Document:

exv10w1

Exhibit 10.1

December 20, 2010

Coca-Cola Bottling Co. Consolidated

Attn: Mr. James E. Harris

Senior Vice President and Chief Financial Officer

4100 Coca-Cola Plaza

Charlotte, NC 28211

Re: Amendment No. 1 to Incidence Pricing Agreement

Dear Jamie:

This letter agreement confirms our agreement to amend the Incidence Pricing Agreement
between Coca-Cola Bottling Co. Consolidated and The Coca-Cola Company, Coca-Cola North
America Division, dated as of March 16, 2009 (the “Pricing
Agreement”).

Pursuant to this letter agreement, the first sentence of paragraph 2 of the Pricing
Agreement is deleted in its entirety and replaced with the following sentence:

“The Program shall be for a minimum of three years beginning on January 1, 2009, and shall
end on December 31, 2011, unless terminated earlier by either party as permitted herein or
renewed or extended by mutual written agreement of the parties (the
“Term”).”

If this letter accurately sets forth our understanding and agreement, please sign below
and return one copy to the undersigned for our files.

Sincerely,

/s/ Alan Rabb

 

Alan Rabb

Vice President, Franchise & Commercial Operations

Coca-Cola North America

	 	 	 	 	 
	AGREED this 27 th day of December, 2010:

Coca-Cola Bottling Co. Consolidated

 	 	 
	By:  	/s/
James E. Harris
 	 	 
	 	Printed Name: 	James E. Harris 	 	 
	 	Title:	Senior Vice President and
Chief Financial Officerexv10w1

Exhibit 10.1

 

 

CREDIT AGREEMENT

Dated as of December 22, 2010

among

DELPHI FINANCIAL GROUP, INC.

as the Borrower,

BANK OF AMERICA, N.A.,

as Administrative Agent,

U.S. BANK NATIONAL ASSOCIATION,

as Syndication Agent

BARCLAYS BANK PLC,

KEYBANK NATIONAL ASSOCIATION

WELLS FARGO BANK, N.A.,

as Co-Documentation Agents

and

The Other Lenders Party Hereto

MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED

and

U.S. BANK NATIONAL ASSOCIATION,

Joint Lead Arrangers and Book Managers

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	 	 	1	 
	1.01

	 	Defined Terms
	 	 	1	 
	1.02

	 	Other Interpretive Provisions
	 	 	21	 
	1.03

	 	Accounting Terms
	 	 	22	 
	1.04

	 	Rounding
	 	 	22	 
	1.05

	 	References to Agreements and Laws
	 	 	23	 
	1.06

	 	Times of Day
	 	 	23	 
	ARTICLE II THE COMMITMENTS AND LOANS	 	 	23	 
	2.01

	 	Loans
	 	 	23	 
	2.02

	 	Borrowings, Conversions and Continuations of Loans
	 	 	23	 
	2.03

	 	Prepayments
	 	 	25	 
	2.04

	 	Termination or Reduction of Commitments
	 	 	26	 
	2.05

	 	Repayment of Loans
	 	 	26	 
	2.06

	 	Interest
	 	 	26	 
	2.07

	 	Fees
	 	 	27	 
	2.08

	 	Computation of Interest and Fees
	 	 	28	 
	2.09

	 	Evidence of Debt
	 	 	28	 
	2.10

	 	Payments Generally; Administrative Agent’s Clawback
	 	 	28	 
	2.11

	 	Sharing of Payments by Lenders; Collateral
	 	 	30	 
	2.12

	 	Increase in Revolving Commitments
	 	 	31	 
	2.13

	 	Defaulting Lenders
	 	 	32	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	 	 	34	 
	3.01

	 	Taxes
	 	 	34	 
	3.02

	 	Illegality
	 	 	37	 
	3.03

	 	Inability to Determine Rates
	 	 	38	 
	3.04

	 	Increased Costs; Reserves on Eurodollar Rate Loans
	 	 	38	 
	3.05

	 	Compensation for Losses
	 	 	39	 
	3.06

	 	Mitigation Obligations; Replacement of Lenders
	 	 	40	 
	3.07

	 	Survival
	 	 	40	 
	ARTICLE IV CONDITIONS PRECEDENT TO loans	 	 	40	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	4.01

	 	Conditions of Initial Loan
	 	 	40	 
	4.02

	 	Conditions to all Loans
	 	 	42	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	 	 	42	 
	5.01

	 	Existence, Qualification and Power; Compliance with Laws
	 	 	43	 
	5.02

	 	Authorization; No Contravention
	 	 	43	 
	5.03

	 	Governmental Authorization; Other Consents
	 	 	43	 
	5.04

	 	Binding Effect
	 	 	43	 
	5.05

	 	Financial Statements; No Material Adverse Effect
	 	 	43	 
	5.06

	 	Litigation and Guarantees
	 	 	45	 
	5.07

	 	No Default
	 	 	45	 
	5.08

	 	Ownership of Property; Liens
	 	 	45	 
	5.09

	 	Environmental Compliance
	 	 	45	 
	5.10

	 	Taxes
	 	 	46	 
	5.11

	 	ERISA Compliance
	 	 	46	 
	5.12

	 	Subsidiaries
	 	 	47	 
	5.13

	 	Margin Regulations; Investment Company Act
	 	 	47	 
	5.14

	 	Disclosure
	 	 	47	 
	5.15

	 	Compliance with Laws
	 	 	47	 
	5.16

	 	Proceeds
	 	 	47	 
	5.17

	 	Insurance
	 	 	48	 
	5.18

	 	Governmental Authorizations
	 	 	48	 
	5.19

	 	Solvency
	 	 	48	 
	5.20

	 	Insurance Licenses
	 	 	48	 
	5.21

	 	No Default
	 	 	48	 
	5.22

	 	Replacement of Schedules
	 	 	48	 
	5.23

	 	Taxpayer Identification Number
	 	 	48	 
	ARTICLE VI AFFIRMATIVE COVENANTS	 	 	48	 
	6.01

	 	Reports, Certificates and Other Information
	 	 	48	 
	6.02

	 	Payment of Obligations
	 	 	53	 
	6.03

	 	Preservation of Existence, etc.
	 	 	53	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	6.04

	 	Maintenance of Properties
	 	 	53	 
	6.05

	 	Maintenance of Insurance
	 	 	53	 
	6.06

	 	Compliance with Laws; Material Contractual Obligations
	 	 	53	 
	6.07

	 	Books and Records
	 	 	54	 
	6.08

	 	Inspection Rights
	 	 	54	 
	ARTICLE VII NEGATIVE COVENANTS	 	 	54	 
	7.01

	 	Liens
	 	 	54	 
	7.02

	 	Consolidation, Merger, etc.
	 	 	56	 
	7.03

	 	Asset Disposition, etc.
	 	 	56	 
	7.04

	 	Dividends, etc.
	 	 	56	 
	7.05

	 	Investments
	 	 	57	 
	7.06

	 	Regulation U
	 	 	57	 
	7.07

	 	Other Agreements
	 	 	57	 
	7.08

	 	Business Activities
	 	 	57	 
	7.09

	 	Transactions with Affiliates
	 	 	57	 
	7.10

	 	Ownership of RSL and Safety National
	 	 	58	 
	7.11

	 	Consolidated Net Worth
	 	 	58	 
	7.12

	 	Debt to Capital
	 	 	58	 
	7.13

	 	Risk-Based Capital Ratio
	 	 	58	 
	7.14

	 	Subsidiary Indebtedness
	 	 	58	 
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES	 	 	58	 
	8.01

	 	Events of Default
	 	 	58	 
	8.02

	 	Remedies Upon Event of Default
	 	 	60	 
	8.03

	 	Application of Funds
	 	 	61	 
	ARTICLE IX ADMINISTRATIVE AGENT	 	 	61	 
	9.01

	 	Appointment and Authority
	 	 	61	 
	9.02

	 	Rights as a Lender
	 	 	61	 
	9.03

	 	Exculpatory Provisions
	 	 	62	 
	9.04

	 	Reliance by Administrative Agent
	 	 	62	 
	9.05

	 	Delegation of Duties
	 	 	63	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	9.06

	 	Resignation of Administrative Agent
	 	 	63	 
	9.07

	 	Non-Reliance on Administrative Agent and Other Lenders
	 	 	64	 
	9.08

	 	No Other Duties, Etc.
	 	 	64	 
	9.09

	 	Administrative Agent May File Proofs of Claim
	 	 	64	 
	ARTICLE X MISCELLANEOUS	 	 	65	 
	10.01

	 	Amendments, Etc
	 	 	65	 
	10.02

	 	Notices; Effectiveness; Electronic Communications
	 	 	66	 
	10.03

	 	No Waiver; Cumulative Remedies; Enforcement
	 	 	68	 
	10.04

	 	Expenses; Indemnity; Damage Waiver
	 	 	68	 
	10.05

	 	Payments Set Aside
	 	 	70	 
	10.06

	 	Successors and Assigns
	 	 	70	 
	10.07

	 	Treatment of Certain Information; Confidentiality and Non-Use
	 	 	74	 
	10.08

	 	Right of Setoff
	 	 	75	 
	10.09

	 	Interest Rate Limitation
	 	 	75	 
	10.10

	 	Counterparts; Integration; Effectiveness
	 	 	76	 
	10.11

	 	Survival of Representations and Warranties
	 	 	76	 
	10.12

	 	Severability
	 	 	76	 
	10.13

	 	Replacement of Lenders
	 	 	76	 
	10.14

	 	No Advisory or Fiduciary Responsibility
	 	 	77	 
	10.15

	 	Governing Law; Jurisdiction; etc.
	 	 	77	 
	10.16

	 	Waiver of Jury Trial
	 	 	78	 
	10.17

	 	USA PATRIOT Act Notice
	 	 	79	 
	10.18

	 	Electronic Execution of Assignments and Certain Other Documents
	 	 	79	 

-iv-

 

	 	 	 

	SCHEDULES
	 
	 	 
	2.01

	 	Commitments and Applicable Percentages
	5.05

	 	Dividends
	5.06

	 	Litigation
	5.12

	 	Subsidiaries
	7.01

	 	Existing Liens
	10.02

	 	Administrative Agent’s Office, Certain Addresses for Notices
	 
	 	 
	EXHIBITS
	 
	 	 
	Form of
	A

	 	Loan Notice
	B-1

	 	Revolving Note
	B-2

	 	Term Note
	C

	 	Compliance Certificate
	D-1

	 	Assignment and Assumption
	D-2

	 	Administrative Questionnaire
	E

	 	Opinion

1

 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (this “Agreement”) is entered into as of December 22, 2010 among DELPHI
FINANCIAL GROUP, INC., a Delaware corporation (the “Borrower”), each lender from time to time party
hereto (each a “Lender” and collectively the “Lenders”) and BANK OF AMERICA, N.A., as
Administrative Agent.

     The Borrower has requested that the Lenders provide a term loan facility and a revolving
credit facility, and the Lenders have indicated their willingness to lend on the terms and subject
to the conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

     “2009 Annual Statements” — see Section 5.05(a)(ii).

     “2010 Quarterly Statements” — see Section 5.05(a)(ii).

     “Acquired Person” shall mean any Person acquired upon the consummation of an
Acquisition permitted by the terms of this Agreement.

     “Acquisition” shall mean any transaction or series of transactions for the purpose of
or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the
assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of
50% of the capital stock, partnership interests, membership interests or equity securities (or
warrants, options, or other rights to acquire any of the foregoing) of any Person, or otherwise
causing any Person to become a Subsidiary of the Borrower, or (c) a merger or consolidation or any
other combination of the Borrower or one of its Subsidiaries with another Person (other than a
Person that is a Subsidiary of the Borrower immediately prior to such merger or consolidation);
provided that the Borrower or such Subsidiary is the surviving entity, in each case subject to and
to the extent permitted by the terms of this Agreement.

     “Adjusted Capital” shall mean, as to any of the Reliance Standard Insurance Companies
as of any date, the total amount shown on line 30, page 22, column 1 of the Annual Statement of
each of the Reliance Standard Insurance Companies and, as to Safety National as of any date, the
total amount shown on line 28, page 17, column 1 of the Annual Statement of Safety National, or, in
each case, an amount determined in a consistent manner for any date other than one as of which an
Annual Statement is prepared.

     “Administrative Agent” shall mean Bank of America in its capacity as administrative
agent under any of the Loan Documents, or any successor administrative agent.

 

 

     “Administrative Agent’s Office” shall mean the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time specify to the Borrower and the Lenders.

     “Administrative Questionnaire” shall mean an Administrative Questionnaire
substantially in the form of Exhibit D-2 or any other form approved by the Administrative
Agent.

     “Affiliate” shall mean, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with such Person.

     “Agreement” — see the introductory paragraph.

     “Annual Statement” shall mean, as to any insurance company, the annual financial
statement of such insurance company as required to be filed with the Department, together with all
exhibits or schedules filed therewith, prepared in conformity with SAP. References to amounts on
particular exhibits, schedules, lines, pages and columns of the Annual Statement are based on the
format promulgated by the NAIC for 2009 Life, Accident and Health Insurance Company Annual
Statements or 2009 Property and Casualty Insurance Company Annual Statements, as applicable. If
such format is changed in future years so that different information is contained in such items or
they no longer exist, it is understood that the reference is to information consistent with that
reported in the referenced item in the 2009 Annual Statement of such insurance company.

     “Applicable Insurance Codes” shall mean, as to any insurance company, the insurance
code of any state where such insurance company is domiciled or doing insurance business and any
successor statute of similar import, together with the regulations thereunder, as amended or
otherwise modified and in effect from time to time. References to sections of the Applicable
Insurance Code shall be construed to also refer to successor sections.

     “Applicable Percentage” shall mean (a) in respect of the Term Facility, with respect
to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of the Term
Facility represented by (i) on or prior to the Closing Date, such Term Lender’s Term Commitment at
such time and (ii) thereafter, the principal amount of such Term Lender’s Term Loans at such time
and (b) in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the
percentage (carried out to the ninth decimal place) of the Revolving Facility represented by such
Revolving Lender’s Revolving Commitment at such time. If the commitment of each Revolving Lender
to make Revolving Loans has been terminated pursuant to Section 8.02, or if the Revolving
Commitments have expired, then the Applicable Percentage of each Revolving Lender shall be
determined based on the Applicable Percentage of the Revolving Outstanding Amount of such Revolving
Lender’s Revolving Loans at such time. The initial Applicable Percentage of each Lender in respect
of each Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

     “Applicable Rate” shall mean, from time to time, the following percentages per annum,
based upon the Debt Rating as set forth below:

2

 

Applicable Rate

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pricing	 	Debt Ratings	 	Commitment	 	Eurodollar	 	Base Rate
	Level	 	S&P/Moody’s	 	Fee	 	Rate Loan	 	Loan
	1
	 	A-/A3 or better	 	 	0.250	%	 	 	1.750	%	 	 	0.750	%
	2
	 	BBB+/Baa1	 	 	0.300	%	 	 	2.000	%	 	 	1.000	%
	3
	 	BBB/Baa2	 	 	0.350	%	 	 	2.250	%	 	 	1.250	%
	4
	 	BBB-/Baa3	 	 	0.450	%	 	 	2.500	%	 	 	1.500	%
	5
	 	Less than or equal to BB+/Ba1	 	 	0.550	%	 	 	3.000	%	 	 	2.000	%

     “Debt Rating” shall mean, as of any date of determination, the rating as
determined by either S&P or Moody’s (collectively, the “Debt Ratings”) of the
Borrower’s non-credit-enhanced, senior unsecured long-term debt; provided that if a
Debt Rating is issued by each of S&P and Moody’s, then the higher of such Debt Ratings shall
apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating for
Pricing Level 5 being the lowest), unless there is a split in Debt Ratings of more than one
level, in which case the Pricing Level that is one level lower than the Pricing Level
associated with the higher Debt Rating shall apply; and if there is only one Debt Rating,
the Pricing Level associated with such Debt Rating shall apply. If no Debt Rating is in
effect, Pricing Level 5 shall apply.

Initially, the Applicable Rate shall be determined based upon the Debt Rating specified in the
certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the
Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective
during the period commencing on the date of the public announcement thereof and ending on the date
immediately preceding the Closing Date of the next such change.

     “Appropriate Lender” shall mean, at any time, with respect to the Term Facility or the
Revolving Facility, a Lender that has a Commitment with respect to such Facility or holds a Term
Loan or a Revolving Loan, respectively.

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

     “Arrangers” shall mean each of Merrill Lynch, Pierce, Fenner & Smith, Incorporated
and U.S. Bank National Association in their capacities as joint lead arrangers and joint book
managers.

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

     “Assignment and Assumption” shall mean an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b), and accepted by the Administrative Agent, in substantially the form of
Exhibit D-1 or any other form approved by the Administrative Agent.

3

 

     “Attorney Costs” shall mean and include all reasonable fees and disbursements of any
law firm or other external counsel and the nonduplicative allocated cost of internal legal services
and disbursements of internal counsel.

     “Attributable Indebtedness” shall mean, on any date, (a) in respect of any capital
lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

     “Audited Financial Statements” see Section 5.05(b).

     “Availability Period” shall mean, with respect to the Revolving Facility, the period
from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of
termination of the Revolving Commitments pursuant to Section 2.04 and (c) the date of
termination of the commitment of each Revolving Lender to make Revolving Loans pursuant to
Section 8.02(a).

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

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

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

     “Borrower” — see the introductory paragraph.

     “Borrower Materials” — see Section 6.01.

     “Borrowing” shall mean a Revolving Borrowing or a Term Borrowing, as the context may
require.

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

     “Change in Control” shall be deemed to have occurred at such times as: (a) the
Borrower ceases to own, directly or indirectly, free and clear of all Liens, at least 100% of the
outstanding shares of voting stock and voting power of Safety National and RSL on a fully diluted
basis; (b) any Person, or two or more Persons, acting in concert, other than Robert Rosenkranz or
any

4

 

Person which is an Affiliate of Robert Rosenkranz, acquire beneficial ownership (within the
meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended) of 35% or more of the combined voting power of the outstanding voting stock of
the Borrower on a fully diluted basis; or (c) individuals who as of the Closing Date constitute the
Borrower’s Board of Directors (together with any new director whose election by the Borrower’s
Board of Directors or whose nomination for election by the Borrower’s stockholders was approved by
a vote of at least two-thirds of the directors then still in office who either were directors at
the beginning of such period or whose election or nomination for election was previously so
approved), for any reason, cease to constitute a majority of the directors at any time then in
office.

     “Change in Law” shall mean the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request,
guideline or directive (whether or not having the force of law) by any Governmental Authority. For
purposes of this Agreement, all requests, guidelines or directives issued in connection with the
Dodd-Frank Wall Street Reform and Consumer Protection Act following the date hereof shall be deemed
to have gone into effect and been adopted after the date hereof, notwithstanding the fact that such
Act was adopted prior to the date hereof.

     “Closing Date” shall mean the first date on which all conditions precedent in
Section 4.01 are satisfied or waived (or, in the case of Section 4.01(b), waived by
the Person entitled to receive the applicable payment).

     “Code” shall mean the Internal Revenue Code of 1986.

     “Commitment” shall mean, as to each Lender, its Revolving Commitment and its Term
Commitment.

     “Compliance Certificate” shall mean a certificate substantially in the form of
Exhibit C.

     “Consolidated Equity” shall mean, with respect to the Borrower, the sum of (a)
stockholders’ equity of the Borrower and its Subsidiaries calculated on a consolidated basis in
accordance with GAAP, but excluding accumulated other comprehensive income, plus (b) the sum of (i)
100% of the Hybrid Securities Amount of the Borrower’s 7.376% Fixed-to-Floating Rate Junior
Subordinated Debentures due 2067 plus (ii) with respect to Hybrid Securities issued after the
Closing Date, the Hybrid Securities Amount of such Hybrid Securities given equity treatment by S&P
or Moody’s on the date of issuance of such Hybrid Securities (and in the event of a difference in
such treatment as between the two, the highest amount treated as equity at the time of issuance
thereof will be included), to the extent that the sum of clauses (i) and (ii) does not exceed 15%
of the sum of (x) Consolidated Funded Debt (but not including any of the Hybrid Securities Amount),
plus (y) Consolidated Net Worth, plus (z) the entire Hybrid Securities Amount.

     “Consolidated Funded Debt” shall mean, without duplication, the sum of (a) all
Borrowings hereunder, (b) Indebtedness as defined under clauses (a) and (b) of the
definition thereof, and (c) Guarantees of Indebtedness as defined in clauses (a) and (b) of the
definition of

5

 

“Indebtedness”, all as calculated on a consolidated basis in accordance with GAAP, but
excluding the Hybrid Securities Amount, to the extent that such amount would be included in
Consolidated Equity pursuant to the operation of the definition thereof.

     “Consolidated Net Worth” shall mean, with respect to the Borrower, the stockholders’
equity of the Borrower and its Subsidiaries calculated on a consolidated basis in accordance with
GAAP, but excluding accumulated other comprehensive income.

     “Contractual Obligation” shall mean, as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to which such Person is
a party or by which it or any of its property is bound.

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

     “Debt to Capital Ratio” shall mean, at any date of determination, the ratio of (a)
Consolidated Funded Debt to (b)(i) Consolidated Funded Debt, plus (ii) Consolidated Equity
of the Borrower.

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

     “Default” shall mean any event or condition that has not been cured or waived and
constitutes an Event of Default or that, with the giving of any notice, the passage of time or
both, would be an Event of Default.

     “Default Rate” shall mean an interest rate per annum equal to (a) in the case of any
Loan, the interest rate otherwise applicable thereto plus 2%; and (b) in the case of any other
Obligation, the sum of (i) the Base Rate plus (ii) the Applicable Rate plus (iii)
2%; provided that the interest rate applicable to any Obligation shall not at any time
exceed the highest rate permitted by applicable Law.

     “Defaulting Lender” shall mean, subject to Section 2.13(b), any Lender that,
as determined by the Administrative Agent, (a) has failed to perform any of its funding obligations
hereunder (unless the subject of a good faith dispute), including in respect of any Loan, within
three Business Days of the date such obligation is required to be performed by it hereunder, (b)
has notified the Borrower or the Administrative Agent that it does not intend to comply with its
funding obligations or has made a public statement to that effect with respect to its funding
obligations hereunder or under other agreements in which it commits to extend credit, (c) has
failed, within three Business Days after request by the Administrative Agent, to confirm in a
manner satisfactory to the Administrative Agent that it will comply with its funding obligations
hereunder, or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee,

6

 

administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any
action in furtherance of, or indicated its consent to, approval of or acquiescence in any such
proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority.

     “Department” — see Section 5.05(a)(i).

     “Dollar” and “$” shall mean lawful money of the United States.

     “Eligible Assignee” shall mean any Person that meets the requirements to be an
assignee under Section 10.06(b)(iii), (iv) and (v) (subject to such
consents, if any, as may be required under Section 10.06(b)(iii)).

     “Environmental Laws” shall mean any and all Federal, state, local and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions,
grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” shall mean any liability, contingent or otherwise (including
any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a)
violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) under
common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” shall mean (a) a Reportable Event with respect to a Pension Plan; (b)
the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063
of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section
4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from
a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination
under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a
Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for
the termination of, or the appointment of a trustee to

7

 

administer, any Pension Plan; or (g) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower
or any ERISA Affiliate.

     “Eurodollar Rate” shall mean:

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

	 	 	 	 	 

	Eurodollar Rate =

	 	Eurodollar Base Rate
	 	 
	 

	 	 	 	 
	 

	 	1.00 - Eurodollar Reserve Percentage	 	 

Where,

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

“Eurodollar Reserve Percentage” shall mean, for any day during any Interest Period,
the reserve percentage (expressed as a decimal, carried out to five decimal places) in
effect on such day, whether or not applicable to any Lender, under regulations issued from
time to time by the FRB for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as “Eurocurrency liabilities”). The Eurodollar Rate for each
outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of
any change in the Eurodollar Reserve Percentage.

     (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two London
Banking Days prior to such date for Dollar deposits being delivered in the London interbank market
for a term of one month commencing that day or (ii) if BBA LIBOR is not published at such time for
any reason, the rate per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the date of determination in same day funds in the approximate
amount of the Base Rate Loan being made or maintained and

8

 

with a term equal to one month would be offered by Bank of America’s London Branch to major
banks in the London interbank Eurodollar market at their request at the date and time of
determination.

     “Eurodollar Rate Loan” shall mean a Loan that bears interest at a rate determined
pursuant to clause (a) of the definition of “Eurodollar Rate”.

     “Event of Default” — see Section 8.01.

     “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or
any other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located, (c) any backup withholding tax that is required by
the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A)
of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 10.13), any United States withholding
tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the
Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending
Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 3.01(a)(ii) or (c).

     “Existing Credit Agreement” shall mean the Amended and Restated Credit Agreement
dated as of October 25, 2006, among the Borrower, the Administrative Agent and various financial
institutions.

     “Facility” shall mean the Revolving Facility or the Term Facility, as the context
requires.

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

     “Fee Letters” shall mean (i) the letter agreement dated November 2, 2010 among the
Borrower, the Administrative Agent and Merrill Lynch, Pierce, Fenner and Smith, Incorporated

9

 

and (ii) the letter agreement dated November 2, 2010 between the Borrower and U.S. Bank
National Association.

     “Financial Officer” means (a) in the case of the Borrower, the chief financial officer
or if no officer has such title, the officer who performs the duties of the “principal financial
officer” as defined in the Sarbanes-Oxley Act and (b) in the case of any Subsidiary, the chief
financial officer or treasurer.

     “Fiscal Quarter” or “FQ” shall mean any fiscal quarter of a Fiscal Year.

     “Fiscal Year” or “FY” shall mean any period of twelve consecutive calendar
months ending on December 31; references to a Fiscal Year with a number corresponding to any
calendar year (e.g., the “2010 Fiscal Year”) refer to the Fiscal Year ending on December 31
occurring during such calendar year.

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

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

     “FRSL” shall mean First Reliance Standard Life Insurance Company, a New York insurance
company.

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

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

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

     “Guarantee” shall mean, as to any Person, any (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such

10

 

Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or
other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to
maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or
performance thereof or to protect such obligee against loss in respect thereof (in whole or in
part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such
Person. The amount of any Guarantee shall be deemed to be an amount equal to the stated or
determinable amount of the related primary obligation, or portion thereof, in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning.

     “Hazardous Materials” shall mean all explosive or radioactive substances or wastes and
all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hybrid Securities” shall mean (a) the $175,000,000 7.376% Fixed-to-Floating Rate
Junior Subordinated Debentures due 2067 of the Borrower and (b) any capital securities or other
securities treated as hybrid capital by S&P or Moody’s issued by (i) the Borrower or (ii) a limited
liability company, business trust or similar entity, all of the common securities (or equivalent
thereof) of which are owned directly or indirectly by the Borrower and which is formed solely for
the purpose of issuing such capital securities and investing the net proceeds of such issuance in
debt securities of the Borrower; provided that the Borrower’s repayment obligations under such debt
securities relating to any such Hybrid Capital shall be subordinated to the Obligations; and
provided further that any such Hybrid Capital shall not have any maturities prior to the Maturity
Date.

     “Hybrid Securities Amount” shall mean the aggregate amount of the obligations
reflected on the consolidated balance sheet of the Borrower and its Subsidiaries, calculated on a
consolidated basis in accordance with GAAP, relating to Hybrid Securities.

     “Indebtedness” shall mean, as to any Person at a particular time, without duplication,
all of the following, whether or not included as indebtedness or liabilities in accordance with
GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) all direct obligations of such Person arising under letters of credit (including standby
and commercial), bankers’ acceptances, bank guaranties, and similar instruments;

11

 

     (c) net obligations of such Person under any Swap Contract;

     (d) all obligations of such Person to pay the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business);

     (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other
title retention agreements), whether or not such indebtedness shall have been assumed by such
Person or is limited in recourse;

     (f) obligations under capital leases and Synthetic Lease Obligations; and

     (g) all Guarantees of such Person in respect of any of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed
to be the amount of Attributable Indebtedness in respect thereof as of such date. Indebtedness of
a Person shall not include Permitted Transactions of the Person.

     “Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

     “Indemnitees” — see Section 10.04(b).

     “Information” — see Section 10.07.

     “Interest Payment Date” shall mean (a) as to any Eurodollar Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such
Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate
Loan exceeds three months, the respective dates that fall every three months after the beginning of
such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the
last Business Day of each March, June, September and December and the Maturity Date of the Facility
under which such Loan was made.

     “Interest Period” shall mean as to each Eurodollar Rate Loan, the period commencing on
the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate
Loan and ending on the date following such date by one, two, three or six months or, if available
to the Lenders, nine months or, if acceptable to the Lenders, twelve months or any shorter period
in excess of nine months, as selected by the Borrower in its Loan Notice provided that:

     (i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall
end on the next preceding Business Day;

12

 

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

     (iii) no Interest Period shall extend beyond the Maturity Date of the Facility under
which such Loan was made.

     “Investment” shall mean, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of capital
stock or other securities of another Person, or (b) a loan, advance or capital contribution to,
Guarantee or assumption of debt of, deposit with or purchase or other acquisition of any other debt
or equity participation or interest in, another Person, including any partnership or joint venture
interest in such other Person, other than, in either case, pursuant to an Acquisition.

     “IRS” shall mean the United States Internal Revenue Service.

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

     “Lender” — see the introductory paragraph hereto.

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

     “Licenses” — see Section 5.20; individually, a “License”.

     “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, preference, priority or other security
interest or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement and any financing lease having substantially the same
economic effect as any of the foregoing, but excluding the interest of a lessor under an operating
lease).

     “Litigation” shall mean any litigation (including, without limitation, any
governmental proceeding or arbitration proceeding), tax audit or investigative proceeding, claim,
lawsuit,
and/or investigation pending or threatened against or involving the Borrower, any of its
Subsidiaries or other Affiliates or any of its or their businesses or operations.

     “Loan” shall mean a Revolving Loan or a Term Loan, as applicable.

13

 

     “Loan Documents” shall mean this Agreement, each Note, the Fee Letters and any other
document executed by or on behalf of the Borrower and which by its terms is specifically designated
as a “Loan Document” for purposes of this definition.

     “Loan Notice” shall mean a notice of (a) a borrowing of Loans, (b) a conversion of
Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to
Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit
A.

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

     “Material Adverse Change” or “Material Adverse Effect” shall mean any change,
event, action, condition or effect which individually or in the aggregate (a) impairs the validity
or enforceability of this Agreement, the Notes, if any, or any other Loan Document, (b) materially
and adversely affects the consolidated business, assets, liabilities (actual or contingent),
condition (financial or otherwise), operations or prospects of the Borrower and its Subsidiaries
taken as a whole, or (c) impairs the ability of the Borrower to perform its material obligations
under this Agreement or any of the Loan Documents.

     “Material Litigation” or “Material Litigation Development” shall mean any
Litigation, or development in any Litigation, as the case may be, which could reasonably be
expected to have a Material Adverse Effect.

     “Material Subsidiary” shall mean a Subsidiary whose (a) consolidated assets exceed 5%
of the consolidated assets of the Borrower and its Subsidiaries or (b) whose consolidated revenues
exceed 5% of the consolidated revenues of the Borrower and its Subsidiaries, as of the end of or
for the most recent Fiscal Quarter for which financial statements have been delivered pursuant to
Section 6.01(a) or (b).

     “Maturity Date” shall mean (a) with respect to the Term Facility, December 22, 2015
and (b) with respect to the Revolving Facility, December 22, 2013; provided, however, in each
case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business
Day.

     “Moody’s” shall mean Moody’s Investors Service, Inc. and any successor thereto.

     “Multiemployer Plan” shall mean any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to
make contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Multiple Employer Plan” shall mean a Plan which has two or more contributing sponsors
(including the Borrower or any ERISA Affiliate) at least two of whom are not under common control,
as such a plan is described in Section 4064 of ERISA.

     “NAIC” shall mean the National Association of Insurance Commissioners, or any
successor organization.

14

 

     “Net Income” shall mean, for any Person for any Fiscal Quarter, the net income (or
loss) of such Person for such Fiscal Quarter as determined in accordance with GAAP.

     “Non-Insurance Subsidiary” shall mean a Subsidiary of the Borrower that is not engaged
in the business of assuming insurance or reinsurance risk, and as of the date hereof, shall include
all Subsidiaries of the Borrower other than the Reliance Standard Insurance Companies, Safety
National, Safety First and Safety National Re.

     “Note” shall mean a Revolving Note or a Term Note, as the context may require.

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

     “Organization Documents” shall mean, (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; and (c)
with respect to any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation
or organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such
entity.

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

     “Participant” — see Section 10.06(d).

     “PBGC” shall mean the Pension Benefit Guaranty Corporation.

     “Pension Act” shall mean the Pension Protection Act of 2006.

     “Pension Funding Rules” shall mean the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth
in, with respect to plan years ending prior to the Closing Date of the Pension Act, Section 412 of
the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     “Pension Plan” shall mean any employee pension benefit plan (including a Multiple

15

 

Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower or
any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Code.

     “Permitted Liens” — see Section 7.01.

     “Permitted Transactions” shall mean (a) transactions in which an investor sells U.S.
Government Securities or mortgage-backed securities, including, without limitation, securities
issued by the Government National Mortgage Association and the Federal Home Loan Mortgage
Corporation, while simultaneously contracting to repurchase the same or “substantially the same”
(as determined by the Public Securities Association and in accordance with GAAP) securities for a
later settlement, (b) transactions in which an investor lends cash to a primary dealer and the
primary dealer collateralizes the borrowing of the cash with certain securities, (c) transactions
in which an investor lends securities to a primary dealer and the primary dealer collateralizes the
borrowing of the securities with cash collateral, and (d) transactions in which an investor makes
loans of securities to a broker dealer under an agreement requiring such loans to be continuously
secured by cash collateral or U.S. Government Securities.

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

     “Plan” shall mean any employee benefit plan within the meaning of Section 3(3) of
ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate
or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf
of any of its employees.

     “Platform” — see Section 6.01.

     “Public Lender” has the meaning specified in Section 6.01.

     “Qualification” shall mean, with respect to any certificate covering any financial
statements, a qualification to such certificate or financial statements (such as a “subject to” or
“except for” statement therein) (a) resulting from a limitation on the scope of examination of such
financial statements or the underlying data, (b) as to the capability of the Person whose financial
statements are certified to continue operations as a going concern, or (c) which could be
eliminated by changes in financial statements or notes thereto covered by such certificate (such as
by the creation of or increase in a reserve or a decrease in the carrying value of assets) and
which if so eliminated by the making of any such change and after giving effect thereto would
occasion a Default; provided, that neither of the following shall constitute a
Qualification: (i) a consistency exception relating to a change in accounting principles with
which the independent public accountants for the Person whose financial statements are being
certified have concurred; or (ii) a qualification relating to the outcome or disposition of
threatened Litigation, pending Litigation being contested in good faith, pending or threatened
claims or contingencies which cannot be determined with sufficient certainty to permit such
financial statements to be unqualified.

16

 

     “Reference Departments” shall mean the Department of the State of Illinois, in the
case of RSL, the State of Missouri, in the case of Safety National, the State of New York, in the
case of FRSL and the State of Texas, in the case of RSL-Texas.

     “Register” — see Section 10.06(c).

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

     “Reliance Standard Insurance Companies” shall mean RSL-Texas, RSL and FRSL.

     “Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Representatives” — see Section 10.07.

     “Required Lenders” shall mean, as of any date of determination, (a) if any Revolving
Commitments are in effect, Lenders having more than 50% of the sum of (i) the Revolving
Commitments then in effect, if any, plus (ii) the Term Outstanding Amounts or (b) if the
Revolving Commitment of each Lender has been terminated pursuant to Section 8.02 or
otherwise, Lenders holding in the aggregate more than 50% of the sum of (i) the Revolving
Outstanding Amounts, if any, plus (ii) the Term Outstanding Amounts; provided that
the amount of the Commitment of, and the portion of the Total Outstandings held or deemed held by,
any Defaulting Lender shall each be disregarded for purposes of determining whether such percentage
has been attained.

     “Responsible Officer” shall mean the chief executive officer, president, chief
financial officer, executive vice president, treasurer or assistant treasurer of the Borrower, and
solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01,
the secretary or any assistant secretary of the Borrower and, solely for purposes of notices given
pursuant to Article II, any other officer or agent of the Borrower so designated by any of the
foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that
is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Borrower
and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Borrower.

     “Revolving Borrowing” shall mean a borrowing consisting of simultaneous Revolving
Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period
made by each of the Revolving Lenders pursuant to Section 2.01(b).

     “Revolving Commitment” shall mean, as to each Lender, its obligation to make Revolving
Loans to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule
2.01 under the caption “Revolving Commitment” or opposite such caption in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may
be adjusted from time to time in accordance with this Agreement.

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     “Revolving Facility” shall mean, at any time, the aggregate amount of the Revolving
Lenders’ Revolving Commitments at such time.

     “Revolving Lender” shall mean, at any time, any Lender that has a Revolving Commitment
(or has a Revolving Outstanding Amount as to one or more Revolving Loans) at such time.

     “Revolving Loan” — see Section 2.01(b).

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

     “Revolving Outstanding Amounts” shall mean with respect to Revolving Loans on any
date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of such Revolving Loans occurring on such date.

     “Risk-Based Capital Ratio” shall mean, with respect to any insurance company, the
ratio of Adjusted Capital of such insurance company to the Company Action Level of such insurance
company (as determined by the NAIC or the applicable Reference Department). In the event that
there is a conflict between the Risk-Based Capital formulas adopted by the NAIC and the applicable
Reference Department, the calculation of the Reference Department shall govern.

     “RSL” shall mean Reliance Standard Life Insurance Company, an Illinois insurance
company.

     “RSL-Texas” shall mean Reliance Standard Life Insurance Company of Texas, a Texas
insurance company.

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

     “Safety First” shall mean Safety First Insurance Company, an Illinois insurance
company.

     “Safety National” shall mean Safety National Casualty Corporation, a Missouri
insurance corporation.

     “Safety National Re” shall mean Safety National Re SPC, a Cayman Islands insurance
corporation.

     “SAP” shall mean, as to any insurance company, the statutory accounting practices
prescribed or permitted by the Reference Department.

     “SEC” shall mean the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Solvent”, as to any Person on a particular date, shall mean that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities,
including,

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without limitation, contingent liabilities, of such Person, (b) the present fair salable
value of the assets of such Person is not less than the amount that will be required to pay the
probable liabilities of such Person and its debts as they become absolute and matured, (c) such
Person is able to realize upon its assets and pay its debts and other obligations, Guarantees and
other commitments as they mature in the normal course of business, (d) such Person does not intend
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to
pay as such debts and liabilities mature, (e) such Person is not engaged in business or a
transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute unreasonably small capital after giving due consideration to the
prevailing practice in the industry in which such Person is engaged and (f) such Person has not
made any transfer or incurred any obligation, with the intent to hinder, delay or defraud either
present or future creditors of such Person. For the purposes of this definition, in computing the
amount of any Guarantee at any time, it is intended that such Guarantee will be computed at the
amount which, in light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability.

     “Statutory Financial Statements” — see Section 5.05(a)(i).

     “Statutory Liabilities” shall mean, as to any of the Reliance Standard Insurance
Companies as of any date, the amount reported on line 26, page 3, column 1 of the Annual Statement
of each of the Reliance Standard Insurance Companies and, as to Safety National as of any date, the
amount reported on line 26, page 3, column 1 of the Annual Statement of Safety National, or, in
each case, an amount determined in a consistent manner for any date other than one as of which an
Annual Statement is prepared.

     “Subsidiary” of a Person shall mean a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of members of the board of directors or
other governing body (other than securities or interests having such power only by reason of the
happening of a contingency) are at the time beneficially owned, or the management of which is
otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Borrower; provided,
however, that the term “Subsidiary” shall not refer to any Person where equity interests
are held solely by separate accounts of the Reliance Standard Insurance Companies in the ordinary
course of business.

     “Subsidiary Indebtedness” shall mean (a) a Subsidiary’s obligations (other than to the
Borrower or another Subsidiary) for borrowed money that are evidenced by bonds, debentures, notes
or bank credit agreements, other than obligations in respect of (i) advances from a Federal Home
Loan Bank or funding agreement backed note programs and (ii) securities constituting Hybrid Capital
which are issued by a limited liability company, business trust or similar entity, all of the
common securities of which are owned, directly or indirectly, by the Borrower and which is formed
solely for the purpose of issuing such securities; (b) Guarantees by a Subsidiary of obligations
for borrowed money so evidenced of another Person (other than the Borrower or a Subsidiary); (c)
Indebtedness owing by a Subsidiary to the Borrower, another Subsidiary or any other Person incurred
in support of obligations of a Subsidiary or such other Person in connection with Hybrid Capital;
and (d) Guarantees by a Subsidiary in respect of obligations of

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another Subsidiary or any other Person incurred in support of obligations of a Subsidiary or such other Person in connection with
Hybrid Capital.

     “Supplemental Lender” has the meaning specified in Section 2.12(a).

     “Supplemental Revolving Commitment Date” has the meaning specified in Section
2.12(b).

     “Swap Contract” shall mean (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

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

     “Synthetic Lease Obligation” shall mean the monetary obligation of a Person under (a)
a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

     “Tax Claim” — see Section 6.01(n).

     “Tax Returns and Reports” shall mean all returns, reports and information required to
be filed with any Governmental Authority with regard to taxes.

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

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

     “Term Commitment” shall mean, as to each Term Lender, its obligation to make Term
Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount not to
exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01 under the
caption “Term Commitment.”

     “Term Facility” shall mean (a) at any time prior to the funding by the Term Lenders of
their Term Loans, the aggregate amount of the Term Commitments at such time and (b) thereafter, the
aggregate principal amount of the Term Loans of all Term Lenders outstanding at such time.

     “Term Lender” shall mean (a) at any time prior to the funding by such Lender of a Term
Loan, any Lender that has a Term Commitment at such time and (b) thereafter, any Lender that has a
Term Outstanding Amount as to a Term Loan at such time.

     “Term Loan” — see Section 2.01(a).

     “Term Note” shall mean a promissory note made by the Borrower in favor of a Term
Lender evidencing Term Loans made by such Term Lender, substantially in the form of Exhibit
B-2.

     “Term Outstanding Amounts” shall mean with respect to Term Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any prepayments or repayments
of such Term Loans occurring on such date.

     “Threshold Amount” shall mean $30,000,000.

     “Total Outstandings” shall mean the aggregate of the Revolving Outstanding Amounts and
the Term Outstanding Amounts.

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

     “Unfunded Pension Liability” shall mean the excess of a Pension Plan’s benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s
assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to
Section 412 of the Code for the applicable plan year.

     “United States” and “U.S.” shall mean the United States of America.

     “U.S. Government Securities” shall mean obligations of, or obligations guaranteed as
to principal and interest by, the United States Government or any agency or instrumentality
thereof.

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

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     (a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.

     (b) (i) The words “herein,” “hereto,” “hereof” and “hereunder”
and words of similar import when used in any Loan Document shall refer to such Loan Document as a
whole and not to any particular provision thereof.

     (ii) Article, Section, Exhibit and Schedule references are to the Loan Document in
which such reference appears.

     (iii) The term “including” is by way of example and not limitation. The term
“documents” includes any and all instruments, documents, agreements, certificates,
notices, reports, financial statements and other writings, however evidenced, whether in
physical or electronic form.

     (c) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

     (d) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms. (a) All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP or SAP, as applicable, applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with that used in preparing the
Audited Financial Statements, except as otherwise specifically prescribed herein.

     (b) If at any time any change in GAAP or SAP, including, without limitation, a change
resulting from a conversion to International Financial Reporting Standards, would affect the
computation of any financial ratio or requirement or the application of any provision set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such
ratio, requirement or provision to preserve the original intent thereof in light of such change in
GAAP or SAP (subject to the approval of the Required Lenders); provided that, until so
amended, such ratio, requirement or provision shall continue to be computed or applied in
accordance with GAAP or SAP, as applicable, prior to such change therein and the Borrower shall
provide to the Administrative Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP or SAP.

     1.04 Rounding. Any financial ratio required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such

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ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

     1.05 References to Agreements and Laws. Unless otherwise expressly provided herein,
references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any
Loan Document; and references to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Law.

     1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable).

ARTICLE II

THE COMMITMENTS AND LOANS

     2.01 Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally
agrees to make loans (each such loan, a “Term Loan”) to the Borrower on the Closing Date,
in an aggregate amount equal to such Lender’s Term Commitment. Term Loans may be Base Rate Loans
or Eurodollar Rate Loans, as further provided herein. The Term Commitment reduces to $0 immediately
after funding of the Term Loan.

     (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make
loans (each such loan, a “Revolving Loan”) to the Borrower from time to time, on any
Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Revolving Loan Commitment. Within the limits of each
Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower
may borrow under this Section 2.01(b), prepay under Section 2.03(b), and reborrow
under this Section 2.01(b). Revolving Loans may be Base Rate Loans or Eurodollar Rate
Loans, as further provided herein.

     2.02 Borrowings, Conversions and Continuations of Loans.

     (a) Each Term Borrowing, each Revolving Borrowing, each conversion of Term Loans or Revolving
Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon
the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone or
email. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i)
three Business Days prior to the requested date of any Borrowing of, conversion to or continuation
of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii)
on the requested date of any Term or Revolving Borrowing of Base Rate Loans; provided,
however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest
Period other than one, two, three or six months in duration as provided in the definition of
“Interest Period”, the applicable notice must be received by the Administrative Agent not later
than 11:00 a.m. four Business Days prior to the requested date of such Term or Revolving
Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice
to the Appropriate Lenders of such request

23

 

and determine whether the requested Interest Period is
acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested
date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the
Borrower (which notice may be by telephone) whether or not the requested Interest Period has been
consented to by all the Appropriate Lenders. Each telephonic or email notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof.
Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic, email or
written) shall specify (i) whether the Borrower is requesting a Term Borrowing or a Revolving
Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other, or a
continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of
Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or continued or
to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest
Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or
if the Borrower fails to give a timely notice requesting a conversion or continuation, then the
applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any
such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest
Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower
requests a Term or Revolving Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month.

     (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Appropriate Lender of the amount of its Applicable Percentage of the Term Loans or Revolving Loans,
as applicable, and if no timely notice of a conversion or continuation is provided by the
Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any
automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a
Term Borrowing or a Revolving Borrowing, each Appropriate Lender shall make the amount of its Loan
available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing
is the initial Loan, Section 4.01), the Administrative Agent shall make all funds so
received available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America with the amount of such
funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to
(and reasonably acceptable to) the Administrative Agent by the Borrower.

     (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of
a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without
the consent of the Required Lenders.

24

 

     (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change, as well as any
change in the Eurodollar Rate or the Federal Funds Rate used for such purpose (but only if such
change would result in an actual increase in the level of the Base Rate), within one Business Day
of such change.

     (e) After giving effect to all Term Borrowings, all conversions of Term Loans from one Type to
the other, and all continuations of Term Loans as the same Type, there shall not be more than
three Interest Periods in effect in respect of the Term Facility. After giving effect to all
Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all
continuations of Revolving Loans as the same Type, there shall not be more than ten Interest
Periods in effect in respect of the Revolving Facility.

     2.03 Prepayments.

     (a) The Borrower may, upon notice to the Administrative Agent at any time or from time to time
voluntarily prepay Revolving Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A)
three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B)
on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans
shall be in a principal amount of $1,000,000 or an integral multiple of $1,000,000 in excess
thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or
an integral multiple of $100,000 or, in each case, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and the
Type(s) of Revolving Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Revolving
Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage
of such prepayment. If such notice is given by the Borrower, the Borrower shall make such
prepayment, and the payment amount specified in such notice shall be due and payable, on the date
specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued
interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Subject to Section 2.13, each such prepayment shall be applied to
the Revolving Loans of the Revolving Lenders in accordance with their respective Applicable
Percentages.

     (b) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Term Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A)
three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of
prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment
of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 or,
in each case, if less, the entire principal amount thereof then outstanding. Each such notice
shall specify the date and amount of such prepayment and the

25

 

Type(s) of Term Loans to be prepaid
and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The
Administrative Agent will promptly notify each Term Lender of its receipt of each such notice, and
of the amount of such Term Lender’s Applicable Percentage of such prepayment. If such notice is
given by the Borrower, the Borrower shall make such prepayment, and the payment amount specified in
such notice shall be due and payable, on the date specified therein. Any prepayment of a
Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.05. Subject to Section
2.13, each such prepayment shall be applied to the Term Loans of the Term Lenders in accordance
with their respective Applicable Percentages. Each prepayment of a Term Loan shall be applied pro
rata to all remaining principal repayments to be made with respect to such Term Loan pursuant to
Section 2.05. Amounts prepaid under this Section 2.03(b) may not be reborrowed.

     2.04 Termination or Reduction of Commitments. (a) Revolving Facility. The Borrower
may, upon notice to the Administrative Agent, terminate the Revolving Facility Commitments, or from
time to time permanently reduce the Revolving Facility; provided that (i) any such notice shall be
received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date
of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of
$5,000,000 or any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrower shall not
terminate or reduce the Revolving Facility if, after giving effect
thereto and to any concurrent prepayments hereunder, the Revolving Outstanding Amounts would
exceed the Revolving Facility. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the Revolving Facility Commitments. Any reduction of
the Revolving Facility shall be applied to the Commitment of each Revolving Lender according to its
Applicable Percentage of the Revolving Facility. All fees accrued until the Closing Date of any
termination of the Revolving Facility Commitments shall be paid on the Closing Date of such
termination.

     (b) Term Facility. The Term Commitments shall be automatically and permanently
reduced to zero upon the funding of the Term Loans.

     2.05 Repayment of Loans.

     (a) The Borrower shall repay to the Lenders the Term Loans in quarterly installments of
principal equal to 6.25% of the principal amounts of the Term Loans made on the Closing Date, on
each March 31, June 30, September 30 and December 31, commencing December 31, 2013, with the
remaining principal amounts of the Term Loans to be payable on the Maturity Date. Amounts repaid
under this Section 2.05(a) may not be reborrowed.

     (b) The Borrower shall repay to the Lenders on the Maturity Date the principal amounts of the
Revolving Loans outstanding on such date.

     2.06 Interest.

     (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall
bear interest on the outstanding principal amount thereof for each Interest Period at a rate per
annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and
(ii)

26

 

each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable
Rate.

     (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

     (ii) If any amount (other than principal of any Loan) payable by the Borrower under any
Loan Document is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

     (iii) Upon the request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder
at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.

     (iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

     2.07 Fees.

     (a) The Borrower shall pay to the Administrative Agent for the account of each Revolving
Lender in accordance with its Applicable Percentage, a commitment fee equal to the Applicable Rate
times the actual daily amount by which such Lender’s Revolving Commitment exceeds the
Revolving Outstanding Amount of such Lender’s Revolving Loans, subject to adjustment as provided in
Section 2.13. The commitment fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met,
and shall be due and payable quarterly in arrears on the last Business Day of each March, June,
September and December, commencing with the first such date to occur after the Closing Date, and on
the last day of the Availability Period. The commitment fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily
amount shall be computed and multiplied by the Applicable Rate separately for each period during
such quarter that such Applicable Rate was in effect.

     (b) Existing Credit Agreement. The Borrower shall pay to the Administrative Agent for
the account of the lenders under the Existing Credit Agreement all accrued and unpaid commitment
fees on the Closing Date.

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     (c) Other Fees. (i) The Borrower shall pay to the Arrangers and the Administrative
Agent for their own respective accounts fees in the amounts and at the times specified in the Fee
Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

     (ii) The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     2.08 Computation of Interest and Fees. All computations of interest for Base Rate Loans
(including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the
basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other
computations of fees and interest shall be made on the basis of a 360-day year and actual days
elapsed (which results in more fees or interest, as applicable, being paid than if computed on the
basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.10(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.

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

     2.10 Payments Generally; Administrative Agent’s Clawback.

     (a) General. All payments to be made by the Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable
Percentage in respect of the relevant Facility (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender’s Lending Office. All
payments received by the Administrative Agent after 2:00 p.m.

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shall be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. If any
payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

     (b) (i) Funding by Lenders of Revolving Loans; Presumption by Administrative Agent.
Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the
proposed date of any Revolving Borrowing of Eurodollar Rate Loans (or, in the case of any Revolving
Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Revolving Borrowing) that
such Lender will not make available to the Administrative Agent such Revolving Lender’s share of
such Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Revolving Borrowing of
Base Rate Loans, that such Revolving Lender has made such share available in accordance with and at
the time required by Section 2.02) and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Revolving Lender has not in
fact made its share of the applicable Revolving
Borrowing available to the Administrative Agent, then the applicable Revolving Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in immediately available funds with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Revolving Lender, the
greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation plus any administrative, processing or
similar fees customarily charged by the Administrative Agent in connection with the foregoing, and
(B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate
Loans. If the Borrower and such Revolving Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its
share of the applicable Revolving Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Revolving Lender’s Revolving Loan included in such Revolving Borrowing. Any
payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Revolving Lender that shall have failed to make such payment to the Administrative Agent.

     (ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders hereunder that
the Borrower will not make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount due. In such event, if the Borrower
has not in fact made such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender, in
immediately available funds with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation.

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

     (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Loan set forth in Article IV
are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall
return such funds (in like funds as received from such Lender) to such Lender, without interest.

     (d) Obligations of Lenders Several. The obligations of (i) the Revolving Lenders
hereunder to make Revolving Loans, (ii) the Term Lenders to make Term Loans, and (iii) the Lenders
to make payments pursuant to Section 10.04(c) are several and not joint. The failure of
any Lender to make any Loan or to make any payment under Section 10.04(c) on any date
required hereunder shall not relieve any other Lender of its corresponding obligation to do so
on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan or to make its payment under Section 10.04(c).

     (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

     2.11 Sharing of Payments by Lenders; Collateral. (a) If any Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of (i) Obligations in
respect of any of the Facilities due and payable to such Lender hereunder and under the other Loan
Documents at such time in excess of its ratable share (according to the proportion of (x) the
amount of such Obligations due and payable to such Lender at such time to (y) the aggregate amount
of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under
the other Loan Documents at such time) of payments on account of the Obligations in respect of the
Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time
obtained by all the Lenders at such time or (ii) Obligations in respect of any of the Facilities
owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such
time in excess of its ratable share (according to the proportion of (x) the amount of such
Obligations owing (but not due and payable) to such Lender at such time to (y) the aggregate amount
of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders
hereunder and under the other Loan Documents at such time) of payment on account of the Obligations
in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the
other Loan Documents at such time obtained by all of the Lenders at such time then the Lender
receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and (B)
purchase (for cash at face value) participations in the Loans of the other Lenders, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared
by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the
Facilities then due and payable to the Lenders or owing (but not due and payable) to the Lenders,
as the case may be, provided that:

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

(2) the provisions of this Section shall not be construed to apply to (A) any
payment made by the Borrower pursuant to and in accordance with the express terms of
this Agreement or (B) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or
participant, other than to the Borrower or any Subsidiary thereof (as to which the
provisions of this Section shall apply).

     The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

     (b) In the event that the Borrower provides collateral to secure Obligations under this
Agreement, such collateral shall secure all of the Obligations.

     2.12 Increase in Revolving Commitments.

     (a) Request for Increases to Revolving Commitments. The Borrower shall have the right
from time to time prior to the date that is 30 days prior to the Maturity Date to increase the
aggregate Revolving Commitments hereunder up to $300,000,000 by adding to this Agreement one or
more other Eligible Assignees having additional Revolving Commitments (which may include any
existing Lender, with the consent of such Lender in its sole discretion) (each such Person, a
“Supplemental Lender”) with the approval of the Administrative Agent (which approval shall
not be unreasonably withheld or delayed); provided that no consent of the Administrative Agent will
be required in the case of any such Eligible Assignee that is a Lender or an Affiliate of a Lender,
provided that (i) each Supplemental Lender shall have entered into an agreement pursuant to which
such Supplemental Lender shall undertake a Revolving Commitment (or, if such Supplemental Lender is
an existing Revolving Lender, pursuant to which its Revolving Commitment shall be increased), (ii)
such Revolving Commitment of any Supplemental Lender that is not an existing Lender shall be in an
amount of at least $10,000,000 and (iii) such Revolving Commitment (together with the increased
Revolving Commitment(s) of all other Supplemental Lenders being provided at such time) shall be in
an aggregate amount of at least $10,000,000.

     (b) Required Supplemental Lender Documentation. Each Supplemental Lender shall enter
into an agreement in form and substance satisfactory to the Borrower and the Administrative Agent
and its counsel pursuant to which such Supplemental Lender shall, as of the effective date of such
increase in the Revolving Commitments (which shall be a Business Day and, unless the Administrative
Agent otherwise agrees, on which no Revolving Borrowing is scheduled to be made, each a
“Supplemental Revolving Commitment Date”), undertake a Revolving Commitment (or, if any
such Supplemental Lender is an existing Revolving Lender, its Revolving Commitment shall be in
addition to such Lender’s Revolving Commitment

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hereunder on such date) and such Supplemental Lender shall thereupon become (or continue to
be) a “Lender” for all purposes hereof. The Borrower and the Administrative Agent shall cooperate
to set a Supplemental Revolving Commitment Date which will minimize the amounts payable under
Section 2.12(c)(iv).

     (c) Conditions to Effectiveness of Increase. Notwithstanding the foregoing, no
increase in the aggregate Revolving Commitments hereunder pursuant to this Section shall be
effective unless:

     (i) the Borrower shall have given the Administrative Agent notice of any such increase
at least ten Business Days prior to the applicable Supplemental Revolving Commitment Date;

     (ii) no Default shall have occurred and be continuing on the applicable Supplemental
Revolving Commitment Date;

     (iii) the Borrower shall deliver to the Administrative Agent a certificate dated as of
the Supplemental Revolving Commitment Date signed by a Responsible Officer of the Borrower
(x) certifying and attaching the resolutions adopted by the Borrower approving or consenting
to such increase, and (y) certifying that, before and after giving effect to such increase,
(A) each of the representations and warranties contained in Article V and the other
Loan Documents shall be true in all material respects on and as of the applicable
Supplemental Revolving Commitment Date with the same force and effect as if made on and as
of such date (or, if any such representation or warranty is expressly stated to have been
made as of a specific date, as of such specific date); and (B) no Default exists; and

     (iv) on each Supplemental Revolving Commitment Date, the Administrative Agent shall
reallocate any outstanding Revolving Loans so that, after giving effect thereto, the
Revolving Loans are held ratably by the Revolving Lenders in accordance with their
respective Revolving Commitments (after giving effect to such increase) and the Borrower
shall (A) prepay the interest due on such Revolving Loans prior to such Supplemental
Revolving Commitment Date and (B) pay to the Lenders the amounts, if any, payable under
Section 3.05 as if such Revolving Loans had been prepaid.

     (d) Revised Percentages. The Administrative Agent shall promptly notify the Revolving
Lenders of the new Applicable Percentages after giving effect to the Supplemental Revolving
Commitment.

     (e) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.11 or 10.01 to the contrary.

     2.13 Defaulting Lenders. (a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no
longer a Defaulting Lender, to the extent permitted by applicable Law:

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     (i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 10.01.

     (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.08), shall be applied at such time or times as may be
determined by the Administrative Agent in the following order of priority: first, to the
payment of any amounts owing by that Defaulting Lender to the Administrative Agent
hereunder; second, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to
fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a
non-interest bearing deposit account and released in order to satisfy obligations of that
Defaulting Lender to fund Loans under this Agreement; fourth to the payment of any amounts
owing to the Lenders as a result of any judgment of a court of competent jurisdiction
obtained by any Lender against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or
Event of Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by the Borrower against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans in respect of which that Defaulting Lender has not fully
funded its appropriate share and (y) such Loans were made at a time when the conditions set
forth in Section 4.02 were satisfied or waived, such payment shall be applied solely
to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to
the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts
owed by a Defaulting Lender pursuant to this Section 2.13(a)(ii) shall be deemed
paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents
hereto.

     (iii) Certain Fees. A Revolving Lender which is a Defaulting Lender shall not
be entitled to receive any commitment fee pursuant to Section 2.07(a) for any period
during which that Revolving Lender is a Defaulting Lender (and the Borrower shall not be
required to pay any such fee that otherwise would have been required to have been paid to
that Defaulting Lender).

     (b) Defaulting Lender Cure. If the Borrower and the Administrative Agent, in their
sole discretion, agree in writing that a Defaulting Lender should no longer be deemed to be a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any cash collateral) whereupon that Lender will cease to be a
Defaulting Lender; provided that no adjustments will be made retroactively with respect to
fees

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accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change in a Lender’s status as a Defaulting Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i)
Any and all payments by or on account of any obligation of the Borrower hereunder or under any
other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and
without reduction or withholding for any Taxes. If, however, applicable Laws require the Borrower
or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted
in accordance with such Laws as determined by the Borrower or the Administrative Agent, as the case
may be, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below.

     (ii) If the Borrower or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including United States Federal backup withholding,
withholding taxes or both, from any payment, then (A) the Administrative Agent shall
withhold or make such deductions as are determined by the Administrative Agent to be
required based upon the information and documentation it has received pursuant to subsection
(e) below, (B) the Administrative Agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the
extent that the withholding or deduction is made on account of Indemnified Taxes or Other
Taxes, the sum payable by the Borrower shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative Agent or
Lender, as the case may be, receives an amount equal to the sum it would have received had
no such withholding or deduction been made.

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

     (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, the Borrower shall, and does hereby, indemnify the Administrative Agent and each Lender,
and shall make payment in respect thereof within 20 days after demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) withheld or deducted by the
Borrower or the Administrative Agent or paid by the Administrative Agent or such Lender, and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. The Borrower shall also, and does

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hereby, indemnify the
Administrative Agent, and shall make payment in respect thereof within 20 days after demand
therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection. A certificate as to the amount
of any such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

     (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender shall,
and does hereby, indemnify the Borrower and the Administrative Agent, and shall make payment
in respect thereof within 10 days after demand therefor, against any and all Taxes and any
and all related losses, claims, liabilities, penalties, interest and expenses (including the
fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent)
incurred by or asserted against the Borrower or the Administrative Agent by any Governmental
Authority as a result of the failure by such Lender to deliver, or as a result of the
inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such
Lender to the Borrower or the Administrative Agent pursuant to subsection (e). Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any
time owing to such Lender under this Agreement or any other Loan Document against any amount
due to the Administrative Agent under this clause (ii). The agreements in this clause (ii)
shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments
and the repayment, satisfaction or discharge of all other Obligations.

     (d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent,
as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a
Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the
Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be,
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of any return required by Laws to report such payment or other evidence of such
payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

     (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws or
when reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable Laws or by the taxing
authorities of any jurisdiction and such other reasonably requested information as will permit the
Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not payments
made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the
required rate of withholding or deduction, and (C) such Lender’s entitlement to any available
exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such
Lender by the Borrower pursuant to this Agreement or otherwise to establish such Lender’s status
for withholding tax purposes in the applicable jurisdiction.

     (ii) Without limiting the generality of the foregoing, if the Borrower is resident for
tax purposes in the United States,

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     (A) any Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable Laws or reasonably requested by the Borrower
or the Administrative Agent as will enable the Borrower or the Administrative Agent,
as the case may be, to determine whether or not such Lender is subject to backup
withholding or information reporting requirements; and

     (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

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

(II) executed originals of Internal Revenue Service Form W-8ECI,

(III) executed originals of Internal Revenue Service Form W-8IMY and all
required supporting documentation,

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

(V) executed originals of any other form prescribed by applicable Laws as a
basis for claiming exemption from or a reduction in United States Federal
withholding tax together with such supplementary documentation as may be
prescribed by applicable Laws to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made.

     (iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent
of any change in circumstances which would modify or render invalid any claimed exemption or
reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the
reasonable judgment of such Lender, and as may

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be reasonably necessary (including the
re-designation of its Lending Office) to avoid any requirement of applicable Laws of any
jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction
for taxes from amounts payable to such Lender.

     (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a
Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender. If the Administrative Agent, any determines, in its
sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to
the extent of indemnity payments made, or additional amounts paid, by the Borrower under this
Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses reasonably incurred by the Administrative Agent and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund),
provided that the Borrower, upon the request of the Administrative Agent or such Lender
agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender in the
event the Administrative Agent, such Lender is required to repay such refund to such Governmental
Authority. This subsection shall not be construed to require the Administrative Agent or any
Lender to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to the Borrower or any other Person.

     3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar
Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender
to the Borrower through the Administrative Agent, (i) any obligation of
such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to
Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such
Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference
to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand
from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans
of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day
of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the

37

 

Eurodollar Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative is advised in writing by such Lender
that it is no longer illegal for such Lender to determine or charge interest rates based upon the
Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted. Each of the initial Lenders represents and
warrants that it has not, as of the date of this Agreement, made any determination of the type
referenced in the first sentence of this Section 3.02, and is not aware of any basis for such a
determination, and each Eligible Assignee who subsequently becomes a Lender pursuant to Section
10.06 shall be deemed to have made a representation and warranty to such effect, as of the
effective date of the applicable assignment.

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base
Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
suspended, and (y) in the event of a determination described in the preceding sentence with respect
to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component
in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon
the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans
or, failing that, will be deemed to have converted such request into a request for a Borrowing
of Base Rate Loans in the amount specified therein.

     3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

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

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

     (ii) subject any Lender to any tax of any kind whatsoever with respect to this
Agreement or any Eurodollar Rate Loan made by it, or change the basis of taxation of
payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any
Excluded Tax payable by such Lender); or

38

 

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

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

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

     (c) Certificates for Reimbursement. A certificate of a Lender setting forth the
amount or amounts necessary to compensate such Lender or its holding company, as the case may be,
as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 20 days after receipt thereof.

     (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of
such Lender’s right to demand such compensation, provided that the Borrower shall not be
required to compensate a Lender pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than six months prior to the date that such
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect thereof).

     3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative
Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense incurred by it as a result of:

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

39

 

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

     (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

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

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

     3.06 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if
any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or
eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in
each case, would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

     (b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower
may replace such Lender in accordance with Section 10.13.

     3.07 Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Revolving Commitments, repayment of all other Obligations hereunder, and
resignation of the Administrative Agent.

ARTICLE IV CONDITIONS PRECEDENT TO LOANS

     4.01 Conditions of Initial Loan. The obligation of each Lender to make its Term Loan and/or
initial Revolving Loan hereunder is subject to satisfaction of the following conditions precedent:

40

 

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

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

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

     (iii) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers as the Administrative Agent may require
evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other
Loan Documents;

     (iv) such documents and certifications as the Administrative Agent may reasonably
require to evidence that the Borrower is duly organized or formed, and that the Borrower is
validly existing, in good standing and qualified to engage in business in each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business
requires such qualification, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect;

     (v) a favorable opinion of Chad W. Coulter, counsel to the Borrower addressed to the
Administrative Agent and each Lender, as to the matters set forth in Exhibit E and
such other matters concerning the Borrower and the Loan Documents as the Required Lenders
may reasonably request;

     (vi) a certificate of a Responsible Officer of the Borrower either (A) attaching copies
of all consents, licenses and approvals required in connection with the execution, delivery
and performance by the Borrower and the validity against the Borrower of the Loan Documents
to which it is a party, and such consents, licenses and approvals shall be in full force and
effect, or (B) stating that no such consents, licenses or approvals are so required;

     (vii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that
the conditions specified in Sections 4.02(a) and (b) have been satisfied,
(B) that there has been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either individually or in
the aggregate, a Material Adverse Effect; (C) the absence of any Material Litigation, and
(D) the current Debt Ratings; and

     (viii) such other assurances, certificates, documents, consents or opinions as the
Administrative Agent or the Required Lenders reasonably may require.

     (b) Any fees required to be paid on or before the Closing Date shall have been paid.

41

 

     (c) All amounts outstanding under the Existing Credit Agreement shall have been paid in full
and the commitments under the Existing Credit Agreement shall been terminated.

     (d) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges
and disbursements of counsel to the Administrative Agent to the extent invoiced prior to or on the
Closing Date, plus such additional amounts of such fees, charges and disbursements as shall
constitute its reasonable estimate of such fees, charges and disbursements incurred or to be
incurred by it through the closing proceedings (provided that such estimate shall not thereafter
preclude a final settling of accounts between the Borrower and the Administrative Agent).

     (e) The Closing Date shall have occurred on or before December 31, 2010.

     Without limiting the generality of the provisions of Section 9.04, for purposes of
determining compliance with the conditions specified in this Section 4.01, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

     4.02 Conditions to all Loans. The obligation of each Lender to honor any Loan Notice (other
than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of
Eurodollar Rate Loans) is subject to the following conditions precedent:

     (a) The representations and warranties of the Borrower contained in Article V or any
other Loan Document, or which are contained in any document furnished at any time under or in
connection herewith or therewith, shall be true and correct in all material respects on and as of
the date of such Loan, except for, in the case of all Loans other than the initial Loan, the
representation set forth in Section 5.05(c) and except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date.

     (b) No Default shall exist, or would result from such proposed Loan or from the application of
the proceeds thereof.

     (c) The Administrative Agent shall have received a Loan Notice in accordance with the
requirements hereof.

     Each Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other
Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(a) and (b) have
been satisfied on and as of the date of the applicable Loan.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Administrative Agent and the Lenders that:

42

 

     5.01 Existence, Qualification and Power; Compliance with Laws. The Borrower is (a) duly
organized or formed, validly existing and, as applicable, in good standing under the Laws of the
jurisdiction of its organization or formation, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and
carry on its business substantially as now conducted and (ii) execute, deliver and perform its
obligations under the Loan Documents, (c) is duly qualified and is licensed and, as applicable, in
good standing under the Laws of each jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such qualification or license and (d) is in
compliance with all Laws except, in each case referred to in clause (b)(i), (c) or
(d), to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect.

     5.02 Authorization; No Contravention. The execution, delivery and performance by the Borrower
of each Loan Document have been duly authorized by all necessary organizational action on its part
and do not and will not contravene the terms of any of the Borrower’s Organization Documents;
conflict with or result in any breach or contravention of, or result in or require the creation or
imposition of any Lien under, any Contractual Obligation to which the Borrower is a party or any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the
Borrower or its property is subject; or violate any Law.

     5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization or other action by, or notice to, or filing with, any Governmental
Authority or any other Person is necessary or required in connection with the execution,
delivery or performance by, or enforcement against, the Borrower of this Agreement or any other
Loan Document.

     5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by the Borrower. This Agreement
constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of the Borrower that is a party thereto, enforceable against the Borrower in
accordance with its terms, subject to Debtor Relief Laws.

     5.05 Financial Statements; No Material Adverse Effect.

     (a) Statutory Financial Statements.

     (i) The Annual Statements, or the quarterly statements, as the case may be, of each of
the Reliance Standard Insurance Companies and Safety National including, without limitation,
the provisions made therein for investments and the valuation thereof, reserves, policy and
contract claims and Statutory Liabilities, in each case as filed with the appropriate
Governmental Authority of its state of domicile (the “Department”) and delivered to
each Lender prior to the execution and delivery of this Agreement, as of, and for the 2009
Fiscal Year, and as of the end of, and for, the Fiscal Quarter ended September 30, 2010
(collectively, the “Statutory Financial Statements”), have been prepared in
accordance with SAP applied on a consistent basis. Each such Statutory Financial Statement
was in compliance in all material respects with applicable law when filed. The Statutory
Financial Statements fairly present the financial condition, the results of operations,
changes in equity and changes in financial position of each of the

43

 

Reliance Standard
Insurance Companies and Safety National as of and for the respective dates and periods
indicated therein in accordance with SAP applied on a consistent basis. Except for
liabilities and obligations, including, without limitation, reserves, policy and contract
claims and Statutory Liabilities (all of which have been computed in accordance with SAP),
disclosed or provided for in the Statutory Financial Statements, the Reliance Standard
Insurance Companies and Safety National did not have, as of the respective dates of each of
such financial statements any liabilities or obligations (whether absolute or contingent and
whether due or to become due) which, in conformity with SAP, applied on a consistent basis,
would have been required to be or should be disclosed or provided for in such financial
statements. All books of account of the Reliance Standard Insurance Companies and Safety
National fully and fairly disclose, in all material respects, all of the transactions,
properties, assets, investments, liabilities and obligations of the Reliance Standard
Insurance Companies and Safety National and all of such books of account are in the
possession of each of the Reliance Standard Insurance Companies and Safety National and are
true, correct and complete in all material respects.

     (ii) The investments of each of the Reliance Standard Insurance Companies and Safety
National reflected in the Annual Statements filed with the Department with respect to each
of the Reliance Standard Insurance Companies’ and Safety National’s 2009 Fiscal Year (the
“2009 Annual Statements”), as updated through the September 30,
2010 quarterly statements (the “2010 Quarterly Statements”), comply in all
material respects with all applicable requirements of the applicable Department as to
investments which may be made by such Reliance Standard Insurance Company and Safety
National.

     (iii) The provisions made in the 2009 Annual Statements and in the 2010 Quarterly
Statements for reserves, policy and contract claims and Statutory Liabilities are in
compliance in all material respects with the requirements of the applicable Department and
have been computed in accordance with SAP.

     (iv) Marketable securities and short term investments reflected, with respect to the
Reliance Standard Insurance Companies, in line 10, page 2, column 3 and, with respect to
Safety National, in line 10, page 2, column 3, of their respective 2009 Annual Statements
and in the 2010 Quarterly Statements are valued at cost, amortized cost or market value, as
noted on such Statutory Financial Statements and as required by applicable law.

     (v) Except as set forth on Schedule 5.05, no dividends or other distributions
have been declared, paid or made upon any shares of capital stock of any of the Reliance
Standard Insurance Companies or Safety National nor have any shares of capital stock of any
of the Reliance Standard Insurance Companies or Safety National been redeemed, retired,
purchased or otherwise acquired since December 31, 2009, other than as reflected in the
balance sheets of the Reliance Standard Insurance Companies or Safety National.

     (b) GAAP Financial Statements.

     (i) The audited consolidated financial statements of the Borrower as of the end of, and
for, the 2009 Fiscal Year (the “Audited Financial Statements”), and the unaudited
consolidated financial statements of the Borrower as of the end of, and for, the

44

 

Fiscal
Quarter ended September 30, 2010, copies of which have been furnished to the Administrative
Agent and each of the Lenders, have been prepared in conformity with GAAP applied on a
consistent basis (except to the extent necessitated by changes in GAAP during the relevant
periods), and accurately present the financial condition of the Borrower and each of its
Subsidiaries as at such dates and the results of operations for the periods then ended.

     (ii) Except as set forth on Schedule 5.05, no dividends or other distributions
have been declared, paid or made upon any shares of capital stock of the Borrower or any of
its Subsidiaries, nor have any shares of capital stock of the Borrower or any of its
Subsidiaries been redeemed, retired, purchased or otherwise acquired, since December 31,
2009.

     (iii) With respect to any representation and warranty which is deemed to be made after
the date hereof by the Borrower, the balance sheet and statements of operations, of
stockholders’ equity and of cash flows, which as of such date shall most recently have been
furnished by or on behalf of the Borrower to each Lender for the purposes of or in
connection with this Agreement or any transaction contemplated
hereby, shall have been prepared in accordance with GAAP consistently applied (except
as disclosed therein), and shall present fairly (in a condensed manner) the consolidated
financial condition of the corporations covered thereby as at the dates thereof and for the
periods then ended, subject, in the case of quarterly financial statements, to normal
year-end and audit adjustments.

     (c) Material Adverse Change. No Material Adverse Change has occurred since December
31, 2009.

     5.06 Litigation and Guarantees. No Material Litigation is pending or threatened except as set
forth in Schedule 5.06. The Borrower and its Subsidiaries have no material Guarantees
other than (a) as provided for or disclosed on Schedule 5.06 or in the financial statements
referred to in Section 5.05 or (b) any Guarantees consisting of a guarantee by the Borrower
with respect to any payment obligations under Hybrid Securities.

     5.07 No Default. Neither the Borrower nor any Subsidiary is in default under or with respect
to any Contractual Obligation that could, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan
Document.

     5.08 Ownership of Property; Liens. Each of the Borrower and each Subsidiary has good record
and marketable title in fee simple to, or valid leasehold interests in, all real property necessary
or used in the ordinary conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
property of the Borrower and its Subsidiaries is subject to no Liens, other than Permitted Liens.

     5.09 Environmental Compliance. There are no claims alleging potential liability or
responsibility for violation of any Environmental Law or any such violation on the Borrower’s

45

 

and
its Subsidiaries’ respective businesses, operations and properties, that could individually or in
the aggregate reasonably be expected to have a Material Adverse Effect.

     5.10 Taxes. The Borrower and its Subsidiaries have filed all Federal and other material tax
returns and reports required to be filed, and have paid all Federal and other material taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP. There is no proposed tax assessment against the Borrower or any Subsidiary
that would, if made, have a Material Adverse Effect.

     5.11 ERISA Compliance.

     (a) Each Plan is in compliance with the applicable provisions of ERISA and the Code, except in
such instances in which the failure to comply therewith, either individually or in the aggregate
with all other such failures, could not reasonably be expected to have a Material
Adverse Effect. Each Pension Plan that is intended to be a qualified plan under Section
401(a) of the Code has received a favorable determination letter from the Internal Revenue Service
to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the
trust related thereto has been determined by the Internal Revenue Service to be exempt from federal
income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service. To the best knowledge of the Borrower, nothing has
occurred that would prevent or cause the loss of such tax-qualified status.

     (b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions
or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Effect.

     (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is aware
of any fact, event or circumstance that could reasonably be expected to constitute or result in an
ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate has met
all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no
waiver of the minimum funding standards under the Pension Funding Rules has been applied for or
obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither
the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be
expected to cause the funding target attainment percentage for any such plan to drop below 60% as
of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred
any liability to the PBGC other than for the payment of premiums, and there are no premium payments
which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged
in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no
Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or
circumstance has occurred or exists that could reasonably be expected to cause the PBGC to
institute proceedings under Title IV of ERISA to terminate any Pension Plan.

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     (d) Neither the Borrower or any ERISA Affiliate maintains or contributes to, or has any
unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan
other than (A) on the Closing Date, those listed on Schedule 5.11 hereto and (B)
thereafter, Pension Plans not otherwise prohibited by this Agreement. As of the Closing Date,
there has not been a determination that any Pension Plan is considered an at risk plan within the
meaning of Section 430 of the Code or Section 303 of ERISA.

     5.12 Subsidiaries. As of the Closing Date, the Borrower has no Subsidiaries other than those
specifically disclosed in Schedule 5.12.

     5.13 Margin Regulations; Investment Company Act.

     (a) The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning
of Regulation U of the FRB) or extending credit for the purpose of purchasing or carrying
margin stock. Following the application of the proceeds of each Borrowing not more than 25% of the
value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a
consolidated basis) subject to the provisions of Section 7.01 or subject to any restriction
contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of
any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin
stock.

     (b) None of the Borrower, any Person Controlling the Borrower or any Subsidiary is or is
required to be registered as an “investment company” under the Investment Company Act of 1940.

     5.14 Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any Subsidiary is
subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or on behalf of the
Borrower to the Administrative Agent or any Lender in connection with the transactions contemplated
hereby or delivered hereunder (as modified or supplemented by other information so furnished)
contains any material misstatement of fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that, with respect to projected financial information, the Borrower
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time.

     5.15 Compliance with Laws. Each of the Borrower and each Subsidiary is in compliance in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate with all other such failures, could not reasonably be expected to have a Material
Adverse Effect.

     5.16 Proceeds. The proceeds of the Loans will be used for general corporate purposes.

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     5.17 Insurance. The Borrower and its Subsidiaries are adequately insured for their benefit
under policies issued by insurers of recognized responsibility. No notice of any pending or
threatened cancellation or material premium increase has been received by the Borrower or any of
its Subsidiaries with respect to any of such insurance policies. The Borrower and its Subsidiaries
are in compliance with all material conditions contained in such insurance policies.

     5.18 Governmental Authorizations. The Borrower and its Subsidiaries have all licenses,
franchises, permits and other governmental authorizations necessary for all businesses presently
carried on by them (including ownership and leasing of the real and personal property owned and
leased by them), except where failure to obtain such licenses, franchises, permits and other
governmental authorizations would not have a Material Adverse Effect.

     5.19 Solvency. The Borrower and each of its Subsidiaries is, and after consummation of this
Agreement and after giving effect to all Indebtedness incurred and Liens created by the Borrower
and each of its Subsidiaries in connection herewith and therewith and the application of proceeds
therefrom will be, Solvent.

     5.20 Insurance Licenses. No license (including, without limitation, a license or certificate
of authority from an insurance department), permit or authorization to transact insurance and
reinsurance business (a “License”) held by any of the Reliance Standard Insurance Companies or
Safety National, the loss of which could reasonably be expected to have a Material Adverse Effect,
is the subject of a proceeding for suspension or revocation or any similar proceedings and, to the
best knowledge of the Borrower, there is no sustainable basis for such a suspension or revocation
and no such suspension or revocation is threatened by any state insurance department.

     5.21 No Default. Neither the Borrower nor any of its Subsidiaries is in default under any
agreement or instrument to which the Borrower or any of its Subsidiaries is a party or by which any
of their respective properties or assets is bound or affected, which default could reasonably be
expected to have a Material Adverse Effect.

     5.22 Replacement of Schedules. Any Schedule delivered to the Lenders under this Article
V may be amended and replaced with the consent of the Required Lenders (such consent not to be
unreasonably withheld) so that the representations and warranties set forth in this Article
V shall be true and correct at the time made by the Borrower.

     5.23 Taxpayer Identification Number. The Borrower’s true and correct U.S. taxpayer
identification number is set forth on Schedule 10.02.

ARTICLE VI

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of
Sections 6.01 and 6.02), cause each Subsidiary to:

     6.01 Reports, Certificates and Other Information. Unless otherwise provided herein, furnish
or cause to be furnished to the Administrative Agent and each Lender:

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     (a) Audit Report. As soon as available, but in any event within ninety (90) days
after the end of each Fiscal Year of the Borrower, copies of the audited consolidated balance
sheet, statement of earnings, stockholders’ equity and cash flows of the Borrower as at the end of
such Fiscal Year and an unaudited consolidating balance sheet of the Borrower as of the end of such
Fiscal Year and the related statements of earnings for such Fiscal Year, in each case setting forth
the figures as of the end of, and for, the previous year, prepared in reasonable detail and in
accordance with GAAP applied consistently throughout the periods reflected therein, certified (as
to the consolidated balance sheet, statement of earnings, stockholders’ equity and cash flows only)
without Qualification by Ernst & Young LLP (or such other independent certified public
accountants of recognized standing acceptable to the Required Lenders, it being agreed that,
for this purpose, each of Deloitte & Touche LLP, KPMG LLP and PricewaterhouseCoopers shall be
deemed to be acceptable to each of the Lenders);

     (b) Quarterly Reports. As soon as available, but in any event within forty-five (45)
days after the end of the first three Fiscal Quarters of each Fiscal Year of the Borrower
commencing with the Fiscal Quarter ended March 31, 2011, copies of the unaudited consolidated
balance sheet, statement of earnings, stockholders’ equity and cash flows of the Borrower as at the
end of and for such Fiscal Quarter and an unaudited consolidating balance sheet of the Borrower as
at the end of such Fiscal Quarter and the related unaudited statements of earnings for such Fiscal
Quarter and the portion of the Fiscal Year through such Fiscal Quarter, and with respect to the
consolidated balance sheet, statement of earnings, stockholders’ equity and cash flows setting
forth in comparative form the figures as of the end of, and for, the corresponding periods of the
previous Fiscal Year and the previous Fiscal Quarter, prepared in reasonable detail and in
accordance with GAAP applied consistently throughout the periods reflected therein and certified by
the Financial Officer of the Borrower as presenting fairly the financial condition and results of
operations of the Borrower and its Subsidiaries (subject to normal year-end and audit adjustments);

     (c) Tax Returns and Reports. If requested by the Administrative Agent or a Lender,
copies of all federal, state, local and foreign Tax Returns and Reports filed by the Borrower and
any of its Subsidiaries;

     (d) SAP Financial Statements.

     (i) As soon as possible, but in any event within seventy (70) days after the end of
each Fiscal Year of each of the Reliance Standard Insurance Companies, Safety National, and,
after the consummation of any other Acquisition permitted under this Agreement, each
Acquired Person (to the extent applicable), a copy of the Annual Statement of such Reliance
Standard Insurance Company, Safety National and such Acquired Person for such Fiscal Year
prepared in accordance with SAP and accompanied by the certification of the Financial
Officer of such Reliance Standard Insurance Company, Safety National and such Acquired
Person that such financial statement presents fairly, in accordance with SAP, the financial
condition and results of operations of such Reliance Standard Insurance Company, Safety
National and such Acquired Person as of the end of, and for, the period then ended; and

     (ii) As soon as possible, but in any event within fifty-two (52) days after the end of
each of the first three Fiscal Quarters of each Fiscal Year commencing with the

49

 

Fiscal
Quarter ending March 31, 2011, of each of the Reliance Standard Insurance Companies, Safety
National, and, after the consummation of any other Acquisition permitted under this
Agreement, each Acquired Person (to the extent applicable) a copy of the quarterly statement
of such Reliance Standard Insurance Company, Safety National and such Acquired Person for
such Fiscal Quarter, all prepared in accordance with SAP and accompanied by the
certification of the Financial Officer of such Reliance Standard Insurance Company, Safety
National and such Acquired Person that all such financial
statements present fairly in accordance with SAP the financial condition and results of
operations of such Reliance Standard Insurance Company, Safety National and such Acquired
Person as of the end of, and for, the period then ended;

     (e) Compliance Certificate. Contemporaneously with the furnishing of a copy of each
set of the statements and reports provided for in Sections 6.01(a) and (b), a duly
completed certificate, substantially in the form of Exhibit C (the “Compliance
Certificate”), signed by the Financial Officer of the Borrower, containing, among other things,
a computation of, and showing compliance with, each of the applicable financial ratios and
restrictions contained in Sections 7.11 through 7.14 and to the effect that as of
such date, to the best of Borrower’s knowledge, no Default has occurred and is continuing, or, if
there is any such event, describing it and the steps, if any, being taken to cure it (which
delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by
electronic communication including fax or email and shall be deemed to be an original authentic
counterpart thereof for all purposes);

     (f) Auditors’ Materials. Promptly upon the reasonable request of the Administrative
Agent, copies of any management letters and reports regarding the Borrower or any of its
Subsidiaries submitted to the Borrower or its Subsidiaries by independent public accountants in
connection with each annual audit report made by such accountants of the books of the Borrower or
any of its Subsidiaries;

     (g) Notice of Default, Litigation and License Matters. Promptly and without delay
upon learning of the occurrence of any of the following, written notice thereof, describing the
same and the steps being taken by the Borrower with respect thereto:

     (i) the occurrence of a Default,

     (ii) the institution of any Material Litigation or the occurrence of any Material
Litigation Development,

     (iii) the commencement of any dispute which might lead to the material modification,
transfer, revocation, suspension or termination of this Agreement or any Loan Document,

     (iv) any Material Adverse Change, or

     (v) any announcement by Standard & Poor’s or Moody’s or such other rating agency whose
rating becomes applicable pursuant to the provisions of the definition of “Applicable Rate”
of any change of any Debt Rating of the Borrower.

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     (h) ERISA Liability. Promptly upon learning of the occurrence of an ERISA
Event, written notice thereof describing the same and the steps being taken by Borrower with
respect thereto;

     (i) Information Concerning the Subsidiaries. Promptly upon learning thereof, written
notice of

     (i) the occurrence with respect to any of its Subsidiaries of any of the events the
occurrence of which in relation to the Borrower would constitute an Event of Default under
Section 8.01(f);

     (ii) the execution of any agreement by any of its Subsidiaries to merge with or
consolidate into or with, or purchase or otherwise acquire all or substantially all of the
assets or stock of any class of, or any partnership or joint venture interest in, any other
Person, or for the sale, transfer, lease or conveyance by any of its Subsidiaries of all or
any substantial part of its assets or sale or assignment without recourse of any of its
receivables; and

     (iii) any action which may reasonably be expected to result in a Change in Control;

     (j) Insurance Licenses. Within ten (10) Business Days of such notice, notice of
actual suspension, termination or revocation of any License or material restriction thereon of any
of the Reliance Standard Insurance Companies, Safety National, and after consummation of any other
Acquisition permitted hereunder, each Acquired Person (to the extent applicable) by any
Governmental Authority that can reasonably be expected to have a Material Adverse Effect;

     (k) Insurance Proceedings. Within ten (10) Business Days of such notice, notice of
any pending or threatened investigation or regulatory proceeding (other than routine periodic
investigations or reviews) by any Governmental Authority concerning the business, practices or
operations of any of the Reliance Standard Insurance Companies, Safety National, and, after
consummation of any other Acquisition permitted under this Agreement, each Acquired Person (to the
extent applicable) including any agent or managing general agent thereof, which could reasonably be
expected to have a Material Adverse Effect;

     (l) Changes in Applicable Insurance Code. Promptly, upon knowledge of the Borrower,
any of the Reliance Standard Insurance Companies, Safety National, or, after consummation of any
other Acquisition permitted under this Agreement, each Acquired Person (to the extent applicable)
to the Administrative Agent (who shall promptly deliver such notice to the Lenders), notice of any
actual or proposed material changes in any Applicable Insurance Code which could reasonably be
expected to cause a Material Adverse Change;

     (m) Revenue Agent Notices. Promptly, and in any event within ten (10) days of
receipt, any revenue agent’s reports or statutory notices of deficiency related to the Borrower or
any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect;

     (n) Notice of Tax Claim. Prompt notice to the Administrative Agent of the
commencement of any claim, audit, examination, notice of deficiency, or other change or

51

 

adjustment by any Governmental Authority (a “Tax Claim”), or of the extension of any statute
of limitations regarding Taxes which could reasonably be expected to have a Material Adverse
Effect;

     (o) Other Tax Information. Upon request of the Administrative Agent or a Lender,
promptly to the Administrative Agent copies of all correspondence (including without limitation,
notices, requests, explanations, determinations, schedules, charts and lists) delivered to any
Governmental Authority in connection with any Tax Claim or Taxes; and

     (p) Other Information. From time to time such other information and certifications
concerning the Borrower and any of its Subsidiaries as the Administrative Agent or a Lender may
reasonably request.

     Documents required to be delivered pursuant to Section 6.01(a), (b) or
(d) (to the extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on
the date (i) on which the Borrower posts such documents, or provides a link thereto on the
Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii)
on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent and including, without
limitation, the website maintained by the Securities and Exchange Commission); provided that: (i)
the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender
that requests the Borrower to deliver such paper copies until a written request to cease delivering
paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify
the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any
such documents and provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will
make available to the Lenders materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the
Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to the Borrower or its securities) (each, a “Public Lender”). The
Borrower hereby agrees that so long as the Borrower is the issuer of any outstanding debt or equity
securities that are registered or issued pursuant to a private offering or is actively
contemplating issuing any such securities (w) all Borrower Materials that are to be made available
to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative
Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any
material non-public information with respect to the Borrower or

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its securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 10.07); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled
to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on
a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, the
Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

     6.02 Payment of Obligations. Pay and discharge, as the same shall become due and payable, its
obligations and liabilities that, if not paid and discharged, could result in a Material Adverse
Effect, including (a) all tax liabilities, assessments and governmental charges or levies upon it
or its properties or assets, (b) all lawful claims which, if unpaid, would by law become a Lien
upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any
subordination provisions contained in any instrument or agreement evidencing such Indebtedness,
unless any of the foregoing is being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves in accordance with GAAP or SAP, as the case may be, are being
maintained by the Borrower or such Subsidiary.

     6.03 Preservation of Existence, etc. (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.02; (b) take all reasonable action to
maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the
normal conduct of its business, except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered
patents, trademarks, trade names and service marks, the non-preservation of which could reasonably
be expected to have a Material Adverse Effect.

     6.04 Maintenance of Properties. (a) Maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals
and replacements thereof except where the failure to do so could not reasonably be expected to have
a Material Adverse Effect.

     6.05 Maintenance of Insurance. Maintain, with financially sound and reputable insurance
companies which are not Affiliates of the Borrower, insurance with respect to its properties and
business against loss or damage of the kinds customarily insured against by Persons engaged in the
same or similar business, of such types and in such amounts as are customarily carried under
similar circumstances by such other Persons.

     6.06 Compliance with Laws; Material Contractual Obligations. Comply in all material respects
with (a) the requirements of all Laws (including ERISA and Environmental Laws) and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except in such
instances in which (i) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted; or (ii) the failure to
comply therewith could not reasonably be expected to have a Material Adverse Effect; and (b) all
material Contractual Obligations, including Guarantees, except in such instances in which (i) such
material Contractual Obligation is being contested in good faith by appropriate

53

 

proceedings diligently conducted; or (ii) the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect.

     6.07 Books and Records. Maintain proper books of record and account, in which full, true and
correct entries sufficient to prepare financial statements in conformity with GAAP or SAP, as the
case may be, consistently applied shall be made of all financial transactions and matters involving
the assets and business of the Borrower or such Subsidiary, as the case may be; and maintain such
books of record and account in material conformity with all applicable requirements of any
Governmental Authority having regulatory jurisdiction over the Borrower or such Subsidiary, as the
case may be.

     6.08 Inspection Rights. Subject to the Administrative Agent’s and the Lenders’ obligations
under Section 10.07, permit the Representatives of the Administrative Agent and each Lender
to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its directors, officers, and independent public accountants, all at the expense of
the Borrower and at such reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to the Borrower; provided that when an
Event of Default exists the Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of the
Borrower at any time during normal business hours and without advance notice.

ARTICLE VII

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, the Borrower shall:

     7.01 Liens. Not, and not permit any Subsidiary to create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following (which shall be referred to as “Permitted Liens”):

     (a) Liens for current Taxes not delinquent or for Taxes being contested in good faith and by
appropriate proceedings and with respect to which adequate reserves are being maintained in
accordance with GAAP;

     (b) Liens in connection with the acquisition or leasing of fixed or capital assets after the
date hereof attaching only to the property being acquired, provided the Indebtedness secured
thereby does not exceed the cost or fair market value, whichever is lower, of the property being
acquired on the date of acquisition;

     (c) Liens shown on Schedule 7.01;

     (d) Liens incurred in the ordinary course of business in connection with workers’
compensation, unemployment insurance or other forms of governmental insurance or benefits or to
secure performance of tenders, statutory obligations, leases and contracts (other than for borrowed
money) entered into in the ordinary course of business or to secure obligations on surety or appeal
bonds;

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     (e) Liens of mechanics, carriers, materialmen and other like Liens arising in the ordinary
course of business in respect of obligations which are not delinquent or which are being contested
in good faith and by appropriate proceedings and with respect to which adequate reserves are being
maintained in accordance with GAAP;

     (f) Liens arising in the ordinary course of business for sums being contested in good faith
and by appropriate proceedings and with respect to which adequate reserves are being maintained in
accordance with GAAP, or for sums not due, and in either case not involving any deposits or
advances for borrowed money or the deferred purchase price of property or services;

     (g) Liens in favor of any Federal Home Loan Bank;

     (h) Liens incurred in connection with the acquisition of Investments permitted by this
Agreement;

     (i) Liens arising in connection with reverse repurchase agreements, securities lending, Swap
Contracts and securities, futures and commodities brokerage accounts entered into or established in
the ordinary course of business;

     (j) Liens pursuant to (i) trust or other security arrangements of any type in connection with
reinsurance agreements under which insurance liabilities are ceded or retroceded to any of the
Reliance Standard Insurance Companies, Safety National, Safety First, Safety National Re or an
Acquired Person (if an insurance company) or (ii) arrangements of any type pursuant to
which assets of an owner or member of a Lloyd’s syndicate are held as security for the underwriting
activities of such syndicate;

     (k) easements, rights-of-way, restrictions and other similar encumbrances incurred in the
ordinary course of business which, in the aggregate, are not substantial in amount, and which do
not in any case materially detract from the value of the property subject thereto or interfere with
the ordinary conduct of the businesses of the Borrower and its Subsidiaries;

     (l) Liens arising solely by virtue of any statutory or common Law provision relating to
banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other
funds maintained with a creditor depository institution; provided, that (i) such deposit
account is not a dedicated cash collateral account and is not subject to restrictions against
access by the Borrower in excess of those set forth by regulations promulgated by the FRB, and (ii)
such deposit account is not intended by the Borrower or any Subsidiary to provide collateral to the
depository institution;

     (m) Liens consisting of deposits made by any Subsidiary of the Borrower (other than a
Non-Insurance Subsidiary) with the insurance regulatory authority in its jurisdiction of domicile
or other statutory Liens or Liens or claims imposed or required by applicable insurance Law or
regulation against the assets of such Subsidiary, in each case in favor of all policyholders of
such Subsidiary and in the ordinary course of such Subsidiary’s business;

     (n) Liens securing obligations owed to the Borrower by a Subsidiary or owed by any Subsidiary
of the Borrower to any of its other Subsidiaries; and

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     (o) Other Liens of any type or nature, so long as the aggregate amount of the obligations at
any one time outstanding which are secured by Liens permitted by this subsection (o) does not
exceed $30,000,000.

     7.02 Consolidation, Merger, etc. Not, and not permit any of its Subsidiaries to, liquidate or
dissolve, consolidate with, or merge into or with, any other Person, or make any Acquisition
except:

     (a) any Subsidiary of the Borrower may liquidate or dissolve voluntarily into, and may merge
with and into, the Borrower or any other Subsidiary of the Borrower; provided that with
respect to any merger between Subsidiaries of the Borrower the percentage of the equity and voting
power of the surviving Subsidiary owned by the Borrower immediately after such merger shall not be
less than the greatest percentage of the equity and voting power owned by the Borrower in any
Subsidiary party to such merger immediately prior thereto;

     (b) so long as no Default has occurred and is continuing or would occur after giving effect
thereto and so long as after giving effect thereto, the Borrower shall be in pro forma compliance
with the requirements of this Agreement, the Borrower and its Subsidiaries may make an Acquisition,
through merger, consolidation, or purchase of all or substantially all of the assets or capital
stock of a Person provided in the case of any such merger or consolidation of the Borrower, the
Borrower shall be the surviving entity; and

     (c) any Subsidiary (other than any of RSL, First RSL and Safety National) may voluntarily
dissolve or liquidate so long as its net assets are distributed in accordance with the
proportionate equity interests of its shareholders, partners or other beneficial owners.

     7.03 Asset Disposition, etc. Not, and not permit any of its Subsidiaries to, sell, or assign,
lease, transfer, contribute, convey or otherwise dispose of, or grant options, warrants or other
rights with respect to, any of its assets to any Person, unless:

     (a) such sale, assignment, transfer, lease, contribution, conveyance or other disposition is
in the ordinary course of its business;

     (b) the book value of such assets net of related liabilities, together with the net book value
of all other assets sold, transferred, leased, contributed or conveyed otherwise than in the
ordinary course of business by the Borrower or any of its Subsidiaries pursuant to this clause
since December 31, 2009, does not exceed $50,000,000;

     (c) such sale, transfer, lease, contribution, conveyance or other disposition has been
consented to in writing by the Required Lenders (it being understood such Required Lenders shall
have no obligation to so consent); or

     (d) such sale, transfer, contribution or conveyance is in connection with any liquidation,
dissolution, consolidation or merger permitted under Section 7.02.

     7.04 Dividends, etc. Not declare, pay or make any dividend or distribution (in cash,
property or obligations) on any shares of any class of capital stock (now or hereafter outstanding)
of the Borrower or on any warrants, options or other rights with respect to any shares of any

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class of capital stock (now or hereafter outstanding) of the Borrower (other than dividends or
distributions payable in its common stock or warrants to purchase its common stock or splitups or
reclassifications of its stock into additional or other shares of its common stock) or apply, or
permit any of its Subsidiaries to apply, any of its funds, property or assets to the purchase,
redemption, sinking fund or other retirement of any shares of any class of capital stock (now or
hereafter outstanding) of the Borrower or any option, warrant or other right to acquire shares of
the Borrower’s capital stock (other than any such payment pursuant to stock appreciation rights
granted and exercised in accordance with applicable rules and regulations of the Securities and
Exchange Commission); or make any deposit for any of the foregoing purposes, unless, at the time
and after giving effect thereto, no Default shall have occurred and be continuing and the Borrower
shall be in pro forma compliance with the requirements of this Agreement.

     7.05 Investments. Not permit any Investments to be made by any of the Reliance Standard
Insurance Companies, Safety National or any Acquired Person (if an insurance company) other than in
compliance with the Applicable Insurance Code(s) of each Reliance Standard Insurance Company’s,
Safety National’s and such Acquired Person’s state of domicile or with the approval of the
applicable Department.

     7.06 Regulation U. Not, and not permit any of its Subsidiaries to, use or permit any proceeds
of the Loans to be used, either directly or indirectly, for the purpose, whether immediate,
incidental or ultimate, of “purchasing or carrying margin stock” within the meaning of Regulation
U.

     7.07 Other Agreements. Not, and not permit any of its Subsidiaries to, enter into any
agreement containing any provision which (a) would be violated or breached by the performance of
its obligations hereunder or under any instrument or document delivered or to be delivered by it
hereunder or in connection herewith, (b) prohibits or restricts the creation or assumption of any
Lien (other than Permitted Liens) upon its properties, revenues or assets (whether now owned or
hereafter acquired) as security for the Liabilities hereunder, (c) prohibits or restricts the
ability of any of its Subsidiaries to make dividends or advances or payments to the Borrower, or
(d) constitutes an agreement to a limitation or restriction of the type described in clauses (a)
through (c) with respect to any other Indebtedness.

     7.08 Business Activities. Not, and not permit any of its Subsidiaries to, engage in any type
of business except (a) the businesses in which the Borrower and its Subsidiaries are engaged as of
the date hereof, (b) insurance and insurance-related businesses and insurance services of all
types, (c) investment management services for Persons other than the Borrower and its Subsidiaries
and (d) the acquisition or origination of financial assets, including but not limited to mortgage,
automobile and other consumer finance loans, and the origination of securitizations based on such
financial assets.

     7.09 Transactions with Affiliates. Not, and not permit any of its Subsidiaries to, enter
into, or cause, suffer or permit to exist any arrangement, contract with or investment in any of
its other Affiliates which is not a directly or indirectly wholly-owned Subsidiary of the Borrower
unless such arrangement is on terms which are not less favorable to the Borrower or such Subsidiary
than are obtainable from a Person which is not one of its Affiliates.

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     7.10 Ownership of RSL and Safety National. Not cease to own, directly or indirectly, free and
clear of all Liens, (a) 100% of the outstanding shares of voting stock of RSL on a fully diluted
basis and (b) 100% of the outstanding shares of voting stock and voting power of Safety National on
a fully diluted basis.

     7.11 Consolidated Net Worth. Not permit Consolidated Net Worth to be less than the sum of (a)
$1,057,000,000 plus (b) 50% of consolidated Net Income (if positive) for each Fiscal Quarter
commencing after September 30, 2010 plus (c) 50% of net equity proceeds received after September
30, 2010. In the event that the Borrower adopts Accounting Standards Update 2010-26, “Accounting
for Costs Associated with Acquiring or Renewing Insurance Contracts” (or any successor or similar
accounting pronouncement, regardless of its title), and such adoption results in a decrease in
Consolidated Net Worth, the minimum Consolidated Net Worth permitted pursuant to the preceding
sentence shall, as of the last day of the Fiscal Quarter in which such adoption occurs, be
permanently be reduced by the lesser of (i) 70% of the amount of such decrease in Consolidated Net
Worth and (ii) $175,000,000.

     7.12 Debt to Capital. Not permit the Debt to Capital Ratio to exceed 0.35:1 at any time.

     7.13 Risk-Based Capital Ratio. Not permit the Risk-Based Capital Ratio of RSL to fall below
200% and not permit the Risk-Based Capital Ratio of Safety National to fall below 110%. This ratio
shall be measured as of the end of each Fiscal Year for the Fiscal Year then ended.

     7.14 Subsidiary Indebtedness. Not permit any Subsidiary to incur any Subsidiary Indebtedness
except Subsidiary Indebtedness in an aggregate principal amount for all Subsidiaries of not more
than $30,000,000 at any one time outstanding.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

     8.01 Events of Default. Any of the following shall constitute an Event of Default:

     (a) Non-Payment. The Borrower fails to pay when and as required to be paid herein,
any amount of principal of any Loan, or within three days after the same becomes due, any interest
on any Loan, or any commitment, utilization or other fee due hereunder, or (iii) within five days
after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

     (b) Specific Covenants. The Borrower fails to perform or observe any term, covenant
or agreement contained in any of Section 6.01(i), or Article VII (other than Sections
7.05 and 7.09 which shall be governed by Section 8.01(c)); or

     (c) Other Defaults. The Borrower fails to perform or observe any other covenant or
agreement (not specified in clause (a) or (b) above) contained in any Loan Document
on its part to be performed or observed and such failure continues for 30 days; or

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     (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of the Borrower herein, in any other Loan
Document, or in any document delivered in connection herewith or therewith shall be incorrect or
misleading in any material respect when made or deemed made; or

     (e) Cross-Default. (A) The Borrower or any Material Subsidiary (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or
otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and
Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn
committed or available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than the Threshold Amount, or fails to observe or perform
any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased
or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (C) any event of default under
such Swap Contract as to which the Borrower or any Material Subsidiary is the Defaulting Party (as
defined in such Swap Contract) or (D) any Termination Event (as so defined) under such Swap
Contract as to which the Borrower or any Material Subsidiary is an Affected Party (as so defined)
and, in either event, the Swap Termination Value owed by the Borrower or such Material Subsidiary
as a result thereof is greater than the Threshold Amount and the amount owed by the Borrower or
Material Subsidiary thereunder is not paid within 15 days of the date such payment is due; or

     (f) Insolvency Proceedings, Etc. The Borrower or any Material Subsidiary institutes
or consents to the institution of any proceeding under any Debtor Relief Law, or makes an
assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or
for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material part
of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) The Borrower or any Material Subsidiary
becomes unable or admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released,
vacated or fully bonded within 30 days after its issue or levy; or

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     (h) Judgments. There is entered against the Borrower or any Material Subsidiary a
final non-appealable judgment or order for the payment of money in an aggregate amount exceeding
the Threshold Amount (to the extent not covered by independent third-party insurance (including but
not limited to reinsurance coverage) as to which the insurer or reinsurer does not dispute
coverage) which is not satisfied within fifteen (15) days from the date thereof, or any one or
more non-monetary final judgments that have, or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and, in either case, enforcement proceedings are
commenced by any creditor upon such judgment or order, or there is a period of 30 consecutive days
during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is
not in effect; or

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of the Borrower
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of $10,000,000, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its
withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount
in excess of $10,000,000; or

     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full
of all the Obligations, ceases to be in full force and effect; or the Borrower or any other Person
contests in any manner the validity or enforceability of any Loan Document; or the Borrower denies
that it has any or further liability or obligation under any Loan Document, or purports to revoke,
terminate or rescind any Loan Document; or

     (k) Change of Control. Any Change of Control occurs.

     8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans to be terminated, whereupon such
commitments and obligation shall be terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower; and

     (c) exercise on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents or applicable law;

provided that upon the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Debtor Relief Laws, the obligation of each Lender to make Loans
shall automatically terminate, and the unpaid principal amount of all outstanding Loans and all
interest and other amounts as aforesaid shall automatically become due and payable.

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     8.03 Application of Funds. After the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable as set forth in
the proviso to Section 8.02), any amounts received on account of the Obligations (including
the proceeds of any collateral) shall be applied by the Administrative Agent in the following
order:

First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including Attorney Costs and amounts payable under Article III)
payable to the Administrative Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal and interest) payable to the Lenders (including Attorney Costs
and amounts payable under Article III), ratably among them in proportion to the amounts
described in this clause Second payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans, ratably among the Lenders in proportion to the respective amounts described
in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the
Loans, ratably among the Lenders in proportion to the respective amounts described in this
clause Fourth held by them; and

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

ARTICLE IX

ADMINISTRATIVE AGENT

     9.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of
America to act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this
Article are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower
shall not have rights as a third party beneficiary of any of such provisions.

     9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its
Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any
Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder
and without any duty to account therefor to the Lenders.

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

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

     (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Administrative Agent shall
not be required to take any action that, in its opinion or the opinion of its counsel, may expose
the Administrative Agent to liability or that is contrary to any Loan Document or applicable law;
and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Borrower or a Lender.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

     9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan that by its terms

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must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that
such condition is satisfactory to such Lender unless the Administrative Agent shall have received
notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent
may consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub
agent may perform any and all of its duties and exercise its rights and powers by or through their
respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub
agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall
apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent.

     9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give
notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, subject to the consent of the Borrower
(such consent not to be unreasonably withheld), to appoint a successor from the Lenders or
otherwise provided such successor shall be a bank with an office in the United States or an
Affiliate of such bank with an office in the United States. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may, after consulting with the Borrower and the Lenders, appoint a successor Administrative
Agent meeting such qualifications; provided that if the Administrative Agent shall notify the
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except for duties and obligations having arisen prior to the effectiveness of
such resignation) and (2) all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender directly, until
such time as a successor Administrative Agent is appointed as provided for above in this Section.
(For the avoidance of doubt, it is agreed that the Administrative Agent’s resignation shall not be
effective until the earlier of 30 days after the notice of its resignation or the appointment under
the terms of this Section of a successor.) Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder
or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section and except for duties and obligations having arisen prior to the effectiveness of such
resignation). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect
for the benefit of such retiring Administrative Agent, its sub agents and their respective Related
Parties

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in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent.

     9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it
has, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Book
Managers, the Joint Lead Arrangers, Co-Syndication Agents or Co-Documentation Agents listed on the
cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a
Lender hereunder.

     9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or other judicial proceeding relative to the Borrower, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such
other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and
10.04) allowed in such judicial proceeding; and

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

     and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent
and its agents and counsel, and any other amounts due the Administrative Agent under Sections
2.07 and 10.04.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or

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to authorize the Administrative Agent to vote in respect of the claim of any Lender in any
such proceeding.

ARTICLE X

MISCELLANEOUS

     10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other
Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective unless
in writing signed by the Required Lenders and the Borrower, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no such amendment, waiver or consent
shall:

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

     (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under
any other Loan Document without the written consent of each Lender entitled to such payment;

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or (subject
to clause (ii) of the second proviso to this Section 10.01) any fees or other amounts
payable hereunder or under any other Loan Document without the written consent of each Lender
directly affected thereby; provided, however, that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of
the Borrower to pay interest at the Default Rate;

     (e) change Section 2.11 or Section 8.03 in a manner that would alter the pro
rata sharing of payments and collateral required thereby without the written consent of each
Lender; or

     (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender under the applicable Facility;

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the Administrative Agent in addition to the Lenders required above, affect
the rights or duties of the Administrative Agent under this Agreement or any other Loan Document;
and (ii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased or extended without the
consent of such Lender.

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     10.02 Notices; Effectiveness; Electronic Communications.

     (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail postage prepaid or sent
by telecopier as follows, and all notices and other communications expressly permitted hereunder to
be given by telephone shall be made to the applicable telephone number, as follows:

     (i) if to the Borrower or the Administrative Agent, to the address, telecopier number,
electronic mail address or telephone number specified for such Person on Schedule
10.02; and

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

Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
postage prepaid, shall be deemed to have been given when received; notices sent by telecopier shall
be deemed to have been given when sent (except that, if not given during normal business hours for
the recipient, shall be deemed to have been given at the opening of business on the next business
day for the recipient). Notices delivered through electronic communications to the extent provided
in subsection (b) below, shall be effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e mail and Internet
or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such
Lender has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE

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ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any
Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative
Agent’s transmission of Borrower Materials through the Internet, except to the extent that such
losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Agent Party; provided, however, that in no event shall
any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrower and the Administrative Agent may
change its address, telecopier or telephone number for notices and other communications hereunder
by notice to the other parties hereto. Each other Lender may change its address, telecopier or
telephone number for notices and other communications hereunder by notice to the Borrower and the
Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time
to time to ensure that the Administrative Agent has on record (i) an effective address, contact
name, telephone number, telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at
all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Borrower or its securities for purposes of
United States Federal or state securities laws.

     (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices)
purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the
Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All
telephonic notices to and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording.

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     10.03 No Waiver; Cumulative Remedies; Enforcement. (a) No failure by any Lender, or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein and provided under each other Loan
Document provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

(b) Notwithstanding anything to the contrary contained herein or in any other Loan
Document, the authority to enforce rights and remedies hereunder and under the other Loan
Documents against the Borrower shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained
exclusively by, the Administrative Agent in accordance with Section 8.02 for the
benefit of all the Lenders; provided, however, that the foregoing shall not
prohibit (a) the Administrative Agent from exercising on its own behalf the rights and
remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights
in accordance with Section 10.08 (subject to the terms of Section 2.11), or
(c) any Lender from filing proofs of claim or appearing and filing pleadings on its own
behalf during the pendency of a proceeding relative to the Borrower under any Debtor Relief
Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the Required
Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to
Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of
the preceding proviso and subject to Section 2.11, any Lender may, with the consent
of the Required Lenders, enforce any rights and remedies available to it and as authorized
by the Required Lenders.

     10.04 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out of pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all reasonable out-of-pocket
expenses incurred by the Administrative Agent or any Lender (including the reasonable fees, charges
and disbursements of any counsel for the Administrative Agent or any Lender), and shall pay,
without duplication, all reasonable fees and time charges for attorneys who may be employees of the
Administrative Agent or any Lender, in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loans made hereunder, including all such reasonable
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of
such Loans.

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     (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses (including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify
and hold harmless each Indemnitee, without duplication, from all reasonable fees and time charges
and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee
or asserted against any Indemnitee by any third party or by the Borrower arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder, the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any
way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee for breach in
bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction.

     (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent)
or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount, provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The
obligations of the Lenders under this subsection (c) are subject to the provisions of Section
2.10(d).

     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the

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transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than for direct or actual damages that are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee.

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

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

     10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is
made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises
its right of setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such setoff had not occurred, and (b)
each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share
(without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus
interest thereon from the date of such demand to the date such payment is made at a rate per annum
equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under
clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

     10.06 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this
Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this
Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of subsection (f) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent

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and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

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

     (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000, in the case of any assignment in respect of the Revolving Facility,
or $1,000.000, in the case of any assignment in respect of the Term Facility unless
each of the Administrative Agent and, so long as no Event of Default has occurred
and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single Eligible Assignee (or to an Eligible
Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met.

     (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned;

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

     (A) the consent of the Borrower (such consent not to be unreasonably withheld)
shall be required unless (1) an Event of Default has occurred and is continuing at
the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund (other than an Approved Fund or an Affiliate which is a
competitor of the Borrower);  provided that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto

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by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof;

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

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

     (iv) No Assignment to Borrower. No such assignment shall be made to (A) the
Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender
or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (B), or (C) to a natural
person.

     (v) Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment or other compensating actions, including funding, with the consent of the Borrower
and the Administrative Agent, the applicable pro rata share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share
of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions
of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under

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this Agreement, other than its obligations under Section 10.07 relating to Information
received by such Lender, (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto) but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall
execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this subsection shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with subsection (d) of this Section.

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

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries ) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that materially adversely affects such Participant. Subject to subsection
(e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent
permitted by law, each Participant shall be entitled to the benefits of Section 10.08 as
though it were a Lender. provided such Participant agrees to be subject to Section 2. 11 as
though it were a Lender.

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     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrower is notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.01(e) as though it were a Lender.

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

     (g) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     10.07 Treatment of Certain Information; Confidentiality and Non-Use. Each of the
Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and
representatives who, in each case, needs to know the Information in connection with the exercise of
its rights, or performance of its obligations, under this Agreement or any other Loan Document
(collectively, the “Representatives”) (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b) to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or any
Eligible Assignee invited to be a Lender pursuant to Section 2.12, or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Administrative Agent, any Lender or any of their respective

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Affiliates on a nonconfidential basis from a source other than the Borrower. Each of the
Administrative Agent and the Lenders further agrees it will use the Information only in connection
with the exercise of its rights, or performance of its obligations, or in connection with other
business with the Borrower or its Affiliates.

     For purposes of this Section, “Information” means all information received from the
Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

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

     10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of their respective Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of the Borrower against any and all of the obligations of the
Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrower may be contingent or unmatured or
are owed to a branch or office of such Lender different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff
and application.

     10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in

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equal or unequal parts the total amount of interest throughout the contemplated term of the
Obligations hereunder.

     10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed counterpart of this Agreement.

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

     10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by,
Section 10.06), all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that:

     (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

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     (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and
under the other Loan Documents (including any amounts under Section 3.05) from the assignee
(to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the
case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

     A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender of a claim for compensation or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation (except for the circumstance of
such Lender having been a Defaulting Lender) cease to exist.

     10.14 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (A)
the arranging and other services regarding this Agreement provided by the Administrative Agent and
the Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on
the one hand, and the Administrative Agent and the Arrangers, on the other hand, (B) the Borrower]
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)
(A) each of the Administrative Agent and each Arranger is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will
not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any
other Person and (B) neither the Administrative Agent nor either of the Arrangers has any
obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Administrative Agent and the Arrangers and their respective Affiliates may be engaged in
a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and neither the Administrative Agent nor either of the Arrangers has any obligation to
disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted
by law, the Borrower hereby waives and releases any claims that it may have against the
Administrative Agent or either of the Arrangers with respect to any breach or alleged breach of
agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

     10.15 Governing Law; Jurisdiction; etc.

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

     (b) SUBMISSION TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE

77

 

NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF
MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH
OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY
LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     (c) WAIVER OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

     (d) SERVICE OF PROCESS. SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW

     10.16 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS

78

 

BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     10.17 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined)
and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of
the Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Act. The Borrower shall, promptly
following a request by the Administrative Agent or any Lender, provide all documentation and other
information that the Administrative Agent or such Lender requests in order to comply with its
ongoing obligations under applicable “know your customer” an anti-money laundering rules and
regulations, including the Act.

     10.18 Electronic Execution of Assignments and Certain Other Documents. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any
amendment or other modification hereof (including waivers and consents) shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

79

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	DELPHI FINANCIAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent and as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-2

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-3

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-4

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-5

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-6

 

	 	 	 	 	 
	 	WELLS FARGO BANKA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-7

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

S-8

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