports and Filings. Promptly, copies of all financial information, proxy materials
and other material information, certificates, reports, statements and completed forms, if any,
which the Borrower or any of its Restricted Subsidiaries (x) has filed with the Securities and
Exchange Commission or any governmental agencies substituted therefor (the “SEC”) or any comparable
agency outside of the United States or (y) has furnished to the shareholders of the Borrower. Any
items required to be delivered pursuant to this Section need not to be separately delivered to the
Administrative Agent if such items are publicly available through the SEC; provided that such items
are filed with the SEC within the time allotted in this Section and, with respect to each such item
other than a Form 10-K or a Form 10-Q, the Borrower furnishes to the Administrative Agent within
the time allotted in this Section a written or electronic notice of such filing.

(f) Environmental Matters. Promptly upon, and in any event within five Business Days after
any Responsible Officer obtains knowledge thereof, notice of one or more of the following
environmental matters which individually, or in the aggregate, may reasonably be expected to have a
Material Adverse Effect: (i) any notice of Environmental Claim against the Borrower or any of its
Restricted Subsidiaries or any real property owned or operated by the Borrower or any of its
Restricted Subsidiaries; (ii) any condition or occurrence on or arising from any real property
owned or operated by the Borrower or any of its Restricted Subsidiaries that (a) results in
noncompliance by the Borrower or any of its Restricted Subsidiaries with any applicable
Environmental Law or (b) could reasonably be expected to form the basis of an Environmental Claim
against the Borrower or any of its Restricted Subsidiaries or any such real property; (iii) any
condition or occurrence on any real property owned or operated by the Borrower or any of its
Restricted Subsidiaries that could reasonably be expected to cause such real property to be subject
to any restrictions on the ownership, occupancy, use or transferability by the Borrower or any of
its Restricted Subsidiaries of such real property under any Environmental Law; and (iv) any removal
or remedial actions to be taken in response to the actual or alleged presence of any Hazardous
Material on any real property owned or operated by the Borrower or any of its Restricted
Subsidiaries as required by any Environmental Law or any governmental or other administrative
agency. All such notices shall describe in reasonable detail the nature of the claim,
investigation, condition, occurrence or removal or remedial action and the Borrower’s or such
Restricted Subsidiary’s response thereto. In addition, the Borrower agrees to provide the Lenders
with copies of all material written communications by the Borrower or any of its Restricted
Subsidiaries with any Person or Governmental Authority relating to any of the matters set forth in
clauses (i)-(iv) above, and such detailed reports relating to any of the matters set forth in
clauses (i)-(iv) above as may reasonably be requested by the Administrative Agent or the Required
Lenders.

(g) Other Information. From time to time, such other information or documents (financial or
otherwise) relating to the Borrower or its Restricted Subsidiaries as the Administrative Agent or
any Lender may reasonably request.

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make
available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf
of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) 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 respective 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 hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders 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 “PUBLIC,” the Borrower shall be deemed to
have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat
such Borrower Materials as not containing any material non-public information with respect to the
Borrower or its respective securities for purposes of United States Federal and state securities
Laws (provided, however, that to the extent such Borrower Materials constitute Information, they
shall be treated as set forth in Section 10.16); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and
(z) the Administrative Agent and the Arranger shall treat any Borrower Materials that are not
marked “PUBLIC” as not being suitable for posting on a portion of the Platform designated “Public
Investor.”

Section 6.2 Inspections. The Borrower will, and will cause each of its Restricted
Subsidiaries to, permit officers, representatives and agents of the Administrative Agent or any
Lender, to visit and inspect any Property of the Borrower or such Restricted Subsidiary, and to
examine the books of account of the Borrower or such Restricted Subsidiary and discuss the affairs,
finances and accounts of the Borrower or such Restricted Subsidiary with its and their officers and
independent accountants, all at such reasonable times upon reasonable advance notice as the
Administrative Agent or any Lender may request; provided, however, that prior to the occurrence and
continuance of an Event of Default, such visitations and inspections shall be no more frequent than
once per fiscal year and shall be at the sole cost and expense of the Administrative Agent or such
Lender.

Section 6.3 Maintenance of Property, Insurance, Environmental Matters, etc. (a) The Borrower
will, and will cause each of its Restricted Subsidiaries to, (i) keep its operating property, plant
and equipment in good repair, working order and condition, normal wear and tear excepted, and shall
from time to time make to all needful and proper repairs, renewals, replacements, extensions,
additions, betterments and improvements thereto so that at all times such property, plant and
equipment are reasonably preserved and maintained and (ii) maintain in full force and effect with
financially sound and reputable insurance companies insurance which provides substantially the same
(or greater) coverage and against at least such risks as is in accordance with industry practice
for operating plant and equipment, and shall furnish to the Administrative Agent upon request full
information as to the insurance so carried.

(b) Without limiting the generality of Section 6.3(a), the Borrower and its Restricted
Subsidiaries: (i) shall comply with, and maintain all real property in compliance with, any
applicable Environmental Laws, except to the extent that the aggregate affect of all noncompliance
could not reasonably be expected to have a Material Adverse Effect; (ii) shall obtain and maintain
in full force and effect all governmental approvals required for its operations at or on its
properties by any applicable Environmental Laws; (iii) shall cure as soon as reasonably practicable
any violation of applicable Environmental Laws with respect to any of its properties which
individually or in the aggregate may reasonably be expected to have a Material Adverse Effect;
(iv) shall not, and shall not permit any other Person to, own or operate on any of its properties
any unauthorized landfill or dump or hazardous waste treatment, storage or disposal facility as
defined pursuant to the RCRA, or any comparable state law, or any comparable law of any other
jurisdiction; and (v) shall not use, generate, treat, store, release or dispose of Hazardous
Materials at or on any of the real property except in the ordinary course of its business and in
compliance with all Environmental Laws. With respect to any Release of Hazardous Materials, the
Borrower and its Restricted Subsidiaries shall conduct any necessary or required investigation,
study, sampling and testing, and undertake any cleanup, removal, remedial or other response action
necessary to remove, cleanup or abate any material quantity of Hazardous Materials released at or
on any of its properties as required by any applicable Environmental Law.

Section 6.4 Preservation of Existence. The Borrower will, and will cause each of its
Restricted Subsidiaries to, do or cause to be done, all things necessary to preserve and keep in
full force and effect its existence and, except where the failure to do so would not reasonably be
expected to have a Material Adverse Effect, its franchises, authority to do business, licenses,
patents, trademarks, copyrights and other proprietary rights; provided, however, that nothing in
this Section 6.4 shall prevent, to the extent permitted by Section 6.15, sales of assets by the
Borrower or any of its Restricted Subsidiaries, the dissolution or liquidation of any Restricted
Subsidiary of the Borrower, or the merger or consolidation between or among the Restricted
Subsidiaries of the Borrower or any other transaction not expressly prohibited hereunder.

Section 6.5 Compliance with Laws. The Borrower shall, and shall cause each Restricted
Subsidiary to, comply in all respects with the requirements of all Laws applicable to its property
or business operations, where any such non-compliance, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of its
Property other than a Permitted Lien.

Section 6.6 ERISA. The Borrower shall, and shall cause each of its Restricted Subsidiaries
to, promptly pay and discharge all obligations and liabilities arising under ERISA of a character
which if unpaid or unperformed could reasonably be expected to have a Material Adverse Effect or
result in a Lien upon any of its Property. The Borrower shall, and shall cause each of its
Restricted Subsidiaries to, promptly notify the Administrative Agent and each Lender of: (a) the
occurrence of any reportable event (as defined in ERISA) with respect to a Plan, (b) receipt of any
notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee
therefor, (c) its intention to terminate or withdraw from any Plan for which the reporting
requirements are not waived, and (d) the occurrence of any event with respect to any Plan which
would result in the incurrence by the Borrower or any of its Restricted Subsidiaries of any
material liability, fine or penalty, or any material increase in the contingent liability of the
Borrower or any of its Restricted Subsidiaries with respect to any post-retirement Welfare Plan
benefit.

Section 6.7 Payment of Taxes. The Borrower will, and will cause each of its Restricted
Subsidiaries to, pay and discharge, all taxes, assessments, fees and other governmental charges
imposed upon it or any of its Property, before becoming delinquent and before any penalties accrue
thereon, unless and to the extent that the same are being contested in good faith and by proper
proceedings and as to which appropriate reserves are provided therefor, unless and until any Lien
resulting therefrom attaches to any of its Property.

Section 6.8 Books and Records. The Borrower will, and will cause each of its Restricted
Subsidiaries to (a) maintain proper books of record and account, in which full, true and correct
entries in conformity with GAAP or in the case of any Foreign Subsidiary, GAAP as in effect in any
applicable local jurisdiction, consistently applied shall be made of all financial transactions and
matters involving the assets and business of the Borrower or such Restricted Subsidiary, as the
case may be; and (b) maintain such books of record and account in material conformity with all
applicable requirements of any Governmental Authority having regulatory jurisdiction over the
Borrower or such Restricted Subsidiary, as the case may be.

Section 6.9 Contracts With Affiliates. Except in connection with any Investment permitted
hereunder, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter
into any contract, agreement or business arrangement with any of its Affiliates (other than any
arrangement between the Borrower and any Domestic Subsidiary which is a Guarantor or between any
Domestic Subsidiary which is a Guarantor and any other Domestic Subsidiary which is a Guarantor) on
terms and conditions which are less favorable to the Borrower or such Restricted Subsidiary than
would be usual and customary in similar contracts, agreements or business arrangements between
Persons not affiliated with each other.

Section 6.10 No Changes in Fiscal Year. The Borrower shall not change its fiscal year from
its present basis.

Section 6.11 Change in the Nature of Business. The Borrower shall not, nor shall it permit
any of its Restricted Subsidiaries to, engage in any business or activity if as a result the
general nature of the business of the Borrower or any Restricted Subsidiary would be changed in any
material respect from the general nature of the business engaged in by it as of the Closing Date;
provided, however, that the foregoing shall not prevent the acquisition by the Borrower or any of
its Restricted Subsidiaries of, or the entry into, any line of business that is related or
complementary to the business in which they are engaged on the Closing Date. Notwithstanding
anything to the contrary herein, the Borrower shall not permit Cleveland-Cliffs International
Holding Company to (a) own any assets other than equity interests in Foreign Subsidiaries, (b)
construct, create, incur, assume or suffer to exist any Indebtedness (other than as permitted
pursuant to Section 6.12(b)), and (c) create, incur or suffer to exist any Lien created for the
purpose of securing Indebtedness.

Section 6.12 Indebtedness. The Borrower will not, nor will it permit any of its Restricted
Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness, except;

(a) the Obligations, Hedging Liability, and Funds Transfer and Deposit Account Liability of
the Borrower and its Restricted Subsidiaries owing to the Administrative Agent and the Lenders (and
their Affiliates);

(b) intercompany Indebtedness among the Borrower and its Restricted Subsidiaries to the extent
permitted by Section 6.15;

(c) (i) purchase money Indebtedness of the Borrower and its Restricted Subsidiaries, including
any such Indebtedness assumed in connection with a Permitted Acquisition, (ii) Capitalized Lease
Obligations of the Borrower and its Restricted Subsidiaries, including any such obligations assumed
in connection with a Permitted Acquisition, and (iii) Indebtedness incurred to finance the
acquisition, construction or improvement of any fixed or capital assets (“Project Indebtedness”),
including any Indebtedness assumed in connection with the acquisition of any such assets or secured
by a Lien on such assets before the acquisition thereof, and any refinancings of any such Project
Indebtedness; provided that, with respect to Project Indebtedness permitted by clause (iii) of this
Section, (w) such Project Indebtedness is initially incurred before or within 180 days after such
acquisition or the completion of such construction or improvement, (x) such Project Indebtedness
shall be secured only by the Property acquired, constructed or improved in connection with the
incurrence of such Project Indebtedness, (y) with respect to such Project Indebtedness assumed in
connection with a Permitted Acquisition, the amount of such Project Indebtedness shall not exceed
60% of the Total Consideration paid in connection with such Permitted Acquisition and (z) with
respect to Project Indebtedness incurred to finance the acquisition of any fixed or capital assets,
such Project Indebtedness shall constitute not less than 80% of the aggregate consideration paid
with respect to such Property;

(d) customer advances for prepayment of ore sales;

(e) (i) Indebtedness outstanding on the Closing Date and listed on Schedule 6.12 and
(ii) refinancings or renewal thereof; provided that any such refinancing or renewed Indebtedness is
in an aggregate principal amount not greater than the aggregate principal amount of the
Indebtedness being renewed or refinanced, plus the amount of any premiums required to be paid
thereon and reasonable fees and expenses associated therewith;

(f) Other Hedging Liability to any Person, in all cases incurred in the ordinary course of
business and not for speculative purposes;

(g) Indebtedness in respect of bid, performance, surety, reclamation or other similar bonds or
guaranties in the ordinary course of business, or any similar financial assurance obligations under
Environmental Laws or worker’s compensation Laws or with respect to self-insurance obligations,
including guarantees or obligations with respect to letters of credit supporting such obligations
(in each case other than for an obligation for money borrowed);

(h) Contingent Obligations in respect of (i) Indebtedness otherwise permitted under this
Section 6.12 and (ii) Indebtedness owed by Amapa incurred for the purpose of financing the
development and construction of an iron ore mine and related facilities (the “Amapa Project”)
located in the municipality of Pedra Branca do Amapari, in the State of Amapa, in the northern
region of Brazil, a dedicated railroad for the Amapa Project and a port terminal for the Amapa
Project located in Santana, State of Amapa in Brazil, and for financing working capital related
thereto;

(i) Indebtedness incurred in connection with any sale/leaseback transaction permitted pursuant
to Section 6.14(e) hereof;

(j) Indebtedness of Non-Guarantor Subsidiaries not otherwise permitted by this Section;
provided that the aggregate amount of all such Indebtedness plus Indebtedness of the Borrower and
all Restricted Subsidiaries secured by Liens shall not exceed 20% of Net Worth as measured as of
the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness;
and

(k) unsecured Indebtedness of Non-Guarantor Subsidiaries, not otherwise permitted under
clauses (j); provided that the ratio of Total Funded Debt to EBITDA of the Borrower and all
Restricted Subsidiaries, after giving pro forma effect to the incurrence of such Indebtedness is
less than 2.50 to 1.00, as measured as of the end of the most recently completed fiscal quarter
prior to the incurrence of such Indebtedness.

(l) unsecured Indebtedness of the Borrower and the Guarantors not otherwise permitted by this
Section.

Section 6.13 Liens. The Borrower will not, nor will it permit any of its Restricted
Subsidiaries to, create, incur or suffer to exist any Lien on any of its Property; provided that
the foregoing shall not prevent the following (the Liens described below, the “Permitted Liens”):

(a) Standard Permitted Liens;

(b) Liens on Property of the Borrower or any Restricted Subsidiary created solely for the
purpose of securing Indebtedness permitted by Section 6.12(c) hereof, representing or incurred to
finance such Property, provided that, with respect to Indebtedness described in clauses (i) and
(ii) of such Section, no such Lien shall extend to or cover other Property of the Borrower or such
Restricted Subsidiary other than the respective Property so acquired, and the principal amount of
Indebtedness secured by any such Lien shall at no time exceed the purchase price of such Property,
as reduced by repayments of principal thereon;

(c) any Lien in existence on the Closing Date and set forth on Schedule 6.13, any continuation
or extension thereof or any Lien granted as a replacement or substitute therefor; provided that any
such continued, extended, replacement or substitute Lien (i) except as permitted by Section 6.12,
does not secure an aggregate amount of Indebtedness, if any, greater than that secured on the
Closing Date, and (ii) does not encumber any Property other than the Property subject thereto on
the Closing Date and any products or proceeds thereof to the extent covered by such Lien;

(d) Liens on Property of the Borrower or any Restricted Subsidiary created solely for the
purpose of securing Indebtedness permitted by Section 6.12(i); provided that any such Liens attach
only to the Property acquired pursuant to such Permitted Acquisition and do not encumber any other
Property (other than any products or proceeds thereof to the extent covered by such Liens);

(e) Liens on Property of the Borrower any Restricted Subsidiary created solely for the purpose
of securing Indebtedness permitted by Section 6.12(j); provided that any such Liens attach only to
the Property being leased or acquired pursuant to such Indebtedness and do not encumber any other
Property (other than any products or proceeds thereof to the extent covered by such Liens);

(f) Liens solely on any cash earnest money deposits in connection with any letter of intent or
purchase agreement entered into in connection with a Permitted Acquisition;

(g) Liens on cash or Cash Equivalents securing reimbursement obligations with respect to any
standby letter of credit entered into in the ordinary course of business; provided that the
aggregate stated amount of such letters of credit at any time outstanding shall not exceed U.S.
$35,000,000;

(h) Liens solely on the assets of the Cliffs Sonoma Entities in favor of the Cliffs Sonoma
Entities’ joint venture partners in Sonoma; provided, that such Liens shall secure only amounts
owed by Sonoma and the Cliffs Sonoma Entities to such joint venture partners;

(i) other Liens with respect to obligations that do not in the aggregate exceed U.S.
$10,000,000 at any time outstanding, and

(j) Liens securing Indebtedness; provided that the aggregate amount of such secured
Indebtedness plus the Indebtedness of Non-Guarantor Subsidiaries under Section 6.12(k) shall not
exceed 20% of Net Worth as measured as of the end of the most recently completed fiscal quarter
prior to the incurrence of such Indebtedness.

Section 6.14 Consolidation, Merger, Sale of Assets, etc. The Borrower will not, nor will it
permit any of its Restricted Subsidiaries to, wind up, liquidate or dissolve its affairs or agree
to any merger or consolidation, or convey, sell, lease or otherwise dispose of all or any part of
its operating properties, including any disposition as part of any sale-leaseback transactions
except that this Section shall not prevent:

(a) the sale and lease of inventory in the ordinary course of business;

(b) the sale, transfer or other disposition of any tangible personal property that, in the
reasonable judgment of the Borrower or its Restricted Subsidiaries, has become uneconomic, obsolete
or worn out;

(c) the sale, transfer, lease, or other disposition of Property of the Borrower and its
Wholly-Owned Subsidiaries which are Restricted Subsidiaries to one another;

(d) the merger of any Wholly-Owned Subsidiary with and into the Borrower or any other
Wholly-Owned Subsidiary, provided that, (i) in the case of any merger involving the Borrower, the
Borrower is the legal entity surviving the merger and (ii) in the case of any merger involving a
Domestic Subsidiary which is a Restricted Subsidiary and a Foreign Subsidiary which is a Restricted
Subsidiary, such Domestic Subsidiary is the legal entity surviving the merger;

(e) the sale, transfer, lease, or other disposition of Property of the Borrower or any
Restricted Subsidiary (including any disposition of Property as part of a sale and leaseback
transaction) aggregating for the Borrower and its Restricted Subsidiaries not more than U.S.
$10,000,000 during any fiscal year of the Borrower;

(f) the sale of Polymet Mining Corp. common stock by the Borrower or the sale of interest in
the Wabush Mines Joint Venture and the assets of Cliffs Erie;

(g) the sale of all of the stock of or all or substantially all of the assets of (i) Cliffs
Synfuel Corp. and (ii) Lasco Development Corporation;

(h) any Restricted Subsidiary may dissolve, liquidate or wind up its affairs at any time;
provided that such dissolution, liquidation or winding up, as applicable, would not reasonably be
expected to result in a Material Adverse Effect;

(i) licenses or leases of real or personal property in the ordinary course of business so long
as such licenses or leases do not individually or in the aggregate interfere in any material
respect with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries;

(j) licenses, sublicenses or similar transactions of intellectual property in the ordinary
course of business so long as such licenses or sublicenses or similar transactions do not
individually or in the aggregate interfere in any material respect with the ordinary conduct of the
business of the Borrower and its Restricted Subsidiaries;

(k) the sale or other disposition of those Investments permitted by clauses (f), (l) and (p)
of the definition of Restricted Investments;

(l) any merger or consolidation of the Borrower or any Restricted Subsidiary in connection
with a Permitted Acquisition, provided that (i) subject to the following clause (ii), in the case
of any merger involving any Wholly-Owned Subsidiary which is a Restricted Subsidiary, such
Wholly-Owned Subsidiary is the legal entity surviving the merger, (ii) in the case of any merger
involving the Borrower, the Borrower is the legal entity surviving the merger, and (iii) in the
case of any merger involving a Foreign Subsidiary which is a Restricted Subsidiary and a Domestic
Subsidiary which is a Restricted Subsidiary, such Domestic Subsidiary is the legal entity surviving
the merger; and

(m) the sale, transfer, lease, or other disposition of Property of the Borrower or any
Restricted Subsidiary, in any single transaction or series of related transactions, which are not
sales, transfers, leases, or disposition of all or substantially all of the assets of the Borrower
and its Restricted Subsidiaries, taken as a whole; provided that the Borrower shall be in pro forma
compliance with Section 6.19 hereof and in the case of any sale, lease, transfer or other
disposition in excess of $15,000,000 shall deliver to the Administrative Agent at least 10 Business
Days (or such shorter period as may be agreed by the Administrative Agent) prior to any such
transaction a certificate confirming such pro forma compliance with Section 6.19.

Section 6.15 Restricted Investments Prohibited. The Borrower will not, nor will it permit any
of its Restricted Subsidiaries to, have, make or authorize any Restricted Investments.

Section 6.16 Dividends and Certain Other Restricted Payments. After the occurrence and during
the continuation of a Default or an Event of Default, the Borrower shall not, nor shall it permit
any of its Restricted Subsidiaries to, (a) declare or pay any dividends on or make any other
distributions in respect of any class or series of its capital stock or other equity interests
(other than a dividend payable solely in stock or other equity interests) or (b) directly or
indirectly purchase, redeem, or otherwise acquire or retire any of its capital stock or other
equity interests or any warrants, options, or similar instruments to acquire the same; provided,
however, that the foregoing shall not operate to prevent the making of dividends or distributions
by any Restricted Subsidiary of the Borrower to its parent corporation.

Section 6.17 Limitation on Restrictions. Except as provided on Schedule 6.17 hereto, the
Borrower will not, and it will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any restriction on the
ability of any such Restricted Subsidiary to (a) pay dividends or make any other distributions on
its capital stock or other equity interests owned by the Borrower or any other Restricted
Subsidiary, (b) pay or repay any Indebtedness owed to the Borrower or any other Restricted
Subsidiary, (c) make loans or advances to the Borrower or any other Restricted Subsidiary,
(d) transfer any of its Property to the Borrower or any other Restricted Subsidiary, (e) encumber
or pledge any of its assets to or for the benefit of the Administrative Agent or (f) guaranty the
Obligations, Hedging Liability and Funds Transfer and Deposit Account Liability except for such
restrictions existing under or by reason of (i) applicable Law; (ii) this Agreement and the other
Loan Documents; (iii) customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of the Borrower or any Restricted Subsidiary; (iv) customary
provisions restricting assignment of any agreement entered into by the Borrower or any Restricted
Subsidiary in the ordinary course of business; (v) any holder of a Permitted Lien restricting the
transfer of the Property subject thereto; (vi) customary restrictions and conditions contained in
any agreement relating to the sale of any Property permitted under Section 6.14 hereof pending the
consummation of such sale; (vii) any agreement in effect at the time any Restricted Subsidiary
becomes a Restricted Subsidiary, so long as such agreement was not entered into in connection with
or in contemplation of such person becoming a Restricted Subsidiary; (viii) in the case of any
Joint Venture, restrictions in such person’s organizational documents or pursuant to any joint
venture agreement or stockholders agreements solely to the extent of the equity interests of or
Property held in the subject Joint Venture; (ix) in the case of clause (e), any agreements
evidencing Indebtedness incurred pursuant to Section 6.12(c), (e), (i), or (j), in each case, to
the extent such restrictions are limited to the assets acquired or financed; (x) any agreements not
referred to in clause (ix) above evidencing Indebtedness, the aggregate principal amount of which,
under all such agreements, shall not exceed U.S. $50,000,000; (xi) any encumbrances or restrictions
imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of the
agreements referred to in clause (vii) 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.

Section 6.18 OFAC. The Borrower will not, nor will it permit any of its Restricted
Subsidiaries to, (i) become a person whose property or interests in property are blocked or subject
to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Party and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support Terrorism (66 Fed.
Reg. 49079(2001), (ii) engage in any dealings or transactions prohibited by Section 2 of such
executive order, or be otherwise associated with any such person in any manner violative of
Section 2, or (iii) otherwise become a person on the list of Specially Designated Nationals and
Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of
Treasury’s Office of Foreign Assets Control regulation or executive order.

Section 6.19 Financial Covenants. (a) Maximum Ratio of Total Funded Debt to EBITDA. The
Borrower shall not, as of the last day of each fiscal quarter of the Borrower, permit the ratio of
Total Funded Debt at such time to EBITDA for the four fiscal quarters of the Borrower then ended to
be more than 3.25 to 1.00.

(b) Minimum Interest Coverage Ratio. The Borrower shall not, as of the last day of each
fiscal quarter of the Borrower, permit the Interest Coverage Ratio at such time to be less than
3.00 to 1.00.

Section 6.20 Limitation on Non-Material Subsidiaries. The Borrower shall not permit (i), at
any time, the aggregate book value of the assets of all Domestic Subsidiaries that are not Material
Subsidiaries to exceed 30% of the value of the consolidated assets of the Borrower and its
Restricted Subsidiaries or (ii), as of the last day of each fiscal quarter of the Borrower, the
aggregate revenues of all Domestic Subsidiaries that are not Material Subsidiaries for the four
fiscal quarters of the Borrower then-ended to exceed 30% of the consolidated revenues of the
Borrower and its Restricted Subsidiaries for such four fiscal quarters.

Section 6.21 Limitation on Assets and Operations of Cliffs Sonoma Entities. The Borrower
shall not permit the Cliffs Sonoma Entities to own any assets other than in connection with Sonoma
and any other assets necessary or incidental thereto, and the Borrower shall not permit the Cliffs
Sonoma Entities to engage in any business or activity other than in connection with Sonoma and any
other activities necessary or incidental thereto.

SECTION 7. Events of Default and Remedies.

Section 7.1 Events of Default. Any one or more of the following shall constitute an “Event of
Default” hereunder:

(a) default in the payment when due (whether at the stated maturity thereof or at any other
time provided for in this Agreement) of (i) all or any part of the principal of or (ii) interest on
any Loan or any other Obligation payable hereunder or under any other Loan Document which in the
case of this clause (ii) is not paid within 5 Business Days;

(b) default in the observance or performance of any covenant set forth in Sections 6.4, 6.12,
6.13, 6.14, 6.15, 6.17, 6.18 or 6.19 hereof;

(c) default in the observance or performance of any other provision hereof or of any other
Loan Document which is not remedied within 30 days after the earlier of (i) the date on which such
failure shall first become known to any Responsible Officer or (ii) written notice thereof is given
to the Borrower by the Administrative Agent;

(d) any representation or warranty made by the Borrower or any of its Restricted Subsidiaries
herein or in any other Loan Document, or in any statement or certificate furnished by it pursuant
hereto or thereto, or in connection with any Loan or Letter of Credit made or issued hereunder,
proves untrue in any material respect as of the date of the issuance or making thereof;

(e) any of the Loan Documents shall for any reason not be or shall cease to be in full force
and effect or is declared to be null and void, or the Borrower or any of its Restricted
Subsidiaries takes any action for the purpose of terminating, repudiating or rescinding any Loan
Document executed by it or any of its obligations thereunder that is not permitted hereunder;

(f) default shall occur under (i) any Indebtedness of the Borrower or any of its Restricted
Subsidiaries aggregating in excess of U.S. $50,000,000, or under any indenture, agreement or other
instrument under which the same may be issued, and such default shall continue for a period of time
sufficient to permit the acceleration of the maturity of any such Indebtedness (whether or not such
maturity is in fact accelerated), or any such Indebtedness shall not be paid when due (whether by
demand, lapse of time, acceleration or otherwise) or (ii) any Hedge Agreement of the Borrower or
any Restricted Subsidiary with any Lender or any Affiliate of a Lender;

(g) any judgment or judgments, writ or writs or warrant or warrants of attachment, or any
similar process or processes, shall be entered or filed against the Borrower or any of its
Restricted Subsidiaries, or against any of its Property, in an aggregate amount in excess of U.S.
$50,000,000 (except to the extent fully (excluding any deductibles or self-insured retention)
covered by insurance pursuant to which the insurer has accepted liability therefor in writing), and
which remains undischarged, unvacated, unbonded or unstayed for a period of 30 days;

(h) the Borrower or any of its Restricted Subsidiaries, or any member of its Controlled Group,
shall fail to pay when due an amount or amounts aggregating in excess of U.S. $3,000,000 which it
shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of
intent to terminate a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of U.S.
$3,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by the Borrower
or any of its Restricted Subsidiaries, or any other member of its Controlled Group, any plan
administrator or any combination of the foregoing; or the PBGC shall institute proceedings under
Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material
Plan or a proceeding shall be instituted by a fiduciary of any Material Plan against the Borrower
or any of its Restricted Subsidiaries, or any member of its Controlled Group, to enforce
Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within 30 days
thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a
decree adjudicating that any Material Plan must be terminated;

(i) any Change of Control shall occur;

(j) the Borrower or any of its Restricted Subsidiaries shall (i) have entered involuntarily
against it an order for relief under any Debtor Relief Law, (ii) not pay, or admit in writing its
inability to pay, its debts generally as they become due, (iii) make an assignment for the benefit
of creditors, (iv) apply for, seek, consent to or acquiesce in, the appointment of a receiver,
custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its
Property, (v) institute any proceeding seeking to have entered against it an order for relief under
any Debtor Relief Law, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under any Debtor Relief
Law or fail to file an answer or other pleading denying the material allegations of any such
proceeding filed against it, (vi) take any corporate action in furtherance of any matter described
in parts (i) through (v) above, or (vii) fail to contest in good faith any appointment or
proceeding described in Section 7.1(k) hereof; or

(k) a custodian, receiver, trustee, examiner, liquidator or similar official shall be
appointed for the Borrower or any of its Restricted Subsidiaries, or any substantial part of any of
its Property, or a proceeding described in Section 7.1(j)(v) shall be instituted against the
Borrower or any of its Restricted Subsidiaries, and such appointment continues undischarged or such
proceeding continues undismissed or unstayed for a period of 60 days.

Section 7.2 Non-Bankruptcy Defaults. When any Event of Default other than those described in
subsection (j) or (k) of Section 7.1 hereof has occurred and is continuing, the Administrative
Agent shall, by written notice to the Borrower: (a) if so directed by or with the consent of the
Required Lenders, terminate the remaining Revolving Credit Commitments and any obligation of the
L/C Issuer to make L/C Credit Extensions and all other obligations of the Revolving Lenders
hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by
the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to
be forthwith due and payable and thereupon all outstanding Loans, including both principal and
interest thereon, shall be and become immediately due and payable together with all other amounts
payable under the Loan Documents without further demand, presentment, protest or notice of any
kind; and (c) if so directed by the Required Lenders, demand that the Borrower immediately Cash
Collateralize the aggregate amount of L/C Obligations then outstanding, and the Borrower agrees to
immediately provide such Cash Collateral and acknowledges and agrees that the Revolving Lenders
would not have an adequate remedy at Law for failure by the Borrower to honor any such demand and
that the Administrative Agent, for the benefit of the Revolving Lenders, shall have the right to
require the Borrower to specifically perform such undertaking whether or not any drawings or other
demands for payment have been made under any Letter of Credit. The Administrative Agent, after
giving notice to the Borrower pursuant to Section 7.1(c) or this Section 7.2, shall also promptly
send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul
the effect of such notice.

Section 7.3 Bankruptcy Defaults. When any Event of Default described in subsections (j) or
(k) of Section 7.1 hereof has occurred and is continuing, then all outstanding Loans shall
immediately and automatically become due and payable together with all other amounts payable under
the Loan Documents without presentment, demand, protest or notice of any kind which are hereby
waived by the Borrower, the obligation of the Lenders to extend further credit pursuant to any of
the terms hereof shall immediately and automatically terminate, the Commitments shall immediately
and automatically terminate, the obligation to issue Letters of Credit shall immediately and
automatically terminate, and the Borrower shall immediately Cash Collateralize the aggregate amount
of L/C Obligations then outstanding, the Borrower acknowledging and agreeing that the Revolving
Lenders would not have an adequate remedy at Law for failure by the Borrower to do so and that the
Revolving Lenders, and the Administrative Agent on their behalf, shall have the right to require
the Borrower to specifically perform such undertaking whether or not any draws or other demands for
payment have been made under any of the Letters of Credit.

Section 7.4 Notice of Default. The Administrative Agent shall give notice to the Borrower
under Section 7.1(c) hereof promptly upon being requested to do so by any Lender and shall
thereupon notify all the Lenders thereof.

Section 7.5 Expenses. The Borrower agrees to pay to the Administrative Agent and each Lender,
and any other holder of any Loans outstanding hereunder, all costs and expenses reasonably incurred
or paid by the Administrative Agent and such Lender or any such holder, including reasonable
attorneys’ fees and court costs, in connection with any Default or Event of Default by the Borrower
hereunder or in connection with the enforcement of any of the Loan Documents (including all such
costs and expenses incurred in connection with any proceeding under any Debtor Relief Law involving
the Borrower or any of its Restricted Subsidiaries as a debtor thereunder).

SECTION 8. Change in Circumstances and Contingencies.

Section 8.1 Funding Indemnity. If any Lender shall incur any loss, cost or expense
(including, without limitation, any loss of profit, and any loss, cost or expense incurred by
reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to
fund or maintain any Eurocurrency Loan or the relending or reinvesting of such deposits or amounts
paid or prepaid to such Lender or by reason of breakage of interest rate swap agreements or the
liquidation of other hedging contracts or agreements) as a result of:

(a) any payment, prepayment or conversion of a Eurocurrency Loan on a date other than the last
day of its Interest Period,

(b) any failure (because of a failure to meet the conditions of Section 3 or otherwise) by the
Borrower to borrow or continue a Eurocurrency Loan, or to convert a Base Rate Loan into a
Eurocurrency Loan, on the date specified in a notice given pursuant to Section 2.4(a) hereof,

(c) any failure by the Borrower to make any payment of principal on any Eurocurrency Loan when
due (whether by acceleration or otherwise), or

(d) any acceleration of the maturity of a Eurocurrency Loan as a result of the occurrence of
any Event of Default hereunder,

then, upon the demand of such Lender, the Borrower shall pay to such Lender such amount as will
reimburse such Lender for such loss, cost or expense. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing. If any Lender makes
such a claim for compensation, it shall provide to the Borrower, with a copy to the Administrative
Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail
(including an explanation of the basis for and the computation of such loss, cost or expense) and
the amounts shown on such certificate shall be conclusive absent manifest error.

Unless otherwise agreed to by any Lender, for purposes of calculating amounts payable by the
Borrower to such Lender under this Section 8.1, such Lender shall be deemed to have funded each
Eurocurrency Loan made by it at rate equal to LIBOR for such Loan by a matching deposit or other
borrowing in the offshore interbank market for such currency for a comparable amount and for a
comparable period, whether or not such Eurocurrency Loan was in fact so funded.

Section 8.2 Illegality. If any Lender determines that any Law has made it unlawful for any
Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Loans (whether
denominated in U.S. Dollars or an Alternative Currency), or to determine or charge interest rates
based upon LIBOR, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, U.S. Dollars or any Alternative
Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower
through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency
Loans in the affected currency or currencies or, in the case of Eurocurrency Loans in U.S. Dollars,
to convert Base Rate Loans to Eurocurrency Loans, shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in
U.S. Dollars, convert all such Eurocurrency Loans of such Lender to Base Rate Loans, either on the
last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such
Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to
maintain such Eurocurrency Loans. Upon any such prepayment or conversion, the Borrowers shall also
pay accrued interest on the amount so prepaid or converted.

Section 8.3 Inability to Determine Rates. If the Required Lenders determine that for any
reason in connection with any request for a Eurocurrency Loan or a conversion to or continuation
thereof that (a) deposits (whether in U.S. Dollars or an Alternative Currency) are not being
offered to banks in the applicable offshore interbank market for such currency for the applicable
amount and Interest Period of such Eurocurrency Loan, (b) adequate and reasonable means do not
exist for determining LIBOR for any requested Interest Period with respect to a proposed
Eurocurrency Loan (whether denominated in U.S. Dollars or an Alternative Currency), or (c) LIBOR
for any requested Interest Period with respect to a proposed Eurocurrency Loan does not adequately
and fairly reflect the cost to such Lenders of funding such Eurocurrency Loan, the Administrative
Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the
Lenders to make or maintain Eurocurrency Loans in the affected currency or currencies shall be
suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes
such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a
Borrowing of, conversion to or continuation of Eurocurrency Loans in the affected currency or
currencies or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans in the amount specified therein.

Section 8.4 Increased Costs; Reserves on Eurocurrency Rate Loans.

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

(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 (1) any reserve
requirement contemplated by Section 8.4(e) and (2) the requirements of the Bank of England
and the Financial Services Authority or the European Central Bank reflected in the
Mandatory Cost, other than as set forth below) or the L/C Issuer;

(ii) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with
respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or
any Eurocurrency Loan made by it, or change the basis of taxation of payments to such
Lender or the L/C Issuer in respect thereof (except for changes in the rate of tax on the
overall net income of such Lender or its Lending Office imposed by the jurisdiction in
which such Lender’s principal executive office or Lending Office is located);

(iii) result in the failure of the Mandatory Cost, as calculated hereunder, to
represent the cost to any Lender of complying with the requirements of the Bank of England
and/or the Financial Services Authority or the European Central Bank in relation to its
making, funding or maintaining Eurocurrency Loans; or

(iv) impose on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurocurrency Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan), or to
increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any
Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer
hereunder (whether of principal, interest or any other amount), in each case by an amount deemed by
such Lender or the L/C Issuer to be material, then, upon request of such Lender or the L/C Issuer,
the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount
or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such
additional costs incurred or reduction suffered.

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

(c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth
the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company,
as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the
Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C
Issuer, as the case may be, the amount shown as due on any such certificate within 15 days after
receipt thereof.

(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of
such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower
shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions
of this Section for any increased costs incurred or reductions suffered more than nine months prior
to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to
such increased 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) Additional Reserve Requirements. The Borrower shall pay to each Lender, (i) as long as
such Lender shall be required to maintain reserves with respect to liabilities or assets consisting
of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”),
additional interest on the unpaid principal amount of each Eurocurrency Loan equal to the actual
costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good
faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required
to comply with any reserve ratio requirement or analogous requirement of any other central banking
or financial regulatory authority imposed in respect of the maintenance of the Commitments or the
funding of the Eurocurrency Loans, such additional costs (expressed as a percentage per annum and
rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs
allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which in each case shall be due and payable on each date
on which interest is payable on such Loan, provided the Borrower shall have received at least 15
days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs
from such Lender. If a Lender fails to give notice 15 days prior to the relevant interest payment
date, such additional interest or costs shall be due and payable 15 days from receipt of such
notice.

Section 8.5 Substitution of Lenders. Upon the receipt by the Borrower of (a) a claim from any
Lender for compensation under Section 8.4 or 10.1 hereof, (b) notice by any Lender to the Borrower
of any illegality pursuant to Section 8.2 hereof or (c) in the event any Lender is a Defaulting
Lender (any such Lender referred to in clause (a), (b) or (c) above being hereinafter referred to
as an “Affected Lender”), the Borrower may, in addition to any other rights the Borrower may have
hereunder or under applicable Law, require, at its expense, any such Affected Lender to assign, at
par plus accrued interest and fees, without recourse, all of its interest, rights, and obligations
hereunder (including all of its Commitments and the Loans and participation interests in Letters of
Credit and other amounts at any time owing to it hereunder and the other Loan Documents) to a bank
or other institutional lender specified by the Borrower, provided that (i) such assignment shall
not conflict with or violate any Law, (ii) if the assignment is to a Person other than a Lender,
the Borrower shall have received the written consent of the Administrative Agent and the L/C
Issuer, which consents shall not be unreasonably withheld or delayed, to such assignment, (iii) the
Borrower shall have paid to the Affected Lender all monies (together with amounts due such Affected
Lender under Section 8.1 hereof as if the Loans owing to it were prepaid rather than assigned)
other than principal owing to it hereunder, and (iv) the assignment is entered into in accordance
with the other requirements of Section 10.10 hereof.

Section 8.6 Discretion of Lender as to Manner of Funding. Notwithstanding any other provision
of this Agreement, each Lender shall be entitled to fund and maintain its funding of all or any
part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of
this Agreement all determinations hereunder with respect to Eurocurrency Loans shall be made as if
each Lender had actually funded and maintained each Eurocurrency Loan through the purchase of
deposits in the interbank eurocurrency market having a maturity corresponding to such Loan’s
Interest Period, and bearing an interest rate equal to LIBOR for such Interest Period.

SECTION 9. The Administrative Agent.

Section 9.1 Appointment and Authority. Each of the Lenders and the L/C Issuer hereby
irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and
under the other Loan Documents and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
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 Administrative Agent, the Lenders and
the L/C Issuer, and neither the Borrower nor any Guarantor shall not have rights as a third party
beneficiary of any of such provisions.

Section 9.2 Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent and the term “Lender”, “Lenders”,
“Term Lender” or “Revolving Lender” shall, unless otherwise expressly indicated or unless the
context otherwise requires, include the Person serving as the Administrative 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 any Restricted Subsidiary or other Affiliate thereof as if such
Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders.

Section 9.3 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without
limiting the generality of the foregoing, the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

(b) shall not 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 the Administrative 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 the Administrative Agent shall not be
required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and

(c) shall not, 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 any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) 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 the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.11 and 7.2) or (ii) in the absence of
its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given to the
Administrative Agent by the Borrower, a Lender or the L/C Issuer.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement 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 Section 3 or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

Section 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (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. The Administrative 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, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.5 Delegation of Duties. The Administrative 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
any one or more sub agents appointed by the Administrative Agent. The Administrative 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 the Administrative 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 Administrative Agent.

Section 9.6 Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, with the consent of the
Borrower (provided that during the existence of a Default or Event of Default, such consent shall
not be required), to appoint a successor, which 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. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the
Administrative 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 Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents and (2) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made
by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a
successor Administrative Agent as provided for above in this Section. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent, and the retiring Administrative 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 Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Section 9 and Section 10.13
shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of
them while the retiring Administrative Agent was acting as Administrative Agent.

Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer and Swing Line Lender. If Bank of America resigns as L/C
Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as
L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders
to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.2(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the
Swing Line Lender provided for hereunder with respect to Swing Loans made by it and outstanding as
of the effective date of such resignation, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in outstanding Swing Loans pursuant to Section 2.10(c).
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender
shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

Section 9.7 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C
Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent
or any other Lender or any of their Related Parties 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 and the L/C Issuer also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties 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 9.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Bookrunners or Arrangers 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, a Lender or the L/C Issuer hereunder.

Section 9.9 Guaranty Matters. The Lenders and the L/C Issuer irrevocably authorize the
Administrative Agent, at its option and in its discretion, to release any Guarantor from its
obligations under the Guaranty if such Person ceases to be a Material Subsidiary as a result of a
transaction permitted hereunder. Upon request by the Administrative Agent at any time, the
Required Lenders will confirm in writing the Administrative Agent’s authority to release any
Guarantor from its obligations under the Guaranty pursuant to this Section 9.9.

Section 9.10 Hedging Liability and Funds Transfer and Deposit Account Liability Arrangements.
By virtue of a Lender’s execution of this Agreement or an assignment agreement pursuant to
Section 10.10 hereof, as the case may be, any Affiliate of such Lender with whom the Borrower or
any Restricted Subsidiary has entered into an agreement creating Hedging Liability or Funds
Transfer and Deposit Account Liability shall be deemed a Lender party hereto for purposes of any
reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being
understood and agreed that the rights and benefits of such Affiliate under the Loan Documents
consist exclusively of such Affiliate’s right to share in payments and collections out of the
Guaranties as more fully set forth in Section 4 hereof. In connection with any such distribution
of payments and collections, the Administrative Agent shall be entitled to assume no amounts are
due to any Lender or its Affiliate with respect to Hedging Liability or Funds Transfer and Deposit
Account Liability unless such Lender has notified the Administrative Agent in writing of the amount
of any such liability owed to it or its Affiliate prior to such distribution; provided, however,
that the consent of any such Affiliate shall not be required for any amendment or other
modification to this Agreement or any other Loan Document or for the release of any party to any of
the Guaranties.

SECTION 10. Miscellaneous.

Section 10.1 Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any
obligation of the Borrower 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
the Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any
Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable
under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower
shall make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable Law.

(b) Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection (a)
above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable Law.

(c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent,
each Lender and the L/C Issuer, within 10 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) paid by the Administrative Agent, such
Lender or the L/C Issuer, 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 Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or
the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

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

(e) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction
of withholding tax under the law of the jurisdiction in which the Borrower 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 deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation prescribed by
applicable Law as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting
requirements.

(f) Without limiting the generality of the foregoing, in the event that the Borrower is
resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on
or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if
such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
for benefits of an income tax treaty to which the United States is a party,

(ii) duly completed copies of Internal Revenue Service Form W-8ECI,

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that
such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the
Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form
W-8BEN, or

(iv) any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in United States Federal withholding tax duly completed together with
such supplementary documentation as may be prescribed by applicable law to permit the
Company to determine the withholding or deduction required to be made.

Without limiting the obligations of the Lenders set forth above regarding delivery of certain forms
and documents to establish each Lender’s status for U.S. withholding tax purposes, each Lender
agrees promptly to deliver to the Administrative Agent or the Borrower, as the Administrative Agent
or the Borrower shall reasonably request, on or prior to the Closing Date, and in a timely fashion
thereafter, such other documents and forms required by any relevant taxing authorities under the
Laws of any other jurisdiction, duly executed and completed by such Lender, as are required under
such Laws to confirm such Lender’s entitlement to any available exemption from, or reduction of,
applicable withholding taxes in respect of all payments to be made to such Lender outside of the
U.S. by the Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for
withholding tax purposes in such other jurisdiction. Each Lender shall promptly (i) notify the
Administrative Agent of any change in circumstances which would modify or render invalid any such
claimed exemption or reduction, and (ii) take such steps as shall not be materially disadvantageous
to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the
re-designation of its Lending Office) to avoid any requirement of applicable Laws of any such
jurisdiction that the Borrower make any deduction or withholding for taxes from amounts payable to
such Lender. Additionally, the Borrower shall promptly deliver to the Administrative Agent or any
Lender, as the Administrative Agent or such Lender shall reasonably request, on or prior to the
Closing Date, and in a timely fashion thereafter, such documents and forms required by any relevant
taxing authorities under the Laws of any jurisdiction, duly executed and completed by the Borrower,
as are required to be furnished by such Lender or the Administrative Agent under such Laws in
connection with any payment by the Administrative Agent or any Lender of Taxes or Other Taxes, or
otherwise in connection with the Loan Documents, with respect to such jurisdiction.

Section 10.2 No Waiver, Cumulative Remedies. No delay or failure on the part of the
Administrative Agent or any Lender or on the part of the holder or holders of any of the
Obligations in the exercise of any power or right under any Loan Document shall operate as a waiver
thereof or as an acquiescence in any default, nor shall any single or partial exercise of any power
or right preclude any other or further exercise thereof or the exercise of any other power or
right. The rights and remedies hereunder of the Administrative Agent, the Lenders and of the
holder or holders of any of the Obligations are cumulative to, and not exclusive of, any rights or
remedies which any of them would otherwise have.

Section 10.3 Non-Business Days. If any payment hereunder becomes due and payable on a day
which is not a Business Day, the due date of such payment shall be extended to the next succeeding
Business Day on which date such payment shall be due and payable. In the case of any payment of
principal falling due on a day which is not a Business Day, interest on such principal amount shall
continue to accrue during such extension at the rate per annum then in effect, which accrued amount
shall be due and payable on the next scheduled date for the payment of interest.

Section 10.4 Documentary Taxes. The Borrower agrees to pay on demand any documentary, stamp
or similar taxes and levies that arise from any payment made under or from the execution, delivery
or registration of, performing under or otherwise with respect to this Agreement or any other Loan
Document, including interest and penalties, in the event any such taxes are assessed, irrespective
of when such assessment is made and whether or not any credit is then in use or available
hereunder.

Section 10.5 Survival of Representations. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the Administrative Agent and
each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding.

Section 10.6 Survival of Indemnities. All indemnities and other provisions relative to
reimbursement to the Lenders of amounts sufficient to protect the yield of the Lenders with respect
to the Loans and Letters of Credit, including, but not limited to, Sections 8.1, 8.4, 10.4 and
10.13 hereof, shall survive the termination of this Agreement and the other Loan Documents and the
payment of the Obligations.

Section 10.7 Sharing of Set-Off. Each Lender agrees with each other Lender a party hereto
that if such Lender shall receive and retain any payment, whether by set-off or application of
deposit balances or otherwise, on any of the Loans or the participations in L/C Obligations in
excess of its ratable share of payments on all such Obligations then outstanding to the Lenders,
then such Lender shall purchase for cash at face value, but without recourse, ratably from each of
the other Lenders such amount of the Loans or L/C Obligations, or participations or
subparticipation, as applicable, therein, held by each such other Lenders (or interest therein) as
shall be necessary to cause such Lender to share such excess payment ratably with all the other
Lenders; provided, however, that if any such purchase is made by any Lender, and if such excess
payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases
from the other Lenders shall be rescinded ratably and the purchase price restored as to the portion
of such excess payment so recovered, but without interest. For purposes of this Section, amounts
owed to or recovered by the L/C Issuer in connection with L/C Borrowings in which Revolving Lenders
have made L/C Advances shall be treated as amounts owed to or recovered by the L/C Issuer as a
Lender hereunder.

Section 10.8 Notices; Effectiveness; Electronic Communication.

(a) Notices Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in subsection (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,
and all notices and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

(i) if to the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line
Lender, to the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.8; and

(ii) if to any other Lender, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative Questionnaire.

Notices 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 subsection (b) below,
shall be effective as provided in such subsection (b).

(b) Electronic Communications. Notices and other communications to the Lenders and the L/C
Issuer hereunder may 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 or the L/C Issuer pursuant to
Section 2 if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent
that it is incapable of receiving notices under such Section by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or communications.

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 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) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS 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,
the L/C Issuer 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 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, the L/C Issuer or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

(d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer
and the Swing Line Lender may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the other parties hereto. Each other Lender may change
its address, telecopier or telephone number for notices and other communications hereunder by
notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. 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. Furthermore, 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 or its securities for purposes of United States Federal or
state securities Laws.

(e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the
L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic
notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall indemnify the Administrative Agent, the L/C Issuer, 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 10.9 Counterparts. This Agreement may be executed in any number of counterparts, and
by the different parties hereto on separate counterpart signature pages, and all such counterparts
taken together shall be deemed to constitute one and the same instrument.

Section 10.10 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 the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii)
by way of participation in accordance with the provisions of subsection (d) of this Section, or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto
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 subsection (d) of this Section and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
L/C Issuer and the Lenders) 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 assignees all or
a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans (including for purposes of this subsection (b), participations in L/C
Obligations and in Swing Loans) at the time owing to it); provided that any such assignment shall
be subject to the following conditions:

(i) Minimum Amounts.

(1) in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment under any Facility and the Loans at the time owing to it under such
Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, no minimum amount need be assigned; and

(2) in any case not described in subsection (b)(i)(1) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or,
if the 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 not be less than U.S. $5,000,000, in the case of any assignment in respect of
the Revolving Credit Facility, or U.S. $1,000.000, in the case of any assignment in respect
of the Term Credit Facility unless each of the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); 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.

(ii) Proportionate Amounts. 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 Loans or the Commitment assigned, except that this clause
(ii) shall not (1) apply to the Swing Line Lender’s rights and obligations in respect of
Swing Loans or (2) prohibit any Lender from assigning all or a portion of its rights and
obligations among separate Facilities on a non-pro rata basis;

(iii) Required Consents. No consent shall be required for any assignment except to
the extent required by subsection (b)(i)(2) of this Section and, in addition:

(1) the consent of the Borrower (such consent not to be unreasonably withheld or
delayed) shall be required unless (A) an Event of Default has occurred and is continuing at
the time of such assignment or (B) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund;

(2) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required for assignments in respect of (A) any Revolving
Credit Commitment or (B) any Term Loan to a Person that is not a Lender, an Affiliate of a
Lender or an Approved Fund;

(3) the consent of the L/C Issuer (such consent not to be unreasonably withheld or
delayed) shall be required for any assignment that increases the obligation of the assignee
to participate in exposure under one or more Letters of Credit (whether or not then
outstanding); and

(4) the consent of the Swing Line Lender (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment in respect of the Revolving Credit
Facility.

(iv) Assignment and Assumption. The parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee in the amount of U.S. $3,500; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or
any of the Borrower’s Affiliates or Subsidiaries.

(vi) No Assignment to Natural Persons. No such assignment shall be made to a natural
person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
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 Sections 8.4 and 10.13 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Upon request, the Borrower (at its
expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this subsection
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 subsection (d) of this Section.

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

(d) 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 or the Borrower or any of the Borrower’s Affiliates or Subsidiaries ) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C Obligations and/or Swing 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) the
Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment or waiver described in Sections 10.11(i) and (ii) that affects such Participant.
Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be
entitled to the benefits of Sections 8.1 and 8.4(b) to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent
permitted by Law, each Participant also shall be entitled to the benefits of Section 10.14 as
though it were a Lender, provided such Participant agrees to be subject to Section 10.7 as though
it were a Lender.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any
greater payment under Section 8.4(a) than the applicable Lender would have been entitled to receive
with respect to the participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrower’s prior written consent. A Participant that is a
Foreign Lender shall not be entitled to the benefits of Section 10.1 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit
of the Borrower, to comply with Section 10.1(b) as though it were a Lender.

(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 (including under its Note, if any) to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

(g) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and
words of like import in any Assignment and Assumption 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 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.

(h) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything
to the contrary contained herein, if at any time Bank of America assigns all of its Revolving
Credit Commitment and Revolving Loans pursuant to subsection (b) above, Bank of America may, (i)
upon 30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 30
days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as
L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a
successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C
Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it
shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and
all L/C Obligations with respect thereto (including the right to require the Lenders to make Base
Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.2(c)). If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line
Lender provided for hereunder with respect to Swing Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans or fund risk participations in outstanding Swing Loans pursuant to Section 2.10(c). Upon the
appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangements satisfactory to Bank of America to effectively assume the
obligations of Bank of America with respect to such Letters of Credit.

Section 10.11 Amendments. Any provision of this Agreement or the other Loan Documents may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed by (a) the
Borrower, (b) the Required Lenders, and (c) if the rights or duties of the Administrative Agent,
the L/C Issuer or the Swing Line Lender are affected thereby, the Administrative Agent, the L/C
Issuer and the Swing Line Lender, as the case may be; provided that:

(i) no amendment or waiver pursuant to this Section 10.11 shall (A) increase or extend
any Commitment of any Lender without the consent of such Lender, (B) reduce the amount of,
or postpone the date for any scheduled payment of any principal of or interest on, any Loan
or L/C Borrowing or of any fee payable hereunder without the consent of each Lender
directly affected thereby, provided that each of the Fee Letters may be amended, or rights
or privileges thereunder waived, in a writing executed only by the parties thereto or (C)
change the application of payments set forth in Section 2.8 hereof without the consent of
each Lender adversely affected thereby; and

(ii) no amendment or waiver pursuant to this Section 10.11 shall, unless signed by
each Lender, change the definitions of Termination Date or Required Lenders, change the
provisions of this Section 10.11, release any material guarantor (except as otherwise
provided for in the Loan Documents), affect the number of Lenders required to take any
action hereunder or under any other Loan Document, or change or waive any provision of any
Loan Document that provides for the pro rata nature of disbursements by or payments to
Lenders.

(iii) waive any condition set forth in Section 3.1 (other than Section 3.1(j)), or, in
the case of the initial Credit Extension, Section 3.2, without the written consent of each
Lender;

(iv) without limiting the generality of clause (iii) above, waive any condition set
forth in Section 3.2 as to any Credit Extension under a particular Facility without the
written consent of the Required Lenders;

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder, except that the Commitments of
such Lender may not be increased or extended without the consent of such Lender.

If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to
any Loan Document that requires the consent of each Lender and that has been approved by the
Required Lenders, the Borrower may replace such non-consenting Lender in accordance with Section
8.5; provided that such amendment, waiver, consent or release can be effected as a result of the
assignment contemplated by such Section (together with all other such assignments required by the
Borrower to be made pursuant to this paragraph).

Section 10.12 Headings. Section headings used in this Agreement are for reference only and
shall not affect the construction of this Agreement.

Section 10.13 Expenses; Indemnity; Damage Waiver.

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable out of pocket expenses
incurred by the Administrative Agent and its Affiliates (including the reasonable and properly
documented fees, charges and disbursements of counsel for the Administrative Agent), 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 any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out of
pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii) all out of pocket
expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the
reasonable and properly documented fees, charges and disbursements of any counsel for the
Administrative Agent, any Lender or the L/C Issuer), and shall pay all fees and time charges for
attorneys who may be employees of the Administrative Agent, any Lender or the L/C Issuer, in
connection with the enforcement or protection of its rights (1) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (2) in connection with
the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent
(and any sub-agent thereof), each Lender and the L/C Issuer, 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 losses, claims, damages, liabilities and related expenses (including
reasonable and properly documented fees, charges and disbursements of any counsel for any
Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges
and disbursements for attorneys who may be employees of 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 agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of the
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or
proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence
or release of Hazardous Materials on or from any property owned or operated by the Borrower or any
of its Subsidiaries, or any Environmental Claim related in any way to the Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, 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.

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any
of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s applicable
Percentage (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) or the L/C Issuer 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) or L/C Issuer in connection with such capacity. The obligations of the Lenders
under this subsection (c) are subject to the provisions of Section 2.4(f).

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law,
the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee 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 other than for direct or actual damages resulting from
the gross negligence or willful misconduct of such Indemnitee as determined by a final and
nonappealable judgment of a court of competent jurisdiction.

(e) Payments. All amounts due under this Section shall be payable not later than ten Business
Days after demand therefor.

(f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all the other
Obligations.

Section 10.14 Set-off. In addition to any rights now or hereafter granted under applicable
Law and not by way of limitation of any such rights, upon the occurrence of any Event of Default,
each Lender and each subsequent holder of any Obligation is hereby authorized by the Borrower at
any time or from time to time, without notice to the Borrower or to any other Person, any such
notice being hereby expressly waived, to set-off and to appropriate and to apply any and all
deposits (general or special, including, but not limited to, indebtedness evidenced by certificates
of deposit, whether matured or unmatured, but not including trust accounts, and in whatever
currency denominated) and any other indebtedness at any time held or owing by that Lender or that
subsequent holder to or for the credit or the account of the Borrower, whether or not matured,
against and on account of the Obligations of the Borrower to that Lender or that subsequent holder
under the Loan Documents, including, but not limited to, all claims of any nature or description
arising out of or connected with the Loan Documents, irrespective of whether or not (a) that Lender
or that subsequent holder shall have made any demand hereunder or (b) the principal of or the
interest on the Loans and other amounts due hereunder shall have become due and payable pursuant to
Section 7 and although said obligations and liabilities, or any of them, may be contingent or
unmatured.

Section 10.15 Payments Set Aside. To the extent that any payment by or on behalf of the
Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative
Agent, the L/C Issuer 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 the
Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a 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 and the L/C Issuer severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of
any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the
date of such demand to the date such payment is made at a rate per annum equal to the applicable
Overnight Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer
under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and
the termination of this Agreement.

Section 10.16 Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Lenders and the L/C Issuer 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, advisors and
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) in connection with this Agreement, (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 Laws
or regulations 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, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating
to the Borrower and its obligations, (g) with the consent of the Borrower 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, the L/C Issuer or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower.

For purposes of this Section, “Information” means all information received from the Borrower or any
Restricted Subsidiary relating to the Borrower or any Restricted Subsidiary or any of their
respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower
or any Restricted Subsidiary, provided that, in the case of information received from the Borrower
or any Restricted Subsidiary 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.

Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the
Information may include material non-public information concerning the Borrower or a Restricted
Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of
material non-public information and (c) it will handle such material non-public information in
accordance with applicable Law, including United States Federal and state securities Laws.

Section 10.17 Entire Agreement. The Loan Documents constitute the entire understanding of the
parties thereto with respect to the subject matter thereof and any prior agreements, whether
written or oral, with respect thereto are superseded hereby.

Section 10.18 Severability of Provisions. Any provision of any Loan Document which is
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such unenforceability without invalidating the remaining provisions hereof or affecting the
validity or enforceability of such provision in any other jurisdiction. All rights, remedies and
powers provided in this Agreement and the other Loan Documents may be exercised only to the extent
that the exercise thereof does not violate any applicable mandatory provisions of Law, and all the
provisions of this Agreement and other Loan Documents are intended to be subject to all applicable
mandatory provisions of Law which may be controlling and to be limited to the extent necessary so
that they will not render this Agreement or the other Loan Documents invalid or unenforceable.

Section 10.19 Excess Interest. Notwithstanding any provision to the contrary contained herein
or in any other Loan Document, no such provision shall require the payment or permit the collection
of any amount of interest in excess of the maximum amount of interest permitted by applicable Law
to be charged for the use or detention, or the forbearance in the collection, of all or any portion
of the Loans or other obligations outstanding under this Agreement or any other Loan Document
(“Excess Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for,
herein or in any other Loan Document, then in such event (a) the provisions of this Section shall
govern and control, (b) neither the Borrower nor any guarantor or endorser shall be obligated to
pay any Excess Interest, (c) any Excess Interest that the Administrative Agent or any Lender may
have received hereunder shall, at the option of the Administrative Agent, be (i) applied as a
credit against the then outstanding principal amount of Obligations hereunder and accrued and
unpaid interest thereon (not to exceed the maximum amount permitted by applicable Law),
(ii) refunded to the Borrower, or (iii) any combination of the foregoing, (d) the interest rate
payable hereunder or under any other Loan Document shall be automatically subject to reduction to
the maximum lawful contract rate allowed under applicable usury Laws (the “Maximum Rate”), and this
Agreement and the other Loan Documents shall be deemed to have been, and shall be, reformed and
modified to reflect such reduction in the relevant interest rate, and (e) neither the Borrower nor
any guarantor or endorser shall have any action against the Administrative Agent or any Lender for
any Damages whatsoever arising out of the payment or collection of any Excess Interest.
Notwithstanding the foregoing, if for any period of time interest on any of the Borrower’s
Obligations is calculated at the Maximum Rate rather than the applicable rate under this Agreement,
and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest
payable on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have
received the amount of interest which such Lenders would have received during such period on the
Borrower’s Obligations had the rate of interest not been limited to the Maximum Rate during such
period.

Section 10.20 Construction. The parties acknowledge and agree that the Loan Documents shall
not be construed more favorably in favor of any party hereto based upon which party drafted the
same, it being acknowledged that all parties hereto contributed substantially to the negotiation of
the Loan Documents.

Section 10.21 USA Patriot Act. Each Lender that is subject to the Patriot Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that
pursuant to the requirements of the Patriot Act it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Patriot Act.

Section 10.22 Currency. Each reference in this Agreement to U.S. Dollars or to an Alternative
Currency (the “relevant currency”) is of the essence. To the fullest extent permitted by Law, the
obligation of the Borrower in respect of any amount due in the relevant currency under this
Agreement shall, notwithstanding any payment in any other currency (whether pursuant to a judgment
or otherwise), be discharged only to the extent of the amount in the relevant currency that the
Person entitled to receive such payment may, in accordance with normal banking procedures, purchase
with the sum paid in such other currency (after any premium and costs of exchange) on the Business
Day immediately following the day on which such Person receives such payment. If the amount of the
relevant currency so purchased is less than the sum originally due to such Person in the relevant
currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify such Person against such loss, and if the amount of the specified currency so purchased
exceeds the sum of (a) the amount originally due to the relevant Person in the specified currency
plus (b) any amounts shared with other Lenders as a result of allocations of such excess as a
disproportionate payment to such Person under Section 10.7 hereof, such Person agrees to remit such
excess to the Borrower.

Section 10.23 Governing Law; Jurisdiction; Etc.

(a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

(b) SUBMISSION TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF STATE OF
NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT
OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO 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 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 IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c) WAIVER OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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 THE
MANNER PROVIDED FOR NOTICES IN SECTION 10.8(A). NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF
ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 10.24 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 10.25 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 acknowledges and agrees that: (a)
(i) the arranging and other services regarding this Agreement provided by the Administrative Agent
and, the Arrangers are arm’s-length commercial transactions between the Borrower and its
Subsidiaries, on the one hand, and the Administrative Agent and the Arrangers on the other hand,
(ii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (iii) the Borrower is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (b) (i) each of the Administrative Agent and the Arrangers have been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, have not
been, are not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of
its Subsidiaries, or any other Person and (ii) neither the Administrative Agent nor the Arrangers
have any obligation to the Borrower or any of its Subsidiaries with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (c) the Administrative Agent 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 and its Subsidiaries, and neither the Administrative Agent nor the Arrangers have any
obligation to disclose any of such interests to the Borrower or its Subsidiaries. To the fullest
extent permitted by Law, the Borrower hereby waives and releases any claims that it may have
against the Administrative Agent 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.

[Signature Pages to Follow]

2

This Agreement is entered into between us for the uses and purposes hereinabove set
forth as of the date first above written.

	 	 	 	 	 	 	 
	“Borrower”
	 	 	 	 
	cleveland-cliffs Inc
	 	 
	By:	 	 	 	/s/ Laurie Brlas
	 	 	 	 	 
	
 
	 	Name:
	 	 	 	Laurie Brlas
	
 
	 	Title:
	 	 	 	Senior Vice President,

Chief Financial Officer and Treasurer

	 	 	 	 	 	 	 
	“administrative agent”
	 	 
	Bank of america, N.A., as Administrative Agent

	By:	 	 	 	/s/ William Faidell
	 	 	 	 	 
	
 
	 	Name:
	 	 	 	William Faidell
	
 
	 	Title:
	 	 	 	Agency Management Officer, AVP

	 	 	 
	Bank of America, N.A., as a Lender and as

	L/C Issuer

By:

	 	

/s/ Kenneth Wood
	
 
	 	 
	
 
	 	Name: Kenneth Wood

Title: Senior Vice President

	 	 	JPMORGAN CHASE BANK, N.A., as a Lender

	 	 	 
	By:

	 	/s/ W. Gregory Schmid
	
 
	 	 
	
 
	 	Name: W. Gregory Schmid

Title: Sr. Vice President

	 	 	CHARTER ONE BANK, N.A., as a Lender

By: /s/ Robert G. Dracon, Jr.

Name: Robert G. Dracon, Jr.

Title: Vice President

KEYBANK NATIONAL ASSOCIATION,

as Documentation Agent and a Lender

By: /s/ Suzannah Harris

Name: Suzannah Harris

Title: Vice President

FIFTH THIRD BANK, as a Lender

By: /s/ R. C. Lanctot

Name: Roy C. Lanctot

Title: Vice President

COMMONWEALTH BANK OF AUSTRALIA, as a Lender

By: /s/ David A. Heuston

Name: David A. Heuston

Title:Head of Risk Management, Americas

WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ P. J. Kaufmann

Name: Patrick J. Kaufmann

Title: Senior Vice President

WESTPAC BANKING CORPORATION, as a Lender

By: /s/ Bradley Scammell

Name: Bradley Scammell

Title: Head of Corporate and Institutional

Banking Americas

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Jennifer L. Loew

Name: Jennifer L. Loew

Title: Vice President

US BANK, N.A., as a Lender

By: /s/ Patrick McGraw

Name: Patrick McGraw

Title: Vice President

HARRIS N.A., as a Lender

By: /s/ Thad D. Rasche

Name: Thad D. Rasche

Title: Director

NATIONAL AUSTRALIA BANK LIMITED A.B.N.

12 004 044 937, as a Lender

By: /s/ Jeff White

Name: Jeff White

Title: Senior Vice President

NATIONAL CITY BANK, as a Lender

By: /s/ Robert S. Coleman

Name: Robert S. Coleman

Title: Senior Vice President

3

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