Document:

Exhibit 10.1

 

$85,000,000

 

 

CREDIT AGREEMENT

 

 

Dated as of September 30, 2005

 

among

 

DUFF
& PHELPS, LLC, as Borrower

 

DUFF
& PHELPS ACQUISITIONS, LLC, as one of the Guarantors

 

THE LENDERS AND L/C ISSUERS PARTY HERETO

 

and

 

GENERAL ELECTRIC CAPITAL CORPORATION, 

as Administrative Agent and Collateral Agent

 

and

 

LASALLE BANK NATIONAL ASSOCIATION, 

as Syndication Agent

 

 

 

GE CAPITAL MARKETS, INC., 

as Sole Lead Arranger and Bookrunner

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I
  DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1

  	
  Defined Terms

  	
  1

  
	
  Section 1.2

  	
  UCC Terms

  	
  30

  
	
  Section 1.3

  	
  Accounting Terms and Principles

  	
  30

  
	
  Section 1.4

  	
  Intentionally Omitted

  	
  30

  
	
  Section 1.5

  	
  Interpretation

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  THE FACILITIES

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  The Commitments

  	
  31

  
	
  Section 2.2

  	
  Borrowing Procedures

  	
  31

  
	
  Section 2.3

  	
  Swing Loans

  	
  32

  
	
  Section 2.4

  	
  Letters of Credit

  	
  34

  
	
  Section 2.5

  	
  Reduction and Termination of the
  Commitments

  	
  37

  
	
  Section 2.6

  	
  Repayment of Loans

  	
  37

  
	
  Section 2.7

  	
  Optional Prepayments

  	
  38

  
	
  Section 2.8

  	
  Mandatory Prepayments

  	
  39

  
	
  Section 2.9

  	
  Interest

  	
  39

  
	
  Section 2.10

  	
  Conversion and Continuation
  Options

  	
  40

  
	
  Section 2.11

  	
  Fees

  	
  41

  
	
  Section 2.12

  	
  Application of Payments

  	
  41

  
	
  Section 2.13

  	
  Payments and Computations

  	
  43

  
	
  Section 2.14

  	
  Evidence of Debt

  	
  44

  
	
  Section 2.15

  	
  Suspension of LIBO Rate Option

  	
  45

  
	
  Section 2.16

  	
  Breakage Costs; Increased Costs;
  Capital Requirements

  	
  46

  
	
  Section 2.17

  	
  Taxes

  	
  47

  
	
  Section 2.18

  	
  Substitution of Lenders

  	
  50

  
	
   

  	
   

  	
   

  
	
  ARTICLE III
  CONDITIONS TO LOANS AND LETTERS OF CREDIT

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Conditions Precedent to Initial
  Loans and Letters of Credit

  	
  51

  
	
  Section 3.2

  	
  Conditions Precedent to Each
  Loan and Letter of Credit

  	
  53

  
	
  Section 3.3

  	
  Determinations of Initial
  Borrowing Conditions

  	
  54

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV
  REPRESENTATIONS AND WARRANTIES

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Corporate Existence; Compliance
  with Law

  	
  54

  
	
  Section 4.2

  	
  Loan and Related Documents

  	
  55

  
	
  Section 4.3

  	
  Ownership of Group Members

  	
  55

  
	
  Section 4.4

  	
  Financial Statements

  	
  56

  
	
  Section 4.5

  	
  Material Adverse Effect

  	
  57

  
	
  Section 4.6

  	
  Solvency

  	
  57

  
	
  Section 4.7

  	
  Litigation

  	
  57

  
	
  Section 4.8

  	
  Taxes

  	
  57

  
	
  Section 4.9

  	
  Margin Regulations

  	
  58

  
	
  Section 4.10

  	
  No Burdensome Obligations; No
  Distributions; No Defaults

  	
  58

  
	
  Section 4.11

  	
  Investment Company Act; Public
  Utility Holding Company Act

  	
  58

  
	
  Section 4.12

  	
  Labor Matters

  	
  58

  
	
  Section 4.13

  	
  ERISA

  	
  59

  

 

i

 

	
  Section 4.14

  	
  Environmental Matters

  	
  59

  
	
  Section 4.15

  	
  Intellectual Property

  	
  59

  
	
  Section 4.16

  	
  Title; Real Property

  	
  60

  
	
  Section 4.17

  	
  Full Disclosure

  	
  60

  
	
   

  	
   

  	
   

  
	
  ARTICLE V
  FINANCIAL COVENANTS

  	
  61

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Maximum Consolidated Senior
  Leverage Ratio

  	
  61

  
	
  Section 5.2

  	
  Minimum Consolidated Interest
  Coverage Ratio

  	
  61

  
	
  Section 5.3

  	
  Capital Expenditures

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI
  REPORTING COVENANTS

  	
  62

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Financial Statements

  	
  62

  
	
  Section 6.2

  	
  Other Events

  	
  64

  
	
  Section 6.3

  	
  Copies of Notices and Reports

  	
  64

  
	
  Section 6.4

  	
  Taxes

  	
  64

  
	
  Section 6.5

  	
  Labor Matters

  	
  65

  
	
  Section 6.6

  	
  ERISA Matters

  	
  65

  
	
  Section 6.7

  	
  Environmental Matters

  	
  65

  
	
  Section 6.8

  	
  Other Information

  	
  65

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII
  AFFIRMATIVE COVENANTS

  	
  66

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  Maintenance of Corporate
  Existence

  	
  66

  
	
  Section 7.2

  	
  Compliance with Laws, Etc

  	
  66

  
	
  Section 7.3

  	
  Payment of Obligations

  	
  66

  
	
  Section 7.4

  	
  Maintenance of Property

  	
  66

  
	
  Section 7.5

  	
  Key-man
  Life Insurance; Maintenance
  of Insurance

  	
  66

  
	
  Section 7.6

  	
  Keeping of Books

  	
  67

  
	
  Section 7.7

  	
  Access to Books and Property

  	
  67

  
	
  Section 7.8

  	
  Environmental

  	
  67

  
	
  Section 7.9

  	
  Use of Proceeds

  	
  68

  
	
  Section 7.10

  	
  Additional Collateral and
  Guaranties

  	
  68

  
	
  Section 7.11

  	
  Deposit Accounts; Securities
  Accounts and Cash Collateral Accounts

  	
  69

  
	
  Section 7.12

  	
  Interest Rate Contracts

  	
  70

  
	
  Section 7.13

  	
  Payment of Taxes

  	
  70

  
	
  Section 7.14

  	
  Control Agreements

  	
  70

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  NEGATIVE COVENANTS

  	
  70

  
	
   

  	
   

  	
   

  
	
  Section 8.1

  	
  Indebtedness

  	
  70

  
	
  Section 8.2

  	
  Liens

  	
  72

  
	
  Section 8.3

  	
  Investments

  	
  73

  
	
  Section 8.4

  	
  Asset Sales

  	
  74

  
	
  Section 8.5

  	
  Restricted Payments

  	
  75

  
	
  Section 8.6

  	
  Prepayment of Subordinated Debt

  	
  76

  
	
  Section 8.7

  	
  Fundamental Changes

  	
  76

  
	
  Section 8.8

  	
  Change in Nature of Business

  	
  77

  

 

ii

 

	
  Section 8.9

  	
  Transactions with Affiliates

  	
  77

  
	
  Section 8.10

  	
  Third-Party Restrictions on
  Indebtedness, Liens, Investments or Restricted Payments

  	
  77

  
	
  Section 8.11

  	
  Modification of Certain
  Documents

  	
  78

  
	
  Section 8.12

  	
  Fiscal Year

  	
  78

  
	
  Section 8.13

  	
  Margin Regulations

  	
  78

  
	
  Section 8.14

  	
  Compliance with ERISA

  	
  79

  
	
  Section 8.15

  	
  Hazardous Materials

  	
  79

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX
  EVENTS OF DEFAULT

  	
  79

  
	
   

  	
   

  	
   

  
	
  Section 9.1

  	
  Definition

  	
  79

  
	
  Section 9.2

  	
  Remedies

  	
  80

  
	
  Section 9.3

  	
  Actions in Respect of Letters of
  Credit

  	
  81

  
	
   

  	
   

  	
   

  
	
  ARTICLE X
  THE ADMINISTRATIVE AGENT

  	
  81

  
	
   

  	
   

  	
   

  
	
  Section 10.1

  	
  Appointment and Duties

  	
  81

  
	
  Section 10.2

  	
  Binding Effect

  	
  82

  
	
  Section 10.3

  	
  Use of Discretion

  	
  82

  
	
  Section 10.4

  	
  Delegation of Rights and Duties

  	
  83

  
	
  Section 10.5

  	
  Reliance and Liability

  	
  83

  
	
  Section 10.6

  	
  Administrative Agent
  Individually

  	
  84

  
	
  Section 10.7

  	
  Lender Credit Decision

  	
  84

  
	
  Section 10.8

  	
  Expenses; Indemnities

  	
  85

  
	
  Section 10.9

  	
  Resignation of Administrative
  Agent or L/C Issuer

  	
  85

  
	
  Section 10.10

  	
  Release of Collateral or
  Guarantors

  	
  86

  
	
  Section 10.11

  	
  Additional Secured Parties

  	
  87

  
	
  Section 10.12

  	
  Co-Agents

  	
  87

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI
  MISCELLANEOUS

  	
  87

  
	
   

  	
   

  	
   

  
	
  Section 11.1

  	
  Amendments, Waivers, Etc

  	
  87

  
	
  Section 11.2

  	
  Assignments and Participations;
  Binding Effect

  	
  89

  
	
  Section 11.3

  	
  Costs and Expenses

  	
  91

  
	
  Section 11.4

  	
  Indemnities

  	
  92

  
	
  Section 11.5

  	
  Survival

  	
  93

  
	
  Section 11.6

  	
  Limitation of Liability for
  Certain Damages

  	
  93

  
	
  Section 11.7

  	
  Lender-Creditor Relationship

  	
  93

  
	
  Section 11.8

  	
  Right of Setoff

  	
  93

  
	
  Section 11.9

  	
  Sharing of Payments, Etc

  	
  94

  
	
  Section 11.10

  	
  Marshaling; Payments Set Aside

  	
  94

  
	
  Section 11.11

  	
  Notices

  	
  94

  
	
  Section 11.12

  	
  Electronic Transmissions

  	
  95

  
	
  Section 11.13

  	
  Governing Law

  	
  96

  
	
  Section 11.14

  	
  Jurisdiction

  	
  96

  
	
  Section 11.15

  	
  WAIVER OF JURY TRIAL

  	
  97

  
	
  Section 11.16

  	
  Severability

  	
  97

  
	
  Section 11.17

  	
  Execution in Counterparts

  	
  97

  
	
  Section 11.18

  	
  Entire Agreement

  	
  97

  

 

iii

 

	
  Section 11.19

  	
  Use of Name

  	
  98

  
	
  Section 11.20

  	
  Non-Public Information;
  Confidentiality

  	
  98

  
	
  Section 11.21

  	
  Patriot Act Notice

  	
  98

  

 

iv

 

SCHEDULES

 

	
  Schedule I

  	
   

  	
  –

  	
   

  	
  Commitments

  
	
  Schedule II

  	
   

  	
  –

  	
   

  	
  Addresses for Notices

  
	
  Schedule III

  	
   

  	
  –

  	
   

  	
  Consolidated EBITDA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 4.2

  	
   

  	
  –

  	
   

  	
  Consents

  
	
  Schedule 4.3

  	
   

  	
  –

  	
   

  	
  Ownership of Borrower and Subsidiaries

  
	
  Schedule 4.12

  	
   

  	
  –

  	
   

  	
  Labor Matters

  
	
  Schedule 4.13

  	
   

  	
  –

  	
   

  	
  List of Plans

  
	
  Schedule 4.14

  	
   

  	
  –

  	
   

  	
  Environmental Matters

  
	
  Schedule 4.15

  	
   

  	
  –

  	
   

  	
  Intellectual Property

  
	
  Schedule 4.16

  	
   

  	
  –

  	
   

  	
  Real Property

  
	
  Schedule 8.1

  	
   

  	
  –

  	
   

  	
  Existing Indebtedness

  
	
  Schedule 8.2

  	
   

  	
  –

  	
   

  	
  Existing Liens

  
	
  Schedule 8.3

  	
   

  	
  –

  	
   

  	
  Existing Investments

  

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  –

  	
   

  	
  Form of Assignment

  
	
  Exhibit B

  	
   

  	
  –

  	
   

  	
  Form of Note

  
	
  Exhibit C

  	
   

  	
  –

  	
   

  	
  Form of Notice of Borrowing

  
	
  Exhibit D

  	
   

  	
  –

  	
   

  	
  Form of Swingline Request

  
	
  Exhibit E

  	
   

  	
  –

  	
   

  	
  Form of L/C Request

  
	
  Exhibit F

  	
   

  	
  –

  	
   

  	
  Form of Notice of Conversion or Continuation

  
	
  Exhibit G

  	
   

  	
  –

  	
   

  	
  Form of Compliance Certificate

  
	
  Exhibit H

  	
   

  	
  –

  	
   

  	
  Form of Guaranty and Security Agreement

  

 

v

 

This CREDIT
AGREEMENT, dated as of September 30, 2005, is entered into among DUFF &
PHELPS, LLC, a Delaware limited liability company (the “Borrower”), DUFF
& PHELPS ACQUISITIONS, LLC, a Delaware limited liability company (“Holdings”),
the Lenders (as defined below), the L/C Issuers (as defined below) and GENERAL
ELECTRIC CAPITAL CORPORATION (“GE Capital”), as administrative agent and
collateral agent for the Lenders and the L/C Issuers (in such capacity, and
together with its successors and permitted assigns,  the “Administrative
Agent”), and LaSalle Bank National Association, as syndication agent (the “Syndication
Agent”).

 

The parties
hereto agree as follows:

 

ARTICLE I

DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS

 

Section 1.1                                      Defined Terms.
As used in this Agreement, the following terms have the following meanings:

 

“Acquired
Company” means the business unit referred to as Corporate Value Consulting,
a division of The Standard & Poor’s Corporation, a wholly-owned subsidiary
of The McGraw-Hill Companies, Inc.

 

“Acquisition”
means the acquisition of all or substantially all of the assets of the Acquired
Company and its Subsidiaries pursuant to the terms of the Acquisition
Agreement.

 

“Acquisition
Agreement” means the agreement for the purchase and sale of assets dated as
of September 15, 2005 by and between the Borrower and The McGraw-Hill
Companies, Inc.

 

“Affected
Lender” has the meaning specified in Section 2.18(a).

 

“Affiliate”
means, with respect to any Person, each officer, director, general partner or
joint-venturer of such Person and any other Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person; provided,
however, that in no event shall a Secured Party be deemed an Affiliate
of the Borrower solely by virtue of holding Obligations. For purpose of this
definition, “control” means the possession of either (a) the power to
vote, or the beneficial ownership of, 10% or more of the Voting Stock of such
Person or (b) the power to direct or cause the direction of the management and
policies of such Person, whether by contract or otherwise.

 

“Agreement”
means this Credit Agreement.

 

“Applicable
Margin”  means, with respect to Revolving Loans, Swing Loans and
Term Loans, a percentage equal to the percentage set forth below:

 

	
  APPLICABLE

  MARGINS

  	
   

  	
  BASE RATE

  LOANS

  	
   

  	
  LIBO RATE LOANS

  	
   

  
	
  Revolving Credit Facility

  	
   

  	
  1.75

  	
  %

  	
  2.75

  	
  %

  
	
  Term Loan

  	
   

  	
  1.75

  	
  %

  	
  2.75

  	
  %

  

 

1

 

“Approved
Fund” means, with respect to any Lender, any Person (other than a natural
Person) that (a) 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 and (b) is advised or managed by (i) such
Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an
individual) or any Affiliate of any Person (other than an individual) that
administers or manages such Lender.

 

“Assignment”
means an assignment agreement entered into by a Lender, as assignor, and any
prospective assignee thereof and accepted by the Administrative Agent and, to
the extent required by this Agreement, consented to by the Borrower (such consent
not to be unreasonably withheld), in substantially the form of Exhibit A.

 

“Assumed
Tax Rate” means, for any taxable year, the highest marginal effective rate
of federal, state and local income tax applicable to an individual resident in
New York, New York (or, if higher, a corporation doing business in New York,
New York), taking into account the deductibility of state and local taxes.

 

“Base Rate”
means, at any time, a rate per annum equal to the higher of (a) the rate last
quoted by The Wall Street Journal as the “base rate on corporate loans posted
by at least 75% of the nation’s 30 largest banks” in the United States or, if
The Wall Street Journal ceases to quote such rate, the highest per annum
interest rate published by the Federal Reserve Board in Federal Reserve
Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar rate
quoted therein (as determined by the Administrative Agent) or any similar
release by the Federal Reserve Board (as determined by the Administrative
Agent) and (b) the sum of 0.5% per annum and the Federal Funds Rate.

 

“Base Rate
Loan” means any Loan that bears interest based on the Base Rate.

 

“Benefit
Plan” means any employee benefit plan as defined in Section 3(3) of ERISA
(whether governed by the laws of the United States or otherwise) to which any
Group Member incurs or otherwise has any obligation or liability which is
reasonably likely to be incurred, contingent or otherwise.

 

“Borrowing”
means a borrowing consisting of Loans (other than Swing Loans and Loans deemed
made pursuant to Section 2.3 or 2.4) made in one Facility on
the same day by the Lenders according to their respective Commitments under
such Facility.

 

“Business
Day” means any day of the year that is not a Saturday, Sunday or a day on
which banks are required or authorized to close in New York City and, when
determined in connection with notices and determinations in respect of any LIBO
Rate or LIBO Rate Loan or any funding, conversion, continuation, Interest
Period or payment of any LIBO Rate Loan, that is also a day on which dealings
in Dollar deposits are carried on in the London interbank market.

 

“Capital
Expenditures” means, for any Person for any period, the aggregate of all
expenditures, whether or not made through the incurrence of Indebtedness, by
such Person and its Subsidiaries during such period for the acquisition,
leasing (pursuant to a Capital Lease), construction, replacement, repair,
substitution or improvement of fixed or capital assets or additions to
equipment, in each case required to be capitalized under GAAP on a Consolidated

 

2

 

balance sheet of such Person, excluding (a) interest capitalized during
construction, (b) any expenditure to the extent, for purpose of the definition
of Permitted Acquisition, such expenditure is part of the aggregate amounts
payable in connection with, or other consideration for, any Permitted
Acquisition consummated during or prior to such period and (c) any expenditure
that is part of a Permitted Reinvestment.

 

“Capital
Lease” means, with respect to any Person, any lease of, or other
arrangement conveying the right to use, any property (whether real, personal or
mixed) by such Person as lessee that has been or should be accounted for as a
capital lease on a balance sheet of such Person prepared in accordance with
GAAP.

 

“Capitalized
Lease Obligations” means, at any time, with respect to any Capital Lease,
any lease entered into as part of any Sale and Leaseback Transaction of any
Person or any synthetic lease, the amount of all obligations of such Person
that is capitalized on a balance sheet of such Person prepared in accordance
with GAAP.

 

“Cash
Collateral Account” means a deposit account or securities account in the
name of the Borrower and under the control (as defined in the applicable UCC)
of the Administrative Agent and (a) in the case of a deposit account, from
which, during the continuance of any Event of Default, the Borrower may not
make withdrawals except as permitted by the Administrative Agent and (b) in the
case of a securities account, with respect to which the Administrative Agent
shall be the entitlement holder and, during the continuance of any Event of
Default, the only Person authorized to give entitlement orders with respect
thereto.

 

“Cash
Equivalents” means (a) any readily-marketable securities (i) issued
by, or directly, unconditionally and fully guaranteed or insured by the United
States federal government or (ii) issued by any agency of the United
States federal government the obligations of which are fully backed by the full
faith and credit of the United States federal government, (b) any
readily-marketable direct obligations issued by any other agency of the United
States federal government, any state of the United States or any political
subdivision of any such state or any public instrumentality thereof, in each
case having a rating of at least “A-1” from S&P or at least “P-1” from
Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1”
by Moody’s and issued by any Person organized under the laws of any state of
the United States, (d) any Dollar-denominated time deposit, insured certificate
of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by
(i) any Lender or (ii) any commercial bank that is (A) organized under the
laws of the United States, any state thereof or the District of Columbia, (B) “adequately
capitalized” (as defined in the regulations of its primary federal banking
regulators) and (C) has Tier 1 capital (as defined in such regulations) in
excess of $250,000,000 and (e) shares of any United States money market fund
that (i) has substantially all of its assets invested continuously in the types
of investments referred to in clause (a), (b), (c) or (d)
above with maturities as set forth in the proviso below, (ii) has net assets in
excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s
the highest rating obtainable for money market funds in the United States; provided,
however, that the maturities of all obligations specified in any of clauses
(a), (b), (c) and (d) above shall not exceed 365 days.

 

“Cash on
Hand” means, with respect to any Person as of any date of determination,
cash on hand of such Person and its Subsidiaries on a Consolidated basis on
such date (to the extent free of Liens other than rights of offset of the
applicable depository bank or securities

 

3

 

intermediary and other than Liens in favor of the Administrative Agent)
less an amount equal to the aggregate amounts accrued and unpaid as of such
date in respect of incentive bonuses to employees; provided, however,
that in no event shall Cash on Hand be less than zero.

 

“CERCLA”
means the United States Comprehensive Environmental Response, Compensation, and
Liability Act (42 U.S.C. §§ 9601 et seq.).

 

“Change of
Control” means the occurrence of any of the following:  (a) the Permitted Investors shall cease to have the
power to vote or direct the voting of securities having a majority of the
ordinary voting power for the election of directors of Holdings (determined on
a fully diluted basis), (b) any Permitted Investor shall cease to own and
control legally and beneficially at least 50% of the Stock of the Holdings
beneficially owned and controlled by such Permitted Investor on the Closing
Date, (c) Holdings shall cease to own and control legally and beneficially all
of the Voting Stock of the Borrower, or (d) a “Change of Control” or any term
of similar effect, as defined in any document governing Indebtedness of any
Group Member having a principal amount in excess of $5,000,000 shall occur.

 

“Class C
Holdings” means D&P Class C Holdings LLC, a
Delaware limited liability company.

 

“Class C
Units” means Units having the rights and
obligations specified with respect to “Class C Units” in the Holdings LLC
Agreement as in effect on the date hereof.

 

“Class D
Units” means Units having the rights and
obligations specified with respect to “Class D Units” in the Holdings LLC
Agreement as in effect on the date hereof.

 

“Class E
Units” means Units having the rights and
obligations specified with respect to “Class E Units” in the Holdings LLC
Agreement as in effect on the date hereof.

 

“Closing
Date” means the first date on which any Loan is made or any Letter of
Credit is Issued.

 

“Code”
means the U.S. Internal Revenue Code of 1986.

 

“Collateral”
means all property and interests in property and proceeds thereof now owned or
hereafter acquired by any Loan Party in or upon which a Lien is granted or
purported to be granted pursuant to any Loan Document.

 

“Commitment”
means, with respect to any Lender, such Lender’s Revolving Credit Commitment
and Term Loan Commitment.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit G.

 

“Consolidated”
means, with respect to any Person, the accounts of such Person and its
Subsidiaries consolidated in accordance with GAAP.

 

“Consolidated
Cash Interest Expense” means, with respect to any Person for any period,
the Consolidated Interest Expense of such Person for such period less
the sum of, in each case to the extent included in the definition of
Consolidated Interest Expense, (a) the amortized amount

 

4

 

of debt discount and debt issuance costs, (b) charges relating to
write-ups or write-downs in the book or carrying value of existing Consolidated
Total Debt, (c) interest payable in evidences of Indebtedness or by addition to
the principal of the related Indebtedness and (d) other non-cash interest.

 

“Consolidated
Current Assets” means, with respect to any Person at any date, the total
Consolidated current assets of such Person at such date other than cash, Cash
Equivalents and any Indebtedness owing to such Person or any of its
Subsidiaries by Affiliates of such Person.

 

“Consolidated
Current Liabilities” means, with respect to any Person at any date, all
liabilities of such Person and its Subsidiaries at such date that should be
classified as current liabilities on a Consolidated balance sheet of such
Person; provided, however, that “Consolidated Current
Liabilities” shall exclude the principal amount of the Loans then
outstanding,
accruals for annual bonuses and accrued interest.

 

“Consolidated
EBITDA” means, with respect to any Person for any period, (a) the
Consolidated Net Income of such Person for such period plus (b) the sum
of, in each case to the extent included in the calculation of such Consolidated
Net Income but without duplication, (i) any provision for United States
federal income taxes or other taxes measured by net income (including any
provision for distributions in respect of any such taxes), (ii) Consolidated
Interest Expense, amortization  of  debt discount and commissions and other
fees and charges associated with Indebtedness, (iii) any loss from
extraordinary items and any other non-recurring loss, (iv) any depreciation,
depletion and amortization expense, (v) any aggregate net loss on the Sale of
property (other than accounts (as defined under the applicable UCC) and
inventory) outside the ordinary course of business , (vi) all non-cash
impairment charges (to the extent not captured in amortization), (vii) all
underfunded pension expenses to the extent constituting non-cash charges,
(viii) all non-cash expenses resulting from the grant of stock and stock
options and other compensation to management personnel of any Group Member
pursuant to a written plan or agreement or the treatment of such options under
variable plan accounting, (ix) for a period of 12  months after a Lift-out Acquisition,
expenses  (including, without limitation, sign-on bonus
and related cash payments in connection with the initial hiring of the
applicable professionals) incurred with respect to the
such
Lift-out  Acquisition,
in an aggregate amount not to exceed the lesser of (x) $500,000 times the
number of professionals hired in such Lift-out Acquisition and (y) $3,000,000,
for such 12-month
period, (x) all non-cash purchase accounting adjustments in connection
with the Acquisition, (xi) all severance costs to the extent not paid in cash,
(xii) all cash payments to managing directors of the Borrower and its
Subsidiaries relating to the Acquisition and the Related Transactions (and excluding
bonuses paid other than in connection with the Acquisition and the Related
Transactions),  (xiii)
any fees, expenses or charges related to any equity offering, permitted
investment, acquisition, disposal or Indebtedness permitted by this Agreement
(whether or not successful), including relating to the
Acquisition and the Related Transactions, (xiv) the
amount of any non-cash minority interest expense deducted in calculating
Consolidated Net Income and (xv) any other non-cash expenditure, charge or
loss for such period (other than any non-cash expenditure, charge or loss
relating to write-offs, write-downs or reserves with respect to accounts and
inventory), including the amount of any compensation deduction as the result of
any grant of Stock or Stock Equivalents to employees, officers, directors or
consultants and minus (c) the sum of, in each case to the extent
included in the calculation of such Consolidated Net Income and without
duplication, (i) any credit for United States federal income taxes or other
taxes measured by net income, (ii) any interest income, (iii) 

 

5

 

any gain from extraordinary items and any other non-recurring gain,
(iv) any aggregate net gain from the Sale of property (other than accounts (as
defined in the applicable UCC) and inventory) out of the ordinary course of
business by such Person, (v) any other non-cash gain, including any reversal of
a charge referred to in clause (b)(vi) above by reason of a decrease in
the value of any Stock or Stock Equivalent, and (xv) any other cash payment in
respect of expenditures, charges and losses that have been added to
Consolidated EBITDA of such Person pursuant to clause (b)(xv) above in
any prior period. For purposes of calculating the Consolidated Senior Leverage
Ratio in accordance with Section 5.1 and the Consolidated Interest
Coverage Ratio in accordance with Section 5.2, Consolidated EBITDA for
the Fiscal
Quarters ended March 31, 2005 and June 30, 2005 and the fiscal
months ended July 31, 2005 and August 31, 2005 shall
be as calculated by the Group Members’ Accountants and set forth on Schedule
III hereto.

 

“Consolidated
Interest Coverage Ratio” means, with respect to any Person as of any date,
the ratio of (a) Consolidated EBITDA for such Person for the last period of
four consecutive Fiscal Quarters,  in
each case, ending on or before such date to (b) Consolidated Cash Interest
Expense of such Person for such period, provided that, for the periods of one,
two and three Fiscal Quarters ending on December 31, 2005. March 31, 2006 and
June 30, 2006, for the purposes of calculating the Consolidated Interest
Coverage Ratio as of such dates, the actual Consolidated Interest Expense for
such periods shall be multiplied by 4, 2 and 4/3, respectively.

 

 “Consolidated Interest Expense” means,
for any Person for any period, (a) Consolidated total interest expense of such
Person and its Subsidiaries for such period and including, in any event, (i)
interest capitalized during such period and net costs under Interest Rate
Contracts for such period and (ii) all fees, charges, commissions, discounts
and other similar obligations (other than reimbursement obligations) with
respect to letters of credit, bank guarantees, banker’s acceptances, surety
bonds and performance bonds (whether or not matured) payable by such Person and
its Subsidiaries during such period minus (b) the sum of (i)
Consolidated net gains of such Person and its Subsidiaries under Interest Rate
Contracts for such period and (ii) Consolidated interest income of such
Person and its Subsidiaries for such period.

 

“Consolidated
Net Income” means, with respect to any Person, for any period, the
Consolidated net income (or loss) of such Person and its Subsidiaries for such
period; provided, however, that the following shall be
excluded:  (a) the net income of any
other Person in which such Person or one of its Subsidiaries has a joint
interest with a third-party (which interest does not cause the net income of
such other Person to be Consolidated into the net income of such Person),
except to the extent of the amount of dividends or distributions paid to such
Person or Subsidiary and (b) the net income of any Subsidiary of such Person
that is, on the last day of such period, subject to any restriction or
limitation on the payment of dividends or the making of other distributions, to
the extent of such restriction or limitation.

 

“Consolidated
Senior Leverage Ratio” means, with respect to any Person as of any date,
the ratio of (a) Consolidated Total Debt (excluding any Subordinated Debt and
Revolving Credit Outstandings) of such Person as of the last day of such period
plus the average daily Revolving Credit Outstandings for the last
period of four consecutive Fiscal Quarters ending on or before such date to (b)
Consolidated EBITDA for such Person for such period.

 

“Consolidated
Total Debt” of any Person means at any time (a) all Indebtedness of a type
described in clause (a), (b), (c)(i) (limited, in the case
of clause (c)(i), to Indebtedness consisting

 

6

 

of drawn and unreimbursed letters of credit of any Loan Party), (d)
or (f) of the definition thereof and, without duplications, all Guaranty
Obligations with respect to any such Indebtedness, in each case, of such Person
and its Subsidiaries on a Consolidated basis less (b) Cash on Hand in an
aggregate amount not to exceed $2,500,000, at such time; provided, however,
that for the purposes of calculating the Consolidated Senior Leverage Ratio
solely for the purposes of clause (d)(x) of the definition of “Permitted
Acquisition”, Consolidated Total Debt shall include (prior to both April 1,
2006 and to the second drawing under the Term Loan Facility) the maximum amount
of the Term Loan Commitments, whether or not drawn.

 

“Constituent
Documents” means, with respect to any Person, collectively and, in each
case, together with any modification of any term thereof, (a) the articles of
incorporation, certificate of incorporation, constitution or certificate of
formation of such Person, (b) the bylaws, operating agreement or joint venture
agreement of such Person, (c) any other constitutive, organizational or
governing document of such Person, whether or not equivalent, and (d) any other
document setting forth the manner of election or duties of the directors,
officers or managing members of such Person or the designation, amount or
relative rights, limitations and preferences of any Stock of such Person.

 

“Contractual
Obligation” means, with respect to any Person, any provision of any
Security issued by such Person or of any document or undertaking (other than a
Loan Document) to which such Person is a party or by which it or any of its
property is bound or to which any of its property is subject.

 

“Contribution
Agreement”  means the Contribution
and Exchange Agreement, dated as of the date hereof, between DPH and the Borrower.

 

“Control
Agreement” means, with respect to any deposit account, any securities
account, commodity account, securities entitlement or commodity contract, an agreement,
in form and substance reasonably satisfactory to the Administrative Agent,
among the Administrative Agent, the financial institution or other Person at
which such account is maintained or with which such entitlement or contract is
carried and the Loan Party maintaining such account, effective to grant “control”
(as defined under the applicable UCC) over such account to the Administrative
Agent and entitling the Administrative agent, during the continuance of any
Event of Default, to give orders with respect thereto.

 

“Controlled
Deposit Account” means each deposit account (including all funds on deposit
therein) that is the subject of an effective Control Agreement and that is
maintained by any Loan Party with a financial institution approved by the
Administrative Agent.

 

“Controlled
Securities Account” means each securities account or commodity account
(including all financial assets held therein and all certificates and
instruments, if any, representing or evidencing such financial assets) that is the
subject of an effective Control Agreement and that is maintained by any Loan
Party with a securities intermediary or commodity intermediary approved by the
Administrative Agent.

 

“Copyrights”
means all rights, title and interests (and all related IP Ancillary Rights)
arising under any Requirement of Law in or relating to copyrights and all mask
work, database

 

7

 

and design rights, whether or not registered or published, all
registrations and recordations thereof and all applications in connection
therewith.

 

“Corporate Chart” means a document in form reasonably acceptable
to the Administrative Agent and setting forth, as of a date set forth therein,
for each Person that is a Loan Party, that is subject to Section 7.10
or that is a Subsidiary of any of them, (a) the full legal name of such Person,
(b) the jurisdiction of organization and any organizational number and tax
identification number of such Person, (c) the location of such Person’s chief
executive office (or, if applicable, sole place of business) and (d) the number
of shares of each class of Stock of such Person (other than Holdings)
authorized, the number outstanding and the number and percentage of such
outstanding shares for each such class owned, directly or indirectly, by any
Loan Party or any Subsidiary of any of them.

 

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

 

(a)                                  Liens (i) with respect to the payment of
taxes, assessments or other governmental charges or (ii) of suppliers,
carriers, materialmen, warehousemen, workmen or mechanics and other similar
Liens, in each case imposed by law or arising in the ordinary course of
business, and, for each of the Liens in clauses (i) and (ii)
above for amounts that are not yet due (or, in the case of clause (ii),
are not overdue for a period of more than 60 days) or that are being contested
in good faith by appropriate proceedings diligently conducted and with respect
to which adequate reserves or other appropriate provisions are maintained on
the books of such Person in accordance with GAAP;

 

(b)                                 Liens of a collection bank on items in
the course of collection arising under Section 4-208 of the UCC as in effect in
the State of New York or any similar section under any applicable UCC or any
similar Requirement of Law of any foreign jurisdiction;

 

(c)                                  pledges or cash deposits made in the
ordinary course of business (i) in connection with workers’ compensation,
unemployment insurance or other types of social security benefits (other than
any Lien imposed by ERISA), (ii) to secure the performance of bids,
tenders, leases (other than Capital Leases) sales or other trade contracts
(other than for the repayment of borrowed money) or (iii) made in lieu of,
or to secure the performance of, surety, customs, reclamation or performance
bonds (in each case not related to judgments or litigation);

 

(d)                                 judgment liens (other than for the
payment of taxes, assessments or other governmental charges) securing judgments
and other proceedings not constituting an Event of Default under Section 9.1(f)
and pledges or cash deposits made in lieu of, or to secure the performance of,
judgment or appeal bonds in respect of such judgments and proceedings;

 

(e)                                  Liens (i) arising by reason of zoning restrictions,
easements, licenses, reservations, restrictions, covenants, rights-of-way,
encroachments, minor defects or irregularities in title (including leasehold
title) and other similar encumbrances on the use of real property or (ii)
consisting of leases, licenses or subleases granted by a lessor, licensor or
sublessor on its property (in each case other than Capital Leases) otherwise
permitted under Section 8.4 that, for each of the Liens in clause
(i) above, do not, in the aggregate, materially (x) impair the value or
marketability of such real property or (y) interfere with the ordinary conduct
of the business conducted and proposed to be conducted at such real property;

 

8

 

(f)                                    Liens of landlords and mortgagees of
landlords (i) arising by statute or under any lease or related Contractual
Obligation entered into in the ordinary course of business, (ii) on fixtures
and movable tangible property located on the real property leased or subleased
from such landlord, (iii) for amounts not yet due or that are being contested
in good faith by appropriate proceedings diligently conducted and (iv) for
which adequate reserves or other appropriate provisions are maintained on the
books of such Person in accordance with GAAP;

 

(g)                                 the title and interest of a lessor or
sublessor in and to personal property leased or subleased (other than through a
Capital Lease), in each case extending only to such personal property;

 

(h)                                 Liens that are statutory, common law or
contractual rights of setoff relating to deposit accounts; and

 

(i)                                     non-exclusive licenses and sub-licenses
of Intellectual Property in the ordinary course that do not materially
interfere with the Borrower’s business.

 

“Default” means any Event of Default and any event that, with
the passing of time or the giving of notice or both, would become an Event of
Default.

 

“Disclosure Documents” means, collectively, (a) all confidential
information memoranda and related materials prepared in connection with the
syndication of the Facilities and (b) all other documents filed by any Group
Member with the United States Securities and Exchange Commission.

 

“Dollar Equivalent” means the amount in Dollars for any amount
denominated in Dollars and the Equivalent Amount in Dollars of any amount
denominated in any other currency.

 

“Dollars” and the sign “$” each mean the lawful money of
the United States of America.

 

“Domestic Person” means any “United States person” under
and as defined in Section 770l(a)(30) of the Code.

 

“DPH” means Duff & Phelps Holdings LLC, a Delaware limited
liability company.

 

“E-Fax” means any system used to receive or transmit faxes
electronically.

 

“Electronic Transmission” means each document, instruction,
authorization, file, information and any other communication transmitted,
posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or
from an E-System or other equivalent service.

 

“Environmental Laws” means all applicable Requirements of Law
and Permits imposing liability or standards of conduct for or relating to the
regulation and protection of the environment and natural resources, and to the
extent relating to hazardous materials, human health and safety, including
CERCLA, the SWDA, the Hazardous Materials Transportation Act (49 U.S.C. §§ 5101
et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§
136 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the
Clean Air Act (42 U.S.C. §§ 7401

 

9

 

et seq.), the Federal Water
Pollution Control Act (33 U.S.C. §§ 1251 et seq.), the Occupational Safety and
Health Act (29 U.S.C. §§ 651 et seq.), the Safe Drinking Water Act (42 U.S.C.
§§ 300(f) et seq.), all regulations promulgated under any of the foregoing,
all analogous Requirements of Law and Permits and any environmental transfer of
ownership notification or approval statutes, including the Industrial Site
Recovery Act (N.J. Stat. Ann. §§ 13:1K-6 et seq.).

 

“Environmental Liabilities” means all Liabilities (including
costs of Remedial Actions, natural resource damages and costs and expenses of
investigation and feasibility studies) imposed on, incurred by or asserted
against any Group Member as a result of, or related to, any claim, suit,
action, investigation, proceeding or demand by any Person, whether based in
contract, tort, implied or express warranty, strict liability, criminal or
civil statute or common law or otherwise, arising under any Environmental Law
or in connection with any environmental, health or safety condition or with any
Release and resulting from the ownership, lease, sublease or other operation or
occupation of property by any Group Member, whether on, prior or after the date
hereof.

 

“Equivalent Amount” means on any date of determination, with
respect to obligations or valuations denominated in one currency, (the “first
currency”), the amount of another currency (the “second currency”) which would
result from the conversion of the relevant amount of the first currency into
the second currency at the rate used by Administrative Agent’s treasury
function on such date or, if such date is not a Business Day, on the Business
Day immediately preceding such date of determination, or at such other rate as
may have been agreed in writing between the Borrower and the Administrative
Agent.

 

“ERISA” means the United States Employee Retirement Income
Security Act of 1974.

 

“ERISA Affiliate” means, collectively, any Group Member, and any
Person under common control, or treated as a single employer, with any Group
Member, within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA Event” means any of the following:  (a) a reportable event described in
Section 4043(c) of ERISA (unless the 30-day notice requirement has been
duly waived under the applicable regulations) with respect to a Title IV Plan,
(b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA, (c) the complete or
partial withdrawal of any ERISA Affiliate from any Multiemployer Plan,
(d) with respect to any Multiemployer Plan, the filing of a notice of
reorganization, insolvency or termination (or treatment of a plan amendment as
termination) under Section 4041A of ERISA, (e) the filing of a notice of intent
to terminate a Title IV Plan (or treatment of a plan amendment as termination)
under Section 4041 of ERISA, (f) the institution of proceedings to terminate a
Title IV Plan or Multiemployer Plan by the PBGC, (g) the failure to make any
required contribution to any Title IV Plan or Multiemployer Plan when due, (h)
the imposition of a lien under Section 412 of the Code or Section 302 or 4068
of ERISA on any property (or rights to property, whether real or personal) of
any ERISA Affiliate, (i) the failure of a Benefit Plan or any trust thereunder
intended to qualify for tax exempt status under Section 401 or 501 of the Code
or other applicable Requirements of Law to qualify thereunder and (j) any other
event or condition that would reasonably be expected to constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Title IV Plan or Multiemployer Plan or for

 

10

 

the imposition of any liability
upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums
due but not delinquent.

 

“E-Signature” means the process of attaching to or logically
associating with an Electronic Transmission an electronic symbol, encryption,
digital signature or process (including the name or an abbreviation of the name
of the party transmitting the Electronic Transmission) with the intent to sign,
authenticate or accept such Electronic Transmission.

 

“E-System” means any electronic system, including Intralinks®
and any other Internet or extranet-based site, whether such electronic system
is owned, operated or hosted by the Administrative Agent, any of its Related
Persons or any other Person, providing for access to data protected by
passcodes or other security system.

 

“Eurodollar Reserve Requirements” means, with respect to any
Interest Period and for any LIBO Rate Loan, a rate per annum equal to the
aggregate, without duplication, of the maximum rates (expressed as a decimal
number) of reserve requirements in effect 2 Business Days prior to the first
day of such Interest Period (including basic, supplemental, marginal and
emergency reserves) under any regulations of the Federal Reserve Board or other
Governmental Authority having jurisdiction with respect thereto dealing with
reserve requirements prescribed for eurocurrency funding (currently referred to
as “eurocurrency liabilities” in Regulation D of the Federal Reserve Board)
maintained by a member bank of the United States Federal Reserve System.

 

“Event of Default” has the meaning specified in Section 9.1.

 

“Excess Cash Flow” means, for any period, (a) Consolidated Net
Income of Holdings for such period, (a) minus, without duplication, (i)
any cash principal payment on the Loans during such period (but only, in the
case of payment in respect of Revolving Loans, to the extent that the Revolving
Credit Commitments are permanently reduced by the amount of such payment) other
than any mandatory prepayment required pursuant to Section 2.8(a)
because of the existence of Excess Cash Flow, (ii) any scheduled or other
mandatory cash principal payment made by the Borrower or any of its
Subsidiaries during such period on any Capitalized Lease Obligation or other
Indebtedness (but only, if such Indebtedness may be reborrowed, to the extent
such payment results in a permanent reduction in commitments thereof), (iii)
any Capital Expenditure made by such Person or any of its Subsidiaries during
such period or committed in that period to be made in a future period to the
extent permitted by this Agreement, excluding any such Capital Expenditure to
the extent financed through the incurrence of Capitalized Lease Obligations or
any long-term Indebtedness (iv) any Investments (including expenses related
thereto) made by such Person or any of its Subsidiaries during such period to
the extent permitted by this Agreement, (v) any Restricted Payments during such
period to the extent permitted by this Agreement, (vi) the amount of all
non-cash credits included in arriving at such Consolidated Net Income, (vii)
any amount of cash spent during such period with respect to expenses accrued on
Holdings’ balance sheet in connection with the Acquisition or an acquisition
permitted hereunder, including purchase accounting reserves and amounts paid to
employees in connection with the Acquisition to the extent not deducted in
arriving at Consolidated Net Income, (viii) the net amount of any cash
generated by any Foreign Subsidiary during such period which cash remains in
the possession, ownership or control of such Foreign Subsidiary to the extent
such cash cannot be repatriated without adverse tax consequences or is
otherwise necessary for the operations of such

 

11

 

Foreign Subsidiary, (ix) the
amount of all net non-cash gains (exclusive of items reflected in the Working
Capital of Holdings) included in arriving at such Consolidated Net Income, (x)
gains or losses for such period from Sales of assets other than Sales in the
ordinary course of business of the Borrower and its Subsidiaries, (xi) the
Consolidated Cash Interest Expense of such Person for such period, (xii) any
cash losses from extraordinary items or non-recurring losses to the
extent not deducted in arriving at such
Consolidated Net Income, (xiii) Taxes paid by (or distributions made for Taxes
payable in respect of) Holdings and its Subsidiaries during such period to the
extent not deducted in arriving at Consolidated Net Income for such period, and
including as a deduction under this clause (xiii) any Taxes payable by (or in
respect of) Holdings and its Subsidiaries in respect of such period even if
such Taxes are paid in a subsequent period, provided, however,  that if a reduction is made during any period for Taxes payable in respect
of, but not paid in, such period, then no deduction shall be made for such
Taxes in the period which such Taxes are paid, (xiv) reductions in purchase
accounting reserves or reductions in other long-term liabilities on the balance
sheet of Holdings on the Closing Date to the extent included in arriving at
such Consolidated Net Income, and (xv) any increase in
the Working Capital of Holdings during such period (measured as the excess of
such Working Capital at the end of such period over such Working Capital at the
beginning of such period) and (b) plus, without duplication, (i) any
decrease in the Working Capital of Holdings during such period (measured as the
excess of such Working Capital at the beginning of such period over such
Working Capital at the end thereof) and (ii) non-cash stock compensation costs
deducted during such period in arriving at Consolidated Net Income.

 

“Excluded Foreign Subsidiary” means any Subsidiary that is not a
Domestic Person and in respect of which any of (a) the pledge of all of the
Stock of such Subsidiary as Collateral for any Obligation of the Borrower,
(b) the grant by such Subsidiary of a Lien on any of its property as
Collateral for any Obligation of the Borrower or (c) such Subsidiary
incurring Guaranty Obligations with respect to any Obligation of Holdings, the
Borrower or any Domestic Person would, in the good faith judgment of the
Borrower, result in adverse tax consequences to the Loan Parties and their Subsidiaries,
taken as a whole; provided, however,  that (x) the Administrative Agent and the
Borrower may agree that, despite the foregoing, any such Subsidiary shall not
be an “Excluded Foreign Subsidiary” and (y) no such Subsidiary shall be
an “Excluded Foreign Subsidiary” if, with substantially similar tax
consequences, such Subsidiary has entered into any Guaranty Obligations with
respect to, such Subsidiary has granted a security interest in any of its
property to secure, or more than 65% of the Voting Stock of such Subsidiary was
pledged to secure, directly or indirectly, any Indebtedness (other than the Obligations)
of any Loan Party.

 

“Facilities” means (a) the Term Loan Facility and (b) the
Revolving Credit Facility.

 

“Federal Funds Rate” means, for any period, a fluctuating
interest rate per annum equal for each day during such period to the weighted
average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as determined by
the Administrative Agent in its sole discretion.

 

“Federal Reserve Board” means the Board of Governors of the
United States Federal Reserve System and any successor thereto.

 

12

 

“Fee Letter” means the letter agreement, dated as of August 23,
2005, addressed to the Borrower from the Administrative Agent and accepted by
the Borrower, with respect to certain fees to be paid from time to time to the
Administrative Agent and its Related Persons.

 

“Financial Statement” means each financial statement delivered
pursuant to Section 4.4 or 6.1.

 

“Fiscal Quarter” means each 3 fiscal month period ending on
March 31, June 30, September 30 or December 31.

 

“Fiscal Year” means the twelve month period ending on December 31.

 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic
Person.

 

“GAAP” means generally accepted accounting principles in the
United States of America, as in effect from time to time, set forth in the
opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants, in the statements and pronouncements
of the Financial Accounting Standards Board and in such other statements by
such other entity as may be in general use by significant segments of the
accounting profession that are applicable to the circumstances as of the date
of determination. Subject to Section 1.3, all references to “GAAP”
shall be to GAAP applied consistently with the principles used in the
preparation of the Financial Statements described in Section 4.4(a).

 

“Governmental Authority” means any nation, sovereign or
government, any state or other political subdivision thereof, any agency,
authority or instrumentality thereof and any entity or authority exercising
executive, legislative, taxing, judicial, regulatory or administrative
functions of or pertaining to government, including any central bank, stock
exchange, regulatory body, arbitrator, public sector entity, supra-national
entity (including the European Union and the European Central Bank) and any
self-regulatory organization (including the National Association of Insurance
Commissioners).

 

“Group Members” means, collectively, the Borrower, its
Subsidiaries and Holdings.

 

“Group Members’ Accountants” means KPMG LLP or other
nationally-recognized independent registered certified public accountants
reasonably acceptable to the Administrative Agent.

 

“Guarantor” means Holdings, each Wholly Owned Subsidiary of the
Borrower listed on Schedule 4.3 that is not an Excluded Foreign
Subsidiary and each other Person that enters into any Guaranty Obligation with
respect to any Obligation under a Loan Document of any Loan Party.

 

“Guaranty and Security Agreement” means a guaranty and security
agreement, in substantially the form of Exhibit H, among the
Administrative Agent, the Borrower and other Guarantors from time to time party
thereto.

 

“Guaranty Obligation” means, as applied to any Person, any
direct or indirect liability, contingent or otherwise, of such Person for any
Indebtedness, lease, dividend or other obligation

 

13

 

(the “primary obligation”)
of another Person (the “primary obligor”), if the purpose or intent of
such Person in incurring such liability, or the economic effect thereof, is to
guarantee such primary obligation or provide support, assurance or comfort to
the holder of such primary obligation or to protect or indemnify such holder
against loss with respect to such primary obligation, including (a) the direct
or indirect guaranty, endorsement (other than for collection or deposit in the
ordinary course of business), co-making, discounting with recourse or sale with
recourse by such Person of any primary obligation and (b) any liability of such
Person for a primary obligation through any Contractual Obligation (contingent
or otherwise) or other arrangement (i) to purchase, repurchase or otherwise
acquire such primary obligation or any security therefor or to provide funds
for the payment or discharge of such primary obligation (whether in the form of
a loan, advance, stock purchase, capital contribution or otherwise), (ii) to
maintain the solvency, working capital, equity capital or any balance sheet
item, level of income or cash flow, liquidity or financial condition of any
primary obligor, (iii) to make take-or-pay or similar payments, if required,
regardless of non-performance by any other party to any Contractual Obligation,
(iv) to purchase, sell or lease (as lessor or lessee) any property, or to
purchase or sell services, primarily for the purpose of enabling the primary
obligor to satisfy such primary obligation or to protect the holder of such
primary obligation against loss or (v) to supply funds to or in any other
manner invest in, such primary obligor (including to pay for property or
services irrespective of whether such property is received or such services are
rendered); provided, however, that “Guaranty Obligations”
shall not include (x) endorsements for collection or deposit in the ordinary
course of business and (y) product warranties given in the ordinary course of
business. The outstanding amount of any Guaranty Obligation shall equal the
outstanding amount of the primary obligation so guaranteed or otherwise
supported or, if lower, the stated maximum amount for which such Person may be
liable under such Guaranty Obligation.

 

“Hazardous Material” means any substance, material or waste that
is classified, regulated or otherwise characterized under any Environmental Law
as hazardous, toxic, a contaminant or a pollutant or by other words of similar
meaning or regulatory effect, including petroleum or any fraction thereof,
asbestos, polychlorinated biphenyls and radioactive substances.

 

“Hedging Agreement” means any Interest Rate Contract, foreign
exchange, swap, option or forward contract, spot, cap, floor or collar
transaction, any other derivative instrument and any other similar speculative
transaction and any other similar agreement or arrangement designed to alter
the risks of any Person arising from fluctuations in any underlying variable.

 

“Hispania Guarantee Agreement” means the guarantee agreement
dated March 12, 2003 among USHCC Private Equity, L.P., Hispania Investors, LLC
and the other guarantors party thereto, as
amended from time to time.

 

“Holdings LLC Agreement” means the Amended and Restated Limited Liability
Company Agreement of Holdings, by and among Holdings and the Unitholders from
time to time party thereto, dated as of the date hereof, as
amended from time to time.

 

“Holdings Securityholders Agreement” means the Securityholders Agreement
by and among Holdings and the Unitholders from time to time party thereto,
dated as the date hereof, as amended from time to time.

 

14

 

“Holdings Unit Purchase Agreement” means the Unit Purchase
Agreement by and among Holdings, DPH, Vestar Capital Partners IV, L.P.,
Vestar/D&P Holdings LLC and LM Duff Holdings LLC, dated as of the date
hereof, as amended from time to time.

 

“Indebtedness” of any Person means, without duplication, any of
the following, whether or not matured: 
(a) all indebtedness for borrowed money, (b) all obligations evidenced
by notes, bonds, debentures or similar instruments, (c) all reimbursement and
other obligations with respect to (i) letters of credit, bank guarantees or
bankers’ acceptances or (ii) surety, customs, reclamation or performance bonds
(in each case not related to judgments or litigation) other than those entered
into in the ordinary course of business, (d) all obligations to pay the
deferred purchase price of property or services, other than (i) trade payables
incurred in the ordinary course of business and (ii) special bonuses payable to
employees in connection with the Acquisition, (e) all obligations created or
arising under any conditional sale or other title retention agreement,
regardless of whether the rights and remedies of the seller or lender under
such agreement in the event of default are limited to repossession or sale of
such property, (f) all Capitalized Lease Obligations, (g) all obligations,
whether or not contingent, to purchase, redeem, retire, defease or otherwise
acquire for value any of its own Stock or Stock Equivalents (or any Stock or
Stock Equivalent of a direct or indirect parent entity thereof) prior to the
date that is 180 days after the Scheduled Maturity Date, valued at, in the case
of redeemable preferred Stock, the greater of the voluntary liquidation
preference and the involuntary liquidation preference of such Stock plus
accrued and unpaid dividends, (h) all net payments that would be required to be
made in respect of any Hedging Agreement in the event of a termination
(including an early termination) on the date of determination and (i) all
Guaranty Obligations for obligations of any other Person constituting
Indebtedness of such other Person; provided, however, that the
items in each of clauses (a) through (i) above shall constitute “Indebtedness”
of such Person solely to the extent, directly or indirectly, (x) such Person is
liable for any part of any such item or (y) any such item is secured by a Lien
on such Person’s property.

 

“Indemnified Matter” has the meaning specified in Section 11.4.

 

“Indemnitee” has the meaning specified in Section 11.4.

 

“Initial Projections” means those financial projections, dated
September 7, 2005, covering the Fiscal Years ending in 2005 through 2009 and
delivered to the Administrative Agent by the Borrower prior to the date hereof.

 

“Intellectual Property” means all rights, title and interests in
or relating to intellectual property arising under any Requirement of Law and
all IP Ancillary Rights relating thereto, including all Copyrights, Patents,
Trademarks, Internet Domain Names, Trade Secrets, Proprietary Software, and IP
Licenses.

 

“Interest Period” means, with respect to any LIBO Rate Loan, the
period commencing on the date such LIBO Rate Loan is made or converted to a
LIBO Rate Loan or, if such loan is continued, on the last day of the
immediately preceding Interest Period therefor and, in each case, ending 1, 2,
3, 6 or, if approved by Lenders, 9 or 12, months thereafter, as selected by the
Borrower pursuant hereto; provided, however, that (a) if any
Interest Period would otherwise end on a day that is not a Business Day, such
Interest Period shall be extended to the next succeeding Business Day, unless
the result of such extension would be to extend such Interest Period into

 

15

 

another such Business Day falls
in the next calendar month, in which case such Interest Period shall end on the
immediately 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 a calendar month, (c) the
Borrower may not select any Interest Period (i) in the case of Revolving Loans,
ending after the Scheduled Revolving Credit Termination Date and (ii) in the
case of Term Loans, ending after the Term Loan Maturity Date, (d) the Borrower
may not select any Interest Period in respect of Loans having an aggregate
principal amount of less than $1,000,000 and (e) there shall be outstanding at
any one time no more than seven Interest Periods.

 

“Interest Rate Contracts” means all interest rate swap
agreements, interest rate cap agreements, interest rate collar agreements and
interest rate insurance.

 

“Internet Domain Names” means all rights, title and interests
(and all related IP Ancillary Rights) arising under any Requirement of Law in
or relating to Internet domain names.

 

“Investment” means, with respect to any Person, directly or
indirectly, (a) to own, purchase or otherwise acquire, in each case whether beneficially
or otherwise, any investment in, including any interest in, any Security of any
other Person (other than any evidence of any Obligation), (b) to purchase or
otherwise acquire, whether in one transaction or in a series of transactions,
all or a significant part of the property of any other Person or a business
conducted by any other Person or all or substantially all of the assets
constituting the business of a division, branch, brand or other unit operation
of any other Person, (c) to incur, or to remain liable under, any Guaranty
Obligation for Indebtedness of any other Person, to assume the Indebtedness of
any other Person or to make, hold, purchase or otherwise acquire, in each case
directly or indirectly, any deposit, loan, advance, commitment to lend or
advance, or other extension of credit (including by deferring or extending the
date of, in each case outside the ordinary course of business, the payment of
the purchase price for Sales of property or services to any other Person, to
the extent such payment obligation constitutes Indebtedness of such other
Person), excluding deposits with financial institutions available for
withdrawal on demand, prepaid expenses, accounts receivable and similar items
created in the ordinary course of business or (d) to make, directly or
indirectly, any contribution to the capital of any other Person.

 

“IP Ancillary Rights” means, with respect to any other
Intellectual Property, as applicable, all foreign counterparts to, and all
divisionals, reversions, continuations, continuations-in-part, reissues,
reexaminations, renewals and extensions of, such Intellectual Property and all
income, royalties, proceeds and Liabilities at any time due or payable or
asserted under or with respect to any of the foregoing or otherwise with
respect to such Intellectual Property, including all rights to sue or recover
at law or in equity for any past, present or future infringement,
misappropriation, dilution, violation or other impairment thereof.

 

“IP License” means all Contractual Obligations (and all related
IP Ancillary Rights), whether written or oral, granting any right title and
interest in or relating to any Intellectual Property.

 

“IRS” means the Internal Revenue Service of the United States
and any successor thereto.

 

16

 

“Issue” means, with respect to any Letter of Credit, to issue,
extend the expiration date of, renew (including by failure to object to any
automatic renewal on the last day such objection is permitted), increase the
face amount of, such Letter of Credit, or to cause any Person to do any of the
foregoing. The terms “Issued” and “Issuance” have correlative
meanings.

 

“L/C Cash Collateral Account” means any Cash Collateral Account
(a) specifically designated as such by the Borrower in a notice to the
Administrative Agent and (b) from and after the effectiveness of such notice,
not containing any funds other than those required under the Loan Documents to
be placed therein.

 

“L/C Issuer” means (a) GE Capital or any of its Affiliates and
(b) each Person that hereafter becomes an L/C Issuer with the approval of, and
pursuant to an agreement with and in form and substance reasonably satisfactory
to, the Administrative Agent and the Borrower, in each case in their capacity
as L/C Issuers hereunder and together with their successors.

 

“L/C Obligations” means, for any Letter of Credit at any time,
the sum of (a) the L/C Reimbursement Obligations at such time for
such Letter of Credit and (b) the aggregate maximum undrawn face amount of such
Letter of Credit outstanding at such time.

 

“L/C Reimbursement Agreement” has the meaning specified in Section 2.4(a).

 

“L/C Reimbursement Date” has the meaning specified in Section 2.4(e).

 

“L/C Reimbursement Obligation” means, for any Letter of Credit,
the obligation of the Borrower to the L/C Issuer thereof, as and when matured,
to pay all amounts drawn under such Letter of Credit.

 

“L/C Request” has the meaning specified in Section 2.4(b).

 

“L/C Sublimit” means $5,000,000.

 

“Lender” means, collectively, the Swingline Lender and any other
financial institution or other Person that (a) is listed on the signature
pages hereof as a “Lender” or (b) from time to time becomes a party
hereto by execution of an Assignment, in each case together with its
successors.

 

“Letter of Credit” means any letter of credit Issued pursuant to
Section 2.4.

 

“Liabilities” means all claims, actions, suits, judgments,
damages, losses, liability, obligations, responsibilities, fines, penalties,
sanctions, costs, fees, taxes, commissions, charges, disbursements and
expenses, in each case of any kind or nature (including interest accrued
thereon or as a result thereto and fees, charges and disbursements of
financial, legal and other advisors and consultants), whether joint or several,
whether or not indirect, contingent, consequential, actual, punitive, treble or
otherwise.

 

“LIBO Base Rate” means, with respect to any Interest Period for
any LIBO Rate Loan, the rate determined by the Administrative Agent to be the
offered rate for deposits in Dollars for the applicable Interest Period
appearing on the Dow Jones Markets Telerate Page 3750 as of 11:00 a.m.
(London time) on the second full Business Day next preceding the first day of
each

 

17

 

Interest Period. In the event
that such rate does not appear on the Dow Jones Markets Telerate Page 3750 (or
otherwise on the Dow Jones Markets screen) at such time, the “LIBO Base Rate”
shall be determined by reference to such other comparable publicly available
service for displaying the offered rate for deposit in Dollars in the London
interbank market as may be selected by the Administrative Agent and, in the
absence of availability, such other method to determine such offered rate as
may be selected by the Administrative Agent in its reasonable discretion
consistent with general market practice at the time.

 

“LIBO Rate” means, with respect to any Interest Period and for
any LIBO Rate Loan, an interest rate per annum determined as the quotient
obtained by dividing (a) the LIBO Base Rate with respect to such Interest
Period for such LIBO Rate Loan by (b) the difference between the number one and
the Eurodollar Reserve Requirements with respect to such Interest Period and
for such LIBO Rate Loan.

 

“LIBO Rate Loan” means any Loan that bears interest based on the
LIBO Rate.

 

“Lien” means any mortgage, deed of trust, pledge, hypothecation,
assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory
or other), security interest or other security arrangement and any other
preference, priority or preferential arrangement of any kind or nature
whatsoever, including any conditional sale contract or other title retention
agreement, the interest of a lessor under a Capital Lease and any synthetic or
other financing lease having substantially the same economic effect as any of
the foregoing.

 

“Lift-out Acquisition” means the hiring by any Person of five (5) or more
professionals within a three month period (in one or a series of related
transactions); provided, however, that such professionals were employed by the same
employer or its Affiliates immediately prior to being hired by such Person, so
long as no accounts receivables accrued prior to the time of consummation of
such hiring are purchased by or transferred to such Person and no liabilities
are assumed by such Person, in connection with such hiring.

 

“Loan” means any loan made or deemed made by any Lender
hereunder.

 

“Loan Documents” means, collectively, this Agreement, any Notes,
the Guaranty and Security Agreement, the Mortgages, the Control Agreements, the
Fee Letter, each Subordination Agreement, and the L/C Reimbursement
Agreements, together with any modification of any term, or any waiver with
respect to, any of the foregoing.

 

“Loan Party” means each Borrower and each Guarantor.

 

“Lovell” means, collectively, Lovell Minnick Financial Advisory
Holdings LLC, an entity that is majority owned and controlled by Lovell Minnick
Equity Partners II LP, together with its Affiliates and partners and, in the
case of any such Person who is an individual, the immediate family members of
such Person and trusts for the benefit of such Person and/or his or her
immediate family members.

 

“Material Adverse Effect” means a material adverse effect on (a)
the financial condition, business, operations or property of the Group Members,
taken as a whole, (b) the ability of any Loan Party to perform its obligations
under any Loan Document and (c) the validity or

 

18

 

enforceability of any Loan
Document or the material rights and remedies of the Administrative Agent, the
Lenders and the other Secured Parties under any Loan Document.

 

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

 

“Mortgage” means any mortgage, deed of trust or other document
executed or required herein to be executed by any Loan Party and granting a
security interest over real property in favor of the Administrative Agent as
security for the Obligations.

 

“Mortgage Supporting Documents” means, with respect to any
Mortgage for a parcel of real property, each document (including title policies
or marked-up unconditional insurance binders (in each case, together with
copies of all documents referred to therein), maps, ALTA (or TLTA, if applicable)
as-built surveys (in form and as to date that is sufficiently acceptable to the
title insurer issuing title insurance to the Administrative Agent for such
title insurer to deliver endorsements to such title insurance as reasonably
requested by the Administrative Agent), environmental assessments and reports
and evidence regarding recording and payment of fees, insurance premium and
taxes) that the Administrative Agent may reasonably request, to create,
register, perfect, maintain, evidence the existence, substance, form or
validity of or enforce a valid lien on such parcel of real property in favor of
the Administrative Agent for the benefit of the Secured Parties, subject only
to such Liens as the Administrative Agent may approve.

 

“Multiemployer Plan” means any multiemployer plan, as defined in
Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or
otherwise has any obligation or liability, contingent or otherwise.

 

“Net Cash Proceeds” means proceeds received in cash from (a) any
Sale of, or Property Loss Event with respect to, property, net of (i) the
customary out-of-pocket cash costs, fees and expenses paid or required to be
paid in connection therewith, (ii) taxes paid or reasonably estimated to be
payable as a result thereof and (iii) any amount required to be paid or
prepaid on Indebtedness (other than the Obligations and Indebtedness owing to
any Group Member) secured by the property subject thereto or (b) any sale or
issuance of Stock or incurrence of Indebtedness, in each case net of brokers’,
advisors’ and investment banking fees and other customary out-of-pocket
underwriting discounts, commissions and other customary out-of-pocket cash
costs, fees and expenses, in each case incurred in connection with such
transaction; provided, however, that any such proceeds received
by any Subsidiary of the Borrower that is not a Wholly Owned Subsidiary of the
Borrower shall constitute “Net Cash Proceeds” only to the extent of the
aggregate direct and indirect beneficial ownership interest of the Borrower
therein.

 

“Non-Funding Lender” has the meaning specified in Section 2.2(c).

 

“Non-U.S. Lender Party” means each of the Administrative Agent,
each Lender, each L/C Issuer, each SPV and each participant, in each case that
is not a Domestic Person.

 

“Note” means a promissory note of the Borrower, in substantially
the form of Exhibit B,  payable to the order of a Lender in
any Facility in a principal amount equal to the amount of such Lender’s
Commitment under such Facility (or, in the case of the Term Loan Facility, the
aggregate initial principal amount of the Term Loans).

 

19

 

“Notice of Borrowing” has the meaning specified in Section 2.2(a).

 

“Notice of Conversion or Continuation” has the meaning specified
in Section 2.10(b).

 

“Obligations” means, with respect to any Loan Party, all
amounts, obligations, liabilities, covenants and duties of every type and
description owing by such Loan Party to the Administrative Agent, any Lender,
any L/C Issuer, any other Indemnitee, any participant, any SPV or, in the case
of any Secured Hedging Agreement, any Affiliate of any of them arising out of,
under, or in connection with, any Loan Document or Secured Hedging Agreement,
whether direct or indirect (regardless of whether acquired by assignment),
absolute or contingent, due or to become due, whether liquidated or not, now
existing or hereafter arising and however acquired, and whether or not
evidenced by any instrument or for the payment of money, including, without
duplication, (a) if such Loan Party is the Borrower, all Loans and L/C
Obligations, (b) all interest, whether or not accruing after the filing of any
petition in bankruptcy or after the commencement of any insolvency,
reorganization or similar proceeding, and whether or not a claim for
post-filing or post-petition interest is allowed in any such proceeding, and
(c) all other fees, expenses (including fees, charges and disbursement of
counsel), interest, commissions, charges, costs, disbursements, indemnities and
reimbursement of amounts paid and other sums chargeable to such Loan Party
under any Loan Document or Secured Hedging Agreement (including those payable
to L/C Issuers as described in Section 2.11). Obligations shall not
include Subordinated Debt.

 

“Other Taxes” has the meaning specified in Section 2.17(c).

 

“Patents” means all rights, title and interests (and all related
IP Ancillary Rights) arising under any Requirement of Law in or relating to
letters patent and applications therefor.

 

“PBGC” means the United States Pension Benefit Guaranty
Corporation and any successor thereto.

 

“Permit” means, with respect to any Person, any permit,
approval, authorization, license, registration, certificate, concession, grant,
franchise, variance or permission from, and any other Contractual Obligations
with, any Governmental Authority, in each case whether or not having the force
of law and applicable to or binding upon such Person or any of its property or
to which such Person or any of its property is subject.

 

“Permitted Acquisition” means any Proposed Acquisition (other
than the Acquisition and any Lift-out Acquisition) satisfying each of the
following conditions:  (a) the aggregate
amounts payable in connection with, and other consideration for (in each case,
including all transaction costs and all Indebtedness, liabilities and Guaranty
Obligations incurred or assumed in connection therewith or otherwise reflected
in a Consolidated balance sheet of Holdings and the Proposed Acquisition
Target), such Proposed Acquisition and all other Permitted Acquisitions
consummated in such Fiscal Year shall not exceed the lesser of (i) the sum of
(A) $10,000,000, plus (B) 50% of the portion of the $10,000,000 permitted but
not so expended on Permitted Acquisitions in the immediately preceding Fiscal
Year, plus (C) 100% of any amounts carried forward from any Fiscal Year prior
to such immediately preceding Fiscal Year (it being understood and agreed that (x)
50% of the amount of expenditures made in respect of Permitted Acquisitions
during any Fiscal Year shall be deemed made, first, in respect of
amounts carried

 

20

 

over from prior Fiscal Years
pursuant to clauses (B) and (C) above until utilized in full, and, second,
in respect of the $10,000,000 permitted for such Fiscal Year as provided in
clause (A) above, and (y) 50% of expenditures made in respect of Permitted
Acquisitions during any Fiscal Year shall be deemed made, first, in respect of
the $10,000,000 permitted for such Fiscal Year as provided in clause (A) above
until utilized in full, and second in respect of amounts carried over from
prior Fiscal Years pursuant to clauses (B) and (C) above,) and (ii)
$25,000,000, (b) the Administrative Agent shall have received reasonable
advance notice of such Proposed Acquisition including a reasonably detailed
description thereof at least 15 days prior to the consummation of such Proposed
Acquisition (or such later date as may be agreed by the Administrative Agent)
and on or prior to the date 15 days prior to consummation of such Proposed
Acquisition (or such later date as may be agreed by the Administrative Agent),
the Administrative Agent shall have received copies of the acquisition
agreement and related material Contractual Obligations and other material
documents (including financial information and analysis, environmental
assessments and reports, opinions, certificates and lien searches) and
information reasonably requested by the Administrative Agent, (c) as of the
date of consummation of any transaction as part of such Proposed Acquisition
and after giving effect to all transactions to occur on such date as part of
such Proposed Acquisition, all conditions set forth in clauses (i) and (ii)
of Section 3.2(b) shall be satisfied or duly waived, Holdings and
its Subsidiaries shall have complied with Section 7.10 in respect of any
assets or Subsidiary (and its Stock) acquired in connection with such Proposed
Acquisition, and, after giving effect to such Permitted Acquisition, Holdings
shall be in compliance with the financial covenants set forth in Article V
on a Pro Forma Basis as of the last day of the last Fiscal Quarter for which
Financial Statements have been delivered hereunder, (d) the Consolidated Senior
Leverage Ratio on a Pro Forma Basis shall be no more than (x) the Consolidated
Senior Leverage Ratio permitted by Section 5.1 less (y) 0.25, (e)
the Proposed Acquisition Target shall be in a substantially similar line of
business as that of the Borrower and the Subsidiaries, (f) such Proposed
Acquisition shall not have been preceded by an unsolicited tender offer for
such Stock by, or proxy contest initiated by, Holdings or any Subsidiary, and
(g) Holdings and its Subsidiaries shall have received all governmental
approvals and material third-party consents required to consummate the Proposed
Acquisition.

 

“Permitted Indebtedness” means any Indebtedness of any Group
Member that is not prohibited by Section 8.1 or any other provision
of any Loan Document.

 

“Permitted Investment” means any Investment of any Group Member
that is not prohibited by Section 8.3 or any other provision of any
Loan Document.

 

“Permitted Investors” means, collectively Lovell and Vestar.

 

“Permitted Investors’ Equity Investment” means, collectively,
(a) the cash equity contribution from the Lovell, Vestar and certain
co-investors disclosed to the Administrative Agent and the Lenders to Holdings
in Dollars in an aggregate amount equal to $82,900,000, and (b) the
contribution of all the issued and outstanding Stock of the Borrower to
Holdings pursuant to the Contribution Agreement, which Stock, as of the date
hereof, has an agreed fair market value equal to $40,000,000 in the aggregate.

 

21

 

“Permitted Investors’ Investment Documents” means, collectively,
the Holdings Unit Purchase Agreement, the Holdings Securityholders Agreement,
the Holdings LLC Agreement and the Contribution Agreement.

 

“Permitted Lien” means any Lien on or with respect to the
property of any Group Member that is not prohibited by Section 8.2
or any other provision of any Loan Document.

 

“Permitted Refinancing” means Indebtedness constituting a
refinancing or extension of Permitted Indebtedness that (a) has an aggregate
outstanding principal amount not greater than the aggregate principal amount of
such Permitted Indebtedness outstanding at the time of such refinancing or
extension, (b) has a weighted average maturity (measured as of the date of such
refinancing or extension) and maturity no shorter than that of such Permitted
Indebtedness, (c) is not entered into as part of a Sale and Leaseback
transaction, (d) is not secured by any property or any Lien other than those
securing, or permitted to secure, such Permitted Indebtedness, (e) if subordinated
to the Obligations, is subordinated to the Obligations on substantially the
same terms (or more favorable terms as determined by the Administrative Agent)
as such Permitted Indebtedness is subordinated to the Obligations and (f) the
original obligors in respect of such Indebtedness remain the only obligors
thereon; provided, however, that, notwithstanding the foregoing,
(x) the terms of such Permitted Indebtedness may be modified as part of such
Permitted Refinancing if such modification would have been permitted pursuant
to Section 8.11 and (y) no Guaranty Obligation for such
Indebtedness shall constitute part of such Permitted Refinancing unless similar
Guaranty Obligations with respect to such Permitted Indebtedness existed and
constituted (or were permitted to exist and would constitute) Permitted
Indebtedness prior to such refinancing or extension.

 

“Permitted Reinvestment” means, with respect to the Net Cash
Proceeds of any Sale or Property Loss Event, to acquire (or make Capital
Expenditures to finance the acquisition, repair, improvement or construction
of), to the extent otherwise permitted hereunder, property useful in the
business of the Borrower or any of its Subsidiaries or Stock of a Person
engaged in the same or a similar business (including through a Permitted
Acquisition) or, if such Property Loss Event involves loss or damage to
property, to repair such loss or damage.

 

“Person” means any individual, partnership, corporation
(including a business trust and a public benefit corporation), joint stock
company, estate, association, firm, enterprise, trust, limited liability
company, unincorporated association, joint venture and any other entity or
Governmental Authority.

 

“Pro Forma Balance Sheet” has the meaning specified in Section 4.4(d).

 

“Pro Forma Basis” means, with respect to any determination for
any period and any Pro Forma Transaction, that such determination shall be made
by giving pro  forma
effect to each such Pro Forma Transaction, as if each such Pro Forma
Transaction had been consummated on the first day of such period, based on
historical results accounted for in accordance with GAAP and, to the extent
applicable, reasonable assumptions that are specified in detail in the relevant
Compliance Certificate, Financial Statement or other document provided to the
Administrative Agent or any Lender in connection herewith in accordance with
Regulation S-X of the Securities Act of 1933 (whether or not such regulation is
applicable) or otherwise reasonably acceptable to the Administrative Agent.

 

22

 

“Pro Forma Transaction” means any transaction consummated as
part of the Acquisition, or any Permitted Acquisition, together with each other
transaction relating thereto and consummated in connection therewith, including
any incurrence or repayment of Indebtedness.

 

“Projections” means, collectively, the Initial Projections and
any document delivered pursuant to Section 6.1(f).

 

“Property Loss Event” means, with respect to any property, any
loss of or damage to such property or any taking of such property or
condemnation thereof.

 

“Proposed Acquisition” means (a) any proposed acquisition that
is consensual and approved by the board of directors of such Proposed
Acquisition Target, of all or substantially all of the assets or Stock of any
Proposed Acquisition Target by the Borrower or any Subsidiary (that is a Loan
Party) of the Borrower (or by Holdings to the extent such assets and Stock are
transferred to the Borrower or any Subsidiary (that is a Loan Party) of the
Borrower contemporaneously with such acquisition),
(b) any proposed merger of any Proposed Acquisition Target with or into the
Borrower or any Subsidiary of the Borrower (and, in the case of a merger with
the Borrower, with the Borrower being the surviving corporation).

 

“Proposed Acquisition Target” means any Domestic Person or any
brand, line of business, division, branch, operating division or other unit
operation, in each case, that is principally located in states of the United
States of America or the District of Columbia, of any Person.

 

“Proprietary Software” means all computer programs created by or
on behalf of a Loan Party and owned by a Loan Party including (a) source code
and object code versions, (b) all data, databases, and compilations of data,
whether machine readable or otherwise, and (c) all documentation, training
materials and configurations related to any of the foregoing.

 

“Pro Rata Outstandings”, of any Lender at any time, means (a) in
the case of the Term Loan Facility, the outstanding principal amount of the
Term Loans owing to such Lender and (b) in the case of the Revolving
Credit Facility, the sum of (i) the outstanding principal amount of Revolving
Loans owing to such Lender and (ii) the amount of the participation of such
Lender in the L/C Obligations outstanding with respect to all Letters of
Credit.

 

“Pro Rata Share” means, with respect to any Lender and any
Facility or Facilities at any time, the percentage obtained by dividing (a) the
sum of the Commitments (or, if such Commitments in any such Facility are
terminated, the Pro Rata Outstandings therein) of such Lender then in effect
under such Facilities by (b) the sum of the Commitments (or, if such
Commitments in any such Facility are terminated, the Pro Rata Outstandings
therein) of all Lenders then in effect under such Facilities; provided, however,
that, if there are no Commitments and no Pro Rata Outstandings in any of such
Facilities, such Lender’s Pro Rata Share in such Facilities shall be determined
based on the Pro Rata Share in such Facilities most recently in effect, after
giving effect to any subsequent assignment and any subsequent non-pro rata
payments of any Lender pursuant to Section 2.18.

 

“Register” has the meaning specified in Section 2.14(b).

 

23

 

“Reinvestment Prepayment Amount” means, with respect to any Net
Cash Proceeds on the Reinvestment Prepayment Date therefor, the amount of such
Net Cash Proceeds less any amount paid or required to be paid by any
Group Member to make Permitted Reinvestments with such Net Cash Proceeds
pursuant to a Contractual Obligation entered into prior to such Reinvestment
Prepayment Date with any Person that is not an Affiliate of the Borrower.

 

“Reinvestment Prepayment Date” means, with respect to any
portion of any Net Cash Proceeds of any Sale or Property Loss Event, the
earliest of (a) the 270th day after the completion of the portion of
such Sale or Property Loss Event corresponding to such Net Cash Proceeds, (b)
the date that is 5 Business Days after the date on which the Borrower shall
have notified the Administrative Agent of the Borrower’s determination not to
make Permitted Reinvestments with such Net Cash Proceeds, (c) the occurrence of
any Event of Default set forth in Section 9.1(e)(ii) and (d) 5
Business Days after the delivery of a notice by the Administrative Agent or the
Required Lenders to the Borrower during the continuance of any other Event of
Default.

 

“Related Documents” means, collectively, the Acquisition
Agreement, the Permitted Investors’ Investment Documents, the Restricted Stock
Grant Documents and each other document executed with respect to any of the
foregoing or any Related Transaction.

 

“Related Person” means, with respect to any Person, each
Affiliate of such Person and each director, officer, employee, agent, trustee,
representative, attorney, accountant and each insurance, environmental, legal,
financial and other advisor (including those retained in connection with the
satisfaction or attempted satisfaction of any condition set forth in Article III)
and other consultants and agents of or to such Person or any of its Affiliates,
together with, if such Person is the Administrative Agent, each other Person or
individual designated, nominated or otherwise mandated by or helping the
Administrative Agent pursuant to and in accordance with Section 10.4
or any comparable provision of any Loan Document.

 

“Related Transactions” means, collectively, the consummation of
the Acquisition, the consummation of the Permitted Investors’ Equity
Investment, the consummation of the Restricted Stock Grant, the execution and
delivery of all Related Documents and the payment of all related fees, costs
and expenses.

 

“Release” means any release, threatened release, spill,
emission, leaking, pumping, pouring, emitting, emptying, escape, injection,
deposit, disposal, discharge, dispersal, dumping, leaching or migration of
Hazardous Material into or through the environment.

 

“Remedial Action” means all actions required to (a) clean up,
remove, treat or in any other way remediate any Hazardous Material in the
indoor or outdoor environment, (b) prevent or minimize any Release so that a
Hazardous Material does not migrate or endanger or threaten to endanger public
health or welfare or the indoor or outdoor environment or (c) perform pre-remedial
studies and investigations and post-remedial monitoring and care with respect
to any Hazardous Material.

 

“Required Lenders” means, at any time, Lenders having at such
time in excess of 50% of the sum of the aggregate Revolving Credit Commitments
(or, if such Commitments are terminated, the sum of the amounts of the
participations in Swing Loans, the principal amount of unparticipated portions
of the Swing Loans and the Pro Rata Outstandings in the Revolving

 

24

 

Credit Facility) and Term Loan
Commitments (or, if such Commitments are terminated, the Pro Rata Outstandings
in the Term Loan Facility) then in effect, ignoring, in such calculation, the
amounts held by any Non-Funding Lender.

 

“Required Revolving Credit Lenders” means, at any time, Lenders
having at such time in excess of 50% of the aggregate Revolving Credit
Commitments (or, if such Commitments are terminated, the sum of the amounts of
the participations in Swing Loans, the principal amount of the unparticipated
portions of the Swing Loans and the Pro Rata Outstandings in the Revolving
Credit Facility) then in effect, ignoring, in such calculation, the amounts
held by any Non-Funding Lender.

 

“Required Term Loan Lenders” means, at any time, Lenders having
at such time in excess of 50% of the aggregate Term Loan Commitments (or, if
such Commitments are terminated, the Pro Rata Outstandings in the Term Loan
Facility) then in effect, ignoring, in such calculation, the Commitments and
Pro Rata Outstandings of any Non-Funding Lender.

 

“Requirements of Law” means, with respect to any Person,
collectively, the common law and all federal, state, local or foreign laws,
statutes, codes, treaties, standards, rules and regulations, guidelines,
ordinances, orders, judgments, writs, injunctions, decrees (including
administrative or judicial precedents or authorities) and the interpretation or
administration thereof by, and other determinations, directives, requirements,
any Governmental Authority, in each case that are applicable to or binding upon
such Person or any of its property or to which such Person or any of its
property is subject.

 

“Responsible Officer” means, with respect to any Person, any of
the president, chief executive officer, treasurer, assistant treasurer,
controller, managing member or general partner of such Person but, in any
event, with respect to financial matters, any such officer that is responsible
for preparing the Financial Statements delivered hereunder and, with respect to
the Corporate Chart and other documents delivered pursuant to Section 6.1(e),
documents delivered on the Closing Date and documents delivered pursuant to Section 7.10,
the secretary or assistant secretary of such Person or any other officer
responsible for maintaining the corporate and similar records of such Person.

 

“Restricted Payment” means (a) any dividend, return of capital,
distribution or any other payment, whether direct or indirect and whether in
cash, Securities or other property, on account of any Stock or Stock Equivalent
of the Borrower or any of its Subsidiaries, in each case now or hereafter
outstanding, and (b) any redemption, retirement, termination, defeasance,
cancellation, purchase or other acquisition for value, whether direct or
indirect, of any Stock or Stock Equivalent of any Group Member, now or
hereafter outstanding, and any payment or other transfer setting aside funds
for any such redemption, retirement, termination, cancellation, purchase or
other acquisition, whether directly or indirectly and whether to a sinking
fund, a similar fund or otherwise.

 

“Restricted Stock Grant” means the grant of Class C Units, Class
D Units, Class E Units and units of Class C Holdings to (a) certain managing
directors and other employees of any Group Member and (b) Class C Holdings.

 

25

 

“Restricted Stock Grant Documents” means the unit grant agreements
executed from time to time by (a) certain managing directors and other
employees of any Group Member and (b) Class C Holdings, in each case, pursuant
to which such Person acquired Class C Units, Class D Units, Class E Units
and/or units of Class C Holdings.

 

“Revolving Credit Commitment” means, with respect to each
Revolving Credit Lender, the commitment of such Lender to make Revolving Loans
and acquire interests in other Revolving Credit Outstandings, which commitment
is in the amount set forth opposite such Lender’s name on Schedule I
under the caption “Revolving Credit Commitment”, as amended to reflect
Assignments and as such amount may be reduced pursuant to this Agreement. The
aggregate amount of the Revolving Credit Commitments on the date hereof equals
$20,000,000.

 

“Revolving Credit Facility” means the Revolving Credit
Commitments and the provisions herein related to the Revolving Loans, Swing
Loans and Letters of Credit.

 

“Revolving Credit Lender” means each Lender that has a Revolving
Credit Commitment, holds a Revolving Loan or participates in any Swing Loan or
Letter of Credit.

 

“Revolving Credit Outstandings” means, at any time, the sum of,
in each case to the extent outstanding at such time, (a) the aggregate
principal amount of the Revolving Loans and Swing Loans and (b) the L/C Obligations
for all Letters of Credit.

 

“Revolving Credit Termination Date” shall mean the earliest of
(a) the Scheduled Revolving Credit Termination Date, (b) the date of
termination of the Revolving Credit Commitments pursuant to Section 2.5
or 9.2  and (c) the date on
which the Obligations become due and payable pursuant to Section 9.2.

 

“Revolving Loan” has the meaning specified in Section 2.1.

 

“S&P” means Standard & Poor’s Rating Services.

 

“Sale” means, with respect to any property, the sale, conveyance,
transfer, assignment, licensing, leasing or other disposal of, any interest
therein or to permit any Person to acquire any such interest, including, in
each case, through a Sale and Leaseback Transaction or through a sale,
factoring at maturity, or other disposal, with or without recourse, of any
notes or accounts receivable. The verb “Sell” and conjugated forms
thereof have correlative meanings.

 

“Sale and Leaseback Transaction” means, with respect to any
Person (the “obligor”), any Contractual Obligation or other arrangement
with any other Person (the “counterparty”) consisting of a lease by such
obligor of any property that, directly or indirectly, has been or is to be Sold
by the obligor to such counterparty or to any other Person to whom funds have been
advanced by such counterparty based on a Lien on, or an assignment of, such
property or any obligations of such obligor under such lease.

 

“Scheduled Maturity Date” means the later of the Scheduled
Revolving Credit Termination Date and the Term Loan Maturity Date.

 

26

 

“Scheduled Revolving Credit Termination Date” means the 6th
anniversary of the Closing Date.

 

“Secured Hedging Agreements” means any Hedging Agreement that
(a) is entered into by the Borrower and any Person that, at the time such
Person entered into such Hedging Agreement, was the Administrative Agent, a
Lender or an Affiliate of a Lender, (b) in the case of any Person that is not
the Administrative Agent or an Affiliate of the Administrative Agent, is
expressly identified as being a “Secured Hedging Agreement” hereunder in a
joint notice from such Loan Party and such Person delivered to the
Administrative Agent reasonably promptly after the execution of such Hedging
Agreement and (c) meets the requirements of Section 8.1(f).

 

“Secured Parties” means the Lenders, the L/C Issuers, the
Administrative Agent, each other Indemnitee and any other holder of any
Obligation of any Loan Party.

 

“Security” means all Stock, Stock Equivalents, voting trust certificates,
bonds, debentures, instruments and other evidence of Indebtedness, whether or
not secured, convertible or subordinated, all certificates of interest, share
or participation in, all certificates for the acquisition of, and all warrants,
options and other rights to acquire, any Security.

 

 “Solvent” means, with
respect to any Person as of any date of determination, that, as of such date,
(a) the value of the assets of such Person (both at fair value and present fair
saleable value) is greater than the total amount of liabilities (including
contingent and unliquidated liabilities) of such Person, (b) such Person is
able to pay all liabilities of such Person as such liabilities mature and (c)
such Person does not have unreasonably small capital. In computing the amount
of contingent or unliquidated liabilities at any time, such liabilities shall
be computed at the amount that, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

 

 “SPV” means any special
purpose funding vehicle identified as such in a writing by any Lender to the
Administrative Agent.

 

“Standard Time” shall mean eastern
standard time or eastern daylight savings time, as applicable on the relevant
date.

 

“Stock” means all shares of capital stock (whether denominated
as units, common stock or preferred stock), partnership or membership
interests, or other ownership or profit interests (regardless of how
designated) of or in a Person (other than an individual), whether voting or
non-voting.

 

“Stock Equivalents” means all securities convertible into or
exchangeable for Stock or any other Stock Equivalent and all warrants, options
or other rights to purchase, subscribe for or otherwise acquire any Stock or
any other Stock Equivalent, whether or not presently convertible, exchangeable
or exercisable.

 

“Subordinated Debt” means any Indebtedness that is subordinated to the
payment in full of the Obligations on terms and conditions reasonably
satisfactory to the Administrative Agent.

 

27

 

“Subordination Agreement” means each agreement or document that
subordinates any Indebtedness to the Obligations (limited in the case of any
indenture, note or other document governing or evidencing such Indebtedness, to
the subordination provisions thereof).

 

“Subsidiary” means, with respect to any Person, any corporation,
partnership, joint venture, limited liability company, association or other
entity, the management of which is, directly or indirectly, controlled by, or
of which an aggregate of more than 50% of the outstanding Voting Stock is, at
the time, owned or controlled directly or indirectly by, such Person or one or
more Subsidiaries of such Person.

 

“Substitute Lender” has the meaning specified in Section 2.18(a).

 

“SWDA” means the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et
seq.).

 

“Swingline Commitment” means $5,000,000.

 

“Swingline Lender” means, each in its capacity as Swingline
Lender hereunder, GE Capital or, upon the resignation of GE Capital as
Administrative Agent hereunder, any Lender (or Affiliate or Approved Fund of
any Lender) that agrees, with the approval of the Administrative Agent (or, if
there is no such successor Administrative Agent, the Required Lenders) and the
Borrower, to act as the Swingline Lender hereunder.

 

“Swingline Request” has the meaning specified in Section 2.3(b).

 

“Swing Loan” has the meaning specified in Section 2.3(a).

 

“Tax Return” has the meaning specified in Section 4.8.

 

“Taxes” has the meaning specified in Section 2.17(a).

 

“Term Loan” has the meaning specified in Section 2.1(b).

 

“Term Loan Availability Period” means the period from and
including the Closing Date, to and including March 31, 2006.

 

“Term Loan Commitment” means, with respect to each Term Loan
Lender, the commitment of such Lender to make Term Loans to the Borrower, which
commitment is in the amount set forth opposite such Lender’s name on Schedule I
under the caption “Term Loan Commitment”, as amended to reflect
Assignments and as such amount may be reduced pursuant to this Agreement. The
aggregate amount of the Term Loan Commitments on the date hereof equals
$65,000,000.

 

“Term Loan Facility” means the Term Loan Commitments and the
provisions herein related to the Term Loans.

 

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

 

“Term Loan Maturity Date” means the 7th anniversary
of the Closing Date.

 

28

 

“Title IV Plan” means a pension plan subject to Title IV of
ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or
otherwise has any obligation or liability, contingent or otherwise.

 

“Trademarks” means all rights, title and interests (and all
related IP Ancillary Rights) arising under any Requirement of Law in or
relating to trademarks, trade names, corporate names, company names, business
names, fictitious business names, trade styles, service marks, logos and other
source or business identifiers and, in each case, all goodwill associated
therewith, all registrations and recordations thereof and all applications in
connection therewith.

 

“Trade Secrets” means all right, title and interest (and all
related IP Ancillary Rights) arising under any Requirement of Law in or
relating to trade secrets.

 

“UCC” means the Uniform Commercial Code of any applicable
jurisdiction and, if the applicable jurisdiction shall not have any Uniform
Commercial Code, the Uniform Commercial Code as in effect in the State of New
York.

 

“United States” means the United States of America.

 

“Unitholder” means a holder of economic interests in any Units.

 

 “Units” means units of
limited liability company interests of Holdings.

 

“Unused Revolving Credit Commitment Fee” has the meaning
specified in Section 2.11(a)(i).

 

“Unused Term Loan Commitment Fee” has the meaning specified in Section 2.11(a)(ii).

 

“U.S. Lender Party” means each of the Administrative Agent, each
Lender, each L/C Issuer, each SPV and each participant, in each case that
is a Domestic Person.

 

“Vestar” means, collectively, Vestar Capital Partners IV, L.P.
together with its Affiliates and partners and, in the case of any such Person
who is an individual, the immediate family members of such Person and trusts
for the benefit of such Person and/or his or her immediate family members.

 

“Voting Stock” means Stock of any Person having ordinary power
to vote in the election of members of the board of directors, managers,
trustees or other controlling Persons, of such Person (irrespective of whether,
at the time, Stock of any other class or classes of such entity shall have or
might have voting power by reason of the occurrence of any contingency).

 

“Wholly Owned Subsidiary” of any Person means any Subsidiary of
such Person, all of the Stock of which (other than nominal holdings and
director’s qualifying shares) is owned by such Person, either directly or
through one or more Wholly Owned Subsidiaries of such Person.

 

“Withdrawal Liability” means, at any time, any liability
incurred by any ERISA Affiliate and not yet satisfied or paid in full at such
time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA.

 

29

 

“Working Capital” means, for any Person at any date, its
Consolidated Current Assets at such date minus its Consolidated Current
Liabilities at such date.

 

Section 1.2             UCC
Terms. The following terms have the meanings given to them in the
applicable UCC:  “commodity account”,
“commodity contract”, “commodity intermediary”, “deposit
account”, “entitlement holder”, “entitlement order”, “equipment”,
“financial asset”, “general intangible”, “goods”, “instruments”,
“inventory”, “securities account”, “securities intermediary”
and “security entitlement”.

 

Section 1.3             Accounting
Terms and Principles. (a)
GAAP. All accounting determinations required to be made pursuant hereto
shall, unless expressly otherwise provided herein, be made in accordance with
GAAP. No change in the accounting principles used in the preparation of any
Financial Statement hereafter adopted by Holdings shall be given effect (for
the purposes of compliance with Article V or VIII or Section 2.8(a)) if
such change would affect a calculation that measures compliance with any provision
of Article V or VIII or Section 2.8(a) unless the
Borrower, the Administrative Agent and the Required Lenders agree to modify
such provisions to reflect such changes in GAAP. Until the Borrower, the Administrative
Agent and the Required Lenders agree to modify such
provisions to
reflect such changes in GAAP, any Compliance
Certificate or similar document provided hereunder which sets forth a
calculation of a covenant which has been affected by such change in GAAP shall
be provided together with a reconciliation between the calculation before and
after giving effect to such change in GAAP.

 

(b)           Pro Forma. All components of financial
calculations made to determine compliance with Articles V and VIII
and Section 2.8(a) shall be adjusted on a Pro Forma Basis to include or
exclude, as the case may be, without duplication, such components of such
calculations attributable to any Pro Forma Transaction consummated after the
first day of the applicable period of determination and prior to the end of
such period, as determined in good faith by the Borrower based on assumptions
expressed therein and that were reasonable based on the information available
to the Borrower at the time of preparation of the Compliance Certificate
setting forth such calculations.

 

Section 1.4             Intentionally
Omitted.

 

Section 1.5             Interpretation.
(a)  Certain Terms. Except
as set forth in any Loan Document, all accounting terms not specifically
defined herein shall be construed in accordance with GAAP (except for the term “property”,
which shall be interpreted as broadly as possible, including, in any case,
cash, Securities, other assets, rights under Contractual Obligations and
Permits and any right or interest in any property). The terms “herein”, “hereof”
and similar terms refer to this Agreement as a whole. In the computation of
periods of time from a specified date to a later specified date in any Loan
Document, the terms “from” means “from and including” and the words “to”
and “until” each mean “to but excluding” and the word “through”
means “to and including.”  In any other
case, the term “including” when used in any Loan Document means “including
without limitation.”  The term “documents”
means all writings, however evidenced and whether in physical or electronic
form, including all documents, instruments, agreements, notices, demands,
certificates, forms, financial statements, opinions and reports. The term “incur”
means incur, create, make, issue, assume or otherwise become directly or
indirectly liable in respect of or responsible for, in each case whether
directly or indirectly, and the terms “incurrence” and “incurred” and similar
derivatives shall have correlative meanings.

 

30

 

(b)           Certain References. Unless otherwise expressly indicated,
references (i) in this Agreement to an Exhibit, Schedule, Article, Section
or clause refer to the appropriate Exhibit or Schedule to, or Article, Section
or clause in, this Agreement and (ii) in any Loan Document, to (A) any
agreement shall include, without limitation, all exhibits, schedules,
appendixes and annexes to such agreement and, unless the prior consent of any
Secured Party required therefor is not obtained, any modification to any term
of such agreement, (B) any statute shall be to such statute as modified from
time to time and to any successor legislation thereto, in each case as in
effect at the time any such reference is operative and (C) any time of day
shall be a reference to New York time. Titles of articles, sections, clauses,
exhibits, schedules and annexes contained in any Loan Document are without
substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto. Unless otherwise expressly indicated, the
meaning of any term defined (including by reference) in any Loan Document shall
be equally applicable to both the singular and plural forms of such term.

 

ARTICLE II

THE FACILITIES

 

Section 2.1             The
Commitments. (a)  Revolving
Credit Commitments. On the terms and subject to the conditions contained in
this Agreement, each Revolving Credit Lender severally, but not jointly, agrees
to make loans in Dollars (each a “Revolving Loan”) to the Borrower from
time to time on any Business Day during the period from the date hereof until
the Revolving Credit Termination Date in an aggregate principal amount at any
time outstanding for all such loans by such Lender not to exceed such Lender’s
Revolving Credit Commitment; provided, however, that at no time
shall any Revolving Credit Lender be obligated to make a Revolving Loan in
excess of such Lender’s Pro Rata Share of the amount by which the then
effective Revolving Credit Commitments exceeds the aggregate Revolving Credit
Outstandings at such time. Within the limits set forth in the first sentence of
this clause (a), amounts of Revolving Loans repaid may be reborrowed
under this Section 2.1.

 

(b)           Term Loan Commitments. On the terms and subject to the
conditions contained in this Agreement, each Term Loan Lender severally, but
not jointly, agrees to make loans in Dollars (each a “Term Loan”) to the
Borrower on no more than two occasions during the Term Loan Availability
Period, in the aggregate principal amount of such Lender’s Term Loan Commitment.
Amounts of Term Loans repaid may not be reborrowed.

 

Section 2.2             Borrowing
Procedures. (a)  Notice
From the Borrower. Each Borrowing shall be made on notice given by the
Borrower to the Administrative Agent not later than 11:00 a.m. (Standard
Time) on (i) the first Business Day, in the case of a
Borrowing of Base Rate Loans and (ii) the third Business Day, in the case
of a Borrowing of LIBO Rate Loans, prior to the date of the proposed Borrowing;
provided, however, that the Borrower may not request a LIBO Rate
Loan until the earlier of (x) the date that is 30 days after the Closing Date
and (y) the date of completion of the “Primary Syndication” referred to in the
Fee Letter. Each such notice may be made in a writing substantially in the form
of Exhibit C (a “Notice of Borrowing”) duly completed or by
telephone if confirmed promptly, but in any event within one Business Day and
prior to such Borrowing, with such a Notice of Borrowing. Loans shall be made
as Base Rate Loans unless, outside of a suspension period pursuant to Section 2.15,
the Notice of Borrowing

 

31

 

specifies that all or a portion
thereof shall be LIBO Rate Loans. Each Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000.

 

(b)           Notice to Each Lender. The Administrative Agent shall give to
each Lender prompt notice of the Administrative Agent’s receipt of a Notice of
Borrowing and, if LIBO Rate Loans are properly requested in such Notice of
Borrowing, prompt notice of the applicable interest rate. Each Lender shall,
before 11:00 a.m. (Standard Time) on the date of the proposed
Borrowing, make available to the Administrative Agent at its address referred
to in Section 11.11, such Lender’s Pro Rata Share of such proposed
Borrowing. Upon fulfillment or due waiver (i) on the Closing Date, of the
applicable conditions set forth in Section 3.1 and (ii) on the
Closing Date and any time thereafter, of the applicable conditions set forth in
Section 3.2, the Administrative Agent shall make such funds
available to the Borrower.

 

(c)           Non-Funding Lenders. Unless the Administrative Agent shall
have received notice from any Lender prior to the date such Lender is required
to make any payment hereunder with respect to any Loan or any participation in
any Swing Loan or Letter of Credit that such Lender will not make such payment
(or any portion thereof) available to the Administrative Agent, the
Administrative Agent may assume that such Lender has made such payment
available to the Administrative Agent on the date such payment is required to
be made in accordance with this Article II and the Administrative
Agent may, in reliance upon such assumption, make available to the Borrower on
such date a corresponding amount. Each Lender agrees to repay to the
Administrative Agent in accordance with Section 2.2(b). If any Lender shall not
have made available to the Administrative Agent any portion of any payment
described above (any such Lender, a “Non-Funding Lender”) within three Business
Days following the date that the Administrative Agent makes such amount
available to the Borrower, the Borrower agrees to
repay to the Administrative Agent on demand the amount not
paid by any Non-Funding Lender (until repaid by such
Non-Funding Lender) with interest thereon for each day
from the date such amount is made available to the Borrower until the date such
amount is repaid to the Administrative Agent, at the interest rate applicable
to the Obligation that would have been created when the Administrative Agent
made available such amount to the Borrower had such Lender made a corresponding
payment available; provided, however, that such payment shall not
relieve such
Non-Funding Lender of any obligation it may have to
the Borrower, the Swingline Lender or any L/C Issuer. In addition, any
Non-Funding Lender agrees to pay such amount to the Administrative Agent on
demand together with interest thereon (except to the extent previously paid by
the Borrower), for each day from the date such amount is made available to the
Borrower until the date such amount is repaid to the Administrative Agent, at
the Federal Funds Rate for the first Business Day and thereafter (i) in the
case of a payment in respect of a Loan, at the interest rate applicable at the
time to such Loan and (ii) otherwise, at the interest rate applicable to Base
Rate Loans under the Revolving Credit Facility. Such repayment shall then
constitute the funding of the corresponding Loan (including any Loan deemed to
have been made hereunder with such payment) or participation. The existence of
any Non-Funding Lender shall not relieve any other Lender of its obligations
under any Loan Document, but no other Lender shall be responsible for the
failure of any Non-Funding Lender to make any payment required under any Loan
Document.

 

Section 2.3             Swing
Loans. (a)  Availability.
On the terms and subject to the conditions contained in this Agreement, the
Swingline Lender may, in its sole discretion, make loans in Dollars (each a “Swing
Loan”) available to the Borrower under the Revolving Credit

 

32

 

Facility from time to time on
any Business Day during the period from the date hereof until the Revolving
Credit Termination Date in an aggregate principal amount at any time
outstanding not to exceed its Swingline Commitment; provided, however,
that the Swingline Lender may not make any Swing Loan (x) to the extent that
after giving effect to such Swing Loan, the aggregate Revolving Credit
Outstandings would exceed the Revolving Credit Commitments and (y) in the
period commencing on the first Business Day after it receives notice from the
Administrative Agent or the Required Revolving Credit Lenders that one or more
of the conditions precedent contained in Section 3.2 are not
satisfied and ending when such conditions are satisfied or duly waived. In
connection with the making of any Swing Loan, the Swingline Lender may but
shall not be required to determine that, or take notice whether, the conditions
precedent set forth in Section 3.2 have been satisfied or waived. Each
Swing Loan shall be a Base Rate Loan and must be repaid in full on the earlier
of (i) the funding date of any Borrowing of Revolving Loans and (ii) the
Revolving Credit Termination Date. Within the limits set forth in the first
sentence of this clause (a), amounts of Swing Loans repaid may be
reborrowed under this clause (a).

 

(b)           Borrowing Procedures. In order to request a Swing Loan, the
Borrower shall give to the Administrative Agent a notice to be received not
later than 1:00 p.m. (Standard Time) on the day of the proposed
borrowing, which may be made in a writing substantially in the form of Exhibit D
duly completed (a “Swingline Request”) or by telephone if confirmed
promptly but, in any event, prior to such borrowing, with such a Swingline
Request. In addition, if any Notice of Borrowing requests a Borrowing of Base
Rate Loans, the Swing Line Lender may, notwithstanding anything else to the
contrary in Section 2.2, make a Swing Loan available to the
Borrower in an aggregate amount not to exceed such proposed Borrowing, and the
aggregate amount of the corresponding proposed Borrowing shall be reduced
accordingly by the principal amount of such Swing Loan. The Administrative
Agent shall promptly notify the Swingline Lender of the details of the
requested Swing Loan. Upon receipt of such notice and subject to the terms of
this Agreement, the Swingline Lender may make a Swing Loan available to the
Borrower by making the proceeds thereof available to the Administrative Agent
and, in turn, the Administrative Agent shall make such proceeds available to
the Borrower on the date set forth in the relevant Swingline Request.

 

(c)           Refinancing Swing Loans. The Swingline Lender may at any time
forward a demand to the Administrative Agent (which the Administrative Agent
shall, upon receipt, forward to each Revolving Credit Lender) that each
Revolving Credit Lender pay to the Administrative Agent, for the account of the
Swingline Lender, such Revolving Credit Lender’s Pro Rata Share of all or a
portion of the outstanding Swing Loans. Each Revolving Credit Lender shall pay
such Pro Rata Share to the Administrative Agent for the account of the
Swingline Lender but not less frequently than bi-weekly. Upon receipt by the
Administrative Agent of such payment (other than during the continuation of any
Event of Default under Section 9.1(e)), such Revolving Credit
Lender shall be deemed to have made a Revolving Loan to the Borrower, which,
upon receipt of such payment by the Swingline Lender from the Administrative
Agent, the Borrower shall be deemed to have used in whole to refinance such
Swing Loan. In addition, regardless of whether any such demand is made, upon
the occurrence of any Event of Default under Section 9.1(e)(ii),
each Revolving Credit Lender shall be deemed to have acquired, without recourse
or warranty, an undivided interest and participation in each Swing Loan in an
amount equal to such Lender’s Pro Rata Share of such Swing Loan. If any payment
made by any Revolving Credit Lender as a result of any such demand is not deemed
a Revolving Loan, such payment shall be deemed a funding by such Lender of such
participation. Such participation shall

 

33

 

not be otherwise
required to be funded. Upon receipt by the Swingline Lender of any payment from
any Revolving Credit Lender pursuant to this clause (c) with respect to
any portion of any Swing Loan, the Swingline Lender shall promptly pay over to
such Revolving Credit Lender all payments of principal (to the extent received
after such payment by such Lender) and interest (to the extent accrued with
respect to periods after such payment) received by the Swingline Lender with
respect to such portion.

 

(d)           Obligation to Fund Absolute. Each Revolving Credit Lender’s
obligations pursuant to clause (c) above shall be absolute,
unconditional and irrevocable and shall be performed strictly in accordance
with the terms of this Agreement under any and all circumstances whatsoever,
including (A) the existence of any setoff, claim, abatement, recoupment,
defense or other right that such Lender, any Affiliate thereof or any other
Person may have against the Swing Loan Lender, any other Secured Party or any
other Person, (B) the failure of any condition precedent set forth in Section 3.2
to be satisfied or the failure of the Borrower to deliver any notice set forth
in Section 2.2(a) (each of which requirements the Revolving Credit
Lenders hereby irrevocably waive) and (C) any adverse change in the condition
(financial or otherwise) of any Loan Party.

 

Section 2.4             Letters
of Credit. (a)  Commitment
and Conditions. On the terms and subject to the conditions contained
herein, each L/C Issuer agrees to Issue or cause to be Issued, at the request
of the Borrower, in accordance with such L/C Issuer’s usual and customary
business practices, and for the account of the Borrower (or, as long as the
Borrower remains responsible for the payment in full of all amounts drawn
thereunder and related fees, costs and expenses, for the account of any Group
Member), Letters of Credit (denominated in Dollars and with face amounts that
are at least $100,000) from time to time on any Business Day during the period
from the Closing Date through the earlier of the Revolving Credit Termination
Date and 7 days prior to the Scheduled Revolving Credit Termination Date; provided,
however, that such L/C Issuer shall not be under any obligation to Issue
any Letter of Credit upon the occurrence of any of the following, after giving
effect to such Issuance:

 

(i)            (A) the aggregate
Revolving Credit Outstandings would exceed the aggregate Revolving Credit
Commitments or (B) the L/C Obligations for all Letters of Credit would exceed
the L/C Sublimit;

 

(ii)           the expiration date
of such Letter of Credit (A) is not a Business Day, (B) is more than one year
after the date of issuance thereof or (C) is later than 7 days prior to
the Scheduled Revolving Credit Termination Date; provided, however,
that any Letter of Credit with a term not exceeding one year may provide for
its renewal for additional periods not exceeding one year as long as (x) each
of the Borrower and such L/C Issuer have the option to prevent such renewal
before the expiration of such term or any such period and (y) neither such L/C
Issuer nor the Borrower shall permit any such renewal to extend such expiration
date beyond the date set forth in clause (C) above; or

 

(iii)          (A) any fee due in
connection with, and on or prior to, such Issuance has not been paid, (B) such
Letter of Credit is requested to be Issued in a form that is not reasonably
acceptable to such L/C Issuer or (C) such L/C Issuer shall not have

 

34

 

received, each in form and substance reasonably acceptable to it and
duly executed by the Borrower (and, if such Letter of Credit is issued for the
account of any other Group Member, such Group Member), the documents that such
L/C Issuer generally uses in the ordinary course of its business for the
Issuance of letters of credit of the type of such Letter of Credit
(collectively, the “L/C Reimbursement Agreement”).

 

For each such Issuance, the applicable L/C Issuer may, but shall not be
required to, determine that, or take notice whether, the conditions precedent
set forth in Section 3.2 have been satisfied or waived in
connection with the Issuance of any Letter of Credit; provided, however,
that no Letter of Credit shall be Issued during the period starting on the
first Business Day after the receipt by such L/C Issuer of notice from the
Administrative Agent or the Required Revolving Credit Lenders that any
condition precedent contained in Section 3.2 is not satisfied and
ending on the date all such conditions are satisfied or duly waived.

 

(b)           Notice of Issuance. The Borrower shall give the relevant
L/C Issuer and the Administrative Agent a notice of any requested Issuance of
any Letter of Credit, which shall be effective only if received by such L/C
Issuer and the Administrative Agent not later than 11:00 a.m. (Standard
Time) on the third Business Day prior to the date of
such requested Issuance. Such notice may be made in a writing substantially the
form of Exhibit E duly completed or in a writing in any other form
acceptable to such L/C Issuer (an “L/C Request”) or by telephone if
confirmed promptly, but in any event within one Business Day and prior to such
Issuance, with such an L/C Request.

 

(c)           Reporting Obligations of L/C Issuers. Each L/C Issuer agrees to provide the
Administrative Agent (which, after receipt, the Administrative Agent shall
provide to each Revolving Credit Lender), in form and substance satisfactory to
the Administrative Agent, each of the following on the following dates:  (i) on or prior to (A) any Issuance of any
Letter of Credit by such L/C Issuer, (B) any drawing under any such Letter of
Credit or (C) any payment (or failure to pay when due) by the Borrower of
any related L/C Reimbursement Obligation, notice thereof, which shall contain a
reasonably detailed description of such Issuance, drawing or payment, (ii) upon
the request of the Administrative Agent (or any Revolving Credit Lender through
the Administrative Agent), copies of any Letter of Credit Issued by such L/C
Issuer and any related L/C Reimbursement Agreement and such other documents and
information as may reasonably be requested by the Administrative Agent and
(iii) on the first Business Day of each calendar week, a schedule of the
Letters of Credit Issued by such L/C Issuer, in form and substance reasonably
satisfactory to the Administrative Agent, setting forth the L/C Obligations for
such Letters of Credit outstanding on the last Business Day of the previous
calendar week.

 

(d)           Acquisition of Participations. Upon any Issuance of a Letter of
Credit in accordance with the terms of this Agreement resulting in any increase
in the L/C Obligations, each Revolving Credit Lender shall be deemed to have
acquired, without recourse or warranty, an undivided interest and participation
in such Letter of Credit and the related L/C Obligations in an amount equal to
such Lender’s Pro Rata Share of such L/C Obligations.

 

(e)           Reimbursement Obligations of the
Borrower. The Borrower
agrees to pay to the L/C Issuer of any Letter of Credit each L/C Reimbursement
Obligation owing with respect to such Letter of Credit no later than the first
Business Day after the Borrower receives notice from such L/C Issuer that
payment has been made under such Letter of Credit or that such

 

35

 

L/C Reimbursement
Obligation is otherwise due (the “L/C Reimbursement Date”) with interest
thereon computed as set forth in clause (i) below. In the event that any
L/C Issuer incurs any L/C Reimbursement Obligation not repaid by the
Borrower as provided in this clause (e) (or any such payment by the
Borrower is rescinded or set aside for any reason), such L/C Issuer shall
promptly notify the Administrative Agent of such failure (and, upon receipt of
such notice, the Administrative Agent shall forward a copy to each Revolving
Credit Lender) and, irrespective of whether such notice is given, such L/C
Reimbursement Obligation shall be payable on demand by the Borrower with
interest thereon computed (i) from the date on which such L/C Reimbursement
Obligation arose to the L/C Reimbursement Date, at the interest rate applicable
during such period to Revolving Loans that are Base Rate Loans and (ii)
thereafter until payment in full, at the interest rate applicable during such
period to past due Revolving Loans that are Base Rate Loans.

 

(f)                                    Reimbursement Obligations of the
Revolving Credit Lenders.
Upon receipt of the notice described in clause (e) above from the
Administrative Agent, each Revolving Credit Lender shall pay to the
Administrative Agent for the account of such L/C Issuer its Pro Rata Share of
such L/C Reimbursement Obligation. By making such payment (other than during
the continuation of an Event of Default under Section 9.1(e)), such
Lender shall be deemed to have made a Revolving Loan to the Borrower, which,
upon receipt thereof by such L/C Issuer, the Borrower shall be deemed to have
used in whole to repay such L/C Reimbursement Obligation. Any such payment that
is not deemed a Revolving Loan shall be deemed a funding by such Lender of its
participation in the applicable Letter of Credit and the related
L/C Obligations. Such participation shall not otherwise be required to be
funded. Upon receipt by any L/C Issuer of any payment from any Lender pursuant
to this clause (f) with respect to any portion of any L/C Reimbursement
Obligation, such L/C Issuer shall promptly pay over to such Lender all payments
received after such payment by such L/C Issuer with respect to such portion.

 

(g)                                 Obligations Absolute. The obligations of the Borrower and
the Revolving Credit Lenders pursuant to clauses (d), (e) and (f)
above shall be absolute, unconditional and irrevocable and performed strictly
in accordance with the terms of this Agreement irrespective of (i) (A) the
invalidity or unenforceability of any term or provision in any Letter of
Credit, any document transferring or purporting to transfer a Letter of Credit,
any Loan Document (including the sufficiency of any such instrument), or any
modification to any provision of any of the foregoing, (B) any document presented
under a Letter of Credit being forged, fraudulent, invalid, insufficient or
inaccurate in any respect or failing to comply with the terms of such Letter of
Credit or (C) any loss or delay, including in the transmission of any document,
(ii) the existence of any setoff, claim, abatement, recoupment, defense or
other right that any Person (including any Group Member) may have against the
beneficiary of any Letter of Credit or any other Person, whether in connection
with any Loan Document or any other Contractual Obligation or transaction, or
the existence of any other withholding, abatement or reduction, (iii) in
the case of the obligations of any Revolving Credit Lender, (A) the failure of
any condition precedent set forth in Section 3.2 to be satisfied
(each of which conditions precedent the Revolving Credit Lenders hereby
irrevocably waive) or (B) any adverse change in the condition (financial or
otherwise) of any Loan Party and (iv) any other act or omission to act or delay
of any kind of any Secured Party or any other Person or any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section 2.4, constitute a
legal or equitable discharge of any obligation of the Borrower or any Revolving
Credit Lender hereunder; provided, however, the foregoing shall
not be construed to excuse the any L/C Issuer from liability to a Borrower to
the extent of any direct damages (as

 

36

 

opposed to
consequential damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by such L/C Issuer’s failure to comply with its duties as an
issuing bank under applicable law or gross negligence or willful misconduct in
determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof.

 

Section 2.5                                      Reduction and Termination of the
Commitments. (a)  Optional. The Borrower may, upon
notice to the Administrative Agent, terminate in whole or reduce in part (but
not to an amount less than the Revolving Credit Outstandings) ratably any
unused portion of the Revolving Credit Commitments; provided, however,
that each partial reduction shall be in an aggregate amount that is an integral
multiple of $1,000,000.

 

(b)                                 Mandatory. All outstanding Commitments shall
terminate (i) in the case of the Term Loan Facility, on the last day of the
Term Loan Availability Period and (ii) in the case of the Revolving Credit
Facility, on the Scheduled Revolving Credit Termination Date.

 

Section 2.6                                      Repayment of Loans. (a) The Borrower promises to repay the entire unpaid principal amount of
the Revolving Loans and the Swing Loans on the Scheduled Revolving Credit
Termination Date.

 

(b)                                 The Borrower promises to repay the Term
Loans on the Term Loan Maturity Date and at the dates and in the amounts set
forth below:

 

37

 

	
  DATE

  	
   

  	
  AMOUNT

  (as a percentage of the amount

  outstanding on (i) March 31,

  2006 after giving effect to an

  advance, if any, of the Term

  Loan on that date or (ii) the

  date of the second advance of

  the Term Loan, whichever is

  earlier)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 31, 2006

  	
   

  	
  0.33

  	
  %

  
	
  June 30, 2006

  	
   

  	
  0.33

  	
  %

  
	
  September 30, 2006

  	
   

  	
  0.34

  	
  %

  
	
  December 31, 2006

  	
   

  	
  0.25

  	
  %

  
	
  March 31, 2007

  	
   

  	
  0.25

  	
  %

  
	
  June 30, 2007

  	
   

  	
  0.25

  	
  %

  
	
  September 30, 2007

  	
   

  	
  0.25

  	
  %

  
	
  December 31, 2007

  	
   

  	
  0.25

  	
  %

  
	
  March 31, 2008

  	
   

  	
  0.25

  	
  %

  
	
  June 30, 2008

  	
   

  	
  0.25

  	
  %

  
	
  September 30, 2008

  	
   

  	
  0.25

  	
  %

  
	
  December 31, 2008

  	
   

  	
  0.25

  	
  %

  
	
  March 31, 2009

  	
   

  	
  0.25

  	
  %

  
	
  June 30, 2009

  	
   

  	
  0.25

  	
  %

  
	
  September 30, 2009

  	
   

  	
  0.25

  	
  %

  
	
  December 31, 2009

  	
   

  	
  0.25

  	
  %

  
	
  March 31, 2010

  	
   

  	
  0.25

  	
  %

  
	
  June 30, 2010

  	
   

  	
  0.25

  	
  %

  
	
  September 30, 2010

  	
   

  	
  0.25

  	
  %

  
	
  December 31, 2010

  	
   

  	
  0.25

  	
  %

  
	
  March 31, 2011

  	
   

  	
  0.25

  	
  %

  
	
  June 30, 2011

  	
   

  	
  0.25

  	
  %

  
	
  September 30, 2011

  	
   

  	
  0.25

  	
  %

  
	
  December 31, 2011

  	
   

  	
  23.50

  	
  %

  
	
  March 31, 2012

  	
   

  	
  23.50

  	
  %

  
	
  June 30, 2012

  	
   

  	
  23.50

  	
  %

  
	
  7th
  anniversary of the Closing Date

  	
   

  	
  23.50

  	
  %

  

 

Section 2.7                                      Optional Prepayments. The Borrower may prepay the
outstanding principal amount of any Loan in whole or in part at any time
(together with any breakage costs that may be owing pursuant to Section 2.16(a)
after giving effect to such prepayment); provided, however, that
each partial prepayment that is not of the entire outstanding amount under any
Facility shall be in an aggregate amount that is an integral multiple of
$1,000,000.

 

38

 

Section 2.8                                      Mandatory Prepayments. (a)  Excess Cash Flow. The Borrower shall pay or cause to be paid to
the Administrative Agent, within 15 Business Days after the last date Financial
Statements can be delivered pursuant to Section 6.1(c) for each
Fiscal Year (commencing with the Fiscal Year ending December 31, 2006), an
amount equal to 50% of the Excess Cash Flow for such Fiscal Year. The initial
payment to the Administrative Agent made pursuant to the preceding sentence
shall include a payment of an amount equal to 50% of the Excess Cash Flow for
(i) the Fiscal Year ending December 31, 2006 and (ii) the portion of the Fiscal
Year beginning with the Closing Date and ending on December 31, 2005.

 

(b)                                 Equity Issuances. Upon receipt on or after the Closing
Date by any Loan Party or any of its Subsidiaries of Net Cash Proceeds arising
from the issuance or Sale by any Loan Party or any of its Subsidiaries of its
own Stock (other than (A) any issuance of Stock of such Loan Party occurring in
the ordinary course of business to any director, member of the management or
employee of the Borrower or its Subsidiaries, (B) any issuance of Stock to the
Permitted Investors, their respective Affiliates or co-investors or (C) any
issuance of Stock in connection with Permitted Acquisitions), the Borrower
shall immediately pay or cause to be paid to the Administrative Agent an amount
equal to 50% of such Net Cash Proceeds; provided, however,
that the foregoing percentage
shall be permanently reduced to 25% after the first Fiscal Year ending after
the Closing Date as to which Holding’s Consolidated Senior Leverage Ratio
(determined as of the last day of such year) is less than 1.50 to 1.0.

 

(c)                                  Asset Sales and Property Loss Events. Upon receipt on or after the Closing
Date by any Loan Party or any of its Subsidiaries of Net Cash Proceeds arising
from (i) any Sale by any Group Member of any of its property other than
Sales of its own Stock and Sales of property permitted hereunder in reliance
upon any of clauses (a) through (e) of Section 8.4 or
(ii) any Property Loss Event with respect to any property of any Group Member
to the extent resulting in the receipt by any of them of Net Cash Proceeds in
excess of $500,000,
the Borrower shall immediately pay or cause to be paid to the Administrative
Agent an amount equal to 100% of such Net Cash Proceeds; provided, however,
that, upon any such receipt, as long as no Event of Default shall be
continuing, any Group Member may make Permitted Reinvestments with such Net
Cash Proceeds and the Borrower shall not be required to make or cause such
payment to the extent (x) such Net Cash Proceeds are intended to be used to make
Permitted Reinvestments and (y) on each Reinvestment Prepayment Date for such
Net Cash Proceeds, the Borrower shall pay or cause to be paid to the
Administrative Agent an amount equal to the Reinvestment Prepayment Amount
applicable to such Reinvestment Prepayment Date in respect of such Net Cash
Proceeds.

 

(d)                                 Excess Outstandings. On any date on which the aggregate
principal amount of Revolving Credit Outstandings exceeds the aggregate
Revolving Credit Commitments, the Borrower shall pay to the Administrative
Agent an amount equal to such excess.

 

(e)                                  Application of Payments. Any payments made to the
Administrative Agent pursuant to this Section 2.8 shall be applied
to the Obligations in accordance with Section 2.12(b).

 

Section 2.9                                      Interest. (a)  Rate. All Loans and the outstanding amount of all other
Obligations (other than pursuant to Secured Hedging Agreements) shall bear
interest, in the case of Loans, on the unpaid principal amount thereof from the
date such Loans are made and, in the

 

39

 

case of such other Obligations,
from the date such other Obligations are due and payable until, in all cases,
paid in full, except as otherwise provided in clause (c) below, as
follows:  (i) in the case of Base Rate
Loans, at a rate per annum equal to the sum of the Base Rate and the Applicable
Margin, each as in effect from time to time, (ii) in the case of LIBO Rate
Loans, at a rate per annum equal to the sum of the LIBO Rate and the Applicable
Margin, each as in effect for the applicable Interest Period, and (iii) in the
case of other Obligations, at a rate per annum equal to the sum of the Base
Rate and the Applicable Margin for Revolving Loans that are Base Rate Loans,
each as in effect from time to time.

 

(b)                                 Payments. Interest accrued shall be payable in
arrears (i) if accrued on the principal amount of any Loan, (A) at maturity
(whether by acceleration or otherwise), (B) if such Loan is a Term Loan, upon
the payment or prepayment of the principal amount on which such interest has
accrued and (C)(1) if such Loan is a Base Rate Loan (including a Swing Loan),
on the last day of each calendar quarter commencing on the first such day
following the making of such Loan, (2) if such Loan is a LIBO Rate Loan, on the
last day of each Interest Period applicable to such Loan and on each date
during such Interest Period occurring every 3 months from the first day of such
Interest Period and (ii) if accrued on any other Obligation, on demand from and
after the time such Obligation is due and payable (whether by acceleration or
otherwise).

 

(c)                                  Default Interest. Notwithstanding the rates of interest
specified in clause (a) above or elsewhere in any Loan Document,
upon (i) the occurrence of any Event of Default under Section 9.1(a) or
(ii) upon the occurrence of an Event of Default under Section 9.1(e)(ii)
and delivery of a notice by Administrative Agent or Required Lenders during the
continuance thereof imposing default interest, and, in each case, for as long
as such Event of Default shall be continuing, the principal balance of all
Obligations (including any Obligation that bears interest by reference to the
rate applicable to any other Obligation but excluding any Secured Hedging
Obligations) that have not been paid when due, as applicable, shall bear
interest at a rate that is 2% per annum in excess of the interest rate
applicable to such Obligations from time to time, payable on demand or, in the
absence of demand, on the date that would otherwise be applicable.

 

Section 2.10                                Conversion and Continuation Options. (a)  Option. The Borrower may elect (i) in the case of any LIBO Rate
Loan, (A) to continue such LIBO Rate Loan or any portion thereof for an
additional Interest Period on the last day of the Interest Period applicable
thereto and (B) to convert such LIBO Rate Loan or any portion thereof into a
Base Rate Loan at any time on any Business Day, subject to the payment of any
breakage costs required by Section 2.16(a), and (ii) in the case of
Base Rate Loans (other than Swing Loans), to convert such Base Rate Loans or
any portion thereof into LIBO Rate Loans at any time on any Business Day upon 3
Business Days’ prior notice; provided, however, that, (x) for
each Interest Period, the aggregate amount of LIBO Rate Loans having such Interest
Period must be an integral multiple of $1,000,000 and (y) no conversion in
whole or in part of Base Rate Loans to LIBO Rate Loans and no continuation in
whole or in part of LIBO Rate Loans shall be permitted at any time at which (1)
an Event of Default shall be continuing and the Administrative Agent or the
Required Lenders shall have determined not to permit such conversions or
continuations or (2) such continuation or conversion would be made during a
suspension imposed by Section 2.15.

 

40

 

(b)                                 Procedure. Each such election shall be made by
giving the Administrative Agent at least 3 Business Days’ prior notice (or, in
the case of any conversion into Base Rate Loans, 1 Business Days’ notice) in
substantially the form of Exhibit F (a “Notice of Conversion or
Continuation”) duly completed. The Administrative Agent shall promptly
notify each Lender of its receipt of a Notice of Conversion or Continuation and
of the options selected therein. If the Administrative Agent does not receive a
timely Notice of Conversion or Continuation from the Borrower containing a
permitted election to continue or convert any LIBO Rate Loan, then, upon the
expiration of the applicable Interest Period, such Loan shall be automatically
converted to a Base Rate Loan. Each partial conversion or continuation shall be
allocated ratably among the Lenders in the applicable Facility in accordance
with their Pro Rata Share.

 

Section 2.11                                Fees. (a)  Unused
Commitment Fees. The Borrower agrees to pay to (i) each Revolving Credit
Lender a commitment fee on the actual daily amount by which the Revolving
Credit Commitment of such Lender exceeds its Pro Rata Share of the sum of (A)
the aggregate outstanding principal amount of Revolving Loans and (B) the
outstanding amount of the L/C Obligations for all Letters of Credit (the “Unused
Revolving Credit Commitment Fee”) from the date hereof through the
Revolving Credit Termination Date at a rate per annum equal to 0.50%, payable
in arrears (x) on the last day of each calendar quarter and (y) on the
Revolving Credit Termination Date and (ii) each Term Loan Lender a commitment
fee on the actual daily amount by which the Term Loan Commitment of such Lender
exceeds its Pro Rata Share of the aggregate outstanding principal amount of
Term Loans funded on the Closing Date (the “Unused Term Loan Commitment Fee”)
from the date hereof through the date that is earlier of (x) the second advance
of the  Term Loan and (y) the last day of
the Term Loan Availability Period at a rate per annum equal to 1.00%, payable
in arrears (x) on the last day of each calendar quarter and (y) on such earlier
date.

 

(b)                                 Letter of Credit Fees. The Borrower agrees to pay, with
respect to all Letters of Credit issued by any L/C Issuer, (i) to such L/C
Issuer, certain fees, documentary and processing charges as separately agreed
between the Borrower and such L/C Issuer or otherwise in accordance with such
L/C Issuer’s standard schedule in effect at the time of determination thereof
and (ii) to the Administrative Agent, for the benefit of the Revolving Credit
Lenders according to their Pro Rata Shares, a fee accruing at a rate per annum
equal to the Applicable Margin for Revolving Loans that are LIBO Rate Loans on
the maximum undrawn face amount of such Letters of Credit, payable in arrears
(A) on the last day of each calendar quarter, ending after the issuance of such
Letter of Credit and so long as any Letter of Credit remains outstanding,
including after the Revolving Credit Termination Date, and (B) on the Revolving
Credit Termination Date.

 

(c)                                  Additional Fees. The Borrower shall pay to the
Administrative Agent and its Related Persons its reasonable and customary fees
and expenses in connection with any payments made pursuant to Section 2.16(a)
(Breakage Costs) and has agreed to pay the additional fees described in
the Fee Letter.

 

Section 2.12                                Application of Payments. (a)  Application of Voluntary Prepayments. Unless otherwise provided
in this Section 2.12 or elsewhere in any Loan Document, all
payments and any other amounts received by the Administrative Agent from or for
the benefit of the Borrower shall be applied to repay the Obligations the
Borrower designates.

 

41

 

(b)                                 Application of Mandatory Prepayments. Subject to the provisions of clause
(c) below with respect to the application of payments during the
continuance of an Event of Default, any payment made by the Borrower to the
Administrative Agent pursuant to Section 2.8 or any other prepayment
of the Obligations required to be applied in accordance with this clause (b)
shall be applied first, (other than in respect of any payment required
pursuant to Section 2.8(d)) to repay the outstanding principal
balance of the Term Loans, second, to repay the outstanding principal
balance of the Revolving Loans and the Swing Loans (without reduction of the
Revolving Credit Commitment or Swingline Commitment), third, in the case
of any payment required pursuant to Section 2.8(d), to provide cash
collateral to the extent and in the manner in Section 9.3 and, then,
any excess shall be retained by the Borrower. Amounts prepaid in respect of
Term Loans may not be reborrowed.

 

(c)                                  Application of Payments During an Event
of Default. Each of
Holdings and the Borrower hereby irrevocably waives, and agrees to cause each
Loan Party and each other Group Member to waive, the right to direct the
application during the continuance of an Event of Default of any and all
payments in respect of any Obligation and any proceeds of Collateral and agrees
that, notwithstanding the provisions of clause (a) above, the
Administrative Agent may, and, upon either (A) the direction of the Required
Lenders or (B) the termination of any Commitment or the acceleration of any
Obligation pursuant to Section 9.2, shall, apply all payments in
respect of any Obligation, all funds on deposit in any Cash Collateral Account
and all other proceeds of Collateral (i) first, to pay Obligations in
respect of any cost or expense reimbursements, fees or indemnities then due to
the Administrative Agent, (ii) second, to pay Obligations in respect of
any cost or expense reimbursements, fees or indemnities then due to the Lenders
and the L/C Issuers, (iii) third, to pay interest then due and payable
in respect of the Loans and L/C Reimbursement Obligations, (iv) fourth,
to repay the outstanding principal amounts of the Loans and L/C Reimbursement
Obligations and to provide cash collateral for Letters of Credit in the manner
and to the extent described in Section 9.3, (v) fifth, to
pay amounts owing with respect to Secured Hedging Agreements and (vi) sixth,
to the ratable payment of all other Obligations.

 

(d)                                 Application of Payments Generally. All payments that would otherwise be
allocated to the Revolving Credit Lenders pursuant to this Section 2.12
shall instead be allocated first, to repay interest on Swing Loans, on
any portion of the Revolving Loans that the Administrative Agent may have
advanced on behalf of any Lender and on any L/C Reimbursement Obligation,
in each case for which the Administrative Agent or, as the case may be, the L/C
Issuer has not then been reimbursed by such Lender or the Borrower, second
to pay the outstanding principal amount of the foregoing obligations and third,
to repay the Revolving Loans. All repayments of any Revolving Loans or Term
Loans shall be applied first, to repay such Loans outstanding as Base
Rate Loans and then, to repay such Loans outstanding as LIBO Rate Loans,
with those LIBO Rate Loans having earlier expiring Interest Periods being
repaid prior to those having later expiring Interest Periods. All repayments of
Term Loans (other than prepayments under Section 2.12(a)) shall be
applied to reduce ratably the remaining installments of such outstanding
principal amounts of the Term Loans. If sufficient amounts are not available to
repay all outstanding Obligations described in any priority level set forth in
this Section 2.12, the available amounts shall be applied, unless
otherwise expressly specified herein, to such Obligations ratably based on the
proportion of the Secured Parties’ interest in such Obligations. Any priority
level set forth in this Section 2.12 that includes interest shall
include all such interest, whether or not accruing after the filing of any
petition in bankruptcy or the

 

42

 

commencement of any
insolvency, reorganization or similar proceeding, and whether or not a claim
for post-filing or post-petition interest is allowed in any such proceeding.

 

Section 2.13                                Payments and Computations. (a)  Procedure. The Borrower shall make each payment under any Loan
Document not later than 2:00 p.m.
(Standard Time) on the day when due to the
Administrative Agent by wire transfer to the following account (or at such
other account or by such other means to such other address as the
Administrative Agent shall have notified the Borrower in writing within a
reasonable time prior to such payment) in immediately available Dollars and
without setoff or counterclaim:

 

ABA No. 021001033

Account Number 50232854

Deutsche Bank Trust Company Americas, New York, New York

Account Name:  GECC/CAF Depository, 

Reference:  CFN6737

 

The Administrative Agent shall promptly thereafter cause to be
distributed immediately available funds relating to the payment of principal,
interest or fees to the Lenders, in accordance with the application of payments
set forth in Section 2.12. The Lenders shall make any payment under
any Loan Document in immediately available Dollars and without setoff or
counterclaim. Each Revolving Credit Lender shall make each payment for the
account of any L/C Issuer or Swingline Lender required pursuant to Section 2.3
or 2.4 (A) if the notice or demand therefor was received by such Lender
prior to 2:00 p.m. (Standard
Time) on any Business Day, on such Business Day and
(B) otherwise, on the Business Day following such receipt. Payments
received by the Administrative Agent after 2:00 p.m.
(Standard Time) shall be deemed to be received on the
next Business Day.

 

(b)                                 Computations of Interests and Fees. All computations of interest and of
fees shall be made by the Administrative Agent on the basis of a year of 360
days (or, in the case of Base Rate Loans whose interest rate is calculated
based on the rate set forth in clause (a) of the definition of “Base
Rate”, 365/366 days), in each case for the actual number of days (including the
first day but excluding the last day) occurring in the period for which such
interest and fees are payable. Each determination of an interest rate or the
amount of a fee hereunder shall be made by the Administrative Agent (including
determinations of a LIBO Rate or Base Rate in accordance with the definitions
of “LIBO Rate” and “Base Rate”, respectively) and shall be conclusive, binding
and final for all purposes, absent manifest error.

 

(c)                                  Payment Dates. Whenever any payment hereunder shall
be stated to be due on a day other than a Business Day, the due date for such
payment shall be extended to the next succeeding Business Day without any increase
in such payment as a result of additional interest or fees; provided, however,
that such interest and fees shall continue accruing as a result of such
extension of time.

 

(d)                                 Advancing Payments. Unless the Administrative Agent shall
have received notice from the Borrower to the Lenders prior to the date on
which any payment is due hereunder that the Borrower will not make such payment
in full, the Administrative Agent may assume that the Borrower has made such
payment in full to the Administrative Agent on such date and the Administrative
Agent may, in reliance upon such assumption, cause to be distributed

 

43

 

to each Lender on such
due date an amount equal to the amount then due such Lender. If and to the
extent that the Borrower shall not have made such payment in full to the
Administrative Agent, each Lender shall repay to the Administrative Agent on
demand such amount distributed to such Lender together with interest thereon
(at the Federal Funds Rate for the first Business Day and thereafter, at the
rate applicable to Base Rate Loans under the applicable Facility) for each day
from the date such amount is distributed to such Lender until the date such
Lender repays such amount to the Administrative Agent.

 

Section 2.14                                Evidence of Debt. (a)  Records of Lenders. Each Lender shall maintain in accordance
with its usual practice accounts evidencing Indebtedness of the Borrower to
such Lender resulting from each Loan of such Lender from time to time, including
the amounts of principal and interest payable and paid to such Lender from time
to time under this Agreement. In addition, each Lender having sold a
participation in any of its Obligations or having identified an SPV as such to
the Administrative Agent, acting as agent of the Borrower solely for this
purpose and solely for tax purposes, shall establish and maintain at its
address referred to in Section 11.11 (or at such other address as
such Lender shall notify the Borrower) a record (which shall be available for
inspection by the Borrower and the Administrative Agent) of ownership, in which
such Lender shall register by book entry (A) the name and address of each such
participant and SPV (and each change thereto, whether by assignment or
otherwise) and (B) the rights, interest or obligation of each such
participant and SPV in any Obligation, in any Commitment and in any right to
receive any payment hereunder.

 

(b)                                 Records of Administrative Agent. The Administrative Agent, acting as
agent of the Borrower solely for tax purposes and solely with respect to the
actions described in this Section 2.14, shall establish and
maintain at its address referred to in Section 11.11 (or at such
other address as the Administrative Agent may notify the Borrower) (which shall
be available for inspection by the Borrower and each Lender as to itself) (A) a
record of ownership (the “Register”) in which the Administrative Agent
agrees to register by book entry the interests (including any rights to receive
payment hereunder) of the Administrative Agent, each Lender and each L/C Issuer
in the Term Loans and the Revolving Credit Outstandings, each of their
obligations under this Agreement to participate in each Loan, Letter of Credit
and L/C Reimbursement Obligation, and any assignment of any such interest,
obligation or right and (B) accounts in the Register in accordance with
its usual practice in which it shall record (1) the names and addresses of the
Lenders and the L/C Issuers (and each change thereto pursuant to Section 2.18
(Substitution of Lenders) and Section 11.2 (Assignments
and Participations; Binding Effect)), (2) the Commitments of each Lender,
(3) the amount of each Loan and each funding of any participation described in clause
(A) above and, for LIBO Rate Loans, the Interest Period applicable thereto,
(4) the amount of any principal or interest due and payable or paid, (5) the
amount of the L/C Reimbursement Obligations due and payable or paid and (6) any
other payment received by the Administrative Agent from the Borrower and its
application to the Obligations.

 

(c)                                  Registered Obligations. Notwithstanding anything to the
contrary contained in this Agreement, the Loans (including any Notes evidencing
such Loans and, in the case of Revolving Loans, the corresponding obligations
to participate in L/C Obligations and Swing Loans) and the L/C Reimbursement
Obligations are registered obligations, the right, title and interest of the
Lenders and the L/C Issuers and their assignees in and to such Loans or
L/C Reimbursement Obligations, as the case may be, shall be transferable
only upon notation of

 

44

 

such transfer in the
Register and no assignment thereof shall be effective until recorded therein. This
Section 2.14 and Section 11.2 shall be construed so
that the Loans and L/C Reimbursement Obligations are at all times maintained in
“registered form” within the meaning of Sections 163(f), 871(h)(2)
and 881(c)(2) of the Code and any related regulations (and any successor
provisions).

 

(d)                                 Prima Facie Evidence. The entries made in the Register and
in the accounts maintained pursuant to clauses (a) and (b) above
shall, to the extent permitted by applicable Requirements of Law, be prima
facie evidence of the existence and amounts of the obligations recorded
therein; provided, however, that no error in such account and no
failure of any Lender or the Administrative Agent to maintain any such account
shall affect the obligations of any Loan Party to repay the Loans in accordance
with their terms. In addition, the Loan Parties, the Administrative Agent, the
Lenders and the L/C Issuers shall treat each Person whose name is recorded in
the Register as a Lender or L/C Issuer, as applicable, for all purposes of this
Agreement. Information contained in the Register with respect to any Lender or
L/C Issuer shall be available for inspection by the Borrower, the
Administrative Agent, such Lender or such L/C Issuer at any reasonable
time and from time to time upon reasonable prior notice.

 

(e)                                  Notes. Upon any Lender’s request, the Borrower shall promptly execute and
deliver Notes to such Lender evidencing the Loans of such Lender in a Facility
and substantially in the form of Exhibit B; provided, however,
that only one Note for each Facility shall be issued to each Lender, except (i)
to an existing Lender exchanging existing Notes to reflect changes in the
Register relating to such Lender, in which case the new Notes delivered to such
Lender shall be dated the date of the original Notes and (ii) in the case of
loss, destruction or mutilation of existing Notes and similar circumstances. Each
Note, if issued, shall only be issued as means to evidence the right, title or
interest of a Lender or a registered assignee in and to the related Loan, as
set forth in the Register, and in no event shall any Note be considered a
bearer instrument or obligation.

 

Section 2.15                                Suspension of LIBO Rate Option. Notwithstanding any provision to the
contrary in this Article II, the following shall apply:

 

(a)                                  Interest Rate Unascertainable,
Inadequate or Unfair. In
the event that (A) the Administrative Agent determines that adequate and fair
means do not exist for ascertaining the applicable interest rates by reference
to which the LIBO Rate is determined or (B) the Required Lenders notify the
Administrative Agent that the LIBO Rate for any Interest Period will not
adequately reflect the cost to the Lenders of making or maintaining such Loans
for such Interest Period, the Administrative Agent shall promptly so notify the
Borrower and the Lenders, whereupon the obligation of each Lender to make or to
continue LIBO Rate Loans shall be suspended as provided in clause (c)
below until, in the case of (A) above, the Administrative Agent shall notify
the Borrower that the circumstances causing such suspension no longer exist,
or, in the case of (B) above, that it has been notified by the Required Lenders
that such circumstances no longer exist.

 

(b)                                 Illegality. If any Lender determines that the
introduction of, or any change in or in the interpretation of, any Requirement
of Law after the date of this Agreement shall make it unlawful, or any
Governmental Authority shall assert that it is unlawful, for any Lender or its
applicable lending office to make LIBO Rate Loans or to continue to fund or

 

45

 

maintain LIBO Rate
Loans, then, on notice thereof and demand therefor by such Lender to the
Borrower through the Administrative Agent, the obligation of such Lender to
make or to continue LIBO Rate Loans shall be suspended as provided in clause
(c) below until such Lender shall, through the Administrative Agent, notify
the Borrower that it has determined that it may lawfully make LIBO Rate Loans.

 

(c)                                  Effect of Suspension. If the obligation of any Lender to
make or to continue LIBO Rate Loans is suspended, (A) the obligation of such
Lender to convert Base Rate Loans into LIBO Rate Loans shall be suspended, (B)
such Lender shall make a Base Rate Loan at any time such Lender would otherwise
be obligated to make a LIBO Rate Loan, (C) the Borrower may revoke any pending
Notice of Borrowing or Notice of Conversion or Continuation to make or continue
any LIBO Rate Loan or to convert any Base Rate Loan into a LIBO Rate Loan and
(D) each LIBO Rate Loan of such Lender shall automatically and immediately (or,
in the case of any suspension pursuant to clause (a) above, on the last
day of the current Interest Period thereof) be converted into a Base Rate Loan.

 

Section 2.16                                Breakage Costs; Increased Costs; Capital
Requirements. (a)  Breakage Costs. The Borrower
shall compensate each Lender, upon demand from such Lender to such Borrower
(with copy to the Administrative Agent), for all Liabilities (including, in
each case, those incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund or to maintain the LIBO
Rate Loans of such Lender to the Borrower but excluding any loss of the
Applicable Margin on the relevant Loans) that such Lender may incur (A) to the extent,
for any reason other than solely by reason of such Lender being a Non-Funding
Lender, a proposed Borrowing, conversion into or continuation of LIBO Rate
Loans does not occur on a date specified therefor in a Notice of Borrowing or a
Notice of Conversion or Continuation or in a similar request made by telephone
by the Borrower, (B) to the extent any LIBO Rate Loan is paid (whether through
a scheduled, optional or mandatory prepayment) or converted to a Base Rate Loan
(including because of Section 2.15 on a date that is not the last day of
the applicable Interest Period or (C) as a consequence of any failure by
the Borrower to repay LIBO Rate Loans when required by the terms hereof. For
purposes of this clause (a), each Lender shall be deemed to have funded
each LIBO Rate Loan made by it using a matching deposit or other borrowing in
the London interbank market.

 

(b)                                 Increased Costs. If at any time any Lender or L/C
Issuer determines that, after the date hereof, the adoption of, or any change
in or in the interpretation, application or administration of, or compliance
with, any Requirement of Law whether or not having the force of law (other than
any imposition or increase of LIBO Reserve Requirements) from any Governmental
Authority shall have the effect of (i) increasing the cost to such Lender of
making, funding or maintaining any LIBO Rate Loan or to agree to do so or of
participating, or agreeing to participate, in extensions of credit, (ii)
increasing the cost to such L/C Issuer of Issuing or maintaining any Letter of
Credit or of agreeing to do so or (iii) imposing any other cost to such Lender
or L/C Issuer with respect to compliance with its obligations under any Loan
Document, in each case, other than Non-Excluded Taxes covered by Section
2.17 and changes in the rate of tax on the overall net income of such
Lender or L/C Issuer, and the result of any of the foregoing is to increase the
cost to such Lender or L/C Issuer, by an amount that such Lender or L/C Issuer
deems to be material, of making, converting into, continuing or maintaining
LIBO Rate Loans or issuing or participating in Letters of Credit, or to reduce
any amount receivable hereunder in respect thereof, then, upon demand to the
Borrower by such Lender or L/C Issuer (with copy to

 

46

 

the Administrative
Agent), the Borrower shall pay to the Administrative Agent for the account of
such Lender or L/C Issuer amounts sufficient to compensate such Lender or L/C
Issuer for such increased cost.

 

(c)                                  Increased Capital Requirements. If at any time any Lender or L/C
Issuer determines that, after the date hereof, the adoption of, or any change
in or in the interpretation, application or administration of, or compliance
with, any Requirement of Law (other than any imposition or increase of LIBO
Reserve Requirements) from any Governmental Authority regarding capital
adequacy, reserves, special deposits, compulsory loans, insurance charges
against property of, deposits with or for the account of, Obligations owing to,
or other credit extended or participated in by, any Lender or L/C Issuer or any
similar requirement (in each case other than any imposition or increase of LIBO
Reserve Requirements) shall have the effect of reducing the rate of return on
the capital of such Lender’s or L/C Issuer (or any corporation controlling such
Lender or L/C Issuer) as a consequence of its obligations under or with respect
to any Loan Document or Letter of Credit to a level below that which, taking
into account the capital adequacy policies of such Lender, L/C Issuer or
corporation, such Lender, L/C Issuer or corporation could have achieved but for
such adoption or change, by an amount deemed by such Lender to be material,
then, upon demand to the Borrower from time to time by such Lender or L/C
Issuer (with a copy of such demand to the Administrative Agent), the Borrower
shall pay to the Administrative Agent for the account of such Lender amounts
sufficient to compensate such Lender for such reduction.

 

(d)                                 Compensation Certificate. Each demand for compensation under
this Section 2.16 shall be accompanied by a certificate of the
Lender or L/C Issuer claiming such compensation, setting forth the amounts to
be paid hereunder, which certificate shall be conclusive, binding and final for
all purposes, absent manifest error. In determining such amount, such Lender or
L/C Issuer may use any reasonable averaging and attribution methods. Notwithstanding
anything to the contrary in this Section, the Borrower shall not be required to
compensate a Lender or L/C Issuer pursuant to this Section for any amounts
incurred more than 180 days prior to the date that such Lender or L/C Issuer
notifies the Borrower of such Lender’s or L/C Issuer’s intention to claim
compensation therefor, provided, however, that if any adoption of, or any change in or
in the interpretation, application or administration of, or compliance with any
Requirement of Law that precipitated such demand is given retroactive effect,
such 180 day period shall be increased to take into account such retroactive
effect.

 

Section 2.17                                Taxes. (a)  Payments
Free and Clear of Taxes. Except as provided by law or as otherwise provided
in this Section 2.17, each payment by any Loan Party under any Loan
Document shall be made free and clear of all present or future taxes, levies,
imposts, deductions, charges or withholdings and all liabilities with respect
thereto (and without deduction for any of them) (collectively, “Taxes”)
other than for (i) Taxes measured by net income (including branch profits
taxes) and franchise taxes imposed in lieu of net income taxes, in each case
imposed on any Secured Party as a result of a present or former connection
between such Secured Party and the jurisdiction of the Governmental Authority
imposing such Tax or any political subdivision or taxing authority thereof or
therein (other than such connection arising solely from any Secured Party
having executed, delivered or performed its obligations or received a payment
under, or enforced, any Loan Document), (ii) withholding Taxes that are imposed
on amounts payable to a Secured Party (other than a Substitute Lender) to the
extent that the obligation to withhold amounts existed on the date that such
Secured Party became a “Secured

 

47

 

Party” under this Agreement in
the capacity under which such Secured Party makes a claim under clause (b),
except in each case to the extent such Secured Party is an assignee of any
other Secured Party that was entitled, at the time the assignment of such other
Secured Party became effective, to receive additional amounts under clause
(b) or (iii) taxes that are directly attributable to the failure by any
Secured Party to deliver the documentation required to be delivered pursuant to
clause (g) below (collectively, “Excluded Taxes” and all such
non-Excluded Taxes, “Non-Excluded Taxes”).

 

(b)                                 Additional Payments. If any Taxes shall be required by law
to be deducted from or in respect of any amount payable under any Loan Document
(other than any Secured Hedging Agreement) to any Secured Party (i) in the case
of Non-Excluded Taxes, such amount shall be increased as necessary to ensure
that, after all required deductions for Non-Excluded Taxes are made (including
deductions applicable to any increases to any amount under this Section 2.17),
such Secured Party receives the amount it would have received had no such
deductions been made, (ii) the relevant Loan Party shall make such deductions,
(iii) the relevant Loan Party shall timely pay the full amount deducted to the
relevant taxing authority or other authority in accordance with applicable
Requirements of Law and (iv) within 30 days after such payment is made,
the relevant Loan Party shall deliver to the Administrative Agent an original
or certified copy of a receipt evidencing such payment.

 

(c)                                  Other Taxes. In addition, the Borrower agrees to
pay, and authorizes the Administrative Agent to pay in its name, any stamp,
documentary, excise or property tax, charges or similar levies imposed by any
applicable Requirement of Law or Governmental Authority and all Liabilities
with respect thereto (including by reason of any delay in payment thereof), in
each case arising from the execution, delivery or registration of, or otherwise
with respect to, any Loan Document or any transaction contemplated therein
(collectively, “Other Taxes”). Within 30 days after the date of any
payment of Taxes or Other Taxes by any Loan Party, the Borrower shall furnish
to the Administrative Agent, at its address referred to in Section 11.11,
the original or a certified copy of a receipt evidencing payment thereof.

 

(d)                                 Indemnification. The Borrower shall reimburse and
indemnify, within 30 days after receipt of demand therefor (with copy to the
Administrative Agent), each Secured Party for all Non-Excluded Taxes and Other
Taxes (including any Non-Excluded Taxes and Other Taxes imposed by any
jurisdiction on amounts payable under this Section 2.17) paid by
such Secured Party and any Liabilities arising therefrom or with respect
thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly
or legally asserted. A certificate of the Secured Party (or of the
Administrative Agent on behalf of such Secured Party) claiming any compensation
under this clause (d), setting forth the amounts to be paid thereunder
and delivered to the Borrower with copy to the Administrative Agent, shall be
conclusive, binding and final for all purposes, absent manifest error.

 

(e)                                  Tax Refunds. 
If any Secured Party become aware that it is entitled to receive any
refund, offset, reduction, or credit in respect of amounts paid by the Borrower
pursuant to this Section 2.17, which in the sole discretion of such
Secured Party is allocable to such payment, it shall promptly notify the
Borrower of the availability of such refund, offset, reduction, or credit and
shall, within 30 days after the receipt of a request by the Borrower, apply for
such refund, offset, reduction, or credit. If any Secured Party determines in
its sole discretion that it has received a refund, offset, reduction, or credit
in respect of any amounts paid by the

 

48

 

Borrower pursuant to
this Section 2.17, which in the sole discretion of such Secured Party is
allocable to such payment, it shall promptly notify the Borrower of such
refund, offset, reduction, or credit and shall, within 15 days after receipt,
repay such refund, offset, reduction, or credit to the Borrower net of all
out-of-pocket expenses of such Secured Party; provided, however, that the
Borrower, upon the request of such Secured Party, agrees to repay the amount
paid over to the Borrower to such Secured Party in the event such Secured Party
is required to repay such refund, offset, reduction, or credit.

 

(f)                                    Mitigation. Any Lender claiming any additional
amounts payable pursuant to this Section 2.17 shall use its
reasonable efforts (consistent with its internal policies and Requirements of
Law) to change the jurisdiction of its lending office if such a change would reduce
any such additional amounts (or any similar amount that may thereafter accrue)
and would not, in the good faith determination of such Lender, be otherwise
disadvantageous to such Lender.

 

(g)                                 Tax Forms. (i) Each Non-U.S. Lender Party that,
at any of the following times, is entitled to an exemption from United States
withholding tax or, after a change in any Requirement of Law, is subject to
such withholding tax at a reduced rate under an applicable tax treaty, shall
(w) on or prior to the date such Non-U.S. Lender Party becomes a “Non-U.S.
Lender Party” hereunder, (x) on or prior to the date on which any such form or
certification expires or becomes obsolete, (y) after the occurrence of any
event requiring a change in the most recent form or certification previously
delivered by it pursuant to this clause (i) and (z) from time to
time if reasonably requested by the Borrower or the Administrative Agent (or,
in the case of a participant or SPV, the relevant Lender), provide the
Administrative Agent and the Borrower (or, in the case of a participant or SPV,
the relevant Lender) with two properly completed originals of each of the
following, as applicable:  (A) Forms
W-8ECI (claiming exemption from U.S. withholding tax because the income is
effectively connected with a U.S. trade or business), W-8BEN (claiming
exemption from, or a reduction of, U.S. withholding tax under an income tax
treaty) or any successor forms, (B) in the case of a Non-U.S. Lender Party
claiming exemption under Sections 871(h) or 881(c) of the Code, Form W-8BEN
(claiming exemption from U.S. withholding tax under the portfolio interest
exemption) or any successor form and a certificate in form and substance
acceptable to the Administrative Agent that such Non-U.S. Lender Party is not
(1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10
percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B)
of the Code or (3) a “controlled foreign corporation” described in Section
881(c)(3)(C) of the Code or (C) any other applicable document prescribed by the
IRS properly certifying as to the entitlement of such Non-U.S. Lender Party to
such exemption from United States withholding tax or reduced rate with respect
to any payments to be made to such Non-U.S. Lender Party under the Loan
Documents. Unless the Borrower and the Administrative Agent have received forms
or other documents satisfactory to them indicating that payments under any Loan
Document to or for a Non-U.S. Lender Party are not subject to United States
withholding tax, the Loan Parties and the Administrative Agent shall withhold
amounts required to be withheld by applicable Requirements of Law from such
payments at the applicable statutory rate. Notwithstanding any other provision
of this Section 2.17, a Non-U.S. Lender Party shall not be required to
deliver any form pursuant to this paragraph that such Non-U.S. Lender is not
legally able to deliver.

 

(ii)                                  Each U.S. Lender Party shall (A) on or
prior to the date such U.S. Lender Party becomes a “U.S. Lender Party”
hereunder, (B) on or prior to the date

 

49

 

on which any such form or certification expires or becomes obsolete,
(C) after the occurrence of any event requiring a change in the most recent form
or certification previously delivered by it pursuant to this clause (g)
and (D) from time to time if reasonably requested by the Borrower or the
Administrative Agent (or, in the case of a participant or SPV, the relevant
Lender), provide the Administrative Agent and the Borrower (or, in the case of
a participant or SPV, the relevant Lender) with two properly completed
originals of Form W-9 (certifying that such U.S. Lender Party is entitled to an
exemption from U.S. backup withholding tax) or any successor form. Notwithstanding
any other provision of this Section 2.17, a U.S. Lender Party shall not
be required to deliver any form pursuant to this paragraph that such U.S.
Lender is not legally able to deliver.

 

(iii)                               Each Lender having sold a participation in
any of its Obligations or identified an SPV as such to the Administrative Agent
shall collect from such participant or SPV the documents described in this clause
(g) and provide them to the Administrative Agent.

 

Section 2.18                                Substitution of Lenders. (a)  Substitution Right. In the event that any Lender in any
Facility (an “Affected Lender”), (i) makes a claim under clause (b)
(Increased Costs) or (c) (Increased Capital Requirements)
of Section 2.16, (ii) notifies the Borrower pursuant to Section 2.15(b)
(Illegality) that it becomes illegal for such Lender to continue to fund
or make any LIBO Rate Loan in such Facility, (iii) makes a claim for payment
pursuant to Section 2.17(b) (Taxes), (iv) becomes a
Non-Funding Lender with respect to such Facility or (v) does not consent to any
amendment, waiver or consent to any Loan Document for which the consent of the
Required Lenders is obtained but that requires the consent of other Lenders in
such Facility, the Borrower may either pay in full such Affected Lender with
respect to amounts due in such Facility or substitute for such Affected Lender
in such Facility any Lender or any Affiliate or Approved Fund of any Lender or
any other Person acceptable (which acceptance shall not be unreasonably
withheld or delayed) to the Administrative Agent (in each case, a “Substitute
Lender”).

 

(b)                                 Procedure. To substitute such Affected Lender or
pay in full the Obligations owed to such Affected Lender under such Facility,
the Borrower shall deliver a notice to the Administrative Agent and such
Affected Lender. The effectiveness of such payment or substitution shall be
subject to the delivery to the Administrative Agent by the Borrower (or, as may
be applicable in the case of a substitution, by the Substitute Lender) of (i)
payment for the account of such Affected Lender, of, to the extent accrued
through, and outstanding on, the effective date for such payment or
substitution, all Obligations owing to such Affected Lender with respect to
such Facility (including those that will be owed because of such payment and
all Obligations that would be owed to such Lender if it was solely a Lender in
such Facility), (ii) in the case of a payment in full of the Obligations owing
to such Affected Lender in the Revolving Credit Facility, payment of any amount
that, after giving effect to the termination of the Commitment of such Affected
Lender, is required to be paid pursuant to Section 2.8(d) (Excess
Outstandings) and (iii) in the case of a substitution, (A) payment of the
assignment fee set forth in Section 11.2(c) and (B) an assumption
agreement in form and substance reasonably satisfactory to the Administrative
Agent whereby the Substitute Lender shall, among other things, agree to be

 

50

 

bound by the terms of
the Loan Documents and assume the Commitment of the Affected Lender under such
Facility.

 

(c)                                  Effectiveness. Upon satisfaction of the conditions
set forth in clause (b) above, the Administrative Agent shall record
such substitution or payment in the Register, whereupon (i) in the case of any
payment in full in any Facility, such Affected Lender’s Commitments in such
Facility shall be terminated and (ii) in the case of any substitution in any
Facility, (A) the Affected Lender shall sell and be relieved of, and the
Substitute Lender shall purchase and assume, all rights and claims of such
Affected Lender under the Loan Documents with respect to such Facility, except
that the Affected Lender shall retain such rights expressly providing that they
survive the repayment of the Obligations and the termination of the
Commitments, (B) the Substitute Lender shall become a “Lender”
hereunder having a Commitment in such Facility in the amount of such Affected
Lender’s Commitment in such Facility and (C) the Affected Lender shall execute
and deliver to the Administrative Agent an Assignment to evidence such
substitution and deliver any Note in its possession with respect to such
Facility; provided, however, that the failure of any Affected
Lender to execute any such Assignment or deliver any such Note shall not render
such sale and purchase (or the corresponding assignment) invalid.

 

ARTICLE III

CONDITIONS TO LOANS AND LETTERS OF CREDIT

 

Section 3.1                                      Conditions Precedent to Initial Loans
and Letters of Credit. The
obligation of each Lender to make any Loan on the Closing Date and the
obligation of each L/C Issuer to Issue any Letter of Credit on the Closing
Date is subject to the satisfaction or due waiver of each of the following
conditions precedent on or before October 15, 2005:

 

(a)                                  Certain Documents. The Administrative Agent shall have
received on or prior to the Closing Date each of the following, each dated the
Closing Date unless otherwise agreed by the Administrative Agent, in form and
substance reasonably satisfactory to the Administrative Agent:

 

(i)                                     this Agreement duly executed by Holdings
and the Borrower and, for the account of each Lender having requested the same
by notice to the Administrative Agent and the Borrower received by each at
least 3 Business Days prior to the Closing Date (or such later date as may be
agreed by the Borrower), Notes in each applicable Facility conforming to the
requirements set forth in Section 2.14(e);

 

(ii)                                  the Guaranty and Security Agreement,
duly executed by the Borrower and each Guarantor, together with (A) copies of
UCC, Intellectual Property and other appropriate search reports and of all
effective prior filings listed therein, together with evidence of the
termination of such prior filings and other documents with respect to the
priority of the security interest of the Administrative Agent in the
Collateral, in each case as may be reasonably requested by the Administrative
Agent and
(B) all certificates and instruments representing all Securities being pledged pursuant
to such Guaranty and Security Agreement and related undated powers or
endorsements duly executed in blank.

 

51

 

(iii)                               duly executed favorable opinions of
counsel to the Loan Parties in New York, each addressed to the Administrative
Agent, the L/C Issuers and the Lenders and addressing such matters as the
Administrative Agent may reasonably request;

 

(iv)                              a copy of each Constituent Document of
each Loan Party that is on file with any Governmental Authority in the
jurisdiction of such Loan Party’s organization, certified as of a recent date
by such Governmental Authority, together with, if applicable, certificates
attesting to the good standing of such Loan Party in such jurisdiction;

 

(v)                                 a certificate of the secretary or other
officer of each Loan Party in charge of maintaining books and records of such
Loan Party certifying as to (A) the names and signatures of each officer of
such Loan Party authorized to execute and deliver any Loan Document, (B) the
Constituent Documents of such Loan Party attached to such certificate are
complete and correct copies of such Constituent Documents as in effect on the
date of such certification (or, for any such Constituent Document delivered
pursuant to clause (iv) above, that there have been no changes from such
Constituent Document so delivered) and (C) the resolutions of such Loan Party’s
board of directors or other appropriate governing body approving and
authorizing the execution, delivery and performance of each Loan Document to
which such Loan Party is a party;

 

(vi)                              a certificate of a Responsible Officer
of the Borrower to the effect that (A) each condition set forth in Section 3.2(b)
has been satisfied, (B)  the Loan Parties taken as a whole and the
Borrower are Solvent after giving effect to the initial Loans, any delayed draw
Term Loans and Letters of Credit, the consummation of the Related Transactions,
the application of the proceeds thereof in accordance with Section 7.9
and the payment of all estimated legal, accounting and other fees and expenses
related hereto and thereto, (C) the Consolidated EBITDA, after giving pro forma
effect to the consummation of the Acquisition, including adjustments reasonably
acceptable to the Administrative Agent, for the Borrower for the last period of
twelve months ending on the most recently ended month for which financial
statements are available is not less than $22,000,000, (D) the Indebtedness of
the Borrower on the Closing Date after giving effect to the initial Loans, any
delayed draw Term Loans and Letters of Credit issued on the Closing Date is not
in excess of $65,000,000 and (E) attached thereto is a complete and correct
copy of each Related Document;

 

(vii)                           insurance certificates in form and
substance reasonably satisfactory to the Administrative Agent demonstrating
that the insurance policies required by Section 7.5 are in full
force and effect and have all endorsements required by such Section 7.5;
and

 

(viii)                        a completed perfection certificate in
form and
substance reasonably satisfactory to the
Administrative Agent, duly executed by the Borrower on
behalf of itself and each Guarantor, together with all
attachments contemplated thereby.

 

52

 

(b)                                 Fee and Expenses. There shall have been paid to the
Administrative Agent, for the account of the Administrative Agent, its Related
Persons, any L/C Issuer or any Lender, as the case may be, all fees and all
reimbursements of costs or expenses, in each case due and payable under any
Loan Document on or before the Closing Date for which invoices have been
presented.

 

(c)                                  Consents. Each Group Member shall have received
all material consents and authorizations required pursuant to any material
Contractual Obligation with any other Person and shall have obtained all
material Permits of, and effected all material notices to and filings with, any
Governmental Authority, in each case, as may be necessary in connection with
the consummation of the transactions contemplated in any Loan Document or
Related Document (including the Related Transactions).

 

(d)                                 Related Transactions. The Administrative Agent shall be
reasonably satisfied that, (i) subject only the funding of the initial Loans
hereunder and the use of proceeds thereof, as certified to the Administrative
Agent, all conditions precedent to the consummation of the Acquisition will
have been satisfied or duly waived (if such waiver would reasonably be expected
to have a materially adverse effect on the Lenders) with the consent of the Administrative
Agent and the Acquisition will have been consummated in accordance with the
Acquisition Agreement at a purchase price not in excess of the amount contemplated by
the Acquisition Agreement and the schedules thereto plus
fees, costs and expenses associated with the foregoing in an
amount reasonably approved by the Administrative Agent,
(ii) the Permitted Investors’ Equity Investment will have been made and (iii)
the Restricted Stock Grant will have been made.

 

(e)                                  Intentionally Omitted.

 

(f)                                    Employment Agreements and Letters. The Administrative Agent shall have
received employment agreements in form and substance reasonably satisfactory to
the Administrative Agent between the Borrower and each of Gerry Creagh, Noah Gottdiener, Chet
Gougis, and Jacob Silverman and the form of employment letter
to be used between the Borrower and each other managing director who, prior to
the Closing Date, was an employee, partner or member of the Acquired Company.

 

(g)                                 Solvency and Balance Sheet. Receipt by the Administrative Agent of
the Pro Forma Balance Sheet, reasonably satisfactory in form and substance to
the Administrative Agent. The Administrative Agent shall be reasonably
satisfied, based on financial statements (actual and pro forma), projections
and other evidence provided by the Borrower, or reasonably requested by the
Administrative Agent, that the Borrower after incurring the indebtedness
contemplated by the Credit Facility, will be Solvent.

 

(h)                                 Financial Statements. The Administrative Agent shall have
received the financial statements and Initial Projections referred to in Section
4.4

 

Section 3.2                                      Conditions Precedent to Each Loan and
Letter of Credit. The
obligation of each Lender on any date (including the Closing Date) to make any
Loan and of each L/C Issuer on any date (including the Closing Date) to Issue
any Letter of Credit is subject to the satisfaction of each of the following
conditions precedent:

 

53

 

(a)                                  Request. The Administrative Agent (and, in the
case of any Issuance, the relevant L/C Issuer) shall have received, to the
extent required by Article II, a written, timely and duly executed
and completed Notice of Borrowing, Swingline Request or, as the case may be,
L/C Request.

 

(b)                                 Representations and Warranties; No
Defaults. The following
statements shall be true on such date, both before and after giving effect to
such Loan or, as applicable, such Issuance: 
(i) the representations and warranties set forth in any Loan Document
shall be true and correct in all material respects, on and as of such date or,
to the extent such representations and warranties expressly relate to an
earlier date, on and as of such earlier date and (ii) no Default shall be
continuing.

 

(c)                                  Additional Matters. The Administrative Agent shall have
received such additional documents and information as any Lender, through the
Administrative Agent, may reasonably request.

 

The representations and warranties set forth in any Notice of
Borrowing, Swingline Request or L/C Request (or any certificate delivered in
connection therewith) shall be deemed to be made again on and as of the date of
the relevant Loan or Issuance and the acceptance of the proceeds thereof or of
the delivery of the relevant Letter of Credit.

 

Section 3.3                                      Determinations of Initial Borrowing
Conditions. For
purposes of determining compliance with the conditions specified in Section 3.1,
each Lender shall be deemed to be satisfied with each document and each other
matter required to be satisfactory to such Lender unless, prior to the Closing
Date, the Administrative Agent receives notice from such Lender specifying such
Lender’s objections and such Lender has not made available its Pro Rata Share
of any Borrowing scheduled to be made on the Closing Date.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders, the L/C Issuers and the Administrative Agent to
enter into the Loan Documents, each of Holdings and the Borrower (and, to the
extent set forth in any other Loan Document, each other Loan Party) represents
and warrants to each of them each of the following on and as of each date
applicable pursuant to Section 3.2 and giving effect to the
consummation of the Related Transactions:

 

Section 4.1                                      Corporate Existence; Compliance with Law. Each Group Member (a) is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (b) is duly qualified to do business as a
foreign entity and in good standing under the laws of each jurisdiction where
such qualification is necessary, except where the failure to be so qualified or
in good standing would not, in the aggregate, reasonably be expected to have a
Material Adverse Effect, (c) has all requisite power and authority and the
legal right to own, pledge, mortgage and operate its material property, to
lease or sublease any material property it operates under lease or sublease and
to conduct its business as now or currently proposed to be conducted, (d) is in
compliance with its Constituent Documents, (e) is in compliance with all
applicable Requirements of Law except where the failure to be in compliance
would not have a

 

54

 

Material Adverse Effect and (f)
has all necessary Permits from or by, has made all necessary filings with, and
has given all necessary notices to, each Governmental Authority having
jurisdiction, to the extent required for such ownership, lease, sublease,
operation, occupation or conduct of business, except where the failure to
obtain such Permits, make such filings or give such notices would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 4.2                                      Loan and Related Documents. (a)  Power and Authority. The execution, delivery and performance by
each Loan Party of the Loan Documents and Related Documents to which it is a
party and the consummation of the Related Transactions and other transactions
contemplated therein (i) are within such Loan Party’s corporate or similar
powers and, at the time of execution thereof, have been duly authorized by all
necessary corporate and similar action (including, if applicable, consent of
holders of its Securities), (ii) do not (A) contravene such Loan Party’s
Constituent Documents, (B) violate in any material respect any applicable Requirement
of Law, (C) conflict with, contravene, constitute a default or breach
under, or result in or permit the termination or acceleration of, any material
Contractual Obligation of any Loan Party or any of its Subsidiaries (including
other Related Documents or Loan Documents) other than those that would not, in
the aggregate, reasonably be expected to have a Material Adverse Effect or
(D) result in the imposition of any Lien (other than a Permitted Lien)
upon any property of any Loan Party or any of its Subsidiaries and (iii) do not
require any Permit of, or filing with, any Governmental Authority or any
consent of, or notice to, any Person, other than (A) with respect to the Loan
Documents, the filings required to perfect the Liens created by the Loan Documents,
(B) those listed on Schedule 4.2 and that have been, or will be
prior to the Closing Date, obtained or made, copies of which have been, or will
be prior to the Closing Date, delivered to the Administrative Agent if so
requested by the Administrative Agent, and each of which on the Closing Date
will be in full force and effect and (C) those that, if not obtained, would
not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(b)                                 Due Execution and Delivery. From and after its delivery to the
Administrative Agent, each Loan Document and as of the Closing Date, each
Related Document has been duly executed and delivered to the other parties
thereto by each Loan Party party thereto, is the legal, valid and binding
obligation of such Loan Party and is enforceable against such Loan Party in
accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).

 

(c)                                  Acquisition Agreement. Each representation and warranty made
by any Loan Party in the Acquisition Agreement is true and correct in all material
respects. As of the Closing Date, all applicable waiting periods in connection
with the Acquisition have expired or have been terminated without any action
being taken by any Governmental Authority (including any requisite waiting
period (and any extension thereof) under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976).

 

Section 4.3                                      Ownership of Group Members. Set forth on Schedule 4.3
is a complete and accurate list showing, as of the Closing Date, for each Group
Member (other than Holdings) and each Subsidiary of any Group Member, its
jurisdiction of organization, the number of shares of each class of Stock
authorized (if applicable), the number outstanding on the Closing Date and

 

55

 

the number and percentage of
the outstanding shares of each such class owned (directly or indirectly) by the
Borrower or Holdings. All outstanding Stock of each Group Member has been
validly issued, is fully paid and non-assessable (to the extent applicable) and,
except in the case of Holdings, is owned beneficially and of record by a Group
Member (or, in the case of the Borrower, by Holdings) free and clear of all
Liens other than the security interests created by the Loan Documents and, in
the case of joint ventures, Permitted Liens. There are no Stock Equivalents
with respect to the Stock of any Group Member (other than Holdings) or any
Subsidiary of any Group Member and, as of the Closing Date, except as set forth
on Schedule 4.3, there are no Stock Equivalents with respect to the
Stock of Holdings. Except as set forth on Schedule 4.3, there are no
Contractual Obligations or other understandings to which any Group Member or
any Subsidiary of any Group Member is a party with respect to (including any
restriction on) the issuance, voting, Sale or pledge of any Stock or Stock
Equivalent of any Group Member or any such Subsidiary.

 

Section 4.4                                      Financial Statements. (a)(i) Each of (x) the audited Consolidated balance sheet of the Borrower
as at December 31, 2004 and the related Consolidated statements of income,
retained earnings and cash flows of the Borrower for the Fiscal Year then
ended, certified by Grant Thornton LLP, and (y) subject to the absence of
footnote disclosure and normal recurring year-end audit adjustments, the
unaudited Consolidated balance sheets of the Borrower  as at August 31, 2005 and
the related Consolidated statements of income and retained earnings of the
Borrower for the eight months then ended, copies of each of which have been
furnished to the Administrative Agent, fairly present in all material respects
the Consolidated financial position and results of operations of the Borrower
as at the dates indicated and for the periods indicated in accordance with GAAP.

 

(ii)                                      Each of (x) the audited balance sheet of
the Business (as defined in the Acquisition Agreement) as at and for the two
year period ending December 31, 2004 and the related audited statements of
profits and losses for such Business for such fiscal years (including the notes
thereto and the auditor’s report thereon) and (z) subject to the absence of
footnote disclosure and normal recurring year-end audit adjustments, the
unaudited balance sheet of the Business as at August 31, 2005 and the related
Consolidated statements of income and retained earnings of the Business for the
eight months then ended, copies of each of which have been furnished to the
Administrative Agent, fairly present in each case as of the date and for the
respective period indicated, in all material respects the financial position
and results of operations of such Business in accordance with GAAP.

 

(b)                                 Prior to the Closing Date, Holdings had
no property (other than the Stock of the Borrower), liabilities or Contractual
Obligations (other than the Loan Documents and the Related Documents and the
liabilities thereunder). On the Closing Date, and to the best of the Borrower’s
knowledge with respect to the Acquired Company and its Subsidiaries (i) none of
the Borrower or the Acquired Company or its Subsidiaries has any material
liability or other obligation (including Indebtedness, Guaranty Obligations,
contingent liabilities and liabilities for taxes, long-term leases and unusual
forward or long-term commitments) that is not reflected in the Financial
Statements referred to in clause (a) above or in the notes thereto and
not otherwise permitted by this Agreement and (ii) since the date of the
unaudited Financial Statements referenced in clause (a) above, there has
been no Sale of any material property of the Borrower or the Acquired Company
and its Subsidiaries and no purchase or other acquisition of any material
property.

 

56

 

(c)                                  The Initial Projections have been
prepared by the Borrower in light of the past operations of the business of the
Borrower and the Acquired Company and its Subsidiaries and reflect projections
for the 5 year period beginning on August 1, 2005 on a monthly basis for Fiscal
Year 2005 and on a year by year basis thereafter. As of the Closing Date, the
Initial Projections are based upon estimates and assumptions stated therein,
all of which the Borrower believes to be reasonable and fair in light of conditions
and facts known to the Borrower as of the Closing Date and reflect the good
faith estimates by the Borrower of the future Consolidated financial
performance of Holdings and the other information projected therein for the
periods set forth therein, it being recognized by the Administrative Agent and
the Lenders that such financial information as it relates to future events is
not to be viewed as fact and that actual results during the period or periods
covered by such financial information may differ from the projected results set
forth therein by a material amount.

 

(d)                                 The unaudited consolidated balance sheet
of Holdings (the “Pro Forma Balance Sheet”) delivered to the
Administrative Agent prior to the date hereof, has been prepared as of August
31, 2005 and reflects as of such date, on a Pro Forma Basis for the Related
Transactions and the other transactions contemplated herein to occur on the
Closing Date, the consolidated financial condition of Holdings, and the
assumptions expressed therein are reasonable based on the information available
to Holdings and the Borrower at such date and on the Closing Date.

 

Section 4.5                                      Material Adverse Effect. Since December 31, 2004, there have
been no events, circumstances, developments or other changes in facts that
would, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

Section 4.6                                      Solvency. Both before and after giving effect to
(a) the Loans and Letters of Credit made or Issued on or prior to the date this
representation and warranty is made, (b) the disbursement of the proceeds of
such Loans, (c) the consummation of the Related Transactions and (d) the
payment and accrual of all transaction costs in connection with the foregoing,
both the Loan Parties taken as a whole and the Borrower are Solvent.

 

Section 4.7                                      Litigation. There are no pending (or, to the
knowledge of any Group Member, threatened) actions, investigations, suits,
proceedings, audits, claims, demands, orders or disputes affecting the Borrower
or any of its Subsidiaries with, by or before any Governmental Authority other
than those that would not reasonably be expected to materially adversely affect
the Obligations, the Loan Documents and the Letters of Credit and would not, in
the aggregate, have a Material Adverse Effect.

 

Section 4.8                                      Taxes. Except as would not have Material Adverse Effect (a) all federal,
state, local and foreign income and franchise and other material tax returns,
reports and statements (collectively, the “Tax Returns”) required to be
filed by any Group Member have been filed with the appropriate Governmental
Authorities in all jurisdictions in which such Tax Returns are required to be
filed, (b) all such Tax Returns are true and correct in all material respects,
and (c) all taxes, charges and other impositions reflected therein or otherwise
due and payable have been paid prior to the date on which any Liability may be
added thereto for non-payment thereof, except for those contested in good faith
by appropriate proceedings diligently conducted and for which adequate reserves
are maintained on the books of the appropriate Group Member in accordance with
GAAP. Except as would not have a Material Adverse Effect, no Tax

 

57

 

Return is under audit or
examination by any Governmental Authority and no notice of such an audit or
examination or any assertion of any claim for Taxes has been given or made to
any Group Member by any Governmental Authority. Proper and accurate amounts
have been withheld by each Group Member from their respective employees for all
periods in compliance with the tax, social security and unemployment
withholding provisions of applicable Requirements of Law and such withholdings
have been timely paid to the respective Governmental Authorities. Except as
would not have a Material Adverse Effect, no Group Member has participated in a
“reportable transaction” within the meaning of Treasury Regulation
Section 1.6011-4(b) or has been a member of an affiliated, combined or
unitary group other than the group of which a Group Member is the common
parent.

 

Section 4.9                                      Margin Regulations. The Borrower is not engaged in the
business of extending credit for the purpose of, and no proceeds of any Loan or
other extensions of credit hereunder will be used for the purpose of, buying or
carrying margin stock (within the meaning of Regulation U of the Federal
Reserve Board) or extending credit to others for the purpose of purchasing or
carrying any such margin stock, in each case in contravention of Regulation T,
U or X of the Federal Reserve Board.

 

Section 4.10                                No Burdensome Obligations; No
Distributions; No Defaults.
No Group Member is a party to any Contractual Obligation, no Group Member has
Constituent Documents containing obligations, and, to the knowledge of any
Group Member, there are no applicable Requirements of Law, in each case the
compliance with which would have, in the aggregate, a Material Adverse Effect. As of
the Closing Date, no Group Member has received any
distributions of cash and/or property which is subject to the Hispania
Guarantee Agreement from UHSCC Private Equity L.P., a Delaware limited
partnership or its general partner, Hispania Investors, LLC, a Delaware limited
liability company. No Group Member (and, to the knowledge of each Group Member,
no other party thereto) is in default under or with respect to any Contractual
Obligation of any Group Member, other than those that would not, in the
aggregate, have a Material Adverse Effect.

 

Section 4.11                                Investment Company Act; Public Utility Holding
Company Act. No Group
Member is (a) an “investment company” or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company”, as such terms are
defined in the Investment Company Act of 1940 or (b) a “holding company” or an “affiliate”
of a “holding company” or a “subsidiary company” of a “holding company”, as
each such term is defined and used in the Public Utility Holding Company Act of
1935.

 

Section 4.12                                Labor Matters. There are no strikes, work stoppages,
slowdowns or lockouts existing, pending (or, to the knowledge of any Group
Member, threatened) against or involving any Group Member, except, for those
that would not, in the aggregate, reasonably expected to have a Material
Adverse Effect. Except as set forth on Schedule 4.12, as of the
Closing Date, (a) there is no collective bargaining or similar agreement with
any union, labor organization, works council or similar representative covering
any employee of any Group Member, (b) no petition for certification or election
of any such representative is existing or pending with respect to any employee
of any Group Member and (c) no such representative has sought certification or
recognition with respect to any employee of any Group Member.

 

58

 

Section 4.13                                ERISA. Schedule 4.13 sets forth, as of the Closing Date, a
complete and correct list of, and that separately identifies, (a) all Title IV
Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans. Except for
those that would not, in the aggregate, have a Material Adverse Effect, (i)
each Benefit Plan, and each trust thereunder, intended to qualify for tax
exempt status under Section 401  or
501 of the Code or other Requirements of Law so qualifies, (ii) each Benefit
Plan is in compliance with applicable provisions of ERISA, the Code and other
Requirements of Law, (iii) there are no existing or pending (or to the
knowledge of any Group Member, threatened) claims (other than routine claims
for benefits in the normal course), sanctions, actions, lawsuits or other
proceedings or investigation involving any Benefit Plan to which any Group
Member incurs or otherwise has or could have an obligation or any Liability,  (iv) no ERISA Event has occurred, or is
reasonably expected to occur, in respect of which obligations and liabilities
(contingent or otherwise) remain outstanding and (v) no ERISA Affiliate would
have any Withdrawal Liability as a result of a complete withdrawal from any
Multiemployer Plan on the date this representation is made.

 

Section 4.14                                Environmental Matters. Except as set forth on Schedule 4.14
and except as in the aggregate would not reasonably be expected to have a
reasonable likelihood of resulting in a Material Adverse Effect, (a) the
operations of each Group Member are and have been in compliance with all
applicable Environmental Laws, including obtaining, maintaining and complying
with all Permits required by any applicable Environmental Law, (b) no Group
Member is party to, and no Group Member and no real property currently (or to
the knowledge of any Group Member previously) owned, leased, subleased,
operated or otherwise occupied by or for any Group Member is subject to or the
subject of, any Contractual Obligation or any pending (or, to the knowledge of
any Group Member, threatened) order, action, investigation, suit, proceeding,
audit, claim, demand, dispute or notice of violation or of potential liability
or similar notice under or pursuant to any Environmental Law, (c) no Lien in
favor of any Governmental Authority securing, in whole or in part,
Environmental Liabilities has attached to any property of any Group Member and,
to the knowledge of any Group Member, no facts, circumstances or conditions
exist that could reasonably be expected to result in any such Lien attaching to
any such property, (d) no Group Member has caused or suffered to occur a
Release of Hazardous Materials at, to or from any real property of any Group
Member and each such real property is free of contamination by any Hazardous
Materials, (e) no Group Member (i) is or has been engaged in, or has permitted
any current or former tenant to engage in, operations, or (ii) knows of any
facts, circumstances or conditions, including receipt of any information
request or notice of potential responsibility under CERCLA or similar
Environmental Laws, that, in the aggregate, would have a reasonable likelihood
of resulting in material Environmental Liabilities and (f) each Group Member
has made available to the Administrative Agent copies of all existing material
environmental reports, reviews and audits and all material documents pertaining
to actual or potential Environmental Liabilities, in each case to the extent
such reports, reviews, audits and documents are in their possession, custody or
control.

 

Section 4.15                                Intellectual Property. Each Group Member owns or licenses all
Intellectual Property that is necessary for the operations of its businesses. To
the knowledge of each Group Member, (a) the conduct and operations of the businesses
of each Group Member do not infringe, misappropriate, dilute, violate or
otherwise impair any Intellectual Property owned by any other Person in any
material respect and (b) except as disclosed on Schedule 4.15, no other
Person has contested any right, title or interest of any Group Member in, or
relating to, any Intellectual Property, other than, in each case, as cannot
reasonably be expected to materially

 

59

 

adversely affect the Loan
Documents and the transactions contemplated therein and would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. In
addition, except as disclosed on Schedule 4.15, (x) there are no
pending (or, to the knowledge of any Group Member, threatened) actions,
investigations, suits, proceedings, audits, claims, demands, orders or disputes
affecting any Group Member with respect to, (y) no judgment or order regarding
any such claim has been rendered by any competent Governmental Authority, no
settlement agreement or similar Contractual Obligation has been entered into by
any Group Member, with respect to and (z) no Group Member knows or has any
reason to know of any valid basis for any claim based on, any such
infringement, misappropriation, dilution, violation or impairment or contest,
other than, in each case, as cannot reasonably be expected to materially
adversely affect the Loan Documents and the transactions contemplated therein
and would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

Section 4.16                                Title; Real Property. (a) Each Group Member has good and marketable fee simple title to all
material owned real property and valid leasehold interests in all material
leased real property, and owns all personal property, in each case that is
purported to be owned or leased by it, including those reflected on the most
recent Financial Statements delivered by the Borrower, in each case,
except as would not be reasonably expected to have a Material Adverse Effect
and none of such property is subject to any Lien except Permitted Liens.

 

(b)                                 Set forth on Schedule 4.16
is, as of the Closing Date, (i) a complete and accurate list of all real
property with a fair market value in excess of $2,000,000 owned in fee simple
by any Group Member setting forth, for each such real property, the current
street address (including, where applicable, county, state and other relevant
jurisdictions), the record owner thereof and, where applicable, each lessee and
sublessee thereof, and (ii) for each such real property that the Administrative
Agent has requested be subject to a Mortgage or that is otherwise material to
the business of any Group Member, each Contractual Obligation by any Group
Member, whether contingent or otherwise, to Sell such real property.

 

Section 4.17                                Full Disclosure. The written information prepared or
furnished by or on behalf of any Group Member in connection with any Loan
Document (including the information contained in any Financial Statement or
Disclosure Document, but excluding any projections and pro  forma
information contained therein), when taken as a whole, does not contain, as of
the date prepared or furnished, any untrue statement of a material fact or omit
to state a material fact necessary to make the statements contained therein, in
light of the circumstances when made, not materially misleading.
All projections that are part of such information (including those set forth in
any Projections delivered subsequent to the Closing Date) are based upon
estimates and assumptions believed to be reasonable as of the date made in
light of conditions and facts then known and, as of such date, reflect good
faith estimates of the information projected for the periods set forth therein,
it being recognized by the Administrative Agent and the Lenders that such
financial information as it relates to future events is not to be viewed as
fact and that actual results during the period or periods covered by such
financial information may differ from the projected results set forth therein
by a material amount.

 

60

 

ARTICLE V

FINANCIAL COVENANTS

 

Each of Holdings and the Borrower agrees with the Lenders, the L/C
Issuers and the Administrative Agent to each of the following, as long as any
Obligation or any Commitment remains outstanding:

 

Section 5.1                                      Maximum Consolidated Senior Leverage
Ratio. Borrower shall
not have, on the last day of any Fiscal Quarter ending during (including the
last day of) any period set forth below, a Consolidated Senior Leverage Ratio
greater than the maximum ratio set forth opposite such period:

 

	
  PERIOD

  	
   

  	
  MAXIMUM CONSOLIDATED

  SENIOR LEVERAGE RATIO

  
	
  From the Closing Date
 to
  and including June 30, 2007

  	
   

  	
  3.50 to 1

  
	
  From July 1, 2007
 to
  and including June 30, 2008

  	
   

  	
  3.25 to 1

  
	
  From July 1, 2008
 and
  Thereafter

  	
   

  	
  3.00 to 1

  

 

Section 5.2                                      Minimum Consolidated Interest Coverage
Ratio. Borrower shall
not have, on the last day of any Fiscal Quarter ending during (including the
last day of) any period set forth below, a Consolidated Interest Coverage Ratio
for the period of four Fiscal Quarters ending on such day, less than the
minimum ratio set forth opposite such period:

 

	
  PERIOD

  	
   

  	
  MINIMUM CONSOLIDATED INTEREST

  COVERAGE RATIO

  
	
  From December 31, 2005
 to
  and including June 30, 2007

  	
   

  	
  3.50 to 1

  
	
  From July 1, 2007
 to
  and including June 30, 2008

  	
   

  	
  3.75 to 1

  
	
  From July 1, 2008
 and
  Thereafter

  	
   

  	
  4.00 to 1

  

 

Section 5.3                                      Capital Expenditures. No Group Member shall incur, or permit
to be incurred, Capital Expenditures in the aggregate during each Fiscal Year
set forth below in excess of the maximum amount set forth below for such Fiscal
Year:

 

	
  FISCAL YEAR ENDING

  	
   

  	
  MAXIMUM CAPITAL

  EXPENDITURES

  	
   

  
	
  Fiscal Year 2005

  	
   

  	
  $

  	
  3,000,000

  	
   

  
	
  Fiscal Year 2006

  	
   

  	
  $

  	
  7,500,000

  	
   

  
	
  Fiscal Year 2007 and
  Thereafter

  	
   

  	
  $

  	
  6,000,000

  	
   

  

 

61

 

provided, however, Capital Expenditures
of up to $2,000,000 permitted but not made during any Fiscal Year may be used
to increase Capital Expenditures made during the immediately following Fiscal
Year and such carried forward amount may be utilized only after the amount of
Capital Expenditures specified above for such following Fiscal Year has been
used in full.

 

ARTICLE VI

REPORTING COVENANTS

 

Each of Holdings and the Borrower (and, to the extent set forth in any
other Loan Document, each other Loan Party) agrees with the Lenders, the L/C
Issuers and the Administrative Agent to each of the following, as long as any
Obligation or any Commitment remains outstanding:

 

Section 6.1                                      Financial Statements. The Borrower shall deliver to the
Administrative Agent each of the following:

 

(a)                                  Monthly Reports. As soon as available, and in any event
within 40 days after the end of each of the first two fiscal months in each
Fiscal Quarter through the Fiscal Quarter ending March 31, 2006 and within 30
days after the end of each of the first two fiscal months in each Fiscal
Quarter thereafter, the Consolidated unaudited balance sheet of Holdings as of
the close of such fiscal month and related Consolidated statements of income
and cash flow for such fiscal month and that portion of the Fiscal Year ending
as of the close of such fiscal month, setting forth in comparative form the
figures for the corresponding period in the prior Fiscal Year, in each case
certified by a Responsible Officer of the Borrower as fairly presenting in all
material respects the Consolidated financial position, results of operations
and cash flow of Holdings as at the dates indicated and for the periods
indicated in accordance with GAAP (subject to the absence of footnote
disclosure and normal year-end audit adjustments).

 

(b)                                 Quarterly Reports. As soon as available, and in any event
within 60 days after the end of each of the Fiscal Quarters ending September
30, 2005 and March 31, 2006 and within 45 days after the end of each of the
first three Fiscal Quarters of each Fiscal Year thereafter, the Consolidated
unaudited balance sheet of Holdings as of the close of such Fiscal Quarter and
related Consolidated statements of income and cash flow for such Fiscal Quarter
and that portion of the Fiscal Year ending as of the close of such Fiscal
Quarter, setting forth in comparative form the figures for the corresponding
period in the prior Fiscal Year and the figures contained in the latest Projections,
in each case certified by a Responsible Officer of the Borrower as fairly
presenting in all material respects the Consolidated financial position,
results of operations and cash flow of Holdings as at the dates indicated and
for the periods indicated in accordance with GAAP (subject to the absence of
footnote disclosure and normal year-end audit adjustments).

 

(c)                                  Annual Reports. As soon as available, and in any event
within 120 days
after the end of Fiscal Year 2005 and within 90 days
after the end of each Fiscal Year thereafter, the
Consolidated balance sheet of Holdings as of the end of such year and related
Consolidated statements of income, stockholders’ equity and cash flow for such
Fiscal Year, each prepared in accordance with GAAP, together with a
certification by the Group Members’ Accountants that (i) such Consolidated
Financial Statements fairly present in all material respects the Consolidated

 

62

 

financial position,
results of operations and cash flow of Holdings as at the dates indicated and
for the periods indicated therein in accordance with GAAP without qualification
as to the scope of the audit or as to going concern and without any other
similar qualification and (ii) in the course of the regular audit of the
businesses of the Group Members, which audit was conducted in accordance with
generally accepted auditing standards, such Group Members’ Accountants have
obtained no knowledge that a Default in respect of any financial covenant
contained in Article V is continuing or, if in the opinion of the
Group Members’ Accountants such a Default is continuing, a statement as to the
nature thereof.

 

(d)                                 Compliance Certificate. Together with each delivery of any
Financial Statement pursuant to clause (b) or (c) above (but in any event within
90 days following the end of Fiscal Year 2005), a Compliance Certificate duly
executed by a Responsible Officer of the Borrower that, among other things, (i)
in the case of any Financial Statement pursuant to clause (c) above,
shows in reasonable detail the calculations used in determining Excess Cash
Flow, (ii) demonstrates compliance with each financial covenant contained in Article V
that is tested at least on a quarterly basis and (iii) states that no Default is
continuing as of the date of delivery of such Compliance Certificate or, if a
Default is continuing, states the nature thereof and the action that the
Borrower proposes to take with respect thereto.

 

(e)                                  Corporate Chart and Other Collateral
Updates. Together with
the Financial Statements delivered pursuant to clause (c) above, each in
form and substance reasonably satisfactory to the Administrative Agent, a
certificate by a Responsible Officer of the Borrower that (i) the Corporate
Chart attached thereto (or the last Corporate Chart delivered pursuant to this clause
(e)) is correct and complete as of the date of such Compliance Certificate
or indicating any changes therein, (ii) the Loan Parties have delivered all
documents (including updated schedules as to the acquisition of real
property or as to the creation or acquisition of Intellectual Property) they
are required to deliver pursuant to any Loan Document on or prior to the date
of delivery of such Compliance Certificate and (iii) complete and correct copies
of all documents modifying any material term of any Constituent Document of any
Group Member or any Subsidiary or joint venture thereof on or prior to the date
of delivery of such Compliance Certificate have been delivered to the
Administrative Agent or are attached to such certificate.

 

(f)                                    Additional Projections. (A) As soon as available and in any
event not later than 90 days after the end of Fiscal Year ending on December
31, 2005 and within 60 days after the end of each Fiscal Year ending thereafter
(1) the annual business plan of the Group Members for the Fiscal Year next
succeeding such Fiscal Year and (2)  forecasts prepared by management of
the Borrower for each fiscal month in such next succeeding Fiscal Year,
including in such forecasts (I) a projected year-end Consolidated balance
sheet, income statement and statement of cash flows, (II) a statement of all of
the material assumptions on which such forecasts are based and
(III) substantially the same type of financial information as that contained
in the Initial Projections and (B) to the extent prepared by the Borrower for
its internal purposes, any significant revisions to the most recent business
plan of the Group Members delivered to the Administrative Agent as promptly as
reasonably practicable.

 

(g)                                 Management Discussion and Analysis. Together with each delivery of any
Compliance Certificate pursuant to clause (d) above, a discussion and
analysis of the financial condition and results of operations of the Group
Members for the portion of the Fiscal Year then elapsed and discussing the
reasons for any significant variations from the Projections

 

63

 

for such period and the
figures for the corresponding period in the previous Fiscal Year, in a form
consistent with Borrower’s management reporting package delivered on the
Closing Date.

 

(h)                                 Audit Reports, Management Letters, Etc. Together with each delivery of any
Financial Statement for any Fiscal Year pursuant to clause (c) above,
copies of each management letter, audit report or similar material letter or
report received by Holdings or the Borrower from any independent registered
certified public accountant (including the Group Members’ Accountants) in
connection with such Financial Statements or any audit thereof, each certified
to be complete and correct copies by a Responsible Officer of the Borrower as
part of the Compliance Certificate delivered in connection with such Financial
Statements.

 

(i)                                     Insurance. Together with each delivery of any
Financial Statement for any Fiscal Year pursuant to clause (c) above,
each in form and substance satisfactory to the Administrative Agent and
certified as complete and correct by a Responsible Officer of the Borrower as
part of the Compliance Certificate delivered in connection with such Financial
Statements, a summary of all material insurance coverage maintained as of the
date thereof by any Group Member, together with such other related documents
and information as the Administrative Agent may reasonably require.

 

Section 6.2                                      Other Events. The Borrower shall give the
Administrative Agent notice of each of the following (which may be made by
telephone if promptly confirmed in writing) promptly after any Responsible
Officer of any Group Member knows or has reason to know of it:  (a)(i) any Default and (ii) any event that
would reasonably be expected to have a Material Adverse Effect, specifying, in
each case, the nature and anticipated effect thereof and any action proposed to
be taken in connection therewith, (b) any equity issuance or asset sale
reasonably expected to result in a mandatory payment of the Obligations
pursuant to Section 2.8(b) or 2.8(c)(i), respectively,
stating the material terms and conditions of such transaction and estimating
the Net Cash Proceeds thereof, (c) the commencement of, or any material
developments in, any action, investigation, suit, proceeding, audit, claim,
demand, order or dispute with, by or before any Governmental Authority
affecting any Group Member or any property of any Group Member that would
reasonably be expected to have a Material Adverse Effect.

 

Section 6.3                                      Copies of Notices and Reports. The Borrower shall promptly deliver to
the Administrative Agent copies of each of the following:  (a) all material documents that any Group
Member files with the Securities and Exchange Commission, the National
Association of Securities Dealers, Inc., any securities exchange or any
Governmental Authority exercising similar functions, (b)
all press releases not made available directly to the general public, (c)
all material documents transmitted or received pursuant to, or in connection
with, the Acquisition Agreement and (d) any material
document transmitted or received pursuant to, or in connection with, any
Contractual Obligation governing Subordinated Debt in excess of $5,000,000 of
any Group Member.

 

Section 6.4                                      Taxes. The Borrower shall give the Administrative Agent notice of each of
the following (which may be made by telephone if promptly confirmed in writing)
promptly after any Responsible Officer of any Group Member knows or has reason
to know of it:  (a) the creation, or
filing with the IRS or any other Governmental Authority, of any agreement or
other document extending, or having the effect of extending, the period for assessment
or collection of

 

64

 

any taxes with respect to any
Group Member, which would have a Material Adverse Effect, and (b) the creation
of any agreement of any Group Member, or the receipt of any request directed to
any Group Member, to make any adjustment under Section 481(a) of the Code, by
reason of a change in accounting method or otherwise, which would have a
Material Adverse Effect.

 

Section 6.5                                      Labor Matters. The Borrower shall give the
Administrative Agent notice (which may be made by telephone if promptly
confirmed in writing), promptly after, and in any event within 30 days after
the severance, termination or retirement of any Group Member employee if the
percentage of the Borrower’s revenues generated
by such employee in the preceding Fiscal Year exceeded 3.25%.

 

Section 6.6                                      ERISA Matters. The Borrower shall give the
Administrative Agent (a) on or prior to any filing by any ERISA Affiliate
of any notice of intent to terminate any Title IV Plan, a copy of such
notice and (b) promptly, and in any event within 10 days, after any Responsible
Officer of any ERISA Affiliate knows or has reason to know that a request for a
minimum funding waiver under Section 412 of the Code has been filed with
respect to any Title IV Plan or Multiemployer Plan, a notice (which may be
made by telephone if promptly confirmed in writing) describing such waiver
request and any action that any ERISA Affiliate proposes to take with respect
thereto, together with a copy of any notice filed with the PBGC or the IRS
pertaining thereto.

 

Section 6.7                                      Environmental Matters. (a) The Borrower shall provide the Administrative Agent notice of each of
the following (which may be made by telephone if promptly confirmed by the
Administrative Agent in writing) promptly after any Responsible Officer of any
Group Member knows or has reason to know of it (and, upon reasonable request of
the Administrative Agent, documents and information in connection
therewith):  (i)(A) unpermitted
Releases, (B) the receipt by any Group Member of any notice of violation of or
potential liability or similar notice under, or the existence of any condition
that could reasonably be expected to result in violations of or  liabilities under, any Environmental Law
or (C) the commencement of, or any material change to, any action,
investigation, suit, proceeding, audit, claim, demand, dispute alleging a
violation of or liability under any Environmental Law, that, in the aggregate
for clauses (A), (B) and (C) above (and, in the case of clause (C),
if adversely determined), would reasonably be expected to result in
Environmental Liabilities in excess of $500,000, (ii) the receipt by any Group
Member of notification  that any
property of any Group Member is subject to any Lien in favor of any
Governmental Authority securing, in whole or in part, Environmental Liabilities
and (iii) any proposed acquisition or lease of real property (except as part of
any Permitted Acquisition) if such acquisition or lease would have a reasonable
likelihood of resulting in aggregate Environmental Liabilities in excess of $500,000.

 

(b)                                 Upon reasonable request of the
Administrative Agent, the Borrower shall provide the Administrative Agent a
report containing an update as to the status of any environmental, health or
safety compliance, hazard or liability issue identified in any document
delivered to any Secured Party pursuant to any Loan Document or as to any
condition reasonably believed by the Administrative Agent to result in material  Environmental Liabilities.

 

Section 6.8                                      Other Information. The Borrower shall provide the
Administrative Agent with such other documents and information with respect to
the business, property, financial condition, legal, financial or corporate
affairs or operations of any Group Member as the

 

65

 

Administrative Agent or such
Lender through the Administrative Agent may from time to time reasonably
request. The
Borrower shall give the Administrative Agent notice promptly, and in any event
within 10 days, after any Group Member has received any distributions of cash
and/or property from UHSCC Private Equity L.P., a Delaware limited partnership,
or its general partner, Hispania Investors, LLC, a Delaware limited liability company,
together with a copy of any material documents related to such distribution.

 

ARTICLE VII

AFFIRMATIVE COVENANTS

 

Each of Holdings and the Borrower (and, to the extent set forth in any
other Loan Document, each other Loan Party) agrees with the Lenders, the L/C
Issuers and the Administrative Agent to each of the following, as long as any
Obligation or any Commitment remains outstanding:

 

Section 7.1                                      Maintenance of Corporate Existence. Each Group Member shall
(a) preserve and maintain its legal existence, except in the consummation
of transactions expressly permitted by Sections 8.4 and 8.7, and
(b) preserve and maintain it rights (charter and statutory), privileges,
franchises and Permits necessary or desirable in the conduct of its business,
except, in the case of this clause (b), where the failure to do so would
not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

Section 7.2                                      Compliance with Laws, Etc. Each Group Member shall comply with
all applicable Requirements of Law, Contractual Obligations and Permits, except
for such failures to comply that would not, in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

Section 7.3                                      Payment of Obligations. Each Group Member shall pay or
discharge before they become delinquent (a) all material claims, taxes,
assessments, charges and levies imposed by any Governmental Authority and (b)
all other material lawful claims that if unpaid would, by the operation of
applicable Requirements of Law, become a Lien upon any property of any Group
Member, except, in each case, for those whose amount or validity is being
contested in good faith by proper proceedings diligently conducted and for
which adequate reserves are maintained on the books of the appropriate Group
Member in accordance with GAAP.

 

Section 7.4                                      Maintenance of Property. Each Group Member shall maintain and
preserve (a) in good working order and condition all of its property necessary
in the conduct of its business and (b) all rights, permits, licenses, approvals
and privileges (including all Permits) necessary, used or useful, whether
because of its ownership, lease, sublease or other operation or occupation of
property or other conduct of its business, and shall make all necessary or
appropriate filings with, and give all required notices to, Government
Authorities, except for such failures to maintain and preserve the items set
forth in clauses (a) and (b) above that would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 7.5                                      Key-man Life Insurance; Maintenance of Insurance. (a) As promptly as practical, and in any
event within 90 days after the Closing Date, the Administrative Agent shall
have received insurance certificates in form and substance reasonably
satisfactory to the

 

66

 

Administrative Agent demonstrating that key-man life insurance policies
on the lives of Gerry Creagh, Noah Gottdiener and Chet Gougis are in full force
and effect, in each case, (i) in an amount not less than $1,500,000 per person
to the extent available on commercially reasonable terms or if not, such lesser
amount as agreed to with the Administrative Agent and such key-man life
insurance shall have been assigned to the Administrative Agent as collateral
security in a manner satisfactory to the Administrative Agent and with the
consent of the applicable insurers (it being understood that in the absence of
an Event of Default, proceeds received in respect of such life insurance
policies shall be made available to the Borrower), (ii) with financially sound
and reputable insurance companies or associations (that are not Affiliates of
the Borrower) and (iii) with all assignments required by clause (b) of this
Section. (b) Each Group Member shall (i) maintain or cause to be maintained in
full force and effect all policies of insurance of any kind with respect to the
property and businesses of the Group Members (including policies of life,
key-man, fire, theft, product liability, public liability, property damage,
other casualty, employee fidelity, workers’ compensation, business interruption
and employee health and welfare insurance) with financially sound and reputable
insurance companies or associations (in each case that are not Affiliates of
the Borrower) of a nature and providing such coverage as is customarily carried
by businesses of the size and character of the business of the Group Members
and (ii) cause all such insurance relating to any property or business of any
Loan Party to name the Administrative Agent on behalf of the Secured Parties as
additional insured or loss payee, as appropriate, to assign each business
interruption policy pursuant to documents reasonably satisfactory to the
Administrative Agent (and accepted by the applicable insurer), and to provide
that no cancellation, material addition in amount or material change in
coverage shall be effective until after 30 days’ notice thereof to the
Administrative Agent.

 

Section 7.6                                      Keeping of Books. The Group Members shall keep proper
books of record and account, in which full, true and correct entries in all
material respects shall be made in accordance with
GAAP and all other applicable Requirements of Law of all financial transactions
and the assets and business of each Group Member.

 

Section 7.7                                      Access to Books and Property. Each Group Member shall permit the
Administrative Agent, once per Fiscal Year or, while an Event of Default is
continuing, the Administrative Agent, the Lenders and any Related Person of any
of them, as often as reasonably requested, in each case, at any reasonable time
during normal business hours and with reasonable advance notice to (a) visit
and inspect the property of each Group Member and examine and make copies of
and abstracts from, the corporate (and similar), financial, operating and other
books and records of each Group Member, (b) discuss the
affairs, finances and accounts of each Group Member with any officer or
director of any Group Member and (c) communicate directly with any registered
certified public accountants (including the Group Members’ Accountants) of any
Group Member (and upon the reasonable request of the Administrative Agent, each
Group Member shall authorize their respective certified public accountants
(including the Group Members’ Accountants) to communicate directly with the
Administrative Agent, the Lenders and their Related Persons and, in connection
therewith, to disclose to the Administrative Agent, the Lenders and their
Related Persons all financial statements and other material documents and
information as they might have and the Administrative Agent or any Lender
reasonably requests with respect to any Group Member).

 

Section 7.8                                      Environmental. Each Group Member shall comply with,
and maintain its  real property,
whether owned, leased, subleased or otherwise operated or occupied, in
compliance

 

67

 

with, all applicable
Environmental Laws (including by implementing any Remedial Action necessary to
achieve such compliance or that is required by orders and directives of any
Governmental Authority) except for failures to comply that would not, in the
aggregate, have a Material Adverse Effect. Without limiting the foregoing, if
an Event of Default is continuing or if the Administrative Agent at any time
has a reasonable basis to believe that there exist violations of Environmental
Laws by any Group Member or that there exist any Environmental Liabilities, in
each case, that would, in the aggregate, reasonably be expected to have a
Material Adverse Effect, then each Group Member shall, promptly upon receipt of
request from the Administrative Agent, cause the performance of, and allow the
Administrative Agent and its Related Persons access to such real property for
the purpose of conducting, such environmental audits and assessments,
including, if appropriate, subsurface sampling of soil and groundwater, and
cause the preparation of such reports, in each case as the Administrative Agent
may from time to time reasonably request. Such audits, assessments and reports,
to the extent not conducted by the Administrative Agent or any of its Related
Persons, shall be conducted and prepared by reputable environmental consulting
firms reasonably acceptable to the Administrative Agent and shall be in form
and substance reasonably acceptable to the Administrative Agent.

 

Section 7.9                                      Use of Proceeds. The proceeds of the Loans shall be
used by the Borrower (and, to the extent distributed to them by the Borrower,
each other Group Member) solely (a) to consummate the Related Transactions and
for the payment of related transaction costs, fees and expenses, (b) for the
payment of transaction costs, fees and expenses incurred in connection with the
Loan Documents and the transactions contemplated therein, (c) for Permitted Acquisitions
and (d) for working capital and general corporate and similar purposes.

 

Section 7.10                                Additional Collateral and Guaranties. To the extent not delivered to the
Administrative Agent on or before the Closing Date (including in respect of
after-acquired property and Persons that become Subsidiaries of any Loan Party
after the Closing Date), each Group Member shall, promptly, do each of the
following, unless otherwise agreed by the Administrative Agent:

 

(a)                                  deliver to the Administrative Agent such
modifications to the terms of the Loan Documents (or, to the extent applicable
as determined by the Administrative Agent, such other documents), in each case
in form and substance reasonably satisfactory to the Administrative Agent and
as the Administrative Agent deems reasonably necessary or advisable in order to
ensure the following:

 

(i)                                     (A) each Subsidiary of any Loan Party
that has entered into Guaranty Obligations with respect to any Indebtedness of
the Borrower and (B) each Wholly Owned Subsidiary of any Loan Party shall
guaranty, as primary obligor and not as surety, the payment of the Obligations
of the Borrower; and

 

(ii)                                  each Loan Party (including any Person
required to become a Guarantor pursuant to clause (i) above) shall
effectively grant to the Administrative Agent, for the benefit of the Secured
Parties, a valid and enforceable security interest in substantially all of its
property, including all of its Stock and Stock Equivalents and other
Securities, as security for the Obligations of such Loan Party;

 

68

 

provided, however, that in no event shall (x) any Excluded Foreign
Subsidiary be required to guaranty the payment of any Obligation, (y) the Loan
Parties, individually or collectively, be required to pledge in excess of 65%
of the outstanding Voting Stock of any Excluded Foreign Subsidiary or (z) a
security interest be required to be granted on any property of any Excluded
Foreign Subsidiary as security for any Obligation;

 

(b)                                 deliver to the Administrative Agent all
certificates and instruments representing all Stock, Stock Equivalents and
other Securities pledged pursuant to the documents delivered pursuant to clause
(a) above, together with undated powers or endorsements duly executed in
blank;

 

(c)                                  upon request of the Administrative
Agent, deliver to it a Mortgage on any real property with a fair market value
in excess of $2,000,000 owned by any Loan Party, together with all Mortgage
Supporting Documents relating thereto (or, if such real property is located in
a jurisdiction outside the United States and owned by a Loan Party, similar
documents deemed appropriate by the Administrative Agent to obtain the
equivalent in such jurisdiction of a mortgage on such real property);

 

(d)                                 at the reasonable request of the
Administrative Agent, take all other actions reasonably necessary or advisable
to ensure the validity or continuing validity of any guaranty for any
Obligation or any Lien securing any Obligation, to perfect, maintain, evidence
or enforce any Lien securing any Obligation or to ensure such Liens have the
same priority as that of the Liens on similar Collateral set forth in the Loan
Documents executed on the Closing Date (or, for Collateral located outside the
United States, a similar priority acceptable to the Administrative Agent),
including the filing of UCC financing statements in such jurisdictions as may
be required by the Loan Documents or applicable Requirements of Law or as the
Administrative Agent may otherwise reasonably request; and

 

(e)                                  at the reasonable request of the
Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described in this Section 7.10, which
opinions shall be as reasonably required by, and in form and substance and from
counsel reasonably satisfactory to, the Administrative Agent.

 

Section 7.11                                Deposit Accounts; Securities Accounts
and Cash Collateral Accounts. (a) Each Group
Member (other than Excluded Foreign Subsidiaries) shall (i) deposit all of its
cash in deposit accounts that are Controlled Deposit Accounts in each case
except for cash the aggregate value of which does not exceed $500,000 at any
time, provided, however, that each Group Member may maintain
zero-balance accounts for the purpose of managing local disbursements and may
maintain payroll, withholding tax and other fiduciary accounts,  and (ii) deposit all of its Cash
Equivalents in securities accounts that are Controlled Securities Accounts.

 

(b)                                 The Administrative Agent shall not have
any responsibility for, or bear any risk of loss of, any investment or income
of any funds in any Cash Collateral Account. From time to time after funds are
deposited in any Cash Collateral Account, the Administrative Agent may, during
the continuance of an Event of Default, apply funds then held in such Cash
Collateral Account to the payment of Obligations in accordance with Section 2.12.
During the continuance of an Event of Default, no Group Member and no Person
claiming on behalf of or through any

 

69

 

Group Member shall have
any right to demand payment of any funds held in any Cash Collateral Account at
any time prior to the termination of all Commitments and the payment in full of
all Obligations and, in the case of L/C Cash Collateral Accounts, the
termination of all outstanding Letters of Credit.

 

Section 7.12                                Interest Rate Contracts. The Borrower shall, within 90
days after the Closing Date, enter into and thereafter maintain Interest Rate
Contracts on terms and with counterparties reasonably satisfactory to the
Administrative Agent, to provide protection against fluctuation of interest
rates until the 3rd anniversary of the Closing Date for a notional amount equal
to at least 50% of the aggregate principal amount of the Term Loan Facility.

 

Section 7.13                                Payment of Taxes. Each Group Member shall properly
prepare and file all material tax returns and shall timely pay and discharge
(or cause to be paid and discharged) all material taxes, assessments and
governmental and other charges or levies imposed upon it or upon its income or
profits, or upon property belonging to it; provided, however,
that such Group Member shall not
be required to pay any such tax, assessment, charge or levy that is being
contested in good faith by appropriate proceedings and for which the affected
Group Member shall have set aside on its books adequate reserves with respect
thereto in conformance with GAAP.

 

Section 7.14                                Control Agreements. As promptly as practical, and in
any event within 60 days after the Closing Date, each Group Member shall enter
into all Control Agreements that, in the reasonable judgment of the
Administrative Agent, are required for the Loan Parties to comply with the Loan
Documents, each duly executed by, in addition to the applicable Loan Party, the
applicable financial institution.

 

ARTICLE VIII

NEGATIVE COVENANTS

 

Each of Holdings and the Borrower (and, to the extent set forth in any
other Loan Document, each other Loan Party) agrees with the Lenders, the L/C
Issuers and the Administrative Agent to each of the following, as long as any
Obligation or any Commitment remains outstanding:

 

Section 8.1                                      Indebtedness. No Group Member shall, directly or
indirectly, incur or otherwise remain liable with respect to or responsible
for, any Indebtedness except for the following:

 

(a)                                  the Obligations;

 

(b)                                 Indebtedness existing on the date hereof
and set forth on Schedule 8.1, together with any Permitted
Refinancing of any Indebtedness permitted hereunder in reliance upon this clause
(b);

 

(c)                                  Indebtedness consisting of Capitalized
Lease Obligations (other than with respect to a lease entered into as part of a
Sale and Leaseback Transaction) and purchase money Indebtedness, in each case
incurred by any Group Member (other than Holdings) to

 

70

 

finance the
acquisition, repair, improvement or construction of fixed or capital assets of
such Group Member, together with any Permitted Refinancing of any Indebtedness
permitted hereunder in reliance upon this clause (c); provided, however,
that the aggregate outstanding principal amount of all such Indebtedness does
not exceed $500,000 at any time;

 

(d)                                 Capitalized Lease Obligations arising
under Sale and Leaseback Transactions permitted hereunder in reliance upon Section 8.4(b)(ii);

 

(e)                                  intercompany loans owing to any Group
Member and constituting Permitted Investments of such Group Member;

 

(f)                                    (i) obligations under Interest Rate
Contracts entered into to comply with Section 7.12 and (ii)
obligations under other Hedging Agreements entered into for the sole purpose of
hedging in the normal course of business;

 

(g)                                 Guaranty Obligations of any Group Member
with respect to Indebtedness of any Group Member other than Holdings

 

(h)                                 Group Members may (i) incur or otherwise remain
liable with respect to or responsible for Subordinated Debt with no requirement
to pay (or adverse consequence for failing to pay) in cash any principal,
interest, fees or expenses (other than customary fees and expenses payable at
closing of such Subordinated Debt) prior to payment in full of the Obligations
under the Loan Documents and the termination of all Commitments and Letters of
Credit and (ii) incur and otherwise remain liable for Subordinated Debt other
than that described in the foregoing clause (i), in an aggregate principal
amount not in excess of the amount set forth opposite the Consolidated Senior
Leverage Ratio that, as of the time of such incurrence, is reflected in the
Compliance Certificate most recently delivered pursuant to Article VI:

 

	
  CONSOLIDATED SENIOR LEVERAGE RATIO

  AT THE TIME OF
  INCURRENCE OF

  SUBORDINATED DEBT

  	
   

  	
  PERMITTED SUBORDINATED

  DEBT

  	
   

  
	
  2.0 to 1.0 or Greater

  	
   

  	
  $

  	
  10,000,000

  	
   

  
	
  Less than 2.0 to 1.0 and

  equal to or greater than
  1.5 to 1.0

  	
   

  	
  $

  	
  25,000,000

  	
   

  
	
  Less than 1.5 to 1.0 and

  equal to or greater than 1.0 to 1.0

  	
   

  	
  $

  	
  40,000,000

  	
   

  
	
  Less than 1.0 to 1.0

  	
   

  	
  $

  	
  60,000,000

  	
   

  

 

(i)                                     Indebtedness of any Foreign Subsidiary
of the Borrower as to which no Loan Party other than a Foreign Subsidiary has
any liability, other than liability that is incurred in reliance on Section
8.3(e)(iv); provided, however, that the aggregate outstanding
principal amount of all such Indebtedness shall not exceed $500,000
(or the Dollar Equivalent thereof) at any time;

 

(j)                                      promissory notes issued by Holdings in
accordance with its limited liability company agreement in connection with the
redemption, purchase or other acquisition or retirement of the Stock (or Stock
Equivalents with respect to such Stock) of Holdings or DPH;

 

71

 

(k)                                   any Indebtedness of any Group Member; provided,
however, that the aggregate outstanding principal amount of all such
Indebtedness shall not exceed $2,000,000 at any time and no more than $500,000
in principal amount of such Indebtedness may be secured at any time; and

 

(l)                                      Indebtedness assumed in connection with
Permitted Acquisitions; provided, however, that (i) the aggregate
outstanding principal amount of all such Indebtedness shall not exceed $10,000,000
at any time; (ii) such Indebtedness is not created in contemplation or in
connection with such Permitted Acquisition and (iii) no more than 50% of the
aggregate amounts payable in connection with, and other consideration for (in
each case, including all transaction costs and all Indebtedness, liabilities
and Guaranty Obligations incurred or assumed in connection therewith or
otherwise reflected in a Consolidated balance sheet of Holdings and the
Proposed Acquisition Target) any Permitted Acquisition shall be Indebtedness
permitted hereunder in reliance upon this clause (l).

 

Section 8.2                                      Liens. No Group Member shall incur, maintain or otherwise suffer to exist
any Lien upon or with respect to any of its property, whether now owned or
hereafter acquired, or assign any right to receive income or profits, except
for the following:

 

(a)                                  Liens created pursuant to any Loan
Document;

 

(b)                                 Customary Permitted Liens of Group
Members;

 

(c)                                  Liens existing on the date hereof and
set forth on Schedule 8.2;

 

(d)                                 Liens on the property of the Borrower or
any of its Subsidiaries securing Indebtedness permitted hereunder in reliance
upon Section 8.1(c); provided, however, that
(i) such Liens exist prior to the acquisition of, or attach substantially
simultaneously with, or within 270 days after, the acquisition, repair,
improvement or construction of, such property financed, whether directly or
through a Permitted Refinancing, by such Indebtedness and (ii) such Liens
do not extend to any property of any Group Member other than the property (and
proceeds thereof) acquired or built, or the improvements or repairs, financed,
whether directly or through a Permitted Refinancing, by such Indebtedness;

 

(e)                                  Liens on the property of the Borrower or
any of its Subsidiaries securing the Permitted Refinancing of any Indebtedness
secured by any Lien on such property permitted hereunder in reliance upon clause
(c) or (d) above or this clause (e) without any change in the
property subject to such Liens;

 

(f)                                    Liens on any property of the Borrower or
any of its Subsidiaries securing any of their Indebtedness or their other
liabilities incurred in connection with any Permitted Acquisition so long as
the Indebtedness secured by such Liens is otherwise permitted hereunder and
such Liens were not created in contemplation of such Permitted Acquisition;

 

(g)                                 Liens created pursuant to Sale and
Leaseback Transactions permitted hereunder in reliance on Section 8.4(b)(ii);

 

72

 

(h)                                 Liens securing Indebtedness permitted hereunder
in reliance upon Section 8.1(k);

 

(i)                                     Liens existing on properties at the time
of the acquisition thereof by the Borrower or any of its Subsidiaries which (i)
do not extend to or cover any properties of the Borrower or such Subsidiary
other than the property being acquired, (ii) are not created in contemplation
of or in connection with such acquisition and (iii) do not materially interfere
with the use, occupancy and operation of any property of the Borrower or any of
its Subsidiaries;

 

(j)                                     Liens on the property of any Foreign
Subsidiary of the Borrower securing Indebtedness permitted hereunder in
reliance upon Section 8.1(i); provided, however, that such Liens do not extend to, or encumber,
assets of any Loan Party; and

 

(k)                                  Liens on specified equipment, fixtures
and/or or real property (and proceeds thereof and property rights relating
thereto) and securing the purchase or improvement thereof securing Indebtedness
permitted hereunder in reliance upon Section 8.1(l); provided, however,
that (i) such Liens are not created in contemplation or in connection with such
Permitted Acquisition, (ii) such Liens shall be created no later than the date
of the assumption of such Indebtedness and (iii) such Liens do not at any time
encumber any property other than the property subject thereto immediately prior
to such Permitted Acquisition and (iv) such Liens do not at any time encumber
all assets or all assets of one or more particular classes or types.

 

Section 8.3                                      Investments. No Group Member shall make or maintain,
directly or indirectly, any Investment except for the following:

 

(a)                                  Investments existing on the date hereof
and set forth on Schedule 8.3;

 

(b)                                 Investments in cash and Cash
Equivalents;

 

(c)                                  (i) endorsements for collection or
deposit in the ordinary course of business, (ii) extensions of trade credit
arising or acquired in the ordinary course of business and (iii) Investments
received in settlements in the ordinary course of business of such extensions
of trade credit;

 

(d)                                 Investments made or acquired as part of
a Permitted Acquisition or any Lift-out Acquisition;

 

(e)                                  Investments by (i) Holdings in the
Borrower, (ii) any Loan Party (other than Holdings) in any other Loan Party
(other than Holdings), (iii) any Group Member that is not a Loan Party in any
Person that is, or as a result of such Investment becomes, a Group Member
(other than Holdings) or in any joint venture or (iv) any Loan Party (other
than Holdings) in any Person that is, or as a result of such Investment
becomes, a Group Member that is not a Loan Party or in any joint venture; provided,
however, that (A) the aggregate amount of Investments in any Fiscal Year
permitted pursuant to clause (iv) above shall not exceed $6,000,000, (B)
Investments permitted pursuant to clause (iv)(A) above, but not made
during any Fiscal Year, may be used to increase such Investments made during
the following Fiscal Years, (C) the aggregate amount of Investments in any
Fiscal Year permitted pursuant to this clause (iv) shall not exceed
$25,000,000 and (D) any Investment consisting of loans or advances to any Loan

 

73

 

Party pursuant to clause
(iii) above shall be unsecured and subordinated in full to the payment of
the Obligations of such Loan Party on terms and conditions reasonably
satisfactory to the Administrative Agent; and

 

(f)                                    (i) loans or advances to employees of
the Borrower or any of its Subsidiaries to finance travel, entertainment and
relocation expenses and other ordinary business purposes in the ordinary course
of business; provided, however, that the aggregate outstanding
principal amount of all loans and advances permitted pursuant to this clause
(f)(i) shall not exceed $1,000,000 at any time and (ii) loans or advances
to direct or indirect equity holders of Holdings made with the proceeds of
amounts distributed to Holdings as permitted by Section 8.5(c)(i)  or constituting payments on behalf of such
equity holders of withholding taxes;

 

(g)                                 Guaranty Obligations permitted by
Section 8.1;

 

(h)                                 the Acquisition;

 

(i)                                     Investments made as part of a Permitted
Reinvestment; and

 

(j)                                     purchases of the Stock (or Stock
Equivalents with respect to such Stock) of DPH permitted by Section 8.5.

 

Section 8.4                                      Asset Sales. No Group Member shall Sell any of its
property (other than cash) or issue shares of its own Stock, except for the
following:

 

(a)                                  in each case to the extent entered into
in the ordinary course of business and made to a Person that is not an
Affiliate of the Borrower, (i) Sales of Cash Equivalents, inventory or property
that has become obsolete or worn out and (ii) non-exclusive licenses of
Intellectual Property;

 

(b)                                 (i) a true lease or sublease of real
property not constituting Indebtedness and not entered into as part of a Sale
and Leaseback Transaction and (ii) a Sale of property pursuant to a Sale and
Leaseback Transaction; provided, however, that the aggregate fair
market value (measured at the time of the applicable Sale) of all property
covered by any outstanding Sale and Leaseback Transaction at any time shall not
exceed $1,000,000;

 

(c)                                  (i) any Sale of any property by any
Group Member (other than Holdings) to any other Group Member (other than
Holdings) to the extent any resulting Investment constitutes a Permitted
Investment, (ii) any Restricted Payment by any Group Member (other than
Holdings) permitted pursuant to Section 8.5, (iii) any distribution
by Holdings of the proceeds of Restricted Payments from any other Group Member
to the extent permitted in Section 8.5 and (iv) any Sale permitted
by Section 8.7;

 

(d)                                 (i) any Sale or issuance by Holdings of
its own Stock, (ii) any Sale or issuance by the Borrower of its own Stock to
Holdings, (iii) any Sale or issuance by any Subsidiary of the Borrower of its
own Stock to any Group Member (other than Holdings), provided, however,
that the proportion of such Stock and of each class of such Stock (both on an
outstanding and fully-diluted basis) held by the Loan Parties (other than
Holdings), taken as a whole, does not change as a result of such Sale or
issuance and (iv) to the extent necessary to

 

74

 

satisfy any Requirement
of Law in the jurisdiction of incorporation of any Subsidiary of the Borrower,
any Sale or issuance by such Subsidiary of its own Stock constituting directors’
qualifying shares or nominal holdings; and

 

(e)                                  as long as no Default is continuing or
would result therefrom, any Sale of property (other than as part of a Sale and
Leaseback Transaction) of, or Sale or issuance of its own Stock by, any Group
Member (other than Holdings); provided, however, that the
aggregate consideration received during any Fiscal Year for all such Sales
shall not exceed $500,000.

 

Section 8.5                                      Restricted Payments. No Group Member (other than Holdings)
shall directly or indirectly, declare, order, pay, make or set apart any sum
for any Restricted Payment or pay any management, consulting or similar fees
except for the following (and Holdings shall not use the proceeds of any
Restricted Payment made in reliance under clause (c) below other than as
set forth in such clause (c)):

 

(a)                                  (i) Restricted Payments (A) by any Group
Member (other than Holdings) that is a Loan Party to any Loan Party other than
Holdings and (B) by any Group Member that is not a Loan Party to any Group
Member other than Holdings and (ii) dividends and distributions by any
Subsidiary of the Borrower that is not a Loan Party to any holder of its Stock,
to the extent made to all such holders ratably according to their ownership
interests in such Stock;

 

(b)                                 dividends and distributions declared and
paid on the common Stock of any Group Member (other than Holdings) ratably to
the holders of such common Stock and payable only in common Stock of such Group
Member; and

 

(c)                                  cash dividends on the Stock of the
Borrower to Holdings paid and declared solely for the purpose of funding the
following:

 

(i)                                     (A) payments by Holdings of actual or
estimated taxes (including withholding taxes) currently payable by Holdings
(including by virtue of its direct or indirect ownership of any other Group
Members) and (B) payments to its equity holders to permit the direct and
indirect beneficial owners of its equity interests to receive amounts not to
exceed (i) the Assumed Tax Rate multiplied by (ii) the net taxable income
attributable to the direct or indirect beneficial ownership of equity interests
in Holdings (including by virtue of Holdings’ direct or indirect ownership of
any other Group Members), and at such times so as to permit such beneficial
owners to meet their currently payable estimated income tax obligations as well
as actual income tax obligations;

 

(ii)                                  ordinary operating expenses of Holdings
and DPH; provided, however, that the amount of such cash
dividends paid in any Fiscal Year shall not exceed $250,000 in the aggregate;

 

(iii)                               the redemption, purchase or other
acquisition or retirement for value by Holdings of the Stock (or Stock
Equivalents with respect to such Stock) of Holdings or DPH from any present or
former employee, director or officer (or the assigns, estate, heirs or current
or former spouses thereof) of any Group Member

 

75

 

(including by offsetting withholding tax payment reimbursement
obligations owing by any such former employee, director or officer); provided,
however, that the amount of (A) such cash dividends paid in any Fiscal
Year shall not exceed $2,000,000 in the aggregate and (B) all cash dividends
paid in reliance upon this clause (iii) shall not exceed $8,000,000 in
the aggregate;

 

(iv)                              the payment of management, advisory and
similar fees and out-of-pocket expenses to Lovell, DPH and Vestar; provided,
however, that the amount of such management fees paid in any Fiscal Year
shall not exceed $1,000,000 in the aggregate; and

 

(v)                                 the repurchase by Holdings of Class C
Units from Class C Holdings, for the benefit of a former employee for which it
holds Class C Units, in an amount not to exceed one year’s severance (or such
lesser severance to which such former employee may be entitled) payable to such
former employee;

 

provided, however, that no action that would otherwise be permitted
hereunder in reliance upon this clause (c) (other than clause (i), (ii)
or (iv) above) shall be permitted if (A) a Default is then continuing or
would result therefrom or (B) such action is otherwise prohibited under
any Loan Document or under the terms of any Indebtedness (other than the Obligations)
of any Group Member; and

 

(d)                                 the payment of fees to Duff & Phelps
Management Co., LLC on account of the services provided by it to any Group
Member.

 

Section 8.6                                      Prepayment of Subordinated Debt. No Group Member shall (x) prepay,
redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity
thereof any Subordinated Debt, (y) set apart any property for such purpose,
whether directly or indirectly and whether to a sinking fund, a similar fund or
otherwise, or (z) make any payment in violation of any subordination terms of
any Subordinated Debt; provided, however, that each Group Member
may, to the extent otherwise permitted by the Loan Documents, do each of the
following:

 

(a)                                  consummate a Permitted Refinancing;

 

(b)                                 prepay, redeem, purchase, defease or
otherwise satisfy prior to the scheduled maturity thereof (or set apart any
property for such purpose) (A) in the case of any Group Member that is not a
Loan Party, any Indebtedness owing by such Group Member to any other Group
Member (other than Holdings) and (B) otherwise, any Indebtedness owing to any
Loan Party (other than Holdings); and

 

(c)                                  make regularly scheduled or otherwise
required repayments or redemptions of Subordinated Debt, to the extent
permitted by the subordination provisions thereof.

 

Section 8.7                                      Fundamental Changes. No Group Member shall (a) merge,
consolidate or amalgamate with any Person, (b) acquire all or substantially all
of the Stock or Stock Equivalents of any Person or (c) acquire substantially
all of the assets of any Person or all or

 

76

 

substantially all of the assets
constituting any line of business, division, branch, operating division or
other unit operation of any Person, in each case except for the following:  (x) to consummate any Permitted
Acquisition, (y) the merger, consolidation or amalgamation of any Subsidiary of
the Borrower into any Loan Party (other than Holdings) or into a non-Loan Party
if such Subsidiary is not a Loan Party and (z) the merger, consolidation or
amalgamation of any Group Member (other than Holdings) for the sole purpose,
and with the sole material effect, of changing its State of organization within
the United States; provided, however, that (A) in the case of any
merger, consolidation or amalgamation involving the Borrower, the Borrower
shall be the surviving Person and (B) in the case of any merger, consolidation
or amalgamation involving any other Loan Party, a Loan Party shall be the
surviving corporation and all actions required to maintain the perfection of
the Lien of the Administrative Agent on the Stock or property of such Loan
Party shall have been made.

 

Section 8.8                                      Change in Nature of Business.  (a) No Group Member (other than Holdings) shall carry on any business,
operations or activities (whether directly, through a joint venture, in
connection with a Permitted Acquisition or otherwise) substantially different
from those carried on by the Borrower and its Subsidiaries at the date hereof
and any business, operations and activities reasonably related or ancillary
thereto.

 

(b)                                 Holdings shall not engage in any
business, operations or activity, or hold any property, other than (i) holding
Stock and Stock Equivalents of the Borrower, (ii) issuing, selling and
redeeming its own Stock (and Stock Equivalents), (iii) paying taxes, (iv)
holding directors’ and shareholders’ meetings, preparing corporate and similar
records and other activities required to maintain its separate corporate or
other legal structure, (v) preparing reports to, and preparing and making
notices to and filings with, Governmental Authorities and to its holders of
Stock and Stock Equivalents, (vi) receiving, and holding proceeds of,
Restricted Payments from the Borrower and its Subsidiaries and distributing the
proceeds thereof (including, without limitation, by means of loans or advances)
to the extent permitted in Section 8.5, (vii) purchasing and
holding the Stock (and Stock Equivalents) of DPH to the extent permitted
hereunder, (viii) as necessary to consummate any Permitted Acquisition and (ix)
activities reasonably related or ancillary to any of the foregoing activities.

 

Section 8.9                                      Transactions with Affiliates. No Group Member shall, except as
otherwise expressly permitted herein, enter into any transaction directly or
indirectly with, or for the benefit of, any Affiliate of the Borrower that is
not a Loan Party (including Guaranty Obligations with respect to any obligation
of any such Affiliate), except for (a) transactions on a basis no less
favorable to such Group Member as would be obtained in a comparable arm’s
length transaction with a Person not an Affiliate of the Borrower, (b)
Restricted Payments, the proceeds of which, if received by Holdings, are used
as required by Section 8.5, (c) reasonable salaries and other
reasonable director or employee compensation to officers and directors of any
Group Member, (d) the payment of management, advisory and similar fees to
Lovell, DPH and Vestar permitted by Section 8.5, (e) investments
permitted by Section 8.4, (f) the transactions contemplated by the
Related Documents, and (g) the cross-indemnification agreement between the
Borrower and DPH relating to three leases, dated as of the date hereof, as
amended from time to time.

 

Section 8.10                                Third-Party Restrictions on
Indebtedness, Liens, Investments or Restricted Payments. No Group Member shall incur or
otherwise suffer to exist or become

 

77

 

effective or remain liable on
or responsible for any Contractual Obligation limiting the ability of (a) any
Subsidiary of the Borrower to make Restricted Payments to, or Investments in,
or repay Indebtedness or otherwise Sell property to, any Group Member (other
than Holdings) or (b)  any Group
Member to incur or suffer to exist any Lien upon any property of any Group
Member, whether now owned or hereafter acquired, securing any of its
Obligations (including any “equal and ratable” clause and any similar Contractual
Obligation requiring, when a Lien is granted on any property, another Lien to
be granted on such property or any other property), except, for each of clauses
(a) and (b) above, (x) pursuant to the Loan Documents, (y)
limitations on Liens (other than those securing any Obligation) on any property
whose acquisition, repair, improvement or construction is financed by purchase
money Indebtedness, Capitalized Lease Obligations, Permitted Refinancings or
assumed Indebtedness permitted hereunder in reliance upon Section 8.1(b),
(c), (h) or (l) set forth in the Contractual Obligations
governing such Indebtedness, assumed Indebtedness, Capitalized Lease
Obligations or Permitted Refinancing or Guaranty Obligations with respect
thereto and (z) pursuant to Contractual Obligations governing Indebtedness
permitted hereunder in reliance upon Section 8.1(i); provided, however
that such Contractual Obligations relate only to such Foreign Subsidiary.

 

Section 8.11                                Modification of Certain Documents. No Group Member shall do any of the
following:

 

(a)                                  waive or otherwise modify any term of
any Related Document (other than the terms of any Subordinated Debt) or any
Constituent Document of, or otherwise change the capital structure of, any
Group Member (including the terms of any of their outstanding Stock or Stock
Equivalents), in each case except for those modifications and waivers that (x)
do not elect, or permit the election, to treat the Stock or Stock Equivalents
of any limited liability company (or similar entity) as certificated and (y) do
not materially adversely affect the rights and privileges of any Group Member
and do not materially adversely affect the interests of any Secured Party under
the Loan Documents or in the Collateral;

 

(b)                                 waive or otherwise modify any term of
any Subordinated Debt if the effect thereof on such Subordinated Debt is to (i)
increase the interest rate, (ii) change the due dates for principal or
interest, other than to extend such dates, (iii) modify any default or event of
default, other than to delete it or make it less restrictive, (iv) add any
covenant with respect thereto, (v) modify any subordination provision, (vi)
modify any redemption or prepayment provision, other than to extend the dates
therefor or to reduce the premiums payable in connection therewith or (vii)
materially increase any obligation of any Group Member or confer additional
material rights to the holder of such Subordinated Debt in a manner adverse to
any Group Member or any Secured Party.

 

Section 8.12                                Accounting Changes; Fiscal Year. No Group Member shall change its (a)
accounting treatment or reporting practices, except as required by GAAP or any
Requirement of Law, or (b) its fiscal year or its method for determining fiscal
quarters or fiscal months..

 

Section 8.13                                Margin Regulations. No Group Member shall use all or any
portion of the proceeds of any credit extended hereunder to purchase or carry
margin stock (within the meaning of Regulation U of the Federal Reserve Board)
in contravention of Regulation U of the Federal Reserve Board.

 

78

 

Section 8.14                                Compliance with ERISA. No ERISA Affiliate shall cause or
suffer to exist (a) any event that could reasonably be expected to result in
the imposition of a Lien with respect to any Title IV Plan, Multiemployer Plan
or Benefit Plan or (b) any other  ERISA
Event, that, with respect to both (a) and (b), would, in the aggregate, have a
Material Adverse Effect.

 

Section 8.15                                Hazardous Materials. No Group Member shall cause or suffer
to exist any Release of any Hazardous Material at, to or from any real property
owned, leased, subleased or otherwise operated or occupied by any Group Member
that would violate any Environmental Law, form the basis for any Environmental
Liabilities or otherwise adversely affect the value or marketability of any
real property (whether or not owned by any Group Member), other than such
violations, Environmental Liabilities and effects that would not, in the
aggregate, have a Material Adverse Effect.

 

ARTICLE IX

EVENTS OF DEFAULT

 

Section 9.1                                      Definition. Each of the following shall be an
Event of Default:

 

(a)                                  the Borrower shall fail to pay (i) any
principal of any Loan or any L/C Reimbursement Obligation when the same
becomes due and payable or (ii) any interest on any Loan, any fee under any
Loan Document or any other Obligation under any Loan Document (other than those
set forth in clause (i) above) and, in the case of this clause (ii),
such non-payment continues for a period of 3 Business Days after the due
date therefor; or

 

(b)                                 any representation, warranty or
certification made or deemed made by or on behalf of any Loan Party in any Loan
Document or by or on behalf of any Loan Party (or any Responsible Officer
thereof) in connection with any Loan Document (including in any document
delivered in connection with any Loan Document) shall prove to have been
incorrect in any material respect when made or deemed made; or

 

(c)                                  any Loan Party shall fail to comply with
(i) any provision of Article V (Financial Covenants), Section
6.1 (Financial Statements) and the continuation of such failure in
respect of Section 6.1 for 5 days, 6.2(a)(i) (Other Events),
7.1(a) (Maintenance of Corporate Existence), 7.9 (Use
of Proceeds) or Article VIII (Negative Covenants) or
(ii) any other provision of any Loan Document if, in the case of this clause
(ii), such failure shall remain unremedied for 30 days after the earlier of
(A) the date on which a Responsible Officer of the Borrower becomes aware of
such failure and (B) the date on which notice thereof shall have been given to
the Borrower by the Administrative Agent or the Required Lenders; or

 

(d)                                 (i) any Group Member shall fail to make
any payment when due (whether due because of scheduled maturity, required
prepayment provisions, acceleration, demand or otherwise) on any Indebtedness
of any Group Member (other than the Obligations) and, in each case, such
failure relates to Indebtedness having a principal amount of $5,000,000 or
more, (ii) any other event shall occur or condition shall exist under any
Contractual Obligation relating to any such Indebtedness, if the effect of such
event or condition is to accelerate, or to permit the acceleration of, the
maturity of such Indebtedness or (iii) any such Indebtedness shall become or be
declared to be due and payable, or be required to be prepaid, redeemed,
defeased or

 

79

 

repurchased (other than
by a regularly scheduled required prepayment), prior to the stated maturity
thereof; or

 

(e)                                  (i) any Group Member shall generally not
pay its debts as such debts become due, shall admit in writing its inability to
pay its debts generally or shall make a general assignment for the benefit of
creditors, (ii) any proceeding shall be instituted by or against any Group
Member seeking to adjudicate it a bankrupt or insolvent or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief,
composition of it or its debts or any similar order, in each case under any
Requirement of Law relating to bankruptcy, insolvency or reorganization or
relief of debtors or seeking the entry of an order for relief or the
appointment of a custodian, receiver, trustee, conservator, liquidating agent,
liquidator, other similar official or other official with similar powers, in
each case for it or for any substantial part of its property and, in the case
of any such proceedings instituted against (but not by or with the consent of)
any Group Member, either such proceedings shall remain undismissed or unstayed
for a period of 60 days or more or any action sought in such proceedings
shall occur or (iii) any Group Member shall take any corporate or similar
action or any other action to authorize any action described in clause (i)
or (ii) above; or

 

(f)                                    one or more final judgments, orders or
decrees (or other similar process) shall be rendered against any Group Member
(i) involving an aggregate amount (excluding amounts adequately covered by
insurance payable to any Group Member, to the extent the relevant insurer has
not denied coverage therefor) in excess of $5,000,000 and (ii) such judgment,
order or decree shall not have been vacated or discharged for a period of 30
consecutive days and there shall not be in effect (by reason of a pending
appeal or otherwise) any stay of enforcement thereof; or

 

(g)                                 except pursuant to a valid, binding and
enforceable termination or release permitted under the Loan Documents and
executed by the Administrative Agent or as otherwise expressly permitted under
any Loan Document, (i) any Loan Document shall, at any time after the delivery
of such Loan Document, fail to be valid and binding on, or enforceable against,
any Loan Party party thereto or (ii) any Loan Document purporting to grant a
Lien to secure any Obligation shall, at any time after the delivery of such
Loan Document, fail to create a valid and enforceable Lien on any material
portion of the Collateral purported to be covered thereby or such Lien shall
fail or cease to be a perfected Lien with the priority required in the relevant
Loan Document (other than as a result of any failure by the Administrative
Agent to maintain possession of certificates or instruments delivered to it or
to file continuation statements for UCC-1 financing statements filed on its
behalf), or any Group Member shall state in writing that any of the events
described in clause (i) or (ii) above shall have occurred; or

 

(h)                                 there shall occur any Change of Control.

 

Section 9.2                                      Remedies. During the continuance of any Event of
Default, the Administrative Agent may, and, at the request of the Required
Lenders, shall, in each case by notice to the Borrower and in addition to any
other right or remedy provided under any Loan Document or by any applicable
Requirement of Law, do each of the following: 
(a) declare all or any portion of the Commitments terminated, whereupon
the Commitments shall immediately be reduced by such portion or, in the case of
a termination in whole, shall terminate together with any obligation any Lender
may have hereunder to make any Loan and any L/C Issuer may have

 

80

 

hereunder to Issue any Letter
of Credit or (b) declare immediately due and payable all or part of any
Obligation under any Loan Document (including any accrued but unpaid interest
thereon), whereupon the same shall become immediately due and payable, without
presentment, demand, protest or further notice or other requirements of any
kind, all of which are hereby expressly waived by Holdings and the Borrower
(and, to the extent provided in any other Loan Document, other Loan Parties); provided,
however, that, effective immediately upon the occurrence of the Events
of Default specified in Section 9.1(e)(ii), (x) the Commitments of
each Lender to make Loans and the commitment of each L/C Issuer to Issue
Letters of Credit shall each automatically be terminated and (y) each
Obligation under any Loan Document (including in each case any accrued all
accrued but unpaid interest thereon) shall automatically become and be due and
payable, without presentment, demand, protest or further notice or other
requirement of any kind, all of which are hereby expressly waived by Holdings
and the Borrower (and, to the extent provided in any other Loan Document, any
other Loan Party).

 

Section 9.3                                      Actions in Respect of Letters of Credit. At any time (i) upon the Revolving
Credit Termination Date, (ii) after the Revolving Credit Termination Date when
the aggregate funds on deposit in L/C Cash Collateral Accounts shall be less than
102% of the L/C Obligations for all Letters of Credit at such time and
(iii) as required by Section 2.12(c), the Borrower shall pay to the
Administrative Agent in immediately available funds at the Administrative Agent’s
office referred to in Section 11.11, for deposit in a L/C Cash
Collateral Account, the amount required so that, after such payment, the
aggregate funds on deposit in the L/C Cash Collateral Accounts at least equals
102% of the L/C Obligations for all Letters of Credit at such time (not to
exceed, in the case of clause (iii) above, the payment to be applied
pursuant to Section 2.12 to provide cash collateral for Letters of
Credit).

 

ARTICLE X

THE ADMINISTRATIVE AGENT

 

Section 10.1                                Appointment and Duties. (a)  Appointment of Administrative Agent. Each Lender and each L/C
Issuer hereby appoints GE Capital (together with any successor Administrative
Agent pursuant to Section 10.9) as the Administrative Agent
hereunder and authorizes the Administrative Agent to (i) execute and deliver
the Loan Documents and accept delivery thereof on its behalf from any Group
Member, (ii) take such action on its behalf and to exercise all rights, powers
and remedies and perform the duties as are expressly delegated to the
Administrative Agent under such Loan Documents and (iii) exercise such powers
as are reasonably incidental thereto.

 

(b)                                 Duties as Collateral and Disbursing
Agent. Without limiting
the generality of clause (a) above, the Administrative Agent shall have
the sole and exclusive right and authority (to the exclusion of the Lenders and
L/C Issuers), and is hereby authorized, to (i) act as the disbursing and
collecting agent for the Lenders and the L/C Issuers with respect to all
payments and collections arising in connection with the Loan Documents (including
in any proceeding described in Section 9.1(e)(ii) or any other
bankruptcy, insolvency or similar proceeding), and each Person making any
payment in connection with any Loan Document to any Secured Party is hereby
authorized to make such payment to the Administrative Agent, (ii) file and
prove claims and file other documents necessary or desirable to allow the
claims of the Secured Parties with respect to any Obligation in any proceeding
described in Section 9.1(e)(ii) or

 

81

 

any other bankruptcy,
insolvency or similar proceeding (but not to vote, consent or otherwise act on
behalf of such Secured Party), (iii) act as collateral agent for each Secured
Party for purposes of the perfection of all Liens created by such agreements
and all other purposes stated therein, (iv) manage, supervise and otherwise
deal with the Collateral, (v) take such other action as is reasonably necessary
or desirable to maintain the perfection and priority of the Liens created or
purported to be created by the Loan Documents, (vi) except as may be otherwise
specified in any Loan Document, exercise all remedies given to the
Administrative Agent and the other Secured Parties with respect to the
Collateral, whether under the Loan Documents, applicable Requirements of Law or
otherwise and (vii) execute any amendment, consent or waiver under the Loan
Documents on behalf of any Lender that has consented in writing to such
amendment, consent or waiver; provided, however, that the Administrative
Agent hereby appoints, authorizes and directs each Lender and L/C Issuer to act
as collateral sub-agent for the Administrative Agent, the Lenders and the L/C
Issuers for purposes of the perfection of all Liens with respect to the
Collateral, including any deposit account maintained by a Loan Party with, and
cash and Cash Equivalents held by, such Lender or L/C Issuer, and may further
authorize and direct the Lenders and the L/C Issuers to take further actions as
collateral sub-agents for purposes of enforcing such Liens or otherwise to
transfer the Collateral subject thereto to the Administrative Agent, and each
Lender and L/C Issuer hereby agrees to take such further actions to the extent,
and only to the extent, so authorized and directed.

 

(c)                                  Limited Duties. Under the Loan Documents, the
Administrative Agent (i) is acting solely on behalf of the Lenders and the L/C
Issuers (except to the limited extent provided in Section 2.14(b)
with respect to the Register and in Section 10.11), with duties that
are entirely administrative in nature, notwithstanding the use of the defined
term “Administrative Agent”, the terms “agent”, “administrative agent” and “collateral
agent” and similar terms in any Loan Document to refer to the Administrative
Agent, which terms are used for title purposes only, (ii) is not assuming any
obligation under any Loan Document other than as expressly set forth therein or
any role as agent, fiduciary or trustee of or for any Lender, L/C Issuer or any
other Secured Party and (iii) shall have no implied functions,
responsibilities, duties, obligations or other liabilities under any Loan
Document, and each Lender and L/C Issuer hereby waives and agrees not to assert
any claim against the Administrative Agent based on the roles, duties and legal
relationships expressly disclaimed in clauses (i) through (iii)
above.

 

Section 10.2                                Binding Effect. Each Lender and each L/C Issuer agrees
that (a) any action taken by the Administrative Agent or the Required Lenders
(or, if expressly required hereby, a greater proportion of the Lenders) in
accordance with the provisions of the Loan Documents, (b) any action taken by
the Administrative Agent in reliance upon the instructions of Required Lenders
(or, where so required, such greater proportion) and (c) the exercise by the
Administrative Agent or the Required Lenders (or, where so required, such
greater proportion) of the powers set forth herein or therein, together with
such other powers as are reasonably incidental thereto, shall be authorized and
binding upon all of the Secured Parties.

 

Section 10.3                                Use of Discretion. (a)  No Action without Instructions. The Administrative Agent shall
not be required to exercise any discretion or take, or to omit to take, any
action, including with respect to enforcement or collection, except any action
it is required to take or omit to take (i) under any Loan Document or (ii)
pursuant to instructions from the Required Lenders (or, where expressly
required by the terms of this Agreement, a greater proportion of the Lenders).

 

82

 

(b)                                 Right Not to Follow Certain Instructions. Notwithstanding clause (a)
above, the Administrative Agent shall not be required to take, or to omit to
take, any action (i) unless, upon demand, the Administrative Agent
receives an indemnification satisfactory to it from the Lenders (or, to the
extent applicable and acceptable to the Administrative Agent, any other Secured
Party) against all Liabilities that, by reason of such action or omission, may
be imposed on, incurred by or asserted against the Administrative Agent or any
Related Person thereof or (ii) that is, in the opinion of the Administrative
Agent or its counsel, contrary to any Loan Document or applicable Requirement
of Law.

 

Section 10.4                                Delegation of Rights and Duties. The Administrative Agent may, upon any
term or condition it specifies, delegate or exercise any of its rights, powers
and remedies under, and delegate or perform any of its duties or any other
action with respect to, any Loan Document by or through any trustee, co-agent,
employee, attorney-in-fact and any other Person (including any Secured Party). Any
such Person shall benefit from this Article X to the extent
provided by the Administrative Agent.

 

Section 10.5                                Reliance and Liability. (a) The Administrative Agent may, without incurring any liability
hereunder, (i) treat the payee of any Note as its holder until such Note has
been assigned in accordance with Section 11.2(e), (ii) rely on the
Register to the extent set forth in Section 2.14, (iii) consult
with any of its Related Persons and, whether or not selected by it, any other
advisors, accountants and other experts (including advisors to, and accountants
and experts engaged by, any Loan Party) and (iv) rely and act upon any document
and information (including those transmitted by Electronic Transmission) and
any telephone message or conversation, in each case reasonably believed by it
to be genuine and transmitted, signed or otherwise authenticated by the
appropriate parties.

 

(b)                                 None of the Administrative Agent and its
Related Persons shall be liable for any action taken or omitted to be taken by
any of them under or in connection with any Loan Document, and each Lender, L/C
Issuer, Holdings and the Borrower hereby waive and shall not assert (and each
of Holdings and the Borrower shall cause each other Loan Party to waive and
agree not to assert) any right, claim or cause of action based thereon, except
to the extent of liabilities resulting primarily from the gross negligence or
willful misconduct of the Administrative Agent or, as the case may be, such
Related Person (each as determined in a final, non appealable judgment by a
court of competent jurisdiction) in connection with the duties expressly set
forth herein. Without limiting the foregoing, the Administrative Agent:

 

(i)                                     shall not be responsible or otherwise
incur liability for any action or omission taken in reliance upon the
instructions of the Required Lenders or for the actions or omissions of any of
its Related Persons selected with reasonable care (other than employees,
officers and directors of the Administrative Agent, when acting on behalf of
the Administrative Agent);

 

(ii)                                  shall not be responsible to any Secured
Party for the due execution, legality, validity, enforceability, effectiveness,
genuineness, sufficiency or value of, or the attachment, perfection or priority
of any Lien created or purported to be created under or in connection with, any
Loan Document;

 

83

 

(iii)                               makes no warranty or representation, and
shall not be responsible, to any Secured Party for any statement, document,
information, representation or warranty made or furnished by or on behalf of
any Related Person (other than employees, officers and directors of the Administrative
Agent, when acting on behalf of the Administrative Agent),
in or in connection with any Loan Document or any transaction contemplated
therein, whether or not transmitted by the Administrative Agent, including as
to completeness, accuracy, scope or adequacy thereof, or for the scope, nature
or results of any due diligence performed by the Administrative Agent in
connection with the Loan Documents; and

 

(iv)                              shall not have any duty to ascertain or
to inquire as to the performance or observance of any provision of any Loan
Document, whether any condition set forth in any Loan Document is satisfied or
waived, as to the financial condition of any Loan Party or as to the existence
or continuation or possible occurrence or continuation of any Default or Event
of Default and shall not be deemed to have notice or knowledge of such
occurrence or continuation unless it has received a notice from the Borrower,
any other Loan Party, any Lender or L/C Issuer describing such Default or Event
of Default clearly labeled “notice of default” (in which case the
Administrative Agent shall promptly give notice of such receipt to all
Lenders);

 

and, for each of the items set forth in clauses (i) through (iv)
above, each Lender, L/C Issuer, Holdings and the Borrower hereby waives and
agrees not to assert (and each of Holdings and the Borrower shall cause each
other Loan Party to waive and agree not to assert) any right, claim or cause of
action it might have against the Administrative Agent based thereon.

 

Section 10.6                                Administrative Agent Individually. The Administrative Agent and its
Affiliates may make loans and other extensions of credit to, acquire Stock and
Stock Equivalents of, engage in any kind of business with, any Loan Party or Affiliate
thereof as though it were not acting the Administrative Agent and may receive
separate fees and other payments therefor. To the extent the Administrative
Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender
hereunder, it shall have and may exercise the same rights and powers hereunder
and shall be subject to the same obligations and liabilities as any other
Lender and the terms “Lender”, “Revolving Credit Lender”, “Term Loan Lender”, “Required
Lender”, “Required Revolving Credit Lender” and “Required Term Loan Lender” and
any similar terms shall, except where otherwise expressly provided in any Loan
Document, include, without limitation, the Administrative Agent or such
Affiliate, as the case may be, in its individual capacity as Lender, Revolving
Credit Lender, Term Loan Lender or as one of the Required Lenders, Required
Revolving Credit Lenders or Required Term Loan Lenders respectively. Each
Lender understands that the Administrative Agent or an Affiliate thereof is
purchasing on the Closing Date Stock of Holdings representing approximately 1%
of the issued and outstanding Stock, as of the Closing Date, thereof.

 

Section 10.7                                Lender Credit Decision. Each Lender and each L/C Issuer
acknowledges that it shall, independently and without reliance upon the
Administrative Agent, any Lender or L/C Issuer or any of their Related Persons
or upon any document (including the Disclosure Documents) solely or in part
because such document was transmitted by the Administrative Agent or any of its
Related Persons, conduct its own independent investigation of the financial

 

84

 

condition and affairs of each
Loan Party and make and continue to make its own credit decisions in connection
with entering into, and taking or not taking any action under, any Loan
Document or with respect to any transaction contemplated in any Loan Document,
in each case based on such documents and information as it shall deem
appropriate.

 

Section 10.8                                Expenses; Indemnities. (a) Each Lender agrees to reimburse the Administrative Agent and each of
its Related Persons (to the extent not reimbursed by any Loan Party) promptly
upon demand for such Lender’s Pro Rata Share with respect to the Facilities of
any costs and expenses (including fees, charges and disbursements of financial,
legal and other advisors and Other Taxes paid in the name of, or on behalf of,
any Loan Party) that may be incurred by the Administrative Agent or any of its
Related Persons in connection with the preparation, syndication, execution,
delivery, administration, modification, consent, waiver or enforcement (whether
through negotiations, through any work-out, bankruptcy, restructuring or other
legal or other proceeding or otherwise) of, or legal advice in respect of its
rights or responsibilities under, any Loan Document.

 

(b)                                 Each Lender further agrees to indemnify
the Administrative Agent and each of its Related Persons (to the extent not
reimbursed by any Loan Party), from and against such Lender’s aggregate Pro
Rata Share with respect to the Facilities of the Liabilities (including taxes,
interests and penalties imposed for not properly withholding or backup
withholding on payments made to on or for the account of any Lender) that may
be imposed on, incurred by or asserted against the Administrative Agent or any
of its Related Persons in any matter relating to or arising out of, in
connection with or as a result of any Loan Document, any Related Document or
any other act, event or transaction related, contemplated in or attendant to
any such document, or, in each case, any action taken or omitted to be taken by
the Administrative Agent or any of its Related Persons under or with respect to
any of the foregoing; provided, however, that no Lender shall be
liable to the Administrative Agent or any of its Related Persons to the extent
such liability has resulted primarily from the gross negligence or willful
misconduct of the Administrative Agent or, as the case may be, such Related
Person, as determined by a court of competent jurisdiction in a final
non-appealable judgment or order.

 

Section 10.9                                Resignation of Administrative Agent or
L/C Issuer. (a) The Administrative Agent may resign at
any time by delivering notice of such resignation to the Lenders and the
Borrower, effective on the date set forth in such notice or, if not such date
is set forth therein, upon the date such notice shall be effective. If the
Administrative Agent delivers any such notice, the Required Lenders shall have
the right to appoint a successor Administrative Agent. If, within 30 days after
the retiring Administrative Agent having given notice of resignation, no
successor Administrative Agent has been appointed by the Required Lenders that
has accepted such appointment, then the retiring Administrative Agent may, on
behalf of the Lenders, appoint a successor Administrative Agent from among the
Lenders. Each appointment under this clause (a) shall be subject to the
prior consent of the Borrower, which may not be unreasonably withheld but shall
not be required during the continuance of a Default.

 

(b)                                 Effective immediately upon its
resignation, (i) the retiring Administrative Agent shall be discharged from its
duties and obligations under the Loan Documents, (ii) the Lenders shall assume
and perform all of the duties of the Administrative Agent until a successor
Administrative Agent shall have accepted a valid appointment hereunder, (iii)
the retiring Administrative Agent and its Related Persons shall no longer have
the benefit of any provision of

 

85

 

any Loan Document other
than with respect to any actions taken or omitted to be taken while such
retiring Administrative Agent was, or because such Administrative Agent had
been, validly acting as Administrative Agent under the Loan Documents and (iv)
subject to its rights under Section 10.3, the retiring
Administrative Agent shall take such action as may be reasonably necessary to
assign to the successor Administrative Agent its rights as Administrative Agent
under the Loan Documents. Effective immediately upon its acceptance of a valid
appointment as Administrative Agent, a successor Administrative Agent shall
succeed to, and become vested with, all the rights, powers, privileges and
duties of the retiring Administrative Agent under the Loan Documents.

 

(c)                                  Any L/C Issuer may resign at any time by
delivering notice of such resignation to the Administrative Agent, effective on
the date set forth in such notice or, if no such date is set forth therein, on
the date such notice shall be effective. Upon such resignation, the L/C Issuer
shall remain an L/C Issuer and shall retain its rights and obligations in its
capacity as such (other than any obligation to Issue Letters of Credit but
including the right to receive fees or to have Lenders participate in any L/C
Reimbursement Obligation thereof) with respect to Letters of Credit issued by
such L/C Issuer prior to the date of such resignation and shall otherwise be
discharged from all other duties and obligations under the Loan Documents.

 

Section 10.10                          Release of Collateral or Guarantors. Each Lender and L/C Issuer hereby
consents to the release and hereby directs the Administrative Agent to release
(or, in the case of clause (b)(ii) below, release or subordinate) the
following:

 

(a)                                  any Subsidiary of the Borrower from its
guaranty of any Obligation of any Loan Party if all of the Securities of such
Subsidiary owned by all Group Members are Sold in a Sale or Sales permitted
under the Loan Documents (including pursuant to a waiver or consent); and

 

(b)                                 any Lien held by the Administrative
Agent for the benefit of the Secured Parties against (i) any Collateral that is
Sold by a Loan Party in a Sale permitted by the Loan Documents (including
pursuant to a valid waiver or consent), (ii) any property subject to a Lien
permitted hereunder in reliance upon Section 8.2(d) or (g)
or, as it pertains to Section 8.2(c) or (d), Section 8.2(e)
and (iii) all of the Collateral and all Loan Parties, upon (A) termination of
the Commitments, (B) payment and satisfaction in full of all Loans, all L/C
Reimbursement Obligations and all other Obligations that the Administrative
Agent has been notified in writing are then due and payable (other than, while
no acceleration of the Obligations under the Loan Documents has occurred,
Obligations under Secured Hedging Agreements), and (C) deposit of cash
collateral with respect to all contingent Obligations (or, in the case of any
L/C Obligation to which the Administrative Agent has given its approval, a
back-up letter of credit in form and substance reasonably satisfactory to the
Administrative Agent has been issued), in amounts and on terms and conditions
and with parties reasonably satisfactory to the Administrative Agent and each
Indemnitee that is owed such Obligations.

 

Each Lender and L/C Issuer hereby directs the Administrative Agent, and
the Administrative Agent hereby agrees, upon receipt of reasonable advance
notice from the Borrower, to execute and deliver or file such documents and to
perform other actions reasonably necessary to release the guaranties and
release (or subordinate as applicable) Liens when and as directed in this Section 10.10.

 

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Section 10.11                          Additional Secured Parties. The benefit of the provisions of the
Loan Documents directly relating to the Collateral or any Lien granted
thereunder shall extend to and be available to any Secured Party that is not a
Lender or L/C Issuer as long as, by accepting such benefits, such Secured Party
agrees, as among the Administrative Agent and all other Secured Parties, that
such Secured Party is bound by (and, if requested by the Administrative Agent,
shall confirm such agreement in a writing in form and substance acceptable to the
Administrative Agent) Section 2. 13, this Article X, Section 11.8
(Right of Setoff), Section 11.9 (Sharing of Payments)
and Section 11.20 (Confidentiality) and the decisions and
actions of the Administrative Agent and the Required Lenders (or, where expressly
required by the terms of this Agreement, a greater proportion of the Lenders)
to the same extent a Lender is bound; provided, however, that,
notwithstanding the foregoing, (a) such Secured Party shall be bound by Section 10.8
only to the extent of Liabilities, costs and expenses with respect to or
otherwise relating to the Collateral held for the benefit of such Secured
Party, in which case the obligations of such Secured Party thereunder shall not
be limited by any concept of Pro Rata Share or similar concept, (b) each of the
Administrative Agent, the Lenders and the L/C Issuers shall be entitled to act
at its sole discretion, without regard to the interest of such Secured Party,
regardless of whether any Obligation to such Secured Party thereafter remains
outstanding, is deprived of the benefit of the Collateral, becomes unsecured or
is otherwise affected or put in jeopardy thereby, and without any duty or
liability to such Secured Party or any such Obligation and (c) such Secured
Party shall not have any right to be notified of, consent to, direct, require
or be heard with respect to, any action taken or omitted in respect of the
Collateral or under any Loan Document.

 

Section 10.12                          Co-Agents. None of the Lenders identified on the
facing page, in the preamble or on the signature pages of this Agreement or any
related document as “syndication agent”, “lead arranger” or “bookrunner” shall
have any right, power, obligation, liability, responsibility or duty under this
Agreement other than those applicable to all Lenders as such. Without limiting
the foregoing, none of the Lenders so identified as “syndication agent”, “lead
arranger” or “bookrunner” shall have or be deemed to have any fiduciary
relationship with any Lender. Each Lender acknowledges that it has not relied,
and will not rely, on any of the Lenders so identified in deciding to enter
into this Agreement or in taking or not taking action hereunder.

 

ARTICLE XI

MISCELLANEOUS

 

Section 11.1                                Amendments, Waivers, Etc. (a) No amendment or waiver of any provision of any Loan Document (other
than the Fee Letter, the Control Agreements and the L/C Reimbursement
Agreements) and no consent to any departure by any Loan Party therefrom shall
be effective unless the same shall be in writing and signed (1) in the case of
an amendment, consent or waiver to cure any ambiguity, omission, defect or
inconsistency or granting a new Lien for the benefit of the Secured Parties or
extending an existing Lien over additional property, by the Administrative
Agent and the Borrower and any other Loan Party directly affected thereby, (2)
in the case of any other waiver or consent, by the Required Lenders (or by the
Administrative Agent with the consent of the Required Lenders) and (3) in the
case of any other amendment, by the Required Lenders (or by the Administrative
Agent with the consent of the Required Lenders) and the Borrower; provided,
however, that no amendment, consent or waiver described in clause (2)
or (3) above shall, unless in writing and signed by each Lender directly

 

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affected thereby (or by the
Administrative Agent with the consent of such Lender), in addition to any other
Person the signature of which is otherwise required pursuant to any Loan
Document, do any of the following:

 

(i)                                     waive any condition specified in Section 3.1,
except any condition referring to any other provision of any Loan Document;

 

(ii)                                  increase the Commitment of such Lender
or subject such Lender to any additional obligation;

 

(iii)                               reduce (including through release,
forgiveness, assignment or otherwise) (A) the principal amount of, the interest
rate on, or any obligation of the Borrower to repay (whether or not on a fixed
date), any outstanding Loan owing to such Lender, (B) any fee or accrued
interest payable to such Lender or (C) if such Lender is a Revolving
Credit Lender, any L/C Reimbursement Obligation or any obligation of the
Borrower to repay (whether or not on a fixed date) any L/C Reimbursement
Obligation; provided, however, that this clause (iii) does
not apply to (x) any change to any provision increasing any interest rate
or fee during the continuance of an Event of Default or to any payment of any
such increase or (y) any modification to any financial covenant set forth in Article V
or in any definition set forth therein or principally used therein;

 

(iv)                              waive or postpone any scheduled maturity
date or other scheduled date fixed for the payment, in whole or in part, of
principal of or interest on any Loan or fee owing to such Lender or for the
reduction of such Lender’s Commitment; provided, however, that
this clause (iv) does not apply to any change to mandatory prepayments,
including those required under Section 2.8, or to the application
of any payment, including as set forth in Section 2.12;

 

(v)                                 except as provided in Section 10.10,
release all or substantially all of the Collateral or any Guarantor from its
guaranty of any Obligation of the Borrower;

 

(vi)                              reduce or increase the proportion of
Lenders required for the Lenders (or any subset thereof) to take any action
hereunder or change the definition of the terms “Required Lenders”, “Pro Rata
Share” or “Pro Rata Outstandings”; or

 

(vii)                           amend Section 10.10 (Release
of Collateral or Guarantor), Section 11.9 (Sharing of Payments)
or this Section 11.1;

 

and provided, further, that (x)(A) any waiver of any
payment applied pursuant to Section 2.12(b) (Application of
Mandatory Prepayments) to, and any modification of the application of any
such payment to, (1) the Term Loans shall require the consent of the Required
Term Loan Lenders and (2) the Revolving Loans shall require the consent of the
Required Revolving Credit Lenders, (B) any change to the definition of the
term “Required Term Loan Lender” shall require the consent of the Required Term
Loan Lenders and (C) any change to the definition of the term

 

88

 

“Required Revolving Credit Lender” shall require the consent of the
Required Revolving Credit Lenders, and (y) no amendment, waiver or consent
shall affect the rights or duties under any Loan Document of, or any payment
to, the Administrative Agent (or otherwise modify any provision of Article X
or the application thereof), the Swingline Lender, any L/C Issuer or any SPV
that has been granted an option pursuant to Section 11.2(f) unless
in writing and signed by the Administrative Agent, the Swingline Lender, such
L/C Issuer or, as the case may be, such SPV in addition to any signature
otherwise required.

 

(b)                                 Each waiver or consent under any Loan
Document shall be effective only in the specific instance and for the specific
purpose for which it was given. No notice to or demand on any Loan Party shall
entitle any Loan Party to any notice or demand in the same, similar or other
circumstances. No failure on the part of any Secured Party to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right preclude any other or
further exercise thereof or the exercise of any other right.

 

Section 11.2                                Assignments and Participations; Binding
Effect. (a)  Binding Effect. This Agreement
shall become effective when it shall have been executed by Holdings, the
Borrower and the Administrative Agent and when the Administrative Agent shall
have been notified by each Lender and L/C Issuer that such Lender or L/C Issuer
has executed it. Thereafter, it shall be binding upon and inure to the benefit
of, but only to the benefit of, Holdings, the Borrower (in each case except for
Article X), the Administrative Agent, each Lender and L/C Issuer
and, to the extent provided in Section 10.11, each other Indemnitee
and Secured Party and, in each case, their respective successors and permitted
assigns. Except as expressly provided in any Loan Document (including in Section 10.9),
none of Holdings, the Borrower, any L/C Issuer or the Administrative Agent
shall have the right to assign any rights or obligations hereunder or any
interest herein.

 

(b)                                 Right to Assign. Each Lender may sell, transfer,
negotiate or assign all or a portion of its rights and obligations hereunder
(including all or a portion of its Commitments and its rights and obligations
with respect to Loans and Letters of Credit) to (i) any existing Lender, (ii)
any Affiliate or Approved Fund of any existing Lender or (iii) any other Person
acceptable (which acceptance shall not be unreasonably withheld or delayed) to
the Administrative Agent and, as long as no Event of Default is continuing, the
Borrower; provided, however, that (x) such Sales do not have to
be ratable between the Facilities but must be ratable among the obligations
owing to and owed by such Lender with respect to a Facility and (y) for each
Facility, the aggregate outstanding principal amount (determined as of the
effective date of the applicable Assignment) of the Loans, Commitments and L/C
Obligations subject to any such Sale shall be an integral multiple of
$1,000,000, unless such Sale is made to an existing Lender or an Affiliate or
Approved Fund of any existing Lender, is of the assignor’s (together with its
Affiliates and Approved Funds) entire interest in such Facility or is made with
the prior consent of the Borrower and the Administrative Agent.

 

(c)                                  Procedure. The parties to each Sale made in
reliance on clause (b) above (other than assignments to an Affiliate or
Approved Fund of a Lender or those described in clause (e) or (f)
below) shall execute and deliver to the Administrative Agent (which shall keep
a copy thereof) an Assignment, together with any existing Note subject to such
Sale (or any affidavit of loss therefor reasonably acceptable to the
Administrative Agent), any tax forms required to be

 

89

 

delivered pursuant to Section 2.17(g)
and payment by the assignee of an assignment fee in the amount of $3,500. Upon
receipt of all the foregoing, and conditioned upon such receipt and upon the
Administrative Agent and, as long as no Event of Default is continuing, the
Borrower consenting to such Assignment (which consent from the Borrower shall
not be unreasonably withheld), from and after the effective date specified in
such Assignment, the Administrative Agent shall record or cause to be recorded
in the Register the information contained in such Assignment.

 

(d)                                 Effectiveness. Effective upon the entry of such
record in the Register, (i) such assignee shall become a party hereto and,
to the extent that rights and obligations under the Loan Documents have been
assigned to such assignee pursuant to such Assignment, shall have the rights
and obligations of a Lender, (ii) any applicable Note shall be transferred to
such assignee through such entry and (iii) the assignor thereunder shall, to
the extent that rights and obligations under this Agreement have been assigned
by it pursuant to such Assignment, relinquish its rights (except for those
surviving the termination of the Commitments and the payment in full of the
Obligations) and be released from its obligations under the Loan Documents,
other than those relating to events or circumstances occurring prior to such
assignment (and, in the case of an Assignment covering all or the remaining
portion of an assigning Lender’s rights and obligations under the Loan
Documents, such Lender shall cease to be a party hereto except that each Lender
agrees to remain bound by Article X, Section 11.8 (Right
of Setoff) and Section 11.9 (Sharing of Payments) to the
extent provided in Section 10.11 (Additional Secured Parties)).

 

(e)                                  Grant of Security Interests. In addition to the other rights
provided in this Section 11.2, each Lender may grant a security
interest in, or otherwise assign as collateral, any of its rights under this
Agreement, whether now owned or hereafter acquired (including rights to
payments of principal or interest on the Loans), to (A) any federal reserve
bank (pursuant to Regulation A of the Federal Reserve Board), without notice to
the Administrative Agent or (B) any holder of, or trustee for the benefit
of the holders of, such Lender’s Securities by notice to the Administrative
Agent; provided, however, that no such holder or trustee, whether
because of such grant or assignment or any foreclosure thereon (unless such
foreclosure is made through an assignment in accordance with clause (b)
above), shall be entitled to any rights of such Lender hereunder and no such
Lender shall be relieved of any of its obligations hereunder.

 

(f)                                    Participants and SPVs. In addition to the other rights
provided in this Section 11.2, each Lender may, (x) with notice to the
Administrative Agent, grant to an SPV the option to make all or any part of any
Loan that such Lender would otherwise be required to make hereunder (and the
exercise of such option by such SPV and the making of Loans pursuant thereto
shall satisfy the obligation of such Lender to make such Loans hereunder) and
such SPV may assign to such Lender the right to receive payment with respect to
any Obligation and (y) without notice to or consent from the
Administrative Agent or the Borrower, sell participations to one or more
Persons in or to all or a portion of its rights and obligations under the Loan
Documents (including all its rights and obligations with respect to the Term
Loans, Revolving Loans and Letters of Credit); provided, however,
that, whether as a result of any term of any Loan Document or of such grant or
participation, (i) no such SPV or participant shall have a commitment, or be
deemed to have made an offer to commit, to make Loans hereunder, and, except as
provided in the applicable option agreement, none shall be liable for any
obligation of such Lender hereunder, (ii) such Lender’s rights and obligations,
and the rights and obligations of

 

90

 

the Loan Parties and
the Secured Parties towards such Lender, under any Loan Document shall remain
unchanged and each other party hereto shall continue to deal solely with such
Lender, which shall remain the holder of the Obligations in the Register,
except that (A) each such participant and SPV shall be entitled to the benefit
of Sections 2.16 (Breakage Costs; Increased Costs; Capital
Requirements) and 2.17 (Taxes), but only to the extent such
participant or SPV delivers the tax forms such Lender is required to collect
pursuant to Section 2.17(g) and then only
to the extent of any amount to which such Lender would be entitled in the
absence of any such grant or participation and (B) each such SPV may receive
other payments that would otherwise be made to such Lender with respect to
Loans funded by such SPV to the extent provided in the applicable option
agreement and set forth in a notice provided to the Administrative Agent by
such SPV and such Lender, provided, however, that in no case
(including pursuant to clause (A) or (B) above) shall an SPV or
participant have the right to enforce any of the terms of any Loan Document,
and (iii) the consent of such SPV or participant shall not be required (either
directly, as a restraint on such Lender’s ability to consent hereunder or
otherwise) for any amendments, waivers or consents with respect to any Loan
Document or to exercise or refrain from exercising any powers or rights such
Lender may have under or in respect of the Loan Documents (including the right
to enforce or direct enforcement of the Obligations), except for those
described in clauses (iii) and (iv) of Section 11.1(a)
with respect to amounts, or dates fixed for payment of amounts, to which such
participant or SPV would otherwise be entitled and, in the case of
participants, except for those described in Section 11.1(a)(v) (or
amendments, consents and waivers with respect to Section 10.10 to
release all or substantially all of the Collateral). No party hereto shall
institute against any SPV grantee of an option pursuant to this clause (f)
any bankruptcy, reorganization, insolvency, liquidation or similar proceeding,
prior to the date that is one year and one day after the payment in full of all
outstanding commercial paper of such SPV; provided, however, that
each Lender having designated an SPV as such agrees to indemnify each
Indemnitee against any Liability that may be incurred by, or asserted against,
such Indemnitee as a result of failing to institute such proceeding (including
a failure to get reimbursed by such SPV for any such Liability). The agreement
in the preceding sentence shall survive the termination of the Commitments and
the payment in full of the Obligations.

 

Section 11.3                                Costs and Expenses. Any action taken by any Loan Party
under or with respect to any Loan Document, even if required under any Loan
Document or at the reasonable request of any Secured Party, shall be at the
expense of such Loan Party, and no Secured Party shall be required under any
Loan Document to reimburse any Loan Party or Group Member therefor except as
expressly provided therein. In addition, the Borrower agrees to pay or
reimburse upon demand (a) the Administrative Agent for all reasonable
out-of-pocket costs and expenses incurred by it or any of its Related Persons
in connection with the investigation, development, preparation, negotiation,
syndication, execution, interpretation or administration of, any modification
of any term of or termination of, any Loan Document, any commitment or proposal
letter therefor, any other document prepared in connection therewith or the
consummation and administration of any transaction contemplated therein, in
each case including the reasonable fees, charges and disbursements of one legal
counsel to the Administrative Agent or such Related Persons (and such local
counsel as the Administrative Agent may reasonably retain), reasonable fees,
costs and expenses incurred in connection with Intralinks® or any
other E-System and allocated to the Facilities by the Administrative Agent in
its reasonable discretion and reasonable fees, charges and disbursements of the
auditors, appraisers, printers and other of their Related Persons retained by
or on behalf of any of them or any of their Related Persons, (b) the
Administrative Agent for all reasonable costs and expenses incurred by it or
any of its Related

 

91

 

Persons in connection with
internal audit reviews, field examinations and Collateral examinations required
by the terms of this Agreement (which shall be reimbursed, in addition to the
reasonable out-of-pocket costs and expenses of such examiners, at the per diem
rate per individual charged by the Administrative Agent for its examiners) and
(c) each of the Administrative Agent, its Related Persons, and each Lender and
L/C Issuer for all reasonable costs and expenses incurred in connection with
(i) any refinancing or restructuring of the credit arrangements provided
hereunder in the nature of a “work-out”, (ii) the enforcement or preservation
of any right or remedy under any Loan Document, any Obligation, with respect to
the Collateral or any other related right or remedy or (iii) the commencement,
defense, conduct of, intervention in, or the taking of any other action with
respect to, any proceeding (including any bankruptcy or insolvency proceeding)
related to any Group Member, Loan Document, Obligation or Related Transaction
(or the response to and preparation for any subpoena or request for document
production relating thereto), including reasonable fees and disbursements of
counsel (including reasonable allocated costs of internal counsel).

 

Section 11.4                                Indemnities. (a) The Borrower agrees to indemnify, hold harmless and defend the
Administrative Agent, each Lender, each L/C Issuer, each Person (other than the
Borrower) party to a Secured Hedging Agreement, each Person that each L/C
Issuer causes to Issue Letters of Credit hereunder and each of their respective
Related Persons (each such Person being an “Indemnitee”) from and
against all Liabilities (including brokerage commissions, fees and other
compensation) that may be imposed on, incurred by or asserted against any such
Indemnitee in any matter relating to or arising out of, in connection with or
as a result of (i) any Loan Document, any Related Document, any Disclosure
Document, any Obligation (or the repayment thereof), any Letter of Credit, the
use or intended use of the proceeds of any Loan or the use of any Letter of
Credit or any Related Transaction, or any securities filing of, or with respect
to, any Group Member, (ii) any commitment letter, proposal letter or term sheet
with any Person or any Contractual Obligation, arrangement or understanding
with any broker, finder or consultant, in each case entered into by or on
behalf of the Acquired Company, any Group Member or any Affiliate of any of
them in connection with any of the foregoing and any Contractual Obligation
entered into in connection with any E-Systems or other Electronic
Transmissions, (iii) any actual or prospective investigation, litigation or
other proceeding, whether or not brought by any such Indemnitee or any of its
Related Persons, any holders of Securities or creditors (and including reasonable
attorneys’ fees in any case), whether or not any such
Indemnitee, Related Person, holder or creditor is a party thereto, and whether
or not based on any securities or commercial law or regulation or any other
Requirement of Law or theory thereof, including common law, equity, contract,
tort or otherwise, or (iv) any other act, event or transaction related,
contemplated in or attendant to any of the foregoing (collectively, the “Indemnified
Matters”); provided, however, that the Borrower shall not
have any liability under this Section 11.4 to any Indemnitee with
respect to any Indemnified Matter, and no Indemnitee shall have any liability
with respect to any Indemnified Matter other than (to the extent otherwise
liable), to the extent such liability has resulted from the gross negligence or
willful misconduct of such Indemnitee, as determined by a court of competent
jurisdiction in a final non appealable judgment or order. Furthermore, each of
Holdings and the Borrower waives and agrees not to assert against any
Indemnitee, and shall cause each other Loan Party to waive and not assert
against any Indemnitee, any right of contribution with respect to any
Liabilities that may be imposed on, incurred by or asserted against any Related
Person.

 

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(b)                                 Without limiting the foregoing, “Indemnified
Matters” includes all Environmental Liabilities, including those arising
from, or otherwise involving, any property of any Related Person or any actual,
alleged or prospective damage to property or natural resources or harm or
injury alleged to have resulted from any Release of Hazardous Materials on,
upon or into such property or natural resource or any property on or contiguous
to any real property of any Related Person, whether or not, with respect to any
such Environmental Liabilities, any Indemnitee is a mortgagee in possession,
the successor-in-interest to any Related Person or the owner or operator of any
property of any Related Person through any foreclosure action, in each case
except to the extent such Environmental Liabilities (i) are incurred solely
following foreclosure by any Secured Party or following any Secured Party
having become the successor-in-interest to any Loan Party and (ii) are
attributable solely to acts of such Indemnitee.

 

Section 11.5                                Survival. Any indemnification or other
protection provided to any Indemnitee pursuant to any Loan Document (including
pursuant to Section 2.17 (Taxes), Section 2.16 (Breakage
Costs; Increased Costs; Capital Requirements), Article X (The
Administrative Agent), Section 11.3 (Costs and Expenses),
Section 11.4 (Indemnities) or this Section 11.5)
and all representations and warranties made in any Loan Document shall
(A) survive the termination of the Commitments and the payment in full of
other Obligations and (B) inure to the benefit of any Person that at any time
held a right thereunder (as an Indemnitee or otherwise) and, thereafter, its
successors and permitted assigns.

 

Section 11.6                                Limitation of Liability for Certain
Damages. In no event
shall any Indemnitee be liable on any theory of liability for any special,
indirect, consequential or punitive damages (including any loss of profits,
business or anticipated savings). Each of Holdings and the Borrower hereby
waives, releases and agrees (and shall cause each other Loan Party to waive,
release and agree) not to sue upon any such claim for any special, indirect,
consequential or punitive damages, whether or not accrued and whether or not
known or suspected to exist in its favor.

 

Section 11.7                                Lender-Creditor Relationship. The relationship between the Lenders,
the L/C Issuers and the Administrative Agent, on the one hand, and the Loan
Parties, on the other hand, is solely that of lender and creditor. No Secured
Party has any fiduciary relationship or duty to any Loan Party arising out of
or in connection with, and there is no agency, tenancy or joint venture
relationship between the Secured Parties and the Loan Parties by virtue of, any
Loan Document or any transaction contemplated therein.

 

Section 11.8                                Right of Setoff. Each of the Administrative Agent, each
Lender, each L/C Issuer and each Affiliate (including each branch office
thereof) of any of them is hereby authorized, without notice or demand (each of
which is hereby waived by Holdings and the Borrower), at any time and from time
to time during the continuance of any Event of Default and to the fullest
extent permitted by applicable Requirements of Law, to set off and apply any
and all deposits (whether general or special, time or demand, provisional or
final) at any time held and other Indebtedness, claims or other obligations at
any time owing by the Administrative Agent, such Lender, such L/C Issuer or any
of their respective Affiliates to or for the credit or the account of Holdings
or the Borrower against any Obligation of any Loan Party now or hereafter
existing, whether or not any demand was made under any Loan Document with
respect to such Obligation and even though such Obligation may be unmatured. Each
of the Administrative Agent, each Lender and each L/C Issuer agrees promptly to
notify the Borrower and the

 

93

 

Administrative Agent after any
such setoff and application made by such Lender or its Affiliates; provided,
however, that the failure to give such notice shall not affect the
validity of such setoff and application. The rights under this Section 11.8
are in addition to any other rights and remedies (including other rights of
setoff) that the Administrative Agent, the Lenders and the L/C Issuers and
their Affiliates and other Secured Parties may have.

 

Section 11.9                                Sharing of Payments, Etc. If any Lender, directly or through an
Affiliate or branch office thereof, obtains any payment of any Obligation of
any Loan Party (whether voluntary, involuntary or through the exercise of any
right of setoff or the receipt of any Collateral or “proceeds” (as
defined under the applicable UCC) of Collateral) other than pursuant to Sections 2.16
(Breakage Costs; Increased Costs; Capital Requirements), 2.17 (Taxes)
and 2.18 (Substitution of Lenders) and such payment exceeds the
amount such Lender would have been entitled to receive if all payments had gone
to, and been distributed by, the Administrative Agent in accordance with the
provisions of the Loan Documents, such Lender shall purchase for cash from
other Secured Parties such participations in their Obligations as necessary for
such Lender to share such excess payment with such Secured Parties to ensure
such payment is applied as though it had been received by the Administrative
Agent and applied in accordance with this Agreement (or, if such application
would then be at the discretion of the Borrower, applied to repay the
Obligations in accordance herewith); provided, however, that (a)
if such payment is rescinded or otherwise recovered from such Lender or L/C
Issuer in whole or in part, such purchase shall be rescinded and the purchase
price therefor shall be returned to such Lender or L/C Issuer without interest
and (b) such Lender shall, to the fullest extent permitted by applicable
Requirements of Law, be able to exercise all its rights of payment (including
the right of setoff) with respect to such participation as fully as if such
Lender were the direct creditor of the Borrower in the amount of such
participation.

 

Section 11.10                          Marshaling; Payments Set Aside. No Secured Party shall be under any
obligation to marshal any property in favor of any Loan Party or any other
party or against or in payment of any Obligation. To the extent that any
Secured Party receives a payment from the Borrower, from the proceeds of the
Collateral, from the exercise of its rights of setoff, any enforcement action
or otherwise, and such payment is subsequently, in whole or in part,
invalidated, declared to be fraudulent or preferential, set aside or required
to be repaid to a trustee, receiver or any other party, then to the extent of
such recovery, the obligation or part thereof originally intended to be
satisfied, and all Liens, rights and remedies therefor, shall be revived and
continued in full force and effect as if such payment had not occurred.

 

Section 11.11                          Notices. (a)  Addresses. All notices, demands, requests, directions and other
communications required or expressly authorized to be made by this Agreement
shall, whether or not specified to be in writing but unless otherwise expressly
specified to be given by any other means, be given in writing and (i) addressed
to (A) if to Holdings or the Borrower, to it c/o Duff & Phelps, LLC, 909
Third Avenue, 12th Floor, New York, NY 10022, Attention: Jacob L. Silverman,
Tel: (212) 450-2880, Fax: (212) 450-2801, with copies to Vester Capital
Partners, 245 Park Avenue, 41st Floor, New York, New York 10167,
Attention:  Jack Feder, Tel:  (212) 351-1630, Fax:  (212) 808-4922, and Vester Capital Partners,
1225 17th Street, Suite 1660, Denver, Colorado 80202, Attention:  John R. Woodard, Tel:  (303) 294-1821, Fax:  (303) 294-1837 (B) if to the Administrative
Agent or the Swingline Lender, to General Electric Capital

 

94

 

Corporation, 299 Park Avenue,
New York, NY  10171, Attention:  Duff & Phelps, Account Officer, Tel:  (646) 428-8000, Fax:  (646) 428-7297, with copies to: General
Electric Capital Corporation, 299 Park Avenue, New York, NY  10171, Attention: Counsel; Global Sponsor
Finance, Tel: (646) 428-7221, Fax: (646) 428-7297; and King & Spalding LLP,
1185 Avenue of the Americas, New York, New York 10036, Attention: Robert S.
Finley, Tel: (212) 556-2142, Fax: (212) 556-2222 and (C) otherwise to the party
to be notified at its address specified opposite its name on Schedule II
or on the signature page of any applicable Assignment, (ii) posted to
Intralinks® (to the extent such system is available and set up by or
at the direction of the Administrative Agent prior to posting) in an
appropriate location by uploading such notice, demand, request, direction or
other communication to www.intralinks.com, faxing it to (866) 545-6600 with an
appropriate bar-coded fax coversheet or using such other means of posting to
Intralinks® as may be available and reasonably acceptable to the
Administrative Agent prior to such posting, (iii) posted to any other E-System
set up by or at the direction of the Administrative Agent in an appropriate
location or (iv) addressed to such other address as shall be notified in
writing (A) in the case of the Borrower, the Administrative Agent and the
Swingline Lender, to the other parties hereto and (B) in the case of all other
parties, to the Borrower and the Administrative Agent. Transmission by
electronic mail (including E-Fax, even if transmitted to the fax numbers set
forth in clause (i) above) shall not be sufficient or effective to
transmit any such notice under this clause (a) unless such transmission
is an available means to post to any E-System.

 

(b)                                 Effectiveness. All communications described in clause
(a) above and all other notices, demands, requests and other communications
made in connection with this Agreement shall be effective and be deemed to have
been received (i) if delivered by hand, upon personal delivery, (ii) if
delivered by overnight courier service, one Business Day after delivery to such
courier service, (iii) if delivered by mail, when deposited in the mails, (iv)
if delivered by facsimile (other than to post to an E-System pursuant to clause
(a)(ii) or (a)(iii) above), upon sender’s receipt of confirmation of
proper transmission, and (v) if delivered by posting to any E-System, on the
later of the date of such posting in an appropriate location and the date
access to such posting is given to the recipient thereof in accordance with the
standard procedures applicable to such E-System; provided, however,
that no communications to the Administrative Agent pursuant to Article II
or Article X shall be effective until received by the
Administrative Agent.

 

Section 11.12                          Electronic Transmissions. (a)  Authorization. Subject to the provisions of Section 11.11(a),
each of the Administrative Agent, the Borrower, the Lenders, the L/C Issuers
and each of their Related Persons is authorized (but not required) to transmit,
post or otherwise make or communicate, in its sole discretion, Electronic
Transmissions in connection with any Loan Document and the transactions
contemplated therein. Each of Holdings, the Borrower and each Secured Party
hereby acknowledges and agrees, and each of Holdings and the Borrower shall
cause each other Group Member to acknowledge and agree, that the use of
Electronic Transmissions is not necessarily secure and that there are risks
associated with such use, including risks of interception, disclosure and abuse
and each indicates it assumes and accepts such risks by hereby authorizing the
transmission of Electronic Transmissions.

 

(b)                                 Signatures. Subject to the provisions of Section 11.11(a),
(i)(A) no posting to any E-System shall be denied legal effect merely because
it is made electronically, (B) each E-Signature on any such posting shall
be deemed sufficient to satisfy any requirement for a “signature” and
(C) each such posting shall be deemed sufficient to satisfy any
requirement for a “writing”, in each case including pursuant to any Loan
Document, any applicable provision

 

95

 

of any UCC, the federal
Uniform Electronic Transactions Act, the Electronic Signatures in Global and
National Commerce Act and any substantive or procedural Requirement of Law
governing such subject matter, (ii) each such posting that is not readily
capable of bearing either a signature or a reproduction of a signature may be
signed, and shall be deemed signed, by attaching to, or logically associating
with such posting, an E-Signature, upon which each Secured Party and Loan Party
may rely and assume the authenticity thereof, (iii) each such posting
containing a signature, a reproduction of a signature or an E-Signature shall,
for all intents and purposes, have the same effect and weight as a signed paper
original and (iv) each party hereto or beneficiary hereto agrees not to contest
the validity or enforceability of any posting on any E-System or E-Signature on
any such posting under the provisions of any applicable Requirement of Law
requiring certain documents to be in writing or signed; provided, however,
that nothing herein shall limit such party’s or beneficiary’s right to contest
whether any posting to any E-System or E-Signature has been altered after transmission.

 

(c)                                  Separate Agreements. All uses of an E-System shall be
governed by and subject to, in addition to Section 11.11 and this Section 11.12,
separate terms and conditions posted or referenced in such E-System and related
Contractual Obligations executed by Secured Parties and Group Members in
connection with the use of such E-System.

 

(d)                                 LIMITATION OF LIABILITY. ALL E-SYSTEMS AND ELECTRONIC
TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF
ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PERSONS WARRANTS THE ACCURACY,
ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION, AND EACH
DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY
KIND IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PERSONS IN
CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS. Each of
Holdings, the Borrower and each Secured Party agrees (and each of Holdings and
the Borrower shall cause each other Loan Party to agree) that the
Administrative Agent has no responsibility for maintaining or providing any
equipment, software, services or any testing required in connection with any
Electronic Transmission or otherwise required for any E-System.

 

Section 11.13                          Governing Law. This Agreement, each other Loan
Document that does not expressly set forth its applicable law, and the rights
and obligations of the parties hereto and thereto shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

 

Section 11.14                          Jurisdiction. (a)  Submission to Jurisdiction. Any legal action or proceeding with
respect to any Loan Document may be brought in the courts of the State of New
York located in the City of New York, Borough of Manhattan, or of the United
States of America for the Southern District of New York and, by execution and
delivery of this Agreement, each of Holdings and the Borrower hereby accepts
for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts. The parties hereto (and, to the extent
set forth in any other Loan Document, each other Loan Party) hereby irrevocably
waive any objection, including any objection to the laying of venue or based on
the grounds of forum  non  conveniens,
that any of them may now or hereafter have to the bringing of any such action
or proceeding in such jurisdictions.

 

96

 

(b)                                 Service of Process. Each of Holdings and Borrower (and, to
the extent set forth in any other Loan Document, each other Loan Party) hereby
irrevocably waives personal service of any and all legal process, summons,
notices and other documents and other service of process of any kind and
consents to such service in any suit, action or proceeding brought in the
United States of America with respect to or otherwise arising out of or in
connection with any Loan Document by any means permitted by applicable
Requirements of Law, including by the mailing thereof (by registered or
certified mail, postage prepaid) to the address of Borrower specified in Section 11.11
(and shall be effective when such mailing shall be effective, as provided
therein). Each of Holdings and the Borrower (and, to the extent set forth in
any other Loan Document, each other Loan Party) 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.

 

(c)                                  Non-Exclusive Jurisdiction. Nothing contained in this Section 11.14
shall affect the right of the Administrative Agent or any Lender to serve
process in any other manner permitted by applicable Requirements of Law or
commence legal proceedings or otherwise proceed against any Loan Party in any
other jurisdiction.

 

Section 11.15                          WAIVER OF JURY TRIAL. Each party hereto hereby irrevocably
waives trial by jury in any suit, action or proceeding with respect to, or
directly or indirectly arising out of, under or in connection with, any Loan
Document or the transactions contemplated therein or related thereto (whether
founded in contract, tort or any other theory). Each party hereto (A) certifies
that no other party and no Related Person of any other party has represented,
expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver and (B) acknowledges that
it and the other parties hereto have been induced to enter into the Loan
Documents, as applicable, by the mutual waivers and certifications in this Section 11.15.

 

Section 11.16                          Severability. Any provision of any Loan Document
being held illegal, invalid or unenforceable in any jurisdiction shall not
affect any part of such provision not held illegal, invalid or unenforceable,
any other provision of any Loan Document or any part of such provision in any
other jurisdiction.

 

Section 11.17                          Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different parties in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart. Delivery of an executed signature page of this Agreement by
facsimile transmission or Electronic Transmission shall be as effective as
delivery of a manually executed counterpart hereof.

 

Section 11.18                          Entire Agreement. The Loan Documents embody the entire
agreement of the parties and supersede all prior agreements and understandings
relating to the subject matter thereof and any prior letter of interest,
commitment letter, fee letter, confidentiality and similar agreements involving
any Loan Party and any of the Administrative Agent, any Lender or any L/C
Issuer or any of their respective Affiliates relating to a financing of
substantially similar form, purpose or effect. In the event of any conflict
between the terms of this Agreement and any other Loan Document, the terms of
this Agreement shall govern (unless such terms of such other

 

97

 

Loan Documents are necessary to
comply with applicable Requirements of Law, in which case such terms shall
govern to the extent necessary to comply therewith).

 

Section 11.19                          Use of Name. Each of Holdings and the Borrower
agrees, and shall cause each other Loan Party to agree, that it shall not, and
none of its Affiliates shall, issue any press release or other public
disclosure (other than any document filed with any Governmental Authority
relating to a public offering of the Securities of any Loan Party) using the
name, logo or otherwise referring to GE Capital or of any of its Affiliates,
the Loan Documents or any transaction contemplated therein to which the Secured
Parties are party without at least 2 Business Days’ prior notice to GE
Capital and without the prior consent of GE Capital except to the extent
required to do so under applicable Requirements of Law.

 

Section 11.20                          Non-Public Information; Confidentiality. (a) Each Lender and L/C Issuer acknowledges and agrees that it may
receive material non-public information hereunder concerning the Loan Parties
and their Affiliates and Securities and agrees to use such information in
compliance with all relevant policies, procedures and Contractual Obligations
and applicable Requirements of Laws (including United States federal and state
security laws and regulations).

 

(b)                                 Each Lender, L/C Issuer and the
Administrative Agent agrees to use all reasonable efforts to maintain, in
accordance with its customary practices, the confidentiality of information
obtained by it pursuant to any Loan Document and designated in writing by any
Loan Party as confidential, except that such information may be disclosed (i)
with the Borrower’s consent, (ii) to Related Persons of such Lender, L/C Issuer
or the Administrative Agent, as the case may be, or to any Person that any L/C
Issuer causes to Issue Letters of Credit hereunder, that are advised of the
confidential nature of such information and are instructed to keep such
information confidential, (iii) to the extent such information presently is or
hereafter becomes available to such Lender, L/C Issuer or the Administrative
Agent, as the case may be, on a non-confidential basis from a source other than
any Loan Party, (iv) to the extent disclosure is required by applicable
Requirements of Law or other legal process or requested or demanded by any
Governmental Authority, (v) to the extent necessary or customary for inclusion
in league table measurements or in any tombstone or other advertising materials
(and the Loan Parties consent to the publication of such tombstone or other
advertising materials by the Administrative Agent, any Lender, any L/C Issuer
or any of their Related Persons), (vi) to the National Association of
Insurance Commissioners or any similar organization, any examiner or any
nationally recognized rating agency or otherwise to the extent consisting of
general portfolio information that does not identify borrowers, (vii) to
current or prospective assignees, SPVs that are grantees of any option
described in Section 11.2(f) or participants, direct or contractual
counterparties to any Hedging Agreement permitted hereunder and to their
respective Related Persons, in each case to the extent such assignees, SPVs,
participants, counterparties or Related Persons agree to be bound by the
provisions of this Section 11.20 and (viii) in connection with the
exercise of any remedy under any Loan Document. In the event of any conflict
between the terms of this Section 11.20 and those of any other
Contractual Obligation entered into with any Loan Party (whether or not a Loan
Document), the terms of this Section 11.20 shall govern.

 

Section 11.21                          Patriot Act Notice. Each Lender subject to the USA Patriot
Act of 2001 (31 U.S.C. 5318 et seq.) hereby notifies the Borrower that,
pursuant to Section 326 thereof, it is required to obtain, verify and record
information that identifies the Borrower, including the name

 

98

 

and address of the Borrower and
other information allowing such Lender to identify the Borrower in accordance
with such act.

 

[SIGNATURE PAGES FOLLOW]

 

99

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

	
   

  	
  DUFF & PHELPS, LLC

  
	
   

  	
  as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DUFF & PHELPS ACQUISITIONS, LLC

  
	
   

  	
  as Holdings

  
	
   

  	
   

  
	
   

  	
  By: DUFF & PHELPS HOLDINGS LLC

  
	
   

  	
         its
  Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
  Title: CEO

  

 

100

 

	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION

  
	
   

  	
  as Administrative Agent, L/C Issuer,

  Swingline Lender and Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michelle Handy

  	
   

  
	
   

  	
   

  	
  Name: Michelle Handy

  
	
   

  	
   

  	
  Title:   Duly Authorized Signatory

  

 

101

 

	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emily Eigel

  	
   

  
	
   

  	
   

  	
  Name: Emily Eigel

  
	
   

  	
   

  	
  Title: Loan OfficerExhibit 10.2

 

AMENDMENT NO. 1 TO CREDIT
AGREEMENT

 

This AMENDMENT NO. 1 to
the Credit Agreement referred to below, dated as of June 14, 2006 (this “Amendment”),
is entered into by and among Duff & Phelps, LLC (the “Borrower”),
Duff & Phelps Acquisitions, LLC, as one of the guarantors (“Holdings”),
the persons designated as “Lenders” on the signature pages hereto (the “Lenders”)
and General Electric Capital Corporation, in its capacity as Administrative
Agent (the “Administrative Agent”) for its own benefit and the benefit
of the Lenders.

 

WHEREAS, the Borrower,
Holdings, the Lenders and the Administrative Agent are party to the Credit
Agreement dated as of September 30, 2005, (the “Credit Agreement”); and

 

WHEREAS, the parties hereto wish to amend the Credit
Agreement on the terms and conditions hereof; and

 

WHEREAS, Section 11.1(a) of the Credit
Agreement requires the written consent of the Required Lenders and the
Borrowers to certain amendments to the Credit Agreement;

 

NOW, THEREFORE, in consideration of the premises and
the agreements, provisions and covenants herein contained, and subject to the
terms and conditions hereof the Borrowers, the Loan Parties signatory hereto,
the Lenders whose signatures appear below, the L/C Issuer signatory hereto and
the Administrative Agent agree as follows:

 

SECTION 1.

 

DEFINITIONS

 

1.1.          Unless otherwise provided, all
capitalized terms used herein shall have the meanings ascribed thereto in the
Credit Agreement.

 

SECTION 2.

 

AMENDMENT

 

2.1.          Subject to the satisfaction of the
conditions set forth in Section 3, the Credit Agreement hereby is
amended as follows:

 

(a)           Section 1.1 of the Credit
Agreement is amended by adding the following sentence immediately after the
period at the end of the definition of “Capital Expenditures”:

 

“In the event that such Person receives reimbursement
of an expenditure that has been included as a Capital Expenditure under this
definition from a lessor as an incentive in connection with an operating lease
between such Person and such lessor, the amount of Capital Expenditures for the
period in which such reimbursement occurs shall be reduced (but not below zero)
by the amount of such reimbursement.”

 

(b)           Section 1.1 of the Credit
Agreement is amended by (i) replacing the word “and” appearing immediately
before “(b)” in the definition of “Consolidated Net Income” with a “,” and (ii)
adding the following phrase immediately prior to the period at the end of the
definition of “Consolidated Net Income”: “and (c) any income attributable to a
reduction in rent expense arising by virtue of a reimbursement by a lessor of
an expenditure to the extent such reimbursement has reduced Capital
Expenditures under the last sentence of the definition of the term ‘Capital
Expenditures’”.

 

SECTION 3.

 

CONDITIONS TO EFFECTIVENESS

 

3.1.          The
amendments set forth in Section 2 shall become effective on the date
(the “Effective Date”) on which the following conditions have been
satisfied in full:

 

(a)           the
Administrative Agent shall have received one or more counterparts of this
Amendment No. 1 executed and delivered by the Required Lenders, the Borrowers
and each other Loan Party; and

 

(b)           there shall be no continuing Default
or Event of Default and the representations and warranties of the Loan Parties
contained in the Loan Documents, as amended by this Amendment No. 1, shall be
true and correct in all material respects as of the Effective Date or such
other specific date as of which any such representation or warranty is by its
terms made.

 

SECTION 4.

 

LIMITATION ON SCOPE

 

Except as hereby
expressly amended, the Loan Documents shall remain in full force and effect in
accordance with their respective terms. The amendments set forth herein shall
be limited precisely as provided for herein and shall not be deemed to be
waivers of, amendments of, consents to or modifications of, any term or
provision of the Loan Documents, any other document or instrument referred to
therein or any transaction or further or future action on the part of Borrowers
or any other Loan Party requiring the consent of Administrative Agent or
Lenders, except to the extent specifically provided for in this Amendment No. 1.
The Administrative Agent and the Lenders have not and shall not be
deemed to have waived any of their respective rights and remedies against the
Borrower or any other Group Member for any existing or future Defaults or Event
of Default.

 

SECTION 5.

 

REPRESENTATIONS AND WARRANTIES

 

5.1.          Each Borrower, Holdings and each other
Loan Party hereby represents and warrants as follows:

 

(a)           this Amendment No. 1 has been duly
authorized and executed by such Borrower, Loan Party or Holdings (as
applicable) and the Credit Agreement, as amended by this Amendment No. 1, is
the legal, valid and binding obligation of such Borrower, Loan Party or
Holdings (as applicable), enforceable in accordance with its terms, except as
(i) such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting the rights of
creditors in general and (ii) the availability of equitable remedies may
be limited by equitable principles of general applicability; and

 

(b)           the representations and warranties of
such Borrower, Loan Party or Holdings (as applicable) contained in the Credit
Agreement are true and correct on and as of the Effective Date, except to the
extent such representations and warranties relate to a specific date; provided
that references to the “Credit Agreement” or “this Agreement” in such
representations and warranties shall be deemed to be references to the Credit
Agreement as amended pursuant to this Amendment No. 1.

 

2

 

SECTION 6.

 

MISCELLANEOUS

 

6.1.          Each Loan Party (other than the
Borrowers) consents to the execution and delivery by the Borrowers of this
Amendment No. 1 and agrees that neither such execution and delivery nor
performance thereof by any Borrower shall constitute a defense to any
obligations of such Loan Party under any Loan Document, each of which shall
continue in full force and effect.

 

6.2.          Each Borrower, Loan Party and Holdings
hereby ratifies the Credit Agreement, as amended by this Amendment No. 1.

 

6.3.          Each Loan Party that is a party hereto
agrees that all Loan Documents, as amended by this Amendment No. 1 or otherwise
amended in connection herewith, remain in full force and effect notwithstanding
the execution and delivery of this Amendment No. 1 and that nothing contained
in this Amendment No. 1 shall constitute a defense to the enforcement of any
Loan Document.

 

6.4.          This Amendment No. 1 is being
delivered in the State of New York.

 

6.5.          This Amendment No. 1 may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be deemed an original, but all of which counterparts
together shall constitute but one and the same instrument.

 

6.6.          All
references in the Loan Documents to the “Credit Agreement” and in the Credit
Agreement, as amended hereby, to “this Agreement,” “hereof,” “herein”, “hereto”
and the like shall mean and refer to the Credit Agreement as amended by this
Amendment No. 1.

 

6.7.          This
Amendment No. 1 shall constitute a Loan Document and shall be subject to the
provisions of Sections 11.1, 11.2, 11.11, 11.13, 11.14, 11.15, 11.16 and
11.17, each of which is incorporated by reference herein, mutatis mutandi.

 

[Signature page follows.]

 

3

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GENERAL ELECTRIC CAPITAL CORPORATION

  
	
   

  	
   

  	
  as Administrative Agent, L/C Issuer,

  
	
   

  	
   

  	
  Swingline Lender and Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Daniel McCreally

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Dan McCreally

  
	
   

  	
   

  	
  Title:

  	
  Its Duly Authorized
  Signatory

  

 

 

	
   

  	
   

  	
  DUFF
  & PHELPS, LLC

  
	
   

  	
   

  	
  as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DUFF & PHELPS ACQUISITIONS, LLC

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DUFF & PHELPS HOLDINGS LLC

  
	
   

  	
   

  	
   

  	
  its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  D&P NETHERLANDS HOLDINGS LLC

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DUFF & PHELPS MANAGEMENT CO., LLC

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DUFF & PHELPS MANAGEMENT COMPANY

  
	
   

  	
   

  	
   

  	
  its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DUFF & Phelps MANAGEMENT COMPANY

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  

 

 

	
   

  	
   

  	
  DUFF & PHELPS SECURITIES, LLC

  
	
   

  	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DUFF & PHELPS, LLC

  
	
   

  	
   

  	
   

  	
  its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Noah Gottdiener

  
	
   

  	
   

  	
   

  	
  Title:   CEO

  

 

 

	
   

  	
   

  	
  LaSalle Bank National Association

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Emily Eigel

  	
   

  
	
   

  	
   

  	
   

  	
  Emily Eigel

  
	
   

  	
   

  	
   

  	
  Assistant Vice President

  

 

 

	
   

  	
   

  	
  GOLUB CAPITAL LOAN TRUST 2005-1, as a

  
	
   

  	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Golub Capital Incorporated,

  	
   

  
	
   

  	
   

  	
   

  	
  as Servicer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregory W. Cashman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory W. Cashman

  
	
   

  	
   

  	
  Title:

  	
  Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GOLUB INTERNATIONAL LOAN LTD. I, as a

  
	
   

  	
   

  	
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:       GOLUB
  CAPITAL INTERNATIONAL

  MANAGEMENT LLC, as Collateral Manger

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregory W. Cashman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory W. Cashman

  
	
   

  	
   

  	
  Title:

  	
  Chief Investment Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]