Document:

exv10w1

$21,750,000

AMENDED AND RESTATED TERM LOAN AGREEMENT

dated as of

August 27, 2008

Between

ROYAL GOLD CHILE LIMITADA

and

HSBC BANK USA, NATIONAL ASSOCIATION

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITION
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Accounting Terms and Determinations
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 2 TERM LOANS
	 	 	7	 
	 
	 	 	 	 
	Section 2.01 Term Loans
	 	 	7	 
	Section 2.02 Method of Borrowing
	 	 	7	 
	Section 2.03 Note
	 	 	8	 
	Section 2.04 Maturity of Loans; Termination of Commitment
	 	 	8	 
	Section 2.05 Interest Rates
	 	 	8	 
	Section 2.06 Optional Prepayment; Termination of Commitment; Extension of Termination Date
	 	 	9	 
	Section 2.07 Method of Electing Interest Rates
	 	 	10	 
	Section 2.08 General Provisions as to Payments
	 	 	11	 
	Section 2.09 Funding Losses
	 	 	11	 
	Section 2.10 Unused Line Fee
	 	 	12	 
	Section 2.11 Amendment, Restatement and Continuance
	 	 	12	 
	Section 2.12 Computation of Interest and Fees
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 3 CONDITIONS
	 	 	12	 
	 
	 	 	 	 
	Section 3.01 Closing
	 	 	12	 
	Section 3.02 Loans
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	 	 	14	 
	 
	 	 	 	 
	Section 4.01 Existence and Power
	 	 	14	 
	Section 4.02 Authorization; No Contravention
	 	 	14	 
	Section 4.03 Binding Effect
	 	 	15	 
	Section 4.04 Financial Information
	 	 	15	 
	Section 4.05 Litigation
	 	 	15	 
	Section 4.06 Compliance with Law
	 	 	15	 
	Section 4.07 Taxes
	 	 	15	 
	Section 4.08 Solvency
	 	 	15	 
	Section 4.09 Credit Arrangements
	 	 	16	 
	Section 4.10 Subsidiaries and Affiliates
	 	 	16	 
	Section 4.11 Regulatory Restrictions on Borrowing/Guarantee
	 	 	16	 
	Section 4.12 Full Disclosure
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 5 COVENANTS
	 	 	16	 
	 
	 	 	 	 
	Section 5.01 Information
	 	 	16	 
	Section 5.02 Payment of Obligations
	 	 	17	 
	Section 5.03 Maintenance of Existence
	 	 	17	 
	Section 5.04 Compliance with Laws
	 	 	17	 

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TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 5.05 Inspection of Property, Books and Records
	 	 	18	 
	Section 5.06 Merger and Sales of Assets
	 	 	18	 
	Section 5.07 Use of Proceeds
	 	 	18	 
	Section 5.08 Negative Pledge
	 	 	18	 
	Section 5.09 Limitation on Debt
	 	 	18	 
	Section 5.10 Lines of Business
	 	 	19	 
	Section 5.11 Fiscal Year
	 	 	19	 
	Section 5.12 Amendment of Charter Documents
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 6 DEFAULTS
	 	 	19	 
	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 7 CHANGES IN CIRCUMSTANCE
	 	 	21	 
	 
	 	 	 	 
	Section 7.01 Basis for Determining Interest Rate Inadequate or Unfair
	 	 	21	 
	Section 7.02 Illegality
	 	 	21	 
	Section 7.03 Increased Cost and Reduced Return
	 	 	22	 
	Section 7.04 Taxes
	 	 	23	 
	Section 7.05 Base Rate Loans Substituted/or Affected EuroDollar Loans
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 8 MISCELLANEOUS
	 	 	24	 
	 
	 	 	 	 
	Section 8.01 Notices
	 	 	24	 
	Section 8.02 No Waivers
	 	 	24	 
	Section 8.03 Expenses; Indemnification
	 	 	24	 
	Section 8.04 Amendments and Waivers
	 	 	25	 
	Section 8.05 Successors and Assigns
	 	 	25	 
	Section 8.06 Continuing Obligation
	 	 	25	 
	Section 8.07 Governing Law; Submission to Jurisdiction; etc
	 	 	25	 
	Section 8.08 Currency
	 	 	26	 
	Section 8.09 Counterparts; Integration; Effectiveness
	 	 	27	 
	Section 8.10 WAIVER OF JURY TRIAL
	 	 	27	 

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AMENDED AND RESTATED TERM LOAN AGREEMENT

     AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Agreement”) dated as of August 27, 2008 by and
between ROYAL GOLD CHILE LIMITADA, a Chilean limited liability company (the “Borrower”) and HSBC
Bank USA, National Association, its successors and assigns (the “Bank”).

RECITALS

     A. The Borrower and the Bank entered into that certain Term Loan Agreement, dated as of March
1, 2007 (the “Original Loan Agreement”) pursuant to which the Bank established a senior
non-revolving term credit facility in the aggregate amount of U.S. Fifteen Million Seven Hundred
Fifty Thousand Dollars ($15,750,000) (the “Original Commitment”) in favor of the Borrower for the
purpose of acquiring certain Royalty Interests.

     B. On March 1, 2007, the Borrower borrowed one-hundred percent (100%) of the Original
Commitment, as evidenced by delivery of a promissory note to the Bank.

     C. The parties hereto desire to amend and restate the Original Loan Agreement in its entirety
to, among other things: (a) increase the aggregate amount of the Commitment to US$21,750,000, and
(b) make certain other amendments to the Original Loan Agreement as more fully set forth herein.

     D. This Agreement and the Loans made hereunder are guaranteed by Royal Gold, Inc., a Delaware
corporation (the “Guarantor”) and secured by a Lien in favor of the Lender in and on the Collateral
Account, all of which shall be ratified, continued and affirmed.

     E. The Original Loan Agreement is hereby amended, restated and continued in its entirety as
set forth in this Agreement.

AGREEMENT

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

ARTICLE 1

DEFINITION

     Section 1.01 Definitions. The following terms, as used herein, have the following
meanings:

     “Adjusted London Interbank Offered Rate” means a rate per annum equal to the quotient obtained
(rounded upward, if necessary, to the next higher 1/100 of 1%) by dividing (i) the applicable
London Interbank Offered Rate by (ii) 1.00 minus the EuroDollar Reserve Percentage.

     “Affiliate” means (i) any Person that directly, or indirectly, through one or more
intermediaries, controls the Borrower (a “Controlling Person”) or (ii) any Person which is
controlled by or is under common control with a Controlling Person. As used herein, the term
“control” means possession, directly or indirectly, of the power to vote twenty-five (25%) or
more of any class of voting securities of a Person or to direct or cause the direction of the

 

 

management or policies of a Person, whether through the ownership of voting securities, by contract
or otherwise.

     “Agreement” has the meaning set forth in the introductory paragraph, as such Agreement may be
amended, modified, supplemented, restated, continued or extended.

     “Applicable Lending Office” means, (i) in the case of its Base Rate Loans, the Bank’s Domestic
Lending Office and (ii) in the case of its EuroDollar Loans, its EuroDollar Lending Office.

     “Asset Sale” means any sale or other disposition (excluding any lease or license and any such
transaction effected by way of merger or consolidation) by the Borrower of any asset, but excluding
dispositions of inventory, cash, cash equivalents and other cash management investments and
obsolete, unused or unnecessary equipment, in each case in the ordinary course of business.

     “Availability Period” means the period from and including the Closing Date through the 11:00
a.m. (New York City time) on October 1, 2008.

     “Bank” has the meaning set forth in the introductory paragraph.

     “Base Rate” means, for any day, a rate per annum equal to the Reference Rate for such day.

     “Base Rate Loan” means a Loan which bears interest at the Base Rate pursuant to the applicable
Notice of Borrowing or Notice of Interest Rate Election or the provisions of Article 7.

     “Borrower” has the meaning set forth in the introductory paragraph.

     “Borrowing” means a borrowing hereunder consisting of Loans made to the Borrower on the same
day pursuant to Article 2, all of which Loans are of the same type (subject to Article 7). A
Borrowing is a “Base Rate Borrowing” if such Loans are Base Rate Loans or a “EuroDollar Borrowing”
if such Loans are EuroDollar Loans.

     “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in New York City are authorized by law to close.

     “Closing Date” means August 27, 2008.

     “Collateral Account” means that certain securities account pledged to the Bank by the
Guarantor under the Security Agreement and subject to the Control Agreement, in each case to secure
the Guarantor’s obligations under the Royal Guarantee.

     “Commitment” means $21,750,000, subject to reduction pursuant to Section 2.06(b).

     “Control Agreement” means that certain Account Control Agreement dated March 1, 2007, among
Bank, Guarantor and HSBC Securities, Inc., with respect to the Collateral Account,

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attached hereto as Exhibit A, as ratified and confirmed by the Ratification and Confirmation Agreement.

     “Debt” means as to any Person: (i) indebtedness, present or future, actual or contingent, of
such Person for borrowed money or other assets or for the deferred purchase price of property or
services (other than obligations under agreements for the purchase of goods and services in the
normal course of business which are not more than sixty (60) days past due); (ii) obligations of
such Person under capital leases, conditional sale agreements or any other financing transaction;
and (iii) obligations of such Person under any direct or indirect Guarantee in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a
creditor against loss in respect of, indebtedness or obligations of any other Person of the kinds
referred to in clause (i) or (ii) above.

     “Default” means any condition or event which constitutes an Event of Default or which with the
giving of notice or lapse of time or both would, unless cured or waived, become an Event of
Default.

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

     “Dollar Constraint” has the meaning set forth in Section 8.08.

     “Domestic Lending Office” means, as to the Bank, its office located at its address set forth
below its name on the signature page hereof as its Domestic Lending Office or such other office as
the Bank may hereafter designate as its Domestic Lending Office by notice to the Borrower.

     “EuroDollar Business Day” means any Business Day on which commercial banks are open for
international business (including dealings in dollar deposits) in London.

     “EuroDollar Lending Office” means, as to the Bank, its office, branch or affiliate located at
its address set forth below its name on the signature page thereof as its EuroDollar Lending Office
or such other office, branch or affiliate of the Bank as it may hereafter designate as its
EuroDollar Lending Office by notice to the Borrower.

     “EuroDollar Loan” means (i) a Loan which bears interest at a EuroDollar Rate pursuant to the
applicable Notice of Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which
was a EuroDollar Loan immediately before it became overdue.

     “EuroDollar Margin” means one-quarter of one percent (0.25%).

     “EuroDollar Rate” means a rate of interest determined pursuant to Section 2.05(b) on the basis
of an Adjusted London Interbank Offered Rate.

     “EuroDollar Reserve Percentage” means for any day, that percentage (expressed as a decimal)
which is in effect on such day, as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement for a member
bank of the Federal Reserve System in New York City with deposits exceeding five billion dollars
($5,000,000,000) in respect of “Eurocurrency liabilities” (or in respect of any

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other category of liabilities which includes deposits by reference to which the interest rate on EuroDollar Loans is
determined or any category of extensions of credit or other assets which includes loans by a
non-United States office of the Bank to United States residents). The Adjusted London Interbank
Offered Rate shall be adjusted automatically on and as of the effective date of any change in the
EuroDollar Reserve Percentage.

     “Event of Default” has the meaning set forth in Section 6.01.

     “Financing Documents” means this Agreement, the Note, the Security Agreement, the Control
Agreement, the Royal Guarantee and each other certificate, document and agreement contemplated
hereby or executed in connection herewith, and all amendments, modifications, supplements,
restatements, continuations and extensions of any of the foregoing in accordance with their terms.

     “Group” or “Group of Loans” means at any time a group of Loans consisting of (i) all Loans
which are Base Rate Loans at such time or (ii) all EuroDollar Loans having the same Interest Period
at such time, provided that, if a Loan is converted to or made as a Base Rate Loan pursuant to
Article 7, such Loan shall be included in the same Group or Groups of Loans from time to time as it
would have been in if it had not been so converted or made.

     “Guarantee” by any Person means any obligation, contingent or otherwise, of such Person
directly or indirectly guaranteeing any Debt or other obligation for the payment of money of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or
indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Debt or other obligation for the payment of money
(whether arising by virtue of partnership arrangements, by agreement to purchase assets, goods,
securities or services, or to maintain financial statement conditions or otherwise) or (ii) entered
into for the purpose of assuring in any other manner the holder of such Debt or other obligation of
the payment thereof or to protect such holder against loss in respect thereof (in whole or in
part), provided that the term Guarantee shall not include endorsements for collection or deposit in
the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

     “Guarantor” has the meaning set forth in the introductory paragraph.

     “Indemnitee” has the meaning set forth in Section 8.03(b).

     “Interest Period” means with respect to each EuroDollar Loan, the period commencing on the
date of borrowing specified in the applicable Notice of Borrowing or on the date specified in the
applicable Notice of Interest Rate Election and ending one (1), two (2) or three (3) months
thereafter, or such longer period, to the extent available from the Bank; provided that:

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

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     (ii) any Interest Period which begins on the last EuroDollar Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall, subject to clause (iii) below, end on the last
EuroDollar Business Day of a calendar month;

     (iii) no more than an aggregate of twelve (12) Interest Periods shall be in effect at
any one time; and

     (iv) any Interest Period which would otherwise end after the Termination Date (as then
in effect) shall end on the Termination Date.

     “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any other type of preferential arrangement that has the practical
effect of creating a security interest, in respect of such asset.

     “Loan” means a Base Rate Loan or a EuroDollar Loan and “Loans” means Base Rate Loans or
EuroDollar Loans or any combination of the foregoing.

     “London Interbank Offered Rate” means the rate per annum equal to the London Interbank Offered
Rate shown on the display designated as “LIBO” to subscribers of the Reuters Monitor Money Rates
Service, or any successor page thereto, as at 11:00 AM (London time) rounded upward to the nearest
1/100th of 1%, two (2) EuroDollar Business Days prior to the first day of such Interest Period for
a term comparable to such Interest Period, for deposits of Dollars in an amount equal to the amount
of the relevant EuroDollar Loan; provided, however, if more than one (1) rate is specified on
Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates
(rounded upwards, if necessary, to the nearest 1/100 of 1%), and provided further, that if no rate
is specified on Reuters Screen LIBO Page for a term comparable to a proposed applicable Interest
Period, the term “London Interbank Offered Rate” shall mean a rate per annum determined by the Bank
and agreed to by the Borrower.

     “Note” means the amended and restated promissory note of the Borrower, substantially in the
form of Exhibit B to this Agreement, evidencing the obligation of the Borrower to repay the
Loans pursuant to the terms and conditions of this Agreement and the Note.

     “Notice of Borrowing” has the meaning set forth in Section 2.02(a).

     “Notice of Interest Rate Election” has the meaning set forth in Section 2.07(a).

     “Original Loan Agreement” has the meaning set forth in the Preliminary Statements.

     “Original Commitment” has the meaning set forth in the Preliminary Statements.

     “Other Taxes” means any present or future stamp or documentary taxes and any other excise or
property taxes, or similar charges or levies, which arise from any payment made pursuant to this
Agreement or under the Note or from the execution or delivery of or otherwise with respect to, this
Agreement or the Note.

     “Parent” means, with respect to the Bank, any Person controlling the Bank.

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

     “Ratification and Confirmation Agreement” means the Ratification and Confirmation Agreement of
even date herewith, in the form of Exhibit C, between the Bank and the Guarantor.

     “Reference Rate” means the rate of interest established by the Bank from time to time at its
principal domestic office as its reference lending rate for domestic commercial loans.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as
in effect from time to time.

     “Request for Extension” means a notice given by the Borrower under Section 2.06(c) irrevocably
requesting to extend the Termination Date for an additional and consecutive three hundred sixty-six
(366)-day period, commencing on the last day of the then current Termination Date.

     “Royal Guarantee” means the Guarantee dated March 1, 2007, made by the Guarantor in favor of
the Bank, attached hereto as Exhibit D, as ratified and confirmed by the Ratification and
Confirmation Agreement.

     “Royalty Interests” means any interest in or share of mineral production (including precious
metals), including, without limitation, overriding royalties, non-participating royalties,
production payments, net profit interests and other types of mineral royalties.

     “Second Currency” has the meaning set forth in Section 8.08.

     “Security Agreement” means the Security Agreement dated March 1, 2007, entered into by the
Guarantor in favor of the Bank, attached hereto as Exhibit E, as ratified and confirmed by
the Ratification and Confirmation Agreement.

     “Specified Place of Payment” has the meaning set forth in Section 8.08.

     “Solvent” means, with regard to any Person, that (i) the fair market value of all of its
property is in excess of the total amount of its debts (including contingent liabilities); (ii) it
is able to pay its debts as they mature; (iii) it does not have unreasonably small capital for the
business in which it is engaged or for any business or transaction in which it is about to engage;
and (iv) it is not “insolvent” as such term is defined in Section 101(32) of the Federal Bankruptcy
Code.)

     “Subsidiary” means, as to any Person, any corporation or other entity of which securities or
other ownership interests having ordinary voting power to elect a majority of the board of
directors or other persons performing similar functions are at the time directly or indirectly
owned by such Person.

     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings with respect to any payment by the Borrower pursuant to this

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Agreement or under the Note, and all liabilities with respect thereto, excluding (i) in the case of the Bank,
taxes imposed on its income, and franchise or similar taxes imposed on it, by a jurisdiction under
the laws of which the Bank is organized or in which its principal executive office is located or,
in the case of the Bank, in which its Applicable Lending Office is located and (ii) in the case of
the Bank, any United States withholding tax imposed on such payments.

     “Termination Date” means March 1, 2012, which date may be extended pursuant to and in
accordance with Section 2.06(c) below.

     “United States” means the United States of America.

     Section 1.02 Accounting Terms and Determinations. Unless otherwise specified herein,
all accounting terms used herein shall be interpreted, all accounting determinations hereunder
shall be made, and all financial statements required to be delivered hereunder shall be prepared in
accordance with United States generally accepted accounting principles, applied on a basis
consistent (except for changes concurred in by the Borrower’s independent public accountants) with
the most recent financial statements of the Borrower delivered to the Bank.

ARTICLE 2

TERM LOANS

     Section 2.01 Term Loans.

          (a) During the Availability Period, the Bank agrees, on the terms and conditions set forth in
this Agreement, to make Loans to the Borrower from time to time such that the aggregate principal
amount of Loans by the Bank at any one time outstanding shall not exceed the lesser of (i) the
Commitment, and (ii) the balance of the Collateral Account. Each Borrowing under this Section
shall be in an aggregate principal amount of One Million Dollars ($1,000,000) or any larger
multiple of Two Hundred Fifty Thousand Dollars ($250,000).

          (b) The Borrower will immediately prepay the Loans at any time if the aggregate principal
amount of all Loans exceeds either (i) the Commitment or (ii) the balance of the Collateral
Account, in each case to the full extent of such excess. Any such prepayments shall be applied
first to Base Rate Loans and then to EuroDollar Loans.

     Section 2.02 Method of Borrowing.

          (a) The Borrower shall give the Bank notice in the form of Exhibit F attached hereto
(a “Notice of Borrowing”) not later than 11:00 A.M. (New York City time) on (x) the
date of each Base Rate Borrowing and (y) the third EuroDollar Business Day before each
EuroDollar Borrowing, specifying:

     (i) the date of such Borrowing, which shall be a Business Day in the case of a Base
Rate Borrowing or a EuroDollar Business Day in the case of a EuroDollar Borrowing;

     (ii) the aggregate amount of such Borrowing;

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     (iii) the proposed use of such Borrowing;

     (iv) whether the Loans comprising such Borrowing are to bear interest initially at the
Base Rate or the EuroDollar Rate; and

     (v) in the case of a EuroDollar Borrowing, the duration of the initial Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period.

          (b) Upon receipt of a Notice of Borrowing, such Notice of Borrowing shall not thereafter be
revocable by the Borrower.

          (c) In no event shall more than twelve (12) Interest Periods be in effect at any one time.

     Section 2.03 Note.

          (a) The Borrower shall deliver to the Bank the Note, duly executed by the Borrower.

          (b) The Bank shall record on its books and records the date, amount and type of each Loan made
by it and the date and amount of each payment of principal made by the Borrower with respect
thereto, and may, if the Bank so elects in connection with any transfer or enforcement of the Note,
endorse on the schedule forming a part thereof appropriate notations to evidence the foregoing
information with respect to each such Loan then outstanding; provided that the failure of the Bank
to make any such recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Note. The Bank is hereby irrevocably authorized by the Borrower so to
endorse the Note and to attach to and make a part of the Note a continuation of any such schedule
as and when required.

     Section 2.04 Maturity of Loans; Termination of Commitment. Subject to the provisions
of Section 6.01, all Loans shall mature, and the principal amounts thereof shall be due and
payable, on the Termination Date. Subject to the provisions of Sections 2.06 and 6.01, the
Commitment shall terminate on the last day of the Availability Period.

     Section 2.05 Interest Rates.

          (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof for
each day from the date such Loan is made until it becomes due, at a rate per annum equal to the
Base Rate for such day. Such interest shall be payable quarterly in arrears on the last Business
Day of March, June, September and December of each year, on the Termination Date, and with respect
to the principal amount of any Base Rate Loan converted to a EuroDollar Loan, on the date such Base
Rate Loan is so converted. Upon the occurrence and during the continuance of an Event of Default,
the principal of, and all accrued and unpaid interest on, all Base Rate Loans, fees or other
obligations (other than in respect of EuroDollar Loans) of the Borrower and the Guarantor under the
Financing Documents, other than EuroDollar Loans, shall bear interest, from the date such Event of
Default occurred until (i) the date that such Event of Default is cured or (ii) in the event the
Commitment is terminated pursuant to Section 6.01, the

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date that the Loans, all outstanding interest payments and all expenses required to be paid under Section 8.03(a) have been paid in
full, at a rate per annum equal to the sum of two percent (2%) plus the rate otherwise applicable
to Base Rate Loans.

          (b) Each EuroDollar Loan shall bear interest on the outstanding principal amount thereof for
each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of
the EuroDollar Margin for such day plus the Adjusted London Interbank Offered Rate applicable to
such Interest Period. Such interest shall be payable for each Interest Period on the last day
thereof.

          (c) Upon the occurrence and during the continuance of an Event of Default, the principal of,
and all accrued and unpaid interest on, all EuroDollar Loans, shall bear interest from the date
such Event of Default occurred until (i) the date that such Event of Default is cured or (ii) in
the event the Commitment is terminated pursuant to Section 6.01, the date that the Loans, all
outstanding interest payments and all expenses required to be paid under Section 8.03(a) have been
paid in full at a rate per annum equal to the sum of two percent (2%) plus the EuroDollar Margin,
plus the Adjusted London Interbank Offered Rate applicable to such Loan at the date such payment
was due.

          (d) The Bank shall determine each interest rate applicable to the Loans hereunder and shall
give prompt notice to the Borrower of each rate of interest so determined, and its determination
thereof shall be conclusive in the absence of demonstrable error.

     Section 2.06 Optional Prepayment; Termination of Commitment; Extension of Termination
Date.

          (a) Subject in the case of any EuroDollar Borrowing to Section 2.09, the Borrower may, upon at
least one (1) Business Day’s notice to the Bank, prepay any Group of Base Rate Loans or upon at
least three (3) EuroDollar Business Day’s notice to the Bank, prepay any Group of EuroDollar Loans,
in each case in whole at any time, or from time to time in part in amounts aggregating One Million
Dollars ($1,000,000) or any larger multiple of Two Hundred Fifty Thousand Dollars ($250,000), by
paying the principal amount to be prepaid together with
accrued interest thereon to the date of prepayment. Each such optional prepayment shall be
applied to prepay the Loans included in such Group.

          (b) Subject in the case of any EuroDollar Borrowing to Section 2.09, the Borrower may, without
any penalty or premium, upon at least ten (10) days prior written notice to the Bank, terminate the
Commitment in whole, or from time to time permanently reduce the Commitment in part, and prepay all
outstanding Loans in excess of the Commitment after giving effect to such termination or reduction.
Such notice shall specify the date of such termination or reduction and shall be irrevocable and
binding upon the Borrower. Any such reduction to the Commitment shall be in the minimum principal
amount One Million Dollars ($1,000,000) or any larger multiple of Two Hundred Fifty Thousand
Dollars ($250,000), and shall reduce permanently the amount of the Commitment then in effect.

          (c) On or before the date that is at least sixty (60) days prior to the then current
Termination Date, the Borrower may, by sending a Request for Extension to the Bank,

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which shall certify that no Default or Event of Default has occurred, irrevocably request that the then current
Termination Date be extended for an additional three hundred sixty-six (366) days. Such Request
for Extension may be given no more than twenty (20) times. Upon receipt by the Bank of a Request
for Extension, and provided that no Default or Event of Default has occurred, the Bank may in its
sole discretion upon written notice provided by the Bank to the Borrower within thirty (30) days of
its actual receipt of the Request for Extension, consent to or refuse such Request for Extension.
The Bank shall not unreasonably withhold its consent to a Request for Extension.

          (d) If (i) the Borrower fails to give a timely Request for Extension as provided in Section
2.06(c) above, (ii) the Bank fails to respond to such Request for Extension as provided in Section
2.06(c) above, or (iii) the Bank notifies the Borrower of its rejection of the Request for
Extension, then all Loans shall be due and payable on the then current Termination Date.

     Section 2.07 Method of Electing Interest Rates.

          (a) The Loans included in each Borrowing shall bear interest initially at the type of rate
specified by the Borrower in the applicable Notice of Borrowing. Thereafter, the Borrower may from
time to time elect to change or continue the type of interest rate borne by each Group of Loans
(subject in each case to the provisions of Article 7), as follows:

     (i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to
EuroDollar Loans as of any EuroDollar Business Day; and

     (ii) if such Loans are EuroDollar Loans, the Borrower may elect to convert such Loans
to Base Rate Loans or elect to continue such Loans as EuroDollar Loans for an additional
Interest Period, subject to Section 2.09 in the case of any such conversion or continuation
effective on any day other than the last day of the then current Interest Period applicable
to such Loans.

     Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”)
to the Bank not later than 11:00 A.M. (New York City time) on the third EuroDollar Business Day
before the conversion or continuation selected in such notice is to be effective. A Notice of
Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal
amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among
the Loans comprising such Group of Loans and (ii) the portion to which such Notice of Interest Rate
Election applies, and the remaining portion to which it does not apply, are each One Million
Dollars ($1,000,000) or any larger multiple of Two Hundred Fifty Thousand Dollars ($250,000).

          (b) Each Notice of Interest Rate Election shall specify:

     (i) the Group of Loans (or portion thereof) to which such notice applies; and

     (ii) the date on which the conversion or continuation selected in such notice is to be
effective, which shall comply with the applicable clause of subsection (a) above;

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     (iii) if the Loans comprising such Group of Loans are to be converted, the new type of
Loans and, if the Loans being converted are to be EuroDollar Loans, the duration of the next
succeeding Interest Period applicable thereto; and

     (iv) if such Loans are to be continued as EuroDollar Loans for an additional Interest
Period, the duration of such additional Interest Period.

          (c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to
subsection (a) above, such notice shall not thereafter be revocable by the Borrower.

          (d) If Borrower fails to timely provide a Notice of Interest Rate Election with respect to a
EuroDollar Loan with an Interest Period ending prior to the Termination Date, Borrower shall be
deemed to have timely delivered to the Bank a Notice of Interest Rate Election (a “Deemed Notice”)
with respect to such Loan, specifying that such Loan shall be continued as a EuroDollar Loan for an
additional Interest Period of the same duration as the current Interest Period applicable to such
Loan, provided, however, that if the Interest Period of such Loan, following its continuation,
would end after the Termination Date, such Deemed Notice shall instead be deemed to have specified
that such Loan shall be converted to a Base Rate Loan on the day following the last day of the
Interest Period then in effect prior to such continuation.

     Section 2.08 General Provisions as to Payments. The Borrower shall make each payment
of principal of and interest on, the Loans and interest thereon and of fees hereunder, in Dollars
not later than 12:00 Noon (New York City time) on the date when due, in Federal or other funds
immediately available in New York City, to the Bank at its Domestic Lending Office in the case of a
Base Rate Loan and at its EuroDollar Lending office in the case of a EuroDollar Rate Loan, at the
corresponding address set forth below its name on the signature page hereof Whenever any payment
of principal of or interest on, the Base Rate Loans or interest thereon or
of fees shall be due on a day which is not a Business Day, the date for payment thereof shall
be extended to the next succeeding Business Day. Whenever any payment of principal of or interest
on, the EuroDollar Loans shall be due on a day which is not a EuroDollar Business Day, the date for
payment thereof shall be extended to the next succeeding EuroDollar Business Day unless such
EuroDollar Business Day falls in another calendar month, in which case the date for payment thereof
shall be the next preceding EuroDollar Business Day. If the date for any payment of principal is
extended by operation of law or otherwise, interest thereon shall be payable for such extended
time.

     Section 2.09 Funding Losses. If the Borrower makes any payment of principal with
respect to any EuroDollar Loan or any EuroDollar Loan is converted (pursuant to Article 2, 6 or 7
or otherwise) on any day other than the last day of an Interest Period applicable thereto, or if
the Borrower fails to borrow, prepay, convert or continue any EuroDollar Loans after notice has
been given to the Bank in accordance with Sections 2.02, 2.06 or 2.07, the Borrower shall reimburse
the Bank within fifteen (15) days after demand for any resulting loss or expense incurred by it (or
by an existing or prospective participant in the related Loan), including (without limitation) any
loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding
loss of margin for the period after any such payment or conversion or failure to borrow, prepay,
convert or continue, provided that the Bank shall have delivered to the

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Borrower a certificate as to the amount of such loss or expense, which certificate shall be conclusive in the absence of
demonstrable error.

     Section 2.10 Unused Line Fee. The Borrower agrees to pay to the Bank an unused line
fee on the average daily unused portion of the Commitment from the date of this Agreement until the
end of the Availability Period at a rate per annum equal to 0.10% (one-tenth of one percent) of
such average daily unused portion of the Commitment, which shall be payable on the first Business
Day following the end of the Availability Period.

     Section 2.11 Amendment, Restatement and Continuance. This Agreement amends, restates,
continues and replaces the Original Loan Agreement, and nothing contained in this Agreement shall
be deemed or construed to be a repayment, satisfaction or novation of the Loans outstanding under
the Original Loan Agreement, or to release, terminate, novate or in any way impair any Lien or
Financing Document that guarantees or secures the payment and performance of the Loans, this
Agreement and the other Financing Documents. All Liens and Financing Documents that guarantee or
secure such payment and performance shall extend to and apply to all Loans made hereunder and under
the Note, and such Liens and Financing Documents shall be continued, ratified and confirmed. Any
Interest Periods applicable to amounts outstanding as of the Closing Date under the Original Loan
Agreement shall continue until the expiration date applicable thereto, without being effected by
this Agreement.

     Section 2.12 Computation of Interest and Fees. All interest and fees hereunder shall
be computed on the basis of a year of three-hundred sixty (360) days and paid for the actual number
of days elapsed (including the first day but excluding, in the case of interest, the last day);
provided, however, that interest in respect of Base Rate Loans shall be computed on the basis of a
year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as applicable.

ARTICLE 3

CONDITIONS

     Section 3.01 Closing. The closing of this Agreement and making of Loans hereunder is
subject to Section 2.01 and the satisfaction of the following conditions precedent:

          (a) The Bank shall have received evidence satisfactory to it of the authority of (i) the
Borrower to enter into the Agreement and the transactions contemplated hereby, and to execute,
deliver and perform the Agreement, the Note and the other Financing Documents to which it is a
party, and (ii) the Guarantor to enter into the Financing Documents to which it is a party, and to
execute, deliver and perform the Financing Documents to which it is a party;

          (b) The Note shall have been duly executed by the Borrower and delivered to the Bank;

          (c) The Guarantor shall have delivered to the Bank a duly executed copy of the Ratification
and Confirmation Agreement, and any other instruments and documents as the Bank may have reasonably
required to obtain and perfect its lien on the Collateral Account, and the Bank shall have a valid
and enforceable first priority lien and security interest in and on the Collateral Account;

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          (d) The Bank shall have received from the Borrower’s Chilean counsel, Urenda, Rencoret, Orrego
y Dorr, and from the Guarantor’s United States counsel, Hogan & Hartson LLP, their respective
favorable opinions addressed to the Bank and dated the Closing Date, with respect to the Borrower
and the Guarantor, as the case may be, and covering such other matters incident to the transactions
therein contemplated as the Bank may have reasonably requested;

          (e) The Bank shall have received from the Borrower: (A) a certificate of its managing
partner, dated the Closing Date, certifying as to (1) the Borrower’s organizational documents; (2)
resolutions of its managing partner authorizing the execution, delivery and performance of the
Agreement and the other Financing Documents to which it is a party; (3) the full force and effect
of such resolutions on the Closing Date; and (4) the incumbency and signatures of the persons
executing the Financing Documents on behalf of the Borrower; and (B) such additional supporting
documents as the Bank may reasonably request;

          (f) The Bank shall have received the following from the Guarantor: (A) a certificate of its
Secretary, dated the Closing Date, certifying as to (1) copies of Certificate of Incorporation and
bylaws, as amended through the Closing Date; (2) resolutions of its Board of Directors authorizing
the execution, delivery and performance of the Financing Documents to which it is a party; (3) the
full force and effect of such resolutions on the Closing Date; and (4) the incumbency and signature
of each of the officers of the Guarantor executing the Financing Documents; (B) a good standing
certificate from the jurisdiction of its formation; and (C) such additional supporting documents as
the Bank may reasonably request;

          (g) All representations and warranties in the Agreement and each other Financing Document or
made in any certificate or financial statement furnished to the Bank pursuant thereto by or on
behalf of the Borrower or the Guarantor shall have been true and correct in all material respects;

          (h) Immediately prior to, and after giving effect to, any Loan, the balance of the Collateral
Account shall be at least equal to the principal amount of such Loan;

          (i) The Bank shall have received a certificate from the Chief Financial Officer of the
Borrower’s managing partner and the Chief Financial Officer of the Guarantor (who may be the same
person) certifying as to the matters set forth in clause (g) of this Section 3.01 as of the Closing
Date and after giving effect to the making of any Loans; and

          (j) The Borrower and the Guarantor shall have delivered such other certificates, approvals,
opinions, and documents, duly executed by the Borrower and Guarantor, as applicable, as the Bank
shall have reasonably requested.

     Section 3.02 Loans. The making of Loans following the Closing Date shall be subject
to Section 2.01 and the satisfaction of the following additional conditions:

          (a) Receipt by the Bank of a Notice of Borrowing executed by the Borrower, as required by
Section 2.02;

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          (b) Immediately after giving effect to such Loan, the sum of the aggregate outstanding
principal amount of the Loans will not exceed the lesser of (i) the Commitment, or (ii) the balance
of the Collateral Account;

          (c) Immediately after giving effect to such Loan, no Default or Event of Default shall have
occurred and be continuing;

          (d) All representations and warranties of the Borrower contained in this Agreement and of the
Borrower and the Guarantor in any other Financing Document shall be true in all material respects
on and as of the date of and after giving effect to such Loan (except for such representations and
warranties relating specifically to an earlier date, in which case such representations and
warranties shall be true in all material respects as of such earlier date); and

          (e) There shall exist no Default or Event of Default under this Agreement or any other
Financing Document.

     Each Notice of Borrowing given under Section 2.02 hereunder shall be deemed to be a
representation and warranty by the Borrower on the date thereof that the facts specified in clauses
(b), (c), (d) and (e) of this Section 3.02 are true and correct as of the date of the proposed
Borrowing after giving effect to such proposed Borrowing.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants that:

     Section 4.01 Existence and Power. The Borrower is a Chilean limited liability company
duly organized, validly existing and in good standing under the laws of Chile, and has all powers
and all governmental licenses, authorizations, consents and approvals required to carry on its
business as presently conducted. The Guarantor is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware, and has all powers and all material
governmental licenses, authorizations, consents and approvals required to carryon its business as
now conducted and is qualified to do business and is in good standing under the laws of each other
jurisdiction where the nature of its business or the ownership of property so requires, except
where the failure to so qualify does not have a material adverse effect on the business, financial
condition or results of operations of the Guarantor.

     Section 4.02 Authorization; No Contravention. The execution, delivery and performance
by the Borrower and the Guarantor of the Financing Documents to which each is a party are within
the powers of the Borrower and the Guarantor, respectively, have been duly authorized by all
necessary action, and other than as set forth on Schedule 4.02, require no action by or in respect
of or filing with, any governmental body, agency or official and do not contravene, or constitute a
default under, any provision of applicable law or regulation or of the certificate of formation,
operating agreement, or similar organizational documents of the Borrower or of the articles of
incorporation or bylaws of the Guarantor, as applicable, or of any agreement, judgment, injunction,
order, decree or other instrument binding upon the Borrower or the Guarantor, or result in the
creation or imposition of any Lien on any asset of the Borrower or the Guarantor, other than in
favor of the Bank.

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     Section 4.03 Binding Effect. This Agreement constitutes a valid and binding agreement
of the Borrower, and each Financing Document constitutes a valid and binding agreement of each
Person or party thereto, and the Note, when executed and delivered in accordance with this
Agreement, will constitute a valid and binding obligation of the Borrower, in each case enforceable
in accordance with its terms, except as the same may be limited by bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and by general principles of equity.

     Section 4.04 Financial Information. The Guarantor has heretofore furnished to the
Bank an audited consolidated balance sheet as of June 30, 2008 and the related audited consolidated
statements of income and cash flows for the fiscal year then ended of the Guarantor. Such
financial statements are complete and correct and present fairly, in all material respects, the
financial condition, stated in Dollars, of the Guarantor as of the respective dates thereof and the
results of operations and cash flows for the periods ended on said dates, all in accordance with
United States generally accepted accounting principles and practices applied on a consistent basis.
There has been no material adverse change in the business, financial position or results of
operations of the Guarantor from that set forth in said financial statements as at said dates.

     Section 4.05 Litigation. Except as set forth on Schedule 4.05, there is no action,
suit or proceeding pending against, or to the knowledge of the Borrower threatened against or
affecting, the Borrower or the Guarantor before any court or arbitrator or any governmental body,
agency or official in which there is a reasonable possibility of an adverse decision which could
(taking into account available insurance coverage) materially adversely affect the business,
financial position or results of operations of the Borrower or the Guarantor, or which in any
manner draws into question the validity or enforceability of this Agreement or any of the Financing
Documents.

     Section 4.06 Compliance with Law. The Borrower is in compliance, and will be in
compliance after giving effect to the transactions contemplated by this Agreement, with all
applicable requirements of the applicable laws, rules and regulations of Chile and each, state,
provincial, municipal or other governmental department, agency or authority, domestic or foreign,
except where the failure to so comply, either individually or in the aggregate, would not have a
material adverse effect on the business, financial position or results of operations of the
Borrower.

     Section 4.07 Taxes. Each of the Borrower and the Guarantor has filed all income tax
returns and all other material tax returns which are required to be filed by it and has paid all
taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or the
Guarantor, respectively, except where the same is being contested in good faith and by appropriate
proceeding and appropriate reserves have been maintained in accordance with generally accepted
accounting principles. The charges, accruals and reserves on the books of the Borrower and the
Guarantor, respectively, in respect of taxes or other governmental charges are, in the opinion of
the Borrower, adequate.

     Section 4.08 Solvency. Each of the Borrower and the Guarantor is Solvent prior to and
after giving effect to the consummation of the transactions contemplated by this Agreement.

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     Section 4.09 Credit Arrangements. Schedule 4.09 sets forth a complete and correct
list of all credit agreements, indentures, guaranties, capital leases and other investments,
agreements and arrangements in effect on the Closing Date providing for or relating to extensions
of credit to the Borrower and (including agreements and arrangements for the issuance of letters of
credit or for acceptance financing) in respect of which the Borrower is in any manner directly or
contingently obligated to make aggregate payments of One Hundred Thousand Dollars ($100,000) or
more; and the maximum principal or face amounts of the credit in question, outstanding and which
can be outstanding, are correctly stated, and all Liens of any nature given or agreed to be given
as security therefor are correctly described or indicated in such Schedule.

     Section 4.10 Subsidiaries and Affiliates. The Borrower has no Subsidiaries. The
entire capital of the Borrower is owned ninety-nine percent (99%) by the Guarantor, and one percent
(1%) by High Desert Mineral Resources, Inc. Schedule 4.10 sets forth a correct and complete list
of each of the Borrower’s Affiliates as of the Closing Date, showing as to each Affiliate (other
than the Guarantor) its name, the jurisdiction of its organization (if an entity) and its
relationship with the Borrower.

     Section 4.11 Regulatory Restrictions on Borrowing/Guarantee. The Borrower is not
subject to any regulatory scheme which restricts its ability to incur debt, and the Guarantor is
not subject to any regulatory scheme which restricts its ability to guarantee the debt of the
Borrower.

     Section 4.12 Full Disclosure. All material factual information heretofore furnished
by the Borrower or the Guarantor to the Bank for purposes of or in connection with this Agreement
or any transaction contemplated hereby is, and all such information hereafter furnished by the
Borrower and the Guarantor to the Bank will be, true, complete and accurate in all material
respects (it being understood and agreed that with respect to projections, such projections are not
a representation or warranty of future performance). All such information heretofore furnished,
does not, as of the date hereof contain any untrue statement of material fact or omit to state any
material fact necessary to make the statements herein or therein, in light of the circumstances
under which they were made, not misleading.

ARTICLE 5

COVENANTS

     The Borrower agrees that, so long as the Availability Period has not expired or any amount is
outstanding under the Note or this Agreement:

     Section 5.01 Information. The Borrower will deliver to the Bank:

          (a) with respect to the Borrower, as soon as available and in any event within ninety (90)
days after the end of each fiscal year beginning with its fiscal year ending December 31, 2008, an
unaudited balance sheet of the Borrower as of the end of such fiscal year and the related
statements of income and cash flow for such fiscal year, accompanied by the figures for the
previous years in each case;

-16-

 

          (b) with respect to the Borrower, as soon as available and in any event within sixty (60) days
after the end of each of the first three (3) quarters of each fiscal year, beginning with its
fiscal quarter ending September 30, 2008, an unaudited balance sheet of the Borrower as of the end
of such quarter and the related statements of income and cash flow for such quarter and for the
portion of the fiscal year ended at the end of such quarter, accompanied by the figures for the
corresponding quarter and corresponding portion of the previous year;

          (c) simultaneously with the delivery of each set of financial statements referred to in
clauses (a) and (b) above, a certificate as to fairness of presentation, generally accepted
accounting principles and consistency (subject to normal year end adjustments) on behalf of the
Borrower executed by the chief financial officer of the Borrower’s managing partner;

          (d) within five (5) days after any of the chairman, the president, the executive vice
president or the chief financial officer of the Borrower or its managing partner obtains knowledge
of any Default, if such Default is then continuing, a certificate of the chief financial officer or
the chief accounting officer of the Borrower or its managing partner setting forth the
details thereof and the action which the Borrower is taking or proposes to take with respect
thereto;

          (e) at the request of the Bank, as soon as available and in any event not less than ninety
(90) days after the first day of each fiscal year of the Borrower, forecasts prepared by management
of the Borrower, including statements of income and cash flow of the Borrower, on a quarterly and
annual basis for such fiscal year and on an annual basis for the next fiscal year of the Borrower;

          (f) promptly upon receipt thereof, copies of any reports submitted to the Borrower by its
accountants in connection with any examination of the financial statements of the Borrower made by
such accountants; and

          (g) from time to time such additional information regarding the financial position or business
of the Borrower or the Guarantor as the Bank may reasonably request.

     Section 5.02 Payment of Obligations. The Borrower will pay and discharge at or before
maturity, all of its material obligations and liabilities (including, without limitation, tax
liabilities and claims of materialmen, warehousemen and the like which if unpaid would by law give
rise to a Lien on the Borrower’s assets), except where the same may be contested in good faith by
appropriate proceedings, and will maintain in accordance with generally accepted accounting
principles, appropriate reserves for the accrual of any of the same.

     Section 5.03 Maintenance of Existence. The Borrower will preserve, renew and keep in
full force and effect its existence and rights, privileges and franchises necessary or desirable in
the normal conduct of business.

     Section 5.04 Compliance with Laws. The Borrower will comply with all applicable laws,
ordinances, rules, regulations, and requirements of governmental authorities except where the
failure to so comply, either individually or in the aggregate, would not have a material adverse
effect on the business, financial position or results of operations of the Borrower, and the

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Borrower shall timely make all filings and deliver all notices referred to in Schedule 4.02 in
accordance with applicable law.

     Section 5.05 Inspection of Property, Books and Records. The Borrower will keep proper
books of record and account in which full, true and correct entries shall be made of all dealings
and transactions in relation to its business and activities; and will permit representatives of the
Bank to examine and make abstracts from any of its books and records and to discuss its affairs,
finances and accounts with its officers, employees and independent public accountants, all at such
reasonable times and as often as may reasonably be desired.

     Section 5.06 Merger and Sales of Assets. The Borrower will not consolidate or merge
with or into any other Person, provided that the Borrower may merge with another Person if the
Borrower is the Person surviving such merger and immediately after giving effect to such merger, no
Default or Event of Default shall have occurred and be continuing. The Borrower will continue to
be a Subsidiary of the Guarantor with the Guarantor beneficially owning not less than ninety-nine
percent (99%) of the outstanding equity interests in the Borrower, and, without the Bank’s prior
written consent, which consent shall not be unreasonably withheld, the Borrower will not make any
Asset Sale.

     Section 5.07 Use of Proceeds. The proceeds of the Loans made under this Agreement
will be used by the Borrower solely for the acquisition of Royalty Interests and for general
corporate purposes in the ordinary course of business. None of such proceeds will be used,
directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or
carrying any “margin stock” within the meaning of Regulation U.

     Section 5.08 Negative Pledge. The Borrower will not create, assume or suffer to exist
any Lien on any asset now owned or hereafter acquired by it, except:

          (a) Liens for taxes not yet payable or being contested in good faith and by appropriate
proceedings provided adequate reserves have been maintained in accordance with generally accepted
accounting principles;

          (b) Statutory liens incurred in the ordinary course of business;

          (c) Attachments, appeal bonds, judgments and other similar Liens arising in connection with
court proceedings in respect of (i) judgments not constituting an Event of Default or (ii) in
respect of matters not described in the immediately preceding clause (i) for sums not exceeding One
Million Dollars ($1,000,000) in the aggregate;

          (d) Easements, rights of way, restrictions, minor defects in title and other similar Liens
that do not interfere in any material respect with the ordinary conduct of the business of the
Borrower; and

          (e) Any Lien to which the Bank has consented in writing.

     Section 5.09 Limitation on Debt. The Borrower will not incur or at any time become
liable with respect to any Debt except:

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          (a) Debt under this Agreement;

          (b) Debt secured by Liens permitted by Section 5.08;

          (c) Debt not to exceed Ten Million Dollars ($10,000,000) in the aggregate incurred in
connection with the Borrower’s future acquisition of Royalty Interests,

          (d) Debt in excess of that permitted by 5.09(c) incurred in connection with the Borrower’s
future acquisition of Royalty Interests, but only with Bank’s prior written consent, such consent
not to unreasonably be withheld or delayed; and

          (e) Other Debt to which the Bank has consented in writing.

     Section 5.10 Lines of Business. The Borrower will not engage in any line or lines of
business activity other than the holding of Royalty Interests.

     Section 5.11 Fiscal Year. The Borrower will not change the ending of its fiscal year
from December 31.

     Section 5.12 Amendment of Charter Documents. The Borrower will not amend, modify or
otherwise change its certificate of formation, operating agreement or other organizational
documents, except for such amendments, modifications or changes that either individually or in the
aggregate, could not reasonably be expected to have a material adverse effect on the business,
financial condition or results of operation of the Borrower.

ARTICLE 6

DEFAULTS

     Section 6.01 Events of Default. If one or more of the following events (“Events of
Default”) shall have occurred and be continuing:

          (a) the Borrower shall fail to pay when due any principal of any Loan or any interest or fees
payable hereunder or under any Financing Document;

          (b) the Borrower or the Guarantor shall fail to observe or perform any covenant or agreement
contained in this Agreement or any Financing Document, or a default shall occur under any other
Financing Document;

          (c) any material representation, warranty, certification or statement made by the Borrower or
the Guarantor in any Financing Document shall prove to have been incorrect in any material respect
when made (or deemed made);

          (d) any event or condition shall occur which (A) results in the acceleration of the maturity
of any (i) Debt of the Borrower in excess of Five Hundred Thousand Dollars ($500,000) or (ii) Debt
of the Guarantor in excess of Two Million Five Hundred Thousand Dollars ($2,500,000), or (B)
enables (whether upon the giving of notice or the lapse of time (but in any event not prior to the
passage of any applicable grace period, if any), or both) the holder

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of any such Debt described in clause (A) or any Person acting on such holder’s behalf to
accelerate the maturity thereof;

          (e) the Borrower or the Guarantor shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial
part of its property, or shall consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against it, or
shall make a general assignment for the benefit of creditors, or shall take any action to authorize
any of the foregoing;

          (f) an involuntary case or other proceeding shall be commenced against the Borrower or the
Guarantor seeking liquidation, reorganization or other relief with respect to it or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of sixty (60) days; or an order for relief shall be entered
against the Borrower or the Guarantor under the federal bankruptcy laws as now or hereafter in
effect;

          (g) any judgment or order for the payment of money in excess of (i) Five Hundred Thousand
Dollars ($500,000) shall be rendered against the Borrower or (ii) Two Million Five Hundred Thousand
Dollars ($2,500,000) shall be rendered against the Guarantor (except, in either case, to the extent
that such judgment or order is fully covered by insurance pursuant to which the insurer has
accepted liability therefor in writing), and in either case, such judgment or order continues
unsatisfied or unstayed for a period of thirty (30) days;

          (h) the Borrower shall cease to be a Subsidiary of the Guarantor with the Guarantor
beneficially owning ninety nine percent (99%) of the outstanding equity interests in the Borrower;

          (i) the sum of the aggregate outstanding principal amount of the Loans shall exceed the
outstanding principal balance of the Collateral Account;

          (j) the Royal Guarantee or any provision thereof for any reason shall cease to be in full
force and effect, or the Guarantor, or any Person acting by or on behalf of Guarantor, shall deny,
disaffirm, discontinue, terminate or revoke the Royal Guarantee or any portion thereof or any
obligation of the Guarantor thereunder, or take any action to effect any of the foregoing;

          (k) the Bank shall at any time cease to have a valid and effective, first priority, validly
perfected Lien in and on the Collateral Account; or

          (l) there shall have been a material adverse effect on the business, operations or financial
condition of the Borrower or the Guarantor;

-20-

 

then, and in any such event, the Bank may, by notice to the Borrower, terminate the Commitment and
declare the Loans (together with accrued interest thereon) to be, and the Loan shall thereupon
become, immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower; provided that in the case of any of the
Events of Default specified in clause 6.01(e) or 6.01(f) above with respect to the Borrower,
without any notice to the Borrower or any other act by the Bank, the Commitment shall thereupon
terminate and the Loans (together with accrued interest thereon) shall become immediately due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

ARTICLE 7

CHANGES IN CIRCUMSTANCE

     Section 7.01 Basis for Determining Interest Rate Inadequate or Unfair. If, on or
prior to the first day of any Interest Period for any EuroDollar Loan:

          (a) the Bank determines (which determination shall be conclusive) that by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for
ascertaining the EuroDollar Rate for such Interest Period, or

          (b) the Bank determines (which determination shall be conclusive) that the Adjusted London
Interbank Offered Rate will not adequately and fairly reflect the cost to the Bank of funding its
EuroDollar Loans for such Interest Period,

the Bank shall forthwith give notice thereof to the Borrower, whereupon until the Bank notifies the
Borrower that the circumstances giving rise to such suspension no longer exist (which notice shall
be given forthwith upon receipt by the Bank of notice of such determination), (i) the ability of
the Borrower to request EuroDollar Loans, or to continue or convert outstanding Loans as or into
EuroDollar Loans, shall be suspended, and (ii) each outstanding EuroDollar Loan shall be converted
into a Base Rate Loan on the last day of the then current Interest Period applicable thereto.
Unless the Borrower notifies the Bank at least two (2) Business Days before the date of any
EuroDollar Borrowing for which a Notice of Borrowing has previously been given (which has not been
followed by a notification from the Bank as aforesaid) that it elects not to borrow on such date,
such Borrowing shall instead be made as a Base Rate Borrowing.

     Section 7.02 Illegality. If, after the date of this Agreement, the adoption of any
applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof or compliance by the
Bank (or its EuroDollar Lending Office) with any request or directive (whether or not having the
force of law) of any such authority, central bank or comparable agency shall make it unlawful or
impossible for the Bank (or its EuroDollar Lending Office) to make, maintain or fund its EuroDollar
Loans, the Bank shall forthwith give notice thereof to the Borrower, whereupon until the Bank
notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the
ability of the Borrower to request EuroDollar Loans or to convert outstanding Loans into EuroDollar
Loans shall be suspended. If such notice is given, each EuroDollar Loan then outstanding shall be
converted to a Base Rate Loan either (a) on the

-21-

 

last day of the then current Interest Period applicable to such EuroDollar Loan if the Bank
may lawfully continue to maintain and fund such Loan to such day or (b) immediately if the Bank
shall determine that it may not lawfully continue to maintain and fund such Loan to such day.

     Section 7.03 Increased Cost and Reduced Return.

          (a) If after the date hereof the adoption of any applicable law, rule or regulation, or any
change in any applicable law, rule or regulation, or any change in the interpretation or
administration thereof by any governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof or compliance by the Bank (or its Applicable
Lending Office) with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency shall impose, modify or deem applicable any reserve
(including, without limitation, any such requirement imposed by the Board of Governors of the
Federal Reserve System, but excluding any such requirement included in an applicable EuroDollar
Reserve Percentage in the case of a EuroDollar Loan), special deposit, insurance assessment or
similar requirement against assets of deposits with or for the account of or credit extended by,
the Bank (or its Applicable Lending Office) or shall impose on the Bank (or its Applicable Lending
Office) or the London interbank market or other relevant market any other condition affecting its
EuroDollar Loans, the Note or its ability to make EuroDollar Loans and the result of any of the
foregoing is to increase the cost to the Bank (or its Applicable Lending Office) of making or
maintaining any EuroDollar Loan, or to reduce the amount of any sum received or receivable by the
Bank (or its Applicable Lending Office) under this Agreement or under the Note, by an amount
reasonably deemed by the Bank to be material, then, provided that the Bank has provided the
Borrower with written notice, which includes a brief description of the change giving rise to such
increased cost or reduction and an explanation as to how such increased cost or reduction was
determined, the Borrower shall pay to the Bank upon demand such additional amount or amounts as
will compensate the Bank for such increased cost or reduction incurred by the Bank following the
date of such notice.

          (b) If the Bank shall have determined that, after the date hereof the adoption of any
applicable law, rule or regulation regarding capital adequacy, or any change in any such law, rule
or regulation, or any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration
thereof or any request or directive regarding capital adequacy (whether or not having the force of
law) of any such authority, central bank or comparable agency, has or would have the effect of
reducing the rate of return on capital of the Bank (or its Parent) as a consequence of the Bank’s
obligations hereunder to a level below that which the Bank (or its Parent) could have achieved but
for such adoption, change, request or directive (taking into consideration its policies with
respect to capital adequacy) by an amount reasonably deemed by the Bank to be material, then from
time to time, assuming the Bank was not compensated for such reduction pursuant to Section 7.03(a)
above and provided that the Bank has provided the Borrower with written notice which includes a
brief description of the change giving rise to such reduction and an explanation as to how such
reduction was determined, the Borrower shall pay to the Bank such additional amount or amounts as
will compensate the Bank (or its Parent) for such reduction incurred by the Bank following the date
of such notice.

-22-

 

          (c) The Bank will designate a different Lending Office if such designation will avoid the need
for, or reduce the amount of such compensation pursuant to this Section and will not, in the
reasonable judgment of the Bank, be otherwise disadvantageous to the Bank. A certificate of the
Bank claiming compensation under this section and setting forth the additional amount or amounts to
be paid to it hereunder shall be conclusive in the absence of demonstrable error. In determining
such amount, the Bank may use any reasonable averaging and attribution methods.

     Section 7.04 Taxes.

          (a) Any and all payments by the Borrower to or for the account of the Bank hereunder or under
the Note shall be made without deduction for any Taxes or Other Taxes; provided that, if the
Borrower shall be required by law to deduct any Taxes or Other Taxes from any such payments, (i)
the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) the Bank receives
an amount equal to the sum it would have received had no such deductions been made, (ii) the
Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the
relevant taxation authority or other authority in accordance with applicable law, and (iv) the
Borrower shall furnish to the Bank, at its address referred to in Section 8.01, the original or a
certified copy of a receipt evidencing payment thereof.

          (b) The Borrower agrees to indemnify the Bank for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on
amounts payable under this Section) paid by the Bank and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto. This indemnification shall be
paid within fifteen (15) days after the Bank makes demand therefor.

          (c) If the Borrower is required to pay additional amounts to or for the account of the Bank
pursuant to this Section, then the Bank will change the jurisdiction of its Applicable Lending
Office if in the reasonable judgment of the Bank, such change (i) will eliminate or reduce any such
additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous (other
than in any insignificant respect) to the Bank.

     Section 7.05 Base Rate Loans Substituted/or Affected EuroDollar Loans. If (i) the
ability of the Borrower to request or convert outstanding Loans to EuroDollar Loans has been
suspended pursuant to Section 7.02 or (ii) the Bank has demanded compensation under Section 7.03 or
7.04 with respect to its EuroDollar Loans and the Borrower shall, by at least five (5) EuroDollar
Business Days’ prior notice to the Bank, have elected that the provisions of this section shall
apply to the Bank, then, unless and until the Bank notifies the Borrower that the circumstances
giving rise to such suspension or demand for compensation no longer exist:

          (a) all Loans which would otherwise be made by the Bank as (or continued as or converted into)
EuroDollar Loans, as the case may be, shall instead be Base Rate Loans; and

          (b) after each of its EuroDollar Loans has been repaid (or converted to a Base Rate Loan), all
payments of principal which would otherwise be applied to repay such EuroDollar Loans shall be
applied to repay its Base Rate Loans instead. If the Bank notifies the

-23-

 

Borrower that the circumstances giving rise to such notice no longer apply, the principal
amount of each such Base Rate Loan shall be converted into a EuroDollar Loan on the first day of
the next succeeding Interest Period specified by the Bank.

ARTICLE 8

MISCELLANEOUS

     Section 8.01 Notices. All notices, requests and other communications to any party
hereunder shall be in writing (including bank wire, facsimile transmission or similar writing) and
shall be given to such party: (a) in the case of the Borrower or the Bank, at its address or
facsimile number set forth on the signature pages hereof, or (b) in the case of any party, such
other address or facsimile number as such party may hereafter specify for the purpose by notice to
the Bank and the Borrower. A copy of each such notice to the Borrower also shall be sent in the
manner set forth herein to the Guarantor at: Royal Gold, Inc., 1660 Wynkoop Street, Denver,
Colorado 80202, Attn: Chief Financial Officer, fax: (303) 595-9385. Each such notice, request or
other communication shall be effective (i) if given by facsimile transmission, when transmitted to
the facsimile number specified on the signature pages hereof and confirmation of receipt is
received, (ii) if given by mail, six (6) Business Days after such communication is deposited in the
mails with first class postage prepaid, addressed as aforesaid, (iii) if sent by recognized
overnight courier, on the third (3rd) Business Day after delivery to such courier, or
(iv) if given by any other means, when delivered at the address specified on the signature pages
hereof; provided that notices to the Bank under Article 2 or Article 7 shall not be effective until
received.

     Section 8.02 No Waivers. No failure or delay by the Bank in exercising any right,
power or privilege hereunder or under the Note shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law.

     Section 8.03 Expenses; Indemnification.

          (a) The Borrower shall pay (i) all out-of-pocket expenses of the Bank, including the fees and
disbursements of its counsel, in connection with the preparation of this Agreement and the other
Financing Documents, any waiver or consent hereunder or thereunder or any amendment hereof or
thereof or any Default or Event of Default hereunder, and (ii) if any Default or Event of Default
occurs and is continuing or demand has been made, all out-of-pocket expenses incurred by the Bank,
including the reasonable fees and disbursements of counsel, in connection with such Default or
Event of Default, or demand, and collection, bankruptcy, insolvency and other enforcement
proceedings resulting therefrom.

          (b) The Borrower agrees to indemnify the Bank, its affiliates and the respective directors,
officers, agents and employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee
harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind
(including, without limitation, the reasonable counsel fees and disbursements incurred by an
Indemnitee in any proceedings between such Indemnitee and the Borrower or between such Indemnitee
and any third party or otherwise), which may be incurred

-24-

 

by such Indemnitee in connection with any investigative, administrative or judicial proceeding
(whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating
to or arising out of this Agreement or any actual or proposed use of proceeds of Loans hereunder;
provided that no Indemnitee shall have the right to be indemnified hereunder for such Indemnitee’s
own gross negligence or willful misconduct as determined by a court of competent jurisdiction.

     Section 8.04 Amendments and Waivers. Any provision of this Agreement or the Note may
be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the
Borrower and the Bank.

     Section 8.05 Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns, except that the Borrower may not assign or otherwise transfer any of its rights under this
Agreement without the prior written consent of the Bank. The Bank may assign, or sell
participations in, its right, title and interest in the Loans and in the Financing Documents, at
any time or from time to time hereafter, in whole or in parts, without notice to or consent of the
Borrower. If any assignment is made in part, the Borrower may continue to send notices solely to
the Bank as provided herein.

     Section 8.06 Continuing Obligation. Notwithstanding the occurrence and continuance of
an Event of Default or the occurrence of the Termination Date, the Borrower’s obligations and
agreements hereunder shall continue until all obligations, direct or contingent, have been
satisfied.

     Section 8.07 Governing Law; Submission to Jurisdiction; etc.

          (a) This Agreement and the other Financing Documents shall be governed by and construed in
accordance with the internal laws of the State of New York without giving effect to conflict of law
principles. The Borrower hereby irrevocably and unconditionally submits, for itself and its
property (i) to the exclusive jurisdiction of any New York State court or federal court of the
United States sitting in New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any of the other Financing Documents to
which it is a party, and (ii) to the nonexclusive jurisdiction of any New York State court or
federal court of the United States sitting in New York City, and any appellate court from any
thereof, and any court sitting in Chile, for the recognition or enforcement of any such judgment,
and the Borrower hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be (i) heard and determined in any such New York State court or, to
the fullest extent permitted by law, in such federal court and (ii) enforced in any such court or
any court sitting in Chile. The Borrower hereby irrevocably appoints the Guarantor as its agent to
receive on behalf of itself and its property services of copies of the summons and complaint and
any other process which may be served in any such action or proceeding. Such service may be made
by mailing or delivering a copy of such process to the Borrower in care of the Guarantor at its
address set forth in Section 8.01, and the Borrower hereby irrevocably authorizes and directs the
Guarantor to accept such service on its behalf. As an alternative method of service, the Borrower
also irrevocably consents to the service of any and all process in any such action or proceeding by
the air mailing

-25-

 

of copies of such process to the Borrower, at its then effective notice address pursuant to
Section 8.01.

          (b) The Borrower irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection that it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement or any other Financing
Document to which it is a party in any New York State or federal court sitting in New York City.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

          (c) To the extent that the Borrower has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself
or its property, the Borrower hereby acknowledges and agrees that the activities contemplated by
the provisions of this Agreement and the other Financing Documents to which it is a party are
commercial in nature, rather than governmental or public, and, therefore, irrevocably and
unconditionally waives, to the extent permitted under applicable law, such immunity in respect of
its obligations under the Financing Documents to which it is a party and, without limiting the
generality of the foregoing, agrees that the waivers set forth in this Section 8.07(c) shall have
the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States
and are intended to be irrevocable for purposes of such Act. Without prejudice to the foregoing,
in any action, suit, proceeding, cross claim or counterclaim in respect of or arising out of this
Agreement whether in contract or tort, to the extent that the Borrower has or hereafter acquires
any immunity from jurisdiction of any court or from any legal process (whether from service of
notice, attachment in aid of execution, attachment prior to judgment, execution or otherwise) with
respect to itself or its property, the Borrower hereby irrevocably waives such immunity in respect
of its obligations under this Agreement, including, without limitation, a waiver of immunity from
the jurisdiction of courts of the United States or of courts of the states of the United States
pursuant to 28 U.S.C. § 1605(a)(1), a waiver of immunity from attachment in aid of execution or
from execution pursuant to 28 U.S.C. §§ 1610(a)(1) and (b)(l), a waiver of immunity from attachment
prior to judgment pursuant to 28 U.S.C. § 1610(d), and a waiver of any and all immunities provided
by the International Organizations Immunities Act.

     Section 8.08 Currency. This Agreement is being executed as part of an international
loan transaction in which the specification of Dollars and payment at the offices of the Bank as
provided herein (the “Specified Place of Payment”), is of the essence, and Dollars shall be the
currency of account in all events. All amounts due under this Agreement and the other Financing
Documents shall be payable to the Bank in Dollars in immediately available funds in the Specified
Place of Payment and no alternative method of payment shall be permitted, notwithstanding any
Dollar Constraint or any other contingency or force majeure. For purposes hereof “Dollar
Constraint” shall mean any law, regulation, directive or communication imposed or issued by the
government of Chile, or any other competent authority in Chile imposing foreign exchange controls
or other restrictions which has the effect of prohibiting, preventing or delaying the remittance of
Dollars to the Bank. The payment obligations of the Borrower under this Agreement stated to be
payable in Dollars shall not be discharged by an amount paid in another

-26-

 

currency or in another place, whether pursuant to a judgment or otherwise, to the extent that
the amount so paid on conversion to Dollars and transferred to the Specified Place of Payment under
normal banking procedures does not yield the amount of Dollars in the Specified Place of Payment
due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a
sum due hereunder in Dollars into another currency (the “Second Currency”), the rate of exchange
which shall be applied shall be that at which in accordance with normal banking procedures the Bank
could purchase Dollars with the Second Currency on the Business Day next preceding that on which
judgment is rendered. The obligation of the Borrower in respect of any such sum due from it to the
Bank hereunder shall, notwithstanding the rate of exchange actually applied in rendering such
judgment, be discharged only to the extent that on the Business Day following receipt by the Bank
of any sum adjudged to be due hereunder in the Second Currency the Bank may in accordance with
normal banking procedures purchase and transfer to the Specified Place of Payment Dollars with the
amount of the Second Currency so adjudged to be due; and the Borrower, hereby, as a separate
obligation and notwithstanding any such judgment, agrees to indemnify the Bank against, and to pay
the Bank on demand, in Dollars, any difference between the sum originally due to the Bank in
Dollars and the amount of Dollars so purchased and transferred.

     Section 8.09 Counterparts; Integration; Effectiveness. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements
and understandings, oral or written, relating to the subject matter hereof. This Agreement shall
become effective upon receipt by the Bank of counterparts hereof signed by each of the parties
hereto.

     Section 8.10 WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE BANK HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

remainder of page intentionally left blank

-27-

 

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

	 	 	 	 	 	 	 
	 	 	BORROWER	 	 
	 
	 	 	 	 	 	 
	 	 	ROYAL GOLD CHILE LIMITADA	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	/s/ Tony Jensen	 	 
	 

	 	 	 	 	 
	 

	 	Name:
	Tony Jensen	 	 
	 

	 	Title: 
	Legal Representative	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Stefan Wenger	 	 
	 

	 	 	 	 	 
	 

	 	Name:
	Stefan Wenger	 	 
	 

	 	Title: 
	Legal Representative	 	 
	 
	 	 	 	 	 	 
	 	 	Av. Americo Vespucio Sur 80, piso 11	 	 
	 	 	CP 758 1050 Las Condes	 	 
	 	 	Santiago, CHILE	 	 
	 
	 	 	 	 	 	 
	 

	 	BANK	 	 	 
	 
	 	 	 	 	 	 
	 	 	HSBC BANK USA, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Adam Hendley	 	 
	 

	 	 	 	 	 
	 

	 	Name:	Adam Hendley 	 	 
	 

	 	Title:	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Domestic Lending Office	 	 
	 	 	452 Fifth Avenue	 	 
	 	 	New York, NY 10018	 	 
	 	 	Attn.: Adam Hendley	 	 
	 	 	Facsimile: (212) 525-6581	 	 
	 
	 	 	 	 	 	 
	 	 	EuroDollar Lending Office:	 	 
	 	 	452 Fifth Avenue	 	 
	 	 	New York, New York	 	 

Signature Page to Amended and Restated Term Loan Agreementexv10w1

Exhibit 10.1

EXECUTION VERSION

RESTATED VERSION

      

CREDIT AGREEMENT

dated as of June 13, 2008,

as amended by the First Amendment dated as of July 10, 2008,

and as amended and restated as of August 14, 2008,

among

PAREXEL INTERNATIONAL CORPORATION

PAREXEL INTERNATIONAL HOLDING B.V.

and

PAREXEL INTERNATIONAL HOLDING UK LIMITED

as Borrowers,

Certain Subsidiaries of the Borrowers,

The Lenders Party Hereto,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

and

J.P. MORGAN EUROPE LIMITED

as London Agent

and

KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent

HSBC Bank USA, N.A.,

RBS Citizens, N.A. and

Fifth Third Bank,

as Co-Documentation Agents

 

	 	 	 
	J.P. MORGAN SECURITIES INC. 

as Joint Bookrunner and Joint Lead Arranger
	 	KEYBANK NATIONAL ASSOCIATION

as Joint Bookrunner and Joint Lead Arranger

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	Definitions

	 
	 	 	 	 
	Section 1.1. Defined Terms
	 	 	1	 
	Section 1.2. Classification of Loans and Borrowings
	 	 	27	 
	Section 1.3. Terms Generally
	 	 	27	 
	Section 1.4. Accounting Terms; GAAP
	 	 	28	 
	Section 1.5. Currency Translation
	 	 	28	 
	 
	 	 	 	 
	ARTICLE II

	The Credits

	 
	 	 	 	 
	Section 2.1. Commitments
	 	 	29	 
	Section 2.2. Loans and Borrowings
	 	 	29	 
	Section 2.3. Requests for Borrowings
	 	 	30	 
	Section 2.4. Swingline Loans
	 	 	31	 
	Section 2.5. Letters of Credit
	 	 	33	 
	Section 2.6. Funding of Borrowings
	 	 	37	 
	Section 2.7. Interest Elections
	 	 	38	 
	Section 2.8. Termination and Reduction of Commitments
	 	 	39	 
	Section 2.9. Repayment of Loans; Evidence of Debt; Amortization of Term Loans
	 	 	40	 
	Section 2.10. Prepayment of Loans
	 	 	42	 
	Section 2.11. Fees
	 	 	42	 
	Section 2.12. Interest
	 	 	44	 
	Section 2.13. Alternate Rate of Interest
	 	 	45	 
	Section 2.14. Increased Costs
	 	 	45	 
	Section 2.15. Break Funding Payments
	 	 	46	 
	Section 2.16. Taxes
	 	 	47	 
	Section 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	49	 
	Section 2.18. Mitigation Obligations; Replacement of Lenders
	 	 	51	 
	Section 2.19. Foreign Subsidiary Costs
	 	 	52	 
	Section 2.20. Redenomination of Certain Alternative Currencies
	 	 	52	 
	Section 2.21. Designation of US Subsidiary Borrowers and Foreign Borrowers
	 	 	53	 
	Section 2.22. Incremental Facilities
	 	 	53	 
	 
	 	 	 	 
	ARTICLE III

	Representations and Warranties

	 
	 	 	 	 
	Section 3.1. Organization; Powers
	 	 	55	 
	Section 3.2. Authorization; Enforceability
	 	 	56	 

i 

 

TABLE OF CONTENTS

(cont’d)

	 	 	 	 	 
	 	 	Page	 
	Section 3.3. Governmental Approvals; No Conflicts
	 	 	56	 
	Section 3.4. Financial Condition; No Material Adverse Change
	 	 	56	 
	Section 3.5. Properties
	 	 	57	 
	Section 3.6. Litigation and Environmental Matters
	 	 	57	 
	Section 3.7. Compliance with Laws and Agreements
	 	 	57	 
	Section 3.8. Investment Company Status
	 	 	58	 
	Section 3.9. Taxes
	 	 	58	 
	Section 3.10. ERISA
	 	 	58	 
	Section 3.11. Disclosure
	 	 	58	 
	Section 3.12. Subsidiaries
	 	 	58	 
	Section 3.13. Federal Regulations
	 	 	58	 
	Section 3.14. Pensions
	 	 	59	 
	Section 3.15. Scheme Documents
	 	 	59	 
	Section 3.16. Offer Documents
	 	 	59	 
	Section 3.17. Press Release
	 	 	59	 
	Section 3.18. Material CF Subsidiaries
	 	 	59	 
	Section 3.19. Specially Designated Nationals or Blocked Persons List
	 	 	59	 
	 
	 	 	 	 
	
ARTICLE IV
	Conditions

	 
	 	 	 	 
	Section 4.1. Effective Date
	 	 	59	 
	Section 4.2. Initial Funding Date
	 	 	61	 
	Section 4.3. Each Credit Event after the Initial Funding Date
	 	 	64	 
	Section 4.4. Initial Credit Event for each Additional Borrower
	 	 	65	 
	 
	 	 	 	 
	ARTICLE V

	Affirmative Covenants

	 
	 	 	 	 
	Section 5.1. Financial Statements; Ratings Change and Other Information
	 	 	65	 
	Section 5.2. Notices of Material Events
	 	 	66	 
	Section 5.3. Existence; Conduct of Business
	 	 	67	 
	Section 5.4. Payment of Obligations
	 	 	67	 
	Section 5.5. Maintenance of Properties; Insurance
	 	 	67	 
	Section 5.6. Books and Records; Inspection Rights
	 	 	67	 
	Section 5.7. Compliance with Laws
	 	 	68	 
	Section 5.8. Use of Proceeds and Letters of Credit
	 	 	68	 
	Section 5.9. Additional Subsidiaries
	 	 	68	 

ii 

 

TABLE OF CONTENTS

(cont’d)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VI
	Negative Covenants
	 
	 	 	 	 
	Section 6.1. Indebtedness
	 	 	69	 
	Section 6.2. Liens
	 	 	70	 
	Section 6.3. Fundamental Changes
	 	 	70	 
	Section 6.4. Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	72	 
	Section 6.5. Swap Agreements
	 	 	73	 
	Section 6.6. Restricted Payments
	 	 	73	 
	Section 6.7. Transactions with Affiliates
	 	 	73	 
	Section 6.8. Restrictive Agreements
	 	 	73	 
	Section 6.9. Financial Covenants.
	 	 	74	 
	Section 6.10. Capital Expenditures
	 	 	74	 
	Section 6.11. Fiscal Year
	 	 	75	 
	Section 6.12. Transfers from Credit Parties to Non-Credit Parties
	 	 	75	 
	Section 6.13. Amendments
	 	 	75	 
	Section 6.14. The Scheme or Takeover Offer
	 	 	75	 
	Section 6.15. Conversion from Scheme Acquisition to Takeover Offer Acquisition
	 	 	77	 
	Section 6.16. ClinPhone Acquisition and Reorganization Steps
	 	 	77	 
	 
	 	 	 	 
	ARTICLE VII

	Events of Default

	 
	 	 	 	 
	ARTICLE VIII

	The Agents

	 
	 	 	 	 
	ARTICLE IX

	Guarantee

	 
	 	 	 	 
	ARTICLE X

	Miscellaneous

	 
	 	 	 	 
	Section 10.1. Notices
	 	 	84	 
	Section 10.2. Waivers; Amendments
	 	 	85	 
	Section 10.3. Expenses; Indemnity; Damage Waiver
	 	 	86	 
	Section 10.4. Successors and Assigns
	 	 	87	 
	Section 10.5. Survival
	 	 	92	 

iii 

 

TABLE OF CONTENTS

(cont’d)

	 	 	 	 	 
	 	 	Page	 
	Section 10.6. Counterparts; Integration; Effectiveness
	 	 	92	 
	Section 10.7. Severability
	 	 	92	 
	Section 10.8. Right of Setoff
	 	 	93	 
	Section 10.9. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	93	 
	Section 10.10. WAIVER OF JURY TRIAL
	 	 	93	 
	Section 10.11. Headings
	 	 	94	 
	Section 10.12. Confidentiality
	 	 	94	 
	Section 10.13. Interest Rate Limitation
	 	 	95	 
	Section 10.14. Conversion of Currencies
	 	 	95	 
	Section 10.15. Releases of Guarantees
	 	 	96	 
	Section 10.16. USA PATRIOT Act
	 	 	96	 
	Section 10.17. No Fiduciary Duty
	 	 	96	 
	Section 10.18. Liability for Obligations
	 	 	96	 

iv 

 

TABLE OF CONTENTS

(cont’d)

	 	 	 
	 	 	 	Page	 
	SCHEDULES:	 	 
	 
	Schedule P-1

	 	—    Certain Permitted Investments
	Schedule 2.1

	 	—    Commitments
	Schedule 3.6

	 	—    Disclosed Matters
	Schedule 3.12

	 	—    Subsidiaries
	Schedule 6.1

	 	—    Existing Indebtedness
	Schedule 6.2

	 	—    Existing Liens
	Schedule 6.8

	 	—    Existing Restrictions
	Schedule 6.16

	 	—    ClinPhone Acquisition and Reorganization Steps
	 
	EXHIBITS:	 	 
	 
	Exhibit A

	 	—    Form of Assignment and Assumption
	Exhibit B

	 	—    Form of Subsidiary Guarantee Agreement
	Exhibit C

	 	—    Mandatory Costs Rate
	Exhibit D

	 	—    Form of Borrower Joinder Agreement
	Exhibit E

	 	—    Form of Borrower Termination Agreement
	Exhibit F

	 	—    Form of Instrument of Adherence
	Exhibit G

	 	—    Form of Borrowing Request

v 

 

     CREDIT AGREEMENT (this “Agreement”) dated as of June 13, 2008,
as amended by the First Amendment dated as of July 10, 2008, and as amended
and restated as of August 14, 2008, among PAREXEL INTERNATIONAL CORPORATION,
a Massachusetts corporation (the “Administrative Borrower”), PAREXEL
INTERNATIONAL HOLDING B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) (the “Dutch
Borrower”), PAREXEL INTERNATIONAL HOLDING UK LIMITED, a United Kingdom
corporation (“Bidco”; and together with the Administrative Borrower,
the Dutch Borrower and the other Persons who are or hereafter are designated
as Borrowers pursuant to Section 2.21 hereto, the
“Borrowers”), the Subsidiaries of the Borrowers party hereto, the
LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent,
and J.P. MORGAN EUROPE LIMITED, as London Agent.

          The parties hereto agree as follows:

ARTICLE I

Definitions

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

          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

          “Acquisition” means the purchase or acquisition by any Person of (a) more than 50% of
the Equity Interests with ordinary voting power of another Person or (b) all or any substantial
portion of the property (other than Equity Interests) of another Person, whether or not involving a
merger or consolidation with such Person.

          “Acquisition Consideration Payment Date” means the date on which payment is made of
all of the cash price payable by Bidco to the holders of the ClinPhone Shares pursuant to the
Certain Funds Purpose.

          “Acquisition Costs” means fees (including the fees payable under the Syndication and
Fee Letter) and expenses (including taxes thereon) and all stamp, documentary, registration or
similar taxes and duties payable by or incurred by or on behalf of the Administrative Borrower,
Bidco or the ClinPhone Group in connection with this Agreement, the Scheme and/or the Scheme
Acquisition or, if the Offer Conversion Date occurs, the Takeover Offer and/or the Takeover Offer
Acquisition, including, without limitation, the preparation and negotiation of and entry into the
necessary financing documents and all other documentation in relation to the Scheme and the Scheme
Acquisition or the Takeover Offer and the Takeover Offer Acquisition (as applicable).

          “Additional Lender” has the meaning set forth in Section 2.22.

 

 

          “Adjusted EURIBO Rate” means, with respect to any EURIBOR Borrowing for any Interest
Period, an interest rate per annum equal to the sum of (a) the EURIBO Rate for such Interest Period
and (b) the Mandatory Costs Rate.

          “Adjusted LIBO Rate” means (a) with respect to any Eurocurrency Borrowing denominated
in US Dollars for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/16 of 1%) equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the
Statutory Reserve Rate and (b) with respect to any Eurocurrency Borrowing denominated in an
Alternative Currency (other than Euros) for an Interest Period, any interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to (x) the LIBO Rate for such
Interest Period plus (y) the Mandatory Costs Rate.

          “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as
administrative agent for the Lenders hereunder.

          “Administrative Agent Fee Letter” means the administrative agent fee letter agreement
dated as of June 12, 2008, between the Administrative Agent and the Administrative Borrower.

          “Administrative Borrower” shall have the meaning specified in the preamble.

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

          “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

          “Agents” means the Administrative Agent and the London Agent.

          “Agreement” shall have the meaning specified in the preamble.

          “Agreement Currency” has the meaning assigned to such term in
Section 10.14(b).

          “Alternate Base Rate” means, for any day, a rate per annum equal to the greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

          “Alternative Currency” means (a)  Euros, (b) Sterling, (c) Yen and (d) any other
currency that is freely transferable and convertible into US Dollars in the London market and for
which LIBO Rates can be determined by reference to the Screen Rate as provided in the definition of
“LIBO Rate”, and is acceptable to all of the Lenders and the Applicable Agent.

2

 

          “Announcement Date” means the date the Press Release (or, if the Offer Conversion has
occurred prior to such date, the Offer Press Announcement) is issued (provided that such date shall
be on or prior to the date falling 10 days after the date of this Agreement).

          “Applicable Agent” means (a) with respect to a Loan or Borrowing denominated in US
Dollars or any Letter of Credit, and with respect to any payment hereunder that does not relate to
a particular Loan or Borrowing, the Administrative Agent and (b) with respect to a Loan or
Borrowing denominated in an Alternative Currency, the London Agent.

          “Applicable Creditor” has the meaning assigned to such term in
Section 10.14(b).

          “Applicable Percentage” means, with respect to any Lender, the percentage of the total
Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving
Commitments have terminated or expired, the Applicable Percentages shall be determined based upon
the Revolving Credit Exposures then in effect, giving effect to any assignments.

          “Applicable Rate” means the following percentages per annum, based on the Consolidated
Leverage Ratio as of the end of the most recent Reference Period for which financial statements
shall have been delivered pursuant to Section 5.1(a) or (b):

	 	 	 	 	 	 	 
	 	 	 	 	When determined	 	 
	 	 	 	 	with reference to the	 	 
	 	 	 	 	Adjusted LIBO Rate	 	When determined
	 	 	Consolidated Leverage	 	and the Adjusted	 	with reference to
	Pricing Level	 	Ratio	 	EURIBO Rate	 	ABR
	1
	 	≤ 0.75:1.00
	 	1.000%
	 	       0%
	2
	 	> 0.75:1.00 and ≤
1.50:1.00
	 	1.250%
	 	0.250%
	3
	 	> 1.50:1.00 and ≤
2.25:1.00
	 	1.500%
	 	0.500%
	4
	 	> 2.25:1.00
	 	1.750%
	 	0.750%

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
certificate is delivered pursuant to Section 5.1(c); provided that if such
certificate is not delivered when due in accordance with such Section, then Pricing Level 4
shall apply as of the first Business Day after the date on which such certificate was required to
have been delivered until such certificate is delivered, after which the Applicable Rate shall be
determined from such certificate. The Applicable Rate in effect from the date hereof through the
date on which such certificate in respect of the Reference Period ending on the last day of the
second full fiscal
quarter completed after the Initial Funding Date is delivered to the Administrative Agent and the
Lenders in accordance with Section 5.1(c) shall be determined based upon Pricing Level 3.

3

 

          “Approved Fund” has the meaning assigned to such term in Section 10.4.

          “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by
Section 10.4), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form approved by the Administrative Agent, and reasonably acceptable to the
Administrative Borrower.

          “Availability Period” means the period from and including the Initial Funding Date to
but excluding the earlier of the Maturity Date and the date of termination of the Revolving
Commitments.

          “Bidco” shall have the meaning specified in the preamble.

          “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

          “Borrower Joinder Agreement” means a Borrower Joinder Agreement substantially in the
form of Exhibit D.

          “Borrower Termination Agreement” means a Borrower Termination Agreement, substantially
in the form of Exhibit E.

          “Borrowers” shall have the meaning specified in the recitals hereto.

          “Borrowing” means (a) Loans of the same Class and Type, made, converted or continued
on the same date and, in the case of Eurocurrency Loans or EURIBOR Loans, as to which a single
Interest Period is in effect or (b) a Swingline Loan.

          “Borrowing Minimum” means (a) in the case of a Borrowing denominated in US Dollars,
US$2,000,000 and (b) in the case of a Borrowing denominated in any other Alternative Currency, the
smallest amount of such Alternative Currency that is an integral multiple of 1,000,000 units of
such currency and that has a US Dollar Equivalent in excess of US$2,000,000.

          “Borrowing Multiple” means (a) in the case of a Borrowing denominated in US Dollars
US$500,000 and (b) in the case of a Borrowing denominated in any other Alternative Currency,
500,000 units of such currency.

          “Borrowing Request” means a request by a Borrower for a Revolving Borrowing in
accordance with Section 2.3 in the form of Exhibit G.

          “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided that (a) when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in deposits in such
currency
in the London interbank market and in the country of issue of the currency of such
Eurocurrency Loan and (b) when used in connection with EURIBOR Loan, the term “Business Day” shall
also

4

 

exclude any day on which the TARGET payment system is not open for the settlement of payments
in Euros.

          “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

          “Capital Reduction” means the reduction of ClinPhone’s share capital associated with
the cancellation and extinguishing of ClinPhone Shares provided for by the Scheme pursuant to
Sections 135 to 141 of the Companies Act 1985.

          “Cash Pooling Financing” means a customary corporate treasury cash pooling overdraft
facility established with a Lender or an Affiliate of a Lender.

          “CCT” means California Clinical Trials Medical Group, Inc., a California corporation.

          “CCT Agreements” means collectively, (a) that certain Management Agreement, dated as
of November 15, 2006, by and between the Administrative Borrower and CCT, (b) that certain Stock
Transfer Restriction Agreement, dated as of November 15, 2006, by and among the Administrative
Borrower, CCT, Murray H. Rosenthal and the stockholder of CCT, and (c) that certain Stock Transfer
Restriction Agreement, dated as of November 15, 2006, by and among the Murray H. Rosenthal, the
Administrative Borrower and CCT Holding Company Medical Group, Inc.

          “CCT Transactions” means the CCT Agreements, any modifications, replacements or
supplements to the CCT Agreements that are not materially adverse to the Administrative Borrower,
and the performance of obligations of the parties under the CCT Agreements, as modified.

          “Certain Funds Default” means any circumstance constituting:

     (a) an Event of Default under paragraphs (a) or (b) of Article VII; or

     (b) an Event of Default under paragraph (c) of Article VII insofar as it relates to a
breach of a Certain Funds Representation; or

     (c) an Event of Default under paragraph (d) of Article VII insofar as it relates to:

     (i) a breach of Section 6.1 caused by a Borrower or one of the Material CF
Subsidiaries to the extent that such breach first occurs after the date
of this Agreement and results from a wilful act or a wilful failure to act on
the part of such Borrower or such Subsidiary, as the case may be; or

5

 

     (ii) a breach of Section 6.2, 6.3 or 6.4 caused by a Borrower; or

     (iii) a breach of Section 6.13, 6.14 or 6.15; or

     (d) an Event of Default under paragraph (h), (i), (j) or (k) of Article VII insofar as
it relates to a Borrower or a Material Subsidiary which is not a member of the ClinPhone
Group but excluding, in relation to paragraph (h), any Event of Default caused by a
frivolous or vexatious (and in either case, lacking in merit) action, proceeding or petition
against a Borrower or Material Subsidiary and in respect of which no order or decree
described in such paragraph (h) shall have been entered.

          “Certain Funds Period” means:

     (1) unless the Offer Conversion occurs, the period commencing on the Announcement Date
and ending on the earlier of:

     (a) the date falling 180 days after the Announcement Date;

     (b) the date the Scheme lapses, is withdrawn or is rejected by the relevant
court; and

     (c) the date ClinPhone becomes a Subsidiary and all the ClinPhone Shares have
been paid for; or

     (2) following the Offer Conversion, the period commencing on the Announcement Date and
ending on the earlier of:

     (a) the date falling 180 days after the Announcement Date;

     (b) the date the Takeover Offer lapses or is withdrawn;

     (c) the date falling 10 Business Days after the date 6 weeks after any Takeover
Offer Squeeze-Out Notice is issued by Bidco; and

     (d) the date ClinPhone becomes a Subsidiary and all amounts owing in
consideration of the acquisition of the ClinPhone Shares have been paid,

provided that in the case of paragraphs (1)(b), 1(c), 2(b) and 2(d), the Certain Funds
Period shall end immediately on the occurrence of the circumstances set out in such paragraph.

          “Certain Funds Purpose” means:

     (1) unless the Offer Conversion occurs:

     (a) payment of all or part of the cash price payable by Bidco to the holders of
the ClinPhone Shares in consideration of either (i) the ClinPhone
Shares being cancelled and the New ClinPhone Shares being issued to Bidco
pursuant to the Scheme or (ii) the compulsory purchase of their ClinPhone Shares as
contemplated by paragraph (b) of the definition of “Scheme Acquisition”;

6

 

     (b) repayment of loans and transfer of letters of credit outstanding under the
Existing Credit Agreement; and

     (c) financing the Acquisition Costs; or

(2) if the Offer Conversion occurs:

     (a) payment of all or part of the cash price payable by Bidco to the holders of
the ClinPhone Shares in consideration of the acquisition of such ClinPhone Shares
pursuant to the Takeover Offer;

     (b) repayment of loans and transfer of letters of credit outstanding under the
Existing Credit Agreement;

     (c) payment of the cash consideration payable pursuant to the operation by
Bidco of the procedures contained in Part 28, Chapter 3 of the Companies Act 2006;

     (d) financing the consideration payable to holders of options to acquire
ClinPhone Shares pursuant to any proposal in respect of those options as required by
the City Code; and

     (e) financing the Acquisition Costs; or

          “Certain Funds Representations” means each of the representations set out in
Sections 3.1, 3.2, paragraphs (a) and (b) of 3.3 and 3.15, 3.16 and 3.17, in each case only insofar
as it applies to a Borrower or one of the Material CF Subsidiaries.

          “Certain Funds Utilisation” means the borrowing of the Loans and the issue of Letters
of Credit on a date during the Certain Funds Period for the Certain Funds Purpose.

          “Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Administrative Borrower; (b)
occupation of a majority of the seats (other than vacant seats) on the board of directors of the
Administrative Borrower by Persons who were neither (i) nominated by the board of directors of the
Administrative Borrower nor (ii) appointed by directors so nominated; or (c) the acquisition of
direct or indirect Control of the Administrative Borrower by any Person or group.

          “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any
lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if

7

 

any)
with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

          “City Code” means the City Code on Takeovers and Mergers.

          “Class”, when used in reference to (a) any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are Term Loans, Revolving Loans or Swingline Loans or
are of a class of term loans established pursuant to Section 2.22, (b) any Commitment, refers to
whether such Commitment is a Term Commitment or a Revolving Commitment and (c) any Lender, refers
to whether such Lender has a Loan or Commitment of a particular Class.

          “ClinPhone” means ClinPhone plc, a company incorporated in England and Wales with
registered number 05204138.

          “ClinPhone Acquisition” means the acquisition by Bidco of the ClinPhone Shares, to be
effected by way of the Scheme Acquisition or, if the Offer Conversion occurs, the Takeover Offer
Acquisition.

          “ClinPhone Acquisition Documents” means the Scheme Documents and all documents
executed or to be executed pursuant to, or in connection with, the Scheme.

          “ClinPhone Group” means ClinPhone and its subsidiaries.

          “ClinPhone Shares” means all of the issued and to be issued shares of ClinPhone.

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

          “Commitment” means a Term Commitment, a Revolving Commitment or any combination
thereof (as the context requires).

          “Commitment Increase Notice” has the meaning set forth in Section 2.22.

          “Consolidated” or “consolidated” means with reference to any term defined
herein, that term as applied to the accounts of the Administrative Borrower and its Subsidiaries,
consolidated in accordance with GAAP.

          “Consolidated Capital Expenditures” means, for any period for the Administrative
Borrower and its Subsidiaries, without duplication, all expenditures (whether paid in cash or other
consideration) during such period that, in accordance with GAAP, are or should be included in
additions to property, plant and equipment or similar items reflected in the consolidated statement
of cash flows for such period; provided, that Consolidated Capital Expenditures shall not
include, for purposes hereof, (a) expenditures in connection with any Acquisition permitted
hereunder or (b) expenditures of proceeds of insurance settlements, condemnation awards and other
settlements in respect of lost, destroyed, damaged or condemned
assets, equipment or other property to the extent such expenditures are made to replace or
repair such lost, destroyed, damaged or condemned assets, equipment or property.

8

 

          “Consolidated EBITDA” means, for any period, for the Administrative Borrower and its
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period
plus the following to the extent deducted in calculating such Consolidated Net Income: (a)
Consolidated Interest Charges for such period, (b) the provision for federal, state, local and
foreign income taxes payable by the Administrative Borrower and its Subsidiaries for such period,
(c) depreciation, and (d) amortization expense. For the Reference Period ending on the last day of
the fiscal quarter in which the ClinPhone Acquisition is consummated and for each period prior to
the consummation of the ClinPhone Acquisition, Consolidated EBITDA will be calculated based on the
foregoing definition on a pro forma basis as if ClinPhone and its subsidiaries had been
Subsidiaries during such period.

          “Consolidated Interest Charges” means, for any period, for the Administrative Borrower
and its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt
discount, fees, charges and related expenses of the Administrative Borrower and its Subsidiaries in
connection with borrowed money (including capitalized interest) or in connection with the deferred
purchase price of assets, in each case to the extent treated as interest in accordance with GAAP
and (b) the portion of rent expense of the Administrative Borrower and its Subsidiaries with
respect to such period under capital leases that is treated as interest in accordance with GAAP.
For periods following the completion of the first full fiscal quarter after the consummation of the
ClinPhone Acquisition but prior to the completion of the fourth such full fiscal quarter,
Consolidated Interest Charges shall be calculated on an annualized basis based solely on the full
fiscal quarters completed after the consummation of the ClinPhone Acquisition (such that
“Consolidated Interest Charges” for the Reference Period (i) ending on the last day of the first
full fiscal quarter after the consummation of the ClinPhone Acquisition shall equal four times the
Consolidated Interest Charges for such fiscal quarter, (ii) ending on the last day of the second
such quarter shall equal two times the Consolidated Interest Charges for the first two such fiscal
quarters and (iii) ending on the last day of the third such fiscal quarter shall equal 4/3 times
the Consolidated Interest Charges for the first three such fiscal quarters). Consolidated Interest
Charges for the Reference Period ending on the last day of the fiscal quarter in which the
ClinPhone Acquisition is consummated shall be calculated by determining “Consolidated Interest
Charges” for such quarter on a pro forma basis as if such consummation had occurred (and the
Indebtedness to be incurred upon such consummation had been incurred and the Indebtedness to be
repaid at such time had been repaid) on the first day of such quarter and multiplying the amount so
determined by four.

          “Consolidated Interest Coverage Ratio” means, as of any date of determination, the
ratio of (a) Consolidated EBITDA for the most recently ended Reference Period, to (b) Consolidated
Interest Charges for such Reference Period.

          “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Total Debt as of such date, to (b) Consolidated EBITDA for the most recently ended
Reference Period.

          “Consolidated Net Income” means, for any period, for the Administrative Borrower and
its Subsidiaries on a consolidated basis, the net income of the Administrative Borrower and its
Subsidiaries (excluding extraordinary gains and extraordinary non-cash losses) for such period.

9

 

          “Consolidated Net Worth” means, as to any Person as of any date of determination, all
amounts which should be included under shareholders’ equity on a balance sheet of such Person and
its Subsidiaries determined on a consolidated basis as of such date in accordance with GAAP.

          “Consolidated Total Debt” means, as of any date of determination, the outstanding
principal amount of all Indebtedness of Administrative Borrower and its Subsidiaries.

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

          “Controlled Foreign Corporation” means (a) each Subsidiary that is a “controlled
foreign corporation” for purposes of the Code and (b) each subsidiary of each such controlled
foreign corporation.

          “Court” means The High Court of England & Wales.

          “Credit Party” means each of the Administrative Borrower and each Subsidiary Guarantor
that is party to a Subsidiary Guarantee Agreement.

          “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

          “Disclosed Matters” means the actions, suits and proceedings and the environmental
matters disclosed in Schedule 3.6.

          “Dutch Borrower” shall have the meaning specified in the preamble.

          “Effective Date” means the date on which the conditions specified in
Section 4.1 are satisfied (or waived in accordance with Section 10.2).

          “EMU Legislation” means the legislative measures of the European Union for the
introduction of, changeover to or operation of the Euro in one or more member states.

          “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

          “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Administrative Borrower or any Subsidiary directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation,

10

 

storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

          “Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Administrative Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is
treated as a single employer under Section 414 of the Code.

          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard
(within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in
each case whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect
to any Plan; (d) the incurrence by the Administrative Borrower or any of its ERISA Affiliates of
any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt
by the Administrative Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the incurrence by the Administrative Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Administrative Borrower or any ERISA Affiliate of any
notice, or the receipt by any Multiemployer Plan from the Administrative Borrower or any ERISA
Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA, or in endangered or critical status, within the meaning of Section 305 of
ERISA; or (h) a determination that any Plan is, or is expected to be, in “at-risk” status (as
defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code).

          “EURIBO Rate” means, with respect to any EURIBOR Borrowing for any Interest Period,
(a) the applicable Screen Rate or (b) if no Screen Rate is available for such Interest Period, the
arithmetic mean of the rates quoted by the London Agent to leading banks in the Banking Federation
of the European Union for the offering of deposits in Euros for a period
comparable to such Interest Period, in each case as of 11:00 a.m., Brussels time on the
Quotation Day.

11

 

          “EURIBOR”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted EURIBO Rate.

          “Euro” or “€” means the single currency of the European Union as
constituted by the Treaty on European Union and as referred to in the EMU Legislation.

          “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

          “Event of Default” has the meaning assigned to such term in Article VII.

          “Exchange Rate” means on any day, for purposes of determining the US Dollar Equivalent
of any other currency, the rate at which such other currency may be exchanged into US Dollars at
the time of determination on such day set forth on the Reuters WRLD Page for such currency. In the
event that such rate does not appear on any Reuters WRLD Page, the Exchange Rate shall be
determined by reference to such other publicly available service for displaying exchange rates as
may be agreed upon by the Applicable Agent and the Administrative Borrower, or, in the absence of
such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of
exchange of the Applicable Agent in the market where its foreign currency exchange operations in
respect of such currency are then being conducted, at or about such time as the Applicable Agent
shall elect after determining that such rates shall be the basis for determining the Exchange Rate,
on such date for the purchase of US Dollars for delivery two Business Days later; provided
that if at the time of any such determination, for any reason, no such spot rate is being quoted,
the Applicable Agent may use any reasonable method it deems appropriate to determine such rate, and
such determination shall be conclusive absent manifest error.

          “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
any Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income
by the United States of America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or as a result of any present or former
connection between any Agent, any Lender or the Issuing Bank and the jurisdiction imposing such tax
or any political subdivision or taxing authority thereof (other than a connection arising solely as
a result of its execution and delivery of any Loan Document or its exercise of its rights or
performance of its obligations thereunder or otherwise as a result of its participation in the
transactions contemplated by the Loan Documents) or, in the case of any Lender, in which its
applicable lending office is located, (b) any branch profits taxes imposed by the United States of
America or any similar tax imposed by any other jurisdiction in which such Borrower is located or
where such recipient is organized or in which its principal office is located or, in the case of
any Lender, in which its applicable lending office is located, and (c) in the case of a Lender
(other than an assignee pursuant to a request by the Administrative
Borrower under Section 2.18(b)), any withholding tax that is imposed by the United
States, the Netherlands or the United Kingdom on amounts payable to the applicable lending office
of such Lender by Borrowers in such respective jurisdictions at the time such Lender becomes a
party to

12

 

this Agreement (or designates a new lending office) or is attributable to such Lender’s
failure to comply with Section 2.16(e), other than any failure due to a Change in Law
occurring after the date that such Lender became a party to this Agreement that rendered such
Lender no longer legally entitled to deliver the form or forms described in Section 2.16(e)
or otherwise ineligible for a complete exemption from withholding tax, or that rendered the
information or certifications made in such form or forms untrue or inaccurate in a material
respect, and except to the extent (i) in the case of the designation of a new lending office, that
such Lender was already entitled, at the time of designation of a new lending office, to receive
additional amounts from such Borrower with respect to such withholding tax pursuant to
Section 2.16(a) or (ii) in the case of a Lender that became a party to this Agreement
pursuant to an assignment, the assigning Lender was entitled, at the time of the assignment, to
receive additional amounts with respect to such withholding tax pursuant to Section 2.16.

          “Existing Credit Agreement” means the Amended and Restated Credit Agreement dated as
of September 18, 2007, among the Administrative Borrower, the Dutch Borrower, each other Person
from time to time thereafter designated as a Borrower pursuant to Section 2.21 thereof, the
Subsidiaries of the Borrowers party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A.,
as administrative agent, and J.P. Morgan Europe Limited, as London Agent

          “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

          “Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Administrative Borrower.

          “Foreign Borrower” means any Subsidiary organized outside of the United States of
America that has been designated as a “Foreign Borrower” pursuant to Section 2.21,
other than any of the foregoing Subsidiaries that has ceased to be a Foreign Borrower as provided
in such Section 2.21.

          “Foreign Lender” means any Lender that is not organized in the United States of
America, any state thereof or the District of Columbia.

          “Foreign Subsidiary” means each Foreign Borrower and any other Subsidiary that is
organized outside of the United States of America, any state thereof or the District of Columbia.

          “GAAP” means generally accepted accounting principles in the United States of America.

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

13

 

agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

          “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services for the purpose of
assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as
to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness; provided, that
the term Guarantee shall not include endorsements for collection or deposit in the ordinary course
of business.

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

          “Implementation Agreement” means the implementation agreement dated on or about the
date of this Agreement relating to the Scheme Acquisition and made between Bidco and ClinPhone.

          “Increase Amount” has the meaning assigned to such term in Section 2.22.

          “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money , (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (e) all obligations of such
Person in respect of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other

14

 

relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.

          “Indemnified Taxes” means Taxes other than Excluded Taxes.

          “Information Memorandum” means the Confidential Information Memorandum relating to the
Administrative Borrower and the Transactions to be used in the syndication of the Commitments and
Loans.

          “Initial Funding Date” means the date on which the conditions specified in
Section 4.2 are satisfied (or waived in accordance with Section 10.2) except that
in Section 4.2(d) the reference to the Initial Funding Date shall be construed as the date on which
the other conditions in Section 4.2 are fulfilled.

          “Initial Lenders” means JPMorgan Chase Bank, N.A. and KeyBank National Association.

          “Instrument of Adherence” has the meaning set forth in Section 10.4(e).

          “Interest Election Request” means a request by the relevant Borrower to convert or
continue a Revolving Borrowing in accordance with Section 2.7.

          “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline
Loan), the last day of each March, June, September and December, (b) with respect to any
Eurocurrency Loan or EURIBOR Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurocurrency Borrowing or EURIBOR Borrowing with
an Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at intervals of three months’ duration after the first day of such
Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to
be repaid.

          “Interest Period” means with respect to any Eurocurrency Borrowing or EURIBOR
Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months (or, with the consent
of each Lender, other periods selected by the applicable Borrower) thereafter, as the applicable
Borrower may elect; provided that (i) if any Interest Period would end on a day other than
a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless,
in the case of a Eurocurrency Borrowing or EURIBOR Borrowing only, such next succeeding Business
Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing or
EURIBOR Borrowing that commences on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the last calendar month of such Interest Period)
shall end on the last Business Day of the last calendar month of such Interest Period. For
purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and, in the case of a Eurocurrency
Borrowing or EURIBOR Borrowing, thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

15

 

          “Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of
Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.5(i). The Issuing Bank may, in its discretion, arrange for one or more Letters
of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing
Bank” shall include any such Affiliate with respect to Letters of Credit issued by such
Affiliate.

          “Judgment Currency” has the meaning assigned to such term in Section 10.14(b).

          “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of
Credit.

          “LC Exposure” means, at any time, (a) the sum of the US Dollar Equivalents of the
undrawn amounts of all outstanding Letters of Credit at such time plus (b) the sum of the
US Dollar Equivalents of the amounts of all LC Disbursements that have not yet been reimbursed by
or on behalf of the applicable Borrowers at such time. The LC Exposure of any Lender at any time
shall be its Applicable Percentage of the total LC Exposure at such time.

          “Lenders” means the Persons listed on Schedule 2.1 and any other Person that
shall have become a party hereto pursuant to an Assignment and Assumption, an Instrument of
Adherence or a Term Increase Amendment, other than any such Person that ceases to be a party hereto
pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term
“Lenders” includes the Swingline Lender.

          “Letter of Credit” means any letter of credit issued pursuant to this Agreement and
any Transferred Letter of Credit.

          “LIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in any
currency for any Interest Period, (a) the applicable Screen Rate or (b) if no Screen Rate is
available for such currency or for such Interest Period, the arithmetic mean of the rates quoted by
JPMorgan Chase Bank, N.A., London Branch, to leading banks in the London interbank market for the
offering of deposits in such currency and for a period comparable to such Interest Period, in each
case as of 11:00 a.m. London time on the Quotation Day.

          “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

          “Loan Documents” means this Agreement, the Syndication and Fee Letter, the
Administrative Agent Fee Letter, the Subsidiary Guarantee Agreement, each Borrower Joinder
Agreement, each Borrower Termination Agreement and each supplement thereto, each promissory note
delivered pursuant to this Agreement and each other guarantee or other similar
document executed in connection with this Agreement and the making of Borrowings and issuance
of Letters of Credit hereunder.

16

 

          “Loan Party” means the Administrative Borrower, the other Borrowers and the Subsidiary
Guarantors.

          “Loans” means the loans made by the Lenders to the Borrowers pursuant to this
Agreement.

          “Local Time” means (a) with respect to a Loan or Borrowing denominated in US Dollars
or any Letter of Credit, New York City time, and (b) with respect to a Loan, Borrowing or LC
Disbursement denominated in an Alternative Currency, local time at the place of the relevant Loan,
Borrowing or LC Disbursement (or such earlier local time as is necessary for the relevant funds to
be received and transferred to the relevant Agent for same day value on the date the relevant
reimbursement obligation is due).

          “London Agent” means J.P. Morgan Europe Limited.

          “Mandatory Costs Rate” has the meaning set forth in Exhibit C.

          “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations or financial condition, of the Administrative Borrower and the Subsidiaries taken as a
whole, or (b) the validity, legality, binding effect or enforceability of any of the Loan Documents
or the rights or remedies of the Administrative Agent and the Lenders hereunder.

          “Material CF Subsidiaries” means PAREXEL International GmbH, PAREXEL International
Holding BV, Perceptive Informatics Inc., PAREXEL Unternehmungsbeteiligung GmbH, Parexel
International Inc., a Japanese company, and PAREXEL International (Russia) LLC.

          “Material Foreign Subsidiary” means ClinPhone and any other Foreign Subsidiary which,
(a) is a Borrower, (b) has been designated by the Administrative Borrower as a Material Foreign
Subsidiary in a written notice to the Administrative Agent or (c) by itself or together with its
Subsidiaries, accounts (excluding intercompany receivables and goodwill) for 5% or more of the
Administrative Borrower’s consolidated total assets or Consolidated EBITDA for the most recently
ended Reference Period for which financial statements have been furnished to the Administrative
Agent under Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any such
statements, for the Reference Period ended on March 31, 2008); provided that if for any
Reference Period the combined consolidated total assets or combined Consolidated EBITDA of all
Subsidiaries that neither have been designated under clause (b) above nor under clause (c) above
would constitute Material Foreign Subsidiaries shall have exceeded 10% of the consolidated total
assets of the Administrative Borrower or 10% of the Consolidated EBITDA of the Administrative
Borrower, then one or more of such excluded Subsidiaries shall for all purposes of this Agreement
be deemed to be Material Foreign Subsidiaries in descending order based on the amounts of their
consolidated total assets until such excess shall have been eliminated.

          “Material Indebtedness” means Indebtedness (other than the Loans and Letters of
Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the
Administrative Borrower and its Subsidiaries in an aggregate principal amount exceeding
US$15,000,000. For purposes of determining Material Indebtedness, the “principal amount” of

17

 

the
obligations of the Administrative Borrower or any Subsidiary in respect of any Swap Agreement at
any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
Administrative Borrower or such Subsidiary would be required to pay if such Swap Agreement were
terminated at such time.

          “Material Subsidiaries” means, collectively, the Material Foreign Subsidiaries and the
Material US Subsidiaries.

          “Material US Subsidiary” means a US Subsidiary which (a) has been designated by the
Administrative Borrower as a Material US Subsidiary in a written notice to the Administrative Agent
or (b) by itself or together with its subsidiaries, accounts for 5% or more of the Administrative
Borrower’s Consolidated EBITDA or consolidated total assets for the most recently ended Reference
Period for which financial statements have been furnished to the Administrative Agent under
Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any such statements,
for the Reference Period ended on March 31, 2008); provided that if for any Reference
Period the combined consolidated total assets or combined Consolidated EBITDA of all US
Subsidiaries that neither have been designated under clause (a) above nor under clause (b) above
would constitute Material US Subsidiaries shall have exceeded 10% of the consolidated total assets
of the Administrative Borrower or 10% of the Consolidated EBITDA of the Administrative Borrower,
then one or more of such excluded Subsidiaries shall for all purposes of this Agreement be deemed
to be Material US Subsidiaries in descending order based on the amounts of their consolidated total
assets until such excess shall have been eliminated.

          “Maturity Date” means June 13, 2013.

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

          “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

          “Net Equity Proceeds” means, with respect to the sale or issuance after the Effective
Date by any Loan Party to any Person of any Equity Interest, warrants or options in respect of
Equity Interest, the exercise of any such warrants or options, or any capital contribution by any
Person to any Loan Party, the excess of (a) the gross cash proceeds received by such Loan Party
from such sale, issuance or exercise, over (b) all reasonable and customary commissions,
fees and expenses incurred in connection with such sale or issuance which are not payable to
Affiliates of such Loan Party in connection therewith.

          “New ClinPhone Shares” means the new shares in the capital of ClinPhone, which are to
be issued by ClinPhone to Bidco pursuant to the Scheme.

          “Non-Credit Party” means any Subsidiary of the Administrative Borrower that is not a
Credit Party.

          “Non-Loan Party” means any Subsidiary of the Administrative Borrower that is not a
Loan Party.

18

 

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

          “Offer Conversion” means the Administrative Borrower procuring the lapse or withdrawal
of the Scheme in accordance with Section 6.15.

          “Offer Documents” means the Takeover Offer Document and the Offer Press Announcement.

          “Offer Press Announcement” means a press announcement to be released by or on behalf
of ClinPhone and Bidco announcing that the ClinPhone Acquisition is to be effected by the Takeover
Offer Acquisition instead of the Scheme Acquisition and setting out the terms and conditions of the
Takeover Offer.

          “Option Cut-Off Time” means 6:00 p.m., London time, on the Business Day prior to the
date on which the court confirms the Capital Reduction in relation to the Scheme.

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

          “Panel” means the Panel on Takeovers and Mergers.

          “Participant” has the meaning set forth in Section 10.4.

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

          “Permitted Acquisition” means (1) the ClinPhone Acquisition and (2) an acquisition of
a business whereby (a) the Administrative Borrower has notified the Administrative Agent of such
proposed acquisition; (b) the business to be acquired would not subject the Administrative Agent or
the Lenders to any additional regulatory or third party approvals in connection with the exercise
of its rights and remedies under this Agreement or any other Loan Document; (c) no contingent
liabilities will be incurred or assumed in connection with such Permitted Acquisition which could
reasonably be expected to have a Material Adverse Effect; (d) the board of directors and the
shareholders (if required by applicable law), or the equivalent, of the applicable Loan Party or
other Subsidiary and the Person to be acquired has approved such merger, consolidation or
acquisition); (e) the Credit Parties and their Subsidiaries, on a combined and consolidated basis,
will be solvent upon the consummation of the Permitted
Acquisition; (f) the Administrative Borrower and its Subsidiaries shall be in compliance with
Section 6.9 on a pro forma basis as at the end of and for the most recently ended Reference
Period for which financial statements have been furnished to the Administrative Agent under

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Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any such statements,
for the Reference Period ended on March 31, 2008); (g) after giving effect to the Acquisition,
Consolidated EBITDA (determined on a pro-forma basis in the manner described in
Section 6.9(d) for the Reference Period most recently ended for which financial statements
have been furnished to the Administrative Agent under Section 5.1(a) or
Section 5.1(b) (or, prior to the delivery of any such statements, for the Reference Period
ended on March 31, 2008)), is not more than 10% lower than Consolidated EBITDA for the Reference
Period most recently ended for which financial statements have been furnished to the Administrative
Agent under Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any such
statements, for the Reference Period ended on March 31, 2008) without giving effect to such
Permitted Acquisition; (h) no Default or Event of Default then exists or would result after giving
effect to the Permitted Acquisition; and (i) in the case of a Permitted Material Acquisition, the
Administrative Borrower shall have delivered a certificate of a Financial Officer to the
Administrative Agent (and attaching calculations reasonably satisfactory to the Administrative
Agent, as appropriate) (i) certifying as to clauses (e) through (h) above, and (ii) demonstrating
that after giving effect to the Acquisition, the Consolidated Leverage Ratio (determined on a
pro-forma basis in the manner described in Section 6.9(d) for the Reference Period most
recently ended for which financial statements have been furnished to the Administrative Agent under
Section 5.1(a) or Section 5.1(b)), shall not be greater than 2.25 to 1.00.

          “Permitted Encumbrances” means:

     (a) Liens imposed by law for taxes that are not yet due or are being contested in
compliance with Section 5.4;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 45 days or are being contested in compliance with
Section 5.4;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article VII; and

     (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the
affected property or interfere with the ordinary conduct of business of the
Administrative Borrower or any Subsidiary;

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provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

          “Permitted Investments” means:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the
extent such obligations are backed by the full faith and credit of the United States of
America), in each case maturing within one year from the date of acquisition thereof;

     (b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or from Moody’s;

     (c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 180 days from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any state
thereof which has a combined capital and surplus and undivided profits of not less than
US$500,000,000;

     (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above;

     (e) money market funds that (i) comply with the criteria set forth in Securities and
Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, and (ii) are rated
AAA by S&P and Aaa by Moody’s; and

     (f) investments described on Schedule P-1.

          “Permitted Material Acquisition” means any individual Permitted Acquisition that
exceeds an aggregate purchase price of US$50,000,000.

          “Permitted Stock Repurchases” means any buybacks or repurchases of stock issued by the
Administrative Borrower or any other Loan Party during any fiscal year in an aggregate amount not
to exceed 30% of Consolidated Net Income for the preceding fiscal year.

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

          “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Administrative Borrower or any ERISA Affiliate is (or, if
such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA.

21

 

          “Pre-Approved Lender List” means the list of potential Lenders agreed by the Initial
Lenders and Bidco and approved by the financial adviser to Bidco in connection with the ClinPhone
Acquisition, in each case on or before the Effective Date (including any amendment or supplement to
such list as may from time to time be agreed by the Initial Lenders and Bidco and approved by such
financial adviser).

          “Press Release” means the press announcement (in the form agreed with the Initial
Lenders prior to its issue) to be released by or on behalf of ClinPhone and Bidco to announce
Bidco’s firm intention to implement an acquisition of all the ClinPhone Shares by way of Scheme in
accordance with the Implementation Agreement.

          “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMorgan Chase Bank, N.A., as its prime rate in effect at its office located at 270 Park Avenue,
New York, New York; each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective.

          “Quotation Day” means (a) with respect to any currency (other than Sterling) for any
Interest Period, two Business Days prior to the first day of such Interest Period and (b) with
respect to Sterling for any Interest Period, the first day of such Interest Period, in each case
unless market practice differs in the Relevant Interbank Market for any currency, in which case the
Quotation Day for such currency shall be determined by the Applicable Agent in accordance with
market practice in the Relevant Interbank Market (and if quotations would normally be given by
leading banks in the Relevant Interbank Market on more than one day, the Quotation Day shall be the
last of those days).

          “Reference Period” means, as of the last day of any fiscal quarter, the period of four
consecutive fiscal quarters of the Administrative Borrower and its Subsidiaries ending on such
date.

          “Register” has the meaning set forth in Section 10.4.

          “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.

          “Relevant Interbank Market” means (a) with respect to any currency (other than Euros),
the London interbank market and (b) with respect to Euros, the European interbank market.

          “Required Lenders” means, at any time, Lenders having Revolving Credit Exposures, Term
Loans, and unused Commitments representing more than 50% of the sum of the aggregate Revolving
Credit Exposures, Term Loans and unused Commitments at such time.

          “Responsible Officer” means (a) with respect to the Administrative Borrower, the chief
executive officer, president, chief financial officer, treasurer, secretary, Vice President of
Corporate Finance or general counsel of the Administrative Borrower or any other person
authorized by the Board of Directors of the Administrative Borrower to sign Loan Documents on its
behalf and (b) with respect to any other Loan Party, any person authorized by the Board of

22

 

Directors of such Loan Party to sign Loan Documents on its behalf. Any document delivered
hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to
have been authorized by all necessary corporate, partnership and/or other action on the part of
such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.

          “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Administrative Borrower
or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Administrative Borrower or any
option, warrant or other right to acquire any such Equity Interests in the Administrative Borrower.

          “Revolving Borrowing” means a Borrowing comprised of Revolving Loans.

          “Revolving Commitment” means, with respect to each Lender, the commitment, if any, of
such Lender to make Revolving Loans and to acquire participations in Letters of Credit and
Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted
amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.8, (b) increased from time to time pursuant to
Section 2.22 and (c) reduced or increased from time to time pursuant to assignments by or
to such Lender pursuant to Section 10.4 . The initial amount of each Lender’s Revolving
Commitment is set forth on Schedule 2.1, or in the Assignment and Assumption pursuant to which such
Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of
the Lenders’ Revolving Commitment is US$165,000,000.

          “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum at
such time of (a) the US Dollar Equivalents of the principal amounts of such Lender’s outstanding
Revolving Loans, (b) such Lender’s LC Exposure and (c) such Lender’s Swingline Exposure.

          “Revolving Lender” means a Lender with a Revolving Commitment or Revolving Credit
Exposure.

          “Revolving Loan” means a Loan made pursuant to Section 2.1(b).

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

          “Scheme” means the scheme of arrangement under Part 26 of the Companies Act 2006 which
is or may be proposed by ClinPhone to its shareholders pursuant to which Bidco will become the only
holder of ClinPhone Shares by virtue of having been allotted and issued New ClinPhone Shares which
are paid up out of the reserve created by the cancellation of the ClinPhone Shares in issue as at
the Option Cut-Off Time, subject to such changes and amendment as are made in accordance with
Section 6.14(a)(ii).

          “Scheme Acquisition” means the acquisition by Bidco of the ClinPhone Shares pursuant
to the Scheme, to be effected by way of:

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     (a) the cancellation of all the ClinPhone Shares in issue as at the Option Cut-Off Time
(other than ClinPhone Shares already held by Bidco) pursuant to the Scheme and the issue of
the New ClinPhone Shares pursuant to the Scheme; and

     (b) if any options in respect of any ClinPhone Shares remain outstanding after the
Option Cut-Off Time, the compulsory purchase by Bidco of all ClinPhone Shares issued
pursuant to the exercise of an option in respect thereof that was in existence prior to the
date of this Agreement after the applicable Option Cut-Off Time.

          “Scheme Circular” means the document to be issued by or on behalf of ClinPhone to
shareholders of ClinPhone setting out the proposals for the Scheme stating the recommendation of
the Scheme Acquisition and the Scheme to the shareholders of ClinPhone by the board of directors of
ClinPhone and setting out the notice of extraordinary general meeting of ClinPhone.

          “Scheme Documents” means the Press Release, the Scheme Circular, the Implementation
Agreement and any other document designated as a “Scheme Document” by the Administrative Agent and
the Administrative Borrower.

          “Screen Rate” means (a) in respect of the LIBO Rate for any currency for any Interest
Period, the British Bankers Association Interest Settlement Rate for such currency for such
Interest Period and (b) in respect of the EURIBO Rate for any Interest Period, the percentage per
annum determined by the Banking Federation of the European Union for such Interest Period.

          “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board). Eurocurrency Loans shall be deemed to constitute
Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit
for proration, exemptions or offsets that may be available from time to time to any Lender under
such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage.

          “Sterling” or “£” means the lawful currency of the United Kingdom.

          “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date, owned, controlled or held, or

24

 

(b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of
the parent or by the parent and one or more subsidiaries of the parent.

          “Subsidiary” means any direct or indirect subsidiary of the Administrative Borrower.
For the avoidance of doubt, on and after the Initial Funding Date “Subsidiary” shall include
ClinPhone and its subsidiaries.

          “Subsidiary Guarantee Agreement” means a Guarantee Agreement by each Material US
Subsidiary in favor of the Administrative Agent, substantially in the form of Exhibit B
hereto.

          “Subsidiary Guarantors” means each Material US Subsidiary of the Administrative
Borrower; provided, that (a) so long as the proviso of Section 5.9 would apply to
PAREXEL International Holding Corporation, a Delaware corporation, if it were a newly created
Subsidiary, it shall be deemed not to be a Subsidiary Guarantor notwithstanding that it is a
Material US Subsidiary and (b) each Material US Subsidiary that is a subsidiary of a Controlled
Foreign Corporation on the date hereof or, if later, at the time such Controlled Foreign
Corporation becomes a Subsidiary (so long as such Material US Subsidiary shall not have become a
subsidiary of such Controlled Foreign Corporation in anticipation of the transaction by which such
Controlled Foreign Corporation became a Subsidiary) shall be deemed not to be a Subsidiary
Guarantor and shall not be required to become a party to the Subsidiary Guarantee Agreement
notwithstanding that it is a Material US Subsidiary.

          “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Administrative Borrower or the
Subsidiaries shall be a Swap Agreement.

          “Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall
be its Applicable Percentage of the total Swingline Exposure at such time.

          “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of
Swingline Loans hereunder.

          “Swingline Loan” means a Loan made pursuant to Section 2.4.

          “Syndication and Fee Letter” means the syndication and fee letter agreement dated as
of June 12, 2008, among J.P. Morgan Securities Inc., JPMorgan Chase Bank. N.A., KeyBank National
Association and the Administrative Borrower.

          “Takeover Offer” means the offer which is a “takeover offer” within the meaning of
section 974 of the Companies Act 2006 proposed to be made by or on behalf of Bidco to acquire the
ClinPhone Shares, substantially on the terms and conditions set out in the Offer Press

25

 

Announcement
(as such offer may be amended in any way which is permitted by the terms of this Agreement).

          “Takeover Offer Acquisition” means the acquisition by Bidco of the ClinPhone Shares,
to be effected by way of (a) the Takeover Offer or (b) the compulsory acquisition permissible under
Part 28, Chapter 3 of the Companies Act 2006 of any ClinPhone Shares in respect of which
acceptances of the Takeover Offer have not been received from the holders of such ClinPhone Shares.

          “Takeover Offer Document” means the document to be issued by or on behalf of Bidco and
dispatched to shareholders of ClinPhone in respect of the Takeover Offer containing the terms and
conditions of the Takeover Offer reflecting the Offer Press Announcement in all material respects.

          “Takeover Offer Squeeze-Out Notice” means a notice under section 979(2) or 979(4) of
the Companies Act 2006.

          “TARGET” means the Trans-European Automated Real Time Gross Settlement Express
Transfer (TARGET) payment system.

          “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

          “Term Commitment” means, with respect to each Lender, the commitment, if any, of such
Lender to make a Term Loan on the Acquisition Consideration Payment Date, expressed as an amount
representing the maximum principal amount of the Term Loan to be made by such Lender, as such
commitment may be (a) reduced from time to time pursuant to Section 2.8 and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 10.4. The initial amount of each Lender’s Term Commitment is set forth in
Schedule 2.1, or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Term Commitment, as applicable. The initial aggregate amount of the Lenders’ Term
Commitments is US$150,000,000.

          “Term Increase Amendment” shall have the meaning specified in Section 2.22(a).

          “Term Lender” means a Lender with a Term Commitment or an outstanding Term Loan.

          “Term Loan” means a Loan made pursuant to Section 2.1(a).

          “Transactions” means the ClinPhone Acquisition, the execution, delivery and
performance by the Loan Parties of this Agreement, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

          “Transferred Letters of Credit” means, with respect to each Borrower, the letters of
credit outstanding as “Letters of Credit” as of the Initial Funding Date under the Existing Credit
Agreement.

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          “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to (a)
the Adjusted LIBO Rate or the Alternate Base Rate, in the case of US Dollar Loans, (b) the Adjusted
LIBO Rate, in the case of Loans in Alternative Currencies (other than Euros) or (c) the Adjusted
EURIBO Rate, in the case of Loans made in Euros.

          “US Dollar Equivalent” means, on any date of determination, (a) with respect to any
amount in US Dollars, such amount and (b) with respect to any amount in any Alternative Currency,
the equivalent in US Dollars of such amount, determined by the Administrative Agent pursuant to
Section 1.5 using the Exchange Rate with respect to such Alternative Currency at the time
in effect for such amount under the provisions of such Section.

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

          “US Subsidiary” means any Subsidiary that is organized under the laws of the United
States of America, any state thereof or the District of Columbia.

          “US Subsidiary Borrower” means any US Subsidiary that has been designated as a US
Subsidiary Borrower pursuant to Section 2.21, other than any of the foregoing Subsidiaries
that has ceased to be a US Subsidiary Borrower as provided in such Section 2.21.

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

          “Yen” means that lawful currency of Japan.

          SECTION 1.2. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type
(e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type
(e.g., a “Eurocurrency Revolving Borrowing”).

          SECTION 1.3. 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, 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 successors and 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

27

 

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.

          SECTION 1.4. Accounting Terms; GAAP. If at any time any change in GAAP would affect
the computation of any financial ratio or requirement set forth in any Loan Document, and either
the Administrative Borrower or the Required Lenders shall so request, the Administrative Agent, the
Lenders and the Administrative 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 (subject to the
approval of the Required Lenders); provided, that until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Administrative Borrower shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made
before and after giving effect to such change in GAAP. Administrative Borrower has advised the
Administrative Agent that it does, and is required to, consolidate CCT in its consolidated
financial statements, but that Administrative Borrower does not have the power to control CCT.
Accordingly, financial position, results of operations and cash flows of CCT shall be included for
the purpose of (a) the definitions of “Consolidated EBITDA”, “Consolidated Interest Charges”,
“Consolidated Net Worth” and “Consolidated Total Debt”, (b) the financial statements and reporting
requirements in Section 5.1 and (c) determining compliance with the financial covenants in
Section 6.9. CCT shall not be deemed to be a Subsidiary for the purposes of the
representations and warranties in Article III, the closing conditions in
Article IV, the affirmative covenants in Article V, the negative covenants in
Article VI, and the events of default in Article VII.

          SECTION 1.5. Currency Translation. (a)  For purposes of any determination under any
provision of this Agreement expressly requiring the use of a current exchange rate, all amounts
incurred, outstanding or proposed to be incurred or outstanding in currencies other than US Dollars
shall be translated into US Dollars at currency exchange rates in effect on the date of such
determination. Such currency exchange rates shall be determined in good faith by the
Administrative Agent.

          (b) The Administrative Agent shall determine the US Dollar Equivalent of any Borrowing
denominated in an Alternative Currency as of the date of the commencement of the initial Interest
Period therefor and as of the date of the commencement of each subsequent Interest Period therefor,
in each case using the Exchange Rate for the applicable currency in relation to US Dollars in
effect on the date that is three Business Days prior to the date on which the applicable Interest
Period shall commence, and each such amount shall be the US Dollar Equivalent of such Borrowing
until the next required calculation thereof pursuant to this paragraph. The Administrative Agent
shall determine the US Dollar Equivalent of any Letter of Credit denominated in a currency other
than US Dollars as of the date such Letter of Credit is
issued, amended to increase its face amount, extended or renewed
and as of the last Business
Day of each subsequent calendar month, in each case using the Exchange Rate for such currency in
relation to US Dollars in effect on the date that is three Business Days prior to the date on which
such Letter of Credit is issued, amended to increase its face amount, extended or renewed

28

 

or the
last Business Day of such subsequent calendar quarter, as the case may be, and each such amount
shall be the US Dollar Equivalent of such Letter of Credit until the next required calculation
thereof pursuant to this sentence. The Exchange Rate used to determine the US Dollar Equivalent of
any LC Disbursement shall be that used to determine the US Dollar Equivalent of the related Letter
of Credit. The Administrative Agent shall notify the Administrative Borrower and the applicable
Lenders of each calculation of the US Dollar Equivalent of each Borrowing or Letter of Credit.

ARTICLE II

The Credits

          SECTION 2.1. Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees (a) to make a Term Loan denominated in US Dollars, Sterling or Euro on the
Acquisition Consideration Payment Date in a principal amount the US Dollar Equivalent of which does
not exceed its Term Commitment to, as directed by the Administrative Borrower, the Administrative
Borrower, the Dutch Borrower or Bidco and (b) to make Revolving Loans denominated in US Dollars and
Alternative Currencies to the Borrowers from time to time during the Availability Period in an
aggregate principal amount that will not result in such Lender’s Revolving Credit Exposure
exceeding such Lender’s Revolving Commitment; provided that the aggregate amount of
Revolving Credit Exposure shall not exceed $150,000,000 unless the Administrative Agent shall have
received on behalf of the Agents and each Lender a satisfactory opinion or opinions of counsel as
to corporate authorization and such other matters as the Administrative Agent may reasonably
request in respect of Revolving Borrowings in excess of $150,000,000. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and
reborrow Revolving Loans. Amounts repaid in respect of Term Loans may not be reborrowed.

          SECTION 2.2. Loans and Borrowings. (a)  Each Term Loan shall be made as part of a
Borrowing consisting of Term Loans made by the Lenders ratably in accordance with their Term
Commitments.  Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving
Loans made by the Lenders ratably in accordance with their respective Revolving Commitments. The
failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender
of its obligations hereunder; provided that the Commitments of the Lenders are several and
no Lender shall be responsible for any other Lender’s failure to make Loans as required.

          (b) Subject to Section 2.13, (i) each Term Borrowing denominated in US Dollars shall
be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance
herewith; (ii) each Revolving Borrowing denominated in US Dollars shall be comprised entirely of
ABR Loans or Eurocurrency Loans as the Borrowers may request in accordance herewith; (iii) each
Borrowing denominated in Euros shall be comprised entirely of EURIBOR Loans; and (iv) each
Borrowing denominated in an Alternative Currency (other than Euros) shall be comprised entirely of
Eurocurrency Loans. Each Swingline Loan shall be an
ABR Loan. Each Lender at its option may make any Eurocurrency Loan or EURIBOR Loan by causing
any domestic or foreign branch or Affiliate of such Lender to make such Loan (so long as such
election of a foreign branch or Affiliate does not increase the Borrowers’ costs

29

 

hereunder);
provided that any exercise of such option shall not affect the obligation of the applicable
Borrower to repay such Loan in accordance with the terms of this Agreement.

          (c) At the commencement of each Interest Period for any Eurocurrency Borrowing or any EURIBOR
Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the
Borrowing Multiple and not less than the Borrowing Minimum; provided that any Borrowing
made in respect of a Certain Funds Purpose may be for an amount that is not an integral multiple of
the Borrowing Multiple. At the time that each ABR Borrowing (other than a Swingline Loan) is made,
such Borrowing shall be in an aggregate amount that is an integral multiple of US$250,000 and not
less than US$1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total Revolving Commitments or that is
required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(e).
Each Swingline Loan shall be in an amount that is an integral multiple of US$100,000 and not less
than US$1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of (i) 7 Eurocurrency Term
Borrowings or (ii) 12 Eurocurrency Revolving Borrowings or EURIBOR Revolving Borrowings
outstanding.

          (d) Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Maturity Date.

          SECTION 2.3. Requests for Borrowings. To request a Term Borrowing or Revolving
Borrowing, the Administrative Borrower, on behalf of the requesting Borrower, shall notify the
Applicable Agent of such request by telecopy of a written Borrowing Request in the form of
Exhibit G or any other form approved by the London Agent and signed by a Responsible
Officer of the Administrative Borrower (or, in the case of the Administrative Agent, by telephone
confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing
Request in the form of Exhibit G or any other form approved by the Administrative Agent and
signed by a Responsible Officer of the Administrative Borrower) (a) in the case of a Eurocurrency
Borrowing denominated in US Dollars, not later than 11:00 a.m., New York City time, three Business
Days before the date of the proposed Borrowing, (b) in the case of a Eurocurrency Borrowing
denominated in any other Alternative Currency (other than Yen) or a EURIBOR Borrowing, not later
than 11:00 a.m., Local Time, three Business Days before the date of the proposed Borrowing, (c) in
the case of a Eurocurrency Borrowing denominated in Yen, not later than 11:00 a.m., Local Time,
four Business Days before the date of the proposed Borrowing and (d) in the case of an ABR
Borrowing, not later than 11:00 a.m., Local Time, on the same day of the proposed Borrowing;
provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of
an LC Disbursement as contemplated by Section 2.5(e) may be given not later than 10:00
a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Applicable Agent of a written Borrowing Request in a form approved by the Applicable Agent and
signed
by the Administrative Borrower. Each such telephonic and written Borrowing Request shall
specify the following information in compliance with Section 2.2:

     (i) the Borrower requesting such Borrowing;

30

 

     (ii) whether the requested Borrowing is to be a Term Borrowing or a Revolving
Borrowing;

     (iii) the currency and aggregate amount of the requested Borrowing;

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

     (v) whether such Borrowing is to be an ABR Borrowing, a Eurocurrency Borrowing
or a EURIBOR Borrowing;

     (vi) in the case of a Eurocurrency Borrowing or a EURIBOR Borrowing, the
initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”;

     (vii) the location and number of such Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.6; and

     (viii) in the case of a Borrowing in an Alternative Currency, the jurisdiction
from which payments of the principal and interest on such Borrowing will be made.

If no currency is specified with respect to any requested Eurocurrency Borrowing, then (i) if the
applicable Borrower is a US Borrower, it shall be deemed to have selected US Dollars and (ii) if
the applicable Borrower is not a US Borrower, the applicable Borrowing Request will be of no force
or effect. If no election as to the Type of Borrowing is specified, then the requested Borrowing
shall be (A) in the case of a Borrowing denominated in US Dollars made to a US Borrower, an ABR
Borrowing, (B) in the case of a Borrowing denominated in US Dollars made to any other Borrower
(other than a US Borrower), a Eurocurrency Borrowing, (C) in the case of a Borrowing denominated in
Euros, a EURIBOR Borrowing and (D) in the case of a Borrowing denominated in an Alternative
Currency (other than Euros), a Eurocurrency Borrowing. If no Interest Period is specified with
respect to any requested (or deemed requested) Eurocurrency Borrowing or EURIBOR Borrowing, then
the applicable Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each Lender of the applicable Class of the
details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing.

          SECTION 2.4. Swingline Loans. (a)  Subject to the terms and conditions set forth
herein, the Swingline Lender agrees to make Swingline Loans to the Administrative Borrower from
time to time during the Availability Period in US Dollars, in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of outstanding
Swingline Loans exceeding US$20,000,000 or (ii) the aggregate Revolving Credit
Exposures of all Lenders exceeding the total Revolving Commitments; provided that the
Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding
Swingline Loan; provided further that the aggregate amount of Revolving Credit Exposure
shall not exceed $150,000,000 unless the Administrative Agent shall have received on behalf of the
Agents and each Lender a satisfactory opinion or opinions of counsel as to corporate

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authorization
and such other matters as the Administrative Agent may reasonably request in respect of Revolving
Borrowings in excess of $150,000,000. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Administrative Borrower may borrow, prepay and reborrow Swingline
Loans.

          (b) To request a Swingline Loan, the Administrative Borrower shall notify the Administrative
Agent of such request by telephone (confirmed by telecopy), not later than 1:00 p.m., New York City
time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall
specify the requested date (which shall be a Business Day) and amount of the requested Swingline
Loan and other relevant information that would be required under Section 2.3 if the
Swingline Loan were a Revolving Loan. The Administrative Agent will promptly advise the Swingline
Lender of any such notice received from the Administrative Borrower. The Swingline Lender shall
make each Swingline Loan available to the Administrative Borrower by means of a credit to the
general deposit account of the Administrative Borrower with the Swingline Lender (or, in the case
of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in
Section 2.5(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the
requested date of such Swingline Loan.

          (c) The Swingline Lender may 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 the Swingline Loans outstanding. Such
notice shall specify the aggregate amount of Swingline Loans in which the Revolving Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice
thereof to each applicable Lender, specifying in such notice such Lender’s Applicable Percentage of
such Swingline Loan or Loans. Each applicable Lender hereby absolutely and unconditionally agrees,
upon receipt of notice as provided above, to promptly pay to the Administrative Agent, for the
account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or
Loans. Each applicable Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a
Default or reduction or termination of the Revolving Commitments, 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 2.6 with respect to Revolving Loans made
by such Lender (and Section 2.6 shall apply, mutatis mutandis, to the
payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative
Agent shall notify the Administrative Borrower of any participations in any Swingline Loan acquired
pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made
to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline
Lender from the
Administrative Borrower (or other party on behalf of the Administrative Borrower) in respect
of a Swingline Loan after receipt by the Swingline 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 Swingline Lender,
as

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their interests may appear; provided that any such payment so remitted shall be repaid
to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such
payment is required to be refunded to the Administrative Borrower for any reason. The purchase of
participations in a Swingline Loan pursuant to this paragraph shall not relieve the Administrative
Borrower of any default in the payment thereof.

          SECTION 2.5. Letters of Credit. (a)  General. Subject to the terms and
conditions set forth herein, the Administrative Borrower may request the issuance of Letters of
Credit denominated in US Dollars or any Alternative Currency for its own account, or for the
account of any other Borrower or any US Subsidiary, in a form reasonably acceptable to the
Administrative Agent and the Issuing Bank, at any time and from time to time during the
Availability Period, provided, that with respect to any Letter of Credit issued for the
account of any US Subsidiary, the Administrative Borrower shall be a co-applicant and shall be
deemed to be jointly and severally liable with respect to any such Letter of Credit;
provided further that the aggregate amount of Revolving Credit Exposure shall not exceed
$150,000,000 unless the Administrative Agent shall have received on behalf of the Agents and each
Lender a satisfactory opinion or opinions of counsel as to corporate authorization and such other
matters as the Administrative Agent may reasonably request in respect of Revolving Borrowings in
excess of $150,000,000. In the event of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by the Administrative Borrower to, or entered into by the Administrative
Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control. On the Initial Funding Date, the Issuing Bank shall be deemed, without
further action by any party hereto, to have granted to each Revolving Lender, and each Revolving
Lender shall be deemed to have purchased from the Issuing Bank, a participation in each Transferred
Letter of Credit in accordance with paragraph (d) below. The Issuing Bank agrees that,
concurrently with such grant, the participations in the Transferred Letters of Credit granted to
the lenders under the Existing Credit Agreement shall be automatically canceled without further
action by any of the parties thereto. On and after the Initial Funding Date each Transferred
Letter of Credit shall constitute a Letter of Credit for all purposes hereof.

          (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 Administrative Borrower shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank and the Administrative Agent (reasonably in advance of the requested date of issuance,
amendment, renewal or extension) a notice signed by a Responsible Officer of the Administrative
Borrower 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 and currency 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 Issuing Bank, the Administrative Borrower also shall submit
a letter of credit application on the Issuing Bank’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

33

 

Administrative
Borrower shall be deemed to represent and warrant that), after giving effect to such issuance,
amendment, renewal or extension (i) the LC Exposure shall not exceed US$10,000,000 and (ii) the
aggregate Revolving Credit Exposures of all Lenders shall not exceed the total Revolving
Commitments.

          (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) the date one year after the date of the issuance of such Letter of
Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five Business Days prior to the Maturity Date;
provided that any Letter of Credit with a one-year term may provide for the renewal thereof
for additional one-year periods (which in no event shall extend beyond the date referred to in
clause (ii) above).

          (d) Participations. Effective with respect to the Transferred Letters of Credit upon
the occurrence of the Initial Funding Date, and by the issuance of each other Letter of Credit (or
an amendment to a Letter of Credit increasing the amount thereof), and in each case without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to
each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a
participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the
aggregate amount available to be drawn under such Letter of Credit. In consideration and in
furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to
pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable
Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the
Administrative Borrower on the date due as provided in paragraph (e) of this Section, or of
any reimbursement payment required to be refunded to the Administrative Borrower for any reason.
Each Revolving 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 Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Administrative 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 date that such LC Disbursement is made, if the Administrative Borrower shall have
received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or,
if such notice has not been received by the Administrative Borrower prior to such time on such
date, then not later than 12:00 noon, New York City time, on the Business Day immediately following
the day that the Administrative Borrower receives such notice; provided that if such LC
Disbursement is not less than US$100,000, the Administrative Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.3 or
2.4 that such payment be financed with an ABR
Revolving Borrowing or Swingline Loan in an equivalent amount (and if such Letter of Credit is
issued in an Alternative Currency, the US Dollar Equivalent of such amount) and, to the extent so
financed, the Administrative Borrower’s obligation to make such payment shall be discharged and
replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Administrative
Borrower fails to make such payment when due, the Administrative Agent shall

34

 

notify each Revolving
Lender of the applicable LC Disbursement, the payment then due from the Administrative Borrower in
respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of
such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage
of the payment then due from the Administrative Borrower, in the same manner as provided in
Section 2.6 with respect to Loans made by such Lender (and Section 2.7 shall apply,
mutatis mutandis, to the payment obligations of the Lenders), and the
Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the
Lenders. Promptly following receipt by the Administrative Agent of any payment from the
Administrative Borrower pursuant to this paragraph, the Administrative Agent shall distribute such
payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this
paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their
interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the
Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline
Loan as contemplated above) shall not constitute a Loan and shall not relieve the Administrative
Borrower of its obligation to reimburse such LC Disbursement.

          (f) Obligations Absolute. Subject to the provisions of the next sentence, the
Administrative 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 Issuing Bank under a Letter
of Credit against presentation of a draft or other document that does not strictly 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
Administrative Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor
the Issuing Bank, 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 Issuing Bank;
provided that the foregoing shall not be construed to excuse the Issuing Bank from
liability to the Administrative Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Administrative Borrower
to the extent permitted by applicable law) suffered by the Administrative Borrower that are caused
by the Issuing Bank’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 or willful misconduct on
the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the
Issuing Bank 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

35

 

documents presented which appear on their face to be in substantial compliance with the terms of a
Letter of Credit, the Issuing Bank 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.

          (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Administrative
Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing
Bank 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 Administrative Borrower of its obligation to
reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

          (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless the Administrative 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 to but excluding the date that the Administrative
Borrower reimburses such LC Disbursement, at (i) in the case of any LC Disbursement denominated in
US Dollars, the rate per annum then applicable to ABR Revolving Loans and (ii) in the case of an LC
Disbursement denominated in any other currency, a rate per annum determined by the Issuing Bank
(which determination will be conclusive absent manifest error) to represent its cost of funds
plus the Applicable Rate that would be used to determine the interest rates applicable to a
Eurocurrency Loan in the applicable currency with an Interest Period of one month’s duration made
on the date of such LC Disbursement; provided that if the Administrative Borrower fails to
reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then
Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the
account of the Issuing Bank, except that interest accrued on and after the date of payment by any
Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for
the account of such Lender to the extent of such payment.

          (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by
written agreement among the Administrative Borrower, the Administrative Agent, the replaced Issuing
Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the
Administrative Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing
Bank pursuant to Section 2.11(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the
Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and
(ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to
any previous Issuing Bank, or to such successor and all previous Issuing
Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank 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.

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          (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that the Administrative 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 66 and 2/3% of the total LC Exposure) demanding the deposit of
cash collateral pursuant to this paragraph, the Administrative Borrower shall deposit in an account
with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the
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 any kind, upon the occurrence of any Event of Default with respect to the
Administrative Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held
by the Administrative Agent as collateral for the payment and performance of the obligations of the
Administrative 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 Administrative 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 Issuing Bank 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 Administrative 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 66 and 2/3% of the total LC Exposure), be applied to satisfy
other obligations of the Administrative Borrower under this Agreement. If the Administrative
Borrower is required to provide an amount of cash collateral hereunder as a result of the
occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be
returned to the Administrative Borrower within three Business Days after all Events of Default have
been cured or waived.

          SECTION 2.6. Funding of Borrowings. (a)  Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds in the
applicable currency by 12:00 noon, Local Time, to the account of the Applicable Agent most recently
designated by it for such purpose by notice to the Lenders; provided that Swingline Loans
shall be made as provided in Section 2.4. The Applicable Agent will make such Loans
available to the applicable Borrower by promptly crediting the amounts so received, in like funds,
to an account of such Borrower designated by such Borrower in the applicable Borrowing Request;
provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement
as provided in Section 2.5(e) shall be remitted by the Administrative Agent to the Issuing
Bank.

          (b) Unless the Applicable Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Applicable Agent such
Lender’s share of such Borrowing, the Applicable Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of

37

 

the applicable Borrowing available to the
Applicable Agent, then the applicable Lender and such Borrower severally agree to pay to the
Applicable Agent forthwith on demand such corresponding amount with interest thereon, for each day
from and including the date such amount is made available to such Borrower to but excluding the
date of payment to the Applicable Agent, at (i) in the case of such Lender, the greater of the
Federal Funds Effective Rate and a rate determined by the Applicable Agent in accordance with
banking industry rules on interbank compensation or (ii) in the case of such Borrower, the interest
rate applicable to the subject Loan. If such Lender pays such amount to the Applicable Agent, then
such amount shall constitute such Lender’s Loan included in such Borrowing.

          SECTION 2.7. Interest Elections. (a)  Each Term Borrowing and Revolving Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurocurrency Borrowing or a EURIBOR Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request or as otherwise specified in Section 2.3. Thereafter, the applicable
Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and,
in the case of a Eurocurrency Borrowing or a EURIBOR Borrowing, may elect Interest Periods
therefor, all as provided in this Section. A Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to
Swingline Borrowings, which may not be converted or continued.

          (b) To make an election pursuant to this Section, a Borrower shall notify the Applicable Agent
of such election by telecopy (or, in the case of the Administrative Agent, by telephone) by the
time that a Borrowing Request would be required under Section 2.3 if such Borrower were
requesting a Borrowing of the Type resulting from such election to be made on the effective date of
such election. Each such telephonic Interest Election Request shall be irrevocable and shall be
confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest
Election Request in a form approved by the Administrative Agent and signed by a Responsible Officer
of the Administrative Borrower, on behalf of the applicable Borrower. Notwithstanding any other
provision of this Section, no Borrower shall be permitted to (i) change the currency of any
Borrowing, (ii) elect an Interest Period for Eurocurrency Loans or EURIBOR Loans that does not
comply with Section 2.2(d) or (iii) convert any Borrowing to a Borrowing of a Type not
available to such Borrower pursuant to which such Borrowing was made.

          (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.2:

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

38

 

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

     (iii) whether the resulting Borrowing is to be an ABR Borrowing, a Eurocurrency
Borrowing or a EURIBOR Borrowing; and

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

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

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

          (e) If the applicable Borrower fails to deliver a timely Interest Election Request with
respect to a Eurocurrency Borrowing or a EURIBOR Borrowing prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period such Borrowing shall (i) in the case of a Eurocurrency Borrowing made to a US
Borrower denominated in US Dollars, be converted to an ABR Borrowing, and (ii) in the case of a
EURIBOR Borrowing or any other Eurocurrency Borrowing, become due and payable on the last day of
such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so
notifies the Administrative Borrower, then, so long as an Event of Default is continuing (A) no
outstanding Revolving Borrowing made to a Borrower may be converted to or continued as a
Eurocurrency Borrowing or a EURIBOR Borrowing and (B) unless repaid, each Eurocurrency Borrowing if
in US Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto.

          SECTION 2.8. Termination and Reduction of Commitments. (a)  Unless previously
terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the first
to occur of the Acquisition Consideration Payment Date and the date of termination of the Certain
Funds Period and (ii) the Revolving Commitments shall terminate at 5:00 p.m., New York City time,
on the Maturity Date; provided that the Revolving Commitments shall terminate at 5:00 p.m.,
New York City time, on the date of termination of the Certain Funds
Period if such period terminates under clause (a) or (b) of the definition of Certain Funds
Period prior to the occurrence of the Initial Funding Date.

          (b) The Administrative Borrower may at any time terminate, or from time to time reduce, the
Commitments of any Class; provided that (i) each reduction of the Commitments of any Class
shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the
Borrowing Minimum, in each case for Borrowings denominated in

39

 

US Dollars and (ii) the
Administrative Borrower shall not terminate or reduce the Revolving Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the
aggregate Revolving Credit Exposures of all Lenders would exceed the total Revolving Commitments.

          (c) The Administrative Borrower shall notify the Administrative Agent of any election to
terminate or reduce the Commitments under paragraph (b) of this Section at least three Business
Days prior to the effective date of such termination or reduction, specifying such election and the
effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall
advise the other Agents and the Lenders of the applicable Class of the contents thereof. Each
notice delivered by the Administrative Borrower pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Revolving Commitments delivered by a
Responsible Officer of the Administrative 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
Administrative Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of the
Commitments shall be permanent but shall not affect the right of the Administrative Borrower to
increase the Commitment in accordance with Section 2.22. Each reduction of the Commitments
of any Class shall be made ratably among the Lenders in accordance with their respective
Commitments of such Class.

          SECTION 2.9. Repayment of Loans; Evidence of Debt; Amortization of Term Loans.
Subject to Section 10.18, (a) each Borrower hereby unconditionally promises to pay (i) to
the Applicable Agent for the account of each Lender the then unpaid principal amount of each
Revolving Loan of such Borrower on the Maturity Date, (ii) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Term Loan of such Lender as
provided in paragraph (f) of this Section and (iii) to the Swingline Lender the then unpaid
principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date
after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least
two Business Days after such Swingline Loan is made; provided that on each date that a
Revolving Borrowing denominated in US Dollars is made, the Borrowers shall repay all Swingline
Loans then outstanding. On the Maturity Date, all Loans shall become absolutely due and payable
and the Borrowers shall pay all of the Loans outstanding, together with any and all accrued and
unpaid interest thereon.

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

          (b) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from each
Borrower to each Lender hereunder and (iii) the amount of any sum received by any Agent hereunder
for the account of the Lenders and each Lender’s share thereof. The London Agent shall furnish to
the Administrative Agent, promptly after the making of any Loan or Borrowing with respect to which
it is the Applicable Agent or the receipt of any

40

 

payment of principal or interest with respect to
any such Loan or Borrowing, information with respect thereto that will enable the Administrative
Agent to maintain the accounts referred to in the preceding sentence.

          (c) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of any Borrower to repay the Loans in accordance with the terms of this Agreement.

          (d) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the applicable Borrower shall prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans
evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 10.4) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns).

          (e) (i) The Borrower shall repay Term Borrowings on each June 30, September 30, December 31
and March 31 following the Initial Funding Date and on the Maturity Date (each such date, an
“Installment Date”). The amount of the repayment to be made on each Installment Date shall
be (1) the aggregate principal amount that equals the percentage set forth in the chart below for
the period in which such Installment Date occurs of the aggregate principal amount of the Term
Loans made on the Initial Funding Date, divided by (2) the actual number of Installment Dates
included in such period (as such aggregate principal amounts may be adjusted pursuant to
subparagraph (iii) of this Section):

	 	 	 
	Period	 	Percentage of Initial Term Loans
	Initial Funding Date - June 30, 2009
	 	5%
	July 1, 2009 - June 30, 2010
	 	20%
	July 1, 2010 - June 30, 2011
	 	20%
	July 1, 2011 - June 30, 2012
	 	25%
	July 1, 2012 - Maturity Date
	 	30%

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

          (iii) Any prepayment of a Term Borrowing shall be applied to reduce the subsequent scheduled
repayments of the Term Borrowings to be made pursuant to this paragraph (f) in direct order of
maturity.

          (iv) Prior to any repayment of any Term Borrowings under this Section, the Borrower shall
select the Borrowing or Borrowings to be repaid and shall notify the Administrative Agent by
telephone (confirmed by hand delivery or facsimile) of such selection not later than 11:00 a.m.,
New York City time, three Business Days before the scheduled date of

41

 

such repayment. Each
repayment of a Term Borrowing shall be applied ratably to the Loans included in the repaid Term
Borrowing. Repayments of Term Borrowings shall be accompanied by accrued interest on the amounts
repaid.

          SECTION 2.10. Prepayment of Loans. (a)  Any Borrower shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with paragraph (b) of this Section.

          (b) The Administrative Borrower, on behalf of the applicable Borrower, shall notify the
Applicable Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by a
telecopy notice signed by a Responsible Officer of the Administrative Borrower of any prepayment
hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in US Dollars, not
later than 11:00 a.m., Local Time, three Business Days before the date of prepayment, (ii) in the
case of a Eurocurrency Borrowing denominated in an Alternative Currency (other than Yen) or a
EURIBOR Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of
prepayment, (iii) in the case of a Eurocurrency Borrowing denominated in Yen, not later than 11:00
a.m., Local Time, four Business Days before the date of prepayment, (iv) in the case of prepayment
of an ABR Borrowing, not later than 11:00 a.m., Local Time, one Business Day before the date of
prepayment or (v) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New
York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid;
provided that if a notice of prepayment is given in connection with a conditional notice of
termination of the Revolving Commitments as contemplated by Section 2.8, then such notice
of prepayment may be revoked if such notice of termination is revoked in accordance with
Section 2.8. Promptly following receipt of any such notice relating to a Borrowing, the
Applicable Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of
the same Type as provided in Section 2.2. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.12.

          (c) If, on any date, the aggregate amount of the Revolving Credit Exposures shall exceed 105%
of the aggregate Revolving Commitments as a result of currency fluctuations, then the applicable
Borrowers shall, within three Business Days, prepay one or more Borrowings in an aggregate
principal amount sufficient to eliminate such excess.

          SECTION 2.11. Fees. (a)  The Administrative Borrower agrees to pay to the
Administrative Agent, in US Dollars, for the account of each Lender (i) in respect of such
Lender’s Term Commitment, a commitment fee, which shall accrue daily at the rate of 0.300% per
annum, on such Lender’s unused Term Commitment, during the period from and including the date
hereof to but excluding the date on which
such Term Commitment terminates, and (ii) in respect of
such Lender’s Revolving Commitment, a commitment fee, which shall accrue daily at the rates set
forth below (calculated in accordance with the definition of “Applicable Rate”) on such Lender’s
unused Revolving Commitment (with the portion of such Lender’s Revolving Commitment equal to its LC
Exposure, but not its Swingline Exposure, being deemed to be used), during the period from and
including the date hereof to but excluding the date on which

42

 

such Revolving Commitment terminates;
provided that if such Lender continues to have any Revolving Credit Exposure after its
Revolving Commitment terminates, then such commitment fee shall continue to accrue on the daily
amount of such Lender’s Swingline Exposure and LC Exposure from and including the date on which its
Revolving Commitment terminates to but excluding the date on which such Lender ceases to have any
Revolving Credit Exposure:

	 	 	 	 	 
	Pricing	 	 	 	 
	Level	 	Leverage Ratio:	 	Commitment Fee
	1
	 	≤ 0.75:1.00
	 	0.200%
	2
	 	> 0.75:1.00 and ≤ 1.50:1.00
	 	0.250%
	3
	 	> 1.50:1.00 and ≤ 2.25:1.00
	 	0.300%
	4
	 	> 2.25:1.00
	 	0.375%

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 Term Commitments terminate and the date on which
the Revolving Commitments terminate, commencing on the first such date to occur after the date
hereof; provided that any commitment fees accruing after the date on which the Commitments
terminate shall be payable on demand. 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).

          (b) The Administrative Borrower agrees to pay (i) to the Administrative Agent for the account
of each Revolving Lender a participation fee with respect to its participations in Letters of
Credit, which shall accrue at the same Applicable Rate used to determine the interest rate
applicable to Eurocurrency Revolving Loans on the average daily amount of such Lender’s LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Initial Funding 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 the Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum
separately agreed upon between the Administrative Borrower and the Issuing Bank on the average
daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Initial Funding Date to but excluding the
later of the date of termination of the Commitments and the date on which there ceases to be any LC
Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation
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 Initial Funding Date; provided that
all such fees shall be payable on the date on which the Commitments terminate and any such fees
accruing after the date on which the Commitments terminate shall be payable on demand. Any other
fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after
demand. All participation 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).

43

 

          (c) The Administrative Borrower agrees to pay to each of the Administrative Agent and the
Initial Lenders, for its own account, the fees payable in the amounts and at the times provided in
the Syndication and Fee Letter and the Administrative Agent Fee Letter or as separately agreed
among them upon from time to time.

          (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for
distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid
shall not be refundable under any circumstances (unless miscalculated).

          SECTION 2.12. Interest. (a)  The Loans comprising each ABR Borrowing (including each
Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

          (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate and the Loans
comprising such EURIBOR Revolving Borrowing shall bear interest at the Adjusted EURIBO Rate for the
Interest Period in effect for such Borrowing plus the Applicable Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this
Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as
provided in paragraph (a) of this Section.

          (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments;
provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be
payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Eurocurrency Loan or EURIBOR Loan prior
to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable
on the effective date of such conversion. All interest shall be payable in the currency in which
the applicable Loan is denominated.

          (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
(i) interest on Borrowings denominated in Sterling and (ii) interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be
computed on the basis of a year of 365 days (or 366 days in a leap year, except in the case of
Borrowings denominated in Sterling), and in each case shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). The applicable Alternate Base
Rate, Adjusted LIBO Rate, Adjusted EURIBO Rate, LIBO Rate or EURIBO Rate

44

 

shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error.

          SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing or a EURIBOR Borrowing:

          (a) the Applicable Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or
the Adjusted EURIBO Rate, as applicable, for such Interest Period; or

          (b) the Applicable Agent is advised by the Required Lenders that the LIBO Rate or the EURIBO
Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to
such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such
Borrowing for such Interest Period;

then the Applicable Agent shall give notice thereof to the Administrative Borrower, the applicable
Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until
the Applicable Agent notifies the Administrative Borrower, the applicable Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (i) any Interest Election
Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
Eurocurrency Borrowing or a EURIBOR Borrowing, as the case may be, shall be ineffective, and (ii)
if any Borrowing Request requests a Eurocurrency Borrowing in US Dollars, such Borrowing shall be
made as an ABR Borrowing; provided that if the circumstances giving rise to such notice
affect less than all Types of Borrowings, then the other Types of Borrowings shall be permitted.

          SECTION 2.14. Increased Costs. (a)  If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit
extended by, any Lender (except any such reserve requirement reflected in the
Adjusted LIBO Rate or the Adjusted EURIBO Rate) or the Issuing Bank; or

     (ii) impose on any Lender or the Issuing Bank or the London or European
interbank market any other condition affecting this Agreement or Eurocurrency Loans
or EURIBOR Loans made by such Lender or any Letter of Credit or participation
therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Loan or EURIBOR Loan (or of maintaining its obligation to make any
such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing
or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise and other
than with respect to Excluded Taxes), then the applicable Borrower will pay to such Lender or the
Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

45

 

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

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

          (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right
to demand such compensation; provided that the applicable Borrower shall not be required to
compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or
reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as
the case may be, notifies the Administrative Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim
compensation therefor; provided further that if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the 180-day period referred to above shall
be extended to include the period of retroactive effect thereof.

          (e) Payments of any amounts under this Section 2.14 shall be without duplication of
any payments required to be made under Section 2.16 or Section 2.19. To the extent
that payment with respect to Indemnified Taxes or Other Taxes is required under both
Section 2.16 and this Section 2.14, a Lender may elect to require payment, without
duplication, under either Section 2.16 or this Section 2.14, provided that,
notwithstanding anything to the contrary in this Section 2.14, nothing in this
Section 2.14 shall require any payment with respect to any Excluded Taxes.

          SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurocurrency Loan or EURIBOR Loan other than on the last day of an Interest Period
applicable thereto (including as a result of an Event of Default), (b) the conversion of any
Eurocurrency Loan or EURIBOR Loan other than on the last day of the Interest Period applicable
thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan or EURIBOR
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.10(b) and is revoked in accordance therewith), or
(d) the assignment of any Eurocurrency Loan or EURIBOR Loan other than on the

46

 

last day of the Interest Period applicable thereto as a result of a request by the applicable
Borrower pursuant to Section 2.18, then, in any such event, the applicable Borrower shall
compensate each Lender for the actual loss, cost and expense attributable to such event. In the
case of a Eurocurrency Loan or EURIBOR Loan, such loss, cost or expense to any Lender shall be
deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount
of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate or the Adjusted EURIBO Rate, as applicable (and without
reference to the Applicable Margin) that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period at the interest rate which such Lender would bid were it to bid,
at the commencement of such period, for deposits in the applicable currency of a comparable amount
and period from other banks in the London or European interbank market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Administrative Borrower and shall be conclusive absent manifest
error. The Administrative Borrower shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof.

          SECTION 2.16. Taxes. (a)  Any and all payments by or on account of any obligation of
any Borrower hereunder shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided that if such Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) each Agent, each Lender or the Issuing Bank (as the
case may be) receives an amount equal to the sum it would have received had no such deductions been
made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law.

          (b) In addition, each Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

          (c) Each relevant Borrower shall indemnify each Agent, each Lender and the Issuing Bank,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by such Agent, such Lender or the Issuing Bank, as the case may be, on or with respect
to any payment by or on account of any obligation of such Borrower hereunder (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Administrative Borrower by a Lender or the Issuing Bank, or by the
Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be
conclusive absent manifest error.

47

 

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

          (e) Any Lender that is entitled to an exemption from or reduction of withholding tax under the
law of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is
a party, with respect to payments under this Agreement shall deliver to the Administrative 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 or reasonably requested
by the Administrative Borrower as will permit such payments to be made without withholding or at a
reduced rate. Each Lender shall promptly notify the Administrative Agent of any change in
circumstances which would modify or render invalid any such claimed exemption or reduction.
Without limiting the generality of the foregoing, if a relevant Borrower is resident for tax
purposes in the United States, any Foreign Lender shall deliver to the Administrative Borrower
(with a copy to the Administrative Agent) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement, and upon the occurrence of any event that would result in
the invalidity or obsolescence of any previously-provided form, but only in each event if such
Foreign Lender is legally entitled to do so, whichever of the following is applicable:

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

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

     (iii) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (A) a certificate to the
effect that such Foreign Lender is not (1) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the
Administrative Borrower, or (3) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code and (B) duly completed copies of Internal Revenue
Service Form W-8BEN, or

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

In addition, if a relevant Borrower is resident for tax purposes in the United States, any
Lender that is not a Foreign Lender shall deliver to the Administrative Borrower (with a
copy to the Administrative Agent) on or prior to the date on which such Lender becomes a
Lender under this Agreement, and upon the occurrence of any event that would result in the
invalidity or obsolescence of any previously-provided form (but only in each such

48

 

case if such Lender is legally entitled to deliver such form), a duly executed and properly
completed copy of Internal Revenue Service Form W-9 (or applicable successor form)
establishing an exemption from United States federal backup withholding tax.

          (f) If any Agent or a Lender 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 Borrowers or with respect to
which such Borrower has paid additional amounts pursuant to this Section 2.16, it shall pay
over such refund to such Borrower (but only to the extent of indemnity payments made, or additional
amounts paid, by such Borrower under this Section 2.16 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of such Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund); provided, that the Administrative Borrower, upon the request of
such Agent or such Lender, agrees to repay the amount paid over to such Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to such Agent
or such Lender in the event such Agent or such Lender is required to repay such refund to such
Governmental Authority. This Section shall not be construed to require any Agent or any Lender to
make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrowers or any other Person.

          (g) Payments of any amounts under this Section 2.16 shall be without duplication of
any payments required to be made under Section 2.14 or Section 2.19. To the extent
that payment with respect to Indemnified Taxes or Other Taxes is required under both
Section 2.14 and this Section 2.16, Lender may elect to require payment, without
duplication, under either Section 2.14 or this Section 2.16.

          SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a)  Each
Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.14, 2.15, 2.16 or 2.19, or otherwise) prior to 12:00
noon, Local Time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the
Applicable Agent, be deemed to have been received on the next succeeding Business Day for purposes
of calculating interest thereon. All such payments shall be made to the Applicable Agent for the
account of the Lenders to such account as the Applicable Agent shall from time to time specify in
one or more notices delivered to the Administrative Borrower, except payments to be made directly
to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments
pursuant to Sections 2.14, 2.15, 2.16, 2.19 and 10.3 shall
be made directly to the Persons entitled thereto. The Applicable Agent shall distribute any such
payments received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case
of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments of principal or interest in respect of any Loan or LC Disbursement shall,
except as otherwise expressly provided herein, be made in the currency of such Loan or LC
Disbursement; all other payments hereunder and under each other Loan Document shall be made in US
Dollars. Any payment required to be made by any Agent hereunder shall be deemed to have been made
by the time required if such

49

 

Agent shall, at or before such time, have taken the necessary steps to make such payment in
accordance with the regulations or operating procedures of the clearing or settlement system used
by such Agent to make such payment.

          (b) If at any time insufficient funds are received by and available to the Agents from any
Borrower (or from the Administrative Borrower as guarantor of the Obligations of such Borrower
pursuant to Article IX) and available to pay fully all amounts of principal, unreimbursed LC
Disbursements, interest and fees then due from such Borrower hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due from such Borrower hereunder, ratably
among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then
due from such Borrower hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed LC Disbursements then due to such parties.

          (c) If any Lender shall, by exercising any right of set-off 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 Swingline Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loans and participations in LC Disbursements and
Swingline 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 Swingline 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 Swingline Loans; provided that (i) if any such
participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of
such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by any 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, other than to the Administrative Borrower or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). Subject to Section 10.18, each
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against each Borrower’s rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of
such participation.

          (d) Unless an Agent shall have received notice from a Borrower prior to the date on which any
payment is due to such Agent for the account of the Lenders or the Issuing Bank hereunder that such
Borrower will not make such payment, such Agent may assume that such Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such Borrower
has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may
be, severally agrees to repay to such Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank with interest

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thereon, for each day from and including the date such amount is distributed to it to but
excluding the date of payment to such Agent, at the greater of the Federal Funds Effective Rate and
a rate determined by such Agent in accordance with banking industry rules on interbank
compensation.

          (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.4(c), 2.5(d) or (e), 2.6(b), 2.17(d) or
10.3(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the
account of such Lender to satisfy such Lender’s obligations under such Sections until all such
unsatisfied obligations are fully paid.

          SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a)  If any Lender
requests compensation under Section 2.14 or 2.19, or if any Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, or if any Borrower is required to pay any additional amount to
any Lender pursuant to Section 2.19, then such Lender shall use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 2.14, 2.16 or 2.19, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. Each 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) any Lender requests compensation under Section 2.14 or 2.19,
(ii) any Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, (iii) any Borrower is
required to pay any additional amount to any Lender pursuant to Section 2.19 or (iv) any
Lender defaults in its obligation to fund Loans hereunder, then the applicable Borrower may, at its
sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in Section 10.4), all its interests, rights and obligations under this Agreement
to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (x) such Borrower shall have received the
prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned,
the Issuing Bank), which consent shall not unreasonably be withheld, (y) such Lender shall have
received payment of an amount equal to the outstanding principal of its Loans and funded
participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or such Borrower (in the case of all other amounts) and
(z) in the case of any such assignment resulting from a claim for compensation under
Section 2.14 or 2.19 or payments required to be made pursuant to
Section 2.16, or additional amount required pursuant to Section 2.19, such
assignment will result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, within five Business Days after being
notified that the applicable Borrower proposes to require a Lender to make such assignment and
delegation hereunder, as a result of a

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waiver by such Lender or otherwise, the circumstances entitling such Borrower to require such
assignment and delegation cease to apply.

          SECTION 2.19. Foreign Subsidiary Costs. (a)  If the cost to any Lender of making or
maintaining any Loan to any Borrower is increased (or the amount of any sum received or receivable
by any Lender (or its applicable lending office) is reduced) by an amount (other than with respect
to Excluded Taxes) deemed in good faith by such Lender to be material, by reason of the fact that
such Borrower is incorporated in, or conducts business in, a jurisdiction other than the United
States of America, then, to the extent such increase or reduction (i) results from a Change in Law
or (ii) relates to a Borrower in a jurisdiction other than the United Kingdom or The Netherlands
such Borrower shall indemnify such Lender for such increased cost or reduction within 30 days after
demand by such Lender (with a copy to the Administrative Agent). A certificate of such Lender
claiming compensation under this paragraph and setting forth the additional amount or amounts to be
paid to it hereunder (and the basis for the calculation of such amount or amounts) shall be
conclusive in the absence of manifest error.

          (b) Each Lender will promptly notify the Administrative Borrower and the Administrative Agent
of any event of which it has knowledge that will entitle such Lender to compensation or payments
pursuant to paragraph (a) above, but in any event within 45 days after such Lender obtains actual
knowledge thereof; provided that (i) if any Lender fails to give such notice within 45 days
after it obtains actual knowledge of such an event, such Lender shall, with respect to compensation
payable pursuant to this Section in respect of any costs resulting from such event, only be
entitled to payment under this Section for costs incurred from and after the date 45 days prior to
the date that such Lender does give such notice and (ii) each Lender will designate a different
applicable lending office, if, in the reasonable judgment of such Lender, such designation will
avoid the need for, or reduce the amount of, such compensation and will not be otherwise
disadvantageous to such Lender.

          (c) Payments of any amounts under this Section 2.19 shall be without duplication of
any payments required to be made under Section 2.14 or Section 2.16. To the extent
that payment with respect to Indemnified Taxes or Other Taxes is required under both
Section 2.16 and this Section 2.19, Lender may elect to require payment, without
duplication, under either Section 2.16 or this Section 2.19, provided that,
notwithstanding anything to the contrary in this Section 2.19, nothing in this
Section 2.19 shall require any payment with respect to any Excluded Taxes.

          SECTION 2.20. Redenomination of Certain Alternative Currencies. (a)  Each obligation
of any party to this Agreement to make a payment denominated in the national currency unit of any
member state of the European Union that adopts the Euro as its lawful currency after the Effective
Date shall be redenominated into Euro at the time of such adoption (in accordance with the EMU
Legislation). If, in relation to the currency of any such member state, the basis of accrual of
interest expressed in this Agreement in respect of that currency shall be inconsistent with any
convention or practice in the London interbank market for the basis of accrual of interest in
respect of the Euro, such expressed basis shall be replaced by such convention or practice with
effect from the date on which such member state adopts the Euro as its lawful currency;
provided that if any Borrowing in the currency of such member state is

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outstanding immediately prior to such date, such replacement shall take effect, with respect
to such Borrowing, at the end of the then current Interest Period.

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

          SECTION 2.21. Designation of US Subsidiary Borrowers and Foreign Borrowers. The
Administrative Borrower may at any time and from time to time designate (a) any US Subsidiary as a
US Subsidiary Borrower, or (b) any Foreign Subsidiary as a Foreign Borrower, in each case by
delivery to the Administrative Agent of a Borrower Joinder Agreement executed by such Subsidiary
and the Administrative Borrower and upon such delivery such Subsidiary shall for all purposes of
this Agreement be a US Subsidiary Borrower or a Foreign Borrower, as the case may be, and a party
to this Agreement. Any US Subsidiary Borrower and Foreign Borrower shall continue to be a Borrower
and a party hereunder until the Administrative Borrower shall have executed and delivered to the
Administrative Agent a Borrower Termination Agreement with respect to such Borrower, whereupon such
Borrower shall cease to be a Borrower and a party hereunder. Notwithstanding the preceding
sentence, (a) no Borrower Joinder Agreement shall become effective as to any US Subsidiary Borrower
or any Foreign Borrower if it shall be unlawful for such Subsidiary to become a Borrower hereunder
or for any Lender to make Loans to such Subsidiary as provided herein and (b) no Borrower
Termination Agreement will become effective as to any US Subsidiary Borrower or any Foreign
Borrower until all Loans made to such Subsidiary shall have been repaid and all amounts payable by
such Subsidiary in respect of interest and/or fees (and, to the extent notified by the
Administrative Agent or any Lender, any other amounts payable under this Agreement by such
Subsidiary) shall have been paid in full; provided that such Borrower Termination Agreement
shall be effective to terminate the right of such Subsidiary to request or receive further
Borrowings under this Agreement.

          SECTION 2.22. Incremental Facilities. (a)  The Administrative Borrower shall have
the right upon up to two occasions (i) by written notice to the Administrative Agent (a
“Commitment Increase Notice”) to request an increase in the aggregate Revolving
Commitments, or (ii) to establish one or more additional classes of term loans by an agreement (a
“Term Increase Amendment”) in writing entered into by the Administrative Borrower, the
Borrower of such term loans (if not the Administrative Borrower), the Administrative Agent and each
Person (including any Lender) that shall agree to make a term loan of any class so established.
Any increase in the aggregate Revolving Commitments or establishment of an additional class of term
loans, and any Term Increase Amendment, shall require the consent only of the Lenders or other
Persons increasing their Revolving Commitments or extending new Revolving Commitments or term
commitments but not the consents of any other Lenders, and each such Person that shall not already
be a Lender shall, at the time such agreement becomes effective, become a Lender with the same
effect as if it had originally been a Lender under this Agreement. The amount of any increase of
the Revolving Commitments or the principal amount of any new term loans is referred to herein as
the “Increase Amount”). It shall be a condition to any increase in the aggregate Revolving
Commitments or establishment of an additional class of

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term loans that at the time of any Commitment Increase Notice and at the time such increase or
the applicable Term Increase Amendment would become effective, as applicable (i) no Default shall
have occurred and be continuing or would exist after giving effect to such increase in the
Revolving Commitments or such additional term loans, (ii) the Administrative Borrower shall be in
pro forma compliance with all of the covenants of Section 6.9 after giving effect to such
increase in the Revolving Commitments or the borrowing of such additional term loans as if incurred
on the first day of the applicable Reference Period, and (iii) the aggregate amount of all Increase
Amounts during the term of this Agreement shall not exceed US$50,000,000.

          (b) In the case of an increase of the aggregate Revolving Commitments, the Commitment Increase
Notice shall be delivered by the Administrative Agent to the Lenders and shall specify a time
period selected by the Administrative Borrower within which each Lender is requested to respond to
such Commitment Increase Notice (which shall in no event be less than ten Business Days from the
date of delivery of such Commitment Increase Notice to the Lenders). Each Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Revolving
Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable
Percentage of such requested increase. Any such Lender not responding within such time period
shall be deemed to have declined to increase its Revolving Commitment. The Administrative Agent
shall notify the Administrative Borrower and each Lender of the Lenders’ responses to each request
made hereunder. After the expiration of the time period set forth in the Commitment Increase
Notice or receipt by the Administrative Agent of responses to the Commitment Increase Notice from
each of the Lenders, then the Administrative Borrower may, to achieve the full amount of the
requested increase in the Revolving Commitments, invite one or more other Persons (other than
individuals) (each an “Additional Lender”) that have agreed to provide the Increase Amount
and that are acceptable to each of the Administrative Agent, Swingline Lender and Issuing Bank
(such consent not to be unreasonably withheld) (it being agreed that any Lender as of the date of
the Commitment Increase Notice would be acceptable) may be admitted as a Lender party to this
Agreement in accordance with the provisions of Section 10.4(e). None of the Administrative
Agent, the Initial Lenders or any other Lender shall have any obligation or other commitment to
provide all or any portion of the Increase Amount. Any such increase in the Revolving Commitment
shall become effective upon written notice by the Administrative Agent (which shall be promptly
delivered by the Administrative Agent) to the Administrative Borrower and the Lenders specifying
the effective date of such increase in Revolving Commitments, together with a revised Schedule
2.1 stating the new Revolving Commitments, and, in respect thereof, the Revolving Commitment of
each Additional Lender, the respective continuing Revolving Commitments of the other Lenders and
the new Revolving Credit Exposure of the Lenders. Upon the effective date of the increased
Revolving Commitments, each Additional Lender shall make all (if any) such payments to the
Administrative Agent for distribution to the other Lenders as may be necessary to result in the
respective Revolving Loans being held by such Additional Lender and the other Lenders ratably in
accordance with their Applicable Percentages. The Administrative Borrower hereby agrees that any
Additional Lender so paying any such amount to the other Lenders pursuant to the preceding sentence
shall be entitled to all the rights of a Lender having a Revolving Commitment hereunder in respect
of such amounts, that such payments to such other Lenders shall thereafter constitute Revolving
Loans made by such Additional Lender hereunder and that such Additional Lender may exercise all of
its rights of payment with respect to such amounts as fully as if such Additional Lender had
initially advanced to the Administrative Borrower directly

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the amount of such payments. If any such adjustment payments pursuant to the preceding
sentences of this Section 2.22 are made by an Additional Lender to other Lenders at a time
other than the end of an Interest Period in the case of all or any portion of Revolving Loans
constituting Eurocurrency Loans or EURIBOR Loans, the Administrative Borrower shall pay to each of
the Lenders receiving any such payment, at the time that such payment is made pursuant to this
Section 2.22, the amount that would be required to be paid by the Administrative Borrower
pursuant to Section 2.15 had such payments been made directly by the Administrative
Borrower.

          (c) In the case of the establishment of a new class of term loans, the Term Increase Amendment
shall amend the provisions of this Agreement and the other Loan Documents to set forth the terms of
the class of loans established thereby, including the amount and final maturity thereof (which
shall not be earlier than the Maturity Date), any provisions relating to amortization (it being
agreed that the weighted average life of such loans may be no less than the then current weighted
average life of the Term Loans and that there shall be no provisions for mandatory prepayments of
and offers to prepay the term loans of any such class) and the interest to accrue and be payable
thereon and any fees to be payable in respect thereof, and to effect such other changes (including
changes to the provisions of Sections 2.17 and 10.2, the definition of “Required Lenders” and any
other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of
any Class) required to waive, amend or modify any rights under the Loan Documents or make any
determination or grant any consent under the Loan Documents) as the Administrative Borrower and the
Administrative Agent shall deem necessary or advisable in connection with the establishment of any
such class of term loans; provided that no such agreement shall amend Article V, VI or VII
to establish any affirmative or negative covenant, Event of Default or remedy that by its terms
benefits any such class of term loans but not the then outstanding Classes of Loans and
Commitments without the prior written consent of Lenders holding a majority in interest of each
such Class. The term loans of any class established pursuant to this Section shall, to the extent
provided in the agreement entered into in connection therewith, be entitled to all the benefits
afforded by this Agreement and the other Loan Documents, and shall benefit equally and ratably from
the Subsidiary Guarantee Agreement.

ARTICLE III

Representations and Warranties

          Each Loan Party represents and warrants to the Lenders that:

          SECTION 3.1. Organization; Powers. Each Borrower and each Material Subsidiary is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, to the extent legally required, and has all requisite power and authority to carry on
its business as now conducted. Each Subsidiary other than a Material Subsidiary is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, to
the extent legally required, and has all requisite power and authority to carry on its business as
now conducted, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. Except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, each Loan Party and each Subsidiary is

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qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required.

          SECTION 3.2. Authorization; Enforceability. The Transactions are within each Loan
Party’s corporate powers and have been duly authorized by all necessary corporate and, if required,
stockholder action. This Agreement has been duly executed and delivered by each Loan Party and
constitutes a legal, valid and binding obligation of each Loan Party, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law. It is understood in connection with the
making of this representation that the Revolving Credit Exposure shall not exceed $150,000,000
until such time as the Administrative Agent shall have received a satisfactory opinion or opinions
of counsel as to corporate authorization and such other matters as the Administrative Agent may
reasonably request in respect of Revolving Borrowings in excess of $150,000,000.

          SECTION 3.3. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect
and such as are required to consummate the ClinPhone Acquisition and shall have been obtained or
made and be in full force and effect on the Initial Funding Date, (b) will not violate any
applicable law or regulation or the charter, by-laws or other organizational documents of the
Administrative Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c)
will not violate or result in a default under any indenture, agreement or other instrument binding
upon the Administrative Borrower or any of its Subsidiaries or their assets, or give rise to a
right thereunder to require any payment to be made by the Administrative Borrower or any of its
Subsidiaries (other than Indebtedness of ClinPhone and its subsidiaries that will be repaid on or
prior to or immediately after the Initial Funding Date and obligations of ClinPhone and its
subsidiaries (other than in respect of Indebtedness) in an aggregate amount that is immaterial),
and (d) will not result in the creation or imposition of any Lien on any asset of the
Administrative Borrower or any of its Subsidiaries.

          SECTION 3.4. Financial Condition; No Material Adverse Change. (a)  The
Administrative Borrower has heretofore furnished to the Lenders its consolidated balance sheet and
statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended
June 30, 2007, reported on by Ernst & Young LLP, independent public accountants, and (ii) as of and
for the fiscal quarter and the portion of the fiscal year ended March 31, 2008, certified by its
chief financial officer. Such financial statements present fairly, in all material respects, the
financial position and results of operations and cash flows of the Administrative Borrower and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to
year-end audit adjustments and the absence of footnotes in the case of the statements referred to
in clause (ii) above.

          (b) The Administrative Borrower has heretofore furnished to the Lenders the consolidated
balance sheet and statements of income, recognized income and expense and cash flow of ClinPhone as
of and for the fiscal year ended February 29, 2008, reported on by PricewaterhouseCoopers LLP,
independent public accountants. To Administrative Borrower’s

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knowledge, such financial statements present fairly, in all material respects, the financial
position and results of operations and cash flows of ClinPhone and its consolidated subsidiaries as
of such dates and for such periods in accordance with International Financial Reporting Standards,
as adopted by the European Union.

          (c) Since June 30, 2007, there has been no material adverse change in the business, assets,
operations, prospects or condition, financial or otherwise, of the Administrative Borrower and its
Subsidiaries, taken as a whole.

          SECTION 3.5. Properties. (a)  Each of the Administrative Borrower and its
Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property
material to its business, except for minor defects in title that do not interfere with its ability
to conduct its business as currently conducted or to utilize such properties for their intended
purposes.

          (b) The Administrative Borrower and its Subsidiaries owns, or is licensed to use, all
trademarks, tradenames, copyrights, patents and other intellectual property material to its
business, and the use thereof by the Administrative Borrower and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.6. Litigation and Environmental Matters. (a)  There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of any Loan Party, threatened against or affecting the Administrative Borrower or any of
its Subsidiaries (i) that would reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement
or the Transactions.

          (b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Administrative Borrower nor any of its Subsidiaries (i) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability.

          (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

          SECTION 3.7. Compliance with Laws and Agreements. Each of the Administrative
Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default
has occurred and is continuing.

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          SECTION 3.8. Investment Company Status. Neither the Administrative Borrower nor any
of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

          SECTION 3.9. Taxes. Each of the Administrative Borrower and its Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have been filed (within
any applicable extension) and has paid or caused to be paid all Taxes required to have been paid by
it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for
which such Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves
or (b) to the extent that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect.

          SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed the fair market value of the
assets of such Plan, and the present value of all accumulated benefit obligations of all
underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed the fair market value of the assets of all such underfunded Plans.

          SECTION 3.11. Disclosure. Neither the Information Memorandum nor any of the other
reports, financial statements, certificates or other information furnished by or on behalf of any
Loan Party to any Agent or any Lender in connection with the negotiation of this Agreement or
delivered hereunder (as modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
provided that (a) with respect to projected financial information, each Loan Party
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time, and (b) to the extent the representations made in this
Section 3.11 relate to CCT or Behavioral and Medical Research, LLC, such representations
are made to the best of the knowledge of each Loan Party.

          SECTION 3.12. Subsidiaries. As of the date hereof, Schedule 3.12 is a
complete list of each of the Administrative Borrower’s Subsidiaries and such Subsidiary’s
jurisdiction of incorporation.

          SECTION 3.13. Federal Regulations. Neither the Administrative Borrower nor any of
its Subsidiaries is engaged or will engage in any activities, nor shall use any portion of the
proceeds of the Loans be used for any purpose, which in either case violate or are inconsistent
with the provisions of Regulations U and X of the Board of Governors of the Federal Reserve System
as now and from time to time hereafter in effect.

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          SECTION 3.14. Pensions. (a) Neither ClinPhone nor any of its subsidiaries is or, to
its knowledge and belief, has at any time been an employer (for the purposes of sections 38 to 51
of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme
(both terms as defined in the Pension Schemes Act 1993); and (b) to its knowledge and belief,
neither ClinPhone nor any of its subsidiaries is or has at any time been “connected” with or an
“associate” of (as those terms are used in sections 39 and 43 of the Pensions Act 2004) such an
employer.

          SECTION 3.15. Scheme Documents. (a)  The Scheme Documents contain all the material
terms of the Scheme Acquisition and the Scheme Circular reflects the Press Release in all material
respects; and (b) to the knowledge and belief of each of the Administrative Borrower and Bidco the
information included in the Scheme Documents (i) is factually correct and (ii) does not omit
anything material in the context of the relevant Scheme Document.

          SECTION 3.16. Offer Documents. (a)  The Offer Documents contain all the material
terms of the Takeover Offer Acquisition and the Takeover Offer Document reflects the Offer Press
Announcement in all material respects; and (b) to the knowledge and belief of each of the
Administrative Borrower and Bidco the information included in the Offer Documents (i) is factually
correct and (ii) does not omit anything material in the context of the relevant Offer Document.

          SECTION 3.17. Press Release. (a)  The Press Release or, if the Offer Conversion has
occurred, the Offer Press Announcement contains all the material terms of the Scheme (or the
Takeover Offer Acquisition, as the case may be); and (b) to the knowledge and belief of each of the
Administrative Borrower and Bidco the information included in the Press Release (or, if the Offer
Conversion has occurred, the Offer Press Announcement) (i) is in accordance with the facts and (ii)
does not omit anything material in the context of the relevant Scheme Document or Offer Document
(as applicable).

          SECTION 3.18. Material CF Subsidiaries. The Administrative Borrower hereby
represents and warrants that (a) the Material CF Subsidiaries are the only Subsidiaries that,
together with their own subsidiaries, accounted for 5% or more of the Administrative Borrower’s
Consolidated EBITDA for the Reference Period ended on March 31, 2008, and (b) no Event of Default
in respect of the Material CF Subsidiaries exists under Section 6.2, or under the
corresponding covenant in the Existing Credit Agreement, on the date of this Agreement.

          SECTION 3.19. Specially Designated Nationals or Blocked Persons List. None of the
Borrowers, the Subsidiaries or any Affiliates of the Administrative Borrower are named on the
United States Department of the Treasury’s Specially Designated Nationals or Blocked Persons list.

ARTICLE IV

Conditions

          SECTION 4.1. Effective Date. The obligations of the Lenders to make Loans and of the
Issuing Bank to issue Letters of Credit hereunder shall not become effective until the

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date on which each of the following conditions is satisfied (or waived in accordance with
Section 10.2):

          (a) The Administrative Agent (or its counsel) shall have received (i) from each Lender and
each other party hereto either (A) a counterpart of this Agreement signed on behalf of such party
or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement and (ii) from each Subsidiary Guarantor (other than any Subsidiary Guarantor
that the Initial Lenders have agreed may defer entry into the Subsidiary Guarantee Agreement to a
date not more than 10 Business Days after the Effective Date, and the Administrative Borrower
agrees to cause each such deferred Subsidiary Guarantor to enter into the Subsidiary Guarantee
Agreement on or prior to such 10th Business Day), a counterpart of the Subsidiary Guarantee
Agreement signed on behalf of such Subsidiary Guarantor.

          (b) The Administrative Agent shall have received written opinions (addressed to the Agents and
the Lenders and dated the Effective Date) of (i) Wilmer Cutler Pickering Hale and Dorr LLP,
counsel for the Administrative Borrower and each other Loan Party and (ii) Clifford Chance LLP,
United Kingdom counsel for the Initial Lenders, in each case in form and substance satisfactory to
the Administrative Agent and covering such matters relating to each Loan Party, this Agreement or
the Transactions as the Administrative Agent shall reasonably request. The Borrowers hereby
request counsel referred to in clause (i) above to deliver such opinion. In addition, the
Borrowers agree that they shall cause the Administrative Agent to receive the written opinion
(addressed to the Agents and the Lenders and dated the Effective Date or the Business Day
immediately following the Effective Date, as applicable) of Baker & McKenzie Amsterdam N.V., local
counsel to the Dutch Borrower, not later than the Business Day immediately following the Effective
Date (it being understood that the delivery of such opinion is not a condition to the occurrence of
the Effective Date). The Borrowers hereby request counsel referred to in the immediately preceding
sentence to deliver such opinion.

          (c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence
and good standing of each Loan Party, the authorization of the Transactions and any other legal
matters relating to the Loan Parties, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel.

          (d) The Administrative Agent shall have received a certificate, dated the Effective Date and
signed by the President, a Vice President or a Financial Officer of the Administrative Borrower,
confirming compliance with the conditions set forth in paragraphs (a) and (b) of
Section 4.3.

          (e) The Administrative Agent shall have received all fees and other amounts due and payable
pursuant to this Agreement and the Syndication and Fee Letter on or prior to the Effective Date,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required
to be reimbursed or paid by the Administrative Borrower hereunder.

          (f) The Administrative Agent shall have received evidence that all governmental and third
party approvals necessary or, in the discretion of the Administrative

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Agent, advisable in connection with the financing contemplated hereby (other than such
approvals required in connection with the ClinPhone Acquisition) and the continuing operations of
the Administrative Borrower and its Subsidiaries shall have been obtained and be in full force and
effect.

          (g) The Administrative Agent shall have received a copy of:

     (i) the Implementation Agreement; and

     (ii) a copy of the Press Release.

          (h) The Lenders shall have received (or waived receipt of) such other documents and
instruments as are customary for transactions of this type or as they may reasonably request.

          The Administrative Agent shall notify the Administrative Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit
hereunder shall not become effective unless each of the foregoing conditions is satisfied (or
waived pursuant to Section 10.2) at or prior to 3:00 p.m., New York City time, on June 13,
2008.

          SECTION 4.2. Initial Funding Date. The obligations of the Lenders to make the
initial Loans and of the Issuing Bank to issue the initial Letters of Credit on the Initial Funding
Date hereunder and of the Lenders to make Loans on the Acquisition Consideration Payment Date shall
not become effective until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 10.2):

          (a) If the Offer Conversion has not occurred, on or prior to the Initial Funding Date, the
Administrative Agent shall have received:

     (i) a certificate of Bidco signed by a director certifying:

     (1) the date on which the Announcement Date occurred (which
shall be a date on or prior to the tenth calendar day after the date of this
Agreement);

     (2) the date on which the Scheme Circular was posted to the
shareholders of ClinPhone;

     (3) the date that the Court has sanctioned the Scheme and the Capital
Reduction relating to the Scheme and that the relevant order of the Court
has been duly delivered to the Registrar of Companies in accordance with
Section 899(4) of the Companies Act 2006 and has been registered and a
certificate of registration from the Register of Companies under
section 138(4) of the Companies Act 1985 has been issued in relation to the
Capital Reduction relating to the Scheme;

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     (4) that the conditions applicable to the ClinPhone Acquisition have
been satisfied or waived in accordance with their terms and the terms of
this Agreement or as otherwise agreed by the Initial Lenders; and

     (5) each copy document specified in paragraphs (ii) to (v) below is
correct, complete and in full force and effect and has not been amended or
superseded as at a date no earlier than the proposed date of the relevant
Borrowing;

     (ii) a copy of each of the Scheme Documents;

     (iii) a copy of the certificate of the Register of Companies confirming
registration of the order of the Court sanctioning the Scheme and a copy of that
order of the Court;

     (iv) a copy of the certificate of registration from the Registrar of Companies
under section 138(4) of the Companies Act 1985 and a copy of the order of the Court
and minute which is the subject of that certificate; and

     (v) evidence that all necessary regulatory and competition authority approvals
for the ClinPhone Acquisition have been obtained.

          (b) If the Offer Conversion has occurred, prior to or on the Initial Funding Date, the
Administrative Agent shall have received:

     (i) a certificate of Bidco signed by a director certifying:

     (1) the date on which the Announcement Date occurred;

     (2) the date on which the Takeover Offer Document was posted to the
shareholders of ClinPhone;

     (3) that the conditions applicable to the ClinPhone Acquisition have
been satisfied or waived in accordance with their terms and the terms of
this Agreement or otherwise agreed by the Initial Lenders; and

     (4) each copy document specified in paragraph (ii) below is correct,
complete and in full force and effect and has not been amended or superseded
as at a date no earlier than the proposed date of the relevant Borrowing;
and

     (ii) a copy of each of the Offer Documents.

          (c) In the case of a Borrowing to be made by any Borrower other than Bidco, Bidco has
consented to such Borrowing.

          (d) The Administrative Agent shall have received all fees and other amounts due and payable
pursuant to this Agreement and the Syndication and Fee Letter on or prior to the

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Initial Funding Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Administrative Borrower hereunder.

          (e) The Administrative Agent shall have received a certificate of a Financial Officer of the
Administrative Borrower certifying that (1) a portion (or all) of the Borrowings to be made on such
date will constitute a Certain Funds Utilisation (other than a Certain Funds Utilisation for a
purpose falling within paragraph (1)(b) or (2)(b) of the definition of Certain Funds Purpose), (2)
in the case of a Borrowing to be made on the Initial Funding Date, the remainder of such Borrowings
and all the Letters of Credit to be issued on that date, up to an aggregate amount of not more than
US$72,500,000, will be used to ensure that the representation made in the last paragraph of
Section 4.2 shall be true and (3) on the date of the applicable Borrowing Request and on the
proposed date of such Borrowings and Letter of Credit issuances:

     (i) no Certain Funds Default is continuing or would result from the proposed
Borrowings and Letter of credit issuances; and

     (ii) all the Certain Funds Representations are true.

The Administrative Agent shall notify the Administrative Borrower and the Lenders of the
Initial Funding Date, and such notice shall be conclusive and binding. Notwithstanding the
foregoing, the obligations of the Lenders to make Loans on the Initial Funding Date and of
the Issuing Bank to issue Letters of Credit hereunder and of the Lenders to make Loans on
the Acquisition Consideration Payment Date shall not become effective unless each of the
foregoing conditions is satisfied (or waived pursuant to Section 10.2) at or prior
to 3:00 p.m., New York City time, on the Initial Funding Date, and at or prior to 3:00 p.m.,
New York City time, on the last day of the Certain Funds Period, respectively

During the Certain Funds Period (save in circumstances where, pursuant to paragraph (e)
above, a Lender is not obliged to make a Loan), none of the Lenders nor the Agents shall be
entitled to:

     (iii) cancel any of its Commitments to the extent to do so would prevent or
limit the making of a Certain Funds Utilisation;

     (iv) rescind, terminate or cancel this Agreement or the Commitments or exercise
any similar right or remedy or make or enforce any claim under the Loan Documents it
may have to the extent to do so would prevent or limit the making of a Certain Funds
Utilisation;

     (v) refuse to participate in the making of a Certain Funds Utilisation on the
Initial Funding Date or on the Acquisition Consideration Payment Date if the
conditions set forth in this Section 4.2 have been satisfied as of the Initial
Funding Date and as of the Acquisition Consideration Payment Date, respectively;

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     (vi) exercise any right of set-off or counterclaim in respect of a Borrowing to
the extent to do so would prevent or limit the making of a Certain Funds
Utilisation; or

     (vii) cancel, accelerate or cause repayment or prepayment of any amounts owing
hereunder or under any other Loan Document to the extent to do so would prevent or
limit the making of a Certain Funds Utilisation,

provided that immediately upon the expiry of the Certain Funds Period all such
rights, remedies and entitlements shall be available to the Lenders and Agents
notwithstanding that they may not have been used or been available for use during the
Certain Funds Period.

Immediately following the initial funding of Loans on the Initial Funding Date, the
Administrative Borrower shall cause all principal, premium, if any, interest, fees and other
amounts due or outstanding under the Existing Credit Agreement to be paid in full, the
commitments thereunder to be terminated and all guarantees and Liens existing in connection
therewith to be discharged and released, and the Administrative Borrower hereby directs the
Administrative Agent to apply proceeds of the Borrowings on the Initial Funding Date to the
payment of the foregoing amounts until they are paid in full.

The Administrative Borrower represents and covenants that, after the borrowings on the
Initial Funding Date and the application of funds provided for in the immediately preceding
paragraph, none of the Borrowers or any other Subsidiary shall have outstanding any shares
of preferred stock or other preferred Equity Interests or any Indebtedness, other than (i)
Indebtedness incurred under the Loan Documents, (ii) Indebtedness set forth on Schedule 6.1
and Schedule 6.16, (iii) intercompany Indebtedness permitted under Section 6.1(c) and (iv)
other Indebtedness in an aggregate principal amount not to exceed US$12,000,000.

          SECTION 4.3. Each Credit Event after the Certain Funds Period. At any time following
the end of the Certain Funds Period (including later on the same day), the obligation of each
Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend,
renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

          (a) The representations and warranties of the Loan Parties set forth in this Agreement shall
be true and correct on and as of the date of such Borrowing or the date of issuance, amendment,
renewal or extension of such Letter of Credit, as applicable.

          (b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of
Default shall have occurred and be continuing.

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be
deemed to constitute a representation and warranty by the Administrative Borrower on the date
thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.3.

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          SECTION 4.4. Initial Credit Event for each Additional Borrower. The obligation of
each Lender to make Loans to any Borrower that becomes a Borrower after the Effective Date is
subject to the satisfaction of the following conditions:

          (a) The Administrative Agent (or its counsel) shall have received such Borrower’s Borrower
Joinder Agreement duly executed by all parties thereto.

          (b) The Administrative Agent shall have received such documents (including such legal
opinions) as the Administrative Agent or its counsel may reasonably request relating to the
existence and good standing of such Borrower, the authorization of the Transactions insofar as they
relate to such Borrower and any other legal matters relating to such Borrower, its Borrower Joinder
Agreement or such Transactions, including, with respect to any Borrower organized under the laws of
any jurisdiction outside of the United States, a legal opinion from such Borrower’s counsel in such
jurisdiction, all in form and substance reasonably satisfactory to the Administrative Agent and its
counsel.

          (c) The Administrative Agent and the Lenders shall have received all documentation and other
information reasonably requested by the Lenders or the Administrative Agent under applicable “know
your customer” and anti-money laundering rules and regulations, including the USA Patriot Act.

ARTICLE V

Affirmative Covenants

          Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit
shall have expired or terminated and all LC Disbursements shall have been reimbursed, each Loan
Party covenants and agrees with the Lenders that:

          SECTION 5.1. Financial Statements; Ratings Change and Other Information. The
Administrative Borrower will furnish to the Administrative Agent and each Lender:

          (a) within 90 days after the end of each fiscal year of the Administrative Borrower, its
audited consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by Ernst & Young LLP or other independent
public accountants of recognized national standing (without a “going concern” or like qualification
or exception and without any qualification or exception as to the scope of such audit) to the
effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of the Administrative Borrower and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

          (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year of the Administrative Borrower, its consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and
the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet,

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as of the end of) the previous fiscal year, all certified by one of its Financial Officers as
presenting fairly in all material respects the financial condition and results of operations of the
Administrative Borrower and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes;

          (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a
certificate of a Financial Officer of the Administrative Borrower (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Section 6.9 and (iii) stating whether any change
in GAAP or in the application thereof has occurred since the date of the audited financial
statements referred to in Section 3.4 and, if any such change has occurred, specifying the
effect of such change on the financial statements accompanying such certificate;

          (d) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Administrative Borrower or any
Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to
any or all of the functions of said Commission, or with any national securities exchange, or
distributed by the Administrative Borrower to its shareholders generally, as the case may be; and

          (e) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Administrative Borrower or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent may reasonably request.

          Any delivery of the items required to be delivered by (i) clauses (a), (b), and (d) of this
Section by the Administrative Borrower shall be deemed to have been delivered to the Administrative
Agent and the Lenders upon the filing of such items with the Securities and Exchange Commission,
provided that such items are readily available for public viewing on EDGAR, or (ii) clause
(c) of this Section by the Administrative Borrower shall be deemed satisfied by delivery to the
Administrative Agent of such items for posting to Intralinks or other such similar system (to the
extent Intralinks or such other system has been established, is functioning and is accessible to
each Lender).

          SECTION 5.2. Notices of Material Events. The Administrative Borrower will furnish to
the Administrative Agent and each Lender prompt written notice of the following:

          (a) the occurrence of any Default;

          (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting any Borrower or any Affiliate thereof that could
reasonably be expected to result in a Material Adverse Effect;

          (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the

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Administrative Borrower and its Subsidiaries in an aggregate amount exceeding US$10,000,000;
and

          (d) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect.

          Each notice delivered under this Section shall be accompanied by a statement of a Responsible
Officer of the Administrative Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

          SECTION 5.3. Existence; Conduct of Business. The Administrative Borrower will, and
will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of the business of the Administrative Borrower
and its Subsidiaries, taken as a whole; provided that the foregoing shall not prohibit any
merger, consolidation, liquidation or dissolution permitted under Section 6.3.

          SECTION 5.4. Payment of Obligations. The Administrative Borrower will, and will
cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not
paid, could result in a Material Adverse Effect before the same shall become delinquent or in
default, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) the Administrative Borrower or such Subsidiary has set aside on its
books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make
payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect.

          SECTION 5.5. Maintenance of Properties; Insurance. The Administrative Borrower will,
and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the
conduct of the business of the Administrative Borrower and its Subsidiaries, taken as a whole, in
good working order and condition, ordinary wear and tear excepted, and (b) maintain, with
financially sound and reputable insurance companies, insurance in such amounts and against such
risks as are customarily maintained by companies engaged in the same or similar businesses
operating in the same or similar locations.

          SECTION 5.6. Books and Records; Inspection Rights. The Administrative Borrower will,
and will cause each of its Subsidiaries to, keep proper books of record and account in which full,
true and correct entries are made of all dealings and transactions in relation to its business and
activities. The Administrative Borrower will, and will cause each of its Subsidiaries to, permit
any representatives designated by the Administrative Agent or the Required Lenders, upon reasonable
prior notice, to visit and inspect its properties, to examine and make extracts from its books and
records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested, provided
that such visits shall not occur more than once per calendar year unless an Event of Default has
occurred and is continuing.

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          SECTION 5.7. Compliance with Laws. The Administrative Borrower will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any
Governmental Authority applicable to it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

          SECTION 5.8. Use of Proceeds and Letters of Credit. Letters of Credit and the
proceeds of the Loans will be used:

          (a) during the Certain Funds Period, for Certain Funds Purposes only, provided that only an
aggregate amount of up to $72,500,000 may be applied for the purpose referred to at paragraph
(1)(b) or (2)(b) of the definition of Certain Funds Purpose and provided further that, once the
requirements of the penultimate paragraph of Section 4.2 have been discharged, the balance of the
$72,500,000 referred to in the foregoing proviso (if any) may be applied to refinance the
indebtedness of the ClinPhone Group; and

          (b) after the expiry of the Certain Funds Period, only (i) for Certain Funds Purposes, (ii) to
finance Permitted Acquisitions; (iii) to finance Permitted Stock Repurchases, (iv) to refinance the
indebtedness of the ClinPhone Group and (v) for general corporate purposes of the Administrative
Borrower and its Subsidiaries, provided that no amount shall be applied for the purpose set out at
(iv) above until the requirements of the penultimate paragraph of Section 4.2 have been discharged.

No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose
that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

          SECTION 5.9. Additional Subsidiaries. In the event the Administrative Borrower
acquires, designates or creates any Material US Subsidiaries or if any existing Subsidiary becomes
or is designated as or is deemed to be a Material US Subsidiary after the date hereof, the
Administrative Borrower shall forthwith promptly (and in any event within 15 Business Days after
knowledge of such Subsidiary being or being designated or deemed to be a Material US Subsidiary)
cause such Subsidiary to become a Subsidiary Guarantor; provided that, at the reasonable
discretion of the Administrative Agent, no such Material US Subsidiary shall be required to become
a Subsidiary Guarantor to the extent that doing so would be reasonably likely to cause material
adverse tax consequences to the Administrative Borrower and its Subsidiaries.

ARTICLE VI

Negative Covenants

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired
or terminated and all LC Disbursements have been reimbursed, each Loan Party covenants and agrees
(except and solely to the extent that the existence at any time of any agreement contained in this
Article VI would at such time violate Section 6.8 of the Existing Credit Agreement)
with the Lenders that:

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          SECTION 6.1. Indebtedness. The Administrative Borrower will not, and will not permit
any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

          (a) Indebtedness created under the Loan Documents and, prior to the Initial Funding Date,
Indebtedness created under the Existing Credit Agreement; provided that the aggregate
amount of the “Loans” and the “LC Exposures” (each as defined in the Existing Credit Agreement)
shall not at any time exceed US$$72,500,000;

          (b) Indebtedness set forth in Schedule 6.1, and any extensions, renewals or
replacements of any such Indebtedness to the extent the principal amount thereof is not increased;

          (c) Indebtedness of (i) a Credit Party to a Credit Party, (ii) a Non-Credit Party to a
Non-Credit Party, (iii) a Credit Party to a Non-Credit Party, and (iv) a Non-Credit Party to a
Credit Party in an amount not to exceed the amount provided for in Section 6.12;

          (d) Guarantees by (i) a Credit Party of Indebtedness of a Credit Party, (ii) a Non-Credit
Party of Indebtedness of a Non-Credit Party, (iii) a Non-Credit Party of the Indebtedness of a
Credit Party, and (iv) a Credit Party of Indebtedness of a Non-Credit Party in an amount not to
exceed the amount provided for in Section 6.12;

          (e) Indebtedness of the Administrative Borrower or any Subsidiary incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including Capital Lease
Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or
secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and
replacements of any such Indebtedness that do not increase the outstanding principal amount
thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after
such acquisition or the completion of such construction or improvement and (ii) the aggregate
principal amount of Indebtedness permitted by this clause (e) shall not exceed US$30,000,000 at any
time outstanding;

          (f) Indebtedness of any Credit Party not otherwise contemplated in the foregoing clauses
provided that (i) the Credit Parties and their Subsidiaries, on a combined and consolidating basis,
will be solvent upon the incurrence of such Indebtedness; (ii) the Credit Parties shall be in
compliance with Section 6.9 on a pro forma basis as at the end of and for the most recently
ended Reference Period for which financial statements have been furnished to the Administrative
Agent under Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any such
statements, for the Reference Period ended on March 31, 2008) (and, at the request of the
Administrative Agent, the Administrative Borrower shall deliver to the Administrative Agent a
certificate of a Financial Officer certifying the foregoing in reasonable detail), and (iii) no
Default or Event of Default then exists or would result after giving effect to the incurrence of
such Indebtedness;

          (g) Indebtedness of the Administrative Borrower or any Subsidiary as an account party in
respect of trade letters of credit;

          (h) a Cash Pooling Financing; and

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          (i) Indebtedness of Non-Credit Parties in a principal amount not to exceed US$30,000,000.

          SECTION 6.2. Liens. The Administrative Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned
or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except:

          (a) Permitted Encumbrances;

          (b) any Lien on any property or asset of the Administrative Borrower or any Subsidiary set
forth in Schedule 6.2; provided that (i) such Lien shall not apply to any other
property or asset of the Administrative Borrower or any Subsidiary and (ii) such Lien shall secure
only those obligations which it secures on the date hereof;

          (c) any Lien existing on any property or asset prior to the acquisition thereof by the
Administrative Borrower or any Subsidiary or existing on any property or asset of any Person that
becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not
apply to any other property or assets of the Administrative Borrower or any other Subsidiary and
(iii) such Lien shall secure only those obligations which it secures on the date of such
acquisition or the date such Person becomes a Subsidiary (or any refinancing or replacement of such
obligations which does not increase the principal amount of such obligations), as the case may be;

          (d) Liens on fixed or capital assets acquired, constructed or improved by the Administrative
Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness
permitted by clause (e) of Section 6.1, (ii) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the completion of
such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost
of acquiring, constructing or improving such fixed or capital assets and (iv) such security
interests shall not apply to any other property or assets of the Administrative Borrower or any
Subsidiary; and

          (e) any Liens in the form of cash collateral securing letters of credit; provided that
the Indebtedness secured thereby shall not exceed US$15,000,000;

          (f) Liens securing Indebtedness permitted by clause (i) of Section 6.1;

          (g) Liens on the related accounts and assets contained in such accounts securing a Cash
Pooling Financing; and

          (h) rights of pledge and set-off arising pursuant to the general banking conditions declared
applicable to Dutch bank accounts.

          SECTION 6.3. Fundamental Changes. (a)  The Administrative Borrower will not, and
will not permit any Subsidiary to, merge into or consolidate with any other Person, or

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permit any other Person to merge into or consolidate with it, or sell, transfer, lease or
otherwise dispose of (in one transaction or in a series of transactions) all or any substantial
part of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each
case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the
time thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing:

          (b) any Subsidiary may merge with the Administrative Borrower in a transaction in which the
Administrative Borrower is the surviving corporation;

     (i) any Credit Party may (A) sell, transfer, lease or otherwise dispose of its
assets (1) to a Credit Party or (2) to a Non-Credit Party in an amount not to exceed
the maximum amount permitted under Section 6.12, or (B) merge with a Credit
Party (other than the Administrative Borrower);

     (ii) any Non-Credit Party may (A) sell, transfer, lease or otherwise dispose of
its assets to a Non-Credit Party or a Credit Party, or (B) merge into or consolidate
with a Non-Credit Party, or (C) merge with a Credit Party if a Credit Party is the
survivor;

     (iii) any Subsidiary (other than a Borrower) may liquidate or dissolve if the
Administrative Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrowers taken as a whole and is not
materially disadvantageous to the Lenders;

     (iv) any Subsidiary may sell, transfer, lease or otherwise dispose of (in one
transaction or in a series of transactions), assets and properties so long as:

          (A) if any such disposition shall constitute more than 2% of the consolidated
tangible assets of the Administrative Borrower and its Subsidiaries (as measured at
the end of the most recently ended fiscal quarter for which financial statements
have been furnished to the Administrative Agent under Section 5.1(a) or
Section 5.1(b) (or, prior to the delivery of any such statements, for the
Reference Period ended on March 31, 2008)), then (i) the Administrative Borrower
shall deliver to the Administrative Agent a certificate of a Financial Officer
attaching calculations reasonably satisfactory to the Administrative Agent
evidencing compliance with Section 6.9 on a pro forma basis as at the end of
and for the most recently ended Reference Period for which financial statements have
been furnished to the Administrative Agent under Section 5.1(a) or
Section 5.1(b) (or, prior to the delivery of any such statements, for the
Reference Period ended on March 31, 2008), (iii) demonstrating that pro-forma
Consolidated EBITDA for the Reference Period most recently ended for which financial
statements have been furnished to the Administrative Agent under
Section 5.1(a) or Section 5.1(b) (or, prior to the delivery of any
such statements, for the Reference Period ended on March 31, 2008) after giving
effect to any such disposition is not more than 10% lower than Consolidated EBITDA
for such Reference Period without giving effect to such disposition, and (iv)
certifying that no Default or Event of Default then exists or would result after
giving effect to such disposition; and

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     (B) such dispositions shall not, in the aggregate, exceed an amount
equal to 10% of the Administrative Borrower’s consolidated tangible assets
as set forth on the Administrative Borrower’s most recently delivered
audited financial statements referred to in Section 5.1; and

     (v) any person that is not a Subsidiary may merge with and into the
Administrative Borrower or any of its wholly-owned Subsidiaries in a Permitted
Acquisition or consolidate with any of its wholly-owned Subsidiaries;
provided that if such Subsidiary is a Credit Party the survivor shall be a
Credit Party.

          (c) The Administrative Borrower will not, and will not permit any of its Subsidiaries to,
engage to any material extent in any business other than businesses of the type conducted by the
Administrative Borrower and its Subsidiaries on the date of execution of this Agreement and
businesses reasonably related thereto or, after the Initial Funding date, businesses of the type
conducted by ClinPhone and its subsidiaries on the date of execution of this Agreement and
businesses reasonably related thereto.

          SECTION 6.4. Investments, Loans, Advances, Guarantees and Acquisitions. The
Administrative Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or
acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary
prior to such merger) any capital stock, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or
any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit, except:

          (a) Permitted Investments;

          (b) Investments by the Administrative Borrower existing on the date hereof in the capital
stock of its Subsidiaries;

          (c) investments in, including loans and advances made by (i) a Credit Party to any other
Credit Party, (ii) a Non-Credit Party to a Non-Credit Party, (iii) a Non-Credit Party to a Credit
Party, and (iv) a Credit Party to a Non-Credit Party to the extent permitted by
Section 6.12.

          (d) Guarantees constituting Indebtedness permitted by Section 6.1;

          (e) investments in Permitted Acquisitions;

          (f) investments in the capital stock or other securities of a Person (not constituting an
Acquisition) in an amount not to exceed US$15,000,000 for the period from and after the Effective
Date;

          (g) investments previously disclosed to the Administrative Agent in the capital stock or
securities of a Person (not constituting an Acquisition) in an amount not to exceed US$30,000,000
for the period from and after the July 10, 2008; provided, however, that

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on any date following the Initial Funding Date, such amount may not exceed the amount as of
the Initial Funding Date; and

          (h) any Guarantee under the Loan Documents.

          SECTION 6.5. Swap Agreements. The Administrative Borrower will not, and will not
permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements
entered into to hedge or mitigate risks to which the Administrative Borrower or any Subsidiary has
actual exposure (other than those in respect of Equity Interests of the Administrative Borrower or
any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar
or exchange interest rates (from fixed to floating rates, from one floating rate to another
floating rate or otherwise) with respect to any interest-bearing liability or investment of the
Administrative Borrower or any Subsidiary.

          SECTION 6.6. Restricted Payments. The Administrative Borrower will not, and will not
permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or
indirectly, any Restricted Payment, except (a) the Administrative Borrower may declare and pay
dividends with respect to its Equity Interests payable solely in additional shares of its common
stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Equity
Interests, (c) the Administrative Borrower may make Restricted Payments pursuant to and in
accordance with stock option plans or other benefit plans for management or employees of the
Administrative Borrower and its Subsidiaries, and (d) Permitted Stock Repurchases.

          SECTION 6.7. Transactions with Affiliates. The Administrative Borrower will not, and
will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or
assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage
in any other transactions with, any of its Affiliates, except (a) in the ordinary course of
business at prices and on terms and conditions not less favorable to the Administrative Borrower or
such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b)
transactions between or among the Administrative Borrower and its wholly owned Subsidiaries not
involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.6. The
CCT Transactions shall not be prohibited by this Section 6.7.

          SECTION 6.8. Restrictive Agreements. The Administrative Borrower will not, and will
not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist
any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the
ability of the Administrative Borrower or any Subsidiary to create, incur or permit to exist any
Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or
other distributions with respect to any shares of its capital stock or to make or repay loans or
advances to the Administrative Borrower or any other Subsidiary or to Guarantee Indebtedness of the
Administrative Borrower or any other Subsidiary; provided that (i) the foregoing shall not
apply to restrictions and conditions imposed by law, by the Existing Credit Agreement (as in effect
on the date hereof) or by this Agreement, (ii) the foregoing shall not apply to restrictions and
conditions (x) existing on the date hereof identified on Schedule 6.8 (but shall apply to
any extension or renewal of, or any amendment or modification expanding the scope of, any such
restriction or condition) or (y) pursuant to the provisions governing Indebtedness permitted
pursuant to clause (f) or (h) of Section 6.1, so long as such restrictions are not more restrictive

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than any restriction in this Agreement, (iii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending
such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be
sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by
this Agreement if such restrictions or conditions apply only to the property or assets securing
such Indebtedness; (v) clause (a) of the foregoing shall not apply to customary provisions in
leases and other contracts restricting the assignment thereof; and (vi) the foregoing shall not
apply to customary restrictions and conditions contained in agreements relating to a Cash Pooling
Financing.

          SECTION 6.9. Financial Covenants.

          (a) The Administrative Borrower will not permit the Consolidated Leverage Ratio as of the last
day of any Reference Period to be greater than 2.50:1.00.

          (b) The Administrative Borrower will not permit the Consolidated Interest Coverage Ratio as of
the last day of any Reference Period to be less than 3.00:1.00.

          (c) The Administrative Borrower will not permit Consolidated Net Worth as of the last day of
any fiscal quarter to be less than 80% of Consolidated Net Worth as of March 31, 2008 (as set forth
in the Administrative Borrower’s Form 10-Q for such period), increasing by 50% of Consolidated Net
Income (with no reduction for losses) from and after March 31, 2008, plus 100% of all Net Equity
Proceeds which are received and retained by the Administrative Borrower from and after March 31,
2008, plus 100% of the incremental amount added to Consolidated Net Worth immediately upon the
consummation of the ClinPhone Acquisition.

          (d) For purposes of determining the Consolidated Leverage Ratio and Consolidated Interest
Coverage Ratio for any Reference Period, in connection with any acquisition (other than the
ClinPhone Acquisition) or disposition, there shall be (i) included in Consolidated EBITDA all
Consolidated EBITDA attributable to any Person or business acquired by (and thereafter owned by)
the Administrative Borrower or any Subsidiary of the Administrative Borrower during such period as
if such Person or business had been acquired on the day before the first day of such period and
(ii) excluded from such Consolidated EBITDA all Consolidated EBITDA attributable to any Person or
business disposed of by the Administrative Borrower or any Subsidiary of the Administrative
Borrower during such period as if such Person or business were disposed of on the first day of such
period. For purposes hereof, the Consolidated EBITDA attributable to any such acquired or disposed
Person or business prior to the date of acquisition or disposition thereof shall be determined in a
manner consistent with the method for determining Consolidated EBITDA hereunder.

          SECTION 6.10. Capital Expenditures. The Administrative Borrower will not permit
Consolidated Capital Expenditures to exceed (a) US$85,000,000 for any fiscal year through fiscal
year 2009 and (b) US$100,000,000 for any fiscal year thereafter through fiscal year 2013;
provided that so long as no Default has occurred and is continuing or would result
therefrom, to the extent that any portion of the amount set forth above is not expended in the

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fiscal year for which it is permitted, such unused amounts may be carried over for expenditure
in the next following fiscal year.

          SECTION 6.11. Fiscal Year. The Administrative Borrower will not, and will not permit
any Subsidiary to, change the manner of determining the date on which their respective fiscal year
ends without giving prior notice to the Administrative Agent.

          SECTION 6.12. Transfers from Credit Parties to Non-Credit Parties. The Credit
Parties will not allow the sum of (a) Indebtedness of a Non-Credit Party to a Credit Party incurred
pursuant to Section 6.1(c)(iv), plus (b) Guarantees of Indebtedness of a Non-Credit
Party by a Credit Party incurred pursuant to Section 6.1(d)(iv), plus (c) the fair market
value of any assets disposed of by a Credit Party to a Non-Credit Party pursuant to
Section 6.3(a)(ii)(A)(2), net of any transfer to such Credit Party in consideration of such
disposition, plus (d) without duplication of amounts referenced in clause (c) above,
Investments by a Credit Party to a Non-Credit Party pursuant to Section 6.4(c)(iv), net of
any transfer to such Credit Party in consideration of such Investment, to exceed US$30,000,000 at
any time after the Effective Date.

          SECTION 6.13. Amendments. The Administrative Borrower shall not and shall ensure
that no Subsidiary will amend, vary, novate, supplement, supersede, waive or terminate any term of
any document delivered to the Administrative Agent pursuant to Section 4.1 or
Section 4.2 except in writing:

          (a) prior to or on the Initial Funding Date, with the prior written consent of the Initial
Lenders; or

          (b) in the case of any document other than a Scheme Document, in a way which could not be
reasonably expected to materially and adversely affect the interests of the Lenders; or

          (c) in the case of a Scheme Document, in accordance with Section 6.14.

          SECTION 6.14. The Scheme or Takeover Offer. The Administrative Borrower, Bidco and
each other Loan Party undertakes that:

          (a) it will not, without the prior consent of the Initial Lenders:

     (i) take or permit to be taken any step as a result of which there shall occur
any increase in the offer price for any of the ClinPhone Shares above the price
referred to in the Press Release, except where the Required Lenders have consented
to such increase

     (ii) waive, amend or vary any other term or condition of the Scheme or Takeover
Offer in any respect which is material and which might reasonably be expected to be
adverse to the interests of the Lenders unless such waiver, amendment or variation
(1) is required by the Panel or a court of competent jurisdiction or (2) is made
with the consent of the Initial Lenders (acting reasonably); or

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     (iii) without the consent of the Initial Lenders, any Lender whose name appears
therein and the Agents (such consent not to be unreasonably withheld or delayed):

     (1) issue any press release (other than the Press Release or, if the
Offer Conversion has occurred, the Offer Press Announcement, or any updated
or amended press release approved by the Administrative Agent); or

     (2) make any statement or announcement which makes reference to this
Agreement, the Commitments or the Loans made or Letters of Credit issued
hereunder or to some or all of the Lenders, the Agents and the Lead
Arrangers,

unless required by law, or by the Panel or the City Code (in which case the
Administrative Borrower shall notify the Administrative Agent as soon as practicable
upon becoming aware of the requirement and the Administrative Borrower shall use all
reasonable endeavours to consult with the Administrative Agent prior to making such
announcement or statement or issuing such press release); and

          (b) it will, save as agreed otherwise with the Initial Lenders:

     (i) comply with the City Code (subject to any waivers granted by the Panel) and
all applicable laws and regulations relevant in the context of the Takeover Offer or
the Scheme;

     (ii) keep the Administrative Agent informed as to the status and progress of
(or otherwise relating to) the Scheme or, if the Offer Conversion has occurred, the
Takeover Offer, and, in particular, will from time to time and promptly upon request
give to the Administrative Agent reasonable details as to the current level of
proxies received in respect of the Scheme or acceptances received in respect of the
Takeover Offer;

     (iii) (subject to applicable legal or regulatory restrictions on disclosure of
such information) promptly supply to the Administrative Agent:

     (1) a copy of any Scheme Circular or, if the Offer Conversion has
occurred, the Takeover Offer Document after its posting to the shareholders
of ClinPhone;

     (2) copies of all other documents, certificates, notices or
announcements received or issued by it (or on its behalf) in relation to the
Scheme or, if the Offer Conversion has occurred, the Takeover Offer to the
extent material to the interests of the Lenders and any material documents
or statements issued by the Panel, The European Commission or any other
regulatory authority in relation to the Scheme or, if the Offer Conversion
has occurred, the Takeover Offer;

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     (3) details of the date of purchase, price, period and number of all
ClinPhone Shares purchased by Bidco other than pursuant to the Scheme or, if
the Offer Conversion has occurred, the Takeover Offer; and

     (4) any other information regarding the progress of the Scheme or
Takeover Offer as the Administrative Agent may reasonably request;

     (iv) ensure that it is not obliged to make a mandatory offer under Rule 9 of
the City Code;

          (c) if it becomes aware of a circumstance or event which if not waived is reasonably likely to
entitle Bidco (with the Panel’s consent, if needed) to lapse or withdraw the Scheme or Takeover
Offer, it shall promptly notify the Administrative Agent and if the Administrative Agent informs
Bidco that the event could reasonably be expected to be of material significance to the Lenders,
Bidco will promptly request the Panel to confirm that the Panel will not object to the lapsing of
the Scheme and if so permitted by the Panel, the ClinPhone Acquisition should only proceed with the
consent of all the Initial Lenders;

          (d) save as the same may be varied or amended pursuant to section 6.14(a)(i) or 6.14(a)(ii),
it will ensure that the Scheme Documents or, if the Offer Conversion has occurred, the Offer
Documents are in all material respects on the terms set out in the Press Release or, if the Offer
Conversion has occurred, the Offer Press Announcement; and

          (e) if the Offer Conversion has occurred, promptly (and in any event within 14 days of
becoming entitled to do so) give Takeover Offer Squeeze-Out Notices in respect of all classes of
the ClinPhone Shares upon the conditions contained in the Companies Act 2006 for the giving of
those notices being satisfied.

          SECTION 6.15. Conversion from Scheme Acquisition to Takeover Offer Acquisition.
Bidco may elect to cease (and procure that ClinPhone cease) the process of a Scheme Acquisition and
may commence a Takeover Offer Acquisition (in which case all the provisions of this Agreement
relating to a Takeover Offer Acquisition will apply) if:

          (a) the Takeover Offer is on substantially the terms set out in the Press Release (save only
for any changes necessary to reflect the fact that the Acquisition will be completed by way of
Takeover Offer rather than by way of Scheme and to permit an acceptance level not less than 50% in
value of the each class of the ClinPhone Shares (including options and equivalent or similar) to
which the Takeover Offer relates and, where the ClinPhone Shares are voting shares, not less than
50% of the voting rights carried by those ClinPhone Shares);

          (b) the making of the Takeover Offer would not breach any term of the Loan Documents
(including the undertaking as to price in Section 6.14(a)(i)); and

          (c) (iii) copies of the Offer Documents have been delivered to the Agent.

          SECTION 6.16. ClinPhone Acquisition and Reorganization Steps. Notwithstanding any
provision of this Article VI to the contrary, the transactions specified in

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Schedule 6.16 hereto shall be permitted and shall not be deemed to use any basket under any
covenant contained in this Article VI.

ARTICLE VII

Events of Default

          If any of the following events (“Events of Default”) shall occur:

          (a) any Borrower shall fail to pay any principal of any Loan or any reimbursement obligation
in respect of any LC Disbursement when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise;

          (b) any Borrower shall fail to pay any interest on any Loan or any fee or any other amount
(other than an amount referred to in clause (a) of this Article) payable under this Agreement, when
and as the same shall become due and payable, and such failure shall continue unremedied for a
period of three Business Days;

          (c) any representation or warranty made or deemed made by or on behalf of the Administrative
Borrower or any Subsidiary in or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any amendment or modification hereof
or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed
made;

          (d) any Borrower or any Loan Party shall fail to observe or perform any covenant, condition or
agreement contained in Section 5.2, 5.3 (with respect to any Borrower’s existence)
or 5.8, in Article VI, or in the final paragraph of Section 4.2;

          (e) any Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article),
and such failure shall continue unremedied for a period of 30 days after notice thereof from the
Administrative Agent to any Borrower (which notice will be given at the request of any Lender);

          (f) any Borrower or any Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same
shall become due and payable;

          (g) (i) any event or condition occurs that results in any Material Indebtedness becoming due
prior to its scheduled maturity or that enables or permits (with or without the giving of notice,
the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or
agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;
provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or
(ii) an “Event of Default” (as defined in the Existing Credit Agreement) shall exist under the
Existing Credit Agreement;

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          (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of any Borrower or any Material
Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrowers or any Material Subsidiary or for a substantial part of its assets, and, in any such
case, such proceeding or petition shall continue undismissed for 60 days or an order or decree
approving or ordering any of the foregoing shall be entered;

          (i) any Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
any Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an
answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose
of effecting any of the foregoing;

          (j) any Borrower or any Subsidiary shall admit in writing its inability to pay its debts as
they become due;

          (k) one or more judgments for the payment of money in an aggregate amount in excess of
US$10,000,000 shall be rendered against any Borrower, any Subsidiary or any combination thereof and
the same shall remain undischarged for a period of 30 consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or
levy upon any assets of any Borrower or any Subsidiary to enforce any such judgment that is not
promptly stayed;

          (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to
result in liability of any Borrower and its Subsidiaries in an aggregate amount exceeding
US$10,000,000 from and after the Effective Date; or

          (m) a Change in Control shall occur;

then, and in every such event (other than an event with respect to any Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Administrative Borrower, take either or both of the following actions, at the same or different
times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with
accrued interest thereon and all fees and other obligations of each Borrower accrued hereunder,
shall become due and payable immediately, without presentment,

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demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and
in case of any event with respect to the Borrowers described in clause (h) or (i) of this Article,
the Commitments shall automatically terminate and the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of each Borrower accrued
hereunder, shall automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrowers.

          Notwithstanding the foregoing, no event or condition that (a) is not known to the
Administrative Borrower on the date hereof, (b) shall have occurred or existed prior to the Initial
Funding Date or shall have occurred or existed on or after the Initial Funding Date other than as a
result of a voluntary act or a voluntary failure to act on the part of the Administrative Borrower
or any Subsidiary and (c) shall occur or exist only at ClinPhone and its subsidiaries, and not at
the Administrative Borrower or any other Subsidiary, shall (i) constitute a Default or an Event of
Default prior to the 90th day after the Initial Funding Date (and then shall only constitute a
Default or an Event of Default if still continuing); provided, that nothing in this
paragraph shall prevent or delay the occurrence of a Default or an Event of Default under
Section 6.9, or (ii) constitute a breach of a representation and warranty made at any time prior to
the 90th day after the Initial Funding Date; provided that if the Administrative Borrower
is aware of such event or condition giving rise to the breach it will be deemed at the time of each
borrowing prior to such 90th day to have represented that it reasonably believes that such event or
condition will be remedied on or prior to such 90th day so that such a breach would not exist on
the 91st day after the Initial Funding Date were the representations and warranties to be made on
such 91st day.

ARTICLE VIII

The Agents

          Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Agents as their
agents and authorizes the Agents to take such actions on its behalf and to exercise such powers as
are delegated to the Agents by the terms hereof, together with such actions and powers as are
reasonably incidental thereto.

          Any Person serving as an Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such
Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind
of business with the Administrative Borrower or any Subsidiary or other Affiliate thereof as if it
were not an Agent hereunder.

          The Agents shall not have any duties or obligations except those expressly set forth herein.
Without limiting the generality of the foregoing, (a) the Agents shall not be subject to any
fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Agents shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby that the
Agents are required to exercise in writing as directed by the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 10.2), and (c) except as expressly set forth herein, the Agents shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Administrative Borrower or any of its Subsidiaries that is communicated to or obtained by

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them or any of their Affiliates in any capacity. The Agents shall not be liable for any
action taken or not taken by them with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2) or in the absence of their own gross negligence or willful
misconduct. Each Agent shall be deemed not to have knowledge of any Default unless and until
written notice thereof is given to such Agent by the Administrative Borrower or a Lender, and the
Agents 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, (ii) the
contents of any certificate, report or other document delivered hereunder or in connection
herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to such Agent.

          Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also
may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with
legal counsel (who may be counsel for the Administrative 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.

          Each Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by it. The London Agent shall have no duties or rights
hereunder until the Administrative Borrower provides the London Agent with a Borrowing Request and
requests a Borrowing in an Alternative Currency. At such time, the London Agent shall be appointed
as an Agent by the Administrative Agent and the London Agent shall become party to this Agreement
as an Agent. Thereafter, the London Agent shall be an Agent hereunder. Each Agent and any such
sub-agent may perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs 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.

          Subject to the appointment and acceptance of a successor Agent as provided in this paragraph,
each Agent may resign at any time by notifying the other Agents, the Lenders, the Issuing Bank and
the Administrative Borrower. Upon any such resignation, the Required Lenders (in the case of a
resignation by the Administrative Agent) or the Administrative Agent (in the case of a resignation
by any other Agent) shall have the right, in consultation with the Administrative Borrower, to
appoint a successor. If no successor Agent shall have been so appointed and shall have accepted
such appointment within 30 days after the retiring Agent gives notice of its resignation, then the
retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Agent which
shall be a bank with an office in New York, New York,

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or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder
by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations hereunder. The fees payable by the Administrative Borrower to a successor
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Administrative Borrower and such successor. After an Agent’s resignation hereunder, the provisions
of this Article and Section 10.3 shall continue in effect for the benefit of such retiring
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while it was acting as Agent.

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

          The Initial Lenders shall have no duties, responsibilities or obligations to, no authority to
act for, any other party to this Agreement by virtue of their status as Initial Lenders hereunder.

ARTICLE IX

Guarantee

          In order to induce the Lenders to extend credit to the other Borrowers hereunder, the
Administrative Borrower hereby irrevocably and unconditionally guarantees, as a primary obligor and
not merely as a surety, the payment when and as due of the Obligations of such other Borrowers.
The Administrative Borrower further agrees that the due and punctual payment of such Obligations
may be extended or renewed, in whole or in part, without notice to or further assent from it, and
that it will remain bound upon its guarantee hereunder notwithstanding any such extension or
renewal of any such Obligation.

          The Administrative Borrower waives presentment to, demand of payment from and protest to any
Borrower of any of the Obligations, and also waives notice of acceptance of its obligations and
notice of protest for nonpayment. The obligations of the Administrative Borrower hereunder shall
not be affected by (a) the failure of any Agent or Lender to assert any claim or demand or to
enforce any right or remedy against any Loan Party under the provisions of this Agreement, any
other Loan Document or otherwise, (b) any extension or renewal of any of the Obligations, (c) any
rescission, waiver, amendment or modification of, or release from, any of the terms or provisions
of this Agreement, or any other Loan Document or agreement, (d) any default, failure or delay,
willful or otherwise, in the performance of any of the Obligations or (e) any other act, omission
or delay to do any other act which may or might in any manner or to any extent vary the risk of the
Administrative Borrower or otherwise operate as a discharge of a guarantor as a matter of law or
equity or which would impair or eliminate any right of the Administrative Borrower to subrogation.

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          The Administrative Borrower further agrees that its agreement hereunder constitutes a
guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have
stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and
not merely of collection, and waives any right to require that any resort be had by any Agent or
Lender to any balance of any deposit account or credit on the books of any Agent or Lender in favor
of any Borrower or any other Person.

          The obligations of the Administrative Borrower hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than the indefeasible
payment in full of all the Obligations owed by the Administrative Borrower to the Agents, the
Issuing Bank and the Lenders), and shall not be subject to any defense or set-off, counterclaim,
recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability
of any of the Obligations, any impossibility in the performance of any of the Obligations or
otherwise (other than for the indefeasible payment in full of all the Obligations owed by the
Administrative Borrower to the Agents, the Issuing Bank and the Lenders).

          The Administrative Borrower further agrees that its obligations hereunder shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
Obligation is rescinded or must otherwise be restored by any Agent or Lender upon the bankruptcy or
reorganization of any Borrower or otherwise.

          In furtherance of the foregoing and not in limitation of any other right which any Agent or
Lender may have at law or in equity against the Administrative Borrower by virtue hereof, upon the
failure of any other Borrower to pay any Obligation when and as the same shall become due, whether
at maturity, by acceleration, after notice of prepayment or otherwise, the Administrative Borrower
hereby promises to and will, upon receipt of written demand by any Agent or Lender, forthwith pay,
or cause to be paid, to the Applicable Agent or Lender in cash an amount equal to the unpaid
principal amount of such Obligations then due, together with accrued and unpaid interest thereon.
The Administrative Borrower further agrees that if payment in respect of any Obligation shall be
due in a currency other than US Dollars and/or at a place of payment other than New York and if, by
reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil
disturbance or other event, payment of such Obligation in such currency or at such place of payment
shall be impossible or shall impair any Agent’s or Lender’s rights hereunder, then, at the election
of the Administrative Agent, the Administrative Borrower shall make payment of such Obligation in
US Dollars (based upon the applicable Exchange Rate in effect on the date of payment) and/or in
New York, and shall indemnify each Agent and Lender against any losses or reasonable out-of-pocket
expenses that it shall sustain as a result of such alternative payment.

          Upon payment by the Administrative Borrower of any sums as provided above, all rights of the
Administrative Borrower against any Borrower arising as a result thereof by way of right of
subrogation or otherwise shall in all respects be subordinated and junior in right of payment to
the prior indefeasible payment in full of all the Obligations owed by such Borrower to the Agents,
the Issuing Bank and the Lenders.

          Nothing shall discharge or satisfy the liability of the Administrative Borrower hereunder
except the full performance and payment of the Obligations.

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ARTICLE X

Miscellaneous

          SECTION 10.1. Notices. (a)  Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to 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 telecopy, as follows:

     (i) if to the Administrative Borrower, to it at 200 West Street, Waltham,
Massachusetts 02451-1163, Attention of James F. Winschel, Jr. (Telecopy No. (781)
487-9931); with a copy to Office of the General Counsel, Attention of General
Counsel (Telecopy No. 781-487-0525); with a copy to Treasurer, Parexel International
Corp., Herman Heijermansweg 20, 1077 WL Amsterdam, Netherlands, Attention of Peter
Rietman (Telecopy No. 31 20 572 11 09).

     (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and
Agency Services Group, 10 South Dearborn, 7th floor, Suite 0010, Chicago, IL 60603,
Attention of Joyce P. King (Telecopy No. (312) 385-7096), with a copy to JPMorgan
Chase Bank, N.A., 270 Park Avenue, New York 10017, Attention of Matias Lazzari
(Telecopy No. (212) 270-1063);

     (iii) if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., Loan and
Agency Services Group, 10 South Dearborn, 7th floor, Suite 0010, Chicago, IL 60603,
Attention of Joyce P. King (Telecopy No. (312) 385-7096);

     (iv) if to the London Agent, to J.P. Morgan Europe Limited, 125 London Wall,
London EC2Y 5AJ, Attention of Agency Department (Telecopy No. 44-207-777-2360), with
copies as provided under clause (ii) above;

     (v) if to the Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency
Services Group, JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South
Dearborn, 7th floor, Suite 0010, Chicago, IL 60603, Attention of Joyce P. King
(Telecopy No. (312) 385-7096); and

     (vi) if to any other Lender, to it at its address (or telecopy number) set
forth in its Administrative Questionnaire.

          (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. Each Agent or the
Administrative Borrower may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications.

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          (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

          SECTION 10.2. Waivers; Amendments. (a)  No failure or delay by any Agent, the
Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Agents, the
Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by any Loan Party therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality
of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as
a waiver of any Default, regardless of whether any Agent, any Lender or the Issuing Bank may have
had notice or knowledge of such Default at the time.

          (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Administrative Borrower and
the Required Lenders or by the Administrative Borrower and the Administrative Agent with the
consent of the Required Lenders; provided that no such agreement shall (i) increase the
Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the
scheduled date of payment of the principal amount of any Loan or LC Disbursement, or the date of
any scheduled payment of the principal amount of any Term Loan under Section 2.9 or any
interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such
payment, or postpone the scheduled date of expiration of any Commitment, without the written
consent of each Lender affected thereby, (iv) change Section 2.17(b) or (c) in a
manner that would alter the pro rata sharing of payments required thereby, without the written
consent of each Lender, (v) change in any provision of Article IX without written consent of each
Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders”,
“Alternative Currency” or any other provision hereof specifying the number or percentage of Lenders
(or Lenders of any Class) required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender (or each
Lender of such Class, as the case may be), or (vii) change any provision of any Loan Document in a
manner that by its terms adversely affects the rights in respect of payments due to Lenders holding
Loans of any Class differently than those holding Loans of any other Class, without the written
consent of Lenders representing a Majority in Interest of each affected Class; provided
further that (1) no such agreement shall amend, modify or otherwise affect the rights or
duties of any Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written
consent of such Agent, the Issuing Bank or the Swingline Lender, as the case may be and (2) any
waiver, amendment or modification of this Agreement that by its terms affects the rights or duties
under this Agreement

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of the Lenders of a particular Class (but not the Lenders of any other Class), may be effected
by an agreement or agreements in writing entered into by the Borrowers and the requisite number or
percentage in interest of the affected Class of Lenders that would be required to consent thereto
under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time.
“Majority in Interest”, when used in reference to Lenders of any Class, means, at any time,
(a) in the case of the Revolving Lenders, Lenders having Revolving Credit Exposures and unused
Revolving Commitments representing more than 50% of the sum of the aggregate Revolving Credit
Exposures and the unused aggregate Revolving Commitments at such time and (b) in the case of the
Term Lenders, Lenders holding outstanding Term Loans representing more than 50% of all Term Loans
outstanding at such time.

          SECTION 10.3. Expenses; Indemnity; Damage Waiver. (a)  The Administrative Borrower
shall pay (i) all reasonable out-of-pocket expenses incurred by the Agents, the Initial Lenders and
their Affiliates, including the reasonable fees, charges and disbursements of counsel for the
Agents and Initial Lenders, in connection with the syndication of the credit facilities provided
for herein, the preparation and administration of this Agreement or any amendments, modifications
or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand
for payment thereunder and (iii) all out-of-pocket expenses incurred by the Agents, the Initial
Lenders, the Issuing Bank or any Lender, including the fees, charges and disbursements of any
counsel for the Agents, the Initial Lenders, the Issuing Bank or any Lender, in connection with the
enforcement or protection of its rights after a Default in connection with this Agreement,
including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

          (b) The Administrative Borrower shall indemnify the Agents, the Initial Lenders, the Issuing
Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”), against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee
arising out of, in connection with or as a result of (i) the execution or delivery of this
Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto
of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds
therefrom (including any refusal by the Issuing Bank 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 Administrative Borrower or any of its
Subsidiaries, or any Environmental Liability related in any way to the Administrative 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
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 are determined by a court of competent

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jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee.

          (c) To the extent that the Administrative Borrower fails to pay any amount required to be paid
by it to any Agent, either Initial Lender, the Issuing Bank or the Swingline Lender under paragraph
(a) or (b) of this Section, each Lender severally agrees to pay to such Agent, such Initial Lender,
the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s pro rata share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against such
Agent, such Initial Lender, the Issuing Bank or the Swingline Lender in its capacity as such. For
purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of
the total Revolving Credit Exposures, outstanding Term Loans and unused Commitments at the time (or
most recently outstanding and in effect).

          (d) To the extent permitted by applicable law, the Administrative 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 or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof.

          (e) All amounts due under this Section shall be payable promptly after written demand
therefor.

          SECTION 10.4. 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 (including any Affiliate of the Issuing Bank that issues any Letter of
Credit), except that (i) the Loan Parties may not assign or otherwise transfer any of their rights
or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by a Loan Party without such consent shall be null and void) and (ii) no
Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section. 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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants
(to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Agents, the Initial Lenders, the Issuing Bank and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

          (b) Subject to the conditions set forth in paragraph (b)(iii) below, any Lender may assign to
one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it):

     (i) during the Certain Funds Period (1) if the proposed transferee is on the
Pre-Approved Lender List or (2) with the prior written consent (such consent not to
be unreasonably withheld) of the Administrative Borrower and Bidco (provided
that consent shall be considered to have been reasonably withheld if

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Bidco has sought the consent of its financial adviser in relation to the
ClinPhone Acquisition for the proposed assignment and such financial adviser has
notified Bidco that it does not consent to such assignment on the basis of its
credit assessment of the proposed assignee); or

     (ii) after the expiry of the Certain Funds Period, with the prior written
consent (such consent not to be unreasonably withheld) of:

     (A) the Administrative Borrower, provided that no consent of
the Administrative Borrower shall be required for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, or, if an Event of Default has
occurred and is continuing, any other assignee, provided that in
each case in respect of the Dutch Borrower the assigned principal amount
shall be at least 50,000 Euros (or its equivalent);

     (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of (1) any
Commitment to an assignee that is a Lender with a Commitment immediately
prior to giving effect to such assignment or (2) any Term Loan to a Lender,
an Affiliate of a Lender or an Approved Fund; and

     (C) in the case of any assignment of all or a portion of a Revolving
Commitment or any Lender’s obligations in respect of its LC Exposure or
Swingline Exposure, each Issuing Bank and the Swingline Lender.

     (iii) Assignments shall be subject to the following additional conditions:

     (A) except in the case of an assignment to a Lender or an Affiliate of
a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class, the amount of the Commitment or
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) shall not be less than US$5,000,000
unless each of the Administrative Borrower and the Administrative Agent
otherwise consent, provided that no such consent of the
Administrative Borrower shall be required if an Event of Default has
occurred and is continuing; provided that in each case in respect of the
Dutch Borrower the assigned principal amount shall be at least 50,000 Euros
(or its equivalent);

     (B) 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;

     (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a

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processing and recordation fee of US$3,500 (which fee shall be paid by
the assigning Lender);

     (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an 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 the
Administrative Borrower, the other 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;

     (E) the assignee (1) if it is a Foreign Lender, shall have delivered
tax certificates described in Section 2.16, which indicate that such
Foreign Lender is exempt from any withholding tax under the laws of the
United States on payments by Borrowers in such jurisdiction, and (2) shall
have confirmed that it is exempt from any withholding tax under the laws of
the United Kingdom and The Netherlands on payments by Borrowers in such
jurisdictions, except, in the case of clauses (1) and (2), to the extent the
assigning Lender was entitled, at the time of the assignment, to receive
additional amounts with respect to such withholding taxes pursuant to
Section 2.16;

     (F) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an 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 the
Administrative Borrower, the other 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; and

     (G) so long as no Event of Default shall have occurred and be
continuing, no such assignment shall be made to any Person that is not
capable of lending (1) the applicable Alternative Currencies to the relevant
Borrower and (2) each Type of Loan.

          For the purposes of this Section 10.4(b), the term “Approved Fund” has the
following meaning:

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

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     (iv) Subject to acceptance and recording thereof pursuant to paragraph (b)(v)
of this Section, from and after the effective date specified in each Assignment and
Assumption the assignee thereunder shall be a party hereto 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 2.14, 2.15, 2.16,
2.19 and 10.3). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 10.4
shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (c) of
this Section.

     (v) The Administrative Agent, acting for this purpose as an agent of the
Administrative Borrower, shall maintain at one of its offices 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 Commitment of, and principal amount of
the Loans and LC Disbursements 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 Administrative Borrower, the Administrative Agent, the Issuing
Bank 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 Administrative Borrower, the Issuing Bank and any Lender, at
any reasonable time and from time to time upon reasonable prior notice.

     (vi) Upon its receipt of a duly completed Assignment and Assumption executed by
an assigning Lender and an assignee, any certificates required by
Section 2.16(e), the assignee’s completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the
Administrative Agent shall accept such Assignment and Assumption and record the
information contained therein in the Register; provided that if either the
assigning Lender or the assignee shall have failed to make any payment required to
be made by it pursuant to Section 2.4(c), 2.5(d) or (e),
2.6(b), 2.17(d) or 10.3(c), the Administrative Agent shall
have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been
made in full, together with all accrued interest thereon. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register
as provided in this paragraph.

          (c) (i) Any Lender may, without the consent of the Administrative Borrower, the
Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or

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more banks or other entities (a “Participant”) in all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its Commitment and the
Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall
remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (C) the Administrative Borrower, the Administrative Agent,
the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 10.2(b) that affects such
Participant. Subject to paragraph (c)(ii) of this Section, the Administrative Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.14,
2.15, 2.16, and 2.19 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this Section. To the
extent permitted by law, each Participant also shall be entitled to the benefits of
Section 10.8 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(c) as though it were a Lender.

     (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.14, 2.16 or 2.19 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such
Participant. A Participant that would be a Foreign Lender if it were a Lender shall
not be entitled to the benefits of Section 2.16 unless the Administrative
Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Administrative Borrower, to comply with
Section 2.16(e) as though it were a Lender.

          (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no
such pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

          (e) On one or more occasions, one or more Additional Lenders may be admitted as Lenders party
to this Agreement in connection with an increase of the total Commitment pursuant to
Section 2.22, subject to (i) execution and delivery by any such Additional Lender to the
Administrative Agent, for recording in the Register, of an Instrument of Adherence substantially in
the form of Exhibit F hereto (an “Instrument of Adherence”), (ii) acceptance of
such Instrument of Adherence by each of the Administrative Agent and the Administrative Borrower by
their respective executions thereof, and (iii) the completion of an Administrative Questionnaire by
such Additional Lender promptly delivered to the Administrative Agent. Upon the satisfaction of
the foregoing conditions, from and after the effective date specified in each such Instrument of
Adherence, the Additional Lender shall be a Lender party hereto and have the rights and obligations
of a Lender hereunder.

91

 

          SECTION 10.5. Survival. All covenants, agreements, representations and warranties
made by the Borrowers and the Loan Parties herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of this Agreement and
the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that any Agent, the Issuing Bank or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty
at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long
as the Commitments have not expired or terminated. The provisions of Sections 2.14,
2.15, 2.16, 2.19 and 10.3 and Article VIII shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated
hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any provision hereof.

          SECTION 10.6. Counterparts; Integration; Effectiveness. (a) 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. This Agreement, the Syndication and Fee Letter, the Administrative Agent Fee Letter and
any separate letter agreements with respect to fees payable to the Issuing Bank constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.1, 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 other 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 shall be effective as delivery of a manually executed counterpart of
this Agreement.

          (b) Notwithstanding anything in paragraph (a) of this Section or any other provision of this
Agreement to the contrary, the provisions set forth in the Syndication and Fee Letter under the
heading “Flex Rights” (the “Flex Provisions”) shall survive the execution and delivery of
this Agreement and the making of the Loans and the issuance of the Letters of Credit hereunder and
shall continue in effect until “successful syndication”, as defined in the Syndication and Fee
Letter, shall have been achieved. The Borrowers agree promptly to enter into such amendments to
this Agreement as shall be appropriate to implement any changes to the terms and provisions hereof
that shall be made pursuant to the Flex Provisions.

          SECTION 10.7. 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.

92

 

          SECTION 10.8. Right of Setoff. Subject to the provisions of Section 10.18
hereof, if an Event of 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 any Borrower against any of and all the obligations of any
Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. Subject to the provisions of Section 10.18 hereof, the
rights of each Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

          SECTION
10.9. Governing Law; Jurisdiction; Consent to Service of
Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State
of New York.

          (b) 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. Nothing in this Agreement shall affect any right
that any Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against the Administrative Borrower or its properties in the courts of
any jurisdiction.

          (c) Each party hereto irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 10.1. 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 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES

93

 

THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

          SECTION 10.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

          SECTION 10.12. Confidentiality. (a) Each of the Agents, the Issuing Bank and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority, (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with
the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in,
or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Administrative Borrower and its obligations, (g) with the
consent of the Administrative Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to
any Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the
Administrative Borrower. For the purposes of this Section, “Information” means all
information received from the Administrative Borrower relating to the Administrative Borrower or
its business, other than any such information that is available to any Agent, the Issuing Bank or
any Lender on a nonconfidential basis prior to disclosure by the Administrative 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 of the Agents, Issuing Bank, and the
Lenders agrees to use reasonable commercial efforts (if it may legally do so) to provide prior
notice of any disclosure of Information pursuant to clauses (b) or (c) above.

          (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 10.12(a) FURNISHED
TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE
ADMINISTRATIVE BORROWER AND ITS 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

94

 

ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

          (c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE
ADMINISTRATIVE BORROWER OR THE AGENTS PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS
AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT THE ADMINISTRATIVE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR
RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE ADMINISTRATIVE BORROWER AND EACH
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 10.13. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with
all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section shall be cumulated and the interest
and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

          SECTION 10.14. Conversion of Currencies. (a) If, for the purpose of obtaining
judgment in any court, it is necessary to convert a sum owing hereunder in one currency into
another currency, each party hereto agrees, to the fullest extent that it may effectively do so,
that the rate of exchange used shall be that at which in accordance with normal banking procedures
in the relevant jurisdiction the first currency could be purchased with such other currency on the
Business Day immediately preceding the day on which final judgment is given.

          (b) The obligations of each party hereto in respect of any sum due to any other party hereto
or any holder of the Obligations owing hereunder (the “Applicable Creditor”) shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than the
currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be
discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in
accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement
Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less
than the sum originally due to the Applicable Creditor in the Agreement Currency, the
Administrative Borrower agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Applicable Creditor against such loss. The obligations of each party hereto
contained in this

95

 

Section 10.14 shall survive the termination of this Agreement and the payment of all
other amounts owing hereunder.

          SECTION 10.15. Releases of Guarantees. (a) In the event of a disposition of all the
Equity Interests in a Subsidiary Guarantor to a Person other than the Administrative Borrower or a
Subsidiary of the Administrative Borrower in a transaction not prohibited by any covenant contained
in this Agreement, the Administrative Agent is hereby directed and authorized to take such action
and to execute such documents as the Administrative Borrower may reasonably request, at the
Administrative Borrower’s sole expense, to evidence or effect the release of the Guarantee by such
Subsidiary Guarantor under the Subsidiary Guarantee Agreement.

          (b) Without limiting the provisions of Section 10.3, the Administrative Borrower shall
reimburse the Administrative Agent for all costs and expenses, including reasonable attorney’s fees
and disbursements, incurred by it in connection with any action contemplated by this
Section 10.15.

          SECTION 10.16. 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 each of the Loan Parties that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Loan Parties, which
information includes the name and address of each Loan Party and other information that will allow
such Lender to identify such Loan Parties in accordance with the Act.

          SECTION 10.17. No Fiduciary Duty. The Administrative Borrower, on behalf of itself
and the Subsidiaries, agrees that in connection with all aspects of the transactions contemplated
hereby and any communications in connection therewith, the Administrative Borrower, the
Subsidiaries and their Affiliates, on the one hand, and the Agents, the Issuing Bank, the Lenders
and their Affiliates, on the other hand, will have a business relationship that does not create, by
implication or otherwise, any fiduciary duty on the part of the Agents, the Issuing Bank, the
Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any
such transactions or communications.

          SECTION 10.18. Liability for Obligations. Notwithstanding anything to the contrary
contained in this Agreement or in the other Loan Documents to the contrary, the parties agree that:
(a) the Foreign Subsidiaries shall not be liable for any obligation of the Administrative Borrower
or any US Subsidiary Borrower arising under or with respect to any of the Loan Documents; (b) each
Foreign Borrower shall be severally liable only for the obligations of such Foreign Borrower; and
(c) no Agent or Lender, or any Affiliate thereof, may set-off or apply any deposits of a Foreign
Subsidiary or any other obligations at the time owing to or for the credit of the account of any
Foreign Subsidiary by such Agent, Lender or Affiliate thereof, against any or all of the
obligations of the Administrative Borrower or any US Subsidiary Borrower.

96

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective Responsible Officers as of the day and year first above written.

	 	 	 	 	 
	 	PAREXEL INTERNATIONAL CORPORATION

 	 
	 	By  	/s/ James F. Winschel, Jr.
 	 
	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	PAREXEL INTERNATIONAL HOLDING B.V.

 	 
	 	By  	/s/ Jan Pieter Baaijens
 	 
	 	 	Name:  	Jan Pieter Baaijens, Attorney-In-Fact 	 
	 	 	 	 
	 
	 	PAREXEL INTERNATIONAL HOLDING UK
LIMITED

 	 
	 	By  	/s/ James F. Winschel, Jr.
 	 
	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	Title:  	Director 	 
	 
	 	SUBSIDIARY GUARANTORS:

PAREXEL INTERNATIONAL LLC

 	 
	 	By  	/s/ James F. Winschel, Jr.
 	 
	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	PERCEPTIVE INFORMATICS, INC.

 	 
	 	By  	/s/ James F. Winschel, Jr.
 	 
	 	 	Name:  	James F. Winschel, Jr. 	 
	 	 	Title:  	Treasurer 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., individually

and as Administrative Agent

 	 
	 	By  	/s/ Kenneth Coons
 	 
	 	 	Name:  	Kenneth Coons 	 
	 	 	Title:  	AVP/Underwriter 	 
	 

	 	 	 	 	 
	 	J.P. MORGAN EUROPE LIMITED, as London

Agent

 	 
	 	By  	/s/ Kathryn Jepson
 	 
	 	 	Name:  	Kathryn Jepson 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as

Lender

 	 
	 	By  	/s/ J.T. Taylor
 	 
	 	 	Name:  	J.T. Taylor 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO

THE CREDIT AGREEMENT

OF PAREXEL INTERNATIONAL

CORPORATION

	 	 	 	 	 
	Name of Institution:	 	 
	 
	 	 	 	 
	 

	 	by	 	 
	 
	 

	 	 	 	 
	 

	 	   Name:	 	 
	 

	 	   Title:	 	 

	 	 	 	 	 
	For any Lender requiring a second signature block:  
	 
	 	 	 	 
	 

	 	by	 	 
	 
	 

	 	 	 	 
	 

	 	   Name:	 	 
	 

	 	   Title:	 	 

 

 

EXHIBIT A

ASSIGNMENT AND ASSUMPTION

          This Assignment and Assumption (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, 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 swingline 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 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:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	2.

	 	Assignee:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	[and is an Affiliate/Approved Fund of
[identify Lender]1]
	 
	 	 	 	 	 	 
	3.	 	Borrowers:	 	PAREXEL International Corporation, PAREXEL
International Holding B.V. and PAREXEL
International Holding UK Limited.

 

			
	1	 	Select as applicable.

Exhibit A — Assignment and Assumption

 

 

	 	 	 	 	 	 	 
	4.	 	Administrative Agent:	 	JPMorgan Chase Bank, N.A., as the
administrative agent under the Credit
Agreement
	 
	 	 	 	 	 	 
	5.	 	Credit Agreement:	 	The Credit Agreement dated as of June 13,
2008 among PAREXEL International
Corporation, PAREXEL International Holding
B.V., PAREXEL International Holding UK
Limited, the Subsidiary Guarantors
signatory thereto, the Lenders parties
thereto, JPMorgan Chase Bank, N.A., as
Administrative Agent and J.P. Morgan Europe
Limited, as London Agent.
	 
	 	 	 	 	 	 
	6.

	 	Assigned Interest:	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Aggregate Amount of	 	Amount of	 	 	Percentage Assigned	 
	Commitment/Loans	 	Commitment/Loans	 	 	of	 
	for all Lenders	 	Assigned	 	 	Commitment/Loans2	 
	$
	 	$	 	 	 	 	                      	%
	$
	 	$	 	 	 	 	               	%
	$
	 	$	 	 	 	 	                  	%

          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 the
Administrative Borrower, the other 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.

          The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

			
	2	 	Set forth, to at least 9 decimals, as a percentage of
the Commitment/Loans of all Lenders thereunder.

Exhibit A — Assignment and Assumption

2

 

	 	 	 	 	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

Exhibit A — Assignment and Assumption

	 	 	 	 	 

3

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

Consented to and Accepted:

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as

Administrative Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

[Consented to:]3

	 	 	 	 	 
	 	[NAME OF RELEVANT PARTY]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

			
	3	 	To be added only if the consent of the Borrower and/or
other parties (e.g., Swingline Lender, Issuing Bank) is required by the
terms of the Credit Agreement.

Exhibit A — Assignment and Assumption

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 and (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 (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 Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrowers, any of their respective Subsidiaries or Affiliates or any other Person
obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers,
any of their respective Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

          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 5.1(a)
and 5.1(b) 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) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and
executed by the Assignee; 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.

Annex 1 — Assignment and Assumption

 

 

          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 law of the State of New York.

Annex 1 — Assignment and Assumption

2

 

EXHIBIT C

MANDATORY COSTS RATE

          1. The Mandatory Costs Rate is an addition to the interest rate to compensate Lenders for the
cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services
Authority (or, in either case, any other authority which replaces all or any of its functions) or
(b) the requirements of the European Central Bank.

          2.
On the first day of each Interest Period (or as soon as possible thereafter) the London
Agent shall calculate a rate (the “Additional Costs Rate”), expressed as a percentage, for
each Lender, in accordance with the paragraphs set out below. The Mandatory Costs Rate will be
calculated by the London Agent as a weighted average of the Lenders’ Additional Costs Rates
(weighted in proportion to the percentage participation of each Lender in the applicable Borrowing)
and will be expressed as a percentage rate per annum. The London Agent will, at the request of the
Administrative Borrower or any Lender, deliver to the Administrative Borrower or such Lender, as
the case may be, a statement setting forth the calculation of the Mandatory Cost Rate.

          3.
The Additional Costs Rate for any Lender lending from a lending office located in a
Participating Member State will be the percentage notified by that Lender to the London Agent.
This percentage will be certified by that Lender in its notice to the London Agent to be its
reasonable determination of the cost (expressed as a percentage of that Lender’s participation in
all Loans made from such lending office) of complying with the minimum reserve requirements of the
European Central Bank in respect of Loans made from such lending office.

          4. The Additional Costs Rate for any Lender lending from a lending office in the United
Kingdom will be calculated by the London Agent as follows:

          (a) with respect to any Loan denominated in Sterling:

          

          (b) with respect to any Loan denominated in any currency (other than Sterling):

          

          Where:

          “A” means the percentage of Eligible Liabilities (assuming these to be in excess of
any stated minimum) which that Lender is from time to time required to maintain as an interest free
cash ratio deposit with the Bank of England to comply with cash ratio requirements.

Exhibit C — Mandatory Costs Rate

 

 

          “B” means the percentage rate of interest (excluding the Applicable Margin and the
Mandatory Costs Rate and any additional rate of interest specified in Section 2.12(c)) payable for
the applicable Interest Period on the Loan.

          “C” means the percentage (if any) of Eligible Liabilities which that Lender is
required from time to time to maintain as interest bearing Special Deposits with the Bank of
England.

          “D” means the percentage rate per annum payable by the Bank of England to the London
Agent on interest bearing Special Deposits.

          “E” is designed to compensate Lenders for amounts payable under the Fees Rules and is
calculated by the London Agent as being the average of the most recent rates of charge supplied by
the Lenders to the London Agent pursuant to paragraph 7 below and expressed in Sterling per
£1,000,000.

          5.
For the purposes of this Schedule:

          (c) “Eligible Liabilities” and “Special Deposits” have the meanings given to
them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate)
by the Bank of England.

          (d) “Fees Rules” means the rules on periodic fees contained in the Financial Services
Authority Supervision Manual or such other law or regulation as may be in force from time to time
in respect of the payment of fees for the acceptance of deposits.

          (e) “Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity
group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the
Fees Rules but taking into account any applicable discount rate).

          (f) “Participating Member State” means any member state of the European Communities
that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the
European Community relating to Economic and Monetary Union.

          (g) “Tariff Base” has the meaning given to it in, and will be calculated in accordance
with, the Fees Rules.

          6.
An application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5% will be included in the formula as 5 and not as 0.05). A negative
result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be
rounded to four decimal places.

          7.
If requested by the London Agent or the Administrative Borrower, each Lender with a lending
office located in the United Kingdom or a Participating Member State shall, as soon as practicable
after publication by the Financial Services Authority, supply to the London Agent and the
Administrative Borrower, the rate of charge payable by such Lender to the Financial Services
Authority pursuant to the Fees Rules in respect of the relevant financial

Exhibit C — Mandatory Costs Rate

2

 

year of the Financial Services Authority (calculated for this purpose by such Lender as being
the average of the Fee Tariffs applicable to such Lender for that financial year) and expressed in
Sterling per £1,000,000 of the Tariff Base of such Lender.

          8.
Each Lender shall supply any information required by the London Agent for the purpose of
calculating its Additional Costs Rate. In particular, but without limitation, each Lender shall
supply the following information on or prior to the date on which it becomes a Lender:

          (h) the jurisdiction of its applicable lending office; and

          (i) any other information that the London Agent may reasonably require for such purpose.

          Each Lender shall promptly notify the London Agent of any change to the information provided
by it pursuant to this paragraph.

          9.
The percentages of each Lender for the purpose of A and C above and the rates of charge of
each Lender for the purpose of E above shall be determined by the London Agent based upon the
information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless
a Lender notifies the London Agent to the contrary, each Lender’s obligations in relation to cash
ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction
of incorporation with a lending office in the same jurisdiction as its applicable lending office.

          10.
The London Agent shall have no liability to any person if such determination results in an
Additional Costs Rate which over or under compensates any Lender and shall be entitled to assume
that the information provided by any Lender or Administrative Agent pursuant to paragraphs 3, 7 and
8 above is true and correct in all respects.

          11.
The London Agent shall distribute the additional amounts received as a result of the
Mandatory Costs Rate to the Lenders on the basis of the Additional Costs Rate for each Lender based
on the information provided by each Lender and the Administrative Agent pursuant to paragraphs 3, 7
and 8 above.

          12. Any determination by the London Agent pursuant to this Schedule in relation to a formula,
the Mandatory Costs Rate, an Additional Costs Rate or any amount payable to a Lender shall, in the
absence of manifest error, be conclusive and binding.

          13. The London Agent may from time to time, after consultation with the Administrative
Borrower and the Lenders, determine and notify to all parties any amendments which are required to
be made to this Schedule in order to comply with any change in law, regulation or any requirements
from time to time imposed by the Bank of England, the Financial Services Authority or the European
Central Bank (or, in any case, any other authority which replaces all or any of its functions) and
any such determination shall, in the absence of manifest error, be conclusive and binding.

Exhibit C — Mandatory Costs Rate

3

 

Exhibit C — Mandatory Costs Rate

4

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