Document:

Exhibit 10.1

Exhibit 10.1

SIXTH MODIFICATION AGREEMENT

(Unsecured Loan)

THIS SIXTH MODIFICATION AGREEMENT (“Agreement”) dated August 3, 2011 (the “Amendment Date”) is
entered into by and between Wells Fargo Bank, National Association, as administrative agent
(“Agent”) and representative for the Lenders (as defined in the Loan Agreement referenced below),
the Lenders and PS Business Parks, L.P., a California limited partnership (“Borrower”).

R E C I T A L S

	A.	 	Pursuant to the terms of an Amended and Restated Revolving Credit Agreement among Borrower,
Agent and Lenders, dated October 29, 2002 (as amended, the “Loan Agreement”), as amended by
the First Modification Agreement, dated December 29, 2003, the Second Modification Agreement,
dated January 23, 2004, the Third Modification Agreement, dated August 2, 2005, the Fourth
Modification Agreement, dated July 30, 2008, and the Fifth Modification Agreement, dated July
28, 2010, Lender made a loan to Borrower in the principal amount of up to One Hundred Million
Dollars ($100,000,000) (“Loan”). The Loan is evidenced by a Second Amended and Restated Note,
dated July 28, 2010, executed by Borrower in favor of Wells Fargo Bank, National Association,
in the principal amount of the Loan (the “Existing Note”), and is further evidenced by the
documents described in the Loan Agreement as “Loan Documents”.

	B.	 	The Existing Note (as amended and restated by the Amended Note referenced herein below), the
Loan Agreement, this Agreement, the other documents described in the Loan Agreement as “Loan
Documents”, together with all modifications and amendments thereto and any document required
hereunder, are collectively referred to herein as the “Loan Documents”.

	C.	 	By this Agreement, Borrower, Agent and Lenders intend to (i) increase the aggregate
commitment amount of the Loan to up to $250,000,000 and (ii) modify and amend certain terms
and provisions of the Loan Documents.

NOW, THEREFORE, Borrower Agent and Lenders agree as follows:

	1.	 	CONDITIONS PRECEDENT. The following are conditions precedent to Agent’s and Lenders’
obligations under this Agreement:

	 	1.1	 	Receipt by Agent of the executed originals of this Agreement, the Amended Note, and
any and all other documents and agreements which are required by this Agreement or by any
other Loan Document, each in form and content acceptable to Agent;

	 	1.2	 	Reimbursement to Agent by Borrower of Agent’s reasonable costs and expenses
incurred in connection with this Agreement and the transactions contemplated hereby,
including, without limitation, reasonable attorneys’ fees (excluding, however, any fees
or costs of in-house counsel) and documentation costs and charges, whether such services
are furnished by Agent ‘s employees or agents or by independent contractors;

	 	1.3	 	The representations and warranties contained in this Agreement are true and
correct; and

	 	1.4	 	All payments due and owing to Agent and Lenders under the Loan Documents have been
paid current as of the effective date of this Agreement.

	2.	 	REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants that no
Event of Default, Default, breach or failure of condition has occurred, or would exist with
notice or the lapse of time or both, under any of the Loan Documents (as modified by this
Agreement) and that all representations and warranties herein and in the other Loan Documents
are true and correct in all material respects, which representations and warranties shall
survive execution of this Agreement.

 

 

 

Loan No. 3514ZR

	3.	 	MODIFICATION OF LOAN DOCUMENTS. The Loan Agreement is hereby supplemented and
modified to incorporate the following, which shall supersede and prevail over any conflicting
provisions of the Loan Documents:

	 	3.1	 	Extension of Maturity Date; Extension Fee. The Maturity Date recited in
the Loan Agreement is hereby extended to August 1, 2015.

	 	3.2	 	Amended Defined Terms.

	 	(a)	 	Applicable Margin. The definition of “Applicable Margin” is
hereby deleted and replaced in its entirety with the following:
“Applicable Margin” means, with respect to each Loan; the respective
percentages per annum determined, at any time, based on the range into which
Borrower’s Credit Rating then falls, in accordance with the table set forth below.
Any change in Borrower’s Credit Rating causing it to move to a different range on
the table shall effect an immediate change in the Applicable Margin (including
existing Loans). Promptly after learning of a change in the Borrower’s Credit
Rating, Agent shall give notice of such change to the Lenders and include in such
notice the new Applicable Margin and the effective date of such change. In the
event that more than one (1) different Credit Rating has been assigned, then (i)
for so long as the Initial Lender is the sole Lender hereunder (i.e., for so long
as the Loans are not syndicated), the higher of the Credit Ratings will prevail, or
(ii) otherwise, the lower of the Credit Ratings will prevail.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 
	Level	 	Borrower’s Credit Rating	 	 	Margin	 
	I
	 	A-/A3 or better	 	 	1.00	%
	II
	 	BBB+/Baa1	 	 	1.10	%
	III
	 	BBB/Baa2	 	 	1.25	%
	IV
	 	BBB-/Baa3	 	 	1.50	%
	V
	 	Lower than BBB-/Baa3	 	 	1.85	%

	 	(b)	 	Availability. The first sentence of the definition of
“Availability” is hereby deleted in its entirety and replaced with the following:

	 
	 	 	 	“Availability” means, on any date, the lesser of (i) an amount equal to
Unencumbered Asset Value as of the end of the most recently concluded Fiscal
Quarter for which the Borrower is, as of such date of determination, required to
have reported to Lenders pursuant to Section 5.15 hereof, multiplied by .50, and
(ii) $250,000,000.

	 	(c)	 	Capitalization Rate. The definition of “Capitalization Rate”
is hereby deleted and replaced in its entirety with the following:

	 
	 	 	 	“Capitalization Rate” means eight and one-half percent (8.5%).

	 	(d)	 	Fee Letter. The definition of “Fee Letter” is hereby deleted
and replaced in its entirety with the following:

	 
	 	 	 	“Fee Letter” means that certain letter agreement relating to the payment of
certain fees between Borrower and Wells Fargo Bank, National Association, dated
August 3, 2011, as the same may be amended, restated, modified or replaced from
time to time.

	 	(e)	 	Revolving Commitment. The definition of “Revolving Commitment”
is hereby deleted and replaced in its entirety with the following:

	 
	 	 	 	“Revolving Commitment” means, with respect to each Lender, the amount such
Lender is committed to loan with respect to this Agreement. With respect to the
initial Lender hereunder, such amount shall mean $250,000,000.00.

 

2

 

Loan No. 3514ZR

	 	3.3	 	Section 2.4.1. The table in Section 2.4.1 is hereby deleted and replaced
with the following:

	 	 	 	 	 	 	 	 	 
	 	 	Borrower’s	 	 	Applicable Facility	 
	Level	 	Credit Rating	 	 	Fee Percentage	 
	I
	 	A-/A3 or higher	 	 	.15	%
	II
	 	BBB+/Baa1	 	 	.15	%
	III
	 	BBB/Baa2	 	 	.25	%
	IV
	 	BBB-/Baa3	 	 	.35	%
	V
	 	Lower than BBB-/Baa3	 	 	.45	%

	 	3.4	 	Schedule 1.1B. A new Schedule 1.1B, in the form attached hereto as
Schedule 1.1B, is hereby added to the Loan Agreement.

	4.	 	AMENDED NOTE Concurrently herewith Borrower shall execute the Third Amended and
Restated Promissory Note, of even date herewith, made by Borrower to the order of Wells Fargo
Bank, National Association, in the principal sum of Two Hundred Fifty Million Dollars
($250,000,000) (the “Amended Note”), which Amended Note fully amends restates and replaces the
Existing Note and shall not be construed as a novation of the Existing Note. All references
in the Loan Agreement and the other Loan Documents to the term “Note” shall be deemed to mean
and refer to the Amended Note as defined herein and all amounts outstanding under the Existing
Note shall be deemed outstanding under the Amended Note.

	5.	 	EFFECTIVE DATE. The effective date of Borrower’s obligations and, subject to the
satisfaction of the conditions precedent in Section 1 above, Agent’s and Lenders’ obligations,
under this Agreement and the Amended Note shall be August 3, 2011.

	6.	 	FORMATION AND ORGANIZATIONAL DOCUMENTS. Borrower has previously delivered to Agent
all of the relevant formation and organizational documents of Borrower, of the partners or
joint venturers of Borrower (if any), and of all guarantors of the Loan (if any), and all such
formation documents remain in full force and effect and have not been amended or modified
since they were delivered to Agent. Borrower hereby certifies that: (i) the above documents
are all of the relevant formation and organizational documents of Borrower; (ii) they remain
in full force and effect; and (iii) they have not been amended or modified since they were
previously delivered to Agent.

	7.	 	NON-IMPAIRMENT. Except as expressly provided herein, nothing in this Agreement shall
alter or affect any provision, condition, or covenant contained in the Note or any other Loan
Document or affect or impair any rights, powers, or remedies of Agent or Lenders, it being the
intent of the parties hereto that the provisions of the Note and other Loan Documents shall
continue in full force and effect except as expressly modified hereby.

	8.	 	MISCELLANEOUS; GOVERNING LAW; JURISDICTION. This Agreement and the other Loan
Documents shall be governed by and interpreted in accordance with the laws of the State of
California, except if preempted by federal law. In any action brought or arising out of this
Agreement or the Loan Documents, Agent, each Lender and Borrower, and the general partners,
members and joint venturers of Borrower (if any), hereby consent to the exclusive jurisdiction
of any federal or state court having proper venue within the State of California and also
consent to the service of process by any means authorized by California or federal law. The
headings used in this Agreement are for convenience only and shall be disregarded in
interpreting the substantive provisions of this Agreement. All capitalized terms used herein,
which are not defined herein, shall have the meanings given to them in the other Loan
Documents. Time is of the essence of each term of the Loan Documents, including this
Agreement. If any provision of this Agreement or any of the other Loan Documents shall be
determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that
portion shall be deemed severed from this Agreement and the remaining parts shall remain in
full force as though the invalid, illegal, or unenforceable portion had never been a part
thereof.

 

3

 

Loan No. 3514ZR

	9.	 	INTEGRATION; INTERPRETATION. The Loan Documents, including this Agreement, contain or
expressly incorporate by reference the entire agreement of the parties with respect to the
matters contemplated therein and supersede all prior negotiations or agreements, written or
oral. The Loan Documents shall not be modified except
by written instrument executed by all parties. Any reference to the Loan Documents includes
any amendments, renewals or extensions now or hereafter approved by Agent in writing.

	10.	 	EXECUTION IN COUNTERPARTS. To facilitate execution, this document may be executed in
as many counterparts as may be convenient or required. It shall not be necessary that the
signature of, or on behalf of, each party, or that the signature of all persons required to
bind any party, appear on each counterpart. All counterparts shall collectively constitute a
single document. It shall not be necessary in making proof of this document to produce or
account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached
from such counterpart without impairing the legal effect of the signatures thereon and
thereafter attached to another counterpart identical thereto except having attached to it
additional signature pages.

[Signatures Follow on Next Page]

 

4

 

Loan No. 3514ZR

IN WITNESS WHEREOF, Borrower, Lenders and Agent have caused this Agreement to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	“AGENT and LENDER”
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK,

NATIONAL ASSOCIATION,

as Agent and Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Kim Surch	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Kim Surch	 	 
	 	 	 	 	Its: Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	“BORROWER”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PS BUSINESS PARKS, L.P.,

a California limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	PS Business Parks, Inc.,

a California corporation,

its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Edward A. Stokx	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Edward A. Stokx	 	 
	 

	 	 	 	 	 	Its: Executive Vice President and	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

 

5

 

Loan No. 3514ZR

SCHEDULE 1.1B — PRO RATA SHARES

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	 	Pro Rata Share	 
	 
	 	 	 	 	 	 	 	 
	Wells Fargo Bank, National Association
	 	$	250,000,000	 	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	TOTALS
	 	$	250,000,000	 	 	 	100	%

 

 

 

Loan No. 3514ZR

GUARANTOR’S CONSENT

The undersigned (“Guarantor”) consents to the foregoing Sixth Modification Agreement and the
transactions contemplated thereby, including, without limitation, the increase of the aggregate
commitment amount of the Loan to up to $250,000,000. Guarantor reaffirms its obligations under the
Amended and Restated General Continuing Guaranty (“Guaranty”), dated October 29, 2002, which
obligations specifically include such increased commitment amount, and its waivers, as set forth in
the Guaranty, of each and every one of the possible defenses to such obligations. Guarantor further
reaffirms that its obligations under the Guaranty are separate and distinct from Borrower’s
obligations.

Dated as of: August 3, 2011

	 	 	 	 	 
	 	“GUARANTOR”

PS BUSINESS PARKS, INC.,

a California corporation

 	 
	 	By:  	/s/ Edward A. Stokx
 	 
	 	 	Name:  	Edward A. Stokx 	 
	 	 	Its:       Executive Vice President and

           Chief Financial Officer 	 

SFI-704455v2exv10w4

EXHIBIT 10.4

EXECUTION VERSION

 

$540,000,000

CREDIT AGREEMENT

DATED AS OF May 18, 2011

AMONG

MONEYGRAM INTERNATIONAL, INC.,

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.,

THE LENDERS,

and

BANK OF AMERICA, N.A.

AS ADMINISTRATIVE AGENT

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

and

J.P. MORGAN SECURITIES LLC,

As Joint Lead Arrangers

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

J.P. MORGAN SECURITIES LLC

CITIBANK GLOBAL MARKETS, INC.

DEUTSCHE BANK SECURITIES INC.

and

WELLS FARGO SECURITIES, LLC,

As Joint Bookrunners

J.P. MORGAN SECURITIES LLC,

As Syndication Agent

CITIBANK GLOBAL MARKETS, INC.

DEUTSCHE BANK SECURITIES INC.

and

WELLS FARGO BANK, N.A.,

As Co-Documentation Agents

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE 1
DEFINITIONS	 	 	 	 
	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Terms Generally
	 	 	37	 
	Section 1.03 Rounding
	 	 	38	 
	Section 1.04 Times of Day
	 	 	38	 
	Section 1.05 Timing of Payment or Performance
	 	 	38	 
	Section 1.06 Accounting
	 	 	38	 
	Section 1.07 Pro Forma Calculations
	 	 	38	 
	 
	ARTICLE 2
THE CREDITS	 	 	 	 
	 
	Section 2.01 Term Loans
	 	 	40	 
	Section 2.02 Term Loan Repayment
	 	 	40	 
	Section 2.03 Revolving Credit Commitments
	 	 	40	 
	Section 2.04 Other Required Payments
	 	 	40	 
	Section 2.05 Ratable Loans
	 	 	41	 
	Section 2.06 Types of Advances
	 	 	41	 
	Section 2.07 Swing Line Loans
	 	 	41	 
	Section 2.08 Commitment Fee; Reductions in Aggregate Revolving Credit Commitment
	 	 	42	 
	Section 2.09 Minimum Amount of Each Advance
	 	 	43	 
	Section 2.10 Optional and Mandatory Principal Payments
	 	 	43	 
	Section 2.11 Method of Selecting Types and Interest Periods for New Advances
	 	 	45	 
	Section 2.12 Conversion and Continuation of Outstanding Advances
	 	 	45	 
	Section 2.13 Changes in Interest Rate, Etc.
	 	 	46	 
	Section 2.14 Rates Applicable After Default
	 	 	46	 
	Section 2.15 Method of Payment
	 	 	47	 
	Section 2.16 Noteless Agreement; Evidence of Indebtedness
	 	 	47	 
	Section 2.17 Telephonic Notices
	 	 	47	 
	Section 2.18 Interest Payment Dates; Interest and Fee Basis
	 	 	48	 
	Section 2.19 Notification of Advances, Interest Rates, Prepayments and Revolving Credit Commitment Reductions
	 	 	48	 
	Section 2.20 Lending Installations
	 	 	48	 
	Section 2.21 Non Receipt of Funds by the Administrative Agent
	 	 	49	 
	Section 2.22 Letters of Credit
	 	 	49	 
	Section 2.23 Mitigation Obligations; Replacement of Lender
	 	 	54	 
	Section 2.24 Pro Rata Treatment; Intercreditor Agreements
	 	 	55	 
	Section 2.25 Incremental Credit Facilities
	 	 	56	 
	 
	ARTICLE 3
YIELD PROTECTION; TAXES	 	 	 	 
	 
	Section 3.01 Yield Protection
	 	 	60	 
	Section 3.02 Changes in Capital Adequacy Regulations
	 	 	61	 

 i

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 3.03 Availability of Types of Advances
	 	 	62	 
	Section 3.04 Funding Indemnification
	 	 	62	 
	Section 3.05 Taxes
	 	 	62	 
	Section 3.06 Lender Statements; Survival of Indemnity
	 	 	65	 
	 
	ARTICLE 4
CONDITIONS PRECEDENT	 	 	 	 
	 
	Section 4.01 Conditions to Initial Credit Extension
	 	 	66	 
	Section 4.02 Each Subsequent Credit Extension
	 	 	67	 
	 
	ARTICLE 5
REPRESENTATIONS AND WARRANTIES	 	 	 	 
	 
	Section 5.01 Existence and Standing
	 	 	68	 
	Section 5.02 Authorization and Validity
	 	 	68	 
	Section 5.03 No Conflict; Government Consent
	 	 	68	 
	Section 5.04 Financial Statements
	 	 	69	 
	Section 5.05 Material Adverse Change
	 	 	69	 
	Section 5.06 Taxes
	 	 	69	 
	Section 5.07 Litigation
	 	 	69	 
	Section 5.08 Subsidiaries; Capital Stock; Loan Parties
	 	 	70	 
	Section 5.09 ERISA; Labor Matters
	 	 	70	 
	Section 5.10 Accuracy of Information
	 	 	71	 
	Section 5.11 Regulation U
	 	 	71	 
	Section 5.12 Compliance With Laws
	 	 	71	 
	Section 5.13 Ownership of Properties
	 	 	71	 
	Section 5.14 Plan Assets; Prohibited Transactions
	 	 	72	 
	Section 5.15 Environmental Matters
	 	 	72	 
	Section 5.16 Investment Company Act
	 	 	72	 
	Section 5.17 [RESERVED.]
	 	 	72	 
	Section 5.18 Intellectual Property
	 	 	72	 
	Section 5.19 Collateral
	 	 	73	 
	 
	ARTICLE 6
COVENANTS	 	 	 	 
	 
	Section 6.01 Financial Reporting
	 	 	73	 
	Section 6.02 Use of Proceeds
	 	 	75	 
	Section 6.03 Notices
	 	 	75	 
	Section 6.04 Conduct of Business
	 	 	75	 
	Section 6.05 Payment of Obligations
	 	 	76	 
	Section 6.06 Insurance
	 	 	76	 
	Section 6.07 Compliance with Laws
	 	 	76	 
	Section 6.08 Maintenance of Properties
	 	 	76	 
	Section 6.09 Inspection
	 	 	76	 
	Section 6.10 Compliance With Environmental Laws
	 	 	77	 
	Section 6.11 Further Assurances
	 	 	77	 
	Section 6.12 Maintenance Of Ratings
	 	 	77	 

ii

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 6.13 Restricted Payments and Payments with respect to Second Lien Indebtedness
	 	 	77	 
	Section 6.14 Indebtedness
	 	 	79	 
	Section 6.15 Merger
	 	 	84	 
	Section 6.16 Sale of Assets
	 	 	85	 
	Section 6.17 Investments and Acquisitions
	 	 	87	 
	Section 6.18 Liens
	 	 	89	 
	Section 6.19 Affiliates
	 	 	92	 
	Section 6.20 Amendments to Agreements
	 	 	93	 
	Section 6.21 Inconsistent Agreements
	 	 	93	 
	Section 6.22 Financial Covenants
	 	 	95	 
	Section 6.23 Subsidiary Guarantees
	 	 	97	 
	Section 6.24 Collateral
	 	 	97	 
	 
	ARTICLE 7
DEFAULTS	 	 	 	 
	 
	Section 7.01 Representation or Warranty
	 	 	98	 
	Section 7.02 Non-Payment
	 	 	98	 
	Section 7.03 Specific Defaults
	 	 	98	 
	Section 7.04 Other Defaults
	 	 	98	 
	Section 7.05 Cross-Default
	 	 	98	 
	Section 7.06 Insolvency; Voluntary Proceedings
	 	 	99	 
	Section 7.07 Involuntary Proceedings
	 	 	99	 
	Section 7.08 Judgments
	 	 	99	 
	Section 7.09 Unfunded Liabilities; Reportable Event
	 	 	99	 
	Section 7.10 Change in Control
	 	 	99	 
	Section 7.11 Withdrawal Liability
	 	 	100	 
	Section 7.12 Loan Document
	 	 	100	 
	Section 7.13 Events Not Constituting Default
	 	 	100	 
	 
	ARTICLE 8
ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	 	 	 	 
	 
	Section 8.01 Acceleration
	 	 	101	 
	Section 8.02 Amendments
	 	 	101	 
	Section 8.03 Replacement Loans
	 	 	102	 
	Section 8.04 Errors
	 	 	103	 
	Section 8.05 Preservation of Rights
	 	 	103	 
	 
	ARTICLE 9
GENERAL PROVISIONS	 	 	 	 
	 
	Section 9.01 Survival of Representations
	 	 	104	 
	Section 9.02 Governmental Regulation
	 	 	104	 
	Section 9.03 Headings
	 	 	104	 
	Section 9.04 Entire Agreement
	 	 	104	 
	Section 9.05 Several Obligations; Benefits of This Agreement
	 	 	104	 
	Section 9.06 Expenses; Indemnification; Damage Waiver
	 	 	104	 
	Section 9.07 Severability of Provisions
	 	 	106	 

iii

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 9.08 Nonliability of Lenders
	 	 	106	 
	Section 9.09 Confidentiality
	 	 	107	 
	Section 9.10 Nonreliance
	 	 	108	 
	Section 9.11 Disclosure
	 	 	108	 
	Section 9.12 No Advisory or Fiduciary Responsibility
	 	 	108	 
	Section 9.13 USA PATRIOT Act
	 	 	109	 
	 
	ARTICLE 10
THE ADMINISTRATIVE AGENT	 	 	 	 
	 
	Section 10.01 Appointment and Authority
	 	 	109	 
	Section 10.02 Rights as a Lender
	 	 	109	 
	Section 10.03 Exculpatory Provisions
	 	 	109	 
	Section 10.04 Reliance by Administrative Agent
	 	 	110	 
	Section 10.05 Delegation of Duties
	 	 	111	 
	Section 10.06 Resignation of Administrative Agent
	 	 	111	 
	Section 10.07 Non-reliance On Administrative Agent And Other Lenders
	 	 	112	 
	Section 10.08 No Other Duties, Etc.
	 	 	112	 
	Section 10.09 Administrative Agent May File Proofs of Claim
	 	 	112	 
	Section 10.10 Collateral and Guaranty Matters
	 	 	113	 
	Section 10.11 Intercreditor Agreement
	 	 	114	 
	 
	ARTICLE 11
SETOFF; RATABLE PAYMENTS	 	 	 	 
	 
	Section 11.01 Setoff
	 	 	114	 
	Section 11.02 Ratable Payments
	 	 	114	 
	 
	ARTICLE 12
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	 	 	 	 
	 
	Section 12.01 Successors and Assigns
	 	 	115	 
	Section 12.02 Dissemination of Information
	 	 	121	 
	Section 12.03 Tax Treatment
	 	 	121	 
	 
	ARTICLE 13
NOTICES	 	 	 	 
	 
	Section 13.01 Notices; Effectiveness; Electronic Communication.
	 	 	121	 
	 
	ARTICLE 14
COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION	 	 	 	 
	 
	Section 14.01 Counterparts; Effectiveness
	 	 	124	 
	Section 14.02 Electronic Execution of Assignments
	 	 	124	 
	 
	ARTICLE 15
CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	 	 	 	 
	 
	Section 15.01 Choice of Law
	 	 	124	 
	Section 15.02 Consent to Jurisdiction
	 	 	124	 
	Section 15.03 Waiver of Jury Trial
	 	 	125	 

iv

 

EXHIBITS AND SCHEDULES

	 	 	 	 	 

	Schedules
	 	 	 	 
	 
	 	 	 	 
	Commitment Schedule
	 	 	 
	 
	 	 	 	 
	Schedule 1

	 	—
	 	Scheduled Hedge Banks (Section 1.01)
	 
	 	 	 	 
	Schedule 2

	 	—
	 	Scheduled Restricted Investments (Section 1.01)/Specified Securities (Section 1.01)
	 
	 	 	 	 
	Schedule 2.22

	 	—
	 	Outstanding Letters of Credit (Section 2.22)
	 
	 	 	 	 
	Schedule 5.08

	 	—
	 	Subsidiaries (Section 5.08)
	 
	 	 	 	 
	Schedule 5.13

	 	—
	 	Ownership of Properties (Section 5.13)
	 
	 	 	 	 
	Schedule 6.14

	 	—
	 	Existing Indebtedness (Section 6.14)
	 
	 	 	 	 
	Schedule 6.16

	 	—
	 	Investment Writedowns (Section 6.16)
	 
	 	 	 	 
	Schedule 6.17(i)

	 	—
	 	Existing Investments (Section 6.17(i))
	 
	 	 	 	 
	Schedule 6.18

	 	—
	 	Existing Liens (Section 6.18)
	 
	 	 	 	 
	Schedule 6.19

	 	—
	 	Existing Affiliate Transactions (Section 6.19)
	 
	 	 	 	 
	Exhibits
	 	 	 	 
	 
	 	 	 	 
	Exhibit A

	 	—
	 	Form of Revolving Credit Note
	 
	 	 	 	 
	Exhibit B

	 	—
	 	Form of Term Note
	 
	 	 	 	 
	Exhibit C

	 	—
	 	Form of Swing Line Note
	 
	 	 	 	 
	Exhibit D

	 	—
	 	Form of Assignment and Assumption Agreement
	 
	 	 	 	 
	Exhibit E

	 	—
	 	Form of Compliance Certificate
	 
	 	 	 	 
	Exhibit F

	 	—
	 	Form of Intercreditor Agreement
	 
	 	 	 	 
	Exhibit G

	 	—
	 	Form of Solvency Certificate
	 
	 	 	 	 
	Exhibit H

	 	—
	 	Auction Procedures

v

 

CREDIT AGREEMENT

     This Credit Agreement, dated as of May 18, 2011, is among MoneyGram International, Inc., a
Delaware corporation (“Holdco”), MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation
(the “Borrower”), the Lenders and Bank of America, N.A., a national banking association, as LC
Issuer, as the Swing Line Lender, as Administrative Agent and as Collateral Agent.

R E C I T A L S

     1. Holdco and the Borrower are parties to that certain Second Amended and Restated Credit
Agreement, dated as of March 25, 2008 among Holdco, the Borrower, the lenders from time to time
party thereto and JPMorgan Chase Bank, N.A., a national banking association, as administrative
agent and as collateral agent (the “Existing Credit Agreement”) pursuant to which certain loans
were made by such lenders to the Borrower.

     2. Holdco is a party to that certain Recapitalization Agreement (the “Recapitalization
Agreement”), dated as of March 7, 2011, among Holdco, the THL Investors and the GS Investors (each
as defined in the Recapitalization Agreement), pursuant to which the THL Investors and the GS
Investors will convert their Preferred Stock of Holdco into Recapitalization Conversion Stock and
Holdco will pay to the THL Investors and the GS Investors a premium in the form of cash and capital
stock of Holdco (the “Recapitalization”).

     3. The Borrower has requested the Lenders to extend credit in the form of Loans and Letters of
Credit on and after the Effective Date, in an initial aggregate principal amount not in excess of
$540,000,000, to be used in accordance with the terms hereof including, without limitation, to
refinance the indebtedness outstanding under the Existing Credit Agreement and to pay the premiums,
costs and other expenses associated with the Recapitalization; and the Lenders are willing to
provide the Loans and Letters of Credit on and subject to the terms hereof.

     4. Therefore, in consideration of the premises and of the mutual agreements made herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Holdco, the Borrower, the Lenders and the Administrative Agent hereby agree as
follows:

ARTICLE 1

Definitions

     Section 1.01 Definitions. As used in this Agreement:

     “Accounts Receivable” means net accounts receivable as reflected on a balance sheet in
accordance with GAAP.

     “Acquisition” means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement, by which Holdco or any of its Subsidiaries (i) acquires any going
business or all or substantially all of the assets of any firm, corporation or limited
liability company, or division thereof, whether through purchase of assets, merger or
otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent
transaction in a

 

 

series of transactions) at least a majority (in number of votes) of the securities
of a corporation which have ordinary voting power for the election of directors (other than
securities having such power only by reason of the happening of a contingency) or a majority (by
percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company.

     “Act” is defined in Section 9.13.

     “Additional Lender” is defined in Section 2.25(b).

     “Additional Revolving Facility” is defined in Section 2.25(a).

     “Additional Revolving Facility Lender” is defined in Section 2.25(d).

     “Administrative Agent” means Bank of America in its capacity as administrative agent of the
Lenders pursuant to Article 10, and not in its individual capacity as a Lender, and any successor
Administrative Agent appointed pursuant to Article 10.

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

     “Advance” means an advance of funds hereunder, (i) made by the applicable Lenders on the same
Borrowing Date, or (ii) converted or continued by the applicable Lenders on the same date of
conversion or continuation, consisting, in either case, of the aggregate amount of the several
Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period. The
term “Advance” shall include Swing Line Loans unless otherwise expressly provided.

     “Affected Lender” is defined in Section 2.23.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise; provided, that, in no event shall any of GSMP
V Onshore US, Ltd., GSMP V Offshore US, Ltd. and GSMP V Institutional US, Ltd. (“GSMP”) and their
Subsidiaries and other Persons engaged primarily in the investment of mezzanine securities that
directly or indirectly are controlled by, or under common control with, the same investment adviser
as GSMP (collectively, “GS Mezzanine Entities”) or THL Credit Partners, L.P. or its Affiliates
(collectively, the “THL Credit Entities”), solely in the capacity of such GS Mezzanine Entity or
THL Credit Entity as a holder of Second Lien Indebtedness, be deemed to control Holdco or any of
its Subsidiaries for any purposes under this Credit Agreement.

     “Affiliated Lender” means, at any time, any Lender that is a Sponsor at such time; provided,
that notwithstanding the foregoing, “Affiliated Lender” shall not include Holdco, the
Borrower, any Subsidiary of Holdco or the Borrower, any Specified Debt Fund or any natural
person.

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     “Aggregate Outstanding Revolving Credit Exposure” means, at any time, the aggregate of the
Outstanding Revolving Credit Exposure of all the Lenders.

     “Aggregate Revolving Credit Commitment” means the aggregate of the Revolving Credit
Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms
hereof. The Aggregate Revolving Credit Commitment as of the date hereof is $150,000,000.

     “Aggregate Term Loan Commitment” means the aggregate of the Term Loan Commitments of all the
Lenders. The Aggregate Term Loan Commitment is $390,000,000.

     “Agreement” means this credit agreement, as it may be amended, restated, amended and restated
or otherwise modified and in effect from time to time.

     “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the highest of
(i) the Prime Rate in effect on such day, (ii) the sum of the Federal Funds Effective Rate for such
day plus 1/2 of 1.00% per annum and (iii) the Eurodollar Rate determined on such date for a one-month
Interest Period plus 1.00%. Any change in the Alternate Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or the one-month Eurodollar Rate shall be effective from and
including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or
the one-month Eurodollar Rate, respectively.

     “Applicable Margin” means, for any Term Loan, Revolving Loan or Swingline Loan of any Type,
the applicable rate per annum set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Floating Rate	 	 	 	 	 	 	Eurodollar Rate	 
	 	 	Floating	 	 	during	 	 	Eurodollar	 	 	during	 
	Facility	 	Rate	 	 	Step-Down Period	 	 	Rate	 	 	Step-Down Period	 
	Revolving Loan
	 	 	2.25	%	 	 	2.00	%	 	 	3.25	%	 	 	3.00	%
	Term Loan
	 	 	2.25	%	 	 	2.00	%	 	 	3.25	%	 	 	3.00	%
	Swingline Loan
	 	 	2.25	%	 	 	2.00	%	 	 	N/A	 	 	 	N/A	 

For purposes of the foregoing, each change in the Applicable Margin resulting from a change in the
Total Leverage Ratio after the Effective Date shall be effective during the period commencing on
and including the Business Day following the date of delivery to the Administrative Agent of the
consolidated financial statements under Section 6.01 indicating such change and ending on the date
immediately preceding the effective date of the next such change; provided that such Applicable
Margin shall be based on the rates per annum set forth above for non Step-Down Periods if the
Borrower fails to deliver the consolidated financial statements required to be delivered or within
the time periods specified for such delivery pursuant to Section 6.01, during the period commencing
on and including the day of the occurrence of a Default resulting from such failure and until the
delivery thereof. In the event that any financial statement or compliance certificate delivered is
inaccurate, and such inaccuracy, if corrected would have led to the application of a higher
Applicable margin for any period (an “Applicable
Period”) then the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall
immediately deliver to the Administrative Agent a corrected financial statement and a corrected
compliance certificate for such Applicable Period, (ii) the Applicable Margin shall be

3

 

determined
based on the corrected compliance certificate for such Applicable Period and (iii) the Borrower
shall immediately pay to the Administrative Agent (for the account of the Lenders during the
Applicable Period or their successor and assigns) the accrued additional interest owing as a result
of such increased Applicable Margin for such Applicable Period.

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

     “Arrangers” means Merrill Lynch and JPMS and their respective successors, in their capacities
as joint lead arrangers.

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

     “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
Eligible Assignee (with the consent of any party whose consent is required by Section 12.01) and
accepted by the Administrative Agent, in the form of Exhibit D or any other form approved by the
Administrative Agent.

     “Auction Procedures” means the auction procedures with respect to non-pro rata assignments of
Term Loans pursuant to Sections 12.01(h) and 12.01(i) set forth in Exhibit H hereto.

     “Authorized Officer” means any of the Chairman, Chief Executive Officer, President, Chief
Financial Officer, Treasurer, Assistant Treasurer or Controller of any Person, acting singly.
Unless otherwise specified herein, each reference to an “Authorized Officer” shall be deemed to be
a reference to an Authorized Officer of the Borrower.

     “Bank of America” means Bank of America, N.A.

     “Basket Amount” means, at any time, the sum of:

     (a) 50% of the Consolidated Net Income of Holdco and its Subsidiaries for the period
(taken as one accounting period) from the first day of the first fiscal quarter following
the Effective Date to the end of Holdco’s most recently ended fiscal quarter for which
internal financial statements are available at such time or, in the case such Consolidated
Net Income for such period is a deficit, minus 100% of such deficit (it being understood
that gains from the sale or other disposition of Specified Securities are disregarded in the
computation of Consolidated Net Income); plus

     (b) 100% of the aggregate amount of cash contributed to the common equity capital of
Holdco following the Effective Date (other than (i) by a Holdco Subsidiary or (ii) proceeds
of a Specified Equity Contribution); plus

     (c) to the extent not already included in Consolidated Net Income, the lesser of (x)
the aggregate amount received in cash by Holdco after the Effective Date as a result of the
sale or other disposition (other than to Holdco or one of its Subsidiaries) of,

4

 

or by way of
dividend, distribution or loan repayments on, Investments made pursuant to Section 6.17(o)
by Holdco and its Subsidiaries after the Effective Date or (y) the initial amount of such
Investments made in compliance with the terms of this Agreement after the Effective Date.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act. The terms “Beneficial Ownership” and “Beneficially Own” have a corresponding
meaning.

     “Bookrunners” means Merrill Lynch, JPMS, Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., Wells Fargo Securities LLC and their respective successors, in their capacities as
joint bookrunners.

     “Borrower” means MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation, and its
successors and assigns.

     “Borrower Subsidiary” means a Subsidiary of the Borrower.

     “Borrowing Date” means a date on which a Credit Extension is made hereunder.

     “Borrowing Notice” is defined in Section 2.11.

     “Business Combination” means (i) any reorganization, consolidation, merger, share exchange or
similar business combination transaction involving Holdco with any Person (other than, in the case
of clause (b)(A) of the definition of “Change of Control”, any sale of the Capital Stock of Holdco)
or (ii) the sale, assignment, conveyance, transfer, lease or other disposition by Holdco of all or
substantially all of its assets.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of
Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in
the city in which the office of the Administrative Agent (as identified in Section 13.01(a)(ii)) is
located for the conduct of substantially all of their commercial lending activities, interbank wire
transfers can be made on the Fedwire system and dealings in United States dollars are carried on in
the London interbank market and (ii) for all other purposes, a day (other than a Saturday or
Sunday) on which banks generally are open in the city in which the office of the Administrative
Agent (as identified in Section 13.01(a)(iii)) is located for the conduct of substantially all of
their commercial lending activities and interbank wire transfers can be made on the Fedwire system.

     “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests
in a Person other than a corporation and any and all warrants, rights or options to purchase any of
the foregoing (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock). The Purchase Agreement Equity shall be Capital Stock, whether or not classified as
indebtedness for purposes of GAAP.

5

 

     “Capitalized Lease” of a Person means any lease of Property by such Person as lessee which
would be capitalized on a balance sheet (excluding the footnotes thereto) of such Person prepared
in accordance with GAAP.

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with GAAP.

     “Cash and Cash Equivalents” means:

     (a) U.S. dollars or Canadian dollars;

     (b) (x) euros or any national currency of any participating member state of the EMU or
(y) such local currencies held from time to time in the ordinary course of business;

     (c) Government Securities;

     (d) securities issued by any agency of the United States or government-sponsored
enterprise (such as debt securities or mortgage-backed securities issued by Freddie Mac,
Fannie Mae, Federal Home Loan Banks and other government-sponsored enterprises), which may
or may not be backed by the full faith and credit of the United States, in each case
maturing within 13 months or less and rated Aa1 or better by Moody’s and AA+ or better by
S&P;

     (e) certificates of deposit, time deposits and eurodollar time deposits with maturities
of 13 months or less from the date of acquisition, banker’s acceptances with maturities not
exceeding 13 months and overnight bank deposits, in each case with any commercial bank
having capital and surplus in excess of $500,000,000 in the case of a domestic bank and
$250,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of
a foreign bank;

     (f) repurchase obligations for underlying securities of the types described in clauses
(c), (d) and (e) entered into with any financial institution meeting the qualifications
specified in clause (e) above;

     (g) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each
case maturing within 13 months after the date of creation thereof;

     (h) investment funds investing not less than 95% of their assets in securities of the
types described in clauses (a) through (g) above;

     (i) readily marketable direct obligations issued by any state of the United States of
America or any political subdivision thereof having one of the two highest rating categories
obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of
acquisition; and

     (j) Scheduled Restricted Investments.

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     “Cash Management Agreement” means any agreement, document or other instrument governing Cash
Management Obligations incurred by a Loan Party.

     “Cash Management Bank” means (a) any Person that, at the time it enters into a Cash Management
Agreement, is a Lender or an Affiliate of a Lender or (b) any Lender or Affiliate of a Lender that
entered into a Cash Management Agreement prior to the Effective Date, in either case in its
capacity as a party to such Cash Management Agreement.

     “Cash Management Obligation” means any obligations incurred (including by way of a guaranty)
by a Loan Party in respect of treasury, depositary and cash management services or automated
clearinghouse transfer of funds (including, without limitation, controlled disbursement, return
items, interstate depository network services, corporate card services and international wire
services).

     “Change” is defined in Section 3.02.

     “Change in Control” means the occurrence of any of the following:

     (a) any Person (other than the Sponsors) acquires Beneficial Ownership, directly or
indirectly, of 50% or more of the combined voting power of the then-outstanding voting
securities of Holdco entitled to vote generally in the election of directors (“Outstanding
Corporation Voting Stock”);

     (b) the consummation of a Business Combination pursuant to which either (A) the Persons
that were the Beneficial Owners of the Outstanding Corporation Voting Stock immediately
prior to such Business Combination Beneficially Own, directly or indirectly, less than 50%
of the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors (or equivalent) of the entity resulting from such
Business Combination (including, without limitation, a company that, as a result of such
transaction, owns Holdco or all or substantially all of Holdco’s assets either directly or
through one or more subsidiaries), or (B) any Person (other than the Sponsors) Beneficially
Owns, directly or indirectly, 50% or more of the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of directors
(or equivalent) of the entity resulting from such Business Combination;

     (c) the failure by Holdco to directly own 100% of the Capital Stock of the Borrower;

     (d) the failure by the Borrower to own 100% of the Capital Stock of MoneyGram Payment
Systems, Inc., a Delaware corporation; or

     (e) the adoption of a plan relating to the liquidation of Holdco or the Borrower.

     “Class”, when used in reference to any Loan or Advance, refers to whether such Loan, or the
Loans comprising such Advance, are Revolving Loans, Additional Revolving Facilities, Term Loans,
Incremental Term Loans or Swing Line Loans.

7

 

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time.

     “Co-Documentation Agents” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,
Wells Fargo Bank, N.A. and their respective successors, in their capacities as co-documentation
agents.

     “Collateral” means all property with respect to which any security interests have been granted
(or purported to be granted) to the Collateral Agent pursuant to any Collateral Document.

     “Collateral Agent” means Bank of America, in the capacity of collateral agent for the Lenders
and the other Secured Parties named in the Collateral Documents.

     “Collateral Documents” means each security agreement, pledge agreement, mortgage and other
document or instrument pursuant to which security is granted to the Collateral Agent pursuant
hereto for the benefit of the Secured Parties to secure the Secured Obligations, including without
limitation that certain Security Agreement, Pledge Agreement, Trademark Security Agreement and
Patent Security Agreement, in each case dated as of the date hereof and made between the Borrower,
Holdco and one or more other Loan Parties and the Collateral Agent.

     “Commitment” means a Revolving Credit Commitment or Term Loan Commitment.

     “Commitment Schedule” means the Schedule attached hereto identified as such.

     “Consolidated Cash Interest Expense” means, with respect to any Person for any period,
Consolidated Interest Expense of such Person for such period, but excluding (A) amortization of
deferred financing fees, debt issuance costs, commissions, fees, expenses and original issue
discount resulting from the issuance of indebtedness at less than par, (B) debt refinancing costs,
debt retirement costs, fees and costs of entering into and unwinding Rate Management Transactions,
administrative agency fees and rating agency fees and (C) interest not paid in cash, whether in
such period or any other.

     “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any
period, the total amount of depreciation and amortization expense, including the amortization of
deferred financing fees of such Person and its Subsidiaries for such period on a consolidated
basis.

     “Consolidated EBITDA” means with respect to any Person for any period, the Consolidated Net
Income of such Person for such period:

     (a) increased (without duplication) to the extent deducted in computing the
Consolidated Net Income of such Person for such period by:

     (i) provision for taxes based on income or profits or capital gains of such
Person and its Subsidiaries (including any tax sharing arrangements) and, without
duplication, any tax settlements, costs or adjustments; plus

8

 

     (ii) Consolidated Interest Expense of such Person (including costs of surety
bonds in connection with financing activities, to the extent included in
Consolidated Interest Expense); plus

     (iii) Consolidated Depreciation and Amortization Expense of such Person; plus

     (iv) any fees and expenses incurred, or any amortization thereof regardless of
how characterized by GAAP, in connection with the Transactions, any acquisition,
disposition, recapitalization, Investment, asset sale, issuance, early retirement or
repayment of Indebtedness, issuance of Capital Stock, refinancing transaction or
amendment or modification of any debt instrument (in each case, including any such
transaction consummated prior to the date hereof and any such transaction undertaken
but not completed) and any charges or non-recurring merger costs incurred as a
result of any such transaction; plus

     (v) other non-cash charges reducing the Consolidated Net Income of such Person,
excluding any such charge that represents an accrual or reserve for a cash
expenditure for a future period; plus

     (vi) the amount of any minority interest expense deducted in calculating the
Consolidated Net Income of such Person (less the amount of any cash dividends or
distributions paid to the holders of such minority interests); plus

     (vii) (A) non-recurring or unusual losses or expenses (including costs and
expenses of litigation included in Consolidated Net Income pursuant to clause (ii)
of the definition of Consolidated Net Income) and (B) severance, legal settlement,
relocation costs, curtailments or modifications to pension and post-retirement
employee benefit plans, the amount of any restructuring charges or reserves
deducted, including any restructuring costs incurred in connection with
acquisitions, costs related to the closure, opening and/or consolidation of
facilities, retention charges, systems establishment costs, spin-off costs,
transition costs associated with transferring operations offshore and other
transition costs, signing, retention and completion bonuses, conversion costs and
excess pension charges and consulting fees incurred in connection with any of the
foregoing and amortization of signing bonuses.

     (b) to the extent deducted or added in computing Consolidated Net Income of such Person
for such period, increased or decreased by (without duplication) any non-cash net loss or
gain resulting from currency remeasurements of indebtedness;

     (c) to the extent deducted or added in computing Consolidated Net Income of such Person
for such period, increased or decreased by (without duplication) any loss or gain resulting
from Rate Management Transactions; and

     (d) decreased (without duplication) to the extent included in computing Consolidated
Net Income of such Person for such period by:

9

 

     (i) non-cash items increasing Consolidated Net Income of such Person and its
Subsidiaries, excluding any items which represent the reversal of any accrual of, or
cash reserve for, anticipated cash charges in any prior period; plus

     (ii) non-recurring or unusual gains increasing Consolidated Net Income of such
Person and its Subsidiaries.

     “Consolidated Interest Expense” means with respect to any Person for any period, the sum,
without duplication, of:

     (a) consolidated interest expense of such Person and its Subsidiaries for such period,
to the extent such expense was deducted in computing Consolidated Net Income for such period
(including (i) amortization of deferred financing fees, debt issuance costs, commissions,
fees, expenses and original issue discount resulting from the issuance of indebtedness at
less than par, (ii) all commissions, discounts and other fees and charges owed with respect
to letters of credit or bankers’ acceptances, (iii) non-cash interest payments (but
excluding any non-cash interest expense attributable to the movement in the mark-to-market
valuation of Rate Management Obligations or other derivative instruments pursuant to
Financial Accounting Standards Board Statement No. 133 — “Accounting for Derivative
Instruments and Rate Management Activities”), (iv) the interest component of Capitalized
Lease Obligations and (v) net payments, if any, pursuant to interest rate Rate Management
Obligations with respect to Indebtedness); plus

     (b) consolidated capitalized interest of such Person and its Subsidiaries for such
period, whether paid or accrued.

     For purposes of this definition, interest on a Capitalized Lease Obligation
shall be deemed to accrue at an interest rate implicit in such Capitalized Lease
Obligation in accordance with GAAP. For purposes of clarity, no obligations in
respect of Purchase Agreement Equity, whether or not classified as indebtedness in
accordance with GAAP, shall constitute interest expense.

     “Consolidated Net Income” means, with respect to any Person for any period, the Net Income of
such Person and its Subsidiaries calculated on a consolidated basis for such period; provided,
however, that:

     to the extent included in Net Income for such period and without duplication:

     (i) there shall be excluded in computing Consolidated Net Income (x) all
extraordinary gains, (y) all extraordinary losses and (z) costs, fees, and expenses
of the Transactions;

     (ii) the Net Income for such period shall not include the cumulative effect of
a change in accounting principles or policies during such period, whether effected
through a cumulative effect adjustment or a retroactive application in each case in
accordance with GAAP;

10

 

     (iii) any net after-tax income (loss) from disposed or discontinued operations
and any net after-tax gains or losses on disposal of disposed or discontinued
operations shall be excluded;

     (iv) any net after-tax gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions other than in the ordinary course of
business, as determined in good faith by the Borrower, shall be excluded;

     (v) the Net Income for such period of any Person that is not a Subsidiary
thereof or that is accounted for by the equity method of accounting, shall be
excluded, except to the extent of the amount of dividends or distributions or other
payments that are actually paid in cash (or to the extent converted into cash) to
the referent Person or a Subsidiary thereof in respect of such period;

     (vi) solely for the purpose of determining the Basket Amount at any time, the
Net Income or loss for such period of any Subsidiary of such Person will be excluded
to the extent that the declaration or payment of dividends or similar distributions
by that Subsidiary of its Net Income is not at the date of determination permitted
without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule, or governmental regulation
applicable to that Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived
or such income has been dividended or distributed to Holdco or any of its
Subsidiaries without such restriction (in which case the amount of such dividends or
distributions or other payments that are actually paid in cash (or converted into
cash) to the referent Person in respect of such period shall be included in Net
Income); provided, however, that for the avoidance of doubt, any restrictions based
solely on (1) financial maintenance requirements imposed as a matter of state
regulatory requirements or (2) the type of restriction set forth in Section 6.18(q)
or excluded from the definition of Liens pursuant to clause (ii) or (iv) of the
definition thereof shall not result in the exclusion of Net Income (loss); and
provided, further, that any net loss of any Subsidiary of such Person shall not be
excluded pursuant to this clause (vi);

     (vii) without duplication of any amount excluded under clause (vi) above, and
solely for the purpose of determining the Basket Amount at any time, any amount
deducted in arriving at Excess Cash Flow for the relevant period pursuant to clause
(xviii) of the definition thereof shall be deducted in arriving at Consolidated Net
Income for Holdco for such period;

     (viii) any net after-tax income (loss) from the early extinguishment of
Indebtedness or Rate Management Obligations or other derivative instruments shall be
excluded;

     (ix) any Net Income (loss) for such period will be excluded to the extent it
relates to the impairment or appreciation of, or it is realized out of the

11

 

income (or loss) generated by, or from the sale or disposition of, any assets
included in the Scheduled Restricted Investments;

     (x) any Net Income (loss) for such period will be excluded to the extent it
relates to the impairment or appreciation of, or it is realized out of the income
(or loss) generated by, or from the sale or disposition of, any Specified Security
or any asset included in the Restricted Investment Portfolio;

     (xi) any impairment charge or asset write-off pursuant to Financial Accounting
Standards Board Statement No. 142 “Goodwill and Other Intangible Assets” or
Financial Accounting Standards Board Statement No. 144 “Accounting for the
Impairment or Disposal of Long-Lived Assets” and the amortization of intangibles
arising pursuant to Financial Accounting Standards Board Statement No. 141 “Business
Combinations” will be excluded;

     (xii) any non-cash compensation expense recorded from grants of stock
appreciation or similar rights, stock options, restricted stock or other rights and
any non-cash charges associated with the rollover, acceleration or payout of Capital
Stock by management of the Borrower or Holdco in connection with the Transactions
shall be excluded; and

     (xiii) any non-cash items included in the Consolidated Net Income of Holdco as
a result of an agreement of the Sponsors or Holdco in respect of any equity
participation shall be excluded.

     For purposes of clarity, any impact in respect of Purchase Agreement Equity,
whether or not classified as indebtedness in accordance with GAAP, shall be excluded
from Consolidated Net Income.

     Notwithstanding the foregoing, for the purpose of Section 6.13 only and in
order to avoid double counting, there shall be excluded from Consolidated Net Income
any income arising from any sale or other disposition of Investments made by Holdco
and the Holdco Subsidiaries, any repurchases and redemptions of Investments from
Holdco and the Holdco Subsidiaries, any repayments of loans and advances that
constitute Investments by Holdco or any Holdco Subsidiary, in each case to the
extent such amounts increase clause (c) of the definition of Basket Amount.

     “Consolidated Total Indebtedness” means, at any time, the amount of Indebtedness of the type
referred to in clauses (i), (iii), (iv) or (v) of the definition thereof.

     “Contingent Obligation” is defined in the definition of Indebtedness.

     “Contract” is defined in Section 5.03.

     “Controlled Group” means all members of a controlled group of corporations or other business
entities and all trades or businesses (whether or not incorporated) under common

12

 

control which, together with Holdco or any of its Subsidiaries, are treated as a single
employer under Section 414 of the Code.

     “Conversion/Continuation Notice” is defined in Section 2.12.

     “CPA Change” means any adoption or change in law, order, policy, rule or regulation, in each
case to the extent occurring or arising after the Effective Date, and any request, rule, guideline
or directive to implement or further effect the policies of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (any of the foregoing, an “Implementation”), which shall be deemed to be
effective on the date on which Implementation is adopted or effected (and not on the date on which
such Act was initially enacted).

     “Credit Extension” means the making of an Advance or the issuance, amendment, renewal or
extension of a Letter of Credit.

     “Credit Extension Date” means the Borrowing Date for an Advance or the date of the issuance,
amendment (to the extent it increases the amount available for draw thereunder), renewal or
extension of a Letter of Credit.

     “Default” means an event described in.

     “Disgorged Recovery” means the portion, if any, of any payment or other distribution received
by a Lender in satisfaction of Obligations of a Loan Party to such Lender, that is required in any
Insolvency Proceedings or otherwise to be disgorged, turned over or otherwise paid to such Loan
Party, such Loan Party’s estate or creditors of such Loan Party, whether because the transfer of
such payment or other property is avoided or otherwise, including, without limitation, because it
was determined to be a fraudulent or preferential transfer.

     “Disqualified Institutions” means those banks, financial institutions and other Persons that
are competitors of Holdco and its Subsidiaries or Affiliates of such competitors and are identified
as such to the Administrative Agent (who will inform the Lenders) on the date hereof and additional
competitors or Affiliates thereof identified to the Administrative Agent (who will inform the
Lenders) from time to time; provided that if such identified Person is a commercial bank, the
global funds transfer or payment services activities of which are merely incidental to its primary
business (an “Incidental Competitor”) and which is not an Affiliate of a competitor of Holdco and
its Subsidiaries (other than an Incidental Competitor), the inclusion of such Person as a
Disqualified Institution shall be reasonably acceptable to the Administrative Agent.

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is convertible or for which it
is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a
result of a change of control or asset sale) in whole or in part, in each case prior to the date 91
days after the Term Loan Maturity Date; provided, however, that if such Capital Stock is issued to
any plan for the benefit of employees, directors, managers or consultants of Holdco or its
Subsidiaries (or their direct or indirect parent) or by any such plan to such employees, directors,
managers, consultants (or their respective estates, heirs, beneficiaries, transferees,

13

 

spouses or former spouses), such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased by Holdco or its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations. For purposes hereof, the amount (or principal
amount) of any Disqualified Stock shall be equal to its voluntary or involuntary liquidation
preference.

     “Dollars” means lawful currency of the United States of America.

     “Domestic Subsidiary” means any Subsidiary of Holdco that is (i) organized under the laws of
the United States of America, any state thereof or the District of Columbia or (ii) a disregarded
entity for U.S. federal income tax purposes the sole assets of which are Capital Stock of
Subsidiaries that are not organized under the laws of the United States of America, any state
thereof or the District of Columbia.

     “Dutch Auction” means an auction conducted by Holdco, the Borrower, any of their Subsidiaries
or an Affiliated Lender in order to purchase Term Loans as contemplated by Section 12.01(h) or
12.01(i), as applicable, in accordance with the procedures set forth in Exhibit H.

     “ECF Percentage” means, for any fiscal year of Holdco, (i) if the Total Leverage Ratio
determined on the last day of such fiscal year is greater than 3.000 to 1.000, 50% and (ii) if such
Total Leverage Ratio so determined is less than or equal to 3.000 to 1.000, 0%.

     “Effective Date” means the date on which the conditions specified in Section 4.01 have been
satisfied (or waived in accordance with Section 8.02) and the Term Loan is funded, which is the
date hereof.

     “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 12.01(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under
Section 12.01(b)(iii)); provided, that notwithstanding the foregoing, “Eligible Assignee” shall not
include Holdco, any Holdco Subsidiary (including the Borrower) or any Affiliated Lender (it being
understood that assignments to Holdco, any Holdco Subsidiary (including the Borrower) or an
Affiliated Lender may only be made pursuant to Section 12.01(h) or 12.01(i), as applicable). For
the avoidance of doubt, no Specified Debt Fund shall be deemed to be an Affiliate of Holdco or any
Sponsor for purposes of the definition of “Eligible Assignee”.

     “EMU” means the economic and monetary union as contemplated in the Treaty on European Union.

     “Environmental Laws” means any Laws relating to pollution, emissions, contamination, the
indoor or outdoor environment, human health and safety as such relates to the environment or
natural resources or the use, treatment, storage, disposal, transport, handling, cleanup, or
remediation of any hazardous or toxic substance.

     “Equity Purchase Agreement” means that certain Amended and Restated Purchase Agreement, dated
as of March 17, 2008, among Holdco and the several “Investors” named therein, including all
exhibits and schedules thereto, as in effect on the date hereof.

14

 

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any applicable rule or regulation issued thereunder.

     “ERISA Event” means, with respect to Borrower or any member of the Controlled Group, (a) the
withdrawal of Borrower or any member of the Controlled Group from a Plan during a plan year in
which it was a “substantial employer,” as defined in Section 4001(a)(2) of ERISA, with the
attendant incurrence of liability by the Borrower or any member of its Controlled Group in
accordance with Section 4062 of ERISA; (b) the filing of a notice of intent to terminate a Plan or
the treatment of an amendment to such a Plan as a termination under section 4041 of ERISA at a time
when the Plan has Unfunded Liabilities; (c) the institution of proceedings to terminate a Plan by
the PBGC; or (d) any other event or condition which might reasonably be expected to constitute
grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Plan.

     “Eurodollar Advance” means an Advance which, except as otherwise provided in Section 2.14,
bears interest at the applicable Eurodollar Rate plus the Applicable Margin.

     “Eurodollar Base Rate” means:

     (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per
annum equal to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or such other commercially available source providing quotations of BBA LIBOR as
may be designated by the Administrative Agent from time to time) at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period, for
Dollar deposits (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period or, (ii) if such rate is not available at such time for
any reason, the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the Eurodollar Rate Loan being made, continued or
converted and with a term equivalent to such Interest Period would be offered by 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 Business Days prior to the
commencement of such Interest Period; and

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

15

 

     “Eurodollar Loan” means a Loan which, except as otherwise provided in Section 2.14, bears
interest at the applicable Eurodollar Rate plus the Applicable Margin.

     “Eurodollar Rate” means for any Interest Period with respect to any Eurodollar Advance
comprised of Revolving Loans or Term Loans, a rate per annum determined by the Administrative Agent
pursuant to the following formula:

	 	 	 	 	 	 	 

	 

	 	Eurodollar Rate
	=	Eurodollar Base Rate	 	 
	 

	 	 

	 	 
	 

	 	1.00 — Eurodollar Reserve Percentage	 	 

provided that with respect to any Eurodollar Advance comprised of Term Loans for any Interest
Period, the Eurodollar Rate shall not be less than 1.25% per annum

     “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve
percentage (expressed as a decimal, carried out to five decimal places) in effect on such day,
whether or not applicable to any Lender, under regulations issued from time to time by the Federal
Reserve Board 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.

     “Excess Cash Flow” means, for any fiscal year of Holdco, the excess, if any, of:

     (a) the sum, without duplication, for such period of:

     (i) Consolidated EBITDA of Holdco for such period (it being understood, for
avoidance of doubt, that any Specified Equity Contribution shall not increase
Consolidated EBITDA for purposes of this definition);

     (ii) foreign currency translation gains received in cash related to
currency remeasurements of indebtedness (including any net cash gain resulting from
Rate Management Transactions), to the extent not otherwise included in calculating
such Consolidated EBITDA;

     (iii) net cash gains resulting in such period from Rate Management
Obligations and the application of Statement of Financial Accounting Standards No.
133 and International Accounting Standards No. 39 and their respective
pronouncements and interpretations, to the extent not otherwise included in
calculating such Consolidated EBITDA, including pursuant to clause (ii) of EBITDA;

     (iv) extraordinary, unusual or nonrecurring cash gains (other than gains on
asset sales in the ordinary course of business, including Portfolio Securities), to
the extent not otherwise included in calculating such Consolidated EBITDA; and

     (v) to the extent not otherwise included in calculating such Consolidated
EBITDA, cash gains from any sale or disposition outside the

16

 

ordinary course of business (excluding gains from Prepayment Events to the extent an amount equal
to the Net Proceeds therefrom was applied to the prepayment of Term Loans pursuant
to Section 2.10(c));

minus

     (b) the sum, without duplication, for such period of (in each case, except as
expressly provided in clauses (vi) and (xvi) below, to the extent the same increased or was
not otherwise deducted in determining such Consolidated EBITDA for such period):

     (i) the amount of any taxes, including taxes based on income, profits or
capital, state, franchise and similar taxes, foreign withholding taxes and foreign
unreimbursed value added taxes (to the extent added in calculating such Consolidated
EBITDA), and including penalties and interest on any of the foregoing, in each case,
payable in cash by Holdco and its Subsidiaries (to the extent not otherwise deducted
in calculating such Consolidated EBITDA);

     (ii) Consolidated Interest Expense, including costs of surety bonds in
connection with financing activities (to the extent included in Consolidated
Interest Expense), to the extent payable in cash and not otherwise deducted in
calculating such Consolidated EBITDA;

     (iii) foreign currency translation losses paid in cash related to currency
remeasurements of indebtedness (including any net cash loss resulting from Rate
Management Transactions), to the extent not otherwise deducted in calculating such
Consolidated EBITDA;

     (iv) without duplication of amounts deducted pursuant to this clause (iv)
or clause (xvi) below in respect of a prior fiscal year, capital expenditures of
Holdco and its Subsidiaries made in cash prior to the date the applicable Excess
Cash Flow prepayment is required to be made pursuant to Section 2.10(d);

     (v) repayments of long-term Indebtedness (including (i) payments of the
principal component of Capitalized Lease Obligations, (ii) the repayment of Loans
pursuant to Section 2.10 (but excluding prepayments of Loans deducted pursuant to
clause (ii) of Section 2.10(d)) and (iii) the aggregate amount of any premium,
make-whole or penalties paid in connection with any such repayments of Indebtedness,
made by Holdco and its Subsidiaries, but only to the extent that, in each case, such
repayments (x) by their terms cannot be reborrowed or redrawn and (y) are not
financed with the proceeds of long-term Indebtedness (other than revolving
Indebtedness)) and increases in Consolidated Net Income due to a sale, transfer or
other disposition of an asset (including pursuant to a sale and leaseback
transaction or a casualty or condemnation or similar proceeding) but not in excess
of the amount of such increase;

     (vi) without duplication of amounts deducted pursuant to this clause (vi)
or clause (xvi) below in respect of a prior fiscal year, the amount of

17

 

Investments
permitted by Section 6.17 (other than Investments in (x) Cash Equivalents and (y)
Holdco or any of its Subsidiaries, or any Investment funded with the proceeds
of Indebtedness) made by Holdco and its Subsidiaries in cash prior to the date the
applicable Excess Cash Flow prepayment is required to be made pursuant to Section
2.10(d);

     (vii) letter of credit fees paid in cash, to the extent not otherwise
deducted in calculating such Consolidated EBITDA;

     (viii) extraordinary, unusual or nonrecurring cash charges, to the extent
not otherwise deducted in calculating such Consolidated EBITDA;

     (ix) cash fees and expenses incurred in connection with the Transactions,
any acquisition, disposition, recapitalization, Investment, asset sale, the issuance
or repayment of any Indebtedness, issuance of Capital Stock, refinancing transaction
or amendment or modification of any debt instrument (in each case, including any
such transaction consummated prior to the date hereof and any such transaction
undertaken but not completed) and any cash charges or cash non-recurring merger
costs incurred during such period as a result of any such transaction or other early
extinguishment of Indebtedness permitted by this Agreement (in each case, whether or
not consummated);

     (x) cash charges or losses added to such Consolidated EBITDA pursuant to
clauses (vi), (vii) and (viii) and to Consolidated Net Income pursuant to clauses
(a) (ii), (vii), (viii), (ix), (x) or clause (b);

     (xi) the amount of Restricted Payments and Restricted Second Lien Payments
made pursuant to clauses (d), (f), (g), (i) or (j) of Section 6.13, to the extent
not funded with the proceeds of a substantially contemporaneous incurrence of
Indebtedness;

     (xii) cash expenditures in respect of Rate Management Obligations
(including net cash losses resulting in such period from Rate Management Obligations
and the application of Statement of Financial Accounting Standards No. 133 and
International Accounting Standards No. 39 and their respective pronouncements and
interpretations), to the extent not otherwise deducted in calculating such
Consolidated EBITDA, including pursuant to clause (b) or such Consolidated EBITDA;

     (xiii) to the extent added to Consolidated Net Income, cash losses from any
sale or disposition outside the ordinary course of business;

     (xiv) cash payments by Holdco and its Subsidiaries in respect of long-term
liabilities (other than Indebtedness) of Holdco and its Subsidiaries;

     (xv) the aggregate amount of expenditures actually made by Holdco and its
Subsidiaries in cash (including expenditures for the payment of financing

18

 

fees) to
the extent that such expenditures are not expensed and signing bonus expenditures;

     (xvi) without duplication of amounts deducted from Excess Cash Flow in
respect of a prior fiscal year, the aggregate consideration required to be paid in
cash by Holdco and its Subsidiaries pursuant to binding contracts (the “Contract
Consideration”) entered into prior to or during such fiscal year relating to
Investments permitted by Section 6.17 (other than Investments in (x) Cash
Equivalents and (y) Holdco or any of its Subsidiaries) or capital expenditures to be
consummated or made plus cash restructuring expenses to be incurred, in each case,
during the period of 4 consecutive fiscal quarters of Holdco following the end of
such fiscal year; provided that to the extent the aggregate amount actually utilized
to finance such capital expenditures or Investments during such period of 4
consecutive fiscal quarters is less than the Contract Consideration, the amount of
such shortfall shall be added to the calculation of Excess Cash Flow at the end of
such period of 4 consecutive fiscal quarters;

     (xvii) to the extent added to Consolidated Net Income and not deducted in
determining Consolidated EBITDA, Net Proceeds received by Holdco or any Holdco
Subsidiary from the sale or other disposition of, or any payment of principal of, or
return on investment in respect of, Specified Securities; and

     (xviii) to the extent added in determining Consolidated Net Income and not
deducted in determining Consolidated EBITDA, any portion of “Excess Cash Flow”,
determined pursuant to all of the preceding clauses of this definition, that is
attributable to a Holdco Subsidiary that is required to maintain a minimum net worth
or similar requirement under applicable law, rule or regulation or by order, decree
or power of any Governmental Entity, to the extent (and only to the extent) that the
payment of cash by such Subsidiary to the Borrower or Holdco in respect of such
portion of Excess Cash Flow (by way of dividend, intercompany loan or otherwise)
would result in such Subsidiary’s failure to comply with such requirement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder.

     “Excluded Taxes” means, in the case of each Lender, LC Issuer, applicable Lending Installation
and the Administrative Agent 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 its overall net income, (b)
franchise taxes and branch profits taxes imposed on it, by (i) the jurisdiction under the laws of
which such Lender, LC Issuer or the Administrative Agent is incorporated or organized or (ii) the
jurisdiction in which the Administrative Agent’s or such Lender’s or LC Issuer’s principal
executive office or such Lender’s or LC Issuer’s applicable Lending Installation is located, and
(c) in the case of a Non-U.S. Lender, any withholding Tax that is imposed on amounts payable to
such Non-U.S. Lender at the time such Non-U.S. Lender becomes a party hereto (or designates a new
lending office) or is attributable to such Non-U.S. Lender’s failure or inability to comply with
Section 3.05(d), (f) or (g), except to the extent that

19

 

such Non-U.S. 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
3.05(a).

     “Existing Credit Agreement” is defined in the recitals hereto.

     “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement, and
any current or future regulations or official interpretations thereof.

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

     “Final 10-K” shall mean Holdco’s Annual Report on Form 10-K for the year ended December 31,
2010, in a form identical to a form that shall have been provided to each of the Lenders not less
than one day prior to the Effective Date, which shall be in compliance with all applicable rules
promulgated under the Exchange Act.

     “Financial Officer” means the Chief Financial Officer, the Controller, the Treasurer, any
Assistant Treasurer or any other officer with responsibilities customarily performed by such
officers.

     “First Lien Leverage Ratio” means, at any time, the ratio of (i) the sum of (a) Indebtedness
of Holdco and its Subsidiaries of the types referred to in clauses (i), (iii) and (iv) of the
definition thereof, in each case to the extent secured by first-priority Liens plus (b)
Indebtedness of Holdco and its Subsidiaries of the type referred to in clause (v) of the definition
thereof to (ii) Consolidated EBITDA of Holdco and its Subsidiaries for the then most-recently ended
four fiscal quarters.

     “Floating Rate” means, for any day, a rate per annum equal to the Alternate Base Rate for such
day, in each case changing when and as the Alternate Base Rate changes.

     “Floating Rate Advance” means an Advance which, except as otherwise provided in Section 2.11,
bears interest at the Floating Rate plus the Applicable Margin.

     “Floating Rate Loan” means a Loan which, except as otherwise provided in Section 2.14, bears
interest at the Floating Rate plus the Applicable Margin.

     “Foreign Plan” is defined in Section 5.09(d).

20

 

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

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

     “GAAP” has the meaning set forth in Section 1.06.

     “Government Securities” means securities that are:

     (a) direct obligations of the United States of America for the timely payment of
which its full faith and credit is pledged; or

     (b) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of
America, which, in either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank (as defined in Section
3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of the principal of or interest on any such Government Securities held
by such custodian for the account of the holder of such depository receipt; provided that
(except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Securities or the specific payment of the principal
of or interest on the Government Securities evidenced by such depository receipt.

     “Governmental Entity” means any nation, sovereign or government, any state, province,
territory or other political subdivision thereof, any regulatory agency, commission, court, body,
entity or authority exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including a central bank or stock exchange.

     “GSMP Investors” means (i) GS Mezzanine Partners V, L.P., GS Mezzanine Partners V Offshore,
L.P. and GS Mezzanine Partners V Institutional, L.P., and any successor investment funds to the
foregoing funds managed by Goldman, Sachs & Co., and (ii) any subsidiaries, investment vehicles,
alternative investment vehicles, special purpose vehicles and conduits through which such funds
routes funds or makes investments.

     “GS Loan Funds” means (i) GS Loan Partners I, L.P., GS Loan Partners I Onshore, L.P., GS Loan
Partners I Offshore B, L.P. and GS Loan Partners Offshore C, L.P., and any successor investment
funds to the foregoing funds managed by Goldman, Sachs & Co., and (ii) any subsidiaries, investment
vehicles, alternative investment vehicles, special purpose vehicles and conduits through which such
funds routes funds or makes investments.

     “Guarantors” means (i) Holdco, MoneyGram Payment Systems, Inc., a Delaware corporation,
MoneyGram of New York LLC, a Delaware limited liability company, any Person which becomes a
Guarantor pursuant to the last sentence of Section 6.23, and (ii) any other

21

 

Wholly-Owned Subsidiary
that (A) is a Material Domestic Subsidiary on the date hereof (other than PropertyBridge or any
SPE) or (B) is required to become a Guarantor after the date hereof pursuant to Section 6.23.

     “Guaranty” means that certain Guaranty dated as of the date hereof executed by each Guarantor
in favor of the Administrative Agent, for the ratable benefit of the Lenders and the Secured
Parties, as it may be amended or modified (including by joinder agreement) and in effect from time
to time.

     “Hazardous Materials” means (i) petroleum, petroleum by-products, petroleum derivatives,
hydrocarbons, toxic mold, asbestos, lead based paint, radioactive materials, medical or infectious
wastes or polychlorinated biphenyls and (ii) any other material, substance or waste that is
prohibited, limited or regulated by Environmental Law because of its hazardous, toxic or
deleterious properties or characteristics.

     “Hedge Bank” means any Person that (i) at the time it enters into Rate Management Transaction
with Holdco or any Holdco Subsidiary, is a Lender or an Affiliate of a Lender or (ii) is a party to
the Rate Management Transactions listed on Schedule and
specified on such Schedule as a “Hedge Bank” (or any of such Person’s Affiliates), in each case as
a party to such Rate Management Transaction.

     “Holdco” means MoneyGram International, Inc., a Delaware corporation and the parent
corporation of the Borrower.

     “Holdco Subsidiary” means a Subsidiary of Holdco.

     “Incremental Amendment” is defined in Section 2.25(c).

     “Incremental Facilities” is defined in Section 2.25(b).

     “Incremental Lender” is defined in Section 2.25(c).

     “Incremental Term Loan” is defined in Section 2.25(a).

     “Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for
borrowed money, (ii) obligations representing the deferred purchase price of Property or services
(other than accounts payable arising in the ordinary course of such Person’s business), (iii) to
the extent not otherwise included in this definition, Indebtedness of another Person whether or not
assumed, secured by Liens or payable out of the proceeds or production from Property now or
hereafter owned or acquired by such Person, (iv) obligations (or, without double counting,
reimbursement obligations in respect thereof) which are evidenced by notes, acceptances, or other
similar instruments to the extent not collateralized with Cash and Cash Equivalents or banker’s
acceptances, (v) Capitalized Lease Obligations, (vi) letters of credit or similar instruments which
are issued upon the application of such Person or upon which such Person is an account party to the
extent not collateralized with Cash and Cash Equivalents or banker’s acceptances, (vii) to the
extent not otherwise included, any obligation (each, a “Contingent Obligation”) by such Person to
be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another
Person, other than by endorsement of negotiable instruments for

22

 

collection in the ordinary course
of business, (viii) Rate Management Obligations, and (ix) any other financial accommodation which
in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such
Person. For the purposes hereof, the amount of any Contingent Obligation 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
Contingent Obligation 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. In respect of
Indebtedness of another Person secured by a Lien on the assets of the specified Person, the amount
of such Indebtedness shall be the lesser of the fair market value of such assets at the date of
determination and the amount of the Indebtedness of the other Person secured by such asset.
Notwithstanding the foregoing, the following shall not constitute Indebtedness: (i) Payment
Services Obligations, (ii) obligations to repay Payment Instruments Funding Amounts, (iii) Rate
Management Obligations (to the extent incurred in the ordinary course of business and not for
speculative purposes), (iv) Purchase Agreement Equity and (v) ordinary course contractual
obligations with clearing banks relative to clearing accounts.

     “Indemnitee” is defined in Section 9.06(b).

     “Indenture” means that certain Indenture, dated as of March 25, 2008, among the Borrower, the
guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee, in the form attached
as an exhibit to the Note Purchase Agreement, as amended by supplements thereto prior to the
Effective Date and as further amended after the Effective Date from time to time in accordance with
the Intercreditor Agreement.

     “Insolvency Proceedings” means, with respect to any Person, any case or proceeding with
respect to such Person under U.S. federal bankruptcy laws or any other state, federal or foreign
bankruptcy, insolvency, reorganization, liquidation, receivership or other similar laws, or the
appointment, whether at common law, in equity or otherwise, of any trustee, custodian, receiver,
liquidator or the like for all or any material portion of the property of such Person.

     “Intellectual Property” means the following and all rights pertaining thereto: (i) patents,
patent applications, (including all provisional divisional, continuation, continuation in part, and
renewal applications) and statutory invention registrations (including all utility models and other
patent rights under the Laws of all countries) and any renewals, extensions or reissues of any of
the foregoing, (ii) trademarks, service marks, trade dress, logos, trade names, service names,
corporate names, domain names and other brand identifiers, all goodwill associated with the
foregoing, registrations and applications for registration thereof, including all extensions,
modifications and renewals of any such registration or application (iii) copyrights, software,
databases, and registrations and applications for registration thereof, and any renewals or
extensions thereof, (iv) confidential and proprietary information, trade secrets, and know-how,
including any confidential inventions (whether patentable or not) and (v) all similar rights,
however denominated, throughout the world.

     “Intercreditor Agreement” means that certain Intercreditor Agreement, to be dated as of and
effective as of the Effective Date, among the Collateral Agent, Deutsche Bank Trust Company
Americas, as Trustee and Collateral Agent for the Second Priority Secured Parties (as

23

 

defined
therein), the Borrower, Holdco and the other Guarantors in substantially the form of Exhibit F
hereto.

     “Interest Coverage Ratio” means, for any date, the ratio of (i) Consolidated EBITDA of Holdco
for the period of four consecutive fiscal quarters ended on or most recently prior to such date to
(ii) Consolidated Cash Interest Expense of Holdco for such period.

     “Interest Period” means, with respect to a Eurodollar Advance, a period of 1, 2, 3 or 6 months
(or, if acceptable to all relevant Lenders, 9 or 12 months or a period shorter than one month)
commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest
Period shall end on the day which corresponds numerically to such date one, two, three or six
months (or other applicable period) thereafter, provided, however, that if there is no such
numerically corresponding day in such next, second, third or sixth (or other corresponding)
succeeding month, such Interest Period shall end on the last Business Day of such next, second,
third or sixth (or other corresponding) succeeding month. If an Interest Period would otherwise
end on a day which is not a Business Day, such Interest Period shall end on the next succeeding
Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar
month, such Interest Period shall end on the immediately preceding Business Day.

     “Investment” of a Person means all investments by such Person in any other Person in the form
of any loan, advance (other than commission, travel and similar advances to officers and employees
made in the ordinary course of business), extension of credit (other than accounts receivable
arising in the ordinary course of business on terms customary in the trade), contribution of
capital by such Person or Capital Stock, bonds, mutual funds, notes, debentures or other securities
of such other Person.

     “Investors” has the meaning set forth in the Equity Purchase Agreement.

     “JPMS” means J.P. Morgan Securities LLC.

     “Law” means any federal, state, local or foreign law (including the common law), statute,
ordinance, rule, regulation, judgment, judicial decision, code, order, injunction, arbitration
award, writ, decree, agency requirement, license or permit of any Governmental Entity.

     “LC Disbursement” means a payment made by the LC Issuer pursuant to a Letter of Credit which
has not yet been reimbursed by or on behalf of the Borrower.

     “LC Exposure” means, at any time, the sum of (i) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (ii) the aggregate amount of all LC Disbursements
at such time. The LC Exposure of any Lender at any time shall be its Pro Rata Share of the total
LC Exposure at such time.

     “LC Fee” is defined in Section 2.22(k).

     “LC Issuer” means JPMorgan Chase Bank, N.A., Bank of America and each other Lender that agrees
in writing with the Borrower and the Administrative Agent to issue Letters of Credit, in each case,
in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity
as provided in Section 2.22(i). Each LC Issuer may, in its discretion, arrange

24

 

for one or more
Letters of Credit to be issued by Affiliates of such LC Issuer, in which case the term “LC Issuer”
shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. With
respect to any Letter of Credit, “LC Issuer” shall mean the issuer thereof.

     “Lenders” means the lending institutions listed on the signature pages of this Agreement, any
Person which becomes a party hereto pursuant to Section 2.25 and their respective successors and
assigns. Unless otherwise specified, the term “Lenders” includes a Lender in its capacity as the
Swing Line Lender.

     “Lending Installation” means, with respect to a Lender or the Administrative Agent, the
office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the
signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative
Agent pursuant to Section 2.20.

     “Letter of Credit” means any letter of credit issued pursuant to this Agreement (including any
Outstanding Letter of Credit).

     “Letter of Credit Application” means a letter of credit application or agreement entered into
or submitted by the Borrower pursuant to Section 2.22(b).

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
encumbrance or preference, priority or other security agreement of any kind or nature whatsoever
(including, without limitation, the interest of a vendor or lessor under any conditional sale,
Capitalized Lease or other title retention agreement). For the purposes hereof, none of the
following shall be deemed to be Liens: (i) setoff rights or statutory liens arising in the
ordinary course of business, (ii) restrictive contractual obligations with respect to assets
comprising the Payment Instruments Funding Amounts or Payment Service Obligations; provided that
such contractual obligations are no more restrictive in nature than those in effect on the
Effective Date, (iii) Liens purported to be created under Repurchase Agreements; provided that such
Liens do not extend to any assets other than those that are the subject of such Repurchase
Agreements, (iv) ordinary course of business contractual obligations with clearing banks relative
to clearing accounts or (v) operating leases.

     “Loan” means a Revolving Loan, a Term Loan or a Swing Line Loan.

     “Loan Documents” means this Agreement, any amendment hereto, any Letter of Credit Application,
any Notes issued pursuant to Section 2.16, the Guaranty, each Incremental Amendment and the
Collateral Documents.

     “Loan Parties” means the Borrower, Holdco and each of the other Guarantors that is a party to
a Loan Document.

     “Material Adverse Effect” means any event, condition or circumstance that has occurred since
the Effective Date that could reasonably be expected to have a material adverse effect on (i) the
business, financial condition, results of operations or assets of Holdco and its Subsidiaries,
taken as a whole, (ii) the ability of the Loan Parties, taken as a whole, to perform their
obligations under the Loan Documents or (iii) the rights or remedies of the Administrative Agent or
the Lenders under the Loan Documents, taken as a whole (other than, in each case, as

25

 

related to: (A) the valuation of the investment portfolio of Holdco and its Subsidiaries and (B) any
shareholder or derivative litigation arising as a result of the transactions contemplated hereby
and/or the disclosure of or failure to disclose information related to the valuation of the
investment portfolio of Holdco and its Subsidiaries).

     “Material Domestic Subsidiary” means a Domestic Subsidiary (other than an SPE) which, together
with its Subsidiaries, either (i) has 5% or more of the consolidated total assets (valued at the
greater of book or fair market value) of Holdco and its Subsidiaries determined on a consolidated
basis as of the fiscal quarter end next preceding the date of determination, (ii) accounted for 5%
or more of consolidated total revenues of Holdco and its Subsidiaries determined on a consolidated
basis as of the last day of each fiscal year of Holdco for the four consecutive fiscal quarters
then ended or (iii) has been designated as a Material Domestic Subsidiary by the Borrower.

     “Material Indebtedness” means Indebtedness and/or Rate Management Obligations in an
outstanding principal or net payment amount of $25,000,000 or more in the aggregate (or the
equivalent thereof in any currency other than U.S. dollars).

     “Material Indebtedness Agreement” means any agreement under which any Material Indebtedness
was created or is governed or which provides for the incurrence of Indebtedness in an amount which
would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting
Material Indebtedness is outstanding thereunder).

     “Material Registered IP” is defined in Section 5.18(b).

     “Maturity Date” shall mean (i) with respect to the Term Loans in effect on the Effective Date,
the Term Loan Maturity Date, (ii) with respect to the Revolving Credit Commitments in effect on the
Effective Date, the Revolving Credit Maturity Date and (iii) with respect to any Incremental Term
Loans or any Additional Revolving Facility, the final maturity date as specified in the applicable
Incremental Amendment; provided that if any such day is not a Business Day, the applicable Maturity
Date shall be the Business Day immediately succeeding such day.

     “Merrill Lynch” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

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

     “Multiemployer Plan” is defined in Section 5.09(c).

     “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends.

     “Net Proceeds” means, with respect to any event, (i) the cash proceeds received in respect of
such event, including (A) any cash received in respect of any non-cash proceeds (including any cash
payments received by way of deferred payment of principal pursuant to a note or installment
receivable or purchase price adjustment or earn-out, but excluding any reasonable interest
payments), but only as and when received, (B) in the case of a casualty, cash

26

 

insurance proceeds,
and (C) in the case of a condemnation or similar event, cash condemnation awards and similar
payments received in connection therewith, minus (ii) the sum of direct costs relating to such
event and the sale or disposition of such non-cash proceeds, including, without limitation, legal,
accounting and investment banking fees, brokerage and sales commissions, any relocation expenses
incurred as a result thereof, taxes paid or payable as a result thereof (after
taking into account any available tax credits or deductions and, if such costs have not been
incurred or invoiced, Holdco’s or the applicable Holdco Subsidiary’s good faith estimates thereof),
amounts required to be applied to the repayment of principal, premium or penalty, if any, and
interest on Indebtedness required to be paid as a result of such transaction and any deduction of
appropriate amounts to be provided by Holdco or its Subsidiaries as a reserve in accordance with
GAAP against any liabilities associated with the asset disposed of in such transaction and retained
by Holdco or its Subsidiaries after such sale or other disposition thereof, including, without
limitation, pension and other post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations associated with such transaction.

     “Non-Guarantor Subsidiary” means any Subsidiary of Holdco other than the Borrower or any
Guarantor.

     “Non-U.S. Lender” is defined in Section 3.05(d).

     “Note” means any one or more of a Revolving Credit Note, Term Note or Swing Line Note.

     “Note Purchase Agreement” means that certain Second Amended and Restated Note Purchase
Agreement, dated as of March 24, 2008, among Holdco, the Borrower, GSMP V Onshore US, Ltd., an
exempted company incorporated in the Cayman Islands with limited liability, GSMP V Offshore US,
Ltd., an exempted company incorporated in the Cayman Islands with limited liability, GSMP V
Institutional US, Ltd., an exempted company incorporated in the Cayman Islands with limited
liability, and THL Credit Partners, L.P., as in effect on the date hereof.

     “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all
reimbursement obligations with respect to LC Disbursements, all accrued and unpaid fees and all
expenses, reimbursements, indemnities and other obligations of the Borrower and the other Loan
Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified party arising
under the Loan Documents.

     “OID” is defined in Section 2.25(b).

     “Other Taxes” is defined in Section 3.05(b).

     “Outstanding Letters of Credit” is defined in Section 2.22(l).

     “Outstanding Revolving Credit Exposure” means, as to any Lender at any time, the sum of (i)
the aggregate principal amount of its Revolving Loans outstanding at such time, plus (ii) an amount
equal to its LC Exposure at such time, plus (iii) an amount equal to its Swing Line Exposure at
such time.

27

 

     “Participant” is defined in Section 12.01(d).

     “Payment Date” means the last day of each calendar year quarter.

     “Payment Instruments Funding Amounts” means amounts advanced to and retained by Holdco and its
Subsidiaries as advance funding for the payment instruments or obligations arising under an
official check agreement or a customer agreement entered into in the ordinary course of business.

     “Payment Service Obligations” means all liabilities of Holdco and its Subsidiaries calculated
in accordance with GAAP for outstanding payment instruments (as classified and defined as Payment
Service Obligations in Holdco’s latest Annual Report on Form 10-K under the Exchange Act, and if
Holdco is not subject to the reporting requirements of Section 13(a) or Section 15(d) of the
Exchange Act, Holdco’s most recent audited financial statements).

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Permits” means all permits, licenses, authorizations, orders and approvals of, and filings,
applications and registrations with, Governmental Entities.

     “Permitted Liens” means Liens permitted by Section 6.18.

     “Person” means any natural person, corporation, firm, joint venture, partnership, limited
liability company, association, enterprise, trust or other entity or organization, or any
government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Code as to which Holdco or any member of
the Controlled Group may have any liability.

     “Portfolio Securities” means, collectively, portfolio securities (i) designated as “trading
investments” on Holdco’s consolidated financial statements, (ii) designated as “available for sale
investments” on Holdco’s consolidated financial statements or (iii) otherwise designated as
investments on Holdco’s consolidated financial statements, in each case valued at fair value in
accordance with GAAP.

     “Preferred Stock” means, collectively, the Series B Participating Convertible Preferred Stock
of Holdco, par value $0.01, and the Series B-1 Participating Convertible Preferred Stock of Holdco,
par value $0.01.

     “Prepayment Event” means:

     (a) any sale, transfer or other disposition pursuant to Section 6.16(j) or (t)
other than dispositions resulting in aggregate Net Proceeds not exceeding (1) $1,000,000 in
the case of any single transaction or series of related transactions or (2) $5,000,000 for
all such transactions during any fiscal year of Holdco; or

28

 

     (b) the incurrence by Holdco, the Borrower or any Domestic Subsidiary after the
Effective Date of any Indebtedness other than Indebtedness permitted under Section 6.14.

     “Prime Rate” means the rate of interest per annum publicly announced from time to time by Bank
of America, N.A. as its prime rate; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

     “PropertyBridge” means PropertyBridge, Inc., a Delaware corporation.

     “Pro Rata Share” means, with respect to a Lender, a portion equal to a fraction the numerator
of which is such Lender’s Revolving Credit Commitment (or, if the Aggregate Revolving Credit
Commitment has expired or been terminated, such Lender’s Revolving Credit Commitment immediately
prior to such expiration or termination, giving effect to any subsequent assignments made pursuant
to the terms hereof and any subsequent repayments of such Lender’s Revolving Loans and reductions
in such Lender’s participation exposure relative to Letters of Credit and Swing Line Loans) and the
denominator of which is the Aggregate Revolving Credit Commitments (or, if the Aggregate Revolving
Credit Commitment has expired or been terminated, the Aggregate Revolving Credit Commitment
immediately prior to such expiration or termination, giving effect to any subsequent repayments of
the Revolving Loans and reductions in the aggregate participation exposure relative to Letters of
Credit and Swing Line Loans).

     “Purchase Agreement Equity” means Capital Stock of Holdco issued to the Sponsors pursuant to
the terms of (a) the Equity Purchase Agreement, including any Capital Stock into which such equity
is converted or any additional Capital Stock issued after the Effective Date pursuant to the terms
of the certificates of designation referred to in, and attached as exhibits to, the Equity Purchase
Agreement, or (b) the Recapitalization Agreement.

     “Rate Management Obligations” of a Person means any and all obligations of such Person,
whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired
(including all renewals, extensions and modifications thereof and substitutions therefor), under
(i) any and all Rate Management Transactions, (ii) any guaranty of obligations described under
clause (i) and (iii) any and all cancellations, buy backs, reversals, terminations or assignments
of any Rate Management Transactions.

     “Rate Management Transaction” means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by Holdco or any of its Subsidiaries which is a
rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity
index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency
swap transaction, cross-currency rate swap transaction, currency option or any other similar
transaction (including any option with respect to any of these transactions) or any

29

 

combination
thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity
prices or other financial measures.

     “Recapitalization” is defined in the recitals hereto.

     “Recapitalization Agreement” is defined in the recitals hereto.

     “Recapitalization Conversion Stock” means (a) the Series D Participating Convertible Stock of
Holdco, par value $0.01, on the terms and conditions set forth in the Amended and Restated
Certificate of Designations, Preferences and Rights of Series D Participating Convertible Preferred
Stock of MoneyGram International, Inc., or (b) common stock of Holdco, par value $0.01, as
applicable.

     “Refinanced Commitment” and “Refinanced Term Loans” are each defined in Section 8.03.

     “Refinanced Restricted Indebtedness” is defined in Section 6.13(e)(i).

     “Refinancing Indebtedness” is defined in Section 6.14(j).

     “Refinancing Restricted Indebtedness” is defined in Section 6.13(e).

     “Register” is defined in Section 12.01(c).

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.

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

     “Release” means any release, spill, emission, leaking, pumping, emitting, discharging,
injecting, escaping, leaching, dumping, disposing or migrating into or through the indoor or
outdoor environment.

     “Remaining Basket Amount” means, at any time, the excess (if any) of (i) the Basket Amount
determined at such time over (ii) the aggregate amount, from and after the date hereof up to the
time of determination, of (A) all Restricted Payments and Restricted Second Lien Payments made
pursuant to Section 6.13(g) and (B) Investments made pursuant to Section 6.17(a)(v)(C) or 6.17(t),
all determined at the time of making any such Restricted Payment,

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Restricted Second Lien Payment or
Investment or incurring such Indebtedness (each, in this definition, a “transaction”), before
giving effect to such transaction but after giving effect to any and all other simultaneous
transactions.

     “Rentals” of a Person means the aggregate fixed amounts payable by such Person under any
Operating Lease.

     “Replacement Commitments” and “Replacement Term Loans” are each defined in Section 8.03.

     “Reportable Event” means a reportable event as defined in Section 4043(c) of ERISA and the
regulations issued under such section, with respect to a Single Employer Plan, excluding, however,
such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of
ERISA that it be notified within 30 days of the occurrence of such event, provided, however, that a
failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA
shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement
in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

     “Repricing Transaction” means the prepayment, refinancing, substitution or replacement of all
or a portion of the Term Loans with the incurrence by Holdco, the Borrower or any Subsidiary of any
debt financing having an effective interest cost or weighted average yield (with the comparative
determinations to be made by the Administrative Agent consistent with generally accepted financial
practices, after giving effect to, among other factors, margin, interest rate floors, upfront or
similar fees or original issue discount shared with all providers of such financing, but excluding
the effect of any arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all providers of such financing, and without taking into account
any fluctuations in the Eurodollar Rate) that is less than the effective interest rate for or
weighted average yield (as determined by the Administrative Agent on the same basis) of such Term
Loans, including without limitation, as may be effected through any amendment to this Agreement
relating to the interest rate for, or weighted average yield of, such Term Loans.

     “Repurchase Agreement” means an agreement of a Person to purchase securities arising out of or
in connection with the sale of the same or substantially similar securities.

     “Required Lenders” means, at any time, Lenders having in the aggregate more than 50% of the
sum of (i) the Term Balance at such time plus (ii) the sum of the Aggregate Outstanding Revolving
Credit Exposure and the unused Revolving Credit Commitments at such time, in each case exclusive of
Affected Lenders of the type described in clauses (iii) or (iv) of Section 2.23(b) and subject to
Section 12.01(h)(iv).

     “Required Term Lenders” means, at any time, Lenders having in the aggregate more than 50% of
the sum of the Term Balance at such time.

     “Restricted Investment Portfolio” means assets of Holdco and its Subsidiaries which are
restricted by state law, contract or otherwise designated by the Borrower for the payment of
Payment Service Obligations.

31

 

     “Restricted Payment” means (i) any dividend or distribution in respect of the Capital Stock of
the Borrower or Holdco, (ii) any redemption, repurchase, acquisition or other retirement of the
Capital Stock of the Borrower or Holdco (other than the conversion of the Preferred Stock into
Recapitalization Conversion Stock as part of the Recapitalization and payment of the related
conversion premium) and (iii) any principal or other payment on, or any redemption, repurchase,
defeasance, acquisition or other retirement of any Subordinated Indebtedness (other than
Indebtedness permitted under Sections 6.14(h), (r), (s), (t), (v) and (w)) in each case prior to
any scheduled repayment, sinking fund or maturity.

     “Restricted Second Lien Payment” means any optional payments of principal on, or any
redemption, repurchase, defeasance, acquisition or other retirement of, any Second Lien
Indebtedness, and any payment of associated premium or penalty payments in connection therewith.

     “Revolver Step-Down Period” means any period, after the first six months after the Effective
Date, during which the Total Leverage Ratio is less than 2.5 to 1.0 (such period to be measured as
provided in the definition of Applicable Margin).

     “Revolving Credit Advance” means an Advance made by the Revolving Lenders pursuant to Section
2.03.

     “Revolving Credit Commitment” shall mean, with respect to each Lender, the commitment of such
Lender to make Revolving Loans and to acquire participations in Swingline Loans and Letters of
Credit as provided for herein, expressed as an amount representing the maximum possible amount of
such Lender’s Outstanding Revolving Credit Exposure hereunder, as such commitment may be (a)
reduced from time to time pursuant to Section 2.10 and (b) reduced or increased from time to time
pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Acceptance or (ii)
an Incremental Amendment. The amount of each Lender’s Revolving Credit Commitment is set forth on
the Commitment Schedule, or in the Assignment and Acceptance or Incremental Amendment pursuant to
which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

     “Revolving Credit Maturity Date” means May 18, 2016 or, if such day is not a Business Day, the
next preceding Business Day.

     “Revolving Credit Note” means a promissory note in substantially the form of Exhibit A hereto,
with appropriate insertions, and payable to the order of a Lender in the amount of its Revolving
Credit Commitment, including any amendment, modification, renewal or replacement of such promissory
note.

     “Revolving Lender” means a Lender having a Revolving Credit Commitment.

     “Revolving Loan” means, with respect to a Revolving Lender, such Lender’s loans made pursuant
to Section 2.03 hereof and any Additional Revolving Facilities.

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

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     “Scheduled Restricted Investments” means the securities listed on Schedule 2 hereto.

     “SEC” means the United States Securities and Exchange Commission.

     “Second Lien Documents” means (i) initially, the Note Purchase Agreement, the Indenture, the
notes issued thereunder and all documents delivered in connection therewith and (ii) in the case of
any Second Lien Indebtedness that is Refinancing Restricted Indebtedness incurred in respect of
Second Lien Indebtedness, the note purchase agreement, indenture or agency agreement, the notes
issued thereunder and all other documents governing the terms of such Second Lien Indebtedness.

     “Second Lien Indebtedness” means the senior second lien indebtedness incurred by the Borrower
pursuant to the Indenture and any Refinancing Restricted Indebtedness incurred in respect thereof
in accordance with Section 6.13 hereof.

     “Secured Cash Management Obligation” means any Cash Management Obligation that is owed by any
Loan Party to any Cash Management Bank.

     “Secured Hedge Obligation” means any Rate Management Obligation that is owing by any Loan
Party to any Hedge Bank regardless of whether such Hedge Bank ceases to be a Lender or an Affiliate
of a Lender, but excluding Rate Management Obligations arising from trades or confirmations entered
into after such Hedge Bank ceases to be a Lender or an Affiliate of a Lender.

     “Secured Obligations” means, collectively, the Obligations, the Secured Cash Management
Obligations and the Secured Hedge Obligations.

     “Secured Parties” means the Administrative Agent, the Collateral Agent, the Lenders, the Hedge
Banks and the Cash Management Banks.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
thereunder.

     “Similar Business” means (i) the global funds transfer and payment services business conducted
by Holdco and its Subsidiaries, (ii) any other business described under the heading “Business” in
Holdco’s Annual Report on Form 10-K under the Exchange Act for the fiscal year ended December 31,
2010, and (iii) any business that is similar, reasonably related, incidental, complementary or
ancillary thereto or any reasonable extension thereof.

     “Single Employer Plan” means a Plan (other than a Multiemployer Plan) maintained by Holdco or
any member of the Controlled Group for employees of Holdco or any member of the Controlled Group.

     “Specified Debt Fund” means (i) any GSMP Investors and any GS Loan Funds and (ii) any other
Affiliate of a Sponsor that is a bona fide debt fund or an investment vehicle that is primarily
engaged in or advises debt funds or other investment vehicles that are engaged in, making,
purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of
credit in the ordinary course and with respect to which a Sponsor and investment

33

 

vehicles managed
or advised by a Sponsor that are not engaged primarily in making, purchasing, holding or otherwise
investing in commercial loans, bonds and similar extensions of credit in the ordinary course of
business do not make the investment decisions for such entity.

     “Specified Equity Contribution” is defined in Section 6.22(b).

     “Specified Securities” means the securities set forth on Schedule 2 listed under “C-2” and
“C-3”.

     “SPEs” means Ferrum Trust, a Delaware business trust, Tsavorite Trust, a Delaware business
trust, Hematite Trust, a Delaware business trust, and, to the extent the formation thereof is not
prohibited hereunder, any Wholly-Owed Subsidiary of Holdco or trust (which is consolidated with
Holdco for financial statement purposes), in each case formed for the limited organizational
purpose of isolating and transferring a limited and specified pool of assets and related rights and
obligations with respect to Payment Service Obligations, which assets shall consist solely of (i)
Cash and Cash Equivalents, (ii) Portfolio Securities (including, for purposes of clarity, Scheduled
Restricted Investments), (iii) Accounts Receivable, (iv) Rate Management Obligations (with respect
to interest rate hedging) that relate to Portfolio Securities and Payment Service Obligations.

     “Sponsors” means Thomas H. Lee Partners L.P., Goldman Sachs Credit Partners L.P. and Goldman
Sachs Mezzanine Partners, and their respective affiliates.

     “Step-Down Period” means, (i) for Revolving Loans or Swingline Loans, a Revolver Step-Down
Period and (ii) for Term Loans, a Term Step-Down Period.

     “Subordinated Indebtedness” means any Indebtedness which is by its terms subordinated in right
of payment or in respect of the proceeds of any collateral to the Obligations (but excluding Second
Lien Indebtedness).

     “Subsidiary” of a Person means:

     (a) any corporation, association, or other business entity (other than a
partnership, joint venture, limited liability company or similar entity) of which more than
50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof;

     (b) any partnership, joint venture, limited liability company or similar entity of
which:

     (i) more than 50% of the capital accounts, distribution rights, total
equity and voting interests or general or limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof whether in
the form of membership, general, special or limited partnership or otherwise, and

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     (ii) such Person or any Subsidiary of such Person is a controlling general
partner or otherwise controls such entity; and

     (c) with respect to Holdco and any Holdco Subsidiary which owns such SPE, any SPE.

Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a
Subsidiary of Holdco.

     “Subsidiary Guarantor” means each Guarantor other than Holdco.

     “Substantial Portion” means, with respect to the Property of Holdco and its Subsidiaries,
Property which represents more than 10% of the consolidated assets (excluding Portfolio Securities)
of Holdco and its Subsidiaries, as would be shown in the consolidated financial statements of
Holdco and its Subsidiaries as at the beginning of the twelve-month period ending with the month in
which such determination is made (or if financial statements have not been delivered hereunder for
that month which begins the twelve-month period, then the financial statements delivered hereunder
for the quarter ending immediately prior to that month).

     “Swing Line Borrowing Notice” is defined in Section 2.07(b).

     “Swing Line Commitment” means, with respect to the Swing Line Lender, its commitment to make
Swing Line Loans to the Borrower pursuant to Section 2.07 in an aggregate outstanding amount at no
time exceeding its Swing Line Commitment amount specified on the Commitment Schedule.

     “Swing Line Exposure” means, at any time, the aggregate principal amount of all Swing Line
Loans outstanding at such time. The Swing Line Exposure of any Lender at any time shall be its Pro
Rata Share of the total Swing Line Exposure at such time.

     “Swing Line Lender” means Bank of America.

     “Swing Line Loan” means a Loan made available to the Borrower by the Swing Line Lender
pursuant to Section 2.07.

     “Swing Line Note” means a promissory note, in substantially the form of Exhibit C hereto, with
appropriate insertions, and payable to the order of the Swing Line Lender in the principal amount
of its Swing Line Commitment, including any amendment, modification, renewal or replacement of such
promissory note.

     “Syndication Agent” means JPMS and its respective successors, in its capacity as syndication
agent.

     “Tax-Efficient Restructuring” means one or more transfers from MoneyGram Payment Systems, Inc.
to one or more Non-Guarantors of Intellectual Property and related contracts with an aggregate fair
market value, for all such transfers during the term of this Agreement, of not

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greater than
$100,000,000 as part of a restructuring deemed by Holdco to be tax efficient for Holdco and its
Subsidiaries.

     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes and Other Taxes.

     “Term Balance” means, at any time, the then aggregate outstanding principal amount of the Term
Loans.

     “Term Loan” means, with respect to each Lender, such Lender’s pro-rata portion of (i) any term
Advance made by the Lenders on the Effective Date pursuant to Section 2.01 and (ii) any Incremental
Term Loan, and, with respect to all Lenders, the aggregate of all such pro-rata portions.

     “Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such
Lender to make a Term Loan hereunder on the Effective Date, expressed as an amount representing the
maximum principal amount of the Term Loan to be made by such Lender hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.10 and (b) reduced or increased from
time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and
Acceptance or (ii) an Incremental Amendment. The amount of each Lender’s Term Loan Commitment is
set forth on the Commitment Schedule or in the Assignment and Acceptance or Incremental Amendment
pursuant to which such Lender shall have assumed its Term Loan Commitment, as the case may be. The
initial aggregate amount of the Term Loan Commitments is $390,000,000.

     “Term Loan Maturity Date” means the earlier of November 18, 2017 and the day that is 180 days
prior to the scheduled maturity date of the Second Lien Indebtedness or, with respect to any
Incremental Term Loans, the final maturity date as specified in the applicable Incremental
Amendment (or, in either case, if such day is not a Business Day, the next preceding Business Day).

     “Term Note” means a promissory note, in substantially the form of Exhibit B hereto, with
appropriate insertions, and payable to the order of a Lender in the amount of such Lender’s Term
Loan, including any amendment, modification, renewal.

     “Term Step-Down Period” means any period, after the first six months after the Effective Date,
during which the Total Leverage Ratio is less than 3.0 to 1.0 (such period to be measured as
provided in the definition of Applicable Margin).

     “Total Leverage Ratio” means, at any time, the ratio of (i) Consolidated Total Indebtedness of
Holdco and its Subsidiaries at such time to (ii) Consolidated EBITDA of Holdco and its Subsidiaries
for the then most-recently ended four fiscal quarters.

     “Transactions” means the transactions contemplated by this Agreement and the other Loan
Documents including, without limitation, the Recapitalization and any amendments or other
modifications to the Second Lien Documents made in connection with the Recapitalization and on or
prior to the Effective Date.

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     “Transferee” is defined in Section 12.02.

     “Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a
Eurodollar Advance and with respect to any Loan, its nature as a Floating Rate Loan or a Eurodollar
Loan.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all vested and
unvested accrued benefits under all Single Employer Plans exceeds the fair market value of all such
Plan assets allocable to such benefits, all determined as of the then most recent valuation date
for such Plans based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87.

     “Unmatured Default” means an event which but for the lapse of time or the giving of notice, or
both, would constitute a Default.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing:

     (a) the sum of the products of the number of years from the date of determination
to the date of each successive scheduled principal payment of such Indebtedness or
redemption or similar payment with respect to such Disqualified Stock or preferred stock
multiplied by the amount of such payment, by

     (b) the sum of all such payments.

     “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying
shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of
such Person.

     Section 1.02 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, restated, amended and restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s permitted
successors and permitted assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

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     Section 1.03 Rounding. The calculation of any financial ratios under this Agreement shall
be calculated by dividing the appropriate component by the other component, carrying the result to
one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding-down if there is no nearest number).

     Section 1.04 Times of Day. Unless otherwise specified, all references herein to times of
day shall be references to New York time (daylight or standard, as applicable).

     Section 1.05 Timing of Payment or Performance. When the payment of any obligation or the
performance of any covenant, duty or obligation is stated to be due or performance required on a
day which is not a Business Day, the date of such payment or performance shall extend to the
immediately succeeding Business Day and such extension of time shall be reflected in computing
interest or fees, as the case may be; provided that with respect to any payment of interest on or
principal of Eurodollar Loans, if such extension would cause any such payment to be made in the
next succeeding calendar month, such payment shall be made on the immediately preceding Business
Day.

     Section 1.06 Accounting. Except as provided to the contrary herein, all accounting terms
used herein shall be interpreted and all accounting determinations hereunder shall be made in
accordance with generally accepted accounting principles as in effect from time to time in the
United States, but (i) without giving effect to any changes in lease accounting after the date
hereof and (ii) any calculation or determination which is to be made on a consolidated basis shall
be made for Holdco and all of its Subsidiaries, including those Subsidiaries, if any, which are
unconsolidated on Holdco’s audited financial statements (such principles as so modified, “GAAP”).
If at any time any change in GAAP or application thereof would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and the Borrower, the Administrative
Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original
intent thereof in light of such change in GAAP or the application thereof (subject to the approval
of the Required Lenders); provided that, until so amended, such ratio or requirement shall continue
to be computed in accordance with GAAP or application thereof prior to such change therein and the
Borrower shall provide to the Administrative Agent and the Lenders reconciliation statements
showing the difference in such calculation, together with the delivery of quarterly and annual
financial statements required hereunder.

     Section 1.07 Pro Forma Calculations. For purposes of determining compliance with any
ratio set forth herein, such ratio shall be calculated in each case on a pro forma basis as
follows:

     (a) In the event that Holdco or any Holdco Subsidiary incurs, assumes, guarantees or
redeems any Indebtedness subsequent to the commencement of the period for which such ratio is being
calculated but on or prior to or simultaneously with the event for which the calculation of such
ratio is made (the “Calculation Date”), then such ratio shall be calculated giving pro forma effect
to such incurrence, assumption, guarantee or redemption of Indebtedness, as if the same had
occurred at the beginning of the applicable reference period.

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     (b) For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers and consolidations that have been made by Holdco or any Holdco Subsidiary
during the reference period or subsequent to the reference period and on or prior to or
simultaneously with the Calculation Date shall be given pro forma effect as if all such
Investments, acquisitions, dispositions, mergers and consolidations (and all related financing
transactions) had occurred on the first day of the reference period. Additionally, if since the
beginning of such reference period any Person that subsequently became a Holdco Subsidiary or was
merged with or into Holdco or any Holdco Subsidiary since the beginning of such reference period
shall have made any Investment, acquisition, disposition, merger or consolidation that would have
required adjustment pursuant to this definition, then such ratio shall be calculated giving pro
forma effect thereto for such reference period as if such Investment, acquisition, disposition,
merger or consolidation (and all related financing transactions) had occurred at the beginning of
the reference period.

     (c) For purposes of the calculations referred to herein, whenever pro forma effect is to
be given to a transaction, the pro forma calculations (including any cost savings associated
therewith) shall be made in good faith by a responsible financial or accounting officer of Holdco
or the Borrower. In addition, any such pro forma calculation may include adjustments appropriate,
in the reasonable determination of the Borrower, to reflect any operating expense reductions and
other operating improvements or synergies projected in good faith to result from any acquisition,
amalgamation, merger or operational change (including, to the extent applicable, from the
Transactions); provided that (x) such operating expense reductions and other operating improvements
or synergies are reasonably identifiable and factually supportable, (y) with respect to operational
changes (not resulting from an acquisition), such actions are taken or committed to be taken no
later than 15 months after the Effective Date and (z) the aggregate amount of projected operating
expense reductions, operating improvements and synergies in respect of operational changes (not
resulting from an acquisition) included in any pro forma calculation shall not exceed $20,000,000
for any four consecutive fiscal quarter period unless otherwise approved by the Administrative
Agent.

     (d) If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the
Calculation Date had been the applicable rate for the entire period (taking into account any Rate
Management Obligations applicable to such Indebtedness). For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro
forma basis shall be computed based upon the average daily balance of such Indebtedness during the
reference period. Interest on Indebtedness that may optionally be determined at an interest rate
based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other
rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate as the Borrower may designate.

     (e) Any Person that is a Holdco Subsidiary on the Calculation Date will be deemed to have
been a Holdco Subsidiary at all times during the reference period, and any Person that is not a
Holdco Subsidiary on the Calculation Date will be deemed not to have been a Holdco Subsidiary at
any time during the reference period.

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ARTICLE 2

The Credits

     Section 2.01 Term Loans. Each Lender severally (and not jointly) agrees, on the terms and
conditions set forth in this Agreement, to make a Term Loan to the Borrower on the Effective Date
in the amount of its respective Term Loan Commitment. No amount of the Term Loan which is repaid
or prepaid by the Borrower may be reborrowed hereunder. Not later than 1:00 p.m., New York City
time, on the Effective Date, each Lender shall make available funds equal to its Term Loan
Commitment in immediately available funds to the Administrative Agent at its address specified
pursuant to Article 13. Gross proceeds required to be funded by each Lender with respect to the
Term Loans shall be equal to 99.75% of the principal amount of such Term Loan.

     Section 2.02 Term Loan Repayment.

     (a) The Borrower shall repay to the Administrative Agent for the ratable account of the
applicable Term Lenders (i) on the last Business Day of each March, June, September and December,
commencing with the last Business Day of September 2011, an amount equal to 0.25% of the aggregate
principal amount of the Term Loans outstanding on the Effective Date (which payments shall be
reduced as a result of the application of prepayments in accordance with the order of priority set
forth in Section 2.10(a)) and (ii) on the Term Loan Maturity Date, the aggregate principal amount
of such Term Loans outstanding on such date (or, in the case of Incremental Term Loans, as provided
in the applicable Incremental Amendment), together in each case with accrued and unpaid interest on
the principal amount to be paid to but excluding the date of such payment.

     (b) To the extent not previously paid, all Term Loans shall be due and payable on the Term
Loan Maturity Date, together with accrued and unpaid interest on the principal amount to be paid to
but excluding the date of payment.

     (i) All repayments pursuant to this Section 2.02 shall be subject to Section 3.04,
but shall otherwise be without premium or penalty.

     Section 2.03 Revolving Credit Commitments. From and including the Effective Date and
prior to the Maturity Date, each Lender severally agrees, on the terms and conditions set forth in
this Agreement, to (a) make or continue Revolving Loans to the Borrower from time to time and (b)
participate in Letters of Credit issued upon the request of the Borrower; provided that, after
giving effect to the making of each such Loan and the issuance of each such Letter of Credit, such
Lender’s Outstanding Revolving Credit Exposure shall not exceed in the aggregate the amount of its
Revolving Credit Commitment and the Aggregate Outstanding Revolving Credit Exposure shall not
exceed the Aggregate Revolving Credit Commitment. Subject to the terms of this Agreement, the
Borrower may borrow, repay and reborrow Revolving Loans, in whole or in part, at any time prior to
the Maturity Date. The Revolving Credit Commitments to extend credit hereunder shall expire on the
Maturity Date.

     Section 2.04 Other Required Payments. All outstanding Revolving Loans, Swing Line Loans,
unreimbursed LC Disbursements and all other unpaid Obligations shall be paid in full by

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the Borrower on the Maturity Date or, in the case of Additional Revolving Facilities, as
specified in the Incremental Amendment.

     Section 2.05 Ratable Loans. Each Revolving Credit Advance hereunder shall consist of
Revolving Loans made from the several Revolving Lenders ratably according to their Pro Rata Shares.

     Section 2.06 Types of Advances. The Advances may be Floating Rate Advances or Eurodollar
Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.11 and
2.12, or Swing Line Loans selected by the Borrower in accordance with Section 2.07.

     Section 2.07 Swing Line Loans.

     (a) Subject to the terms and conditions set forth herein, the Swing Line Lender agrees to
make Swing Line Loans to the Borrower from time to time from and including the Effective Date and
prior to the Maturity Date, in an aggregate principal amount at any time outstanding that will not
result in (i) the aggregate principal amount of outstanding Swing Line Loans exceeding $50,000,000,
(ii) the aggregate principal amount of the Swing Line Lender’s outstanding Swing Line Loans
exceeding its Swing Line Commitment, or (iii) the sum of the Aggregate Outstanding Revolving Credit
Exposure exceeding the Aggregate Revolving Credit Commitment; provided that the Swing Line Lender
shall not be required to make a Swing Line Loan to refinance an outstanding Swing Line Loan.
Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower
may borrow, prepay and reborrow Swing Line Loans. The Borrower will repay in full each Swing Line
Loan on or before the fifth (5th) Business Day after the Borrowing Date for such Swing Line Loan.

     (b) To request a Swing Line Loan, the Borrower shall notify the Administrative Agent of
such request by telephone or electronic mail (to such electronic mail addresses as the
Administrative Agent shall specify) (in each case confirmed by telecopy), not later than 1:00 p.m.,
New York City time, on the day of a proposed Swing Line Loan. Each such notice (a “Swing Line
Borrowing Notice”) shall be irrevocable and shall specify the requested date (which shall be a
Business Day) and amount of the requested Swing Line Loan, which shall be an amount not less than
$1,000,000. The Administrative Agent will promptly advise the Swing Line Lender of any such notice
received from the Borrower. The Swing Line Lender shall make each Swing Line Loan available to the
Borrower by means of a credit to a general deposit account of the Borrower with the Swing Line
Lender or wire transfer to an account designated by the Borrower (or, in the case of a Swing Line
Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.22(e), by
remittance to the LC Issuer) by 3:00 p.m., New York City time, on the requested date of such Swing
Line Loan.

     (c) The Swing Line Lender may (and shall on the fifth (5th) Business Day after the
Borrowing Date of each Swing Line Loan made by it that is then still outstanding) by written notice
given to the Administrative Agent not later than 1:00 p.m., New York City time, on any Business Day
require the Revolving Lenders to acquire participations on such Business Day in all or a portion of
its Swing Line Loans outstanding. Such notice shall specify the aggregate amount of Swing Line
Loans in which Revolving Lenders will participate. Promptly upon

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receipt of such notice, the Administrative Agent will give notice thereof to each Revolving
Lender, specifying in such notice such Lender’s Pro Rata Share of such Swing Line Loan or Loans.
Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent, for the account of the Swing Line Lender, such
Lender’s Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender acknowledges and
agrees that its obligation to acquire participations in Swing Line Loans pursuant to this paragraph
is unconditional, continuing, irrevocable and absolute and shall not be affected by any
circumstances, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the Administrative Agent, the Swing Line Lender or
any other Person, (ii) the occurrence or continuance, prior to or after the funding of any Swing
Line Loan, of a Default or Unmatured Default, (iii) any adverse change in the condition (financial
or otherwise) of the Borrower or (iv) any other circumstance, happening or event whatsoever, and
that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire
transfer of immediately available funds, in the same manner as provided in Section 2.11 with
respect to Loans made by such Lender (and Section 2.11 and 2.21 shall apply, mutatis mutandis, to
the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
Swing Line Lender the amounts so received by it from the Lenders. The Administrative Agent shall
notify the Borrower of any participations in any Swing Line Loan acquired pursuant to this
paragraph. Any amounts received by the Swing Line Lender from the Borrower (or other party on
behalf of the Borrower) in respect of a Swing Line Loan after receipt by the Swing Line Lender of
the proceeds of a sale of participations therein shall be promptly remitted to the Administrative
Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the
Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph
and to the Swing Line Lender, as their interests may appear; provided that any such payment so
remitted shall be repaid to the Swing Line Lender or to the Administrative Agent, as applicable, if
and to the extent such payment is required to be refunded to the Borrower for any reason. The
purchase of participations in a Swing Line Loan pursuant to this paragraph shall not relieve the
Borrower of any default in the payment thereof.

     Section 2.08 Commitment Fee; Reductions in Aggregate Revolving Credit Commitment.

     (a) The Borrower agrees to pay to the Administrative Agent for the account of each
Revolving Lender a commitment fee (other than any Revolving Lender that is an Affected Lender of
the type described in clauses (iii) or (iv) of Section 2.23(b)), which shall accrue at the rate of,
(x) with respect of any date during a Step-down Period for Revolving Loans, 0.50% and (y) if
otherwise, 0.625%, in each case, calculated per annum on the daily amount of the difference between
the Revolving Credit Commitment of such Lender and the Outstanding Revolving Credit Exposure
(excluding Swing Line Exposure) of such Lender during the period from and including the date hereof
to but excluding the date on which such Revolving Credit Commitment terminates. Accrued commitment
fees shall be payable in arrears on the last day of March, June, September and December of each
year and on the date on which the Revolving Credit Commitments terminate, commencing on the first
such date to occur after the date hereof. All commitment fees shall be computed on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

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     (b) The Borrower may permanently reduce the Aggregate Revolving Credit Commitment in
whole, or in part ratably among the Revolving Lenders in minimum amounts of $10,000,000 and
integral multiples of $1,000,000 in excess thereof, upon at least three Business Days’ written
notice to the Administrative Agent, which notice shall specify the amount of any such reduction,
provided, however, that the amount of the Aggregate Revolving Credit Commitment may not be reduced
below the Aggregate Outstanding Revolving Credit Exposure and further provided that a notice of a
reduction of the Aggregate Revolving Credit Commitment delivered by the Borrower may state that
such notice is conditioned upon the effectiveness of other credit facilities, in which case such
notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. All accrued commitment fees shall be
payable on the effective date of any termination of the obligations of the Lenders to make Credit
Extensions hereunder.

     Section 2.09 Minimum Amount of Each Advance. Each Eurodollar Advance (other than an
Advance to repay Swing Line Loans or with respect to any Incremental Term Loans or Additional
Revolving Credit Facilities, to the extent otherwise provided in the related Incremental Amendment)
shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof),
and each Floating Rate Advance (other than a Swing Line Loan or with respect to any Incremental
Term Loan or Additional Revolving Facility, to the extent otherwise provided in the related
Incremental Amendment) shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000
if in excess thereof), provided, however, that any Revolving Credit Advance which is a Floating
Rate Advance may be in the amount of the unused Aggregate Revolving Credit Commitment.

     Section 2.10 Optional and Mandatory Principal Payments.

     (a) The Borrower may from time to time pay, without premium or penalty except as provided
in clause (b) below, all outstanding Floating Rate Advances (other than Swing Line Loans), or, in a
minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof,
any portion of the outstanding Floating Rate Advances (other than Swing Line Loans) upon one
Business Day’s prior notice to the Administrative Agent. The Borrower may at any time pay, without
penalty or premium, all outstanding Swing Line Loans, or, in a minimum amount of $1,000,000 and
increments of $500,000 in excess thereof, any portion of the outstanding Swing Line Loans, with
notice to the Administrative Agent and the Swing Line Lender by 12:00 p.m., New York City time, on
the date of repayment. The Borrower may from time to time pay, subject to the payment of any
funding indemnification amounts required by Section 3.04 and subject to clause (b) below, all
outstanding Eurodollar Advances, or, in a minimum aggregate amount of $5,000,000 or any integral
multiple of $1,000,000 in excess thereof, any portion of the outstanding Eurodollar Advances upon
three Business Days’ prior notice to the Administrative Agent. All voluntary principal payments in
respect of the Term Loan shall be applied to the principal installments thereof in such order as
the Borrower may elect, or if not so specified on or prior to the date of such optional prepayment,
in the direct order of maturity. All mandatory principal payments in respect of the Term Loan
shall be applied to the principal installments thereof under Section 2.02 in the direct order of
maturity.

     (b) In the event that, on or prior to the date that is twelve months after the Effective
Date, the Borrower (x) prepays, refinances, substitutes or replaces any Term Loans in connection

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with a Repricing Transaction (including, for avoidance of doubt, any prepayment made pursuant
to Section 2.10(c) that constitutes a Repricing Transaction), or (y) effects any amendment of this
Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent,
for the ratable account of each of the applicable Lenders, (I) in the case of clause (x), a
prepayment premium of 1.00% of the aggregate principal amount of the Term Loans so prepaid,
refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to 1.00% of the
aggregate principal amount of the applicable Term Loans outstanding immediately prior to such
amendment. Such amounts shall be due and payable on the date of effectiveness of such Repricing
Transaction.

     (c) In the event and on each occasion that any Net Proceeds are received by or on behalf
of Holdco or any of its Subsidiaries in respect of any Prepayment Event, the Borrower shall, within
five Business Days after such Net Proceeds are received, prepay the Term Loan until paid in full
and/or Revolving Credit Loans in accordance with Section 2.10(e) below; provided that in the case
of any such event described in clause (a) of the definition of the term “Prepayment Event,” if
Holdco or any Subsidiary applies (or commits to apply) the Net Proceeds from such event (or a
portion thereof) within 12 months after receipt of such Net Proceeds to pay all or a portion of the
purchase price in connection with an Acquisition permitted hereunder of a Similar Business or to
acquire, restore, replace, rebuild, develop, maintain or upgrade real property, equipment or other
capital assets useful or to be used in the business of Holdco and the Subsidiaries (and, in each
case, the Borrower has delivered to the Administrative Agent within five Business Days after such
Net Proceeds are received a certificate of its Financial Officer stating its intention to do so and
certifying that no Default has occurred and is continuing), then, so long as no Default has
occurred and is continuing at the time of the giving of such notice and at the time of the proposed
reinvestment, no prepayment shall be required pursuant to this paragraph in respect of the Net
Proceeds in respect of such event (or the portion of such Net Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Proceeds therefrom that have not
been so applied (or committed to be so applied) by the end of such 12 month period, (or if
committed to be so applied within such 12 month period, have not been so applied within 180 days
after such 12 month period has expired). The Borrower shall provide to the Administrative Agent
any such evidence reasonably requested by the Administrative Agent with respect to any commitment
of Holdco or any Subsidiary to apply Net Proceeds in accordance with this Section 2.10(c).
Notwithstanding the foregoing, if on any Business Day there exist “Net Proceeds” (as defined in the
Indenture) which (assuming no investment or application thereof is made within the following five
Business Days) would constitute “Excess Proceeds” (as defined in the Indenture) in an amount in
excess of $10,000,000 on such fifth following Business Day, then prior to such fifth following
Business Day the Borrower shall prepay the Term Loan until paid in full in an aggregate amount
equal to such “Excess Proceeds” amount in excess of $10,000,000. Upon making such prepayment, the
Borrower shall be relieved of any further obligation under this Section 2.10(c) to make any
prepayment with respect to such Net Proceeds.

     (d) Following the end of each fiscal year of Holdco, commencing with the fiscal year
ending December 31, 2012, the Borrower shall prepay the Term Loans and/or Revolving Credit Loans in
an aggregate amount equal to the ECF Percentage of Excess Cash Flow for such fiscal year. Each
prepayment pursuant to this clause shall be made on or before the date that is five Business Days
after the date on which annual financial statements are required to be delivered

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pursuant to Section 6.01(a) with respect to the fiscal year for which Excess Cash Flow is
being calculated. Notwithstanding the foregoing, the amount required to be prepaid pursuant to
this clause with respect to any fiscal year shall be reduced dollar for dollar by the amount of (i)
voluntary prepayments of Revolving Loans which were accompanied by corresponding permanent
reductions in the Aggregate Revolving Credit Commitment, (ii) all optional prepayments of the Term
Loans, and (iii) mandatory prepayments of the Term Loans, in each case only to the extent that such
prepayments, expenditures or investments (A) were made by Holdco or its Subsidiaries after the
start of the applicable fiscal year and prior to the due date for (or, if earlier, the actual
payment date of) the prepayment under this clause with respect to such fiscal year and (B) have not
resulted in a reduction of Excess Cash Flow or prepayments pursuant to this clause with respect to
any prior fiscal year.

     (e) In the event of a prepayment pursuant to Section 2.10(c) or (d), the prepayment amount
shall be applied, first to repay outstanding Term Loans (and principal installments thereof on a
pro rata basis) and second, to repay outstanding Revolving Loans, without any corresponding
reduction in the Revolving Credit Commitment.

     Section 2.11 Method of Selecting Types and Interest Periods for New Advances. The
Borrower shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest
Period applicable thereto from time to time. The Borrower shall give the Administrative Agent
irrevocable notice (a “Borrowing Notice”) not later than 12:00 noon, New York City time, on the
Borrowing Date of each Floating Rate Advance (other than a Swing Line Loan) and three Business Days
before the Borrowing Date for each Eurodollar Advance. Each such notice shall specify:

     (a) the Borrowing Date, which shall be a Business Day, of such Advance,

     (b) the aggregate amount of such Advance,

     (c) the Type of Advance selected, and

     (d) in the case of each Eurodollar Advance, the Interest Period applicable thereto.

Not later than 1:00 p.m., New York City time, on each Borrowing Date, each Lender shall make
available its Revolving Loan or Revolving Loans in funds immediately available in Chicago to the
Administrative Agent at its address specified pursuant to Article 13. The Administrative Agent
will make the funds so received from the Lenders available to the Borrower in an account designated
in writing by the Borrower. Borrower shall not have more than 8 Eurodollar Loans outstanding at
one time.

     Section 2.12 Conversion and Continuation of Outstanding Advances. Floating Rate Advances
(other than Swing Line Loans) shall continue as Floating Rate Advances unless and until such
Floating Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.12 or are
repaid in accordance with Section 2.10. Each Eurodollar Advance shall continue as a Eurodollar
Advance until the end of the then applicable Interest Period therefor, at which time such
Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such
Eurodollar Advance is or was repaid in accordance with Section 2.10 or (y) the Borrower shall have
given the Administrative Agent a Conversion/Continuation Notice

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(as defined below) requesting that, at the end of such Interest Period, such Eurodollar
Advance continue as a Eurodollar Advance for the same or another Interest Period. Subject to the
terms of Section 2.09, the Borrower may elect from time to time to convert all or any part of a
Floating Rate Advance (other than Swing Line Loans) into a Eurodollar Advance. The Borrower shall
give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each
conversion of a Floating Rate Advance into a Eurodollar Advance or continuation of a Eurodollar
Advance not later than 2:00 p.m., New York City time, at least three Business Days prior to the
date of the requested conversion or continuation, specifying:

     (a) the requested date, which shall be a Business Day, of such conversion or continuation,

     (b) the aggregate amount and Type of the Advance which is to be converted or continued,
and

     (c) the amount of such Advance which is to be converted into or continued as a Eurodollar
Advance and the duration of the Interest Period applicable thereto.

     Section 2.13 Changes in Interest Rate, Etc. Each Floating Rate Advance (other than Swing
Line Loans) shall bear interest on the outstanding principal amount thereof, for each day from and
including the date such Advance is made or is automatically converted from a Eurodollar Advance
into a Floating Rate Advance pursuant to Section 2.12, to but excluding the date it is paid or is
converted into a Eurodollar Advance pursuant to Section 2.12 hereof, at a rate per annum equal to
the Floating Rate plus the Applicable Margin for such day. Each Swing Line Loan shall bear
interest on the outstanding principal amount thereof, for each day from and including the day such
Swing Line Loan is made to but excluding the date it is paid hereof, at a rate per annum equal to
the Floating Rate plus the Applicable Margin for such day. Changes in the rate of interest on that
portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with
each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the
outstanding principal amount thereof from and including the first day of the Interest Period
applicable thereto to (but not including) the last day of such Interest Period at the interest rate
determined by the Administrative Agent as applicable to such Eurodollar Advance based upon the
Borrower’s selections under Section 2.11 and 2.12 and otherwise in accordance with the terms
hereof, plus the Applicable Margin. No Interest Period may end after the Maturity Date.

     Section 2.14 Rates Applicable After Default. Notwithstanding anything to the contrary
contained in Section 2.11, 2.12 or Section 2.13, during the continuance of a Default, the Required
Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option
of the Required Lenders notwithstanding any provision of Section 8.02 requiring unanimous consent
of the Lenders to changes in interest rates), declare that no Advance may be made as, converted
into or continued as a Eurodollar Advance. During the continuance of a Default under Section 7.02,
unless waived by the Required Lenders or until such defaulted amount shall have been paid in full,
(a) each overdue Eurodollar Advance shall bear interest for the remainder of the applicable
Interest Period at the rate otherwise applicable hereunder to such Interest Period plus 2% per
annum and (b) each overdue Floating Rate Advance and all overdue fees and other overdue amounts
payable hereunder shall bear interest at a rate per annum equal to

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the Floating Rate in effect from time to time plus the Applicable Margin plus 2% per annum, in
each case without any election or action on the part of the Administrative Agent or any Lender.

     Section 2.15 Method of Payment. All payments of the Obligations hereunder shall be made,
without setoff, deduction, or counterclaim, in immediately available funds to the Administrative
Agent at the Administrative Agent’s address specified pursuant to Article 13, or at any other
Lending Installation of the Administrative Agent specified in writing by the Administrative Agent
to the Borrower, by noon (local time) on the date when due and shall (except with respect to
repayments of Swing Line Loans and except in the case of reimbursement obligations with respect to
LC Disbursements for which the LC Issuer has not been fully indemnified by the Lenders, or as
otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the
applicable Lenders. Each payment delivered to the Administrative Agent for the account of any
Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of
funds that the Administrative Agent received at its address specified pursuant to Article 13 or at
any Lending Installation specified in a notice received by the Administrative Agent from such
Lender. Each reference to the Administrative Agent in this Section 2.15 shall also be deemed to
refer, and shall apply equally, to the LC Issuer, in the case of payments required to be made by
the Borrower to the LC Issuer pursuant to Section 2.22(e).

     Section 2.16 Noteless Agreement; Evidence of Indebtedness. (a) Each Lender shall maintain
in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including
the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

     (b) The Administrative Agent shall also maintain the Register as set forth in Section
12.01(c).

     (c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b)
above shall be prima facie evidence of the existence and amounts of the Obligations therein
recorded absent manifest error; provided, however, that the failure of the Administrative Agent or
any Lender to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Borrower to repay the Obligations in accordance with their terms.

     (d) Any Lender may request that its Loans be evidenced by a promissory note in
substantially the form of a Revolving Credit Note, a Term Note or a Swing Line Note, in each case
as applicable. In such event, the Borrower shall prepare, execute and deliver to such Lender such
Note payable to the order of such Lender. Thereafter, the Loans evidenced by such Note and
interest thereon shall at all times (prior to any assignment pursuant to Section 12.01) be
represented by one or more Notes payable to the order of the payee named therein, except to the
extent that any such Lender subsequently returns any such Note for cancellation and requests that
such Loans once again be evidenced as described in paragraphs (a) and (b) above.

     Section 2.17 Telephonic Notices. The Borrower hereby authorizes the Lenders and the
Administrative Agent to extend, convert or continue Advances, effect selections of Types of
Advances and to transfer funds based on telephonic notices made by any person or persons the

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Administrative Agent or any Lender in good faith believes to be acting on behalf of the
Borrower, it being understood that the foregoing authorization is specifically intended to allow
Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower
agrees to deliver promptly to the Administrative Agent a written confirmation, if such confirmation
is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an
Authorized Officer. If the written confirmation differs in any material respect from the action
taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the
Lenders shall govern absent manifest error.

     Section 2.18 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each
Floating Rate Advance shall be payable on each Payment Date, commencing with the first such date to
occur after the date hereof, on any date on which the Floating Rate Advance is prepaid, whether due
to acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance shall
be payable on the last day of its applicable Interest Period, on any date on which the Eurodollar
Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on
each Eurodollar Advance having an Interest Period longer than three months shall also be payable on
the last day of each three-month interval during such Interest Period. Interest on Eurodollar
Advances, commitment fees and LC Fees shall be calculated for actual days elapsed on the basis of a
360-day year. Interest on Floating Rate Advances shall be calculated for actual days elapsed on
the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not
for the day of any payment on the amount paid if payment is received prior to 12:00 noon, New York
City time, at the place of payment. If any payment of principal of or interest on an Advance or
other amount hereunder shall become due on a day which is not a Business Day, such payment shall be
made on the next succeeding Business Day and, in the case of a principal payment, such extension of
time shall be included in computing interest in connection with such payment.

     Section 2.19 Notification of Advances, Interest Rates, Prepayments and Revolving Credit
Commitment Reductions. Promptly after receipt thereof, the Administrative Agent will notify each
Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice, Borrowing
Notice, Swing Line Borrowing Notice, Conversion/Continuation Notice, and repayment notice received
by it hereunder. Promptly after notice from the LC Issuer, the Administrative Agent will notify
each Lender of the contents of each request for issuance of a Letter of Credit hereunder. The
Administrative Agent will notify each Lender of the interest rate applicable to each Eurodollar
Advance promptly upon determination of such interest rate and will give each Lender prompt notice
of each change in the Alternate Base Rate.

     Section 2.20 Lending Installations. Each Lender may book its Loans and its participation
in any LC Exposure and the LC Issuer may book the Letters of Credit at any Lending Installation
selected by such Lender or the LC Issuer, as the case may be, and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending
Installation and the Loans, Letters of Credit, participations in LC Exposure and any Notes issued
hereunder shall be deemed held by each Lender or the LC Issuer, as the case may be, for the benefit
of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the
Administrative Agent and the Borrower in accordance with Article 13, designate replacement or
additional Lending Installations through which Loans will be made by

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it or Letters of Credit will be issued by it and for whose account Loan payments or payments
with respect to Letters of Credit are to be made.

     Section 2.21 Non Receipt of Funds by the Administrative Agent. Unless the Borrower or a
Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is
scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds
of a Loan or (b) in the case of the Borrower, a payment of principal, interest or fees to the
Administrative Agent for the account of the Lenders, that it does not intend to make such payment,
the Administrative Agent may assume that such payment has been made. The Administrative Agent may,
but shall not be obligated to, make the amount of such payment available to the intended recipient
in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in
fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand
by the Administrative Agent, repay to the Administrative Agent the amount so made available
together with interest thereon in respect of each day during the period commencing on the date such
amount was so made available by the Administrative Agent until the date the Administrative Agent
recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the
Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest
rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest
rate applicable to the relevant Loan.

     Section 2.22 Letters of Credit.

     (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to
the applicable LC Issuer, at any time and from time to time from and including the Effective Date
and prior to the Maturity Date. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any Letter of Credit Application or other
agreement submitted by the Borrower to, or entered into by the Borrower with, the LC Issuer
relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

     (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the
issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of
Credit), the Borrower shall mail, hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the LC Issuer) to the LC Issuer
and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment,
renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the
Letter of Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of
Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such
Letter of Credit, the name and address of the beneficiary thereof and such other information as
shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the
LC Issuer, the Borrower also shall submit a letter of credit application on the LC Issuer’s
standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of
each Letter of Credit, the Borrower shall be deemed to represent and warrant that), after giving
effect to such issuance, amendment, renewal or extension (x) the LC Exposure shall not exceed
$100,000,000 and (y) the Aggregate

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Outstanding Revolving Credit Exposure shall not exceed the Aggregate Revolving Credit
Commitment.

     (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (x) the date one year after the date of the issuance of such Letter of
Credit and (y) seven days prior to the Maturity Date then in effect; provided that any Letter of
Credit with a one year period may provide for the renewal thereof for additional one year periods
but in no event shall the date of such Letters of Credit extend beyond the period in clause (y)
hereof.

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

     (e) Reimbursement. If the LC Issuer shall make any LC Disbursement in respect of a Letter
of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent
an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the
Business Day next following the date notice of such drawing is given to the Borrower (any such
notice received after 1:00 p.m., New York City time, shall be deemed received by the Borrower on
the next Business Day); provided that, the Borrower may, subject to the conditions to borrowing set
forth herein, request in accordance with Section 2.07 or 2.11 that such payment be financed with a
Revolving Credit Advance which is a Floating Rate Advance or Swing Line Loan in an equivalent
amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be
discharged and replaced by the resulting Revolving Credit Advance or Swing Line Loan. If the
Borrower fails to reimburse an LC Disbursement when due, the Administrative Agent shall notify each
Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof
and such Lender’s Pro Rata Share thereof. Promptly following receipt of such notice, each Lender
shall pay to the Administrative Agent its Pro Rata Share of the payment then due from the Borrower,
in the same manner as provided in Section 2.11 with respect to Loans made by such Lender (and
Sections 2.11 and 2.21 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the LC Issuer the amounts so received by it from
the Lenders. Promptly following receipt by the Administrative Agent of any payment from the
Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
LC

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Issuer or, to the extent that Lenders have made payments pursuant to this paragraph to
reimburse the LC Issuer, then to such Lenders and the LC Issuer as their interests may appear. Any
payment made by a Lender pursuant to this paragraph to reimburse the LC Issuer for any LC
Disbursement (other than the funding of a Revolving Credit Advance or a Swing Line Loan as
contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such LC Disbursement.

     (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the LC
Issuer under a Letter of Credit against presentation of a draft or other document that does not
comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section,
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s
obligations hereunder. Neither the Administrative Agent, the Lenders nor the LC Issuer, nor any of
their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any
error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or
other communication under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms or any consequence
arising from causes beyond the control of the LC Issuer; provided that the foregoing shall not be
construed to excuse the LC Issuer from liability to the Borrower to the extent of any direct
damages (as opposed to consequential damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the
LC Issuer’s failure to exercise care when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that,
in the absence of gross negligence, willful misconduct or bad faith, in each case on the part of
the LC Issuer, the LC Issuer shall be deemed to have exercised care in each such determination. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that,
with respect to documents presented which appear on their face to be in substantial compliance with
the terms of a Letter of Credit, the LC Issuer may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make payment upon such documents if
such documents are not in strict compliance with the terms of such Letter of Credit. The LC Issuer
shall not be under any obligation to issue any Letter of Credit if any Revolving Lender is at such
time an Affected Lender of the type described in clauses (iii) or (iv) of Section 2.23(b)
hereunder, unless the LC Issuer has entered into satisfactory arrangements with the Borrower or
such Lender to eliminate the LC Issuer’s risk with respect to such Lender.

     (g) Disbursement Procedures. The LC Issuer shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of

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Credit. The LC Issuer shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the LC Issuer has made or
will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such
notice shall not relieve the Borrower of its obligation to reimburse the LC Issuer and the Lenders
with respect to any such LC Disbursement.

     (h) Interim Interest. If the LC Issuer shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the
unpaid amount thereof shall bear interest, for each day from and including the date such LC
Disbursement is made (or, if notice of such LC Disbursement is given later than 1:00 p.m., New
York City time, on the date of such LC Disbursement, then from and including the next Business Day)
to but excluding the date that the Borrower reimburses such LC Disbursement, at the Floating Rate
plus the Applicable Margin; provided that, if the Borrower fails to reimburse such LC Disbursement
within five Business Days of the date when due pursuant to paragraph (e) of this Section, then the
unpaid amount thereof shall bear interest, for each day from and including the date when due to and
including the date that the Borrower reimburses such LC Disbursement, at the Floating Rate plus the
Applicable Margin plus 2% per annum. Interest accrued pursuant to this paragraph shall be for the
account of the LC Issuer with respect to the applicable Letter of Credit, except that interest
accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to
reimburse such LC Issuer shall be for the account of such Lender to the extent of such payment.

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

     (j) Cash Collateralization. If any Default shall occur and be continuing, on the Business
Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if
the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than
50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph
(which notice shall be delivered no earlier than the earlier of the fifth Business Day of such
Default continuing and the date of any acceleration of the Obligations with respect to such
Default), the Borrower shall deposit in an account with the Administrative Agent, in the name of
the Administrative Agent and for the benefit of the Revolving Lenders, an amount in cash equal to
the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the
obligation to deposit such cash collateral shall become effective immediately, and such deposit
shall become immediately due and payable, without demand or other notice of

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any kind, upon the occurrence of any Default with respect to the Borrower described in Section
7.06 or 7.07. Such deposit shall be held by the Administrative Agent as collateral for the payment
and performance of the obligations of the Borrower under this Agreement. The Administrative Agent
shall have exclusive dominion and control, including the exclusive right of withdrawal, over such
account. Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s
risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the LC Issuer for LC Disbursements for which it has not been
reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing
greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower
under this Agreement. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as
aforesaid) shall be returned to the Borrower within three Business Days after all Defaults have
been cured or waived.

     (k) Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of
each Revolving Lender (other than any Revolving Lender that is an Affected Lender of the type
described in clauses (iii) or (iv) of Section 2.23(b)) a participation fee (the “LC Fee”) with
respect to its participations in Letters of Credit, which shall accrue at a per annum rate equal to
the Applicable Margin then in effect with respect to Revolving Loans that are Eurodollar Loans on
the face amount of such Letters of Credit during the period from and including the Effective Date
to but excluding the later of the date on which such Lender’s Commitment terminates and the date on
which such Lender ceases to have any LC Exposure, and (ii) to each LC Issuer a fronting fee, which
shall accrue at the rate per annum separately agreed upon (but no more than 0.125% per annum)
between the Borrower and such LC Issuer on the average daily amount of the LC Exposure with respect
to Letters of Credit issued by such LC Issuer (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date of termination of the Revolving Credit Commitments and the date on
which there ceases to be any LC Exposure, as well as such LC Issuer’s standard fees with respect to
the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. LC Fees and fronting fees accrued through and including the last day of March, June,
September and December of each year shall be payable on the third Business Day following such last
day, commencing on the first such date to occur after the Effective Date; provided that all such
fees shall be payable on the date on which the Revolving Credit Commitments terminate and any such
fees accruing after the date on which the Revolving Credit Commitments terminate shall be payable
on demand. Any other fees payable to the LC Issuers pursuant to this paragraph shall be payable
within 30 days after demand. All LC Fees and fronting fees shall be computed on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

     (l) Outstanding Letters of Credit. The letters of credit set forth on Schedule 2.22
hereto (the “Outstanding Letters of Credit”) were issued or deemed issued pursuant to the Existing
Credit Agreement and remain outstanding as of the date of this Agreement. The

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Borrower, the LC Issuer and each of the Revolving Lenders hereby agree with respect to the
Outstanding Letters of Credit that effective upon the Effective Date (A) such Outstanding Letters
of Credit shall be deemed to be Letters of Credit issued under and governed in all respects by the
terms and conditions of this Agreement and (B) each Lender shall participate in each Outstanding
Letter of Credit in an amount equal to its Pro Rata Share of the face amount of such Outstanding
Letter of Credit.

     Section 2.23 Mitigation Obligations; Replacement of Lender.

     (a) If any Lender requires the Borrower to pay any additional amount to any Lender or to
any Governmental Entity for the account of any Lender pursuant to Section 3.05, 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 sole good faith judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.05, as the case may
be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.

     (b) If (i) the Borrower is required pursuant to Section 3.01, 3.02 or 3.05 to make any
additional payment to any Lender, (ii) any Lender’s obligation to make or continue, or to convert
Floating Rate Advances into, Eurodollar Advances shall be suspended pursuant to Section 3.03, (iii)
any Lender shall default in its obligation to fund Loans hereunder, (iv) any Lender shall become
the subject of a bankruptcy or insolvency proceeding or (v) any Lender shall fail to consent to a
departure or waiver of any provision of the Loan Documents or fail to agree to any amendment
thereto, which waiver, consent or amendment requires the consent of all Lenders or of all Lenders
directly affected thereby and has been consented to by the Required Lenders (any Lender described
in clause (i), (ii), (iii), (iv) or (v) being an “Affected Lender”), the Borrower may (x) elect to
replace such Affected Lender as a Lender party to this Agreement; provided that the Borrower shall
have such right only if (i) concurrently with such replacement, (A) another bank or other entity
(other than a Disqualified Institution at the time of assignment) which is reasonably satisfactory
to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the
Loans and other Obligations due to the Affected Lender pursuant to an assignment substantially in
the form of Exhibit D and to become a Lender for all purposes under this Agreement and to assume
all obligations of the Affected Lender to be terminated as of such date and to comply with the
requirements of Section 12.01 applicable to assignments, and (B) the Borrower shall pay to such
Affected Lender in same day funds on the day of such replacement (x) all interest, fees and other
amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including
the date of termination, including without limitation payments due to such Affected Lender under
Section 3.01, 3.02 and 3.05, and (y) an amount, if any, equal to the payment which would have been
due to such Lender on the day of such replacement under Section 3.04 had the Loans or other
Obligations of such Affected Lender been prepaid on such date rather than sold to the replacement
Lender, (ii) in the case of clause (i) or (ii) above, such additional payments continue to be
required or such suspension is still effective and will be reduced or negated by such assignment
and (iii) in the case of (iv) above, the applicable Eligible Assignee shall have agreed to the
applicable departure, waiver or

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amendment of the Loan Documents or (y) terminate all Commitments of such Affected Lender and
repay all Obligations of the Borrower owing to such Lender as of such termination date (including
any amounts owing pursuant to Section 3.04 as a result of such repayment).

     Section 2.24 Pro Rata Treatment; Intercreditor Agreements.

     (a) Except as provided below in this Section 2.24 and as required under Section 2.07,
3.01, 3.02, 3.04, 3.05 or 11.02, each Advance, each payment or prepayment of principal of any
Advance, each payment of interest on the Loans, each payment of the commitment fee set forth in
Section 2.08 and the LC Fee, each reduction of the Revolving Credit Commitment and each conversion
of any Advance to or continuation of any Advance as an Advance of any Type shall be allocated pro
rata among the Lenders in accordance with their respective applicable Commitments (or, if such
Commitments shall have expired or been terminated, in accordance with the respective principal
amounts of their respective applicable outstanding Loans).

     (b) Notwithstanding anything to the contrary contained in this Agreement, any payment or
other distribution (whether from proceeds of Collateral or any other source, whether in the form of
cash, securities or otherwise, and whether made by any Loan Party or in connection with any
exercise of remedies by the Administrative Agent, the Collateral Agent or any Lender) made or
applied in respect of any of the Obligations (i) following any acceleration of the Obligations,
(ii) during the existence of a Default under Section 7.02 or (iii) during or in connection with
Insolvency Proceedings involving any Loan Party (or any plan of liquidation, distribution or
reorganization in connection therewith), shall be made or applied, as the case may be, in the
following order of priority (with higher priority Obligations to be paid in full prior to any
payment or other distribution in respect of lower priority Obligations): (A) first, to payment of
that portion of the Obligations constituting fees, indemnities, expenses and other amounts,
including attorney fees, payable to the Administrative Agent in its capacity as such, the LC Issuer
in its capacity as such and the Collateral Agent in its capacity as such (ratably among the
Administrative Agent, the LC Issuer and the Collateral Agent in proportion to the respective
amounts described in this clause first payable to them); (B) second, to payment of (i) that portion
of the Obligations constituting principal of and accrued and unpaid interest (including any default
interest) on the Loans (ratably among such Lenders in proportion to the respective amounts
described in this clause (B) payable to them), including interest accruing after the filing or
commencement of any Insolvency Proceedings in respect of any Loan Party, whether or not any claim
for post-filing or post-petition interest is or would be allowed, allowable or otherwise
enforceable in any such Insolvency Proceedings, and reimbursement obligations, interest and fees in
respect of Letters of Credit, (ii) Secured Hedge Obligations and Secured Cash Management
Obligations and (iii) an amount to the Administrative Agent for the account of each applicable LC
Issuer equal to one hundred one percent (101%) of the aggregate undrawn face amount of all
outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements to be held as
cash collateral; and (C) third, to payment of any other Obligations due to the Administrative Agent
or any Lender, ratably; and (D) last, in the case of proceeds of Collateral, the balance, if any,
thereof, after all of the Obligations (including, without limitation, all Obligations in respect of
LC Exposure but excluding any contingent obligations) have been paid in full, to the Borrower or as
otherwise required by a court of competent jurisdiction. Each Lender agrees that the provisions of
this Section 2.24 (including, without limitation, the priority of the Obligations as set forth
herein) constitute an intercreditor agreement among them for value

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received that is independent of any value received from the Loan Parties, and that such
agreement shall be enforceable as against each Lender, including, without limitation, in any
Insolvency Proceedings in respect of any Loan Party (including without limitation with respect to
interests and costs regardless of whether or not such interest or costs are allowed as a claim in
any such Insolvency Proceedings or enforceable or recoverable against the Loan Party or its
bankruptcy estate), to the same extent that such agreement is enforceable under applicable
non-bankruptcy law (including, without limitation, pursuant to Section 510(a) of the U.S. federal
Bankruptcy Code or any comparable provision of applicable insolvency law), and that, if any Lender
receives any payment or distribution in respect of any Obligation (including, without limitation,
in connection with any Insolvency Proceedings or any plan of liquidation, distribution or
reorganization therein) to which such Lender is not entitled in accordance with the priorities set
forth in this Section 2.24, such amount shall be held in trust by such Lender for the benefit of
the Person or Persons entitled to such payment or distribution hereunder, and promptly shall be
turned over by such Lender to the Administrative Agent for distribution to the Person or Persons
entitled to such payment or distribution in accordance with this Section 2.24.

     (c) In the event there is any Disgorged Recovery in respect of any Lender’s Revolving
Loans, Term Loans, Swing Line Loans or LC Exposure in any Insolvency Proceedings of any Loan Party,
such Revolving Loans, Term Loans, Swing Line Loans and LC Exposure shall be deemed to be
outstanding as if such Disgorged Recovery had never been received by such Lender, and each Lender
agrees that the intercreditor agreements and priorities set forth in this Section 2.24 shall be
enforced in accordance with their terms in respect of such Revolving Loans, Term Loans, Swing Line
Loans or LC Exposure, including, without limitation, for purposes of the allocation of payments and
distributions made or applied in respect of the Obligations (whether from proceeds of Collateral or
otherwise), as well as for purposes of determining whether such other Lender must turn over all or
any portion of any payment or other distribution received by such other Lender (whether before or
after occurrence of such Disgorged Recovery) to the Administrative Agent for redistribution in
accordance with the last sentence of Section 2.24(b).

Notwithstanding the foregoing, Secured Cash Management Obligations and Secured Hedge Obligations
shall be excluded from the application described above if the Administrative Agent has not received
written notice thereof, together with such supporting documentation as the Administrative Agent may
request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash
Management Bank or Hedge Bank not a party to the Credit Agreement that has given the notice
contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and
accepted the appointment of the Administrative Agent pursuant to the terms of Article 10 hereof for
itself and its Affiliates as if a “Lender” party hereto.

     Section 2.25 Incremental Credit Facilities. (a) The Borrower may at any time or from time
to time after the Effective Date, by notice to the Administrative Agent (whereupon the
Administrative Agent shall promptly make available to each of the Lenders), request (i) one or more
additional tranches or additions to an existing tranche of term loans (the “Incremental Term
Loans”) or (ii) one or more increases in the amount of the Revolving Credit Commitments on the same
terms as the Revolving Loans or the establishment of one or more revolving credit commitments (each
such increase or new commitments, an “Additional Revolving Facility”),

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provided that (A) both at the time of any such request and upon the effectiveness of any
Incremental Amendment referred to below, no Default or Unmatured Default shall exist and at the
time that any such Incremental Term Loan is made (and after giving effect thereto) no Default or
Unmatured Default shall exist, (B) the Borrower shall be in compliance with the covenants set forth
in Section 6.22 determined on a pro forma basis as of the last day of the date of the most-recently
ended fiscal quarter, in each case, as if such Incremental Term Loans or any borrowings under any
such Additional Revolving Facility, as applicable, had been outstanding on the last day of such
fiscal quarter of the Borrower for testing compliance therewith; provided that any Additional
Revolving Facility shall be tested as fully drawn, (C) the First Lien Leverage Ratio calculated on
a pro forma basis shall not exceed (I) 2.5 to 1.0 if the proceeds from the Incremental Facilities
are used to prepay, repay or redeem the Second Lien Notes, including any premiums payable in
connection therewith, or (II) 2.0 to 1.0 if the proceeds from the Incremental Facilities are used
for any other permissible purpose, in each case as of the last day of the most-recently ended
period of four consecutive fiscal quarters of the Borrower for which financial statements are
internally available (calculated as if such Incremental Term Loans or borrowings under any such
Additional Revolving Facilities (in an amount equal to the full amount of such Additional Revolving
Facilities), as applicable, had been outstanding on such last day; provided that any Additional
Revolving Facility shall be tested as fully drawn), (D) at any time in which the Intercreditor
Agreement is in effect, (x) after giving effect to such Incremental Term Loans or borrowings under
any such Additional Revolving Facilities, the aggregate principal amount of all Term Loans and the
aggregate amount of Revolving Commitments (used and unused) at such time would not exceed the
amount set forth in clause (a) of the definition of Maximum First Priority Obligations Amount as
set forth in the Intercreditor Agreement and (y) the proceeds of such Incremental Term Loans or
borrowings under any such Additional Revolving Facilities shall be used solely to prepay or redeem
Second Lien Indebtedness to the extent such proceeds are required to be so used in order for the
condition set forth in the preceding clause (x) to be satisfied, and (E) the Borrower shall have
delivered a certificate of a Financial Officer to the effect set forth in clauses (A), (B) (C) and
(D) above, together with reasonably detailed calculations demonstrating compliance with clauses (B)
and (C) above (which calculations shall, if made as of the last day of any fiscal quarter of the
Borrower for which the Borrower has not delivered to the Administrative Agent the financial
statements and compliance certificate required to be delivered by Section 6.01(d), be accompanied
by a reasonably detailed calculation of Consolidated EBITDA and Consolidated Interest Expense for
the relevant period). Each tranche of Incremental Term Loans shall be in an aggregate principal
amount that is not less than $10,000,000 and each Additional Revolving Facility shall be in an
aggregate principal amount that is not less than $5,000,000, and in all cases shall be in an
increment of $1,000,000 (provided that such amount may be less than $10,000,000 or $5,000,000, as
applicable, if such amount represents all remaining availability under the limit set forth in the
next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the
Incremental Term Loans and the Additional Revolving Facilities shall not exceed $500,000,000;
provided that the aggregate amount of Additional Revolving Facilities shall not exceed $50,000,000.
In no event shall the Incremental Facilities be used for any purpose other than (i) for the
purposes set forth in Section 6.02 or (ii) to prepay, repay or redeem Second Lien Indebtedness
(including any premiums payable in connection therewith); provided that (A) no more than
$250,000,000 of the Incremental Facilities shall be used for purposes other than prepaying,
repaying or redeeming Second Lien Indebtedness and (B) any Additional Revolving Facility shall be
used only for the

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purposes set forth in Section 6.02. Notwithstanding anything herein to the contrary, at any
time after the Second Lien Indebtedness has been paid in full and the Intercreditor Agreement is no
longer in effect (unless a replacement intercreditor agreement satisfactory to the Collateral
Agent, the Borrower, the collateral agent (or Person performing a similar function) for the holders
of the Pari Passu First Lien Notes (as defined below), and Deutsche Bank Trust Company Americas, as
Trustee and Collateral Agent for the holders of the Second Lien Indebtedness, is entered into
contemporaneously with the issuance of such Pari Passu First Lien Notes), in lieu of requesting
Incremental Term Loans or an Additional Revolving Facility, the Borrower may issue first lien notes
on a pari passu basis (the “Pari Passu First Lien Notes”), subject to an intercreditor agreement
reasonably satisfactory to the Administrative Agent, which Pari Passu First Lien Notes shall be
treated the same as Incremental Term Loans for the purposes of this Agreement; provided that in no
event will the aggregate amount of Incremental Term Loans, Additional Revolving Facilities and such
Pari Passu First Lien Notes exceed $500,000,000.

     (b) The following terms shall apply to any Incremental Term Loans and any Additional
Revolving Facilities established pursuant to an Incremental Amendment: (i) such Incremental Term
Loans and the borrowings under such Additional Revolving Facilities shall rank pari passu in right
of payment and of security with the Revolving Loans and the Term Loans, (ii) the maturity date of
such Incremental Term Loans shall not be earlier than the Maturity Date of the existing Term Loans,
(iii) the Weighted Average Life to Maturity of such Incremental Term Loans is not less than the
remaining Weighted Average Life to Maturity of the exiting Term Loans, (iv) the applicable yield
relating to any term loans or revolving loans incurred pursuant to such Incremental Amendment (each
facility thereunder, the “Incremental Facility”), as applicable, shall not be greater than that
with respect to the existing Term Loans or existing Revolving Credit Commitments, as applicable,
plus 0.50% per annum (or, in the case of any Incremental Facility consisting of fixed rate notes,
1.00% per annum) unless the yield applicable to the existing Term Loans or existing Revolving
Credit Commitments, as applicable, is increased so that the yield applicable to the applicable
Incremental Facility does not exceed the yield applicable to the existing Term Loans or existing
Revolving Credit Commitments, by more than 0.50% per annum (or, in the case of any Incremental
Facility consisting of fixed rate notes, 1.00% per annum); provided that in determining the yield
applicable to the existing Term Loans or existing Revolving Credit Commitments, as applicable, and
the applicable Incremental Facility, (A) original issue discount (“OID”) or upfront fees (which
shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders of the
existing Term Loans or existing Revolving Credit Commitments, as applicable, or the applicable
Incremental Facility in the primary syndication thereof shall be included (with OID being equated
to interest based on an assumed four-year life to maturity or, if less, the remaining life to
maturity of the applicable Incremental Facility), (B) customary arrangement or commitment fees
payable to the joint bookrunners (or their affiliates) in connection with the existing Term Loans
or existing Revolving Credit Commitments, as applicable, or to one or more arrangers (or their
affiliates) of the applicable Incremental Facility shall be excluded, (C) if the Eurodollar Base
Rate in respect of such Incremental Facility includes a floor greater than the 1.00% applicable to
the analogous existing credit facility, such increased amount shall be equated to interest margin
for purposes of determining any increase to the applicable yield under the analogous existing
credit facility and (D) in the case of any Incremental Facility consisting of fixed rate notes, the
comparable rate shall be determined by inclusion of the applicable US Treasury to LIBOR swap rate
applied in

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customary fashion and (v) the revolving loans incurred pursuant to such Additional Revolving
Facility will mature no earlier than, and will require no scheduled amortization or mandatory
commitment reduction prior to, the Maturity Date of the existing Revolving Credit Commitments and
all other terms of any such Incremental Facility (except as set forth in the foregoing clauses)
shall be substantially identical to the existing Revolving Credit Commitments or otherwise
reasonably acceptable to the Administrative Agent.

     (c) Each notice from the Borrower pursuant to this Section 2.25(b) shall set forth (i) the
requested amount and proposed terms of the relevant Incremental Term Loans or Additional Revolving
Facilities and (ii) the date on which such the relevant increase is requested to become effective
(which shall not be less than 10 Business Days nor more than 60 days after the date of such
notice). Incremental Term Loans may be made, and Additional Revolving Facilities may be provided
by any existing Lender (but each existing Lender will not have an obligation to make a portion of
any Incremental Term Loan or any portion of any Additional Revolving Facility) or by any other bank
or other financial institution that are Eligible Assignees (any such other bank or other financial
institution being called an “Additional Lender”), provided that the Administrative Agent, and to
the extent of an Additional Revolving Facility, the LC Issuer and/or Swingline Lender, as
applicable, shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or
Additional Lender’s making such Incremental Term Loans or providing such Additional Revolving
Facilities (collectively, the “Incremental Lenders”) to the extent any such consent would be
required under Section 12.01 for an assignment of Loans or Revolving Credit Commitments, as
applicable, to such Incremental Lender. Commitments in respect of Incremental Term Loans and
Additional Revolving Facilities shall become Commitments under this Agreement pursuant to an
amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan
Documents, executed by the Borrower, each Incremental Lender and the Administrative Agent. The
Incremental Amendment shall be on the terms and pursuant to documentation to be determined by the
Borrower and the Incremental Lenders providing the relevant Incremental Terms Loans or Additional
Revolving Facilities, as applicable; provided that to the extent such terms and documentation are
not consistent with this Agreement (except to the extent permitted by the foregoing clauses), they
shall be reasonably satisfactory to the Administrative Agent. The effectiveness of any Incremental
Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in Section 4.01 and, to the extent reasonably requested by the Administrative Agent, receipt
by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or
reaffirmation agreements consistent with those delivered on the Effective Date under Section 4.02
(other than changes to such legal opinions resulting from a change in law, change in fact or change
to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). No Lender shall
be obligated to provide any Incremental Term Loans or Additional Revolving Facilities, unless it so
agrees.

     (d) Upon each increase in the Revolving Credit Commitments (which for purposes of this
Section 2.25(d) shall be deemed to include any new revolving commitments provided under an
Incremental Amendment) pursuant to this Section 2.25, (i) each Revolving Lender immediately prior
to such increase will automatically and without further act be deemed to have assigned to each
Incremental Lender providing a portion of the Additional Revolving Facility (each, an “Additional
Revolving Facility Lender”), and each such Additional Revolving Facility Lender will automatically
and without further act be deemed to have assumed (in the

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case of an increase to the Revolving Loans only), a portion of such Revolving Lender’s
participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after
giving effect to each such deemed assignment and assumption of participations, the percentage of
the aggregate outstanding (A) participations hereunder in Letters of Credit and (B) participations
hereunder in Swingline Loans held by each Revolving Credit Lender (including each such Additional
Revolving Facility Lender) will equal the percentage of the aggregate Revolving Credit Commitments
of all Additional Revolving Facility Lenders represented by such Additional Revolving Facility
Lender’s Revolving Credit Commitment and (ii) if, on the date of such increase, there are any
Revolving Loans under the applicable facility outstanding, such Revolving Credit Loans shall on or
prior to the effectiveness of such Additional Revolving Credit Facility be prepaid from the
proceeds of additional Revolving Loans made hereunder (reflecting such increase in Revolving Credit
Commitments), which prepayment shall be accompanied by accrued interest on the Revolving Loans
being prepaid and any costs incurred by any Lender in accordance with Section 3.04. The
Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing
and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the
transactions effected pursuant to the immediately preceding sentence.

     (e) The Administrative Agent is hereby irrevocably authorized to effect such amendments to
this Agreement as are required to effectuate the terms of any Incremental Amendment to the extent
such terms are permitted under this Section 2.25. Notwithstanding the foregoing, each of the
Administrative Agent and the Collateral Agent shall have the right (but not the obligation) to seek
the advice or concurrence of the Required Lenders with respect to any matter contemplated by this
Section 2.25 and, if either the Administrative Agent or the Collateral Agent seeks such advice or
concurrence, it shall be permitted to enter into such amendments with the Borrower in accordance
with any instructions actually received by such Required Lenders and shall also be entitled to
refrain from entering into such amendments with the Borrower unless and until it shall have
received such advice or concurrence; provided, however, that whether or not there has been a
request by the Administrative Agent or the Collateral Agent for any such advice or concurrence, all
such amendments entered into with the Borrower by the Administrative Agent or the Collateral Agent
hereunder shall be binding and conclusive on the Lenders.

     (f) This Section 2.25 shall supersede any provisions in Section 2.24(a), 11.01, or 8.02 to
the contrary.

ARTICLE 3

Yield Protection; Taxes

     Section 3.01 Yield Protection. If, after the date of this Agreement (or, in the case of
any assignee, after the date it became a party to this Agreement), the adoption of any law
(including any CPA Change) or any governmental or quasi governmental rule, regulation, policy,
guideline or directive (whether or not having the force of law), or any change in the
interpretation or administration thereof by any governmental or quasi-governmental authority,
central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by any Lender or applicable Lending Installation or any LC Issuer with any request

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or directive (whether or not having the force of law) of any such authority, central bank or
comparable agency:

     (a) imposes or increases or deems applicable any reserve, assessment, insurance charge,
special deposit or similar requirement against assets of, deposits with or for the account of, or
credit extended by, any Lender or any applicable Lending Installation (other than reserves and
assessments taken into account in determining the interest rate applicable to Eurodollar Advances),
or

     (b) imposes any other condition the result of which is to increase the cost to any Lender
or any applicable Lending Installation or any LC Issuer of making, funding or maintaining its
Eurodollar Loans, or of issuing or participating in Letters of Credit, or reduces any amount
receivable by any Lender or any applicable Lending Installation in connection with its Eurodollar
Loans, Letters of Credit or participations therein, or requires any Lender or any applicable
Lending Installation or any LC Issuer to make any payment calculated by reference to the amount of
Eurodollar Loans, Letters of Credit or participations therein held or interest or LC Fees received
by it, in each case by an amount deemed material by such Lender or such LC Issuer as the case may
be,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation or such LC Issuer, as the case may be, of making or maintaining its Eurodollar Loans
or Commitment or of issuing or participating in Letters of Credit or to reduce the return received
by such Lender or applicable Lending Installation or such LC Issuer, as the case may be, in
connection with such Eurodollar Loans, Commitment, Letters of Credit or participations therein,
then, within 30 days of written demand by such Lender or such LC Issuer, as the case may be, the
Borrower shall pay such Lender or such LC Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or such LC Issuer, as the case may be, for such increased
cost or reduction in amount received. Notwithstanding the foregoing, this Section 3.01 shall not
apply to any tax-related matters.

     Section 3.02 Changes in Capital Adequacy Regulations. If a Lender or an LC Issuer
determines the amount of capital required or expected to be maintained by such Lender, any Lending
Installation of such Lender or such LC Issuer, or any corporation controlling such Lender or such
LC Issuer is increased as a result of a Change, then, within 30 days of written demand by such
Lender or such LC Issuer, the Borrower shall pay such Lender or such LC Issuer the amount necessary
to compensate for any shortfall in the rate of return on the portion of such increased capital
which such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding
Credit Exposure or its Commitment to make Loans and issue or participate in Letters of Credit, as
the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as
to capital adequacy). “Change” means (a) any change after the date of this Agreement in the Risk
Based Capital Guidelines, or (b) any adoption of or change in any other law (including any CPA
Change), governmental or quasi governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of law) after the date of this Agreement which affects
the amount of capital required or expected to be maintained by any Lender or any LC Issuer or any
Lending Installation or any corporation controlling any Lender or any LC Issuer. “Risk Based
Capital Guidelines” means (i) the risk based capital guidelines in effect in the United States on
the date of this Agreement, including

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transition rules, and (ii) the corresponding capital regulations promulgated by regulatory
authorities outside the United States implementing the July 1988 report of the Basel Committee on
Banking Regulation and Supervisory Practices Entitled “International Convergence of Capital
Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     Section 3.03 Availability of Types of Advances. If any Lender determines that maintenance
of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule,
regulation, or directive, whether or not having the force of law, or if the Required Lenders
determine that (a) deposits of a type and maturity appropriate to match fund Eurodollar Advances
are not available or (b) the interest rate applicable to Eurodollar Advances does not accurately
reflect the cost of making or maintaining Eurodollar Advances, then the Administrative Agent shall
suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be
repaid or converted to Floating Rate Advances, subject to the payment of any funding
indemnification amounts required by Section 3.04.

     Section 3.04 Funding Indemnification. If any payment of a Eurodollar Advance occurs on a
date which is not the last day of the applicable Interest Period, whether because of acceleration,
prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by the Borrower
for any reason other than default by the Lenders, the Borrower will indemnify each Lender for any
loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in
liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance.

     Section 3.05 Taxes.

     (a) All payments by the Borrower to or for the account of any Lender, any LC Issuer or the
Administrative Agent hereunder or under any Note or Letter of Credit Application shall be made free
and clear of and without deduction for any and all Taxes. If the Borrower shall be required by law
to deduct or withhold any Taxes from or in respect of any sum payable hereunder to any Lender, any
LC Issuer or the Administrative Agent, (i) the sum payable shall be increased as necessary so that
after making all required deductions or withholdings (including deductions applicable to additional
sums payable under this Section 3.05) such Lender, such LC Issuer or the Administrative Agent (as
the case may be) receives an amount equal to the sum it would have received had no such deductions
or withholdings been made, (ii) the Borrower shall make such deductions or withholdings, (iii) the
Borrower shall pay the full amount deducted or withheld to the relevant Governmental Entity in
accordance with applicable law and (iv) the Borrower shall furnish to the Administrative Agent the
original or a certified copy of a receipt evidencing payment thereof within 30 days after such
payment is made.

     (b) In addition, the Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies that arise from
any payment made hereunder or under any Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement or any Loan Document (“Other Taxes”).

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     (c) The Borrower hereby agrees to indemnify the Administrative Agent, such LC Issuer and
each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes
or Other Taxes imposed on amounts payable under this Section 3.05) paid by the Administrative
Agent, such LC Issuer or such Lender as a result of its Commitment, any Loans made by it hereunder,
or otherwise in connection with its participation in this Agreement and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under
this indemnification shall be made within 30 days of the date the Administrative Agent, such LC
Issuer or such Lender makes written demand therefor pursuant to Section 3.06. A certificate as to
the amount of such payment or liability delivered to the Borrower by a Lender or LC Issuer or by
the Administrative Agent, on its own behalf or on behalf of a Lender or LC Issuer, shall be
conclusive absent manifest error.

     (d) Each Lender and LC Issuer that is not incorporated under the laws of the United States of
America, a state thereof or the District of Columbia (each a “Non-U.S. Lender”) agrees that it
will, on or before the date that it becomes party to this Agreement, (i) deliver to the Borrower
and the Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-8BEN or W-8ECI, certifying in either case that such Non-U.S. Lender is entitled to receive
payments under this Agreement without deduction or withholding of any United States federal income
taxes and in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio
interest under Section 881(c) of the Code, a certificate to the effect that such Non-U.S. Lender is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, is not a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and is not a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and (ii) deliver to
the Borrower and the Administrative Agent a United States Internal Revenue Form W-8 and certify
that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S.
Lender further undertakes to deliver to each of the Borrower and the Administrative Agent (x)
renewals or additional copies of such form (or any successor form) on or before the date that such
form expires or becomes obsolete or upon the reasonable request of the Borrower or the
Administrative Agent, and (y) after the occurrence of any event requiring a change in the most
recent forms so delivered by it, such additional forms or amendments thereto. All forms or
amendments described in the preceding sentence shall certify that such Non-U.S. Lender is entitled
to receive payments under this Agreement without deduction or withholding of any United States
federal income taxes, unless an event (including without limitation any change in treaty, law or
regulation) has occurred prior to the date on which any such delivery would otherwise be required
that renders all such forms inapplicable or that would prevent such Non-U.S. Lender from duly
completing and delivering any such form or amendment with respect to it and such Non-U.S. Lender
advises the Borrower and the Administrative Agent that it is not capable of receiving payments
without any deduction or withholding of United States federal income tax. For the avoidance of
doubt, the failure to provide certification evidencing a complete exemption from U.S. withholding
taxes as required in this Section 3.05(d) shall not prevent a Person from becoming a Non-U.S.
Lender under this Agreement (including for purposes of Section 12.03 in the case of a transfer),
but shall affect such Person’s entitlement to indemnification or gross-up under this Section 3.05
as provided herein.

     (e) Each Lender and LC Issuer that is incorporated under the laws of the United States of
America, a state thereof or the District of Columbia (each a “U.S. Lender”) agrees that

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it will, on or before the date that it becomes a party to this Agreement, deliver to the
Borrower and the Administrative Agent two duly completed copies of United States Internal Revenue
Service Form W-9, certifying that it is entitled to an exemption from United States backup
withholding tax. Each U.S. Lender further undertakes to deliver to each of the Borrower and the
Administrative Agent (x) renewals or additional copies of such form (or any successor form) on or
before the date that such form expires or becomes obsolete or upon the reasonable request of the
Borrower or the Administrative Agent, and (y) after the occurrence of any event requiring a change
in the most recent forms so delivered by it, such additional forms or amendments thereto. All
forms or amendments described in the preceding sentence shall certify that such U.S. Lender is
entitled to receive payments under this Agreement without deduction or withholding of any United
States federal income taxes, unless an event (including without limitation any change in treaty,
law or regulation) has occurred prior to the date on which any such delivery would otherwise be
required which renders all such forms inapplicable or which would prevent such U.S. Lender from
duly completing and delivering any such form or amendment with respect to it and such U.S. Lender
advises the Borrower and the Administrative Agent that it is not capable of receiving payments
without any deduction or withholding of United States federal income tax.

     (f) For any period during which a Lender or LC Issuer has failed to provide the Borrower with
an appropriate form pursuant to clause (d) or (e) of this Section 3.05 (unless such failure is due
to a change in treaty, law or regulation, or any change in the interpretation or administration
thereof by any governmental authority, occurring subsequent to the date on which a form originally
was required to be provided), such Lender or LC Issuer shall not be entitled to indemnification or
gross-up under this Section 3.05 with respect to Taxes imposed by the United States; provided that,
should a Lender or LC Issuer that is otherwise exempt from or subject to a reduced rate of
withholding tax become subject to Taxes because of its failure to deliver a form required under
clause (d) or (e) of this Section 3.05, the Borrower shall take such steps at such Lender’s or LC
Issuer’s expense as such Lender or LC Issuer shall reasonably request to assist such Lender or LC
Issuer to recover such Taxes.

     (g) Any Lender or LC Issuer that is entitled to an exemption from or reduction of withholding
tax with respect to payments under this Agreement or any Note pursuant to the law of any relevant
jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent),
at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate.

     (h) If the U.S. Internal Revenue Service or any other Governmental Entity of the United States
or any other country or any political subdivision thereof asserts a claim that the Administrative
Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because
the appropriate form was not delivered or properly completed, because such Lender failed to notify
the Administrative Agent of a change in circumstances that rendered its exemption from withholding
ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully
for all amounts paid, directly or indirectly, by the Administrative Agent as tax, withholding
therefor, or otherwise, including penalties and interest, and including taxes imposed by any
jurisdiction on amounts payable to the Administrative Agent under this subsection, together with
all costs and expenses related thereto (including attorneys fees and time charges of attorneys for
the Administrative Agent, which attorneys may be employees of the

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Administrative Agent). The obligations of the Lenders under this Section 3.05(g) shall
survive the payment of the Obligations and termination of this Agreement.

     (i) In the case of an Administrative Agent, Lender or LC Issuer that would be subject to
withholding Tax imposed by FATCA on payments made under this Agreement or any other Loan Document
if such Administrative Agent, Lender or LC Issuer fails to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable), such Lender, Administrative Agent or LC Issuer, as applicable, shall provide such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by Borrower or Administrative
Agent as may be necessary for Borrower or Administrative Agent to comply with its obligations under
FATCA, to determine that such Administrative Agent, Lender or LC Issuer has complied with such
Administrative Agent’s, Lender’s or LC Issuer’s obligations under FATCA, or to determine the amount
to deduct and withhold from any such payments.

     (j) If a Lender or LC Issuer 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 3.05 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 3.05 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Lender or LC Issuer and
without interest (other than any interest paid by the relevant Governmental Entity with respect to
such refund); provided that (i) the Borrower, upon the request of the Lender or LC Issuer, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Entity) to the Lender or LC Issuer in the event the Lender or
LC Issuer is required to repay such refund to such Governmental Entity and (ii) nothing herein
contained shall interfere with the right of a Lender or LC Issuer to arrange its tax affairs in
whatever manner it thinks fit nor oblige any Lender or LC Issuer to claim any tax refund or to make
available its tax returns or disclose any information relating to its tax affairs or any
computations in respect thereof or require any Lender or LC Issuer to do anything that would
prejudice its ability to benefit from any other refunds, credits, reliefs, remissions or repayments
to which it may be entitled.

     Section 3.06 Lender Statements; Survival of Indemnity. To the extent reasonably possible,
each Lender shall designate an alternate Lending Installation to reduce any liability of the
Borrower to such Lender under Sections 3.01, 3.02 and 3.05 or to avoid the unavailability of
Eurodollar Advances under Section 3.03, so long as such designation is not, in the commercially
reasonable judgment of such Lender, materially disadvantageous to such Lender. Each Lender shall
deliver a written statement of such Lender to the Borrower (with a copy to the Administrative
Agent) as to the amount due, if any, under Section 3.01, 3.02, 3.04 or 3.05. Such written
statement shall set forth in reasonable detail the calculations upon which such Lender determined
such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest
error. Determination of amounts payable under Sections 3.01, 3.02, 3.04 or 3.05 in connection with
a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the
purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in
determining the Eurodollar Rate applicable to such Loan, whether

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in fact that is the case or not. Unless otherwise provided herein, the amount specified in
the written statement of any Lender shall be payable on demand after receipt by the Borrower of
such written statement. The Borrower shall not be required to indemnify any Lender pursuant to
Section 3.01, 3.02, 3.04 or 3.05 for any amounts paid or losses incurred by such Lender as to which
such Lender has not made demand hereunder within 120 days after the date such Lender has actual
knowledge of such amounts or losses and their applicability to the lending transactions
contemplated hereby. The obligations of the Borrower under Sections 3.01, 3.02, 3.04 or 3.05 shall
survive payment of the Obligations and termination of this Agreement.

ARTICLE 4

Conditions Precedent

     Section 4.01 Conditions to Initial Credit Extension. The obligation of each Lender to fund
the initial Credit Extension requested to be made by it shall be subject to the prior or concurrent
satisfaction of each of the conditions precedent set forth in this Section 4.01:

     (a) Each Loan Party, each Lender, the Administrative Agent and the Collateral Agent shall each
have executed and delivered to the Administrative Agent each of the Loan Documents to which it is a
party.

     (b) Liens creating a first (subject only to Permitted Liens) priority security interest in the
Collateral shall have been perfected or documents required to perfect such security interest shall
have been delivered to the Administrative Agent or arrangements have been made with respect thereto
satisfactory to the Administrative Agent.

     (c) The Administrative Agent shall have received such corporate records, officer’s
certificates and other instruments as are customary for transactions of this type or as it may
reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent.

     (d) (i) The Collateral Agent, the trustee and collateral agent under the Indenture for the
holders of the Second Lien Indebtedness and the other parties thereto shall have entered into the
Intercreditor Agreement and (ii) any consents needed from the holders of the Second Lien
Obligations (as defined in the Intercreditor Agreement) shall have been obtained and be in full
force and effect.

     (e) Since December 31, 2010, no change or event shall have occurred and no circumstances shall
exist which have had, or would reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

     (f) On the Effective Date (i) all representations and warranties in the Loan Documents are
true and correct in all material respects after giving effect to the substantially contemporaneous
consummation of the transactions contemplated hereby on the Effective Date, (ii) after giving
effect to the Credit Extensions and other substantially contemporaneous transactions consummated on
the Effective Date, no Default or Unmatured Default has occurred and is continuing, and (iii) the
Administrative Agent shall have received a satisfactory certificate to such effect dated the
Effective Date and signed by a Financial Officer of Holdco and the Borrower.

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     (g) The Administrative Agent shall have received satisfactory evidence that simultaneously
with any Credit Extensions made on the date hereof (i) all indebtedness owing under the Existing
Credit Agreement shall have been paid in full and discharged, (ii) all unfunded commitments to make
loans or otherwise extend credit under the Existing Credit Agreement shall have been terminated,
(iii) all security interests and other Liens granted to or held by the lenders under the Existing
Credit Agreement shall have been satisfied, released and discharged and (iv) all other obligations
of the Loan Parties under the Existing Credit Agreement shall have been released and discharged.

     (h) The Lenders, the Administrative Agent and the Arrangers shall have received all fees and
expenses (including the reasonable fees and expenses of one special counsel (including any one
local counsel) for the Administrative Agent) required to be paid, and all expenses for which
invoices have been presented, on or before the Effective Date.

     (i) After giving effect to the making and application of the proceeds of the Effective Date
transactions contemplated hereby, there shall exist unused Aggregate Revolving Credit Commitments
of at least $150,000,000 less the amount of the Outstanding Letters of Credit.

     (j) Any Notes requested by a Lender pursuant to Section 2.16 shall have been issued by the
Borrower payable to the order of each such requesting Lender.

     (k) The Administrative Agent shall have received such legal opinions as are customary for
transactions of this type or as it may reasonably request, all in form and substance reasonably
satisfactory to the Administrative Agent.

     (l) The Administrative Agent shall have received a copy of, or a certificate as to coverage
under, the insurance policies required by Section 6.06 and the applicable provisions in the
Collateral Documents, each of which shall be endorsed or otherwise amended to include a “standard”
or “New York” lender’s loss payable or mortgagee endorsement (as applicable) and, with respect to
any liability insurance policies, shall name the Collateral Agent, on behalf of the Secured
Parties, as additional insured, in form and substance satisfactory to the Administrative Agent.

     (m) The Administrative Agent shall have received a solvency certificate in the form of Exhibit
G, dated the Effective Date and signed by the Chief Financial Officer of Holdco.

     (n) Not less than 95% of the Preferred Stock has been converted into Recapitalization
Conversion Stock in accordance with the Recapitalization Agreement and any conversion premium
associated therewith has been paid in full.

     Section 4.02 Each Subsequent Credit Extension. The Lenders shall not be required to make any
Credit Extension (except as otherwise set forth in Section 2.07 with respect to Revolving Loans for
the purpose of repaying Swing Line Loans) after the Effective Date unless on the applicable Credit
Extension Date:

     (a) There exists no Default or Unmatured Default; provided, however, that solely for purposes
of this Section 4.02, no Default or Unmatured Default under Section 7.01 shall be

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deemed to exist with respect to the material falsity of any representation or warranty made on
the Effective Date unless the same evidenced or had a Material Adverse Effect.

     (b) The representations and warranties contained in are
true and correct as of such Credit Extension Date in all material respects except to the extent any
such representation or warranty is stated to relate solely to an earlier date, in which case such
representation or warranty shall have been true and correct on and as of such earlier date.

     Each Borrowing Notice, Swing Line Borrowing Notice, or request for issuance of a Letter of
Credit, as the case may be, with respect to each such Credit Extension shall constitute a
representation and warranty by the Borrower that the conditions contained in Section 4.02(a) and
(b) have been satisfied.

ARTICLE 5

Representations and Warranties

     The Borrower and Holdco represent and warrant to the Lenders that:

     Section 5.01 Existence and Standing. Each of the Borrower, Holdco and its Material Domestic
Subsidiaries is a corporation, partnership, trust or limited liability company duly and properly
incorporated or organized, as the case may be, and validly existing, duly qualified or licensed to
do business and (to the extent such concept applies to such entity) in good standing under the laws
of its jurisdiction of incorporation or organization and has all requisite authority to conduct its
business in each jurisdiction in which its business is conducted in each case (other than as to the
valid existence of the Borrower), except where, individually or in the aggregate, the failure to
exist, qualify, be licensed or be in good standing or have such power and authority could not
reasonably be expected to result in a Material Adverse Effect.

     Section 5.02 Authorization and Validity. Each of the Loan Parties has the power and authority
and legal right to execute and deliver the Loan Documents to which it is a party and to perform its
obligations thereunder. The execution and delivery by each of the Loan Parties of the Loan
Documents to which it is a party and the performance of its obligations thereunder have been duly
authorized by proper corporate or other organizational proceedings, and the Loan Documents to which
each such Loan Party is a party constitute legal, valid and binding obligations of such Loan Party
enforceable against such Loan Party in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally or by general equitable principles.

     Section 5.03 No Conflict; Government Consent. Neither the execution and delivery by any Loan
Party of the Loan Documents to which it is a party, nor the consummation of the transactions
therein contemplated, nor compliance with the provisions thereof will violate (a) any applicable
law, rule, regulation, ruling, order, writ, judgment, injunction, decree or award binding on Holdco
or any of its Subsidiaries or any Property of such Person or (b) Holdco’s or any Material Domestic
Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of
partnership, articles or certificate of organization, by laws, or operating or other management
agreement, or substantially equivalent governing document, as the case

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may be, or (c) the provisions of any note, bond, mortgage, deed of trust, license, lease
indenture, instrument, agreement or other obligation (each a “Contract”) to which Holdco or any
Subsidiary is a party or is subject, or by which it, or its Property, is bound, or conflict with,
result in a breach of any provision thereof or constitute a default thereunder (or result in an
event which, with notice or lapse of time or both, would constitute a default thereunder), or
result in the termination of, or accelerate the performance required by, or result in a right of
termination or acceleration of, or (except for the Liens created by the Loan Documents and
Permitted Liens) result in, or require, the creation or imposition of any Lien in, of or on the
Property of Holdco or any of its Subsidiaries pursuant to the terms of any such note, bond,
mortgage, deed of trust, license, lease indenture, instrument, agreement or other obligation,
except with respect to clauses (a) or (c), to the extent, individually or in the aggregate, that
such violation, conflict, breach, default or creation or imposition of any lien could not
reasonably be expect to result in a Material Adverse Effect. No order, consent, adjudication,
approval, license, authorization, or validation of, or filing, recording or registration with, or
exemption by, or other action in respect of any governmental or public body or authority, or any
subdivision thereof, which has not been obtained by Holdco or any of its Material Domestic
Subsidiaries, is required to be obtained by Holdco or any of its Material Domestic Subsidiaries in
connection with the execution and delivery of the Loan Documents, the borrowings under this
Agreement, the payment and performance by the Borrower of the Obligations or the legality,
validity, binding effect or enforceability of any of the Loan Documents.

     Section 5.04 Financial Statements. The consolidated financial statements of Holdco and its
Subsidiaries heretofore delivered to the Lenders as of and for the fiscal year ended December 31,
2010 were prepared in accordance with generally accepted accounting principles in effect on the
date such statements were prepared and fairly present in all material respects the consolidated
financial condition and operations of Holdco and its Subsidiaries at such date and the consolidated
results of their operations for the period then ended.

     Section 5.05 Material Adverse Change. Since December 31, 2010 no change or event has occurred
and no circumstance exists event or circumstance which has had, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

     Section 5.06 Taxes. Holdco and its Subsidiaries have filed or caused to be filed all United
States federal tax returns and all other material tax returns and reports required to be filed and
have paid or caused to be paid all taxes due pursuant to said returns or pursuant to any assessment
received by such Persons, except such taxes, if any, which are not overdue by more than 30 days or
that (a) are being contested in good faith and as to which adequate reserves have been provided in
accordance with GAAP or (b) the non-payment of which could not reasonably be expected to have a
Material Adverse Effect. The United States federal income tax returns of Holdco and its
Subsidiaries have been audited by the Internal Revenue Service (or the statute of limitations
applicable to audits of such tax returns has run) through the fiscal year ended December 31, 2004.
As of the Effective Date, neither Holdco nor any of its Subsidiaries has entered into any “listed
transaction” as defined under Section 1.6011-4(b)(2) of the Treasury Regulations promulgated under
the Code.

     Section 5.07 Litigation. There is no litigation, arbitration, governmental investigation,
proceeding or inquiry pending or, to the knowledge of any of their senior officers, threatened

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against or affecting Holdco or any of its Subsidiaries which, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. Neither Holdco nor any
of its Subsidiaries is subject to any order, judgment or decree that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

     Section 5.08 Subsidiaries; Capital Stock; Loan Parties. As of the Effective Date, no Loan
Party has any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.08,
and all of the outstanding Capital Stock in such Subsidiaries has been validly issued, is fully
paid and non-assessable and is owned by a Loan Party in the amounts specified on Part (a) of
Schedule 5.08 free and clear of all Liens except Permitted Liens. As of the Effective Date, no
Loan Party has equity investments in any other corporation or entity other than those specifically
disclosed in Part (b) of Schedule 5.08. Set forth on Part (c) of Schedule 5.08 is a complete and
accurate list of all Loan Parties, showing as of the Effective Date (as to each Loan Party) the
jurisdiction of its incorporation, the address of its principal place of business and its U.S.
taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S.
taxpayer identification number, its unique identification number issued to it by the jurisdiction
of its incorporation. As of the Effective Date, the copy of the charter of each Loan Party and
each amendment thereto provided pursuant to Section 4.01(c) is a true and correct copy of each such
document, each of which is valid and in full force and effect.

     Section 5.09 ERISA; Labor Matters.

     (a) No Reportable Event has occurred with respect to any Single Employer Plan that could
reasonably be expected to have a Material Adverse Effect. Neither Holdco, any of its Subsidiaries
nor any other member of the Controlled Group has withdrawn from any Multiemployer Plan or has
incurred or reasonably expects to incur any liability (other than that which could not reasonably
be expected to have a Material Adverse Effect) as a result of a complete or partial withdrawal. No
ERISA Event with respect to any Single Employer Plan has occurred or is reasonably expected to
occur that could reasonably be expected to have a Material Adverse Effect.

     (b) Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (i) Holdco and each of its Subsidiaries has made all required
contributions to each Plan in accordance with its terms; (ii) there is not now, nor do any
circumstances exist that are likely to give rise to any requirement for the posting of security
with respect to a Plan or the imposition of any material liability or material lien on the assets
of Holdco or any of its Subsidiaries under ERISA or the Code in respect of any Plan, and no
liability (other than for premiums to the PBGC) under Title IV of ERISA or under Sections 412 or
4971 of the Code has been or is reasonably expected to be incurred by Holdco or any of its
Subsidiaries; and (iii) there are no pending or, to the knowledge of Holdco or Borrower, threatened
claims (other than claims for benefits in the ordinary course), lawsuits or arbitrations which have
been asserted or instituted against the Plans or the assets of any of the trusts under any of the
Plans.

     (c) None of Holdco, any of its Subsidiaries or any other person or entity under common control
with Holdco within the meaning of Section 414(b), (c), (m) or (o) of the Code

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participates in, or is required to contribute to, any “multiemployer plan” (within the meaning
of Section 3(37) of ERISA) (a “Multiemployer Plan”).

     (d) Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, with respect to any employee benefit plan, program, policy, arrangement or
agreement maintained or contributed to by Holdco or any of its Subsidiaries with respect to
employees employed outside the United States (a “Foreign Plan”), (i) each Foreign Plan required to
be registered has been registered and has been maintained in good standing with applicable
regulatory authorities; and (ii) all Foreign Plans that are required to be funded are funded in
accordance with applicable Laws, and with respect to all other Foreign Plans, adequate reserves
therefore have been established on the accounting statements of Holdco or its applicable
Subsidiary.

     Section 5.10 Accuracy of Information.

     (a) As of the Effective Date, no information, exhibit or report (as modified or supplemented
by other information so furnished) furnished by Holdco or any of its Subsidiaries to the
Administrative Agent or to any Lender (other than projections and other forward looking information
and information of a general economic or industry specific nature) in connection with the
negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact
or omitted to state a material fact or any fact necessary to make the statements contained therein
not misleading.

     (b) As of the Effective Date, any projections and other financial estimates and forecasts
furnished by Holdco to the Administrative Agent or to any Lender on or prior to the Effective Date
in connection with the negotiation of, or compliance with, this Agreement were based on good faith
estimates and assumptions believed by Holdco to be reasonable at the time made, it being recognized
by the Lenders that such projections as to future events are not to be viewed as facts and that
actual results during the period or periods covered by any such projections may differ from the
projected results.

     Section 5.11 Regulation U. Margin stock (as defined in Regulation U) constitutes less than
25% of the value of those assets of Holdco and its Subsidiaries which are subject to any limitation
on sale, pledge, or other restriction hereunder.

     Section 5.12 Compliance With Laws. Holdco and its Subsidiaries have complied with all
applicable Laws of any Governmental Entity having jurisdiction over the conduct of their respective
businesses or the ownership of their respective Property, except for any failure to comply with any
of the foregoing which could not reasonably be expected to have a Material Adverse Effect.

     Section 5.13 Ownership of Properties. Except as set forth on Schedule 5.13, Holdco and its
Subsidiaries have good and marketable title to or valid leasehold interests in, free of all Liens
other than Permitted Liens, to all of the Property and assets reflected in Holdco’s most recent
consolidated financial statements provided to the Administrative Agent as owned by Holdco and its
Subsidiaries, in each case except to the extent that the failure to possess such title or interests
could not reasonably be expected to have a Material Adverse Effect.

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     Section 5.14 Plan Assets; Prohibited Transactions. Neither Holdco nor any of its Subsidiaries
is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an
employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or
any plan (within the meaning of Section 4975 of the Code), and neither the execution of this
Agreement nor the making of the Loans or Letters of Credit hereunder gives rise to a prohibited
transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.

     Section 5.15 Environmental Matters. Except for those matters that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect, (a) each of Holdco and
its Subsidiaries is and has been in compliance with all applicable Environmental Laws, and neither
Holdco nor any of its Subsidiaries has received any communication alleging or has any other basis
to believe that Holdco or any subsidiary is in violation of, has any liability under, or has
assumed the liability of any other Person under any Environmental Law or with respect to Hazardous
Materials, (b) each of Holdco and its Subsidiaries validly possesses and is in compliance with all
Permits required under Environmental Laws to conduct its business as presently conducted, and all
such Permits are valid and in good standing, (c) there are no claims relating to Environmental Laws
or Hazardous Materials, pending or, to the knowledge of Holdco or any of its Subsidiaries,
threatened against Holdco or any of its Subsidiaries and (d) none of Holdco or any of its
Subsidiaries or any of their respective predecessors has released used, handled, or managed any
Hazardous Materials in a manner that would reasonably be expected to result in any claim or
liability relating to Environmental Laws against Holdco or any of its Subsidiaries.

     Section 5.16 Investment Company Act. Neither Holdco nor any of its Subsidiaries is an
“investment company” or a company “controlled” by an “investment company”, within the meaning of
the Investment Company Act of 1940, as amended.

     Section 5.17 [RESERVED.]

     Section 5.18 Intellectual Property. As of the Effective Date,

     (a) Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (i) Holdco and each of its Subsidiaries own, free of all encumbrances
except Permitted Liens, or have the valid right to use all the Intellectual Property used or held
for use in, or necessary to, the conduct their respective businesses as currently conducted and
(ii) the conduct of the business of Holdco and each of its Subsidiaries as currently conducted does
not infringe, misappropriate or otherwise violate any Intellectual Property rights of any third
party. Except as would not reasonably be expected to have a Material Adverse Effect, there is no
claim, demand, investigation, suit or proceeding pending, or to the knowledge of Holdco and the
Borrower, threatened, against Holdco or any of its Subsidiaries (A) based upon, or challenging or
seeking to deny or restrict, the rights of Holdco or any of its Subsidiaries in any Intellectual
Property owned by or licensed to it (including by way of any opposition, cancellation or
interference proceeding or similar action challenging the validity or ownership of such
Intellectual Property) or (B) alleging that their respective use of any Intellectual Property or
the conduct of their respective businesses infringes, misappropriates or otherwise violates the
Intellectual Property rights of any third party. Except as would not reasonably be expected to

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have a Material Adverse Effect, to the knowledge of Holdco and the Borrower, no third parties are infringing the Intellectual Property rights of Holdco or any of its Subsidiaries.

     (b) All material registered trademarks, service marks, patents, copyrights and applications
for the foregoing, in each case owned by Holdco or any of its Subsidiaries and material to the
business of Holdco and its Subsidiaries, taken as a whole (collectively, the “Material Registered
IP”), have been duly registered or applied for with the U.S. Patent and Trademark Office, United
States Copyright Office, and their foreign equivalents, as applicable, and no such Material
Registered IP as has been adjudged to be invalid or unenforceable in whole or in part.

     Section 5.19 Collateral. As of the Effective Date, the Collateral Documents will be effective
to create (to the extent described therein), in favor of and for the ratable benefit of the Secured
Parties, a legal, valid and enforceable security interest in the Collateral described therein,
except as may be limited by applicable domestic or foreign bankruptcy, insolvency, fraudulent
transfer, reorganization, receivership, moratorium and other similar laws of general applicability
relating to or affecting creditors’ rights generally and general equitable principles (whether
considered in a proceeding in equity or at law). When the actions specified in each Collateral
Document have been duly taken, the security interests granted pursuant thereto shall constitute (to
the extent described therein) a perfected security interest (subject only to Permitted Liens) in
all right, title and interest of each pledgor party thereto in the Collateral described therein
with respect to such pledgor if and to the extent perfection can be achieved by taking such
actions.

ARTICLE 6

Covenants

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing:

     Section 6.01 Financial Reporting. Holdco will maintain, for itself and each Subsidiary, a
system of accounting established and administered in accordance with generally accepted accounting
principles, and will furnish to the Administrative Agent for further distribution to the Lenders
the following:

     (a) within 90 days after the close of each fiscal year of Holdco, an audit report certified by
independent certified public accountants of recognized national standing (which in each case shall
be without a “going concern” or like qualification or exception and without any qualification or
exception as to the scope of such audit), prepared in accordance with GAAP on a consolidated and
consolidating basis (consolidating statements need not be certified by such accountants) for Holdco
and its Subsidiaries, including balance sheets as of the end of such period, related profit and
loss and reconciliation of surplus statements, and a statement of cash flows on a consolidated and
consolidating basis, accompanied by any final management letter prepared by said accountants to
Holdco;

     (b) within 45 days after the close of the first three quarterly periods of each of Holdco’s
fiscal years, for Holdco and its Subsidiaries, consolidated and consolidating unaudited

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balance sheets as at the close of each such period, consolidated and consolidating profit and
loss and reconciliation of surplus statements and a consolidated and consolidating statement of
cash flows for the period from the beginning of such fiscal year to the end of such quarter,
certified by a Financial Officer of Holdco as in each case fairly presenting, in all material
respects, the consolidated financial condition of Holdco and its consolidated Subsidiaries (subject
to normal year-end adjustments and the absence of footnotes) and having been prepared in reasonable
detail;

     (c) so long as corresponding financial statements are required to be delivered under the Note
Purchase Agreement or the Indenture, within 30 days after the end of each of the first two months
of each fiscal quarter of Holdco, a company-prepared consolidated balance sheet of Holdco and its
consolidated Subsidiaries as at the end of such period and related company-prepared statements of
income in a form customarily prepared by management for Holdco and its consolidated Subsidiaries
for such monthly period, certified by a Financial Officer of Holdco as fairly presenting, in all
material respects, the consolidated financial condition of Holdco and its consolidated Subsidiaries
(subject to normal year-end adjustments and the absence of footnotes) and having been prepared in
reasonable detail;

     (d) together with the financial statements required under Sections 6.01(a) and (b), a
compliance certificate in substantially the form of Exhibit E signed by a Financial Officer showing
the calculations necessary to determine compliance with this Agreement (including Sections 6.22(a)
and 6.22(b)) and stating that no Default or Unmatured Default exists, or if any Default or
Unmatured Default exists, stating the nature and status thereof;

     (e) within 60 days after the commencement of each fiscal year of Holdco and its Subsidiaries
(commencing with the fiscal year beginning January 1, 2012), a financial forecast of Holdco and its
Subsidiaries for such fiscal year;

     (f) within 270 days after the close of each fiscal year, a statement of the Unfunded
Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA;

     (g) within 30 Business Days after the Borrower knows that any Reportable Event has occurred
with respect to any Single Employer Plan, a statement, signed by a Financial Officer of the
Borrower describing said Reportable Event and the action which the Borrower or any Affiliate of the
Borrower proposes to take with respect thereto;

     (h) promptly upon the filing thereof, electronic notice to the Administrative Agent of the
filing of all proxy statements, registration statements and periodic and current reports on forms
10K, 10Q and 8K which Holdco or any of its Subsidiaries files with the SEC;

     (i) as soon as possible and in any event on the later of (i) 30 days following the occurrence
of the following events or (ii) the first date required for delivery of the financial statements
pursuant to Section 6.01(a) or Section 6.01(b) after the occurrence of the following events,
written notice of the creation, establishment or acquisition of any Subsidiary or the issuance by
or to the Borrower or any of its Subsidiaries of any Capital Stock; and

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     (j) such other information (including non financial information) as the Administrative Agent
or any Lender may from time to time reasonably request.

     Information required to be delivered pursuant to this Section 6.01 shall be deemed to have
been delivered if such information, or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to
which the Lenders have been granted access or such reports shall be available on the website of the
SEC at http://www.sec.gov or on the website of Holdco at http://www.moneygram.com and the Borrower
has given notice that such reports are so available. Information required to be delivered pursuant
to this Section may also be delivered by electronic communications pursuant to procedures approved
by the Administrative Agent. If any information which is required to be furnished to the Lenders
under this Section 6.01 is required by law or regulation to be filed by Holdco or the Borrower
with a government body on an earlier date, then the information required hereunder shall be
furnished to the Lenders at such earlier date (which delivery may be by electronic communication
including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes).

     Section 6.02 Use of Proceeds. Holdco and the Borrower will, and will cause each Subsidiary
to, use the proceeds of the Credit Extensions for general corporate purposes, including repayment
of the loans owing under the Existing Credit Agreement and the payment of the costs, fees and
expenses of the Recapitalization, and acquisitions permitted hereunder; provided that Incremental
Facilities may also be used for the purposes set forth in Section 2.25(a). None of Holdco, the
Borrower nor any of their Subsidiaries will use any of the proceeds of the Advances to purchase or
carry any “margin stock” (as defined in Regulation U).

     Section 6.03 Notices. The Borrower will promptly notify the Administrative Agent of:

     (a) the occurrence of any Default or Unmatured Default;

     (b) the occurrence of any “Default” or “Event of Default” under the Second Lien Documents; and

     (c) any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including (i) breach or non-performance of, or any default under, a contractual
obligation of Holdco or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or
suspension between Holdco or any Subsidiary and any Governmental Entity; or (iii) the commencement
of, or any material development in, any litigation or proceeding affecting Holdco or any
Subsidiary.

     Each notice pursuant to Section 6.03 shall be accompanied by a statement of a Responsible
Officer of the Borrower setting forth details of the occurrence referred to therein and stating
what action the Borrower has taken and proposes to take with respect thereto.

     Section 6.04 Conduct of Business. Holdco will, and will cause each Holdco Subsidiary to,
carry on and conduct its business in the financial or payment services industry or the support
thereof and do all things necessary to remain duly incorporated or organized, validly existing and
(to the extent such concept applies to such entity) in good standing as a domestic corporation,
partnership or limited liability company in its jurisdiction of incorporation or organization, as
the

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case may be, and maintain all requisite authority to conduct its business in each jurisdiction
in which its business is conducted except as permitted by Sections 6.15 and 6.16 or where the
failure to maintain such authority could not reasonably be expected to have a Material Adverse
Effect.

     Section 6.05 Payment of Obligations. Holdco will, and will cause each Holdco Subsidiary to,
pay and discharge as the same shall become due and payable, all its obligations and liabilities,
including all tax liabilities, assessments and governmental charges or levies upon it or its
properties or assets, unless (i) the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained
by Holdco or such Subsidiary or (ii) the failure to pay any such taxes or other amounts could not
reasonably be expected to have a Material Adverse Effect.

     Section 6.06 Insurance. Holdco will maintain or cause to be maintained, with financially
sound and reputable insurers, insurance on all its Property as may customarily be carried or
maintained under similar circumstances by Persons of established reputation engaged in similar
businesses of similar sizes, in each case in such amounts (giving effect to self insurance), with
such deductibles, covering such risks and otherwise on such terms and conditions as shall be
customary for such Persons. The Borrower will furnish to any Lender upon request full information
as to the insurance carried (but no more often than once per year absent a Default).

     Section 6.07 Compliance with Laws. Holdco will, and will cause each of its Subsidiaries to,
comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards
to which it may be subject including, without limitation, all Environmental Laws, the noncompliance
with which could reasonably be expected to have a Material Adverse Effect.

     Section 6.08 Maintenance of Properties. Holdco will, and will cause each of its Subsidiaries
to, do all things necessary to maintain, preserve, protect and keep its Property in good repair,
working order and condition (other than wear and tear occurring in the ordinary course of business,
routine obsolescence and casualty or condemnation), and from time to time make or cause to be made,
all necessary and proper repairs, renewals and replacements so that its business carried on in
connection therewith may be properly conducted at all times, in each case, except to the extent
such non-compliance could not reasonably be expected to have a Material Adverse Effect.

     Section 6.09 Inspection. Holdco will, and will cause each of its Subsidiaries to, keep
adequate books of record and accounts to allow preparation of financial statements in accordance
with GAAP and permit the Administrative Agent and the Lenders, by their respective representatives
and agents, to inspect any of the Property, books and financial records of Holdco and each of its
Subsidiaries, to examine and make copies of the books of accounts and other financial records of
Holdco and each of its Subsidiaries, and to discuss the affairs, finances and accounts of Holdco
and each of its Subsidiaries with, and to be advised as to the same by, their respective officers
at such reasonable times and intervals as the Administrative Agent or any Lender may designate.
The costs of such inspections shall be for the account of the Borrower, except in the case of (a) a
Lender inspection in the absence of the occurrence and continuation of

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a Default, which shall be done at such Lender’s expense, or (b) any Administrative Agent
inspections in excess of one inspection during any 12-month period in the absence of the occurrence
and continuation of a Default, each of which shall be done at the Administrative Agent’s expense.

     Section 6.10 Compliance With Environmental Laws. Holdco will, and will cause each of its
Subsidiaries to, comply, and undertake all commercially reasonable actions to cause all lessees and
other Persons operating or occupying its properties to comply, in all material respects, with all
applicable Environmental Laws and any permits issued pursuant to Environmental Laws; obtain and
renew all permits issued pursuant to Environmental Laws necessary for its operations and
properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup,
removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any
of its properties, in accordance with the requirements of all Environmental Laws; provided,
however, that neither Holdco nor any of its Subsidiaries shall be required to so comply with such
Environmental Laws, or undertake any such cleanup, removal, remedial or other action to the extent
that (a) its obligation to do so is being contested in good faith and by proper proceedings and
appropriate reserves are being maintained with respect to such circumstances in accordance with
GAAP or (b) the failure to do so could not reasonably be expected to have a Material Adverse
Effect.

     Section 6.11 Further Assurances. Promptly upon reasonable request by the Administrative
Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error
that may be discovered in any Loan Document or in the execution, acknowledgment, filing or
recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file,
register and re-register any and all such further acts, deeds, certificates, assurances and other
instruments as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably require from time to time in order to (i) carry out more effectively the purposes of the
Loan Documents, (ii) perfect and maintain the validity, effectiveness and priority of any of the
Collateral Documents and any of the Liens intended to be created thereunder and (iii) assure,
convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured
Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under
any Loan Document or under any other instrument executed in connection with any Loan Document to
which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its
Subsidiaries to do so.

     Section 6.12 Maintenance Of Ratings. Holdco will use commercially reasonable efforts to
maintain a public corporate rating from S&P and a public corporate family rating from Moody’s.

     Section 6.13 Restricted Payments and Payments with respect to Second Lien Indebtedness.
Holdco will not, nor will it permit any Holdco Subsidiary to, (i) declare or pay any Restricted
Payments or (ii) make any Restricted Second Lien Payment, except that, in each case, so long as no
Default or Unmatured Default then exists or would result therefrom, the following shall be
permitted:

     (a) the payment by Holdco or any Holdco Subsidiary of dividends payable in its own Capital
Stock (other than Disqualified Stock);

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     (b) the making of any Restricted Payment or Restricted Second Lien Payment in exchange for, or
out of the proceeds of, the substantially concurrent contribution of common equity capital to
Holdco; provided that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment or Restricted Second Lien Payment will be excluded from clause (b) of the
definition of Basket Amount;

     (c) repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if
such Capital Stock represents a portion of the exercise price of such options or warrants;

     (d) the declaration and payment of dividends or distributions to holders of any class or
series of preferred stock of any Holdco Subsidiary issued in accordance with Section 6.14;

     (e) the defeasance, redemption, repurchase or other acquisition or retirement of Subordinated
Indebtedness or Second Lien Indebtedness of the Borrower made by exchange for, or out of the
proceeds of the substantially concurrent sale of, new Subordinated Indebtedness or Second Lien
Indebtedness (“Refinancing Restricted Indebtedness”) of the Borrower, as the case may be, that is
incurred in compliance with Section 6.14 so long as:

     (i) the principal amount (or accreted value, if applicable) of such Refinancing
Restricted Indebtedness does not exceed the principal amount plus any accrued and unpaid
interest on the Subordinated Indebtedness or Second Lien Indebtedness, as applicable, being
so redeemed, repurchased, acquired or retired for value (in any case, the “Refinanced
Restricted Indebtedness”), plus the amount of any premium required to be paid under the
terms of the instrument governing the Refinanced Restricted Indebtedness and any fees and
expenses incurred in the issuance of such Refinancing Restricted Indebtedness;

     (ii) such Refinancing Restricted Indebtedness is subordinated to the Obligations at
least to the same extent as such Refinanced Restricted Indebtedness and, in the case of any
Refinancing Restricted Indebtedness in respect of Second Lien Indebtedness, the holders
thereof become parties to an intercreditor agreement no less favorable to the holders of
Loans and other Obligations hereunder than those in effect with the holders of Second Lien
Indebtedness on the date hereof;

     (iii) such Refinancing Restricted Indebtedness has a final scheduled maturity date
equal to or later than the final scheduled maturity date of the Refinanced Restricted
Indebtedness; and

     (iv) such Refinancing Restricted Indebtedness has a Weighted Average Life to Maturity
equal to or greater than the remaining Weighted Average Life to Maturity of the Refinanced
Restricted Indebtedness and, in the case of any Refinancing Restricted Indebtedness in
respect of Second Lien Indebtedness, does not require any payment of principal prior to the
earlier of (x) March 25, 2018 and (y) the date that is six months after the Term Loan
Maturity Date;

     (f) a Restricted Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of Capital Stock of the Borrower or Holdco held by any current or former

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employee, director, manager or consultant of Holdco or any Holdco Subsidiary (or their
respective estates, heirs, beneficiaries, transferees, spouses or former spouses) pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan or
similar agreement; provided, that the aggregate amount of Restricted Payments made pursuant to this
clause (f) in any four-fiscal quarter period shall not exceed $5,000,000 as of the last day of such
four-fiscal quarter period;

     (g) a Restricted Payment or Restricted Second Lien Payment in an amount not to exceed the
Remaining Basket Amount determined at such time;

     (h) Restricted Second Lien Payments made with the proceeds of Incremental Loans made pursuant
to Section 2.25 on the terms set forth therein;

     (i) Restricted Second Lien Payments that are both (i) made with cash on hand of Holdco or any
Holdco Subsidiary and (ii) substantially contemporaneously with Restricted Second Lien Payments
made pursuant to clause (h) above if, on a pro forma basis, the First Lien Leverage Ratio is not
more than 2.5 to 1.0; provided that the amount of such Restricted Second Lien Payment under this
clause (i) is not more than 25% of the aggregate amount of such payments under this clause (i) at
such time and such substantially contemporaneous payments under clause (h);

     (j) Restricted Second Lien Payments not otherwise permitted by the other clauses of this
Section 6.13 if, after giving pro forma effect to any borrowings made in connection thereof, the
First Lien Leverage Ratio is not more than 2.0 to 1.0; and

     (k) other Restricted Payments or Restricted Second Lien Payments which, when aggregated with
all other Restricted Payments and Restricted Second Lien Payments made pursuant to this clause (k)
after the date hereof do not exceed $25,000,000.

     Notwithstanding the foregoing, the making of any dividend or distribution or the consummation
of any irrevocable redemption within 60 days after the date of declaration of the dividend or
distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the
date of declaration or notice such payment or redemption would have complied with the provisions of
this Agreement. A conversion of Second Lien Indebtedness into Capital Stock of Holdco shall not be
deemed to be a Restricted Second Lien Payment.

     Section 6.14 Indebtedness. Holdco will not, nor will it permit any Holdco Subsidiary to,
create, incur or suffer to exist any Indebtedness, nor will it permit Borrower or any Borrower
Subsidiary to issue preferred stock (other than shares of preferred stock of the Borrower or a
Borrower Subsidiary issued to Holdco, the Borrower or a Subsidiary Guarantor), except:

     (a) Obligations of the Loan Parties under the Loan Documents;

     (b) Indebtedness existing on the Effective Date and described in all material respects in
Schedule 6.14;

     (c) Second Lien Indebtedness (including any Refinancing Restricted Indebtedness constituting
Second Lien Indebtedness) in an aggregate principal amount not exceeding (i)

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$500,000,000 in aggregate principal amount (or, if less, the initial aggregate principal
amount of such Indebtedness on the Effective Date) minus (ii) the aggregate amount of all principal
repayments of such Indebtedness after the Effective Date (other than through Refinancing Restricted
Indebtedness permitted under Section 6.13);

     (d) unsecured Indebtedness for borrowed money incurred by any Loan Party; provided, however,
that after giving effect to the incurrence of such Indebtedness, (x) Holdco shall be in compliance
with the Interest Coverage Ratio required by Section 6.22(a) and (y) the Total Leverage Ratio,
determined on a pro forma basis, is not greater than the lesser of (A) the maximum Total Leverage
Ratio set forth in Section 6.22(b) for the date most recently tested (or in case of any transaction
prior to September 30, 2011, for September 30, 2011) and (B) 4.50 to 1.00.

     (e) Indebtedness or preferred stock of (i) Holdco, Borrower or a Guarantor incurred to finance
an acquisition permitted hereunder or (ii) Persons that are acquired by Holdco, Borrower or a
Guarantor or merged into Holdco, Borrower or a Guarantor in accordance with the terms of this
Agreement; provided, however, that after giving effect to such acquisition or merger, the Total
Leverage Ratio, determined on a pro forma basis, is not greater than (x) the maximum Total Leverage
Ratio set forth in Section 6.22(b) for the date most recently tested (or, in the case of any such
transaction prior to September 30, 2011, for September 30, 2011) minus (y) 0.25;

     (f) Indebtedness incurred by Holdco or any Holdco Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of business in respect
of workers’ compensation claims, or other Indebtedness with respect to reimbursement type
obligations regarding workers’ compensation claims; provided, however, that upon the drawing of
such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed
within 30 days following such drawing or incurrence;

     (g) Indebtedness arising from agreements of Holdco or a Holdco Subsidiary providing for
indemnification, adjustment of purchase price or similar obligations, in each case, incurred or
assumed in connection with the disposition of any business, assets or a Holdco Subsidiary, other
than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such
business, assets or Holdco Subsidiary for the purpose of financing such acquisition; provided,
however, that:

     (i) such Indebtedness is not reflected on the balance sheet of Holdco or any Holdco
Subsidiary (contingent obligations referred to in a footnote to financial statements and not
otherwise reflected on the balance sheet will be deemed to be reflected on such balance
sheet for purposes of this clause (g)(i)); and

     (ii) the maximum assumable liability in respect of all such Indebtedness shall at no
time exceed the gross proceeds including non-cash proceeds (the fair market value of such
non-cash proceeds being measured at the time received and without giving effect to any
subsequent changes in value) actually received by Holdco or any Holdco Subsidiary in
connection with such disposition;

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     (h) (i) Indebtedness of Holdco or the Borrower to a Guarantor or (ii) Indebtedness of a
Subsidiary Guarantor to Holdco, the Borrower or another Subsidiary Guarantor; provided that any
such Indebtedness is made pursuant to an intercompany note; provided, further, that any subsequent
transfer of any such Indebtedness (except to Holdco, the Borrower or another Subsidiary Guarantor)
shall be deemed, in each case, to be an incurrence of such Indebtedness that was not permitted by
this clause (h);

     (i) the guarantee by Holdco, the Borrower or any of the Subsidiary Guarantors of Indebtedness
of Holdco or a Holdco Subsidiary that was permitted to be incurred by another provision of this
covenant; provided that if the Indebtedness being guaranteed is subordinated to the Obligations,
then the guarantee shall be subordinated to the same extent as the Indebtedness guaranteed;

     (j) the incurrence by Holdco or any Holdco Subsidiary of Indebtedness or issuance of preferred
stock that serves to extend, refund, refinance, renew, replace or defease any Indebtedness or
preferred stock incurred or issued as permitted under clause (b), (d) or (e) above, this clause (j)
or any Indebtedness or preferred stock incurred or issued to so refund or refinance such
Indebtedness or preferred stock (the “Refinancing Indebtedness”) prior to its respective maturity;
provided, however, that such Refinancing Indebtedness:

     (i) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness
is incurred which is not less than the remaining Weighted Average Life to Maturity of the
Indebtedness or preferred stock being refunded or refinanced;

     (ii) to the extent such Refinancing Indebtedness refinances (A) Indebtedness
subordinated or pari passu to the Obligations, such Refinancing Indebtedness is subordinated
or pari passu to the Obligations at least to the same extent as the Indebtedness being
refinanced or refunded; or (B) preferred stock, such Refinancing Indebtedness must be
preferred stock;

     (iii) shall not include:

	 	(A)	 	Indebtedness or preferred stock of a Holdco
Subsidiary that refinances Indebtedness or preferred stock of Holdco;
or
	 
	 	(B)	 	Indebtedness or preferred stock of a Holdco
Subsidiary that is not the Borrower or a Guarantor that refinances
Indebtedness or preferred stock of the Borrower or a Guarantor; and

     (iv) is in a principal amount not in excess of the principal amount of Indebtedness
being refunded or refinanced (including additional Indebtedness incurred to pay premiums,
fees and expenses in connection therewith);

     (k) Indebtedness arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument drawn against insufficient funds in the ordinary course of
business; provided such Indebtedness is extinguished within five Business Days of its incurrence;

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     (l) the incurrence by Holdco or any Holdco Subsidiary of Indebtedness in respect of workers’
compensation claims, payment obligations in connection with health or other types of social
security benefits, unemployment or other insurance or self-insurance obligations in the ordinary
course of business;

     (m) Indebtedness that may be deemed to exist pursuant to any performance, completion or
similar guarantees, performance, surety, statutory, appeal, bid, payment (other than payment of
Indebtedness) or reclamation bonds, statutory obligations or similar obligations (including any
bonds or letters of credit issued with respect thereto and all guarantee, reimbursement and
indemnity agreements entered into in connection therewith) incurred in the ordinary course of
business;

     (n) obligations incurred in connection with any management or director deferred compensation
plan;

     (o) Indebtedness in respect of (i) employee credit card programs and (ii) netting services,
cash pooling arrangements or similar arrangements in connection with cash management and deposit
accounts; provided that, with respect to any such arrangements, the total amount of all deposits
subject to such arrangement at all times equals or exceeds the total amount of overdrafts subject
to such arrangement;

     (p) (x) overnight Repurchase Agreements incurred in the ordinary course of business and (y)
Repurchase Agreements with maturities of less than 30 days (and excluding Indebtedness incurred
pursuant to clause (x) of this clause (p)) which at any one time outstanding do not exceed
$100,000,000;

     (q) Indebtedness (including Capitalized Lease Obligations) and preferred stock incurred by
Holdco, the Borrower or any Subsidiary Guarantor, the proceeds of which are applied to finance the
development, construction, purchase, lease, repairs, additions or improvement of property (real or
personal), equipment or other fixed or capital assets that are used or useful in a Similar
Business, whether through the direct purchase of assets or the Capital Stock of any Person owning
such assets, in an aggregate principal amount which, when aggregated with the principal amount of
all other Indebtedness and preferred stock then outstanding and incurred pursuant to this clause
(q) and including all Indebtedness and preferred stock incurred to refund, refinance or replace any
other Indebtedness incurred pursuant to this clause (q), does not exceed $20,000,000;

     (r) (i) Indebtedness or preferred stock of Holdco, the Borrower or of a Subsidiary Guarantor
owing to a Non-Guarantor (other than an SPE) that is subordinated in right of payment to the
Obligations of Holdco, the Borrower or such Subsidiary Guarantor and (ii) Indebtedness or preferred
stock in an aggregate principal amount outstanding at any time not to exceed $150,000,000 of a
Non-Guarantor (other than an SPE) owing to Holdco, the Borrower or a Subsidiary Guarantor;
provided, that any subsequent transfer of any such Indebtedness or preferred stock (except to
Holdco or a Holdco Subsidiary) shall be deemed to be an incurrence of such Indebtedness that was
not permitted by this clause (r);

     (s) loans and advances owing by any Non-Guarantor to another Non-Guarantor;

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     (t) Indebtedness owing by any Non-Guarantor so long as the aggregate amount of Indebtedness
incurred pursuant to this clause (t) does not at any one time outstanding exceed $25,000,000;

     (u) Indebtedness in respect of pari passu first lien notes issued pursuant to Section 2.25(a);

     (v) Indebtedness owing by a Non-Guarantor to Holdco, the Borrower or a Subsidiary Guarantor as
a result of any Investment permitted under Sections 6.17(d), 6.17(s), 6.17(t) or 6.17(v); and

     (w) Indebtedness of Holdco and Indebtedness or preferred stock of Holdco, the Borrower or any
Subsidiary Guarantor not otherwise permitted hereunder in an aggregate principal amount or
liquidation preference, which when aggregated with the principal amount and liquidation preference
of all other Indebtedness or preferred stock then outstanding and incurred pursuant to this clause
(w), does not at any one time outstanding exceed $100,000,000.

     Without limiting the generality of the foregoing, neither Holdco nor any Holdco Subsidiary
shall incur or have outstanding any Indebtedness to the SPEs.

     For purposes of determining compliance with this Section 6.14: (i) in the event that an item
of Indebtedness or preferred stock (or any portion thereof) meets the criteria of more than one of
the categories of permitted Indebtedness or preferred stock described in clauses (a) through (w)
above, the Borrower, in its sole discretion, may classify or reclassify such item of Indebtedness
or preferred stock (or any portion thereof) and will only be required to include the amount and
type of such Indebtedness or preferred stock in one of the above clauses; and (ii) at the time of
incurrence or reclassification, the Borrower will be entitled to divide and classify an item of
Indebtedness or preferred stock in more than one of the types of Indebtedness or preferred stock
described in clauses (a) through (w) above.

     Accrual of interest, the accretion of accreted value and the payment of interest or dividends
in the form of additional Indebtedness will not be deemed to be an incurrence of Indebtedness for
purposes of this Section 6.14.

     For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced.

     The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, shall be calculated based

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on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing.

     Section 6.15 Merger.

     (a) The Borrower will not consolidate, merge, liquidate or dissolve with or into (whether or
not the Borrower is the surviving entity), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all the properties or assets of the Borrower and the Borrower
Subsidiaries, taken as a whole, in one or more related transactions, to another Person, unless:

     (i) either:

	 	(A)	 	the Borrower is the surviving company; or
	 
	 	(B)	 	the Person formed by or surviving any such
consolidation or merger (if other than the Borrower) or to which such
sale, assignment, transfer, conveyance or other disposition has been
made is an entity organized or existing under the laws of the United
States, any state thereof, the District of Columbia, or any territory
thereof (such Person, as the case may be, being herein called the
“Successor Company”);

     (ii) the Successor Company, if other than the Borrower, expressly assumes all the
Obligations of the Borrower under the Loan Documents pursuant to documents in form
reasonably satisfactory to the Administrative Agent;

     (iii) immediately before and after such transaction, no Default or Unmatured Default
exists;

     (iv) the Successor Company would be in pro forma compliance, as if such transaction had
occurred at the beginning of the applicable four-quarter period, with Sections 6.22(a) and
6.22(b);

     (v) each Guarantor, unless it is the other party to the transactions described above,
in which case clause (b) below applies, shall have confirmed that its Obligations under the
applicable Loan Documents to which it is a party remain outstanding pursuant to
documentation reasonably satisfactory to the Administrative Agent; and

     (vi) the Borrower shall have delivered to the Administrative Agent an officer’s
certificate stating that such consolidation, merger or transfer complies with the provisions
described in this clause (a).

     The Successor Company will succeed to, and be substituted for the Borrower under this
Agreement and each other Loan Document.

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     Notwithstanding the foregoing (but subject to clause (b) below), any Borrower Subsidiary may
consolidate with, merge, liquidate or dissolve into or transfer all or part of its properties and
assets to Holdco or to another Holdco Subsidiary.

     (b) No Guarantor (including Holdco) will, and the Borrower will not permit any Guarantor to,
consolidate or merge with or into or dissolve or liquidate into (whether or not such Guarantor is
the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all its properties or assets in one or more related transactions, to any Person
unless:

     (i) (A) such Guarantor is the surviving entity or the Person formed by or surviving any
such consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, conveyance or other disposition will have been made is an entity
organized or existing under the laws of the United States, any state thereof, the District
of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be,
being herein called the “Successor Person”); and

	 	(B)	 	the Successor Person, if other than such
Guarantor, expressly assumes all the obligations of such Guarantor
under the Loan Documents pursuant to documents in form reasonably
satisfactory to the Administrative Agent; and
	 
	 	(C)	 	immediately before and after such transaction,
no Default or Unmatured Default exists; or

     (ii) such transaction is made in compliance with Section 6.16 (without regard to
Section 6.16(k)) or constitutes an Investment permitted by Section 6.17.

     The Successor Person will succeed to, and be substituted for such Guarantor under the Guaranty
and each other Loan Document.

     Notwithstanding the foregoing, any Subsidiary Guarantor may consolidate with, merge into or
transfer all or part of its properties and assets to Holdco, the Borrower or to another Subsidiary
Guarantor.

     Section 6.16 Sale of Assets. Holdco will not, nor will it permit any Holdco Subsidiary to,
lease, sell or otherwise dispose of its Property to any other Person, except:

     (a) the disposition of (i) Cash and Cash Equivalents in the ordinary course of business, (ii)
obsolete or worn out equipment or other tangible personal property or (iii) inventory sales in the
ordinary course of business;

     (b) transfers of property subject to casualty, condemnation or similar events (including in
lieu thereof) upon receipt of the Net Proceeds in respect thereof;

     (c) the disposition of Portfolio Securities (other than Specified Securities) for Cash and
Cash Equivalents or securities contained in the Restricted Investment Portfolio;

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     (d) the making of any Restricted Payment or Investment that is permitted to be made, and is
made, under Section 6.13 or 6.17, as applicable;

     (e) the unwinding of any Rate Management Transaction;

     (f) [Reserved.];

     (g) sales of securities pursuant to Repurchase Agreements;

     (h) sales, transfers or other dispositions of its Property to an SPE made in compliance with
Section 6.17(f);

     (i) transfers from a Subsidiary to Holdco or the Borrower, from Holdco or the Borrower to any
Guarantor, from a Guarantor to any other Guarantor or from a Non-Guarantor to Holdco or a Holdco
Subsidiary;

     (j) sales or dispositions of the official check business by Holdco and the Holdco
Subsidiaries;

     (k) the disposition of all or substantially all the assets of Holdco or any Holdco Subsidiary
in a manner permitted pursuant to Section 6.15;

     (l) to the extent allowable under Section 1031 of the Code, any exchange of like property
(excluding any boot thereon) for use in a Similar Business;

     (m) surrender or waiver of contract rights or the settlement, release or surrender of
contract, tort or other claims;

     (n) the lease, assignment or sub-lease of any real or personal property in the ordinary course
of business;

     (o) foreclosures on assets;

     (p) sales of assets pursuant to any financing transaction otherwise permitted by this
Agreement with respect to property built or acquired by Holdco or a Holdco Subsidiary after the
Effective Date, including sale and leaseback transactions;

     (q) the granting of Liens otherwise permitted by this Agreement;

     (r) sales of accounts receivable in connection with the collection or compromise thereof;

     (s) the abandonment of Intellectual Property rights in the ordinary course of business, which
in the reasonable good faith determination of the Borrower, are not material to the conduct of the
business of Holdco and its Subsidiaries taken as a whole;

     (t) leases, sales or other dispositions of its Property that, together with all other Property
of Holdco and the Holdco Subsidiaries previously leased, sold or disposed of as permitted by this
clause (t) during the twelve month period ending with the month in which any

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such lease, sale or other disposition occurs, do not constitute a Substantial Portion of the
Property of Holdco and the Holdco Subsidiaries;

     (u) the abandonment of the Investments described on Schedule 6.16;

     (v) the sale or other disposition of Specified Securities; and

     (w) sales or other dispositions comprising all or a portion of the Tax-Efficient
Restructuring.

     For purposes of this Section 6.16, Property of a Holdco Subsidiary shall be deemed to include
Capital Stock (other than preferred stock) of such Holdco Subsidiary issued or sold to any Person
other than (x) a Loan Party, (y) in the case of a Foreign Subsidiary, a Wholly-Owned Subsidiary of
Holdco, or (z) any Capital Stock issued to an equity holder other than Holdco or a Holdco
Subsidiary to maintain its pro rata ownership.

     Section 6.17 Investments and Acquisitions. Holdco will not, nor will it permit any Holdco
Subsidiary to, make any Acquisition of any Person or make any Investment in any Person, except:

     (a) Acquisitions of (or all or substantially all of the assets of) entities engaged in a
Similar Business, so long as (i) the acquired entity becomes a Subsidiary of Holdco and the
Borrower and, if the acquired entity is a Domestic Subsidiary, the acquired entity (x) becomes a
Guarantor to the extent required by Section 6.23 and, to the extent required by Section 6.24,
pledges its assets as Collateral or (y) is merged, consolidated or amalgamated with or into, or
transfers or conveys substantially all its assets to, or is liquidated into, Holdco the Borrower or
a Guarantor; (ii) after giving effect to such acquisition and in each case determined on a pro
forma basis, (x) Holdco shall be in compliance with the Interest Coverage Ratio required by Section
6.22(a) and (y) the Total Leverage Ratio shall be not greater than (A) the maximum Total Leverage
Ratio provided for the most recent date prior to such date under Section 6.22(b) (or, in the case
of any transaction prior to September 30, 2011, for September 30, 2011) minus (B) 0.25; (iii) for
any Acquisition with aggregate consideration in excess of $50,000,000, the Borrower shall have
delivered to the Administrative Agent a certificate executed by an Authorized Officer setting forth
the calculations demonstrating such compliance; (iv) both before and after giving effect to such
acquisition no Default or Unmatured Default exists and (v) in the case of Acquisitions of
Subsidiaries that are Non-Guarantors, the aggregate amount of Investments in all Non-Guarantors for
all such Acquisitions shall not exceed (A) $125,000,000 plus (B) (I) $150,000,000 less (II) the
aggregate amount of all Investments made at or prior to such time pursuant to clause (d) of this
Section 6.17 plus (C) the Remaining Basket Amount plus (D)(I) $50,000,000 less (II) the aggregate
amount of all Investments made at or prior to such time pursuant to clause (v) of this Section
6.17;

     (b) [RESERVED];

     (c) any Investment in Holdco, the Borrower or any Subsidiary Guarantor;

     (d) any Investments by Holdco, the Borrower or any Subsidiary Guarantor in any Non-Guarantor
(other than any SPE) that together with all Investments made pursuant to this

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clause (d) after the date hereof shall not exceed $150,000,000 less the aggregate amount of
Investments made at or prior to such time pursuant to clause (a)(v)(B) above;

     (e) Investments made in any Non-Guarantor (but not any SPE) by another Non-Guarantor;

     (f) Investments in SPEs to provide for payment obligations in the ordinary course pursuant to
arrangements with customers and counterparties existing on the Effective Date;

     (g) any Investment in Cash or Cash Equivalents;

     (h) any Investment in the Restricted Investment Portfolio;

     (i) any Investment existing on the date hereof (excluding assets held by any SPE) or made
pursuant to legally binding written commitments in existence on the date hereof which, in either
case, is set forth in all material respects on Schedule 6.17(i), and any Investment that replaces,
refinances or refunds any such Investment; provided that such replacing, refinancing or refunding
Investment is in an amount that does not exceed the amount replaced, refinanced or refunded, and is
made in the same Person as the Investment replaced, refinanced or refunded;

     (j) loans and advances to employees, directors, managers or consultants of Holdco or any of
the Holdco Subsidiaries for reasonable and customary business related travel expenses, moving
expenses and similar expenses, in each case incurred in the ordinary course of business whether or
not consistent with past practice, and payroll advances in an aggregate outstanding amount at any
time (without giving effect to any writeoffs, writedowns or forgiveness) not exceeding $10,000,000;

     (k) any Investment acquired by Holdco or any Holdco Subsidiary:

     (i) in exchange for any other Investment or accounts receivable held by Holdco or any
Holdco Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of such other Investment or accounts receivable; or

     (ii) as a result of a foreclosure by Holdco or any Holdco Subsidiary with respect to
any secured Investment or other transfer of title with respect to any secured Investment in
default;

     (l) Investments to the extent the payment for which consists of Capital Stock (other than
Disqualified Stock) of Holdco;

     (m) Investments consisting of Indebtedness owing by Non-Guarantors to any Loan Party permitted
under Section 6.14(r);

     (n) any Investments received in compromise or resolution of (i) obligations of trade creditors
or customers that were incurred in the ordinary course of business of Holdco or any Holdco
Subsidiaries, including pursuant to any plan of reorganization or similar arrangement

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upon the bankruptcy or insolvency of any trade creditor or customer; or (ii) litigation,
arbitration or other disputes with Persons who are not Affiliates;

     (o) any Investment in securities or other assets not constituting Cash or Cash Equivalents and
received in connection with an asset sale made pursuant to Section 6.16;

     (p) Rate Management Obligations permitted hereunder;

     (q) receivables owing to Holdco or any of its Subsidiaries created or acquired in the ordinary
course of business and payable or dischargeable in accordance with customary trade terms;

     (r) upfront payments, signing bonuses and similar payments paid to agents and guaranties of
agent commissions, in each case in the ordinary course of business and consistent with past
practice;

     (s) Investments by MoneyGram Payment Systems, Inc. in one or more Non-Guarantors arising
directly as a result of the Tax-Efficient Restructuring (through contributions to equity of, or
intercompany loans or advances to, such Non-Guarantors);

     (t) any Investment not permitted by the other provisions of this Section 6.17 in an amount not
to exceed the Remaining Basket Amount determined at such time;

     (u) transfers from Holdco, the Borrower or a Subsidiary Guarantor to a Non-Guarantor of
Property with an aggregate fair market value not greater than $20,000,000 in any fiscal year of
Holdco and which constitute Investments; and

     (v) additional Investments in an aggregate amount, taken together with all other Investments
previously made (A) pursuant to this clause (v) or (B) pursuant to subclause (D) of clause (a)
above, not to exceed $50,000,000 (with the fair market value of each Investment being measured at
the time made and without giving effect to subsequent changes in value).

     Section 6.18 Liens. Holdco will not, nor will it permit any Holdco Subsidiary to, create,
incur, or suffer to exist any Lien in, of or on the Property of Holdco or any of the Holdco
Subsidiaries, except:

     (a) second-priority Liens securing obligations under the Second Lien Documents;

     (b) Liens created pursuant to the Collateral Documents (which Liens shall equally and ratably
secure Secured Hedge Obligations and Secured Cash Management Obligations);

     (c) Liens for taxes, assessments or governmental charges, claims or levies not yet overdue for
a period of more than 30 days or subject to penalties for nonpayment, or which are being contested
in good faith and by appropriate proceedings;

     (d) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s and mechanics’ Liens
and other similar Liens arising in the ordinary course of business which secure payment of
obligations not more than 30 days past due or which are being contested in good

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faith by appropriate proceedings or other Liens arising out of judgments or awards against
such Person with respect to which such Person shall then be proceeding in good faith with an appeal
or other proceeding for review so long as no such Lien secures claims constituting a Default under
Section 7.08;

     (e) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar
legislation;

     (f) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of
others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties;

     (g) Liens in existence on the Effective Date and identified in all material respects on
Schedule 6.18 hereto;

     (h) ordinary course pledges or deposits to secure bids, tenders, contracts (other than for the
payment of Indebtedness for borrowed money) or leases to which such Person is a party or deposits
as security for contested taxes, import duties or the payment of rent;

     (i) Liens in favor of the issuer of stay, customs, appeal, performance and surety bonds or bid
bonds or with respect to other regulatory requirements or securing bonds required by applicable
state regulatory licensing requirements or letters of credit or bank guarantees or similar
instruments in lieu of such items or to support the issuance thereof issued pursuant to the request
of and for the account of such Person in the ordinary course of its business;

     (j) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in
contemplation of, such other Person becoming such a Subsidiary; provided further that such Liens
may not extend to any other property owned by Holdco or any Holdco Subsidiary and that such Liens
are released within 30 days of such Person becoming a Subsidiary;

     (k) Liens on property at the time Holdco or a Holdco Subsidiary acquired the property,
including any acquisition by means of a merger or consolidation with or into Holdco or any Holdco
Subsidiary; provided, however, that such Liens are not created or incurred in connection with, or
in contemplation of, such acquisition; and provided, further, that the Liens may not extend to any
other property owned by Holdco or any Holdco Subsidiary;

     (l) licenses, sublicenses, leases or subleases entered into in the ordinary course of business
that do not materially impair their use in the operation of the business of Holdco and the Holdco
Subsidiaries, taken as a whole;

     (m) purported Liens evidenced by the filing of precautionary UCC financing statements relating
solely to operating leases of personal property entered into in the ordinary course of business;

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     (n) deposits made in the ordinary course of business to secure liability to insurance
carriers;

     (o) Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the
course of collection, (ii) encumbering reasonable customary initial deposits and margin deposits
and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in
the ordinary course of business and (iii) in favor of banking institutions arising as a matter of
law encumbering deposits (including the right of set-off) and which are within the general
parameters customary in the banking industry;

     (p) any attachment or judgment Lien against Holdco or any Holdco Subsidiary, or any property
of Holdco or any Holdco Subsidiary, so long as such Lien secures claims not constituting a Default
under Section 7.08;

     (q) the deposit or pre-funding of amounts (including through delivery to a payment agent) to
satisfy payment service or reimbursement obligations owed or estimated to be owed by Holdco or any
of its Subsidiaries, in each case in the ordinary course of business;

     (r) Liens securing Indebtedness permitted to be incurred pursuant to Section 6.14(e)(ii) or
Section 6.14(q); provided, that Liens securing Indebtedness permitted to be incurred pursuant to
Section 6.14(e)(ii) or Section 6.14(q) are solely on the assets financed, purchased, constructed,
improved or acquired or assets of the acquired entity as the case may be, and the proceeds and
products thereof and accessions thereto;

     (s) Liens securing Rate Management Obligations not exceeding $25,000,000 in the aggregate
outstanding at any time;

     (t) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

     (u) any Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of
any Indebtedness secured by any Lien of the type referred to in clause (a), (b), (g), (j), (k) or
(r) (or in this clause (u) and originally of the type referred to in such other clauses); provided,
however, that (x) such new Lien shall be limited to all or part of the same property that secured
the original Lien (plus improvements on such property and the proceeds and products thereof), and
(y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than
the sum of (i) the outstanding principal amount of the Indebtedness permitted pursuant to such
clause (a), (b), (g), (j), (k) or (r) and (ii) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal or replacement;

     (v) Liens in favor of Holdco, the Borrower or any Subsidiary Guarantor;

     (w) any zoning or similar law or right reserved to or vested in any governmental office or
agency to control or regulate the use of any real property;

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     (x) Liens solely on any cash earnest money deposits relating to asset sales or acquisitions
not in the ordinary course in connection with any letter of intent or purchase agreement not
prohibited by this Agreement;

     (y) Liens securing Indebtedness evidenced by pari passu first lien notes issued pursuant to
Section 2.25(a);

     (z) Liens securing Indebtedness or other obligations of a Holdco Subsidiary owing to Holdco,
the Borrower or a Subsidiary Guarantor permitted to be incurred in accordance with Section 6.14;

     (aa) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of
business; and

     (bb) other Liens not otherwise permitted by this Section 6.18 securing obligations not at any
time exceeding $100,000,000 in the aggregate.

     Section 6.19 Affiliates. Holdco will not, and will not permit any Holdco Subsidiary to, make
any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of Holdco, except:

     (a) on terms not materially less favorable to Holdco or such Holdco Subsidiary as Holdco or
such Holdco Subsidiary would obtain in a comparable arms length transaction, and in connection with
such transaction or series of related transactions involving aggregate annual payments or
consideration in excess of $10,000,000 Holdco delivers to the Administrative Agent a resolution
adopted by the disinterested members of the board of directors of Holdco approving such transaction
and set forth in an officer’s certificate certifying that such transaction complies with this
clause (a);

     (b) any Restricted Payments permitted under Section 6.13;

     (c) reimbursement of the Sponsors or their Affiliates for expenses in accordance with the
provisions of the Equity Purchase Agreement as in effect on the date hereof; provided, however,
that notwithstanding anything contained in this Agreement to the contrary, neither Holdco nor the
Borrower will, nor will they permit any Subsidiary to, pay any management fees to the Sponsors or
their Affiliates;

     (d) reasonable and customary fees, expenses and indemnities provided in the ordinary course of
business to officers, directors, managers, employees or consultants of Holdco or any Holdco
Subsidiary;

     (e) customary tax sharing arrangements among Holdco and its Subsidiaries entered into in the
ordinary course of business;

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     (f) transactions among the Loan Parties not expressly prohibited under this Agreement;

     (g) any transaction or series of transactions involving consideration of less than $1,000,000;

     (h) transactions in existence as of the Effective Date set forth in all material respects on
Schedule 6.19;

     (i) payments or loans (or cancellation of loans) to employees of Holdco or any Holdco
Subsidiary and employment agreements, severance agreements, stock option plans and other similar
arrangements with such employees which, in each case are approved by the disinterested members of
the board of directors of Holdco in good faith that are not otherwise prohibited by this Agreement;

     (j) the Transactions and the payment of all fees and expenses related to the Transactions; and

     (k) the payment of reasonable charges for travel in the ordinary course of business by any
officer, director, manager, employee, agent, consultant, Affiliate or advisor of Holdco or any
Holdco Subsidiary.

     Section 6.20 Amendments to Agreements. Except to the extent that any such amendment is
effected in connection with the Recapitalization and on or prior to the date hereof, Holdco will
not, and will not permit any of its Subsidiaries to, amend or terminate the Equity Purchase
Agreement, the Note Purchase Agreement, the Indenture, the certificates of designation with respect
to the Series B Preferred Stock, the Series B-1 Preferred Stock or the Series D Preferred Stock, in
each case as defined in, and attached as an exhibit to, the Equity Purchase Agreement, the
organizational documents of Holdco or any Holdco Subsidiary or any documents with respect to
Subordinated Debt which is Material Indebtedness, in each case in any manner which could reasonably
be expected to be materially adverse to the interests of the Lenders or would result in a material
breach of this Agreement.

     Section 6.21 Inconsistent Agreements. Holdco shall not, and shall not permit any Holdco
Subsidiary to, enter into any indenture, agreement, instrument (or amendment thereto) or other
arrangement which directly or indirectly prohibits or restrains, or has the effect of prohibiting
or restraining (x) the incurrence or repayment of the Obligations or the ability of Holdco or any
Holdco Subsidiary to create or suffer to exist Liens on such Person’s Property securing the
Obligations or (y) the ability of any Holdco Subsidiary to (a) pay dividends or make other
distributions on its capital or (b) pay any Indebtedness owed to, or make loans or advances to, or
sell, lease or transfer any of its Property to, Holdco or any Holdco Subsidiary, except that the
following are permitted:

     (a) contractual encumbrances or restrictions contained in any Loan Document, any Second Lien
Document (including any related Rate Management Transaction and its related documentation) or
otherwise in effect on the Effective Date;

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     (b) purchase money obligations for property acquired in the ordinary course of business and
Capitalized Lease Obligations that impose restrictions on disposition of the property so acquired;

     (c) applicable law or any applicable rule, regulation or order or similar restriction;

     (d) any agreement or other instrument of a Person acquired by Holdco or any Holdco Subsidiary
in existence at the time of such acquisition (but not created in contemplation thereof), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person, or the property or assets of the Person, so acquired;

     (e) contracts for the sale of assets, including, without limitation, customary restrictions
with respect to a Holdco Subsidiary pursuant to an agreement that has been entered into relating to
the sale or disposition of all or substantially all the Capital Stock or assets of that Holdco
Subsidiary pursuant to a transaction otherwise permitted by this Agreement;

     (f) restrictions imposed by the terms of secured Indebtedness otherwise permitted to be
incurred pursuant to Section 6.14 and 6.18 hereof that, in the case of a Loan Party, relate to the
assets securing such Indebtedness;

     (g) restrictions on cash or other deposits or portfolio securities or net worth imposed by
customers or Governmental Entities under contracts entered into in the ordinary course of business;

     (h) customary provisions in joint venture agreements, asset sale agreements, sale-lease back
agreements and other similar agreements;

     (i) customary provisions contained in leases and other agreements entered into in the ordinary
course of business;

     (j) any agreement for the sale or other disposition of a Holdco Subsidiary that restricts
dividends, distributions, loans or advances by such Holdco Subsidiary pending such sale or other
disposition;

     (k) Permitted Liens;

     (l) restrictions and conditions on the creation or existence of Liens imposed by the terms of
the documentation governing any Indebtedness or preferred stock of a Non-Guarantor, which
Indebtedness or preferred stock is permitted by Section 6.14;

     (m) customary provisions in joint venture agreements and other similar agreements applicable
to joint ventures permitted under Section 6.17 and applicable solely to such joint venture entered
into in the ordinary course of business; and

     (n) any encumbrances or restrictions of the type referred to in the lead-in to this Section
6.21 imposed by any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or obligations referred to
in clauses (a) through (m) above; provided, that such amendments,

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modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such
encumbrance and other restrictions than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing.

     Section 6.22 Financial Covenants.

     (a) Interest Coverage Ratio. The Interest Coverage Ratio, determined for each of the dates
set forth below, shall not be less than the applicable ratio set forth below opposite such fiscal
quarter:

	 	 	 	 
	Fiscal Quarter Ending	 	 	Interest Coverage Ratio
	September 30, 2011
	 	 	 
	December 31, 2011

March 31, 2012

June 30, 2012

September 30, 2012
	 	 	2.00:1.00
	 
	 	 	 
	December 31, 2012
	 	 	 
	March 31, 2013

June 30, 2013

September 30, 2013

December 31, 2013

March 31, 2014

June 30, 2014

September 30, 2014
	 	 	2.15:1.00
	 
	 	 	 
	December 31, 2014 (and each fiscal quarter end
thereafter)
	 	 	2.25:1.00

	 	 	 
	     (b) Total Leverage Ratio. The Total Leverage Ratio, determined for each of the dates set
forth below, shall not be greater than the applicable ratio set forth below opposite such fiscal
quarter:

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	Fiscal Quarter Ending	 	Total Leverage Ratio	 
	September 30, 2011
	 	 	 	 
	December 31, 2011

March 31, 2012

June 30, 2012

September 30, 2012
	 	 	4.750:1.000	 
	 
	 	 	 	 
	December 31, 2012
	 	 	 	 
	March 31, 2013

June 30, 2013

September 30, 2013
	 	 	4.625:1.000	 
	 
	 	 	 	 
	December 31, 2013
	 	 	 	 
	March 31, 2014

June 30, 2014

September 30, 2014
	 	 	4.375:1.000	 	 
	 
	 	 	 	 
	December 31, 2014
	 	 	 	 
	March 31, 2015

June 30, 2015

September 30, 2015
	 	 	4.000:1.000	 
	 
	 	 	 	 
	December 31, 2015
	 	 	 
	March 31, 2016

June 30, 2016

September 30, 2016
	 	 	3.750:1.000	 
	 
	 	 	 	 
	December 31, 2016 (and each fiscal quarter end
thereafter)
	 	 	3.500:1.000	 
	 
	 	 	 	 

     Notwithstanding anything to the contrary contained in this Section, if (i) Holdco fails to
comply with the requirements of 6.22(a) or 6.22(b) as of the end of any fiscal quarter and (ii) at
any during such fiscal quarter or thereafter until the date that is 15 days after the date the
Borrower is required to deliver financial statements with respect to such period pursuant to
Section 6.01, Holdco receives a cash contribution to its equity capital in exchange for common
shares of its Capital Stock and gives written notice to the Administrative Agent that such cash
contribution has been received and is a Specified Equity Contribution (any amount so identified, a
“Specified Equity Contribution”), then the amount of such Specified Equity Contribution will be
deemed to be an increase to Consolidated EBITDA solely for the purposes of determining compliance
with Sections 6.22(a) or 6.22(b) at the end of such fiscal quarter (and for purposes of determining
compliance with future periods that include such fiscal quarter) (but such Specified Equity
Contribution shall not be included for purposes of determining the Basket Amount or other purposes
hereunder); provided that (A) in each four fiscal quarter period, there shall be a period of at
least two fiscal quarters in respect of which no Specified Equity Contribution is made, and no more
than four Specified Equity Contributions may be made from the Effective Date through the Term Loan
Maturity Date and (B) the amount of any Specified Equity Contribution shall be no greater than the
amount required to cause Holdco to be in compliance with Sections 6.22(a) or 6.22(b). If after
giving effect to the foregoing recalculations Holdco shall be in compliance with the requirements
of Sections 6.22(a) or 6.22(b), Holdco shall be deemed to have satisfied the requirements of such
covenants as of the relevant date of determination with the same effect as though there had been no
failure to comply therewith at

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such date, and the applicable Default in respect of such covenant that had occurred shall be
deemed cured for this purposes of this Agreement. From the date on which the Borrower gives the
Administrative Agent written notice of a Specified Equity Contribution with respect to a fiscal
period until the 20th day after financial statements are required to be delivered pursuant to
Section 6.01 for such fiscal period, none of the Administrative Agent, the Collateral Agent, any
Lender or any Secured Party shall exercise any rights or remedies with respect to a breach of
Section 6.22(a) or 6.22(b) with respect to such fiscal period, but any such breach shall not be
deemed waived for purposes of Section 4.02 until such Specified Equity Contribution is received by
Holdco.

     Section 6.23 Subsidiary Guarantees. On the Effective Date and thereafter, on or before the
30th day following each date required for delivery of financial statements pursuant to Section
6.01(a) or (b), Holdco shall cause the following entities to be or become Guarantors hereunder:
(i) each Material Domestic Subsidiary at such time and (ii) other Wholly-Owned Domestic
Subsidiaries such that, after giving effect thereto, the Subsidiaries of Holdco that are Guarantors
(considered without duplication and without consolidation with any of their respective Subsidiaries
that are Non-Guarantors) account for at least (A) 90% of the total consolidated assets and (B) 90%
of the total consolidated revenues, in each case of Holdco and its Domestic Subsidiaries determined
for the most recent fiscal quarter then ended (in the case of (A)) or most recent fiscal year then
ended (in the case of (B)). To effect the foregoing, Holdco shall cause an Authorized Officer of
each Subsidiary that is so required to become a Guarantor at such time to execute and deliver to
the Administrative Agent for the benefit of the Lenders a joinder agreement under the Guaranty in a
form (together with any related certificates and opinions reasonably requested by the
Administrative Agent) reasonably acceptable to the Administrative Agent. The Borrower shall
promptly notify the Administrative Agent at which time any Authorized Officer becomes aware that a
Wholly-Owned Subsidiary has become a Material Domestic Subsidiary. Notwithstanding the foregoing,
substantially contemporaneously with any Subsidiary becoming a “Guarantor” (as defined in the
Indenture), Holdco shall cause such Subsidiary to become a Guarantor hereunder pursuant to
documentation as described above.

     Section 6.24 Collateral. Effective upon any Subsidiary becoming a Guarantor after the date
hereof, Holdco shall cause such Guarantor within fifteen Business Days after becoming a Guarantor
(or such later date as the Administrative Agent may agree) to grant to the Collateral Agent for the
benefit of the Secured Parties a first (subject to Permitted Liens) priority security interest in
all assets (including real property and the Capital Stock of its Subsidiaries) of such Guarantor
pursuant to documentation (including related certificates and opinions) reasonably acceptable to
the Administrative Agent. Holdco will, and will cause the Borrower and each of the Guarantors to,
at the expense of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the
Administrative Agent from time to time such schedules, confirmatory assignments, conveyances,
financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments and take such further steps relating to the Collateral as the
Administrative Agent may reasonably require. Notwithstanding any of the foregoing, (a) neither
Holdco, the Borrower nor any other Guarantor shall be obligated hereby to grant a security interest
in any asset if the granting of such security interest would result in the violation of any
applicable law or regulation, (b) the Collateral shall not include a security interest in any asset
if the granting of such security interest would be prohibited by enforceable anti-assignment
provisions of contracts or applicable law (after giving effect to relevant

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provisions of the Uniform Commercial Code), (c) fee-owned real property having an individual
fair market value of less than $2,500,000 or aggregate fair market value of less than $10,000,000
shall be excluded from the Collateral, (d) the Collateral shall not include cash and cash
equivalents, accounts receivable or Portfolio Securities, or deposit or security accounts (except
to the extent that the foregoing are proceeds of Collateral; provided, that in no event shall any
control agreements be required) containing any of the foregoing, other assets requiring perfection
through control agreements, letter-of-credit rights, leasehold real property, motor vehicles and
other assets subject to certificates of title (other than any corporate aircraft), interests in
certain joint ventures and non-Wholly-Owned Subsidiaries which cannot be pledged without the
consent of one or more third parties and obligations the interest on which is wholly exempt from
the taxes imposed by subtitle A of the Code, (e) the pledge of the Capital Stock of Foreign
Subsidiaries shall be limited to 65% of the Capital Stock of material first-tier Foreign
Subsidiaries, (f) the Administrative Agent shall have the discretion to exclude from the Collateral
immaterial assets, assets as to which it and the Borrower determine that the cost of obtaining such
security interest would outweigh the benefit to the Lenders and other assets in which it may
determine that the taking of a security interest would not be advisable, and (g) no foreign law
security or pledge agreements shall be required.

ARTICLE 7

Defaults

     The occurrence of any one or more of the following events shall constitute a Default:

     Section 7.01 Representation or Warranty. Any representation or warranty made or deemed made
by or on behalf of Holdco, the Borrower or any of the Subsidiaries to the Lenders or the
Administrative Agent under or in connection with any Loan Document, any Credit Extension, or any
certificate or information required to be delivered under any Loan Document shall be materially
false on the date as of which made.

     Section 7.02 Non-Payment. Nonpayment of principal of any Loan when due, nonpayment of any
reimbursement obligation in respect of any LC Disbursement within three Business Days after the
same becomes due and the Borrower has received written notice of such fact, or nonpayment of
interest upon any Loan or of any commitment fee, LC Fee or other obligations under any of the Loan
Documents within three Business Days after the same becomes due.

     Section 7.03 Specific Defaults. The breach by any Loan Party of any of the terms or
provisions of Section 6.03, Section 6.13 through and including 6.22.

     Section 7.04 Other Defaults. The breach by any Loan Party (other than a breach which
constitutes a Default under Section 7.02 or 7.03 of this Article 7) of any of the terms or
provisions of this Agreement or any other Loan Document which is not remedied within thirty days
after written notice thereof from the Administrative Agent to the Borrower.

     Section 7.05 Cross-Default. Failure of Holdco or any of its Subsidiaries to pay when due any
Material Indebtedness; or the default by Holdco or any of its Subsidiaries in the performance
(beyond the applicable grace period with respect thereto, if any, and provided that

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such default has not been cured or waived) of any term, provision or condition contained in
any Material Indebtedness Agreement, or any other event shall occur or condition exist, the effect
of which default, event or condition is to cause, or to permit the holder(s) of such Material
Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material
Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Holdco or
any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or
repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof.

     Section 7.06 Insolvency; Voluntary Proceedings. Holdco or any of its Subsidiaries shall (a)
have an order for relief entered with respect to it under the Federal or state bankruptcy laws as
now or hereafter in effect, (b) make a general assignment for the benefit of creditors, (c) apply
for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee,
examiner, liquidator or similar official for it or any Substantial Portion of its Property, (d)
institute any proceeding seeking an order for relief under the Federal or state bankruptcy laws as
now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking
dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it
or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors or fail to file an answer or other pleading denying the material allegations of any such
proceeding filed against it, (e) take any corporate or partnership action to authorize or effect
any of the foregoing actions set forth in this Section 7.06, (f) fail to contest in good faith any
appointment or proceeding described in Section 7.07 or (g) not pay, or admit in writing its
inability to pay, its debts generally as they become due.

     Section 7.07 Involuntary Proceedings. Without the application, approval or consent of Holdco
or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar official shall be
appointed for Holdco or any of its Subsidiaries or any Substantial Portion of its Property, or a
proceeding described in Section 7.06(d) shall be instituted against Holdco or any of its
Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed
or unstayed for a period of 45 consecutive days.

     Section 7.08 Judgments. Holdco or any of its Subsidiaries shall fail within 30 days to pay,
bond or otherwise discharge one or more final, non-appealable judgments or orders for the payment
of money in excess of $25,000,000 (or the equivalent thereof in currencies other than Dollars) in
the aggregate.

     Section 7.09 Unfunded Liabilities; Reportable Event. Any Reportable Event shall occur in
connection with any Single Employer Plan , and, 30 days after notice thereof shall have been given
to the Borrower, such Reportable Event shall not have been corrected and shall have created and
caused to be continuing a material risk of Plan termination or liability for withdrawal from the
Plan as a “substantial employer” (as defined in Section 4001(a)(2) of ERISA), which termination or
liability for withdrawal could reasonably be expected to have a Material Adverse Effect.

     Section 7.10 Change in Control. Any Change in Control shall occur.

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     Section 7.11 Withdrawal Liability. Holdco or any other member of the Controlled Group shall
have been notified by the sponsor of a Multiemployer Plan that it has incurred withdrawal liability
to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to
be paid to Multiemployer Plans by Holdco or any other member of the Controlled Group as withdrawal
liability (determined as of the date of such notification) could reasonably be expected to have a
Material Adverse Effect.

     Section 7.12 Loan Document. Any Loan Document shall fail to remain in full force or effect
(other than by reason of a release of a Loan Party in accordance with the terms hereof and thereof)
or any Loan Party shall assert in writing the invalidity or unenforceability of any Loan Document,
or any Loan Party shall deny in writing that it has any further liability under any guaranty of the
Obligations to which it is a party, or shall give notice to such effect.

     Section 7.13 Events Not Constituting Default. Notwithstanding the provisions of Sections 7.01
and 7.04, (a) any breach of any representation and warranty made hereunder or under or in
connection with any Loan Document, (b) any falsity of any certificate or information required to be
delivered under any Loan Document or (c) any breach under Section 7.04 of this Agreement or any
other Loan Document that, in the case of each of clauses (a) through (c) above, arises, directly or
indirectly, out of the restatement of the consolidated financial statements of Holdco and its
Subsidiaries heretofore delivered or of Holdco and its Subsidiaries required to be delivered to the
Lenders under this Agreement (such financial statements so restated, the “Restated Financial
Statements”) as a result of the historical valuation, accounting and/or processes, in each case for
fiscal periods ended prior to the Effective Date, related to the investment portfolio of Holdco and
its Subsidiaries shall in no event constitute a Default or Unmatured Default under this Agreement;
provided, however, that (i) the Borrower furnishes to the Lenders the Restated Financial Statements
promptly after the public filing thereof (and in the case of Restated Financial Statements of the
Borrower, promptly after public filing of the corresponding restated financial statements of
Holdco) and (ii) in the event of a breach described in clause (c) of this Section 7.13 consisting
of any failure to deliver financial statements required by Section 6.01(a) or (b) to be delivered
for periods ending after the earliest period for which financial statements are being restated (the
“Subsequent Financial Statements”), (A) the Borrower furnishes to the Lenders the Subsequent
Financial Statements as to which such a breach exists not later than the earlier of (x) the public
filing of the corresponding financial statements of Holdco and (y) the date that is 45 days, in the
case of any delivery of financial statements for the first three fiscal quarters of any fiscal
year, or 60 days, in the case of financial statements for any fiscal year, after the public filing
of any Restated Financial Statements (and in the case of Restated Financial Statements of the
Borrower, promptly after public filing of the corresponding restated financial statements of
Holdco), (B) during such period for which the Subsequent Financial Statements or related audit
report, if applicable, required by Section 6.01(a) or (b) were not available (which period shall in
no event extend beyond the dates set forth in clause (i) above), the Borrower furnishes to the
Lenders, in lieu thereof, internal unaudited annual financial statements and internal unaudited
quarterly financial statements within the time periods set forth in Section 6.01(a) or (b)
respectively which are prepared on a consistent basis as internal unaudited financial statements
prepared by Holdco and its Subsidiaries which shall be certified by a Financial Officer as (subject
to the effect of adjustments for any pending restatement, normal year-end adjustments and the
absence of footnotes) fairly presenting, in all material respects, the consolidated financial
condition and

100

 

operations at such date and the consolidated results of operations for the period then ended,
in each case of Holdco and its Subsidiaries (it being understood that neither (x) the fact that
such certification is subject to such adjustments for any pending restatement nor (y) any failure,
as a result of such adjustments for any pending restatement, of such internal unaudited financial
statements to fairly present, in all material respects, such consolidated financial condition and
operations and consolidated results of operations shall constitute a Default or Unmatured Default
under this Agreement or any other Loan Document), and (C) within one year of the date an audit
report would be due under Section 6.01(a) with respect to Subsequent Financial Statements for any
fiscal year, the Borrower delivers to the Lenders an audit report as required by Section 6.01(a)
with respect to the applicable Subsequent Financial Statements (which audit report may include a
qualification relating to any pending restatement described above and which qualified report shall
not constitute a Default or Unmatured Default under this Agreement or any other Loan Document).
Notwithstanding any of the foregoing, in no event will any Subsequent Financial Statements be
delivered to the Lenders hereunder later than corresponding financial statements are delivered to
the noteholders under the Note Purchase Agreement.

ARTICLE 8

Acceleration, Waivers, Amendments and Remedies

     Section 8.01 Acceleration. If any Default described in Section 7.06 or 7.07 occurs with
respect to the Borrower, the obligations of the Lenders to make Loans hereunder and the obligation
and power of the LC Issuer to issue Letters of Credit shall automatically terminate and the
Obligations shall immediately become due and payable without any election or action on the part of
the Administrative Agent, the LC Issuer or any Lender. If any other Default occurs, the Required
Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate or
suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the
LC Issuer to issue Letters of Credit, or declare the Obligations to be due and payable, or both,
whereupon the Obligations shall become immediately due and payable, without presentment, demand,
protest or notice of any kind, all of which the Borrower hereby expressly waives.

     Section 8.02 Amendments. Subject to the provisions of this Section 8.02 and Section 8.03 and
8.04 below, the Required Lenders (or the Administrative Agent with the consent in writing of the
Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of
adding or modifying any provisions to the Loan Documents or changing in any manner the rights of
the Lenders or the Borrower hereunder or waiving any Default or Unmatured Default hereunder;
provided, however, that no such supplemental agreement shall, without the consent of all of the
Lenders adversely affected thereby (or in the case of subsections Section 8.02(b), (d), (e) and
(f), all of the Lenders):

     (a) Extend the final maturity of any Loan, or extend the expiry date of any Letter of Credit
to a date after the Maturity Date or forgive all or any portion of the principal amount thereof or
any LC Disbursements, or reduce the rate or extend the time of payment of interest or fees
hereunder or LC Disbursements (it being understood that the waiver of default interest pursuant to
Section 2.14 shall only require the consent of Required Lenders), or amend Section 2.24.

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     (b) Reduce the percentage specified in the definition of Required Lenders.

     (c) Increase or extend any Commitment of any Lender hereunder (it being understood that any
change to or waivers or modifications of conditions precedent, covenants, Defaults or Unmatured
Defaults or of a mandatory prepayment shall not constitute an increase or extension of the
Commitments of any Lender).

     (d) Permit the Borrower to assign its rights under this Agreement (it being understood that
any modification to Section 6.15 or 6.16 shall only require approval of the Required Lenders).

     (e) Amend this Section 8.02 or Section 11.02 (it being understood that with the consent of the
Required Lenders, additional extensions of credit pursuant to this Agreement (including pursuant to
Section 2.25) may be included in the determination of the Required Lenders on substantially the
same basis as the Commitments and extensions of credit thereunder on the Effective Date and this
Section 8.02 may be amended by the Required Lenders to reflect such extensions of credit.

     (f) Release all or substantially all of the Collateral or release all or substantially all of
the Guarantors from their obligations under the Guaranty, except, in either case, as contemplated
by Section 10.10.

     Without limiting the foregoing and notwithstanding anything herein or in Section 2.25 to the
contrary: the consent of the Required Term Lenders shall be required with respect to any amendment
that (A) extends the scheduled date of payment of the principal amount of any Term Loan or (B)
alters the amount or application of any prepayment pursuant to Section 2.10 in a manner adverse to
the interests of Lenders with Term Loans.

     No amendment of any provision of this Agreement relating to the Administrative Agent shall be
effective without the written consent of the Administrative Agent, and no amendment of any
provision relating to the LC Issuer shall be effective without the written consent of the LC
Issuer. No amendment of any provision of this Agreement relating to the Swing Line Lender or any
Swing Line Loan made by such Swing Line Lender shall be effective without the written consent of
the Swing Line Lender. The Administrative Agent may waive payment of the fee required under
Section 12.01(b)(iv) without obtaining the consent of any other party to this Agreement.
Notwithstanding anything to the contrary herein, no Affected Lender of the type described in
clauses (iii) or (iv) of Section 2.23(b) shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the consent of each such Lender directly
affected thereby shall be required to (i) increase or extend the Commitment of such Lender, (ii)
extend the final maturity of any Loan, (iii) forgive all or any portion of the principal amount
thereof or any LC Disbursements or (iv) amend Section 2.24.

     At the request of the Administrative Agent, the Borrower shall identify from the list of
Lenders maintained by the Administrative Agent, to the best of Borrower’s knowledge, those Lenders
that are Affiliated Lenders.

     Section 8.03 Replacement Loans. In addition, subject to Section 2.10(b) and 2.25, this
Agreement and the other Loan Documents may be amended (or amended and restated) with the

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written consent of the Administrative Agent, the Borrower and the Lenders providing the
relevant Replacement Term Loans to permit the refinancing of all of the outstanding Term Loans (the
“Refinanced Term Loans”) or the replacement of the Aggregate Revolving Credit Commitment (the
“Refinanced Commitment”) with one or more replacement term loan tranches hereunder which shall be
Loans hereunder (“Replacement Term Loans”) or one or more new revolving commitments (the
“Replacement Commitments”); provided that (a) the aggregate principal amount of such Replacement
Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the
Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin
for such Refinanced Term Loans, respectively, (c) the Weighted Average Life to Maturity of such
Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such
Refinanced Term Loans, respectively, at the time of such refinancing, (d) the aggregate amount of
the Replacement Commitment shall not exceed the Refinanced Commitment, (e) the Applicable Margin
for such Replacement Commitment shall not exceed the Applicable Margin for the Refinanced
Commitment, (f) the borrower of such Replacement Term Loans or Replacement Commitment shall be the
Borrower and (g) all other terms applicable to such Replacement Term Loans or Replacement
Commitments shall be substantially identical to, or not materially more favorable to the Lenders
providing such Replacement Loans or Replacement Commitments than, those applicable to such
Refinanced Term Loans or Refinanced Commitments, except to the extent necessary to provide for
covenants and other terms applicable to any period after the latest final maturity of the Term
Loans, as applicable, in effect immediately prior to such refinancing.

     Section 8.04 Errors. Further, notwithstanding anything to the contrary contained in Section
8.02, if following the Effective Date, the Administrative Agent and the Borrower shall have agreed
in their sole and absolute discretion that there is an ambiguity, inconsistency, manifest error or
any error or omission of a technical or immaterial nature, in each case, in any provision of the
Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such
provision and such amendment shall become effective without any further action or consent of any
other party to any Loan Documents if the same is not objected to in writing by the Required Lenders
within ten Business Days following receipt of notice thereof (it being understood that the
Administrative Agent has no obligation to agree to any such amendment).

     Section 8.05 Preservation of Rights. No delay or omission of the Lenders, the LC Issuer or
the Administrative Agent to exercise any right under the Loan Documents shall impair such right or
be construed to be a waiver of any Default or an acquiescence therein, and a Credit Extension
notwithstanding the existence of a Default or the inability of the Borrower to satisfy the
conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any
single or partial exercise of any such right shall not preclude other or further exercise thereof
or the exercise of any other right, and no waiver, amendment or other variation of the terms,
conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed
by the Lenders required pursuant to Section 8.02 or as otherwise provided in Section 8.03 or 8.04,
and then only to the extent in such writing specifically set forth. All remedies contained in the
Loan Documents or by law afforded shall be cumulative and all shall be available to the
Administrative Agent, the LC Issuer and the Lenders until the Obligations have been paid in full.

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ARTICLE 9

General Provisions

     Section 9.01 Survival of Representations. All representations and warranties of the Borrower
and Holdco contained in this Agreement shall survive the making of the Credit Extensions herein
contemplated.

     Section 9.02 Governmental Regulation. Anything contained in this Agreement to the contrary
notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit to the
Borrower in violation of any limitation or prohibition provided by any applicable statute or
regulation.

     Section 9.03 Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions of the Loan
Documents.

     Section 9.04 Entire Agreement. Other than those certain fee letter agreements dated April 4,
2011 among the Borrower, the Administrative Agent and the Bookrunners, the Loan Documents embody
the entire agreement and understanding among the Borrower, the Administrative Agent, the LC Issuer
and the Lenders and supersede all prior agreements and understandings among the Borrower, the
Administrative Agent, the LC Issuer and the Lenders relating to the subject matter thereof which
shall survive and remain in full force and effect during the term of this Agreement.

     Section 9.05 Several Obligations; Benefits of This Agreement. The respective obligations of
the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any
other (except to the extent to which the Administrative Agent is authorized to act as such). The
failure of any Lender to perform any of its obligations hereunder shall not relieve any other
Lender from any of its obligations hereunder. This Agreement shall not be construed so as to
confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns, provided, however, that the parties hereto expressly agree that
the Arranger shall enjoy the benefits of the provisions of Sections 9.06 and 9.08 to the extent
specifically set forth therein and shall have the right to enforce such provisions on its own
behalf and in its own name to the same extent as if it were a party to this Agreement.

     Section 9.06 Expenses; Indemnification; Damage Waiver.

     (a) 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 one counsel for the Administrative Agent and, if reasonably necessary, of one local counsel in
any relevant jurisdiction), in connection with the syndication of the credit facilities provided
for herein, the preparation, negotiation, execution, delivery and administration of this Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable out-of-pocket expenses incurred by the LC Issuer (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender or the LC Issuer) in
connection with the issuance, amendment, renewal or

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extension of any Letter of Credit or any demand for payment thereunder and (iii) all out of
pocket expenses incurred by the Administrative Agent, any Lender or the LC Issuer (including the
fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the LC
Issuer), 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 Loans made or Letters of Credit issued hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
Letters of Credit.

     (b) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each
Joint Lead Arranger, each Joint Bookrunner, the Syndication Agent, each Co-Documentation Agent,
each Lender and the LC Issuer, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against
any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the LC Issuer to honor a demand for payment under a Letter of
Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or
any liability arising under Environmental Laws related in any way to the Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or
such Loan Party’s directors, shareholders or creditors, 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, or material breach of any Loan Document by, such Indemnitee or
(y) arise from disputes solely among Indemnitees, and in such event solely to the extent that the
underlying dispute does not arise as a result of an action, inaction or representation of, or
information provided by or on behalf of, Holdco or any of its Subsidiaries or Affiliates.

     (c) To the extent that the Borrower for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent
(or any sub-agent thereof), the LC Issuer or any Related Party of any of the foregoing, each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent), the LC Issuer or such
Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is

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sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or the LC Issuer in its capacity as such,
or against any Related Party of any of the foregoing acting for the Administrative Agent (or any
such sub-agent) or LC Issuer in connection with such capacity. The obligations of the Lenders
under this subsection (c) are subject to the provisions of Section 9.05.

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

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

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

     Section 9.07 Severability of Provisions. Any provision in any Loan Document that is held to
be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     Section 9.08 Nonliability of Lenders. The relationship between the Borrower on the one hand
and the Lenders, the LC Issuer and the Administrative Agent on the other hand shall be solely that
of borrower and lender. Neither the Administrative Agent, the Arrangers, the LC Issuer nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the Administrative
Agent, the Arrangers nor any Lender undertakes any responsibility to the Borrower to review or
inform the Borrower of any matter in connection with any phase of the Borrower’s business or
operations. The Borrower agrees that neither the Administrative Agent, the Arrangers, the LC
Issuer nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or
otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way
related to, the transactions contemplated and the relationship established by the Loan Documents,
or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent

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jurisdiction that such losses resulted from the gross negligence, bad faith or willful
misconduct of, or breach of the Loan Documents by, the party from which recovery is sought or any
dispute solely between or among the Administrative Agent, the Arrangers, the LC Issuer and/or any
Lender and not involving Holdco, the Borrower, the Sponsors or their respective Affiliates.
Neither the Administrative Agent, the Arrangers, the LC Issuer nor any Lender shall have any
liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any
special, indirect, consequential or punitive damages suffered by the Borrower in connection with,
arising out of, or in any way related to the Loan Documents or the transactions contemplated
thereby.

     Section 9.09 Confidentiality. The Administrative Agent and each Lender agrees to hold any
Information (as defined below) which it may receive from the Borrower in connection with this
Agreement in confidence, except for disclosure (a) to its Affiliates and to the Administrative
Agent and any other Lender and their respective Affiliates for use solely in connection with the
performance of their respective obligations hereunder contemplated hereby, (b) to legal counsel,
accountants, and other professional advisors to such Lender, (c) to regulatory officials, (d) to
any Person as required by law, regulation, or legal process, (e) in connection with the exercise of
any remedies hereunder or any suit, action or proceeding relating to the Loan Documents or the
enforcement of rights thereunder, (f) to its direct or indirect contractual counterparties in swap
agreements or to legal counsel, accountants and other professional advisors to such counterparties,
provided that each such Person agreed to be bound by confidentiality provisions at least as
restrictive as provided under this Section 9.09, (g) permitted by Section 12.02, and (h) to rating
agencies if requested or required by such agencies in connection with a rating relating to the
Advances hereunder. Without limiting Section 9.04, the Borrower agrees that the terms of this
Section 9.09 shall set forth the entire agreement between the Borrower and each Lender (including
the Administrative Agent) with respect to any Information previously or hereafter received by such
Lender in connection with this Agreement, and this Section 9.09 shall supersede any and all prior
confidentiality agreements entered into by such Lender with respect to such Information. For the
purposes of this Section, “Information” means all information received from Holdco, the Borrower,
its Subsidiaries or their agents or representatives relating to Holdco, the Borrower, its
Subsidiaries or their agents or other representatives or its business, other than any such
information that is available to the Administrative Agent, the LC Issuer or any Lender on a
non-confidential basis prior to disclosure by Holdco or the Borrower. 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 LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION 9.09 FURNISHED TO IT
PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDCO AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS
THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION
AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES
AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

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     ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT HOLDCO AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.
ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS
IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT
MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND
APPLICABLE LAW.

     Section 9.10 Nonreliance. Each Lender hereby represents that it is not relying on or looking
to any margin stock (as defined in Regulation U) for the repayment of the Credit Extensions
provided for herein.

     Section 9.11 Disclosure. The Borrower and each Lender hereby acknowledge and agree that Bank
of America and/or its Affiliates from time to time may hold investments in, make other loans to or
have other relationships with the Borrower and its Affiliates.

     Section 9.12 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower and each Loan Party acknowledge
and agree, and acknowledge their respective Affiliates’ understanding, that: (i) (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, each Loan Party and their respective
Affiliates, on the one hand, and the Administrative Agent and the Arrangers on the other hand, (B)
the Borrower and each Loan Party have consulted their own legal, accounting, regulatory and tax
advisors to the extent they have deemed appropriate, and (C) the Borrower and each Loan Party are
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 are and have been acting solely as a principal and, except
as expressly agreed in writing by the relevant parties, has not been, is not, and will not be
acting as an advisor, agent or fiduciary for the Borrower, any Loan Party or any of their
respective Affiliates, or any other Person and (B) neither the Administrative Agent nor either Lead
Arranger has any obligation to the Borrower nor any Loan Party nor any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and each
Arranger and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower, the Loan Parties and any of their
respective Affiliates, and neither the Administrative Agent nor either Arranger has any obligation
to disclose any of such interests to the Borrower, any Loan Party or any of their respective
Affiliates. To the fullest extent permitted by law, the Borrower and each Loan Party hereby waive
and release any claims that it may have against the Administrative Agent and both Arrangers with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby.

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     Section 9.13 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby
notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Act.

ARTICLE 10

The Administrative Agent

     Section 10.01 Appointment and Authority. (a) Each of the Lenders and the LC Issuer hereby
irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and
under the other Loan Documents and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and
the LC Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party
beneficiary of any of such provisions.

     (b) The Administrative Agent shall also act as the Collateral Agent under the Loan Documents,
and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash
Management Bank) and the LC Issuer hereby irrevocably appoints and authorizes the Administrative
Agent to act as the agent of such Lender and the LC Issuer for purposes of acquiring, holding and
enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the
Obligations, together with such powers and discretion as are reasonably incidental thereto. In
this connection, the Administrative Agent, as Collateral and any co-agents, sub-agents and
attorneys-in-fact appointed by the Administrative Agent pursuant to Section 10.05 for purposes of
holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the
Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the
Administrative Agent), shall be entitled to the benefits of all provisions of Article 8, Article 9
and this Article 10 (including Section 9.06, as though such co-agents, sub-agents and
attorneys-in-fact were the Collateral Agent under the Loan Documents) as if set forth in full
herein with respect thereto.

     Section 10.02 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.

     Section 10.03 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:

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     (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.

     (d) 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 Section 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, a Lender or the LC Issuer.

     (e) 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 the creation, perfection or priority of any Lien purported to be created
by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the
satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

     (f) The Administrative Agent shall not be liable for any assignment or participation made to a
Disqualified Institution.

     Section 10.04 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

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

     Section 10.05 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.

     Section 10.06 Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders, the LC Issuer and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States and shall in no event be a
Disqualified Institution. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the LC Issuer, appoint a successor Administrative Agent meeting the qualifications set
forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders
that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective in accordance with such notice and (a) the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the
Lenders or the LC Issuer under any of the Loan Documents, the retiring Administrative Agent shall
continue to hold such collateral security until such time as a successor Administrative Agent is
appointed) and (b) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and the LC Issuer
directly, until such time as the Required Lenders appoint a successor Administrative Agent as
provided for above in this Section. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder
or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the

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retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 8.02 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent.

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as LC Issuer and Swing Line Lender. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring LC Issuer and
Swing Line Lender, (ii) the retiring LC Issuer and Swing Line Lender shall be discharged from all
of their respective duties and obligations hereunder or under the other Loan Documents, and (iii)
the successor LC Issuer shall issue letters of credit in substitution for the Letters of Credit, if
any, outstanding at the time of such succession or make other arrangements satisfactory to the
retiring LC Issuer to effectively assume the obligations of the retiring LC Issuer with respect to
such Letters of Credit.

     Section 10.07 Non-reliance On Administrative Agent And Other Lenders. Each Lender and the LC
Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent
or any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender and the LC Issuer also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     Section 10.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Bookrunners, Arrangers, Documentation Agents or Syndication Agent listed on the cover page
hereof shall have any powers, duties or responsibilities under this Agreement or any of the other
Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the
LC Issuer hereunder.

     Section 10.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
Insolvency Proceeding or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or LC Exposure shall then
be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, LC Exposures 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, the LC Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the LC Issuer and the
Administrative Agent and their respective agents and counsel and all other amounts due

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the Lenders, the LC Issuer and the Administrative Agent under Sections 2.08, 2.22(k), and
9.06) 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 and the LC Issuer to make such
payments to the Administrative Agent and, if the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the LC Issuer, 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 2.08 and 9.06.

     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 or the LC Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
LC Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the LC Issuer or in any such proceeding.

     Section 10.10 Collateral and Guaranty Matters. Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) and the LC Issuer
irrevocably authorize the Administrative Agent, at its option and in its discretion,

     (a) to release any Lien on any property granted to or held by the Administrative Agent under
any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all
Obligations (other than (A) contingent indemnification obligations and (B) Secured Cash Management
Obligations and Secured Hedge Obligations as to which arrangements satisfactory to the applicable
Cash Management Bank or Hedge Bank shall have been made) and the expiration or termination of all
Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the
Administrative Agent and the LC Issuer shall have been made), (ii) that is sold or to be sold as
part of or in connection with any sale permitted hereunder or under any other Loan Document, or
(iii) if approved, authorized or ratified in writing in accordance with Section 8.02;

     (b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder; and

     (c) to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section
6.18(r).

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Guaranty
pursuant to this Section 10.10. In each case as specified in this Section 10.10, the
Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan
Party such documents as such Loan Party may reasonably request to evidence the release of such

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item of Collateral from the assignment and security interest granted under the Collateral
Documents or to subordinate its interest in such item, or to release such Guarantor from its
obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and
this Section 10.10.

     Section 10.11 Intercreditor Agreement. Each Lender hereby authorizes and directs the
Collateral Agent to enter into the Intercreditor Agreement as attorney-in-fact on behalf of such
Lender and agrees that in consideration of the benefits of the security being provided to such
Lender in accordance with the Collateral Documents and the Intercreditor Agreement and by
acceptance of those benefits, each Lender (including any Lender which becomes such by assignment
pursuant to Section 12.01 after the date hereof) shall be bound by the terms and provisions of the
Intercreditor Agreement and shall comply (and shall cause any Affiliate thereof which is the holder
of any First Priority Obligations (as defined therein) to comply) with such terms and provisions.

ARTICLE 11

Setoff; Ratable Payments

     Section 11.01 Setoff. If a Default shall have occurred and be continuing, each Lender and
each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such
Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the
Obligations of the Borrower now or hereafter existing under this Agreement held by such Lender or
Affiliate, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such Obligations may be unmatured. The rights of each Lender under this
Section 11.01 are in addition to other rights and remedies (including other rights of setoff) which
such Lender may have.

     Section 11.02 Ratable Payments. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its
Loans or participations in LC Disbursements or Swing Line Loans resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Loans and participations in LC
Disbursements and Swing Line Loans and accrued interest thereon than the proportion received by any
other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Loans and participations in LC Disbursements and Swing Line Loans of
other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Loans and participations in LC Disbursements and Swing Line Loans; provided that
(a) 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 (b) the provisions of this paragraph shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
to any assignee or participant pursuant to Section 12.01.

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ARTICLE 12

Benefit of Agreement; Assignments; Participations

     Section 12.01 Successors and Assigns. (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that neither the Borrower nor any other Loan Party may 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
Section 12.01(b), (ii) by way of participation in accordance with the provisions of Section
12.01(d), or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 12.01(f) (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent, the LC Issuer and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

     (b) 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(s) and the Loans
(including for purposes of this Section 12.01(b), participations in LC Exposures and in Swing Line
Loans) at the time owing to it); provided that any such assignment shall be subject to the
following conditions:

     (i) (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 Credit Loans, or $1,000,000, in the case of
any assignment in respect of the Term Loans, unless each of the
Administrative Agent and, so long as no Default has occurred and is
continuing, the Borrower otherwise consents (each such consent not to
be unreasonably withheld); 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

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	 	 	 	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) Each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the
Loans or the Commitment assigned, except that this clause (ii) shall not (A) apply to the
Swing Line Lender’s rights and obligations in respect of Swing Line Loans or (B) prohibit
any Lender from assigning all or a portion of its rights and obligations among separate
facilities on a non-pro rata basis;

     (iii) 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 (I) a Default has
occurred and is continuing at the time of such assignment or (II) such
assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that the Borrower shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to
the Administrative Agent within 10 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 (I) any Term Commitment or Revolving
Credit Commitment if such assignment is to a Person that is not a
Lender with a Commitment in respect of the applicable Facility, an
Affiliate of such Lender or an Approved Fund with respect to such
Lender or (II) any Term Loan to a Person that is not a Lender, an
Affiliate of a Lender or an Approved Fund or the Borrower or any of its
Affiliates, an Affiliated Lender or a Specified Debt Fund;
	 
	 	(C)	 	the consent of the LC Issuer (such consent not
to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate
in exposure under one or more Letters of Credit (whether or not then
outstanding); and
	 
	 	(D)	 	the consent of the Swing Line Lender (such
consent not to be unreasonably withheld or delayed) shall be required
for any assignment in respect of the Revolving Credit Commitments.

     (iv) The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee 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

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the case of any assignment. The assignee, if it is not a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

     (v) No such assignment shall be made (x) to the Borrower or any of the Borrower’s
Affiliates (including Holdco) (other than Specified Debt Funds) or Subsidiaries (except with
respect to the assignment of Term Loans in accordance with Sections 12.01(h) or 12.01(i)) or
(y) to any person that is Disqualified Institution at the time of such assignment.

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

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05 and 9.06 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 Section 12.01(d).

Each Lender hereby agrees that it shall not make an assignment of any of its rights and obligations
under this Agreement with respect to the Loans or the Commitment to any Disqualified Institution.

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

     (d) 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 a
Disqualified Institution) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the
Loans (including such Lender’s participations in LC Exposures and/or Swing Line Loans) owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)

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such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the LC Issuer
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the
first proviso to Section 12.01 that affects such Participant. Subject to subsection (e) of this
Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections
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 Section 12.01(b). To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 11.01 as though it were a Lender, provided such
Participant agrees to be subject to Section 11.02 as though it were a Lender. Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register in the United States of America on which it enters the name and
address of each participant and the principal amounts (and stated interest) of each participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any participant or any information relating to a
participant’s interest in any commitments, loans, letters of credit or its obligations under any
Loan Document) except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under section
5f.103-1(c) of the United States Treasury Regulations. Each Lender hereby agrees that it shall not
sell any participations of its rights and obligations under this Agreement with respect to the
Loans or the Commitment to any person who is a Disqualified Institution at the time of such sale.

     (e) A Participant shall not be entitled to receive any greater payment under Section 3.01 or
3.05 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a foreign lender if it
were a Lender shall not be entitled to the benefits of Section 3.05 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 3.05(d) as though it were a Lender.

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

     (g) Notwithstanding anything to the contrary contained herein, if at any time Bank of America
or JPMorgan Chase Bank, N.A. assigns all of its Revolving Credit Commitment and Revolving Credit
Loans pursuant to Section 12.01(b), Bank of America or JPMorgan Chase Bank, N.A., as applicable,
may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign

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as LC Issuer and/or (ii) in the case of Bank of America, upon 30 days’ notice to the Borrower,
resign as Swing Line Lender. In the event of any such resignation as LC Issuer or Swing Line
Lender, the Borrower shall be entitled to appoint from among the Lenders a successor LC Issuer or
Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such
successor shall affect the resignation of Bank of America or JPMorgan Chase Bank, N.A. as LC Issuer
or Swing Line Lender, as the case may be. If Bank of America or JPMorgan Chase Bank, N.A. resigns
as LC Issuer, it shall retain all the rights, powers, privileges and duties of the LC Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as LC Issuer and all LC Exposures with respect thereto (including the right to require
the Lenders to make Floating Rate Loans or fund risk participations in unreimbursed amounts
pursuant to Section 2.22(d)). If Bank of America or JPMorgan resigns as Swing Line Lender, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing
Line Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the Lenders to make Floating Rate Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.07. Upon the appointment of a successor LC Issuer and/or
Swing Line Lender, (A) such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring LC Issuer or Swing Line Lender, as the case may be,
and (B) the successor LC Issuer shall issue letters of credit in substitution for the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to Bank of America or JPMorgan Chase Bank, N.A., as applicable, to effectively assume the
obligations of Bank of America or JPMorgan Chase Bank, N.A., as applicable, with respect to such
Letters of Credit.

     (h) Any Lender may, at any time, assign all or a portion of its rights and obligations under
this Agreement in respect of its Term Loans to any Affiliated Lender on a non-pro rata basis
through (x) Dutch Auctions open to all Lenders on a pro rata basis in accordance with the Auction
Procedures or (y) open market purchases, subject to the following limitations:

     (i) [Reserved.]

     (ii) Affiliated Lenders will not be entitled to receive, and will not receive,
information provided solely to Lenders by the Administrative Agent or any Lender and will
not be permitted to attend or participate in, and will not attend or participate in,
meetings attended solely by the Lenders and the Administrative Agent, other than the right
to receive notices of borrowings hereunder, notices of prepayments and other administrative
notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant
to Article 2; and

     (iii) the aggregate principal amount of Term Loans held at any one time by Affiliated
Lenders may not exceed 25% of the aggregate principal amount of all Term Loans (including
any Incremental Term Loans) outstanding at such time under this Agreement.

     (iv) Notwithstanding anything in Section 12.01 or the definition of “Required Lenders”
to the contrary, for purposes of determining whether the Required Lenders have (A) consented
(or not consented) to any amendment, modification, waiver, consent or other action with
respect to any of the terms of any Loan Document or any departure by

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any Loan Party therefrom, or any plan of reorganization pursuant to the U.S. Bankruptcy
Code, (B) otherwise acted on any matter related to any Loan Document, or (C) directed or
required the Administrative Agent, Collateral Agent or any Lender to undertake any action
(or refrain from taking any action) with respect to or under any Loan Document, all Loans
(or Commitments in respect thereof) held by any Affiliated Lenders shall be deemed to have
been voted pro rata in accordance with the votes of all Lenders other than Affiliated
Lenders for all purposes of calculating whether the Required Lenders have taken any such
actions.

     (i) If any assignment is made (i) to an Affiliated Lender such that the aggregate principal
amount of Term Loans held at any one time by Affiliated Lenders described in subsection (h)(iii)
above exceeds 25% (a “Disqualified Affiliated Lender”) or (ii) to a Disqualified Institution (a
“Disqualified Assignee” and, together with the Disqualified Affiliated Lender, the “Disqualified
Assignees”), such assignment shall be null and void ab initio. Any Disqualified Assignee shall be
deleted from the Register as of the date that the Administrative Agent has knowledge of its status
as a Disqualified Assignee. The Administrative Agent shall not be responsible for reversing
payments made to any Disqualified Assignee following its receipt of an assignment.

     (j) So long as no Default has occurred or is continuing or would result therefrom, any Lender
may, at any time, assign all or a portion of its rights and obligations under this Agreement in
respect of its Term Loans to Holdco or any of its Subsidiaries on a non-pro rata basis solely
through Dutch Auctions open to all Lenders on a pro rata basis in accordance with the Auction
Procedures, subject to the following limitations and other provisions:

     (i) Holdco and the Borrower shall represent and warrant as of the date of any such
purchase and assignment that neither Holdco nor the Borrower nor any of their respective
directors or officers has any material non-public information with respect to Holdco, the
Borrower or any of their Subsidiaries or securities that has not been disclosed to the
assigning Lender (other than because such assigning Lender does not wish to receive material
non-public information with respect to Holdings, the Borrower and their respective
Subsidiaries or securities) prior to such date to the extent such information could
reasonably be expected to have a material effect upon, or otherwise be material, to a Term
Lender’s decision to assign Term Loans to Holdco or the Borrower as applicable;

     (ii) Holdco and the Borrower will not be entitled to receive, and will not receive,
information provided solely to Lenders by the Administrative Agent or any Lender and will
not be permitted to attend or participate in, and will not attend or participate in,
meetings or conference calls attended solely by the Lenders and the Administrative Agent;

     (iii) borrowings of Revolving Loans shall not be made to directly fund the purchase or
assignment;

     (iv) any Term Loans purchased by Holdco or the Borrower shall be automatically and
permanently cancelled immediately upon acquisition by Holdco or the Borrower;

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     (v) notwithstanding anything to the contrary contained herein (including in the
definitions of “Consolidated Net Income” and “Consolidated EBITDA”) any non-cash gains in
respect of “cancellation of indebtedness” resulting from the cancellation of any Term Loans
purchased by Holdco or the Borrower shall be excluded from the determination of Consolidated
Net Income and Consolidated EBITDA; and

     (vi) the cancellation of Term Loans in connection with a Dutch Auction shall not
constitute a voluntary or mandatory prepayment for purposes of Section 2.10, but the face
amount of Term Loans cancelled as provided for in above shall be applied on a pro rata basis
to the remaining scheduled installments of principal due in respect of the Term Loans.

     Section 12.02 Dissemination of Information. The Borrower authorizes each Lender to disclose
to any Participant, actual or proposed assignee of an interest in the Obligations or Loan Documents
(each a “Transferee”) and any prospective Transferee any and all information in such Lender’s
possession concerning the creditworthiness of Holdco and its Subsidiaries, including without
limitation any information contained in any financial statements delivered pursuant to Section 6.01
hereof; provided that each Transferee and prospective Transferee agrees to be bound by an agreement
with provisions at least as restrictive as those provided under Section 9.09 of this Agreement.

     Section 12.03 Tax Treatment. If any interest in any Loan Document is transferred to any
Transferee, the transferor Lender shall cause such Transferee, concurrently with the effectiveness
of such transfer, to comply with the provisions of Section 3.05(d) or (e), as applicable.

ARTICLE 13

Notices

     Section 13.01 Notices; Effectiveness; Electronic Communication.

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

	 	(i)	 	if to the Borrower, to it at:

 

MoneyGram International, Inc.

2828 N. Harwood Street, 15th Floor

Dallas, TX 75201

Attention:   James E. Shields, Executive Vice President

                     and Chief Financial Officer;

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with a copy to:

MoneyGram International, Inc.

2828 N. Harwood Street, 15th Floor

Dallas, TX 75201

Attention:    Timothy C. Everett, Executive Vice President

                    and General Counsel;

	 	(ii)	 	if to the Administrative Agent for payments and requests for
credit extensions, to it at:

 

Bank of America, N.A.

2001 Clayton Road

Mail Code: CA4-702-02-25

Concord, CA 94520-2405

Attention: Anthony Salvador

Telephone: 925-675-8101

Telecopier: 415-249-5033

Electronic Mail: anthony.salvador@baml.com

	 	(iii)	 	if to the Administrative Agent for all other notices, to it at:

 

Bank of America, N.A.

Agency Management

1455 Market Street

Mail Code: CA5-701-05-19

San Francisco, CA 94103-1399

Attention: Joan Mok

Telephone: 415-436-3496

Telecopier: 415-503-5085

Electronic Mail: joan.mok@baml.com;

	 	(iv)	 	if to Bank of America as LC Issuer, to it at:

 

Bank of America, N.A.

Trade Operations

1000 West Temple Street

Mail Code: CA9-705-07-05

Los Angeles, CA 90012-1514

Attention: Stella Rosales

Telephone: 213-481-7828

Telecopier: 213-457-8841

Electronic Mail: stella.rosales@baml.com;

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	 	(v)	 	if to JPMorgan Chase Bank, N.A. as LC Issuer, to it at:

 

JPMorgan Chase Bank, N.A.

10 S. Dearborn, Floor 7

Chicago, IL 60603-2003

Attention: Kimberly Perdue

Telephone: 312-732-9642

Electronic Mail: kimberly.d.perdue@jpmchase.com;

     (vi) if to a Lender, to it at its address or telecopier number set forth in its
Administrative Questionnaire provided to the Administrative Agent.

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

     (b) Electronic Communications. Notices and other communications to the Lenders may be
delivered or furnished by electronic communication (including e-mail and internet or intranet
websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by
the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender
pursuant to if such Lender has notified the Administrative Agent
that it is incapable of receiving notices under such Article by electronic communication and, in
the case of notice of Default or Unmatured Default, shall permit notification only by Intralinks or
a similar website. The Administrative Agent or the Borrower may, in its respective discretion,
agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it or as it otherwise determines, provided that such
determination or approval 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 given during the normal business hours of the recipient, such notice or
communication shall be deemed to have been given 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 (a) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) Change of Address, Etc. Any party hereto may change its address or telecopier number for
notices and other communications hereunder by notice to the other parties hereto.

123

 

ARTICLE 14

Counterparts; Integration; Effectiveness; Electronic Execution

     Section 14.01 Counterparts; 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. Except as
provided in Article 4, 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
which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy (or
other electronic means) shall be effective as delivery of a manually executed counterpart of this
Agreement.

     Section 14.02 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any assignment and assumption agreement 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, or
any other state laws based on the Uniform Electronic Transactions Act.

ARTICLE 15

Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial

     Section 15.01 Choice of Law. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 15.02 Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON
EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK,
NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE
BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH
COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER
OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.
ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR
ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR

124

 

INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN
DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     Section 15.03 Waiver of Jury Trial. THE BORROWER, THE ADMINISTRATIVE AGENT, THE COLLATERAL
AGENT, EACH LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP
ESTABLISHED THEREUNDER.

[signature pages follow]

125

 

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed
this Agreement as of the date first above written.

	 	 	 	 	 
	 	MONEYGRAM INTERNATIONAL, INC.

MONEYGRAM PAYMENT SYSTEMS 
WORLDWIDE, INC.

 	 
	 	By:  	/s/ James E. Shields
 	 
	 	 	Name:  	James E. Shields 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 
	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., individually, as

Administrative Agent, Collateral Agent, LC Issuer 
and
Swing Line Lender

 	 
	 	By:  	/s/ Adam Cady
 	 
	 	 	Name:  	Adam Cady 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Sabir A. Hashmy
 	 
	 	 	Name:  	Sabir A. Hashmy 	 
	 	 	Title:  	Sr. Vice President 	 
	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	/s/ Grainne Pergolini
 	 
	 	 	Name:  	Grainne Pergolini 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/ Caesar Wyszomirski
 	 
	 	 	Name:  	Caesar Wyszomirski 	 
	 	 	Title:  	VP 	 
	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	/s/ Paul O’Leary
 	 
	 	 	Name:  	Paul O’Leary 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                   /s/ Evelyn Thierry
 	 
	 	 	Name:  	Evelyn Thierry 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Credit Agreement]

 

 

Commitment Schedule1

	 	 	 	 	 
	Term Loan Lender	 	Term Loan Commitment	 
	Bank of America, N.A.
	 	$	390,000,000.00	 
	 
	 	 	 
	Total Term Loan Commitment
	 	$	390,000,000.00	 
	 
	 	 	 

	 	 	 	 	 
	Revolving Loan Lender	 	Revolving Loan Commitment	 
	[ ++ ]
	 	$	27,000,000.00	 
	 
	 	$	27,000,000.00	 
	 
	 	$	27,000,000.00	 
	 
	 	$	27,000,000.00	 
	 
	 	$	27,000,000.00	 
	 
	 	$	10,000,000.00	 
	 
	 	$	5,000,000.00	 
	 
	 	 	 
	 
	 	$	150,000,000.00	 
	 
	 	 	 

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Commitment Schedule and filed
separately with the Securities and Exchange Commission pursuant to a
confidential treatment request under Rule 24b-2 of the Securities Exchange Act
of 1934.

Commitment Schedule

 

 

Schedule 11

Scheduled Hedge Banks

Current through 5/17/2011.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Hedge Bank	 	Exec Amount	 	Local	 	Against Amt	 	Exec Date	 	Maturity Date	 	USD Equiv	 	USD
	[ ++ ]

	 	[ ++ ]
	 	[ ++ ]
	 	[ ++ ]
	 	5/13/2011
	 	5/18/2011
	 	[ ++ ]
	 	[ ++ ]
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/11/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/12/2011
	 	5/20/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/23/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/20/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/10/2011
	 	5/26/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/4/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/6/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/9/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/10/2011
	 	6/2/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	6/7/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	6/9/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/6/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/6/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	4/18/2011
	 	5/20/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	4/22/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	4/26/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	4/29/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/2/2011
	 	5/25/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/5/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/11/2011
	 	6/3/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/12/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/12/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/31/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	6/8/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/12/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/10/2011
	 	5/26/2011	 	 	 	 

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Schedule 1 and filed separately
with the Securities and Exchange Commission pursuant to a confidential
treatment request under Rule 24b-2 of the Securities Exchange
Act of 1934.

Schedule 1

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Hedge Bank	 	Exec Amount	 	Local	 	Against Amt	 	Exec Date	 	Maturity Date	 	USD Equiv	 	USD
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/6/2011
	 	5/24/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/10/2011
	 	5/26/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/13/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/26/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/10/2011
	 	5/26/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/18/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/16/2011
	 	5/20/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 
	 

	 	 	 	 	 	 	 	5/17/2011
	 	5/19/2011	 	 	 	 

Schedule 1

 

Schedule 2

Scheduled Restricted Investments/Specified Securities

See Attached.

Schedule 2

 

Schedule 2

     C-1

	 	 	 
	DESCRIPTION1	 	CUSIP
	FHR 2006 ZB

	 	3133TBQM5
	FHR 2018 Z

	 	3133TCJ74
	FHR 2080 Z

	 	3133TG3U1
	FHR 2080 Z

	 	3133TG3U1
	FHR 2211 ZA

	 	3133TNEQ3
	FHR 49 G

	 	31340YRU5
	FHLMC 4.5 13

	 	3134A4SA3
	FNR 1997-12 KB

	 	31359NE64
	FNR 2001-23 PG

	 	31359S4D9
	FNR 1999-33 ZA

	 	31359WKG5
	FNR 02-77 QE

	 	31392F4E4
	FHR 2482 EJ

	 	31392PQU2
	FNR 2003-41 PM

	 	31393BD51
	FHR 2539 TC

	 	31393FXA9
	FHR 2564 QC

	 	31393LNU3
	FNR 2003-97 WC

	 	31393TNL6
	FNR 2003-97 WC

	 	31393TNL6
	FHR 2641 KC

	 	31393WV63
	FNR 2005-53 MB

	 	31394DH60
	FNR 2005-58 CW

	 	31394EDC9
	FHR 2656 AC

	 	31394HR86
	FHR 2675 PB

	 	31394J4P9
	FHR 3014 DW

	 	31395XAD7
	FNR 2007-10 VA

	 	31396PNB3
	FN 725341

	 	31402CZE5
	GNR 1998-24 Z

	 	3837H1B42
	FNMA 0 07/05/14

	 	TT3169600

C-2

	 	 	 
	DESCRIPTION1	 	CUSIP
	ACCDO V C
	 	00388EAC5
	ACCDO V D
	 	00388EAD3
	ACCDO 10A C
	 	00389KAD8
	ACCOA 2007-1A A2
	 	00389UAC8
	ANDY 2007-1A A2
	 	034050AD6
	ANDY 2007-1A B
	 	034050AE4
	AYRESOME CDO I PREF
	 	05473U209
	AYRES 2005-1A C
	 	05473WAJ5
	CENTS 2006-1A A3
	 	156323AJ6

Schedule 2

 

	 	 	 
	DESCRIPTION1	 	CUSIP
	CENTS 2006-1A B
	 	156323AL1
	CLSVF 2007-3A A3
	 	18272FAD1
	COOKS 2007-18A A
	 	21699ACX5
	NORTH 2001-3A
	 	25153HAA2
	DUKEF 2005-HG1A SUB
	 	264412AA5
	EIGHT 2007-1A A3
	 	28248EAG7
	FORTS 2006-2A A2
	 	34957YAC1
	FORTS 2006-2A B
	 	34957YAD9
	GSCSF 2007-1RA A1LC
	 	3622MTAC4
	GSCSF 2006-1A B
	 	3622X0AC5
	GSTAR 05-5A IN
	 	362905AA9
	INDE4 4A C
	 	453433AF1
	INDE7 7A B
	 	45377MAG6
	LCERT 2006-1A B
	 	50547QAC1
	LEXN 2006-2A D
	 	52902WAF6
	LEXN 2007-3A E
	 	52902YAN5
	MID 2001-1A
	 	59541BAC1
	MID 01-1A A1L
	 	59541FAB4
	NEPTN 2004-1A A3L
	 	640699AD6
	NEPTN 2004-1A SUB
	 	64069QAA4
	NEPTN 2007-5A A2L
	 	64069WAD5
	OPUS 2006-1A SUB
	 	68402DAA0
	ORCHD 03-1A B
	 	68571SAC8
	ORCHD 03-1A C1
	 	68571SAD6
	PTPLS 2007-1A A2
	 	730594AC2
	SALISBURY 05-14
	 	795267AG8
	SAYB 2001-1A A
	 	805659AA7
	SKYBOX 05-1A C
	 	83083GAE0
	SOLST 1A A
	 	83436UAA1
	SQRD 2007-1A A2A
	 	85223XAC3
	STILLWATER PREF
	 	860721208
	TABS 2005-2A SUB
	 	87337LAF1
	THOM 2006-1A C
	 	874008AE5
	TRIC 2005-4A A3L
	 	89608VAD2
	TRIC 2006-6A A2L
	 	89609AAD7
	ZING 6A B1
	 	98885LAE7

C-3

	 	 	 	 	 
	DESCRIPTION1	 	CUSIP
	BSIC MERCHANT BANKING

	 	 055678AB2

	CMLTI 2006-WF2 M1

	 	17309BAF4

	CONHE 1997-1 M2

	 	21075WEG6

	CONHE 1997-1 M2

	 	21075WEG6

	LONGHORN 2000-1

	 	543044200	 
	MLMI 2005-HE2 M2

	 	59020US55

Schedule 2

 

	 	 	 	 	 
	DESCRIPTION1	 	CUSIP
	OCMBS 99-R1 AP

	 	675748BR7

	QUEST 2006-X1 M1

	 	748351AT0

	RAMC 2007-2 M3

	 	75970QAM2

	SHARP 05-HE4N N

	 	820018BV0

	SIMSBURY CLO

	 	829192BC6

	SVHE 2005-OPT3 M6

	 	83611MGZ5

	STANFIELD CLO

	 	85430NAA8

	SASC 2004-18H B2

	 	86359BF48

	TABERNA PFD

	 	87330L200	 
	TABERNA 05-2A D

	 	87330UAJ0

	TIERS 2001-6

	 	88652RAA4

	TAF 1A B1

	 	89675YAC6

	US BANK PIPER JAFFREY TRUST

	 	USBPJT

Schedule 2

 

 

Schedule 2.221

Outstanding Letters of Credit

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beneficiary	 	Amount	 	Issue Date	 	JP Morgan #	 	Expiration Date
	[ ++ ]
	 	$	1,600,000.00	 	 	 	7/1/2010	 	 	 	[ ++ ]	 	 	 	7/30/2011	 
	 
	 	$	2,165,000.00	 	 	 	7/1/2010	 	 	 	 	 	 	 	7/30/2011	 
	 
	 	$	1,140,000.00	 	 	 	7/1/2010	 	 	 	 	 	 	 	7/30/2011	 
	 
	 	$	55,000.00	 	 	 	7/1/2010	 	 	 	 	 	 	 	7/30/2011	 
	 
	 	$	35,000.00	 	 	 	7/1/2010	 	 	 	 	 	 	 	7/30/2011	 
	 
	 	$	12,500.00	 	 	 	7/1/2010	 	 	 	 	 	 	 	7/30/2011	 
	 
	 	$	2,500,000.00	 	 	 	8/12/2008	 	 	 	 	 	 	 	9/30/2011	 
	 
	 	$	444,630.00	 	 	 	7/22/2008	 	 	 	 	 	 	 	8/31/2011	 
	 
	 	$	400,000.00	 	 	 	12/3/2010	 	 	 	 	 	 	 	11/30/2011	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	8,352,130.00	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Schedule 2.22 and filed separately
with the Securities and Exchange Commission pursuant to a confidential
treatment request under Rule 24b-2 of the Securities Exchange Act of 1934.

Schedule 2.22

 

 

Schedule 5.081

Subsidiaries

A. Subsidiaries

	 	 	 	 	 	 	 	 	 
	Entity	 	Jurisdiction	 	Owner	 	Ownership 

Interest
	MoneyGram Payment Systems Worldwide,  Inc.

	 	Delaware
	 	MoneyGram International, Inc.	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment  Systems, Inc.

	 	Delaware
	 	MoneyGram Payment Systems Worldwide,
Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram International Payment Systems, Inc.

	 	Delaware
	 	MoneyGram Payment Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems Bulgaria,
EOOD

	 	Bulgaria
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Travelers Express
Company (P.R.), Inc.

	 	Puerto Rico
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram
International Pte.Ltd

	 	Singapore
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Ferrum Trust

	 	Delaware
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Hematite Trust

	 	Delaware
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Tsavorite Trust

	 	Delaware
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram France, S.A.

	 	France
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems Spain, S.A.

	 	Spain
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	PropertyBridge, Inc.

	 	Delaware
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Blue Dolphin
Financial Services
N.V.

	 	Belgium
	 	MoneyGram Payment
Systems, Inc.
	 	 	98.7	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems Canada, Inc.

	 	British Columbia, Canada
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram
International
Holdings Limited

	 	United Kingdom
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram of New York
LLC

	 	Delaware
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems Italy S.r.l.

	 	Italy
	 	MoneyGram Payment
Systems, Inc.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Blue Dolphin
Financial Services
(Nederland) B.V.

	 	Netherlands
	 	Blue Dolphin
Financial Services
N.V.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Blue Dolphin
Financial Services
s.r.o.

	 	Czech Republic
	 	Blue Dolphin
Financial Services
N.V.
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MIL Overseas Limited

	 	United Kingdom
	 	MoneyGram
International
Holdings Limited
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram
International Limited

	 	United Kingdom
	 	MoneyGram
International
Holdings Limited
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Overseas
(Pty) Limited

	 	South Africa
	 	MIL Overseas Limited
	 	 	100	%

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Schedule 5.08 and filed separately
with the Securities and Exchange Commission pursuant to a confidential
treatment request under Rule 24b-2 of the Securities Exchange Act of 1934.

Schedule 5.08

 

 

	 	 	 	 	 	 	 	 	 
	Entity	 	Jurisdiction	 	Owner	 	Ownership Interest
	MoneyGram India 

Private Ltd

	 	India
	 	MIL Overseas Limited
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MIL Overseas Nigeria 

Limited

	 	Nigeria
	 	MIL Overseas Limited
	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	MoneyGram 

International Limited

	 	Jordan
	 	MIL Overseas Limited
	 	 	100	%

B. Equity Investments in Corporations or Entities

	 	 	 
	Entity	 	Amount Invested as of 4/30/2011
	[ ++ ]

	 	$[ ++ ] [*]
	 

	 	$          [*]
	 

	 	$          [*]

 

			
	 	 	[*] — These are “Portfolio Securities.”

C. Loan Parties

	 	 	 	 	 	 	 
	Entity Name	 	Jurisdiction	 	Address	 	Taxpayer Identification Number
	MoneyGram
International, Inc.

	 	Delaware
	 	2828 N. Harwood Street,

15th Floor Dallas, TX
75201
	 	16-1690064
	MoneyGram Payment
Systems Worldwide,
Inc.

	 	Delaware
	 	2828 N. Harwood Street,

15th Floor Dallas, TX
75201
	 	41-0186972
	MoneyGram Payment
Systems, Inc.

	 	Delaware
	 	2828 N. Harwood Street,

15th Floor Dallas, TX
75201
	 	84-1327808
	MoneyGram of New
York LLC

	 	Delaware
	 	2828 N. Harwood Street,

15th Floor Dallas, TX
75201
	 	13-3984404

Schedule 5.08

 

 

Schedule 5.13

Ownership of Properties

None.

Schedule 5.13

 

 

Schedule 6.141

Existing Indebtedness

Intercompany loan in the amount of [ ++ ] loan from [ ++ ] to [ ++ ].

Intercompany loan in the amount of [ ++ ] from [ ++ ] to [ ++ ].

Intercompany loan in the amount of [ ++ ] from [ ++ ] to [ ++ ].

Unfunded commitments to provide funds in [ ++ ], not to exceed [ ++ ].

Letter of Credit issued by [ ++ ] which supports guarantee given by [ ++ ] for the benefit of [ ++
] required by the bank to do business in the [ ++ ] in the amount of [ ++ ].

Capital commitment of [ ++ ] to the [ ++ ] for the benefit of [ ++ ] in the amount of [ ++ ].

Guarantee given by [ ++ ] on behalf of [ ++ ] for the benefit of [ ++ ] dated [ ++ ].

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Schedule 6.14 and filed separately
with the Securities and Exchange Commission pursuant to a confidential
treatment request under Rule 24b-2 of the Securities Exchange Act of 1934.

Schedule 6.14

 

 

Schedule 6.16

Investment Writedowns

	 	 	 	 	 
	DESCRIPTION	 	CUSIP
	COOKS 2007-18A A

	 	21638PAA8

	PSCBO 1A A1L

	 	74438VAA6

	PSCBO 1A A1

	 	74438VAB4

	TABS 2007-7A A1J

	 	872159AB4

	CRONA 2007-1A B

	 	219655AH0

	VERT 2007-1A A1J

	 	92534YAC1

	VERT 2007-1A A2

	 	92534YAE7

	IXION 2006-9A 12

	 	46601WAJ4

	COOKS 2007-9A A

	 	2163P2AA0

	PYXIS 2007-1A B

	 	74732XAD9

	MARSC 2007-1A A3

	 	571656AC1

	GLCR 2006-4A C

	 	37638NAD3

	TWOLF 2007-1A A2

	 	88714PAF3

	CCRK 2006-1A A3

	 	164553AD1

	STAK 2006-2A 4

	 	85234AAE6

	SALISBURY 06-1

	 	79526EAK4

	SALISBURY 06-16

	 	79526FAA3

	HLCDO 2006-1A A2

	 	40536UAB8

	SHERW 2006-3A A1J

	 	82442VAB1

	SHERW 2006-3A SUB

	 	82442TAA8

	CCRK 2007-2A A2

	 	164554AC1

	LOGAN 05-1 C

	 	42702MBA1

	MILL REEF 05-1

	 	600008AC0

	MILL REEF PREF

	 	27020EAA6

	ACE 2004-HE3 B

	 	004421JB0

	FFML 04-FF10 M5

	 	32027NMN8

	ANCHORAGE FIN SUB-TR IV

	 	033302209	 
	NORTH CASTLE CUST TR VIII

	 	65831M208	 
	SASC 2001-9 B4

	 	86358REH6

	SACO 2005-9 M4

	 	785778MR9

	GPMF 2005-HE4 M8

	 	39538WDQ8

	SASC 2000-5 B5

	 	8635722E2	 
	MBIA SER H

	 	55276G881	 
	AMBAC ASSURANCE SERIES G

	 	023138803	 
	SUTTON CAPITAL TRUST III

	 	86943W207	 
	CMLTI 2006-WF1 M2

	 	17307G4N5	 
	RAST 2006-A7CB B1

	 	76113NAU7

Schedule 6.16

 

 

Schedule 6.17(i)1

Existing Investments

	 	 	 	 	 
	Entity	 	Amount Invested as of 4/30/2011
	[++]

	 	$
 [++]	 
	 

	 	$	 
	 

	 	$	 

Intercompany loans and guarantees referenced on Schedule 6.14.

 

			
	1	 	The appearance of [++] denotes confidential
information that has been omitted from this Schedule 6.17(i) and filed
separately with the Securities and Exchange Commission pursuant to a
confidential treatment request under Rule 24b-2 of the Securities Exchange Act
of 1934.

Schedule 6.17(i)

 

 

Schedule 6.18

Existing Liens

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Location of	 	 
	Grantor	 	Secured Party	 	File Number	 	File Date	 	Filing	 	Collateral
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	51425140	 	 	05/10/2005
	 	Delaware

Secretary of State
	 	Lease # 499568

CANON IR5020
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	51567982	 	 	05/20/2005
	 	Delaware 

Secretary of State
	 	Lease # 517269

CANON IR4570
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	51934968	 	 	06/23/2005
	 	Delaware

Secretary of State
	 	Lease # 509219

CANON IR3220
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	54001229	 	 	12/23/2005
	 	Delaware 

Secretary of State
	 	Lease # 5546
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	61705177	 	 	05/19/2006
	 	Delaware

Secretary of State
	 	Lease # 604766

COPIERS 587OU
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	63055563	 	 	09/01/2006
	 	Delaware

Secretary of State
	 	Lease #

6615311134382

COPIER ACCESSORY
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	6390930	 	 	11/09/2006
	 	Delaware

Secretary of State
	 	LEASE # 673683

COPIERS
SXH10336IR7095

CIPIERS
SNJ10969870U

COPIERS
TND00329C5180

COPIERS
THN00332C5180

COPIERS TND
00540C5180
COPIERS

TND00662C5180
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	63932795	 	 	11/10/2006
	 	Delaware

Secretary of State
	 	LEASE # 67447

COPIER ACCESSORY

DF3145943080

COPIER ACCESSORY

DF3145933080C
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	64565776	 	 	12/28/2006
	 	Delaware 

Secretary of State
	 	MODEL 119369
COPIERS STXN

00511C33801193692

COPIERS —

CPCTXN00511CC3380
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	70005669	 	 	01/02/2007
	 	Delaware

Secretary of State
	 	COPIERS I7095
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	70766682	 	 	03/01/2007
	 	Delaware

Secretary of State
	 	COPIERS
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	70867506	 	 	03/08/2007
	 	Delaware

Secretary of State
	 	COPIER ACCESSORY

Schedule 6.18

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Location of	 	 
	Grantor	 	Secured Party	 	File Number	 	File Date	 	Filing	 	Collateral
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	70867514	 	 	03/08/2007
	 	Delaware

Secretary of State
	 	COPIER ACCESSORY
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	72493574	 	 	07/02/2007
	 	Delaware

Secretary of State
	 	1 COPIERS C51801

TNF00070
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	72493582	 	 	07/02/2007
	 	Delaware

Secretary of State
	 	1 COPIERS C51801

TNF02829
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	73229829	 	 	08/24/2007
	 	Delaware

Secretary of State
	 	1 IRC51801 TNF02430

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	U.S. Bancorp
	 	 	73987145	 	 	10/23/2007
	 	Delaware

Secretary of State
	 	1 C5185 MEQ01078

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	J.P. Morgan Chase
Bank, N.A., as
Collateral Agent
[*]
	 	80318046;

Amendment # 81058328
	 	01/25/2008;
Amended 03/26/2008
	 	Delaware

Secretary of State
	 	All of MGI’s right,
title and interest
in all personal
property whether no
owned by MGI or
hereafter acquired
and whether now
existing or
hereafter coming
into existence and
wherever located.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram
International, Inc.

	 	Canon Financial

Services
	 	 	10188865	 	 	01/19/2011
	 	Delaware

Secretary of State
	 	All equipment now
or hereafter
leased, sold, or
financed by Canon
Financial Services,
Inc. and all
general intangibles
of, additions to,
substitutions for
and proceeds of the
foregoing.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram of New
York LLC

	 	U.S. Bancorp
	 	 	73569885	 	 	09/20/2007
	 	Delaware

Secretary of State
	 	1 1055 MAS01074; 1

6055 TVW01587; 1

1023 THY06078; 1

1023 THY07578; 1

1023 THY07577; 1

1023 THY07576; 1

1023 THY07568; 1

1023 THY07567; 1

1023N TJE09247; 1

1023N THE09231
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram of New
York LLC

	 	JPMorgan Chase
Bank, N.A., as
Collateral Agent
[*]
	 	80317980;

Amendment # 81039740
	 	01/25/2008;
Amended 03/25/2008
	 	Delaware

Secretary of State
	 	All of MGNY’s
right, title and
interest in all
personal property
whether no owned by
MGNY or hereafter
acquired and
whether now
existing or
hereafter coming
into existence and
wherever located.

Schedule 6.18

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Location of	 	 
	Grantor	 	Secured Party	 	File Number	 	File Date	 	Filing	 	Collateral
	MoneyGram Payment
Systems, Inc.

	 	Hematite Trust
	 	60066506	 	 	01/06/2006
	 	Delaware

Secretary of State	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems, Inc.

	 	Tsavorite Trust
	 	60066514; 

Amendment # 74917323;

Amendment #
02901266
	 	01/06/2006; Amended
12/21/2007;
Continued
08/19/2010
	 	Delaware

Secretary of State	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems, Inc.

	 	Ferrum Trust
	 	60066548	 	 	01/06/2006
	 	Delaware

Secretary of State	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems, Inc.

	 	Monazite Trust
	 	60066621	 	 	01/06/2006
	 	Delaware

Secretary of State	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems, Inc.

	 	JP Morgan Chase
Bank, N.A., as
Collateral Agent
[*]
	 	80318020; 

Amendment
# 81039716
	 	01/25/2008; Amended
03/25/2008
	 	Delaware

Secretary of State
	 	All of MGPS’s
right, title and
interest in all
personal property
whether no owned by
MGPS or hereafter
acquired and
whether now
existing or
hereafter coming
into existence and
wherever located.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	MoneyGram Payment
Systems, Inc.

	 	CIT Communications

Finance Corporation
	 	91976890	 	 	06/22/2009
	 	Delaware

Secretary of State
	 	True Lease
Equipment now or
hereafter acquired,
which is leased to
Lessee by Lessor
pursuant to Lease
No. M114695,
including but not
limited to,
Definity Equipment,
software, support,
maintenance and
services and all
attachments,
accessions,
additions,
substitutions,
products,
replacements, and
rentals and a right
to use license for
any software
related to any of
the foregoing, and
proceeds therefrom
(including
insurance proceeds)
as well as any
credits or refunds
Lessee may obtain
from the Seller,
provider or
licensor of any of
the foregoing.

Schedule 6.18

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Location of	 	 
	Grantor	 	Secured Party	 	File Number	 	File Date	 	Filing	 	Collateral
	MoneyGram Payment
Systems Worldwide,
Inc.

	 	JPMorgan Chase
Bank, N.A., as
Collateral Agent
[*]
	 	80318038

; Amendment
# 81039732
	 	01/25/2008; Amended
03/25/2008
	 	Delaware

Secretary of State
	 	All of MGPSW’s
right, title and
interest in all
personal property
whether no owned by
MGPSW or hereafter
acquired and
whether now
existing or
hereafter coming
into existence and
wherever located.

 

[*] — Will be terminated as part of refinancing contemplated by Credit Agreement.

Schedule 6.18

 

 

Schedule 6.19

Existing Affiliate Transactions

1. Intercompany loans and guarantees referenced on Schedule 6.14.

Schedule 6.19

 

 

EXHIBIT A

FORM OF REVOLVING CREDIT NOTE

[•]

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”),
promises to pay to the order of __________________________ (the “Lender”) the aggregate
unpaid principal amount of all Revolving Loans made or continued by the Lender to the Borrower (or
assumed by the Borrower) pursuant to Article 2 of the Agreement (as hereinafter defined), in
immediately available funds at the office of Bank of America, N.A., at the office of the
Administrative Agent (or as otherwise specified pursuant to the Agreement), as Administrative
Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates
set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid
interest on the Revolving Loans in full on the Revolving Credit Maturity Date and shall make such
mandatory payments as are required to be made under the terms of Article 2 of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan
and the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Credit Agreement dated as of May 18, 2011 (which, as it may be amended, restated, amended and
restated, supplemented, renewed, extended or modified and in effect from time to time, is herein
called the “Agreement”), by and among the Borrower, MoneyGram International, Inc., the
lenders party thereto, including the Lender, and Bank of America, N.A., as Administrative Agent, to
which Agreement reference is hereby made for a statement of the terms and conditions governing this
Note, including the amount hereof and the terms and conditions under which this Note may be prepaid
or its maturity date accelerated. This Note is secured and guaranteed pursuant to the Guaranty and
the Collateral Documents, as more specifically described in the Agreement, and reference is made
thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not
otherwise defined herein are used with the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS 

WORLDWIDE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-1

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO REVOLVING CREDIT NOTE

OF ____________________,

DATED [•]

	 	 	 	 	 	 	 	 	 

	Date
	 	Principal

Amount of Loan
	 	Maturity of

Interest Period
	 	Principal

Amount Paid
	 	Unpaid Balance
	 

A-2

 

EXHIBIT B

FORM OF TERM NOTE

[•]

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”), promises
to pay to the order of __________________________ (the “Lender”) the aggregate unpaid principal
amount of all Term Loans made by the Lender to the Borrower pursuant to Article 2 of the Agreement
(as hereinafter defined), in immediately available funds at the office of Bank of America, N.A., at
the office of the Administrative Agent (or as otherwise specified pursuant to the Agreement), as
Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and
on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and
unpaid interest on the Term Loans in full on the Term Loan Maturity Date and shall make such
mandatory payments as are required to be made under the terms of Article 2 of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Term Loan and
the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Credit Agreement dated as of May 18, 2011 (which, as it may be amended, restated, amended and
restated, supplemented, renewed, extended or modified and in effect from time to time, is herein
called the “Agreement”), by and among the Borrower, MoneyGram International, Inc., the lenders
party thereto, including the Lender, and Bank of America, N.A., as Administrative Agent, to which
Agreement reference is hereby made for a statement of the terms and conditions governing this Note,
including the amount hereof and the terms and conditions under which this Note may be prepaid or
its maturity date accelerated. This Note is secured and guaranteed pursuant to the Guaranty and
the Collateral Documents, as more specifically described in the Agreement, and reference is made
thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not
otherwise defined herein are used with the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS 

WORLDWIDE, INC.
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

B-1

 

	 	 	 	 	 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO TERM NOTE

OF ____________________,

DATED [•]

	 	 	 	 	 	 	 	 	 

	Date
	 	Principal

Amount of Loan
	 	Maturity of

Interest Period
	 	Principal

Amount Paid
	 	Unpaid Balance
	 

 

B-2

 

EXHIBIT C

FORM OF SWING LINE NOTE

[•]

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”),
promises to pay to the order of __________________________ (the “Lender”) the aggregate
unpaid principal amount of all Swing Line Loans made by the Lender to the Borrower pursuant to
Article 2 of the Agreement (as hereinafter defined), in immediately available funds at the office
of Bank of America, N.A., at the office of the Administrative Agent (or as otherwise specified
pursuant to the Agreement), as Administrative Agent, together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the
principal of and accrued and unpaid interest on the Swing Line Loans as set forth in the Agreement,
with any then outstanding principal of or interest on the Swing Line Loans made by the Lender being
payable in full on the Revolving Credit Maturity Date and shall make such mandatory payments as are
required to be made under the terms of Article 2 of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Swing Line Loan
and the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Credit Agreement dated as of May 18, 2011 (which, as it may be amended, restated, amended and
restated, supplemented, renewed, extended or modified and in effect from time to time, is herein
called the “Agreement”), by and among the Borrower, MoneyGram International, Inc., the
lenders party thereto, including the Lender, and Bank of America, N.A., as Administrative Agent, to
which Agreement reference is hereby made for a statement of the terms and conditions governing this
Note, including the amount hereof and the terms and conditions under which this Note may be prepaid
or its maturity date accelerated. This Note is secured and guaranteed pursuant to the Guaranty and
the Collateral Documents, as more specifically described in the Agreement, and reference is made
thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not
otherwise defined herein are used with the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS 

WORLDWIDE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

C-1

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO SWING LINE NOTE

OF ____________________,

DATED [•]

	 	 	 	 	 	 	 	 	 

	Date
	 	Principal

Amount of Loan
	 	Maturity of

Interest Period
	 	Principal

Amount Paid
	 	Unpaid Balance
	 

C-2

 

EXHIBIT D

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

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

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

	 	 	 	 	 	 	 

	1.

	 	Assignor[s]
	 	 

	 	 
	 
	2.

	 	Assignee[s]:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

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

 

			
	1	 	Select as applicable.

D-1

 

	3.	 	Affiliate Status of Assignee(s)2:

	 	 	 
	 	 	Is Assignee Holdco, a Holdco Subsidiary or an
	Assignee[s]3	 	Affiliated Lender?4
	 

	 	Yes o No o
	 
	 	 
	 

	 	Yes o No o

	 	 	 	 	 

	4.

	 	Borrower:
	 	MoneyGram Payment Systems Worldwide, Inc.
	 
	 	 	 	 
	5.

	 	Administrative Agent:
	 	Bank of America, N.A., as the Administrative Agent under the Credit Agreement
	 
	 	 	 	 
	6.

	 	Credit Agreement:
	 	The $540,000,000 Credit Agreement dated as of May 18, 2011 among MoneyGram
Payment Systems Worldwide, Inc., MoneyGram International, Inc., the Lenders
party thereto and Bank of America, N.A., as Administrative Agent
	 
	 	 	 	 
	7.

	 	Assigned Interest:	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	Percentage of	 	 	 	 
	 	 	Commitment/ Loans for all	 	 	Commitment/ Loans	 	 	Commitment/ Loans	 	 	 	 
	Facility Assigned5	 	Lenders	 	 	Assigned6	 	 	Assigned7	 	 	CUSIP Number	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	2	 	No assignment to an Affiliated Lender
pursuant to this Assignment and Acceptance shall be made except for assignments
pursuant to Section 12.01(h). If (i) the aggregate principal amount of Term
Loans held at any one time by Affiliated Lenders after this assignment exceeds
25% of the aggregate principal amount of all Term Loans (including any
Incremental Loans) outstanding at such time under the Credit Agreement or (ii)
an assignment is made to a Disqualified Institution, this assignment shall be
null and void ab initio.
	 
	3	 	List each Assignee.
	 
	4	 	For each Assignee, check the box in this
column immediately to the right of such Assignee’s name indicating whether or
not such Assignee is Holdco, a Holdco Subsidiary or an Affiliated Lender. No
assignments shall be made to Holdco, a Holdco Subisidiary or an Affiliated
Lender (except with respect to the assignment of Term Loans in accordance with
Section 12.01(h) or 12.01(i) of the Credit Agreement, as applicable).
	 
	5	 	Fill in the appropriate terminology for the
types of facilities under the Credit Agreement that are being assigned under
this Assignment (i.e., “Revolving Credit Commitment,” “Term Loan”).
	 
	6	 	Subject to the amount requirements of
12.01(h).
	 
	7	 	Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Lenders.

D-2

 

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

The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire
in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about Holdco and its Affiliates, the
Loan Parties and their related parties or their respective securities) will be made available and
who may receive such information in accordance with the Assignee’s compliance procedures and
applicable laws, including Federal and state securities laws.

By its acceptance of this Assignment, the Assignee hereby agrees to be bound by the terms and
provisions of the Intercreditor Agreement and to comply (and cause any Affiliate thereof which is
the holder of any First Priority Obligation (as defined in the Intercreditor Agreement) to comply)
with such terms and provisions.

[Signature Page Follows]

D-3

 

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

	 	 	 	 	 
	 	

ASSIGNOR 

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 	 	  	 	 

	 	 	 	 	 
	 	
ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	  	 
	 	 	  	 	 
	 

[Consented to and]8 Accepted:

BANK OF AMERICA, N.A., as

Administrative Agent

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Title: 	 	 
	 	 	  	 	 
	 

[Consented to and]9:

[NAME OF RELEVANT PARTY]

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 

 

			
	8	 	To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.
	 
	9	 	To be added only if the consent of the
Borrower, the LC Issuer and/or the Swing Line Lender is required by the terms
of the Credit Agreement.

D-4

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby and (iv) Assignee is not a Disqualified Institution; and (b)
assumes no responsibility with respect to (i) any statements, warranties or representations made in
or in connection with the Credit Agreement or any other Loan Documents, (ii) the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any
collateral thereunder, (iii) the financial condition of Holdco, the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any of the Loan Documents or
(iv) the performance or observance by Holdco, the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any of the Loan Documents.

          1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Section 6.01
thereof, as applicable, and such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, and (v)
attached to the Assignment and Assumption is any documentation required to be delivered by it
pursuant to Section 3.05 of the Credit Agreement, duly completed and executed by the
Assignee and (vi) it is not a Disqualified Institution; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it
will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender.

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

D-5

 

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

D-6

 

EXHIBIT E

FORM OF COMPLIANCE CERTIFICATE

	To: 	 	The Lenders party to the Credit Agreement described below

     This Compliance Certificate is furnished pursuant to Section 6.01(d) of that certain
Credit Agreement dated as of May 18, 2011 (as amended, restated, amended and restated, modified,
renewed or extended from time to time, the “Agreement”) among MoneyGram Payment Systems
Worldwide, Inc., a Delaware corporation (the “Borrower”), MoneyGram International, Inc., a
Delaware corporation (“Holdco”), the Lenders party thereto and Bank of America, N.A., as
Administrative Agent for the Lenders. Unless otherwise defined herein, capitalized terms used in
this Compliance Certificate have the meanings ascribed thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1. I am a duly elected Financial Officer of the Borrower;

     2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under
my supervision, a detailed review of the transactions and conditions of Holdco, the Borrower and
its Subsidiaries during the accounting period covered by the attached financial statements;

     3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of any condition or event which constitutes a Default or Unmatured Default as of the date
of this Certificate, except as set forth below; and

     4. Schedule I attached hereto sets forth financial data and computations evidencing the
Borrower’s compliance with the covenants set forth in Sections 6.22(a) and 6.22(b)
of the Agreement, all of which data and computations are to the best of my knowledge true, complete
and correct.

     5. Attached hereto as Schedule II are the [annual] [quarterly] financial statements required
to be delivered pursuant to Section 6.01(a) or (b) of the Agreement, which
financial statements fairly present, in all material respects, the consolidated financial condition
of the Holdco and its consolidated Subsidiaries (subject to normal year-end adjustments and the
absence of footnotes) and which have been prepared in reasonable detail.

     Described below are the exceptions, if any, to paragraph 3, listing in detail the nature of
the condition or event, the period during which it has existed and the action which the Borrower
has taken, is taking, or proposes to take with respect to each such condition or event:

 

 

 

 

 

E-1

 

     The foregoing certifications, together with the computations set forth in Schedule I hereto
and the financial statements delivered with this Certificate in support hereof, are made and
delivered this _____ day of _______________, ____.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-2

 

SCHEDULE I TO COMPLIANCE CERTIFICATE

Compliance as of [_________, ____] with

Provisions of Sections 6.22(a) and 6.22(b) of

the Agreement

[attached]

E-3

 

SCHEDULE II TO COMPLIANCE CERTIFICATE

[Annual] [Quarterly] Financial Statements

[attached]

E-4

 

EXHIBIT F

FORM OF INTERCREDITOR AGREEMENT

(See Attached)

F-1

 

Execution Version

INTERCREDITOR AGREEMENT

     Intercreditor Agreement (this “Agreement”) dated as of May 18, 2011 among Bank of America,
N.A., as Collateral Agent (in such capacity, with its successors and assigns, the “First Priority
Representative”) for the First Priority Secured Parties (as defined below), Deutsche Bank Trust
Company Americas, as Trustee and Collateral Agent (in such capacities, with its successors and
assigns, the “Second Priority Representative”) for the Second Priority Secured Parties (as defined
below) and MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation, as borrower (the
“Borrower”).

     WHEREAS, the Borrower, MoneyGram International, Inc. (“Holdco”), the First Priority
Representative and certain financial institutions are parties to a $540,000,000 Credit Agreement
dated as of May 18, 2011 (as in effect on the date hereof, the “Existing First Priority
Agreement”), pursuant to which such financial institutions have agreed to make loans and extend
other financial accommodations to the Borrower; and

     WHEREAS, the Borrower, the Guarantors and the Second Priority Representative are parties to an
Indenture dated as of dated as of March 25, 2008 (as amended through the first, second and third
supplemental indentures thereto, the “Existing Second Priority Agreement”), pursuant to which
certain financial institutions are the holders of secured notes; and

     WHEREAS, the Borrower and the other Loan Parties have agreed to (a) grant to the First
Priority Representative security interests in the Common Collateral as security for payment and
performance of the First Priority Obligations, and (b) grant to the Second Priority Representative
junior security interests in the Common Collateral as security for payment and performance of the
Second Priority Obligations; and

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and
other good and valuable consideration, the existence and sufficiency of which is expressly
recognized by all of the parties hereto, the parties agree as follows:

ARTICLE 1

Definitions

     Section 1.01. Definitions. The following terms, as used herein, have the following
meanings:

     “Affiliate” means, with respect to any Person, any Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person. For purpose of this
definition, “control” means the possession of either (a) the power to vote, or the Beneficial
Ownership of, 10% or more of the voting stock of such Person or (b) the power to direct or cause
the direction of the management and policies of such Person, whether by contract or otherwise;
provided, that, in no event shall GSMP and their subsidiaries and other Persons engaged primarily
in the investment of mezzanine securities that directly or indirectly are controlled by, or under
common control with, the same investment adviser as GSMP (“GS Mezzanine Entities”) by virtue of
their

 

 

affiliation with affiliates other than GS Mezzanine Entities be deemed to control Holdco or
any of its Subsidiaries).

     “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended
from time to time.

     “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act.

     “Business Day” means any calendar day other than a Legal Holiday.

     “Common Collateral” means all assets that are both First Priority Collateral and Second
Priority Collateral.

     “Enforcement Action” means, with respect to the First Priority Obligations or the Second
Priority Obligations, the exercise of any rights and remedies with respect to any Common Collateral
securing such obligations or the commencement or prosecution of enforcement of any of the rights
and remedies under, as applicable, the First Priority Documents or the Second Priority Documents,
or applicable law, including without limitation the exercise of any rights of set off or recoupment
and any rights of a judgment creditor with respect to any Common Collateral, and the exercise of
any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable
jurisdiction or under the Bankruptcy Code.

     “Existing First Priority Agreement” has the meaning set forth in the first WHEREAS clause of
this Agreement.

     “Existing Second Priority Agreement” has the meaning set forth in the second WHEREAS clause of
this Agreement.

     “First Priority Agreement” means (i) the Existing First Priority Agreement, as amended,
supplemented, restated, amended and restated or otherwise modified from time to time, and (ii) any
other credit agreement, loan agreement, note agreement, promissory note, indenture or other
agreement or instrument evidencing or governing the terms of any indebtedness or other financial
accommodation that has been incurred to extend, replace, refinance, refund or restate in whole or
in part the indebtedness and other obligations outstanding under the Existing First Priority
Agreement or any other agreement or instrument referred to in this clause (ii), including any DIP
Financing agreement, unless such agreement or instrument expressly provides that it is not intended
to be and is not a First Priority Agreement hereunder. Any reference to the First Priority
Agreement hereunder shall be deemed a reference to any First Priority Agreement then extant.

     “First Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
First Priority Secured Party as security for any First Priority Obligation.

     “First Priority Documents” means the First Priority Agreement or any other document executed
in connection therewith granting any interest in or rights to the First Priority Representative or
the First Priority Lenders in and to the First Priority Collateral.

2

 

     “First Priority Lenders” means the “Lenders” as defined in the First Priority Agreement, or
any Persons that are designated under the First Priority Agreement as the “First Priority Lenders”
for purposes of this Agreement.

     “First Priority Lien” means any Lien created by the First Priority Security Documents.

     “First Priority Obligations” means (i) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the First
Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including
without limitation any Post-Petition Interest) with respect to any letter of credit or similar
instruments issued pursuant to the First Priority Agreement, (iii) all Hedging and Cash Management
Obligations of any Loan Party and (iv) all reasonable and customary fees, expenses and other
amounts payable from time to time pursuant to the First Priority Documents as determined by the
First Priority Representative in its discretion taking into account market and economic conditions
the time such fees, expenses and other amounts are incurred, in each case whether or not allowed or
allowable in an Insolvency Proceeding; provided that the First Priority Obligations shall not be in
an amount in excess of the Maximum First Priority Obligations Amount. To the extent any payment
with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as
proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a
fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor
in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation
or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and
the rights and obligations of the First Priority Secured Parties and the Second Priority Secured
Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.

     “First Priority Obligations Payment Date” means the first date on which (i) the First Priority
Obligations (other than those that constitute Unasserted Contingent Obligations) have been
indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms
of the First Priority Documents), (ii) all commitments to extend credit under the First Priority
Documents have been terminated and (iii) there are no outstanding letters of credit or similar
instruments issued under the First Priority Documents (other than such as have been cash
collateralized or defeased in accordance with the terms of the First Priority Documents). Upon the
written request by the Second Priority Representative and/or the Borrower, the First Priority
Representative shall promptly deliver a written notice to the Second Priority Representative
stating that (to the extent such events have occurred) the events described in clauses(i), (ii) and
(iii) have occurred to the satisfaction of the First Priority Secured Parties.

     “First Priority Representative” has the meaning set forth in the introductory paragraph
hereof.

     “First Priority Required Lenders” means the “Required Lenders” as defined in the First
Priority Agreement.

     “First Priority Secured Parties” means the holders of the First Priority Obligations.

3

 

     “First Priority Security Documents” means the “Collateral Documents” as defined in the First
Priority Agreement, and any other documents that are designated under the First Priority Agreement
as “First Priority Security Documents” for purposes of this Agreement.

     “GSMP” means GSMP V Onshore US, Ltd., GSMP V Offshore US, Ltd. and GSMP V Institutional US,
Ltd.

     “Guarantors” has the meaning set forth in the First Priority Agreement.

     “Hedging and Cash Management Obligations” means, with respect to any Loan Party, any (i)
Secured Hedge Obligations and (ii) any Secured Cash Management Obligations, each as defined in the
First Priority Agreement.

     “Holdco” has the meaning set forth in the first WHEREAS clause of this Agreement.

     “Insolvency Proceeding” means any proceeding in respect of bankruptcy, liquidation,
reorganization, insolvency, winding up, receivership, dissolution or assignment for the benefit of
creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar
federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the State
of New York or at a place of payment are authorized bylaw, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such
payment for the intervening period.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
encumbrance or preference, priority or other security agreement of any kind or nature whatsoever
(including, without limitation, the interest of a vendor or lessor under any conditional sale,
Capitalized Lease (as defined in the First Priority Agreement) or other title retention agreement).
For the purposes hereof, none of the following shall be deemed to be Liens: (i) setoff rights or
statutory liens arising in the ordinary course of business, (ii) restrictive contractual
obligations with respect to assets comprising the Payment Instruments Funding Amounts or Payment
Service Obligations (as defined in the First Priority Agreement); provided that such contractual
obligations are no more restrictive in nature than those in effect on the Effective Date, (iii)
Liens purported to be created under Repurchase Agreements (as defined in the First Priority
Agreement); provided that such Liens do not extend to any assets other than those that are the
subject of such Repurchase Agreements, (iv) ordinary course of business contractual obligations
with clearing banks relative to clearing accounts or (v) operating leases.

     “Loan Party” means the Borrower, each of the Guarantors and any other Person (other than the
First Priority Representative and the Second Priority Representative) that has executed or may from
time to time execute a First Priority Security Document and a Second Priority Security Document.

4

 

     “Maximum First Priority Obligations Amount” means the sum of (a) $675 million plus the
principal amount of incremental loans (not to exceed $175 million) made to the Borrower under the
First Priority Agreement to the extent the proceeds of such incremental loans were used to effect
an optional redemption of the Notes (as defined in the Existing Second Priority Agreement), plus
(b)(i) all Hedging and Cash Management Obligations of the Loan Parties and (ii) all interest, fees,
expenses and other amounts payable from time to time pursuant to the First Priority Documents, in
each case whether or not allowed or allowable in an Insolvency Proceeding.

     “Person” means any person, individual, sole proprietorship, partnership, joint venture,
corporation, limited liability company, unincorporated organization, association, institution,
entity, party, including any government and any political subdivision, agency or instrumentality
thereof.

     “Post-Petition Interest” means any interest or entitlement to fees or expenses that accrues
after the commencement of any Insolvency Proceeding, whether or not allowed or allowable in any
such Insolvency Proceeding.

     “Required Holder” has the meaning set forth in the Existing Second Priority Agreement.

     “Second Priority Agreement” means (i) the Existing Second Priority Agreement, as amended,
supplemented, restated, amended and restated or otherwise modified from time to time in accordance
with Section 6(c), and (ii) any other credit agreement, loan agreement, note agreement, promissory
note, indenture, or other agreement or instrument evidencing or governing the terms of any
indebtedness or other financial accommodation that has been incurred to extend, replace, refinance
or refund in whole or in part the indebtedness and other obligations outstanding under the Existing
Second Priority Agreement or other agreement or instrument referred to in this clause (ii) in
accordance with Section 6.01(c), unless such agreement or instrument expressly provides that it is
not intended to be and is not a Second Priority Agreement hereunder. Any reference to the Second
Priority Agreement hereunder shall be deemed a reference to any Second Priority Agreement then
extant.

     “Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
Second Priority Secured Party as security for any Second Priority Obligation.

     “Second Priority Documents” means each Second Priority Agreement and each Second Priority
Security Document.

     “Second Priority Enforcement Date” means the date which is 180 days after the First Priority
Representative’s receipt of written notice from the Second Priority Representative of the
occurrence of an Event of Default (under and as defined in the Second Priority Agreement); provided
that the Second Priority Enforcement Date shall be stayed and deemed not to have occurred for so
long as (i) the First Priority Representative has commenced and is diligently pursuing an
Enforcement Action against, or diligently attempting to vacate any stay of enforcement of their
Liens on, all or a material portion of the Common Collateral, (ii) the Event of Default referenced
in the written notice from the Second Priority Representative is waived or (iii) an Insolvency
Proceeding is commenced

5

 

by or against the Borrower; provided that the foregoing clause (iii) shall not prohibit the
filing of an involuntary proceeding under the Bankruptcy Code by a Second Priority Secured Party to
the extent otherwise permitted pursuant to Sections 3.01 and 3.07.

     “Second Priority Holders” means the “Holders” as defined in the Second Priority Agreement, or
any Persons that are designated under the Second Priority Agreement as the “Second Priority
Holders” for purposes of this Agreement.

     “Second Priority Lien” means any Lien created by the Second Priority Security Documents.

     “Second Priority Obligations” means (i) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Second
Priority Agreement, and (ii) all fees, expenses and other amounts payable from time to time
pursuant to the Second Priority Documents, in each case whether or not allowed or allowable in an
Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation
(whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of
setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set
aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver
or similar Person, then the obligation or part thereof originally intended to be satisfied shall,
for the purposes of this Agreement and the rights and obligations of the First Priority Secured
Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if
such payment had not occurred.

     “Second Priority Representative” has the meaning set forth in the introductory paragraph
hereof.

     “Second Priority Secured Party” means the Second Priority Representative and any Second
Priority Holders.

     “Second Priority Security Documents” means the “Security Documents” as defined in the Second
Priority Agreement and any documents that are designated under the Second Priority Agreement as
“Second Priority Security Documents” for purposes of this Agreement.

     “Secured Parties” means the First Priority Secured Parties and the Second Priority Secured
Parties.

     “Unasserted Contingent Obligations” shall mean, at any time, First Priority Obligations for
taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (i) the
principal of, and interest and premium (if any) on, and fees and expenses relating to, any First
Priority Obligation and (ii) contingent reimbursement obligations in respect of amounts that may be
drawn under outstanding letters of credit) in respect of which no assertion of liability (whether
oral or written) and no claim or demand for payment (whether oral or written) has been made (and,
in the case of First Priority Obligations for indemnification, no notice for indemnification has
been issued by the indemnitee) at such time.

     “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to
time in the State of New York.

6

 

     Section 1.02. Rules of Construction.

     Unless the context otherwise requires:

     (i) a term has the meaning assigned to it;

     (ii) an accounting term not otherwise defined has the meaning assigned to it, and
shall be construed, in accordance with GAAP;

     (iii) “or” is not exclusive;

     (iv) words in the singular include the plural, and in the plural include the
singular;

     (v) “will” shall be interpreted to express a command;

     (vi) the word “including” means “including without limitation”;

     (vii) any reference to any Person shall be construed to include such Person’s
successors and permitted assigns; and

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

ARTICLE 2

Lien Priorities

     Section 2.01. Subordination of Liens. (a) Any and all Liens now existing or hereafter
created or arising in favor of any Second Priority Secured Party securing the Second Priority
Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation
or otherwise are expressly junior in priority, operation and effect to any and all Liens now
existing or hereafter created or arising in favor of the First Priority Secured Parties securing
the First Priority Obligations, notwithstanding (i) anything to the contrary contained in any
agreement or filing to which any Second Priority Secured Party may now or hereafter be a party, and
regardless of the time, order or method of grant, attachment, recording or perfection of any
financing statements or other security interests, assignments, pledges, deeds, mortgages and other
liens, charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any
of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any
First Priority Document or Second Priority Document or any other circumstance whatsoever and (iii)
the fact that any such Liens in favor of any First Priority Secured Party securing any of the First
Priority Obligations are (x) subordinated to any Lien securing any obligation of any Loan Party
other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided,
invalidated or lapsed.

     (b) No First Priority Secured Party or Second Priority Secured Party shall object to or
contest, or support any other Person in contesting or objecting to, in any proceeding (including
without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or
enforceability of any security interest in the Common Collateral

7

 

granted to the other. Notwithstanding any failure by any First Priority Secured Party or
Second Priority Secured Party to perfect its security interests in the Common Collateral or any
avoidance, invalidation or subordination by any third party or court of competent jurisdiction of
the security interests in the Common Collateral granted to the First Priority Secured Parties or
the Second Priority Secured Parties, the priority and rights as between the First Priority Secured
Parties and the Second Priority Secured Parties with respect to the Common Collateral shall be as
set forth herein.

     Section 2.02. No Payment Subordination. The subordination of all Liens on the Common
Collateral securing the Second Priority Obligations to all Liens on the Common Collateral securing
any First Priority Obligations is with respect to only the priority of the Liens held by or on
behalf of the First Priority Secured Parties and shall not constitute a subordination of the Second
Priority Obligations to the First Priority Obligations. Except as provided in Sections 2.01, 4.01
and 5.05, nothing contained in this Agreement is intended to subordinate any debt claim by a Second
Priority Secured Party to a debt claim by a First Priority Secured Party. All debt claims of the
First Priority Secured Parties and Second Priority Secured Parties are intended to be pari passu.

     Section 2.03. Nature of First Priority Obligations. The Second Priority Representative on
behalf of itself and the other Second Priority Secured Parties acknowledges that a portion of the
First Priority Obligations are revolving in nature and that the amount thereof that may be
outstanding at any time or from time to time may be increased or reduced and subsequently
reborrowed, and that the terms of the First Priority Obligations may be modified, extended or
amended from time to time, and that the aggregate amount of the First Priority Obligations may be
increased, replaced or refinanced, in each event, without notice to or consent by the Second
Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided
in Section 2.01 shall not be altered or otherwise affected by any such amendment, modification,
supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or
refinancing of either the First Priority Obligations or the Second Priority Obligations, or any
portion thereof.

     Section 2.04. Agreements Regarding Actions to Perfect Liens. (a) The Second Priority
Representative on behalf of itself and the other Second Priority Secured Parties agrees that UCC-1
financing statements, patent, trademark or copyright filings or other filings or recordings filed
or recorded by or on behalf of the Second Priority Representative shall be in form reasonably
satisfactory to the First Priority Representative.

     (b) The Second Priority Representative agrees on behalf of itself and the other Second
Priority Secured Parties that all mortgages, deeds of trust, deeds and similar instruments
(collectively, “mortgages”) now or thereafter filed, or acquired by operation of law or by
assignment against real property in favor of or for the benefit of the Second Priority
Representative shall be in form reasonably satisfactory to the First Priority Representative and
shall contain the following notation: “The lien created by this mortgage on the property described
herein is junior and subordinate to the lien on such property created by any mortgage, deed of
trust or similar instrument now or hereafter granted to Bank of America, N.A., and its successors
and assigns, in such property, in accordance with the provisions of the Intercreditor Agreement
dated as of [ ], 2011 among Bank of America, N.A., as Collateral Agent; Deutsche Bank Trust
Company

8

 

Americas, as Trustee and Collateral Agent; and MoneyGram Payment Systems Worldwide, Inc., as
amended from time to time.”

     (c) The First Priority Representative hereby acknowledges that, to the extent that it holds,
or a third party holds on its behalf, physical possession of or “control” (as defined in the
Uniform Commercial Code) over Common Collateral pursuant to the First Priority Documents, such
possession or control is also for the benefit of the Second Priority Representative and the other
Second Priority Secured Parties solely to the extent required to perfect their security interest in
such Common Collateral. Nothing in the preceding sentence shall be construed to impose any duty on
the First Priority Representative (or any third party acting on its behalf) with respect to such
Common Collateral or provide the Second Priority Representative or any other Second Priority
Secured Party with any rights with respect to such Common Collateral beyond those specified in this
Agreement and the Second Priority Security Documents, provided that subsequent to the occurrence of
the First Priority Obligations Payment Date, the First Priority Representative shall (x) deliver to
the Second Priority Representative, at the Borrower’s sole reasonable cost and expense, the Common
Collateral in its possession or control together with any necessary endorsements to the extent
required by the Second Priority Documents or (y) direct and deliver such Common Collateral as a
court of competent jurisdiction otherwise directs, and provided further that the provisions of this
Agreement are intended solely to govern the respective Lien priorities as between the First
Priority Secured Parties and the Second Priority Secured Parties and shall not impose on the First
Priority Secured Parties any obligations in respect of the disposition of any Common Collateral (or
any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor
of any other Person that is not a Secured Party.

     Section 2.05. Similar Liens and Agreements. The parties hereto agree that it is their
intention that the First Priority Collateral and the Second Priority Collateral shall be identical.
In furtherance of the foregoing, the parties hereto agree, subject to the other provisions of this
Agreement:

     (a) upon request by the First Priority Representative or the Second Priority Representative,
to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to
time in order to determine the specific items included in the First Priority Collateral and the
Second Priority Collateral and the steps taken to perfect their respective Liens and the identity
of the respective parties obligated under the First Priority Documents and the Second Priority
Documents; and

     (b) that the documents and agreements creating or evidencing the First Priority Collateral and
the Second Priority Collateral and guarantees for the First Priority Obligations and the Second
Priority Obligations shall be in all material respects the same forms of documents other than (i)
with respect to the first priority and the second priority nature of the security interests created
thereunder and (ii) as provided in Section 2.06.

     (c) So long as the First Priority Obligations Payment Date has not occurred, if any Second
Priority Secured Party shall acquire or hold any new Lien on any assets of any Loan Party securing
any Second Priority Obligation which assets are not also subject to the first-priority Lien of the
First Priority Representative under the First Priority Documents, then the Second Priority
Representative, will, without the need for any further consent of any other Second Priority Secured
Party, notwithstanding anything to

9

 

the contrary in any other Second Priority Document, hold such Lien for the benefit of the
First Lien Representative. To the extent that the foregoing provisions are not complied with for
any reason, without limiting any other rights and remedies available to the First Priority Secured
Parties, the Second Priority Representative and the other Second Priority Secured Parties agree
that any amounts received by or distributed to any of them pursuant to or as a result of Liens
granted in contravention of this Section 2.05(c) shall be subject to Section 4.01.

     Section 2.06. Bailee for Perfection. (a) The First Priority Representative agrees to hold
that part of the Common Collateral that is in its possession or control (or in the possession or
control of its agents or bailees) to the extent that possession or control thereof is taken to
perfect a Lien thereon under the Uniform Commercial Code or other applicable law as collateral
agent for the First Priority Secured Parties and as bailee for the Second Priority Representative
(such bailment being intended, among other things, to satisfy the requirements of Sections
8-106(d)(3), 8-301(a)(2) and 9-313(c) of the Uniform Commercial Code) and any assignee solely for
the purpose of perfecting the security interest granted under the First Priority Documents and the
Second Priority Documents, respectively, subject to the terms and conditions of this Section 2.06.
Solely with respect to any deposit accounts under the control (within the meaning of Section 9-104
of the UCC) of the First Priority Representative, the First Priority Representative agrees to also
hold control over such deposit accounts as agent for the Second Priority Representative.

     (b) The First Priority Representative shall have no obligation whatsoever to the First
Priority Secured Parties, the Second Priority Representative or any Second Priority Secured Party
to ensure that the Common Collateral is genuine or owned by any of the Grantors or to preserve
rights or benefits of any Person except as expressly set forth in this Section 2.06. The duties or
responsibilities of the First Priority Representative under this Section 2.06 shall be limited
solely to holding the Common Collateral as agent and bailee in accordance with this Section 2.06
and delivering the Common Collateral upon a discharge of First Priority Obligations as provided in
paragraph (d) below.

     (c) The First Priority Representative acting pursuant to this Section 2.06 shall not have by
reason of the First Priority Security Documents, the Second Priority Security Documents, this
Agreement or any other document a fiduciary relationship in respect of the First Priority Secured
Parties, the Second Priority Representative or any Second Priority Secured Party.

     (d) Upon the discharge of First Priority Obligations under the First Priority Documents to
which the First Priority Representative is a party, the First Priority Representative shall
promptly deliver, at Borrower’s sole reasonable cost and expense, the remaining Common Collateral
(if any) in its possession or control together with any necessary endorsements, first, to the
Second Priority Representative to the extent Second Priority Obligations remain outstanding, and
second, to the Borrower to the extent no First Priority Obligations or Second Priority Obligations
remain outstanding (in each case, so as to allow such Person to obtain control of such Common
Collateral). Upon such discharge of First Priority Obligations, the First Priority Representative
further agrees to take all other action reasonably requested by the Second Priority Representative
in connection with the Second Priority Representative obtaining a first priority interest in the
Common Collateral or as a court of competent jurisdiction may otherwise direct.

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ARTICLE 3

Enforcement Rights

     Section 3.01. Exclusive Enforcement. (a) Until the First Priority Obligations Payment Date
has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan
Party, the First Priority Secured Parties shall have the exclusive right to take and continue any
Enforcement Action with respect to the Common Collateral, without any consultation with or consent
of any Second Priority Secured Party. Upon the occurrence and during the continuance of a default
or an event of default under the First Priority Documents, the First Priority Representative and
the other First Priority Secured Parties may take and continue any Enforcement Action with respect
to the First Priority Obligations and the Common Collateral in such order and manner as they may
determine in their sole discretion subject only to any express limitation on taking such
Enforcement Action contained in the First Priority Documents. Except as specifically provided in
this Section 3.01 or 3.07 below, notwithstanding any rights or remedies available to a Second
Priority Secured Party under any of the Second Priority Security Documents, applicable law or
otherwise, no Second Priority Secured Party shall, directly or indirectly, take any Enforcement
Action; provided that, upon the occurrence and continuance of the Second Priority Enforcement Date
the Second Priority Secured Parties may take any Enforcement Action subject to the other terms of
this Agreement;

     (b) The First Priority Representative shall respond to all reasonable written requests from
the Second Priority Representative to provide written statements as to the status of any
Enforcement Action taken by the First Priority Representative. The Second Priority Representative
shall respond to all reasonable written requests from the First Priority Representative to provide
written statements as to the status of any Enforcement Action taken by the Second Priority
Representative. Notwithstanding the occurrence and continuance of the Second Priority Enforcement
Date, in no event shall any Second Priority Secured Parties commence or continue any Enforcement
Action if an Insolvency Proceeding has been commenced by or against any Loan Party and is
continuing; provided that the foregoing shall not prohibit the filing of an involuntary proceeding
under the Bankruptcy Code by a Second Priority Secured Party to the extent otherwise permitted
pursuant to Sections 3.01 and 3.07;

     (c) The Second Priority Representative hereby acknowledges and agrees that the rights and
remedies of the First Priority Representative and First Priority Secured Parties under the First
Priority Documents are independent rights and remedies and that no covenant, agreement or
restriction contained in the Second Priority Security Documents or any other Second Priority
Document (other than this Agreement) shall be deemed to restrict the manner in which the First
Priority Representative and any of the First Priority Secured Parties exercise (or elect not to
exercise) such rights and remedies, it being understood that notwithstanding the foregoing, the
Second Priority Representative and the Second Priority Secured Parties shall, except as expressly
provided in this Agreement, have the right to enforce their rights and remedies under the Second
Priority Documents, and the First Priority Representative hereby acknowledges and agrees that the
rights and remedies of the Second Priority Representative and the Second Priority Secured Parties
under the Second Priority Documents are independent rights and remedies and that no covenant,
agreement or restriction contained in the First Priority Security Documents or the other First
Priority Documents (other than this Agreement) shall be deemed to restrict the manner in which the
Second Priority Representative and any of the Second Priority Secured Parties exercise (or elect
not to

11

 

exercise) such rights and remedies, it is understood that notwithstanding the foregoing, the
First Priority Representative and the First Priority Secured Parties shall have the right to
enforce their rights and remedies under the First Priority Documents.

     (d) Nothing in this Agreement shall be construed to in any way limit or impair the right of
any First Priority Secured Party or any Second Priority Secured Party to join (but not control) any
Enforcement Action initiated by any other person against the Common Collateral, so long as it does
not delay or interfere in any material respect with the exercise by such other person of its rights
as provided in this Agreement. The foregoing shall not be construed as limiting or otherwise
impairing the right of the First Priority Representative to control any Enforcement Action.

     Section 3.02 . Standstill and Waivers. The Second Priority Representative, on behalf of
itself and the other Second Priority Secured Parties, agrees that, until the First Priority
Obligations Payment Date has occurred, subject to the proviso set forth in Section 5.01:

          (i) they will not take or cause to be taken any action, the purpose or effect of
which is to make any Lien in respect of any Second Priority Obligation pari passu
with or senior to, or to give any Second Priority Secured Party any preference or priority
relative to, the Liens with respect to the First Priority Obligations or the First
Priority Secured Parties with respect to any of the Common Collateral;

          (ii) subject to Section 4.02, they will not oppose, object to, interfere with, hinder
or delay, in any manner, whether by judicial proceedings (including without limitation the
filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange,
transfer or other disposition of the Common Collateral by the First Priority
Representative or any other First Priority Secured Party or any other Enforcement Action
taken by or on behalf of the First Priority Representative or any other First Priority
Secured Party;

          (iii) they have no right to (x) direct either the First Priority Representative or
any other First Priority Secured Party to exercise any right, remedy or power with respect
to the Common Collateral or pursuant to the First Priority Documents or (y) consent or
object to the exercise by the First Priority Representative or any other First Priority
Secured Party of any right, remedy or power with respect to the Common Collateral or
pursuant to the First Priority Documents or to the timing or manner in which any such
right is exercised or not exercised (or, to the extent they may have any such right
described in this clause (iii), whether as a junior lien creditor or otherwise, they
hereby irrevocably waive such right);

          (iv) they will not institute any suit or other proceeding or assert in any suit,
Insolvency Proceeding or other proceeding any claim against either First Priority
Representative or any other First Priority Secured Party seeking damages from or other
relief by way of specific performance, instructions or otherwise, with respect to, and
neither the First Priority Representative nor any other First Priority Secured Party shall
be liable for, any action taken or omitted to be taken by the First Priority
Representative or any other First Priority Secured Party with respect to the Common
Collateral or pursuant to the First Priority Documents;

12

 

          (v) they will not make any judicial or nonjudicial claim or demand or commence any
judicial or nonjudicial proceedings against any Loan Party or any of its subsidiaries or
affiliates under or with respect to any Second Priority Security Document seeking payment
or damages from or other relief byway of specific performance, instructions or otherwise
under or with respect to any Second Priority Security Document except for Enforcement
Actions permitted hereby (other than filing a proof of claim) or exercise any right,
remedy or power under or with respect to, or otherwise take any action to enforce, other
than filing a proof of claim, any Second Priority Security Document;

          (vi) they will not commence judicial or nonjudicial foreclosure proceedings with
respect to, seek to have a trustee, receiver, liquidator or similar official appointed for
or over, attempt any action to take possession of any Common Collateral, exercise any
right, remedy or power with respect to, or otherwise take any action to enforce their
interest in or realize upon, the Common Collateral or pursuant to the Second Priority
Security Documents; and

          (vii) they will not seek, and hereby waive any right, to have the Common Collateral
or any part thereof marshaled upon any foreclosure or other disposition of the Common
Collateral.

     Section 3.03. Judgment Creditors. In the event that any Second Priority Secured Party
becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of
its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this
Agreement for all purposes (including in relation to the First Priority Liens and the First
Priority Obligations) to the same extent as all other Liens securing the Second Priority
Obligations(created pursuant to the Second Priority Security Documents) subject to this Agreement.

     Section 3.04. Cooperation. The Second Priority Representative, on behalf of itself and the
other Second Priority Secured Parties, agrees that each of them shall take such actions as the
First Priority Representative shall reasonably request in writing in connection with the exercise
by the First Priority Secured Parties of their rights set forth herein.

     Section 3.05. No Additional Rights for the Borrower Hereunder. Except as provided in
Section 3.06, if any First Priority Secured Party or Second Priority Secured Party shall enforce
its rights or remedies in violation of the terms of this Agreement, the Borrower shall not be
entitled to use such violation as a defense to any action by any First Priority Secured Party or
Second Priority Secured Party, nor to assert such violation as a counterclaim or basis for set off
or recoupment against any First Priority Secured Party or Second Priority Secured Party.

     Section 3.06. Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to
this Agreement, commences or participates in any action or proceeding against the Borrower or the
Common Collateral, the Borrower, only with the prior written consent of the First Priority Secured
Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any
First Priority Secured Party may intervene and interpose such defense or plea in its or their name
or in the name of the Borrower.

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     (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take,
attempt to or threaten to take any action with respect to the Common Collateral (including, without
limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or
fail to take any action required by this Agreement, any First Priority Secured Party (in its or
their own name or in the name of the Borrower) or the Borrower, only with the prior written consent
of the First Priority Representative, may obtain relief against such Second Priority Secured Party
by injunction, specific performance and/or other appropriate equitable relief, it being understood
and agreed by the Second Priority Representative on behalf of each Second Priority Secured Party
that (i) the First Priority Secured Parties’ damages from its actions may at that time be difficult
to ascertain and may be irreparable, and (ii) each Second Priority Secured Party waives any defense
that the Borrower and/or the First Priority Secured Parties cannot demonstrate damage and/or be
made whole by the awarding of damages.

     Section 3.07. Permitted Actions and Other Agreements. The Second Priority Representative
(acting at the written direction of the majority of Second Priority Holders) and/or the Second
Priority Secured Parties:

     (a) may, but shall not be obligated to, take any action as they deem necessary (subject to
Section 2.01), including to file any proof of claim or other filing or to make any argument or
motion, in order to create, perfect or preserve their Lien on all or any portion of the Common
Collateral;

     (b) shall be entitled to file any necessary responsive or defensive pleadings in opposition to
any motion, claim, adversary proceeding or other pleading made by any Person objecting to or
otherwise seeking the disallowance of the claims of the Second Priority Secured Parties, including
without limitation any claims secured by the Common Collateral, if any, in each case not in
contravention of the express provisions of this Agreement;

     (c) may purchase any Common Collateral at any private or judicial foreclosure sale of such
Common Collateral initiated by any Secured Party or at any Section 363 hearing (i) by an all cash
bid or (ii) by a credit bid pursuant to Section 363(k) of the Bankruptcy Code if, in addition to
such credit bid, such bid includes cash consideration payable to the First Priority Parties equal
to the First Priority Obligations;

     (d) shall be entitled to file a claim, proof of claim or statement of interest with respect to
the Second Priority Obligations in any Insolvency Proceeding; and

     (e) except as provided in Sections 3.01, 3.02, 5.01, 5.02, 5.05, 5.06 and 5.09, may exercise
rights and remedies as unsecured creditors against the Borrower and any other Loan Party, including
without limitation filing any pleadings, objection, motions or agreement which assert right or
interests of unsecured creditors, excluding, prior to the Second Priority Enforcement Date, the
right to file an involuntary proceeding under the Bankruptcy Code, and including the right to file
an involuntary proceeding under the Bankruptcy Code after the occurrence of the Second Priority
Enforcement Date (unless the Second Priority Enforcement Date is deemed not to have occurred
pursuant to the definition thereof).

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     Section 3.08. Option to Purchase.

     (a) The First Priority Representative agrees that it will use commercially reasonable efforts
to give the Second Priority Representative written notice (the “Enforcement Notice”) at least two
Business Days prior to commencing any Enforcement Action with respect to a material portion of the
Common Collateral following the acceleration of the First Priority Obligations. Any Second
Priority Secured Party constituting not less than the Required Holders(the “Purchasing Parties”)
shall have the option to purchase all, but not less than all, of the First Priority Obligations
from the First Priority Secured Parties following delivery of irrevocable written notice (the
“Purchase Notice”) by the Second Priority Representative on behalf of the Purchasing Parties to the
First Priority Representative no later than 25 Business Days after (i) commencement of any
Enforcement Action with respect to a material portion of the Common Collateral following the
acceleration of the First Priority Obligations or (ii) the commencement of an Insolvency Proceeding
by or against the Borrower. If the Second Priority Representative on behalf of the Purchasing
Parties so delivers the Purchase Notice, the First Priority Representative shall terminate any
existing Enforcement Actions and shall not take any further Enforcement Actions, provided, that the
Purchase (as defined below) shall have been consummated on the date specified in the Purchase
Notice in accordance with this Section 3.08.

     (b) On the date specified by the Second Priority Representative on behalf of the Purchasing
Parties in the Purchase Notice (which shall be a Business Day not less than five Business Days, nor
more than 20 Business Days, after receipt by the First Priority Representative of the Purchase
Notice), the First Priority Secured Parties shall, subject to any required approval of any court or
other governmental authority then in effect, sell to the Purchasing Parties, and the Purchasing
Parties shall purchase (the “Purchase”) from the First Priority Secured Parties, the First Priority
Obligations; provided, that the First Priority Obligations purchased shall not include any rights
of First Priority Secured Parties with respect to indemnification and other obligations of the Loan
Parties under the First Priority Documents that are expressly stated to survive the termination of
the First Priority Documents (the “Surviving Obligations”).

     (c) Without limiting the obligations of the Loan Parties under the First Priority Documents to
the First Priority Secured Parties with respect to the Surviving Obligations (which shall not be
transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties
shall pay to the First Priority Secured Parties as the purchase price (the “Purchase Price”)
therefor the full amount of all First Priority Obligations then outstanding and unpaid (including
principal, interest, fees, premiums, breakage costs, attorneys’ fees and expenses), and, in the
case of any Hedging and Cash Management Obligations, the amount that would be payable by the
relevant Loan Party thereunder if it were to terminate the Hedging or Cash Management Obligation on
the date of the Purchase or, if not terminated, an amount determined by the relevant First Priority
Secured Party to be necessary to collateralize its credit risk arising out of such Hedging and Cash
Management Obligations, (i) furnish cash collateral (the “Cash Collateral”) to the First Priority
Secured Parties in such amounts as the relevant First Priority Secured Parties determine is
reasonably necessary to secure such First Priority Secured Parties in connection with any
outstanding letters of credit (not to exceed 105% of the aggregate undrawn face amount of such
letters of credit), (ii) agree to reimburse the First Priority Secured Parties for any loss, cost,
damage or expense (including attorneys’ fees and expenses) in connection with any fees, costs or
expenses related to

15

 

any checks or other payments provisionally credited to the First Priority Obligations and/or
as to which the First Priority Secured Parties have not yet received final payment and (iii) agree,
after written request from the First Priority Representative, to reimburse the First Priority
Secured Parties in respect of indemnification obligations of the Loan Parties under the First
Priority Documents as to matters or circumstances known to the Purchasing Parties at the time of
the Purchase which could reasonably be expected to result in any loss, cost, damage or expense to
any of the First Priority Secured Parties, provided that, in no event shall any Purchasing Party
have any liability for such amounts in excess of proceeds of Common Collateral received by the
Purchasing Parties.

     (d) The Purchase Price and Cash Collateral shall be remitted by wire transfer in immediately
available funds to such account of the First Priority Representative as it shall designate to the
Purchasing Parties. The First Priority Representative shall, promptly following its receipt
thereof, distribute the amounts received by it in respect of the Purchase Price to the First
Priority Secured Parties in accordance with the First Priority Agreement. Interest shall be
calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the
Purchasing Parties to the account designated by the First Priority Representative are received in
such account prior to 12:00 Noon, New York City time, and interest shall be calculated to and
including such day if the amounts so paid by the Purchasing Parties to the account designated by
the First Priority Representative are received in such account later than 12:00 Noon, New York City
time.

     (e) The Purchase shall be made without representation or warranty of any kind by the First
Priority Secured Parties as to the First Priority Obligations, the Common Collateral or otherwise
and without recourse to the First Priority Secured Parties, except that the First Priority Secured
Parties shall represent and warrant: (i) the amount of the First Priority Obligations being
purchased, (ii) that the First Priority Secured Parties own the First Priority Obligations free and
clear of any liens or encumbrances and (iii) that the First Priority Secured Parties have the right
to assign the First Priority Obligations and the assignment is duly authorized.

     Section 3.09. Obligations Following Discharge of First Priority Obligations. Following the
First Priority Obligations Payment Date, the First Priority Representative, on behalf of itself and
the First Priority Secured Parties, agrees that it will not take any action that would hinder any
exercise of remedies undertaken by the Second Priority Representative and the Second Priority
Secured Parties, or any of them, under the Second Priority Documents, including any public or
private sale, lease, exchange, transfer, or other disposition of the Common Collateral, whether by
foreclosure or otherwise. Following the First Priority Obligations Payment Date, the First
Priority Representative, on behalf of itself and the First Priority Secured Parties, hereby waives
any and all rights it may have as a lien creditor or otherwise to contest, protest, object to,
interfere with the manner in which the Second Priority Representative or any of the Second Priority
Secured Parties seeks to enforce the Liens in any portion of the Common Collateral (it being
understood and agreed that the terms of this Agreement shall govern with respect to the Common
Collateral even if any portion of the Liens securing the Second Priority Obligations are avoided,
disallowed, set aside or otherwise invalidated in any judicial proceeding or otherwise). If the
First Priority Obligations Payment Date has occurred, whether or not any Insolvency Proceeding has
been commenced by or against the Borrower or any other Loan Party, any Common Collateral or
proceeds thereof received by the First Priority Representative or any First Priority Secured
Parties in contravention

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of this Agreement shall be segregated and held in trust and forthwith paid over to the Second
Priority Representative for the benefit of the Second Priority Secured Parties in the same form as
received, with any necessary or reasonably requested endorsements or as a court of competent
jurisdiction may otherwise direct.

ARTICLE 4

Application of Proceeds of Common Collateral; Dispositions and Releases of Common Collateral;

Inspection and Insurance

     Section 4.01. Application of Proceeds; Turnover Provisions. All proceeds of Common
Collateral (including without limitation any interest earned thereon)resulting from the sale,
collection or other disposition of Common Collateral in connection with or resulting from any
Enforcement Action, and whether or not pursuant to an Insolvency Proceeding, shall be distributed
as follows: first to the First Priority Representative for application to the First Priority
Obligations in accordance with the terms of the First Priority Documents, until the First Priority
Obligations Payment Date has occurred and thereafter, to the Second Priority Representative for
application in accordance with the Second Priority Documents. Until the occurrence of the First
Priority Obligations Payment Date, any Common Collateral, including without limitation any such
Common Collateral constituting proceeds, that may be received by any Second Priority Secured Party
in violation of this Agreement shall be segregated and held in trust and promptly paid over to the
First Priority Representative, for the benefit of the First Priority Secured Parties, in the same
form as received, with any necessary endorsements, and each Second Priority Secured Party hereby
authorizes the First Priority Representative to make any such endorsements as agent for the Second
Priority Representative(which authorization, being coupled with an interest, is irrevocable).

     Section 4.02. Releases of Second Priority Lien. (a) Upon any release, sale or disposition
of Common Collateral that results in the release of the First Priority Lien on any Common
Collateral and (i) is permitted pursuant to the terms of the Second Priority Documents, (ii)
results from any Enforcement Action taken by the First Priority Secured Parties or (iii) occurs
pursuant to a sale under Section 363 of the Bankruptcy Code, the Second Priority Lien on such
Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after
the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally
released with no further consent or action of any Person.

     (b) The Second Priority Representative shall promptly execute and deliver such release
documents and instruments and shall take such farther actions, at the expense of the Borrower, as
the First Priority Representative shall reasonably request in writing to evidence any release of
the Second Priority Lien described in paragraph (a). The Second Priority Representative hereby
appoints the First Priority Representative and any officer or duly authorized person of the First
Priority Representative, with full power of substitution, as its true and lawful attorney in fact
with full irrevocable power of attorney in the place and stead of the Second Priority
Representative and in the name of the Second Priority Representative or in the First Priority
Representative’s own name, from time to time, in the First Priority Representative’s sole
discretion, for the purposes of carrying out the terms of this paragraph, to take any and all
appropriate action and to execute and deliver any and all documents and instruments as may be
necessary or desirable to accomplish the purposes of this paragraph, including, without limitation,
any

17

 

financing statements, endorsements, assignments, releases or other documents or instruments of
transfer (which appointment, being coupled with an interest, is irrevocable).

     Section 4.03. Inspection Rights and Insurance. (a) Subject to Section 4.02 and any express
limitations contained in the First Priority Documents, any First Priority Secured Party and its
representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the
Common Collateral, and the First Priority Representative may advertise and conduct public auctions
or private sales of the Common Collateral, in each case without notice to, the involvement of or
interference by any Second Priority Secured Party or liability to any Second Priority Secured
Party.

     (b) Until the First Priority Obligations Payment Date has occurred, the First Priority
Representative will have the sole and exclusive right (i) to adjust or settle any insurance policy
or claim covering the Common Collateral in the event of any loss thereunder and (ii) to approve any
award granted in any condemnation or similar proceeding affecting the Common Collateral.

ARTICLE 5

Insolvency Proceedings

     Section 5.01. Filing of Motions. Except as provided in Section 5.04, solely with respect to
seeking adequate protection, until the First Priority Obligations Payment Date has occurred, the
Second Priority Representative agrees on behalf of itself and the other Second Priority Secured
Parties that no Second Priority Secured Party shall, in or in connection with any Insolvency
Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any
nature, or otherwise take any action whatsoever, in each case in respect of any of the Common
Collateral, including, without limitation, with respect to the determination of any Liens or claims
held by the First Priority Representative (including the validity and enforceability thereof) or
any other First Priority Secured Party or the value of any claims of such parties under Section
506(a) of the Bankruptcy Code or otherwise; provided that the Second Priority Representative may
file a proof of claim in an Insolvency Proceeding, subject to the limitations contained in this
Agreement and only if consistent with the terms and the limitations on the Second Priority
Representative imposed hereby.

     Section 5.02. Financing Matters. If any Loan Party becomes subject to any Insolvency
Proceeding, and if the First Priority Representative or the First Priority Secured Parties desire
to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide
financing to any Loan Party under the Bankruptcy Code (including, without limitation, financing
including a priming Lien under Section 364(d) of the Bankruptcy Code) or to consent (or not object)
to the provision of such financing to any Loan Party by any third party (“DIP Financing”), then the
Second Priority Representative agrees, on behalf of itself and the other Second Priority Secured
Parties, that each Second Priority Secured Party (i) will be deemed to have consented to, will
raise no objection to, nor support any other Person objecting to, the use of such cash collateral
or to such DIP Financing, (ii) will not request or accept adequate protection or any other relief
in connection with the use of such cash collateral or such DIP Financing except as set forth in
paragraph 5.04 below, (iii) will subordinate (and will be deemed hereunder to have subordinated)
the Second Priority Liens (x) to such DIP Financing on

18

 

the same terms as the First Priority Liens are subordinated thereto(and such subordination
will not alter in any manner the terms of this Agreement), (y) to any adequate protection provided
to the First Priority Secured Parties and (z) to any “carve-out” agreed to by the First Priority
Representative or the First Priority Secured Parties, and (iv) agrees that notice received two (2)
calendar days prior to the entry of an order approving such usage of cash collateral or approving
such financing shall be adequate notice; provided, however that the Second Priority Second Parties
may object to a DIP Financing (i) on the basis that they are not receiving adequate protection
permitted under paragraph 5.04 below, (ii) to the extent the outstanding principal amount of the
DIP Financing and the principal amount of the other First Priority Obligations exceed the Maximum
First Priority Obligations Amount or (iii) if they do not retain a Lien on the Common Collateral or
the proceeds thereof at the same priority as existed prior to the commencement of such Insolvency
Proceeding subject to any priming Lien in such DIP Financing and the priority of the First Priority
Liens provided hereunder. No Second Priority Secured Party shall propose or support any third
party who proposes any DIP Financing without the express written consent of the First Priority
Representative, which consent may be withheld in the sole discretion of the First Priority
Representative.

     Section 5.03. Relief From the Automatic Stay. The Second Priority Representative agrees, on
behalf of itself and the other Second Priority Secured Parties, that none of them will seek relief
from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in
derogation thereof, in each case in respect of any Common Collateral, without the prior written
consent of the First Priority Representative.

     Section 5.04. Adequate Protection. The Second Priority Representative, on behalf of itself
and the other Second Priority Secured Parties, agrees that none of them shall object, contest, or
support any other Person objecting to or contesting, (i) any request by the First Priority
Representative or the First Priority Secured Parties for adequate protection or (ii) any objection
by the First Priority Representative or any other First Priority Secured Parties to any motion,
relief, action or proceeding based on a claim of a lack of adequate protection or (iii) the payment
of interest, fees, expenses or other amounts to the First Priority Representative or any other
First Priority Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise.
Notwithstanding anything contained in this Section and in Section 5.02, in any Insolvency
Proceeding, (x) if the First Priority Secured Parties (or any subset thereof) are granted adequate
protection in the form of additional collateral or superpriority claims in connection with any DIP
Financing or use of cash collateral, and the First Priority Secured Parties do not object to the
adequate protection being provided to them, then the Second Priority Representative, on behalf of
itself and any of the Second Priority Secured Parties, may seek or accept adequate protection
solely in the form of (A) a replacement Lien on such additional collateral, subordinated to the
Liens securing the First Priority Obligations and such DIP Financing on the same basis as the other
Liens securing the Second Priority Obligations are so subordinated to the First Priority
Obligations under this Agreement, (B) accrual (but not current payment) of interest on the Second
Priority Secured Obligations, and (C) payment of reasonable professional fees and expenses of the
Second Priority Representative, and (y) in the event the Second Priority Representative, on behalf
of itself and the Second Priority Secured Parties, seeks or requests adequate protection and such
adequate protection is granted in the form of additional collateral, then the Second Priority
Representative, on behalf of itself or any of the Second Priority Secured Parties, agrees that the
First Priority Representative shall also be granted a senior Lien on such

19

 

additional collateral as security for the First Priority Obligations and any such DIP
Financing and that any Lien on such additional collateral securing the Second Priority Obligations
shall be subordinated to the Liens on such collateral securing the First Priority Obligations and
any such DIP Financing (and all obligations relating thereto) and any other Liens granted to the
First Priority Secured Parties as adequate protection, with such subordination to be on the same
terms that the other Liens securing the Second Priority Obligations are subordinated to such First
Priority Obligations under this Agreement.

     Section 5.05. Avoidance Issues. If any First Priority Secured Party is required in any
Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any
Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason,
including without limitation because it was found to be a fraudulent or preferential transfer, any
amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of
set-off or otherwise, then the First Priority Obligations shall be reinstated to the extent of such
Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority
Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been
terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and
such prior termination shall not diminish, release, discharge, impair or otherwise affect the
obligations of the parties hereto. The Second Priority Secured Parties agree that none of them
shall be entitled to benefit from any avoidance action affecting or otherwise relating to any
distribution or allocation made in accordance with this Agreement, whether by preference or
otherwise, it being understood and agreed that the benefit of such avoidance action otherwise
allocable to them shall instead be allocated and turned over for application in accordance with the
priorities set forth in this Agreement.

     Section 5.06. Asset Dispositions in an Insolvency Proceeding. Neither the Second Priority
Representative nor any other Second Priority Secured Party shall, in an Insolvency Proceeding or
otherwise, oppose any sale or disposition of any assets of any Loan Party that is supported by the
First Priority Required Lenders, and the Second Priority Representative and each other Second
Priority Required Lenders will be deemed to have consented under Section 363 of the Bankruptcy Code
(and otherwise) to any sale supported by the First Priority Secured Parties and to have released
their Liens in such assets.

     Section 5.07. Separate Grants of Security and Separate Classification. Each Second Priority
Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the First Priority
Security Documents and the Second Priority Security Documents constitute two separate and distinct
grants of Liens and (ii) because of, among other things, their differing rights in the Common
Collateral, the Second Priority Obligations are fundamentally different from the First Priority
Obligations and must be separately classified in any plan of reorganization proposed or adopted in
an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the
immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties
and Second Priority Secured Parties in respect of the Common Collateral constitute only one secured
claim (rather than separate classes of senior and junior secured claims), then the Second Priority
Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were
separate classes of senior and junior secured claims against the Loan Parties in respect of the
Common Collateral (with the effect being that, to the extent

20

 

that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all
claims held by the Second Priority Secured Parties), the First Priority Secured Parties shall be
entitled to receive, in addition to amounts distributed to them in respect of principal,
pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest
before any distribution is made in respect of the claims held by the Second Priority Secured
Parties, with the Second Priority Secured Parties hereby acknowledging and agreeing to turn over to
the First Priority Secured Parties amounts otherwise received or receivable by them to the extent
necessary to effectuate the intent of this sentence, even if such turnover has the effect of
reducing the claim or recovery of the Second Priority Secured Parties).

     Section 5.08. No Waivers of Rights of First Priority Secured Parties. Subject to Section
2.01(b), nothing contained herein shall prohibit or in any way limit the First Priority
Representative or any other First Priority Secured Party from objecting in any Insolvency
Proceeding or otherwise to any action taken by any Second Priority Secured Party, including the
seeking by any Second Priority Secured Party of adequate protection or the asserting by any Second
Priority Secured Party of any of its rights and remedies under the Second Priority Documents or
otherwise.

     Section 5.09. Plans of Reorganization. The Second Priority Secured Parties may propose,
vote on, file and prosecute, object to, and make other filings with regard to, any plan of
reorganization, unless such action would directly or indirectly result in a violation of this
Agreement, whether directly by any Second Priority Secured Party or as a result of confirmation of
such plan.

     Section 5.10. Other Matters. To the extent that the Second Priority Representative or any
Second Priority Secured Party has or acquires rights under Section 363 or Section 364 of the
Bankruptcy Code with respect to any of the Common Collateral, the Second Priority Representative
agrees, on behalf of itself and the other Second Priority Secured Parties not to assert any of such
rights without the prior written consent of the First Priority Representative; provided that if
requested in writing by the First Priority Representative, the Second Priority Representative shall
timely exercise such rights in the manner requested by the First Priority Representative, including
any rights to payments in respect of such rights.

     Section 5.11. Effectiveness in Insolvency Proceedings. This Agreement, which the parties
hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy
Code, shall be effective before, during and after the commencement of an Insolvency Proceeding.
All references in this Agreement to any Loan Party shall include such Loan Party as a
debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding.

ARTICLE 6

Second Priority Documents and First Priority Documents

     Section 6.01. Second Priority Documents and First Priority Documents. (a) Each Loan Party
and the Second Priority Representative, on behalf of itself and the Second Priority Secured
Parties, agrees that it shall not at anytime execute or deliver any amendment or other modification
to any of the Second Priority Documents inconsistent with or in violation of this Agreement.

21

 

     (b) The First Priority Obligations may be amended, waived, increased, extended, renewed,
replaced, refinanced or secured with additional collateral (provided that both the First Priority
Liens and the Second Priority Liens shall attach to such additional collateral) without affecting
the lien priorities of the First Priority Liens and the Second Priority Liens, subject to the
covenants in the First Priority Documents and the Second Priority Documents; provided that no such
amendment, waiver, increase, extension, renewal, replacement or refinancing shall increase the
principal amount of the First Priority Obligations to an amount in excess of the Maximum First
Priority Obligations Amount.

     (c) Until the First Priority Obligations Payment Date has occurred, and notwithstanding
anything to the contrary contained in the Second Priority Documents, the Second Priority Secured
Parties shall not, without the prior written consent of the First Priority Representative, agree to
any amendment, restatement, modification, supplement, substitution, renewal or replacement of or to
any or all of the Second Priority Documents to (i) shorten the maturity of the Second Priority
Obligations to be sooner than 91 days following the scheduled maturity date of the First Priority
Obligations under the Existing First Priority Agreement or (ii) impose any amortization payments of
principal in respect of the Second Priority Obligations and/or add any additional mandatory
principal prepayments (or offers to prepay) the Second Priority Obligations, in each case, prior to
the scheduled maturity date of the First Priority Obligations under the Existing First Priority
Agreement.

ARTICLE 7

Reliance; Waivers; etc.

     Section 7.01. Reliance. The First Priority Documents are deemed to have been executed and
delivered, and all extensions of credit thereunder are deemed to have been made or incurred, in
reliance upon this Agreement. The Second Priority Representative, on behalf of itself and the
Second Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on
this Agreement by the First Priority Secured Parties. The Second Priority Documents are deemed to
have been executed and delivered and all extensions of credit thereunder are deemed to have been
made or incurred, in reliance upon this Agreement. The First Priority Representative, on behalf of
itself and First Priority Secured Parties, expressly waives all notices of the acceptance of and
reliance by the Second Priority Representative and the Second Priority Secured Parties.

     Section 7.02. No Warranties or Liability. The Second Priority Representative and the First
Priority Representative acknowledge and agree that neither has made any express or implied
representation or warranty with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any First Priority Document or any Second Priority Document.
Except as otherwise provided in this Agreement, the Second Priority Representative and the First
Priority Representative will be entitled to manage and supervise their respective extensions of
credit to any Loan Party in accordance with law and their usual practices, modified from time to
time as they deem appropriate.

     Section 7.03. No Waivers. No right or benefit of any party hereunder shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of such party or any
other party hereto or by any noncompliance by any Loan Party with the

22

 

terms and conditions of any of the First Priority Documents or the Second Priority Documents.

ARTICLE 8

Obligations Unconditional

     Section 8.01. First Priority Obligations Unconditional. All rights of the First Priority
Representative hereunder, and all agreements and obligations of the Second Priority Representative,
the Borrower and the other Loan Parties (to the extent applicable) hereunder, shall remain in full
force and effect irrespective of:

          (i) any lack of validity or enforceability of any First Priority Document;

          (ii) any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the First Priority Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of any First Priority Document;

          (iii) prior to the First Priority Obligations Payment Date, any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Common Collateral or
any other collateral, or any release, amendment, waiver or other modification, whether by
course of conduct or otherwise, or any refinancing, replacement, refunding or restatement
of all or any portion of the First Priority Obligations or any guarantee or guaranty
thereof; or

          (iv) prior to the First Priority Obligations Payment Date, any other circumstances
that otherwise might constitute a defense available to, or a discharge of, any Loan Party
in respect of the First Priority Obligations, or of any of the Second Priority
Representative, or any Loan Party, to the extent applicable, in respect of this Agreement.

     Section 8.02. Second Priority Obligations Unconditional. All rights and interests of the
Second Priority Representative under this Agreement, and all agreements and obligations of the
First Priority Representative, the Loan Parties, to the extent applicable, hereunder, shall remain
in full force and effect irrespective of:

          (i) any lack of validity or enforceability of any Second Priority Document;

          (ii) any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the Second Priority Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of any Second Priority Document;

          (iii) any exchange, release, voiding, avoidance or non-perfection of any security
interest in any Common Collateral, or any release, amendment, waiver or other
modification, whether by course of conduct or otherwise, or any

23

 

refinancing, replacement, refunding or restatement of all or any portion of the
Second Priority Obligations or any guarantee or guaranty thereof; or

          (iv) any other circumstances that otherwise might constitute a defense available to,
or a discharge of, any Loan Party in respect of the Second Priority Obligations, or of any
of the First Priority Representative or any other Loan Party, to the extent applicable, in
respect of this Agreement.

ARTICLE 9

Miscellaneous

     Section 9.01. Conflicts. In the event of any conflict between the provisions of this
Agreement and the provisions of any First Priority Document or any Second Priority Document, the
provisions of this Agreement shall govern.

     Section 9.02. Continuing Nature of Provisions. This Agreement shall continue to be
effective, and shall not be revocable by any party hereto, until the First Priority Obligation
Payment Date shall have occurred. This is a continuing agreement and the First Priority Secured
Parties and the Second Priority Secured Parties may continue, at any time and without notice to the
other parties hereto, to extend credit and other financial accommodations, lend monies and provide
indebtedness to, or for the benefit of, the Borrower or any other Loan Party on the faith hereof.

     Section 9.03. Amendments; Waivers. No amendment or modification of any of the provisions of
this Agreement shall be effective unless the same shall be in writing and signed by the First
Priority Representative and the Second Priority Representative and, in the case of amendments or
modifications of Sections 3.05, 3.06, 3.08, 5.02, 5.04, 6.01, 9.03, 9.05 or 9.06 that directly
adversely affect the rights or duties of any Loan Party, such Loan Party.

     Section 9.04. Information Concerning Financial Condition of the Borrower and the Other Loan
Parties. Each of the Second Priority Representative and the First Priority Representative hereby
assume responsibility for keeping itself informed of the financial condition of the Borrower and
each of the other Loan Parties and all other circumstances bearing upon the risk of nonpayment of
the First Priority Obligations or the Second Priority Obligations. The Second Priority
Representative and the First Priority Representative hereby agree that no party shall have any duty
to advise any other party of information known to it regarding such condition or any such
circumstances. In the event the Second Priority Representative or the First Priority
Representative, in its sole discretion, undertakes at any time or from time to time to provide any
information to any other party to this Agreement, it shall be under no obligation (A) to provide
any such information to such other party or any other party on any subsequent occasion, (B) to
undertake any investigation not a part of its regular business routine, or (C) to disclose any
other information.

     Section 9.05. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS
OF LAW AND EXCEPT TO THE EXTENT THAT REMEDIES

24

 

PROVIDED BY THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK ARE GOVERNED BY THE
LAWS OF SUCH JURISDICTION.

     Section 9.06. Submission to Jurisdiction; Waivers. (a) EACH PARTY HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF
ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE OR, TO THE EXTENT PERMITTED BY 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.

     (b) ALL PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT
THEY MAY LEGALLY AND EFFECTIVELY DO SO (X) ANY OBJECTION THEY MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN
ANY COURT REFERRED TO IN PARAGRAPH (A) OF THIS SECTION AND (Y) THE DEFENSE OF AN INCONVENIENT FORUM
TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.

     (c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 9.07. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY
TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

     Section 9.07. Notices. Unless otherwise specifically provided herein, any notice or other
communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, or sent by overnight express courier service or United States mail and shall be
deemed to have been given when delivered in person or by courier service, upon receipt of a
telecopy or five (5) days after deposit in the United States mail (certified, with postage prepaid
and properly addressed). For the purposes hereof, the addresses of the parties hereto (until
notice of a change thereof is delivered as provided in this Section) shall be as set forth below
each party’s name on the signature pages hereof, or, as to each party, at such other address as may
be designated by such party in a written notice to all of the other parties.

     Section 9.08. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and each of the First Priority Secured Parties and Second
Priority Secured Parties and their respective successors and assigns, and nothing herein is
intended, or shall be construed to give, any other Person any right, remedy or claim under, to or
in respect of this Agreement or any Common Collateral. All

25

 

references to any Loan Party shall include any Loan Party as debtor-in-possession and any
receiver or trustee for such Loan Party in any Insolvency Proceeding.

     Section 9.09. Headings. Section headings used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

     Section 9.10. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     Section 9.11. Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall
become effective when it shall have been executed by each party hereto.

     Section 9.12. Second Priority Representative Actions. Whenever reference is made in this
Agreement to any action by, consent, designation, specification, requirement or approval of,
notice, request or other communication from, or other direction given or action to be undertaken or
to be (or not to be) suffered or omitted by the Second Priority Representative or to any election,
decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of
discretion, rights or remedies to be made (or not to be made) by the Second Priority
Representative, it is understood that in all cases the Second Priority Representative shall be
fully justified in failing or refusing to take any such action under this Agreement if it shall not
have received such advice or concurrence of the Required Holders, as it deems appropriate. This
provision is intended solely for the benefit of the Second Priority Representative and its
successors and permitted assigns and is not intended to and will not entitle the other parties
hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto,
or impose any obligation on the First Priority Representative or any of the other First Priority
Secured Parties to inquire as to the advice or concurrence of the Required Holders received by the
Second Priority Representative prior to relying on the authority of the Second Priority
Representative to take any action permitted hereunder.

     Section 9.13. USA Patriot Act. The Borrower acknowledges that in accordance with Section
326 of the USA Patriot Act, Deutsche Bank Trust Company Americas, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account. The Borrower agrees that it will provide Deutsche Bank Trust
Company Americas with such information as it may request in order for Deutsche Bank Trust Company
Americas to satisfy the requirements of the USA Patriot Act.

26

 

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

	 	 	 	 	 
	 	Bank of America, N.A., as First Priority

     Representative for and on behalf of the

     First Priority Secured Parties

 	 
	 	By:  	/s/ Adam Cady
 	 
	 	 	Name:  	Adam Cady 	 
	 	 	Title:  	Managing Director 	 
	 
	 	Address for Notices:

Attn: Joan Mok

Telecopy No.: 415-503-5085
 	 
	 
	 	With a copy to:

Attn: Anthony Salvador

Telecopy No.: 415-249-5033

 	 
	 

[Intercreditor Agreement Signature Page]

 

	 	 	 	 	 
	 	Deutsche Bank Trust Company Americas, as
     Second Priority Representative for and on 

     behalf of the Second Priority Secured Parties

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 
	 
	 	 	 
	 	By:  	/s/ David Contino
 	 
	 	 	Name:  	David Contino 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Chris Niesz
 	 
	 	 	Name:  	Chris Niesz 	 
	 	 	Title:  	Associate 	 
	 
	 	Address for Notices:

Deutsche Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS2710

New York, NY 10005

Attn: Deal Manager — Corporate Team

 	 
	 
	 	With a copy to:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank Trust Company

Trust & Securities Services

25 DeForest Avenue, MS SUM 01-0105

Summit, NJ 07901

Attn: Deal Manager — Corporate Team

 	 
	 

[Intercreditor Agreement Signature Page]

 

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

 	 
	 	By:  	/s/ James E. Shields
 	 
	 	 	Name:  	James E. Shields 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

Signature Page to MoneyGram Intercreditor Agreement

 

EXHIBIT G

FORM OF SOLVENCY CERTIFICATE

SOLVENCY CERTIFICATE

of

HOLDCO

AND ITS SUBSIDIARIES

     Pursuant to the Credit Agreement, dated as of May 18, 2011 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Moneygram International, Inc.,
a Delaware corporation, Moneygram Payment Systems Worldwide, Inc., a Delaware corporation, the
Lenders party thereto from time to time and Bank of America, N.A., as Administrative Agent and
Collateral Agent, the undersigned hereby certifies, solely in such undersigned’s capacity as chief
financial officer of Holdco, and not individually, as follows:

     As of the date hereof, after giving effect to the consummation of the Transaction, including
the making of the Loans under the Credit Agreement on the date hereof, and after giving effect to
the application of the proceeds of such Loans:

	 	a.	 	The fair value of the assets of Holdco and its subsidiaries, on
a consolidated basis, exceeds, on a consolidated basis, their debts and
liabilities, subordinated, contingent or otherwise;

	 	b.	 	The present fair saleable value of the property of Holdco and
its subsidiaries, on a consolidated basis, is greater than the amount that will
be required to pay the probable liability, on a consolidated basis, of their
debts and other liabilities, subordinated, contingent or otherwise, as such
debts and other liabilities become absolute and matured;

	 	c.	 	I intend and believe that Holdco and its subsidiaries, on a
consolidated basis, will be able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such liabilities become absolute and
matured; and

	 	d.	 	Holdco and its subsidiaries, on a consolidated basis, are not
engaged in, and are not about to engage in, business for which they have
unreasonably small capital.

     For purposes of this Certificate, the amount of any contingent liability at any time shall be
computed as the amount that would reasonably be expected to become an actual and matured liability.
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them
in the Credit Agreement.

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     IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned’s
capacity as chief financial officer of Holdco, on behalf of Holdco, and not individually, as of the
date first stated above.

	 	 	 	 	 
	 	MONEYGRAM INTERNATIONAL, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

G-2

 

EXHIBIT H

AUCTION PROCEDURES

This outline is intended to summarize certain terms of procedures with respect to Auctions pursuant
to and in accordance with the terms and conditions of Sections 12.01(h) and 12.01(i) of the credit
agreement, of which this Exhibit H is a part (the “Credit Agreement”). It is not intended to be a
definitive list of all of the terms and conditions of an Auction and all such terms and conditions
shall be set forth in the applicable Auction Procedures set for each Auction (the “Offer
Documents”). None of the Administrative Agent, the Auction Manager, or any of their respective
affiliates makes any recommendation pursuant to the Offer Documents as to whether or not any Lender
should sell by assignment any of its Term Loans pursuant to the Offer Documents (including, for the
avoidance of doubt, by participating in the Auction as a Lender) or whether or not Holdco, any
Holdco Subsidiary or any Affiliated Lender should purchase by assignment any Term Loans from any
Lender pursuant to any Auction. Each Lender should make its own decision as to whether to sell by
assignment any of its Term Loans and, if so, the principal amount of and price to be sought for
such Term Loans. In addition, each Lender should consult its own attorney, business advisor or tax
advisor as to legal, business, tax and related matters concerning any Auction and the Offer
Documents. Capitalized terms not otherwise defined in this Exhibit have the meanings assigned to
them in the Credit Agreement.

For avoidance of doubt, the provisions of Section 12.01(h) shall also apply to all non-pro rata
assignments of Term Loans made to Affiliated Lenders, and the provisions of Section 12.01(i) shall
also apply to all non-pro rata assignments of Term Loans made to Holdco or any Holdco Subsidiary.

     Summary. Affiliated Lenders, Holdco and any Holdco Subsidiary may purchase (by
assignment) Term Loans on a non-pro rata basis by conducting one or more auctions (each, an
“Auction”) pursuant to the procedures described herein; provided, that no more than one Auction may
be ongoing at any one time and no more than four Auctions may be made in any period of four
consecutive fiscal quarters of the Borrower.

     Notice Procedures. In connection with each Auction, Holdco, the applicable Holdco
Subsidiary or the applicable Affiliated Lender (as applicable) (the “Offeror”) will provide
notification to the auction manager, which shall be the Administrative Agent or a bank, an
investment bank or affiliate thereof of recognized standing selected by the Borrower (or such other
investment bank), (the “Auction Manager”) for distribution to the Lenders of the Term Loans that
will be the subject of the Auction by delivering to the Auction Manager a written notice in form
and substance reasonably satisfactory to the Auction Manager (an “Auction Notice”). Each Auction
Notice shall contain (i) the maximum principal amount of Term Loans the Offeror is willing to
purchase (by assignment) in the Auction (the “Auction Amount”), which shall be no less than
$1,000,000; (ii) the range of discounts to par (the “Discount Range”), expressed as a range of
prices per $1,000, at which the Offeror would be willing to purchase Term Loans in the Auction; and
(iii) the date on which the Auction will conclude, on which date Return Bids (defined below) will
be due at the time provided in the Auction Notice (such time, the “Expiration Time”), as such date
and time may be extended upon notice by the Offeror to the Auction Manager.

H-1

 

     Reply Procedures. In connection with any Auction, each Lender holding Term Loans
wishing to participate in such Auction shall, prior to the Expiration Time, provide the Auction
Manager with a notice of participation in form and substance reasonably satisfactory to the Auction
Manager (the “Return Bid”, to be included in the Offer Documents) which shall specify (i) a
discount to par that must be expressed as a price per $1,000 of Term Loans (the “Reply Price”)
within the Discount Range and (ii) the principal amount of Term Loans, in an amount not less than
$1,000,000, that such Lender is willing to offer for sale at its Reply Price (the “Reply Amount”);
provided, that each Lender may submit a Reply Amount that is less than the minimum amount and
incremental amount requirements described above only if the Reply Amount comprises the entire
amount of the Term Loans held by such Lender at such time. A Lender may only submit one Return Bid
per Auction, but each Return Bid may contain up to three component bids, each of which may result
in a separate Qualifying Bid and each of which will not be contingent on any other component bid
submitted by such Lender resulting in a Qualifying Bid. In addition to the Return Bid, a
participating Lender must execute and deliver, to be held by the Auction Manager, an Assignment and
Acceptance in the form included in the Offer Documents which shall be in form and substance
reasonably satisfactory to the Auction Manager and the Administrative Agent (the “Auction
Assignment and Acceptance”). The Offeror will not purchase any Term Loans at a price that is
outside of the applicable Discount Range, nor will any Return Bids (including any component bids
specified therein) submitted at a price that is outside such applicable Discount Range be
considered in any calculation of the Applicable Threshold Price (as defined below).

     Acceptance Procedures. Based on the Reply Prices and Reply Amounts received by the
Auction Manager, the Auction Manager, in consultation with the Offeror, will calculate the lowest
purchase price (the “Applicable Threshold Price”) for the Auction within the Discount Range for the
Auction that will allow the Offeror to complete the Auction by purchasing the full Auction Amount
(or such lesser amount of Term Loans for which the Offeror has received Qualifying Bids). The
Offeror shall purchase (by assignment) Term Loans from each Lender whose Return Bid is within the
Discount Range and contains a Reply Price that is equal to or less than the Applicable Threshold
Price (each, a “Qualifying Bid”). All principal amount of Term Loans included in Qualifying Bids
received at a Reply Price lower than the Applicable Threshold Price will be purchased at a purchase
price equal to the applicable Reply Price and shall not be subject to proration. If a Lender has
submitted a Return Bid containing multiple component bids at different Reply Prices, then all Term
Loans of such Lender offered in any such component bid that constitutes a Qualifying Bid with a
Reply Price lower than the Applicable Threshold Price shall also be purchased at a purchase price
in cash equal to the applicable Reply Price and shall not be subject to proration.

     Proration Procedures. All Term Loans offered in Return Bids (or, if applicable, any
component bid thereof) constituting Qualifying Bids equal to the Applicable Threshold Price will be
purchased at a purchase price equal to the Applicable Threshold Price; provided that if the
aggregate principal amount of all Term Loans for which Qualifying Bids have been submitted in any
given Auction equal to the Applicable Threshold Price would exceed the remaining portion of the
Auction Amount (after deducting all Term Loans purchased below the Applicable Threshold Price), the
Offeror shall purchase the Term Loans for which the Qualifying Bids submitted were at the
Applicable Threshold Price ratably based on the respective principal amounts offered and in an
aggregate amount up to the amount necessary to complete the

H-2

 

purchase of the Auction Amount. For the avoidance of doubt, no Return Bids (or any component
thereof) will be accepted above the Applicable Threshold Price.

     Notification Procedures. The Auction Manager will calculate the Applicable Threshold
Price no later than the next Business Day after the date that the Return Bids were due. The
Auction Manager will insert the amount of Term Loans to be assigned and the applicable settlement
date determined by the Auction Manager in consultation with the Offeror onto each applicable
Auction Assignment and Acceptance received in connection with a Qualifying Bid. Upon written
request of the submitting Lender, the Auction Manager will promptly return any Auction Assignment
and Acceptance received in connection with a Return Bid that is not a Qualifying Bid.

     Additional Procedures. Once initiated by an Auction Notice, the Offeror may withdraw
an Auction by written notice to the Auction Manager. Any Return Bid (including any component bid
thereof) delivered to the Auction Manager may not be modified, revoked, terminated or cancelled;
provided that a Lender may modify a Return Bid at any time prior to the Expiration Time solely to
reduce the Reply Price included in such Return Bid. However, an Auction shall become void if the
Offeror fails to satisfy one or more of the conditions to the purchase of Term Loans set forth in
Section 12.01(h) or 12.01(i) of the Credit Agreement, as applicable, or to otherwise comply with
any of the provisions of such Sections 12.01(h) or 12.01(i). The purchase price for all Term Loans
purchased in an Auction shall be paid in cash by the Offeror directly to the respective assigning
Lender on a settlement date as determined by the Auction Manager in consultation with the Offeror
(which shall be no later than ten (10) Business Days after the date Return Bids are due), along
with accrued and unpaid interest (if any) on the applicable Term Loans up to the settlement date.
The Offeror shall execute each applicable Auction Assignment and Acceptance received in connection
with a Qualifying Bid.

     All questions as to the form of documents and validity and eligibility of Term Loans that are
the subject of an Auction will be determined by the Auction Manager, in consultation with the
Offeror, and the Auction Manager’s determination will be final and binding. The Auction Manager’s
interpretation of the terms and conditions of the Offer Document, in consultation with the Offeror,
will be final and binding.

     None of the Administrative Agent, the Auction Manager, any other Agent or any of their
respective affiliates assumes any responsibility for the accuracy or completeness of the
information concerning the Borrower, the Loan Parties, or any of their affiliates contained in the
Offer Documents or otherwise or for any failure to disclose events that may have occurred and may
affect the significance or accuracy of such information.

     Immediately upon the consummation of an Auction pursuant to Section 12.01(i) of the Credit
Agreement, the Term Loans subject to such Auction and all rights and obligations as a Lender
related to such Term Loans shall for all purposes (including under the Credit Agreement, the other
Loan Documents and otherwise) be deemed to be irrevocably prepaid, terminated, extinguished,
cancelled and of no further force and effect, and neither Holdco nor any Holdco Subsidiary shall
obtain nor have any rights as a Lender under the Credit Agreement or under the other Loan Documents
by virtue of the acquisition of any Term Loans subject to such Auction.

H-3

 

     The Auction Manager acting in its capacity as such under an Auction shall be entitled to the
benefits of the provisions of Article 10 and Section 9.06 of the Credit Agreement to the same
extent as if each reference therein to the “Administrative Agent” were a reference to the Auction
Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably
requested by the Auction Manager in order to enable it to perform its responsibilities and duties
in connection with each Auction.

     This Exhibit H shall not require Holdco, any Holdco Subsidiary or any Affiliated Lender to
initiate any Auction, nor shall any Lender be obligated to participate in any Auction.

H-4

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