Document:

Exhibit 10.1

 

Execution Version

 

CREDIT AGREEMENT

 

dated as of November 9, 2004

 

between

 

NAVTEQ NORTH AMERICA, LLC,

 

and

 

LASALLE BANK NATIONAL ASSOCIATION

 

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT dated as of November 9,
2004 (this “Agreement”) is entered into by and between NAVTEQ NORTH
AMERICA, LLC, a Delaware limited liability company (the “Company”), and
LASALLE BANK NATIONAL ASSOCIATION (together with its respective successors and
assigns, the “Bank”).

 

WHEREAS, the Bank has agreed to make available
to the Company a revolving credit facility upon the terms and conditions set
forth herein;

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows:

 

SECTION
1            DEFINITIONS.

 

1.1           Definitions. 
When used herein the following terms shall have the following meanings:

 

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

 

Affected
Loan - see Section
8.3.

 

Affiliate of any Person means (i) any other Person
which, directly or indirectly, controls or is controlled by or is under common
control with such Person and (ii) any officer or director of such Person.  A Person shall be deemed to be “controlled by”
any other Person if such Person possesses, directly or indirectly, power to
vote 20% or more of the securities (on a fully diluted basis) having ordinary
voting power for the election of directors or managers or power to direct or
cause the direction of the management and policies of such Person whether by
contract or otherwise; provided, however, that NAV2 Co, Ltd. shall not be
deemed to be an Affiliate or a Subsidiary of the Company, the Guarantor or
their Subsidiaries.

 

Agreement - see the Preamble.

 

Asset Sale means the sale, lease, assignment or other
transfer for value (each a “Disposition”) by the Company or any Subsidiary to
any Person (other than the Company or any

 

 

Subsidiary)
of any asset or right of the Company or such Subsidiary other than (a) the
Disposition of any asset which is to be replaced, and is in fact replaced or
committed to be replaced, within 90 days with another asset performing the same
or a similar function, (b) the sale or lease of inventory in the ordinary
course of business and (c) other Dispositions in any Fiscal Year the Net
Proceeds of which do not in the aggregate exceed $5,000,000.

 

Attorney Costs means, with respect to any Person, all
reasonable fees and charges of any counsel to such Person, the reasonable
allocable cost of internal legal services of such Person, all reasonable
disbursements of such internal counsel and all court costs and similar legal
expenses.

 

Bank - see the Preamble.  

 

Base Rate means at any time the greater of (a) the
Federal Funds Rate plus 0.5% and (b) the Prime Rate.

 

Base Rate Loan means any Loan which bears interest at or by reference
to the Base Rate.

 

Business Day means any day on which the Bank is open for
commercial banking business in Chicago, Illinois and, in the case of a Business
Day which relates to a Eurodollar Loan, on which dealings are carried on in the
London interbank eurodollar market.

 

Capital Lease means, with respect to any Person, any lease
of (or other agreement conveying the right to use) any real or personal
property by such Person that, in conformity with GAAP, is accounted for as a
capital lease on the balance sheet of such Person.

 

Capitalized Software Development Costs means the net book value of the Guarantor’s
and its Subsidiaries computer software, all as determined from a consolidated
balance sheet of the Guarantor and its Subsidiaries prepared in accordance with
GAAP.

 

Change in Control of Company means the failure of the Company
to remain a Wholly-Owned Subsidiary of the Guarantor.

 

Change in Control of
Guarantor 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 SEC thereunder as in effect on the date
hereof) of shares representing more than 50% of the aggregate ordinary voting
power represented by the issued and outstanding capital stock of the Guarantor;
(b) occupation of a majority of the seats (other than vacant seats) on the
board of directors of the Guarantor by Persons who were neither (i) nominated
by the board of directors of the Guarantor nor (ii) appointed by directors so
nominated; or (c) the acquisition, directly or indirectly, of 50% or more of
the securities (on a fully diluted basis) having ordinary voting power of the
election of the Guarantor’s directors by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as
in effect on the date hereof).

 

Closing
Date - see Section
11.1.

 

2

 

Code means the Internal Revenue Code of 1986.

 

Commitment means, the Bank’s commitment to make Loans,
under this Agreement.

 

Company - see the Preamble.

 

Computation Period means each period of four consecutive Fiscal
Quarters ending on the last day of a Fiscal Quarter taking such period as one
accounting period.

 

Consolidated Net Income means, with respect to the Guarantor and its
Subsidiaries for any period, the consolidated net income (or loss) of the
Guarantor and its Subsidiaries for such period, excluding any non-cash
gains or losses from Asset Sales, any extraordinary non-cash gains or losses
and any non-cash gains or losses from discontinued operations, all as
determined from a consolidated income statement of the Guarantor and its
Subsidiaries prepared in accordance with GAAP.

 

Consolidated Tangible Net Worth means, as of any particular date, the
Guarantor’s consolidated Stockholders’ Equity, minus the value of the
Guarantor’s and its Subsidiaries’ consolidated unamortized debt discount and
expense, prepaid expenses, deposits, unamortized deferred charges, goodwill,
organization costs, noncompetition agreements, patents, copyrights, trademarks
and other intangible items, all as determined from a consolidated balance sheet
of the Guarantor and its Subsidiaries prepared in accordance with GAAP.

 

Debt of any Person means, without duplication, (a)
all indebtedness of such Person for borrowed money, whether or not evidenced by
bonds, debentures, notes or similar instruments, (b) all obligations of such
Person as lessee under Capital Leases which have been or should be recorded as
liabilities on a balance sheet of such Person prepared in accordance with GAAP,
(c) all obligations of such Person to pay the deferred purchase price of
property or services (excluding trade accounts payable in the ordinary course of
business), (d) all indebtedness secured by a Lien on the property of such
Person, whether or not such indebtedness shall have been assumed by such
Person, (e) all obligations, contingent or otherwise, with respect to the face
amount of all letters of credit (whether or not drawn) and banker’s acceptances
issued for the account of such Person, (f) all Hedging Obligations of such
Person, (g) all Suretyship Liabilities of such Person and (h) all Debt of any
partnership of which such Person is a general partner.

 

Debt
to be Repaid means Debt listed
on Schedule 10.6, and identified as such on Schedule 10.6.

 

Disposal - see the definition of “Release”.

 

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

 

EBITDA means, for any period, Consolidated Net Income
for such period plus, to the extent deducted in determining such
Consolidated Net Income, Interest Expense, income tax

 

3

 

expense,
depreciation and amortization for such period, all as determined from a
consolidated statement of income of the Guarantor and its Subsidiaries prepared
in accordance with GAAP.

 

Environmental Claims means all claims, however asserted, by any
governmental, regulatory or judicial authority or other Person alleging potential
liability or responsibility for violation of any Environmental Law, or release
or injury to the environment from any Hazardous Substances.

 

Environmental Laws means all present or future federal, state or
local laws, statutes, common law duties, rules, regulations, ordinances and
codes, together with all administrative orders, directed duties, requests,
licenses, authorizations and permits of, and agreements with, any governmental
authority, in each case relating to Environmental Matters.

 

Environmental Matters means any matter arising out of or relating to
health and safety, or pollution or protection of the environment or workplace,
including any of the foregoing relating to the presence, use, production,
generation, handling, transport, treatment, storage, disposal, distribution,
discharge, release, control or cleanup of any Hazardous Substance.

 

ERISA means the Employee Retirement Income Security
Act of 1974.

 

ERISA Affiliate means any trade or business
(whether or not incorporated) that, together with the Guarantor and/or the
Company, 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 Pension Plan (other than an event for which the
30-day notice period is waived); (b) the existence with respect to any Pension
Plan of an “accumulated funding deficiency” (as defined in Section 412 of the
Code or Section 302 of ERISA), 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 Guarantor, the Company or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any
Pension Plan; (e) the receipt by the Company or any ERISA Affiliate from the
PBGC or a plan administrator of any notice relating to an intention to
terminate any Pension Plan or Pension Plans or to appoint a trustee to
administer any Pension Plan; (f) the incurrence by the Company or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Pension Plan or Multiemployer Plan; or (g) the receipt by
the Company or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Company 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.

 

4

 

Eurocurrency Reserve Percentage means, with respect to any Eurodollar Loan for
any Interest Period, a percentage (expressed as a decimal) equal to the daily
average during such Interest Period of the percentage in effect on each day of
such Interest Period, as prescribed by the FRB, for determining the aggregate
maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant
to Regulation D or any other then applicable regulation of the FRB which
prescribes reserve requirements applicable to “Eurocurrency Liabilities” as
presently defined in Regulation D.

 

Eurodollar Loan means any Loan which bears interest at a rate
determined by reference to the Eurodollar Rate (Reserve Adjusted).

 

Eurodollar
Margin means 0.5%.

 

Eurodollar Office means with respect to the Bank the office or
offices of the Bank which shall be making or maintaining the Eurodollar Loans
of the Bank hereunder.

 

Eurodollar Rate means, with respect to any Eurodollar Loan for
any Interest Period, a rate per annum equal to the offered rate for deposits in
Dollars for a period equal or comparable to such Interest Period which appears
on Telerate page 3750 as of 11:00 A.M. (London time) two Business Days prior to
the first day of such Interest Period.  “Telerate
Page 3750” means the display designated as “Page 3750” on the Telerate Service
(or such other page as may replace page 3750 on that service or such other
service as may be nominated by the British Bankers’ Association as the
information vendor for the purpose of displaying British Bankers’ Association
Interest Settlement Rates for Dollar deposits).

 

Eurodollar Rate (Reserve Adjusted) means, with respect to any Eurodollar Loan for
any Interest Period, a rate per annum (rounded upwards, if necessary, to the
nearest 1/16th of 1%) determined pursuant to the following formula:

 

Eurodollar
Rate     =              Eurodollar
Rate

(Reserve
Adjusted)                 1-Eurocurrency

Reserve
Percentage.

 

Event of Default means any of the events described in Section
12.1.

 

Federal Funds Rate means, for any day, the rate set forth in the
weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Bank of New York (including any
such successor publication, “H.15(519)”) on the preceding Business Day opposite
the caption “Federal Funds (Effective)”; or, if for any relevant day such rate
is not so published on any such preceding Business Day, the rate for such day
will be the arithmetic mean as determined by the Bank of the rates for the last
transaction in overnight Federal funds arranged prior to 9:00 A.M. (New York
City time) on that day by each of three leading brokers of Federal funds
transactions in New York City selected by the Bank.

 

Fiscal
Quarter means a fiscal
quarter of a Fiscal Year.

 

5

 

Fiscal Year means the fiscal year of the Guarantor, which
period shall be the 12-month period ending on December 31st of each year.  References to a Fiscal Year with a number
corresponding to any calendar year (e.g., “Fiscal Year 2004”) refer to the
Fiscal Year ending on December 31st of such calendar year.

 

FRB means the Board of Governors of the Federal
Reserve System or any successor thereto.

 

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

 

Group - see Section 2.2.1.

 

Guarantor means NAVTEQ Corporation, a Delaware
corporation.

 

Guaranty means a guaranty substantially in the form of Exhibit
C.

 

Hazardous
Substances means any
flammable explosives, radioactive materials, hazardous materials, hazardous
wastes, hazardous or toxic substances or related materials defined in the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended (42 U.S.C. Sections 9601, et.
seq.), the Hazardous Materials Transportation Act, as amended (49
U.S.C. Sections 1801, et. seq.),
the Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections
6901, et. seq.) and in the
regulations adopted and publications promulgated pursuant thereto.

 

Hedging Agreement means any interest rate, currency or commodity
swap agreement, cap agreement or collar agreement, and any other agreement or
arrangement designed to protect a Person against fluctuations in interest
rates, currency exchange rates or commodity prices.

 

Hedging Obligation means, with respect to any Person, any
liability of such Person under any Hedging Agreement.

 

Hedging Obligations (Fair Market Value) means with respect to the Guarantor and its
Subsidiaries, the fair market value of their consolidated Hedging Obligations
as recorded on the Guarantor’s consolidated balance sheet as prepared in
accordance with GAAP.

 

Interest Expense means for any period the consolidated interest
expense of the Guarantor and its Subsidiaries for such period (including all
imputed interest on Capital Leases).

 

Interest Period means, as to any Eurodollar Loan, the period
commencing on the date such Loan is borrowed or continued as, or converted
into, a Eurodollar Loan and ending on the

 

6

 

date
one, two, three or six months thereafter as selected by the Company pursuant to
Section 2.2.2 or 2.2.3, as the case may be; provided that:

 

(i)            if any Interest Period would
otherwise end on a day that is not a Business Day, such Interest Period shall
be extended to the following Business Day unless the result of such extension
would be to carry such Interest Period into another calendar month, in which
event such Interest Period shall end on the preceding Business Day;

 

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

 

(iii)          the Company may not select any
Interest Period for a Revolving Loan which would extend beyond the scheduled
Termination Date.

 

Investment means, relative to any Person, any investment
in another Person, whether by acquisition of any debt or equity security, by
making any loan or advance or by becoming obligated with respect to a
Suretyship Liability in respect of obligations of such other Person (other than
travel and similar advances to employees in the ordinary course of business).

 

Lien means, with respect to any Person, any
interest granted by such Person in any real or personal property, asset or
other right owned or being purchased or acquired by such Person which secures
payment or performance of any obligation and shall include any mortgage, lien,
encumbrance, charge or other security interest of any kind, whether arising by
contract, as a matter of law, by judicial process or otherwise.

 

Loan Documents means this Agreement, the Note, the Guaranty
and any other document, agreement or certificate delivered from time to time in
connection herewith, including without limitation, any amendment, restatement
or modification of the foregoing.

 

Loans means Revolving Loans.

 

Margin Stock means any “margin stock” as defined in
Regulation U.

 

Material Adverse Effect means (a) a material adverse change in, or a
material adverse effect upon, the financial condition, operations, assets,
business, or properties of the Company, the Guarantor and their Subsidiaries
taken as a whole, (b) a material impairment of the ability of the Company, the
Guarantor or any of their Subsidiaries to perform any of their obligations
under any Loan Document or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against the Company, the Guarantor
or any of their Subsidiaries of any Loan Document.

 

7

 

Material Indebtedness means Debt (other than the Loans,
or obligations in respect of one or more Hedging Agreements) of (i) any one or
more of the Company and its Subsidiaries, in an aggregate principal amount
exceeding $5,000,000, or (ii) of the Guarantor, in an aggregate principal
amount exceeding $5,000,000. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of the Guarantor, the Company or any
Subsidiary in respect of any Hedging Obligations at any time shall be equal to
the Hedging Obligations (Fair Market Value).

 

Multiemployer Pension Plan means a multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate may
have any liability.

 

Non-Use Fee Rate means a rate per annum equal to 0.075%.

 

Note - see Section 3.1.

 

Obligations means any and all principal, interest, fees
and any other amount due, from time to time, by the Company to the Bank
hereunder or under any other Loan Documents.

 

Operating Lease means any lease of (or other agreement
conveying the right to use) any real or personal property by the Company or any
Subsidiary, as lessee, other than any Capital Lease.

 

PBGC means the Pension Benefit Guaranty Corporation
and any entity succeeding to any or all of its functions under ERISA.

 

Pension Plan means a “pension plan”, as such term is
defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA (other
than a Multiemployer Pension Plan), and to which the Company or any ERISA
Affiliate may have any liability, including any liability by reason of having
been a substantial employer within the meaning of Section 4063 of ERISA at any
time during the preceding five years, or by reason of being deemed to be a
contributing sponsor under Section 4069 of ERISA.

 

Permitted
Investment means investments
in: (i) money market mutual funds, (ii) 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); (iii) commercial paper, corporate notes, corporate bonds and
medium-term notes obligations of major corporations and bank holding companies,
(iv) bankers’ acceptances, certificates of deposit and time deposits, (v)
asset-backed securities, (vi) mortgage-backed securities, (vii) taxable
municipal securities (including, without limitation, variable rate demand notes
(VRDNs) and auction rate securities) and (viii) auction rate preferreds; provided,
that (a) investments which bear a “short-term” credit rating must have a
minimum rating and be explicitly rated by two of the three following rating
services:  “A1” by Standard & Poor’s,
“P1” by Moody’s and/or “F-1” by Fitch (no split-rated paper permitted) (and, in
the case of municipal securities, SP1 by Standard & Poor’s, MIG1 by Moody’s),
(b) investments which bear a “long-term”
credit rating

 

8

 

must
have a minimum rating and be explicitly rated by two of the following rating
services:  “A” by Standard & Poor’s, “A2”
by Moody’s or “A” by Fitch, (c) investments in bankers acceptance, certificates
of deposit and time deposits must be with banks with a minimum “short-term”
rating by two of the three following services of: “A1” by Standard & Poor’s,
“P1” by Moody’s and/or “F-1” by Fitch, and a minimum “long-term” credit rating
by two of the following three rating services of “A” by Standard & Poor’s, “A2”
by Moody’s or “A” by Fitch and (d) investments which are rated by only one of
S&P, Moody’s or Fitch must have the highest investment rating designated by
such agency; provided, further, that (1) none of the investments
listed above shall have a maturity greater than two years, (2) no single issuer
shall account for greater than 10% of the aggregate value of the total amount
of the investments listed above (except for the investment described in clause
(ii) above) and (3) no single investment shall constitute greater than 10% of
the value of the total amount of the investment issued by such issuer (except
for the investment described in clause (ii) above).

 

Person means any natural person, corporation,
partnership, trust, limited liability company, association, governmental
authority or unit, or any other entity, whether acting in an individual,
fiduciary or other capacity.

 

Prime Rate means, for any day, the rate of interest in
effect for such day as publicly announced from time to time by the Bank as its
prime rate (whether or not such rate is actually charged by the Bank).  Any change in the Prime Rate announced by the
Bank shall take effect at the opening of business on the day specified in the
public announcement of such change.

 

Regulation D means Regulation D of the FRB.

 

Regulation U means Regulation U of the FRB.

 

Responsible Officer means the President, Chief Executive Officer,
Chief Financial Officer, a Treasurer or a Secretary of the Company or the
Guarantor.

 

Restricted Payment means any dividend or other distribution
(whether in cash, securities or other property) with respect to any shares of
any class of capital stock of the Company or any of its
Subsidiaries, 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
shares of capital stock of the Company or any option, warrant or other right to
acquire any such shares of capital stock of the Company.

 

Revolving Commitment Amount means $25,000,000, as reduced from time to
time pursuant to Section 6.1.

 

Revolving Loan - see Section
2.1.1.

 

Revolving Outstandings means, at any time, the sum of the aggregate
principal amount of all outstanding Revolving Loans.

 

9

 

SEC means the Securities and Exchange Commission
or any other governmental authority succeeding to any of the principal
functions thereof.

 

Stockholders’ Equity means, with respect to any Person, the sum of
the capital stock, capital in excess of par and stated value of shares of its
capital stock, retained earnings and any other account, including any special
account for common stock subject to redemption, which, in accordance with
generally accepted accounting principles, constitutes stockholders’ equity (or
such other appropriate account designation) of such Person.

 

Subsidiary means, with respect to any Person, a
corporation, partnership, limited liability company or other entity of which
such Person and/or its other Subsidiaries own, directly or indirectly, such
number of outstanding shares or other ownership interests as have more than 50%
of the ordinary voting power for the election of directors or other managers of
such corporation, partnership, limited liability company or other entity.

 

Suretyship Liability means any agreement, undertaking or
arrangement by which any Person guarantees, endorses or otherwise becomes or is
contingently liable upon (by direct or indirect agreement, contingent or
otherwise, to provide funds for payment, to supply funds to or otherwise to
invest in a debtor, or otherwise to assure a creditor against loss) any
indebtedness, obligation or other liability of any other Person (other than by
endorsements of instruments in the course of collection), or guarantees the
payment of dividends or other distributions upon the shares of any other
Person.  The amount of any Person’s
obligation in respect of any Suretyship Liability shall (subject to any
limitation set forth therein) be deemed to be the principal amount of the debt,
obligation or other liability supported thereby.

 

Termination Date means the earlier to occur of (a) December 1,
2005 or (b) such other date on which the Commitment terminates pursuant to Section 6
or 12.

 

Total Debt means all Debt of the Guarantor and its Subsidiaries,
determined on a consolidated basis, excluding (i) contingent obligations in
respect of Suretyship Liabilities (except to the extent constituting Suretyship
Liabilities in respect of Debt of a Person other than the Company or any
Subsidiary), (ii) Hedging Obligations, and (iii) Debt of the Company to
Subsidiaries and Debt of Subsidiaries to the Company or to other Subsidiaries,
all as determined in accordance with GAAP.

 

Total Debt to Consolidated Tangible Net Worth
Ratio means, as of the last day of any
Fiscal Quarter, the ratio of (i) Total Debt as of such day to (ii) the sum of
(X) Consolidated Tangible Net Worth plus (Y) the Capitalized Software
Development Costs for the Computation Period ending on such day.

 

Total Debt to EBITDA Ratio means, as of the last day of any Fiscal
Quarter, the ratio of (i) the sum of (X) Total Debt as of such day plus
(Y) the Hedging Obligations (Fair Market Value) to (ii) EBITDA for the
Computation Period ending on such day.

 

10

 

Type of Loan or Borrowing - see Section 2.2.1.  The types of Loans or borrowings under this
Agreement are as follows: Base Rate Loans or borrowings and Eurodollar Loans or
borrowings.

 

Unmatured Event of Default means any event that, if it continues uncured,
will, with lapse of time or notice or both, constitute an Event of Default.

 

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.

 

Wholly-Owned Subsidiary means, as to any Person, another Person all of
the shares of capital stock or other ownership interests of which (except
directors’ qualifying shares) are at the time directly or indirectly owned by
such Person and/or another Wholly-Owned Subsidiary of such Person.

 

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

 

(b)           Section,
Schedule and Exhibit references are to this Agreement unless
otherwise specified.

 

(c)           The
term “including” is not limiting and means “including without limitation.”

 

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

 

(e)           Unless
otherwise expressly provided herein, (i) references to agreements
(including this Agreement) and other contractual instruments shall be deemed to
include all subsequent amendments and other modifications thereto, but only to
the extent such amendments and other modifications are not prohibited by the
terms of any Loan Document, and (ii) references to any statute or
regulation shall be construed as including all statutory and regulatory
provisions amending, replacing, supplementing or interpreting such statute or
regulation.

 

(f)            This
Agreement and the other Loan Documents may use several different limitations,
tests or measurements to regulate the same or similar matters.  All such limitations, tests and measurements
are cumulative and each shall be performed in accordance with its terms.

 

(g)           This
Agreement and the other Loan Documents are the result of negotiations among and
have been reviewed by counsel to the Company, the Guarantor and the Bank and
are the products of all parties. 
Accordingly, they shall not be construed against a party merely because
of such party’s involvement in their preparation.

 

11

 

SECTION
2                                   COMMITMENT OF THE
BANK; BORROWING AND CONVERSION PROCEDURES.

 

2.1           Commitment. 
On and subject to the terms and conditions of this Agreement, the Bank,
agrees to make loans to the Company on a revolving basis (“Revolving Loans”)
from time to time until the Termination Date in such amounts as the Company may
request from the Bank; provided that the Revolving Outstandings will not
at any time exceed the Revolving Commitment.

 

2.2           Loan Procedures.

 

2.2.1        Various Types of Loans.  Each Revolving Loan shall be divided into
tranches which are, either a Base Rate Loan or a Eurodollar Loan (each a “type”
of Loan), as the Company shall specify in the related notice of borrowing or
conversion pursuant to Section 2.2.2 or 2.2.3.  Eurodollar Loans having the same Interest
Period are sometimes called a “Group” or collectively “Groups”.  Base Rate Loans and Eurodollar Loans may be
outstanding at the same time, provided, that not more than five (5)
different Groups of Eurodollar Loans shall be outstanding at any one time.

 

2.2.2        Borrowing Procedures.  The Company shall give written notice or
telephonic notice (followed immediately by written confirmation thereof) to the
Bank of each proposed borrowing (a) in the case of a Base Rate borrowing,
no later than 1:00 P.M., Chicago time, on the proposed date of such
borrowing, and (b) in the case of a Eurodollar borrowing, no later than
1:00 P.M., Chicago time, at least three Business Days prior to the
proposed date of such borrowing.  Each
such notice shall be effective upon receipt by the Bank, shall be irrevocable,
and shall specify the date, amount and type of borrowing and, in the case of a
Eurodollar borrowing, the initial Interest Period therefor.  Each borrowing shall be on a Business
Day.  Each Base Rate borrowing shall be
in an aggregate amount of at least $100,000 and an integral multiple of
$100,000, and each Eurodollar borrowing shall be in an aggregate amount of at
least $1,000,000 and an integral multiple of at least $250,000.

 

2.2.3        Conversion and Continuation
Procedures.  (a) Subject to
Section 2.2.1, the Company may, upon irrevocable written notice to the Bank in
accordance with clause (b) below:

 

(i)            elect,
as of any Business Day, to convert any Base Rate Loans (or any part thereof in
an aggregate amount not less than $1,000,000 and an integral multiple of
$250,000 into Eurodollar Loans;

 

(ii)           elect,
as of the last day of the applicable Interest Period, to continue any
Eurodollar Loans having Interest Periods expiring on such day (or any part
thereof in an aggregate amount not less than $1,000,000 and an integral
multiple of $250,000 for a new Interest Period; or

 

(iii)          elect,
as of any Business Day, to convert any Eurodollar Loans (or any part thereof)
into Base Rate Loans;

 

12

 

provided that after giving effect to any prepayment,
conversion or continuation, the aggregate principal amount of each Group of
Eurodollar Loans shall be at least $1,000,000 
and an integral multiple of $250,000.

 

(b)           The
Company shall give written or telephonic (followed immediately by written
confirmation thereof) notice to the Bank of each proposed conversion or
continuation not later than (i) in the case of conversion into Base Rate Loans,
1:00 P.M., Chicago time, on the proposed date of such conversion and (ii) in
the case of conversion into or continuation of Eurodollar Loans, 1:00 P.M.,
Chicago time, at least three Business Days prior to the proposed date of such
conversion or continuation, specifying in each case:

(i)            the
proposed date of conversion or continuation;

 

(ii)           the
aggregate amount of Loans to be converted or continued;

 

(iii)          the
type of Loans resulting from the proposed conversion or continuation; and

 

(iv)          in
the case of conversion into, or continuation of, Eurodollar Loans, the duration
of the requested Interest Period therefor.

 

(c)           If
upon the expiration of any Interest Period applicable to Eurodollar Loans, the
Company has failed to select timely a new Interest Period to be applicable to
such Eurodollar Loans, the Company shall be deemed to have elected to convert
such Eurodollar Loans into Base Rate Loans effective on the last day of such
Interest Period.

 

(d)           Any
conversion of a Eurodollar Loan on a day other than the last day of an Interest
Period therefor shall be subject to Section 8.4.

 

2.3           Certain Conditions.  Notwithstanding any other provision of this
Agreement, the Bank shall have no obligation to make any Loan, if an Event of
Default or Unmatured Event of Default exists.

 

SECTION
3            NOTE EVIDENCING LOANS.

 

3.1           Note.  The Loans of
the Bank shall be evidenced by a promissory note (the “Note”)
substantially in the form set forth in Exhibit A, with appropriate
insertions, payable to the order of the Bank in a face principal amount equal
to the sum of the Revolving Commitment Amount. 
Each Revolving Loan shall be paid in full on the Termination Date.

 

3.2           Recordkeeping.  The Bank shall record in its records, or at
its option on the schedule attached to its Note, the date and amount of each
Loan made by the Bank, each repayment or conversion thereof and the dates on
which each Interest Period for such Loan shall begin and end.  The aggregate unpaid principal amount so
recorded shall be rebuttable presumptive evidence of the principal amount owing
and unpaid on the Note.  The failure to
so

 

13

 

record any such amount or any error in so
recording any such amount shall not, however, limit or otherwise affect the
obligations of the Company hereunder or under the Note to repay the principal
amount of the Loans evidenced by the Note together with all interest accruing
thereon.

 

SECTION
4            INTEREST.

 

4.1           Interest Rates. 
The Company promises to pay interest on the unpaid principal amount of
each Loan for the period commencing on the date of such Loan until such Loan is
paid in full as follows:

 

(a)           at
all times while such Loan is a Base Rate Loan, at a rate per annum equal to the
sum of the Base Rate from time to time in effect; and

 

(b)           at
all times while such Loan is a Eurodollar Loan, at a rate per annum equal to
the sum of the Eurodollar Rate (Reserve Adjusted) applicable to each Interest
Period for such Loan plus the Eurodollar Margin from time to time in effect;

 

provided that at any time an Event of Default exists,
if requested by the Bank, the interest rate applicable to each Loan shall be
increased by 2%.

 

4.2           Interest Payment Dates.  Accrued interest on each Eurodollar Loan
shall be payable on the last day of each Interest Period relating to such Loan
(and, in the case of a Eurodollar Loan with a six-month Interest Period, on the
three-month anniversary of the first day of such Interest Period) and at
maturity.  After maturity, accrued interest
on all Loans shall be payable on demand.

 

4.3           Setting and Notice of Eurodollar
Rates.  The applicable Eurodollar
Rate for each Interest Period shall be determined by the Bank and notice
thereof shall be given promptly to the Company. 
Each determination of the applicable Eurodollar Rate by the Bank shall
be conclusive and binding upon the parties hereto, in the absence of
demonstrable error.  The Bank shall, upon
written request of the Company, deliver to the Company a statement showing the
computations used by the Bank in determining any applicable Eurodollar Rate
hereunder.

 

4.4           Computation of Interest.  Interest shall be computed for the actual
number of days elapsed on the basis of a year of 360 days.  The applicable interest rate for each Base
Rate Loan shall change simultaneously with each change in the Base Rate.

 

SECTION 5            FEES.

 

5.1           Non-Use Fee. 
The Company agrees to pay to the Bank a non-use fee, for the period from
the Closing Date to the Termination Date, at the Non-Use Fee Rate in effect
from time to time of the unused amount of the Revolving Commitment Amount.  For purposes of calculating usage under this
Section, the Revolving Commitment Amount shall be deemed used to the extent of
the aggregate principal amount of all outstanding Revolving Loans.  Such non-use fee shall be payable in arrears
on the last day of each calendar quarter and on the

 

14

 

Termination Date for any period then ending
for which such non-use fee shall not have previously been paid.  The non-use fee shall be computed for the
actual number of days elapsed on the basis of a year of 360 days.

 

SECTION 6          REDUCTION OR TERMINATION OF THE
REVOLVING COMMITMENT AMOUNT; PREPAYMENTS.

 

6.1           Reduction or Termination of the
Revolving Commitment Amount.  The
Company may from time to time on at least five Business Days’ prior written
notice received by the Bank permanently reduce the Revolving Commitment Amount
to an amount not less than the Revolving Outstandings.  Any such reduction shall be in an amount not
less than $1,000,000 or a higher integral multiple of $1,000,000.  Concurrently with any reduction of the
Revolving Commitment Amount to zero, the Company shall pay all interest on the
Revolving Loans and all non-use fees.

 

6.2           Prepayments.

 

6.2.1        Voluntary Prepayments.  The Company may from time to time prepay the
Loans in whole or in part; provided that the Company shall give the Bank
notice thereof not later than 1:00 P.M., Chicago time, on the day of such
prepayment (which shall be a Business Day), specifying the Loans to be prepaid
and the date and amount of prepayment.

 

6.2.2        Mandatory Prepayment.  If on any day on which the Revolving
Outstandings exceed the Revolving Commitment Amount, the Company shall
immediately prepay Revolving Loans in an amount sufficient to eliminate such
excess.

 

6.3           All Prepayments. 
Any partial prepayment of a Group of Eurodollar Loans shall be subject
to the proviso to Section 2.2.3(a). 
Any prepayment of a Eurodollar Loan on a day other than the last day of
an Interest Period therefor shall include interest on the principal amount
being repaid and shall be subject to Section 8.4.

 

SECTION
7            MAKING AND PRORATION OF
PAYMENTS; SETOFF; TAXES.

 

7.1           Making of Payments.  All payments of principal of or interest on
the Note, and of all fees, shall be made by the Company to the Bank in
immediately available funds at the office specified by the Bank not later than
1:00 P.M., Chicago time, on the date due; and funds received after that hour
shall be deemed to have been received by the Bank on the following Business
Day.

 

7.2           Application of Certain Payments.  Each payment of principal shall be applied to
such Loans as the Company shall direct by notice to be received by the Bank on
or before the date of such payment or, in the absence of such notice, as the
Bank shall determine in its discretion.

 

15

 

7.3           Due Date Extension.  If any payment of principal or interest with
respect to any of the Loans, or of any fees, falls due on a day which is not a
Business Day, then such due date shall be extended to the immediately following
Business Day (unless, in the case of a Eurodollar Loan, such immediately
following Business Day is the first Business Day of a calendar month, in which
case such due date shall be the immediately preceding Business Day) and, in the
case of principal, additional interest shall accrue and be payable for the
period of any such extension.

 

7.4           Setoff.  The
Company agrees that the Bank has all rights of set-off and bankers’ lien
provided by applicable law, and in addition thereto, the Company agrees that at
any time any Event of Default exists, the Bank may apply to the payment of any
obligations of the Company hereunder, whether or not then due, any and all
balances, credits, deposits, accounts or moneys of the Company then or
thereafter with the Bank.

 

7.5           Taxes.  All
payments of principal of, and interest on, the Loans and all other amounts
payable hereunder shall be made free and clear of and without deduction for any
present or future income, excise, stamp or franchise taxes and other taxes,
fees, duties, withholdings or other charges of any nature whatsoever imposed by
any taxing authority, excluding franchise taxes and taxes imposed on or
measured by the Bank’s net income or receipts (all non-excluded items being
called “Taxes”).  If any
withholding or deduction from any payment to be made by the Company hereunder
is required in respect of any Taxes pursuant to any applicable law, rule or
regulation, then the Company will:

 

(a)           pay
directly to the relevant authority the full amount required to be so withheld
or deducted;

 

(b)           promptly
forward to the Bank an official receipt or other documentation satisfactory to
the Bank evidencing such payment to such authority; and

 

(c)           pay
to the Bank such additional amount or amounts as is necessary to ensure that
the net amount actually received by the Bank will equal the full amount the
Bank would have received had no such withholding or deduction been required.

 

Moreover, if any Taxes are directly asserted
against the Bank with respect to any payment received by the Bank hereunder,
the Bank may pay such Taxes and the Company will promptly pay such additional
amounts (including any penalty, interest or expense) as is necessary in order
that the net amount received by such Person after the payment of such Taxes
(including any Taxes on such additional amount) shall equal the amount such
Person would have received had such Taxes not been asserted.

 

If the Company fails to pay any Taxes when due
to the appropriate taxing authority or fails to remit to the Bank, the required
receipts or other required documentary evidence, the Company shall indemnify
the Bank for any incremental Taxes, interest or penalties that may become
payable by the Bank as a result of any such failure.

 

16

 

SECTION
8                                   INCREASED COSTS;
SPECIAL PROVISIONS FOR EURODOLLAR LOANS.

 

8.1           Increased Costs. 
(a)  If, after the date hereof,
the adoption of, or any change in, any applicable law, rule or regulation, or
any change in the interpretation or administration of any applicable law, rule
or regulation by any governmental authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by the
Bank (or any Eurodollar Office of the Bank) with any request or directive
(whether or not having the force of law) of any such authority, central bank or
comparable agency

 

(i)            shall
subject the Bank (or any Eurodollar Office of the Bank) to any tax, duty or other
charge with respect to its Eurodollar Loans, its Note or its obligation to make
Eurodollar Loans, or shall change the basis of taxation of payments to the Bank
of the principal of or interest on its Eurodollar Loans or any other amounts
due under this Agreement in respect of its Eurodollar Loans or its obligation
to make Eurodollar Loans (except for changes in the rate of tax on the overall
net income of the Bank or its Eurodollar Office imposed by the jurisdictions in
which the Bank’s principal executive office or Eurodollar Office is located);

 

(ii)           shall
impose, modify or deem applicable any reserve (including any reserve imposed by
the FRB, but excluding any reserve included in the determination of interest
rates pursuant to Section 4), special deposit or similar requirement
against assets of, deposits with or for the account of, or credit extended by
the Bank (or any Eurodollar Office of the Bank); or

 

(iii)          shall
impose on the Bank (or its Eurodollar Office) any other condition affecting its
Eurodollar Loans, its Note or its obligation to make Eurodollar Loans;

 

and the result of any of the foregoing is to
increase the cost to (or to impose a cost on) the Bank (or any Eurodollar
Office of the Bank) of making or maintaining any Eurodollar Loan, or to reduce
the amount of any sum received or receivable by the Bank (or its Eurodollar
Office) under this Agreement or under its Note with respect thereto, then upon
demand by the Bank (which demand shall be accompanied by a statement setting
forth the basis for such demand and a calculation of the amount thereof in
reasonable detail, a copy of which shall be furnished to the Company), the
Company shall pay directly to the Bank such additional amount as will
compensate the Bank for such increased cost or such reduction.

 

(b)           If
the Bank shall reasonably determine that any change in, the adoption or
phase-in of, any applicable law, rule or regulation regarding capital adequacy,
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 any
Person controlling the Bank with 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 the Bank’s or

 

17

 

such controlling Person’s capital as a
consequence of the Bank’s obligations hereunder to a level below that which the
Bank or such controlling Person could have achieved but for such change,
adoption, phase-in or compliance (taking into consideration the Bank’s or such
controlling Person’s policies with respect to capital adequacy) by an amount
deemed by the Bank or such controlling Person to be material, then from time to
time, upon demand by the Bank (which demand shall be accompanied by a statement
setting forth the basis for such demand and a calculation of the amount thereof
in reasonable detail, a copy of which shall be furnished to the Company), the
Company shall pay to the Bank such additional amount as will compensate the
Bank or such controlling Person for such reduction.

 

8.2           Basis for Determining Interest Rate
Inadequate or Unfair.  If with
respect to any Interest Period:

 

(a)           deposits
in Dollars (in the applicable amounts) are not being offered to the Bank in the
interbank eurodollar market for such Interest Period, or the Bank otherwise
reasonably determines (which determination shall be binding and conclusive on
the Company) that by reason of circumstances affecting the interbank eurodollar
market adequate and reasonable means do not exist for ascertaining the
applicable Eurodollar Rate; or

 

(b)           the
Bank advises that the Eurodollar Rate (Reserve Adjusted) as determined by the
Bank will not adequately and fairly reflect the cost to the Bank of maintaining
or funding Eurodollar Loans for such Interest Period (taking into account any
amount to which the Bank may be entitled under Section 8.1) or that the
making or funding of Eurodollar Loans has become impracticable as a result of
an event occurring after the date of this Agreement which in the opinion of the
Bank materially affects such Loans;

 

then the Bank shall promptly notify the Company
and, so long as such circumstances shall continue, (i) the Bank shall be under
no obligation to make or convert any Eurodollar Loans and (ii) on the last day
of the current Interest Period for each Eurodollar Loan, such Loan shall,
unless then repaid in full, automatically convert to a Base Rate Loan.

 

8.3           Changes in Law Rendering Eurodollar
Loans Unlawful.  If any change
in, or the adoption of any new, law or regulation, or any change in the
interpretation of any applicable law or regulation by any governmental or other
regulatory body charged with the administration thereof, should make it (or in
the good faith judgment of the Bank cause a substantial question as to whether
it is) unlawful for the Bank to make, maintain or fund Eurodollar Loans, then
the Bank shall promptly notify the Company and, so long as such circumstances
shall continue, (a) the Bank shall have no obligation to make or convert into
Eurodollar Loans and (b) on the last day of the current Interest Period for
each Eurodollar Loan (or, in any event, 
on such earlier date as may be required by the relevant law, regulation
or interpretation), such Eurodollar Loan shall, unless then repaid in full,
automatically convert to a Base Rate Loan. 
Each Base Rate Loan made by the Bank which, but for the circumstances
described in the foregoing sentence, would

 

18

 

be a Eurodollar Loan (an “Affected Loan”)
shall remain outstanding for the same period as the Group of Eurodollar Loans
of which such Affected Loan would be a part absent such circumstances.

 

8.4           Funding Losses. 
The Company hereby agrees that upon demand by the Bank (which demand
shall be accompanied by a statement setting forth the basis for the amount
being claimed, a copy of which shall be furnished to the Company), the Company
will indemnify the Bank against any net loss or expense which the Bank may
sustain or incur (including any net loss or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by the Bank to
fund or maintain any Eurodollar Loan), as reasonably determined by the Bank, as
a result of (a) any payment, prepayment or conversion of any Eurodollar Loan of
the Bank on a date other than the last day of an Interest Period for such Loan
(including any conversion pursuant to Section 8.3) or (b) any failure of
the Company to borrow, convert or continue any Loan on a date specified
therefor in a notice of borrowing, conversion or continuation pursuant to this
Agreement.  For this purpose, all notices
to the Bank pursuant to this Agreement shall be deemed to be irrevocable.

 

8.5           Right of Bank to Fund through Other
Offices.  The Bank may, if it so
elects, fulfill its commitment as to any Eurodollar Loan by causing a foreign
branch or Affiliate of the Bank to make such Loan; provided that in such
event for the purposes of this Agreement such Loan shall be deemed to have been
made by the Bank and the obligation of the Company to repay such Loan shall
nevertheless be to the Bank and shall be deemed held by it, to the extent of
such Loan, for the account of such branch or Affiliate.

 

8.6           Discretion of Bank as to Manner of
Funding.  Notwithstanding any
provision of this Agreement to the contrary, the Bank shall be entitled to fund
and maintain its funding of all or any part of its Loans in any manner it sees
fit, it being understood, however, that for the purposes of this Agreement all
determinations hereunder shall be made as if the Bank had actually funded and
maintained each Eurodollar Loan during each Interest Period for such Loan
through the purchase of deposits having a maturity corresponding to such
Interest Period and bearing an interest rate equal to the Eurodollar Rate for
such Interest Period.

 

8.7           Mitigation of Circumstances.  The Bank shall promptly notify the Company of
any event of which it has knowledge which will result in, and will use
reasonable commercial efforts available to it (and not, in the Bank’s sole
judgment, otherwise be disadvantageous to the Bank) to mitigate or avoid, (i)
any obligation by the Company to pay any amount pursuant to Section 7.5
or 8.1 or (ii) the occurrence of any circumstances described in Section
8.2 or 8.3 (and, if the Bank has given notice of any such event
described in clause (i) or (ii) above and thereafter such event
ceases to exist, the Bank shall promptly so notify the Company).  Without limiting the foregoing, the Bank will
designate a different funding office if such designation will avoid (or reduce
the cost to the Company of) any event described in clause (i) or (ii)
of the preceding sentence and such designation will not, in the Bank’s sole
judgment, be otherwise disadvantageous to the Bank.

 

19

 

8.8           Conclusiveness of Statements;
Survival of Provisions. 
Determinations and statements of Bank pursuant to Section 8.1, 8.2,
8.3 or 8.4 shall be conclusive absent demonstrable error.  The Bank may use reasonable averaging and
attribution methods in determining compensation under Sections 8.1 and 8.4,
and the provisions of such Sections shall survive repayment of the Loans,
cancellation of the Note and termination of this Agreement.

 

SECTION
9            WARRANTIES.

 

To induce the Bank to enter into this
Agreement and to induce the Bank to make Loans hereunder, the Company warrants
to the Bank that:

 

9.1           Organization.  Each of the Company, the
Guarantor and their Subsidiaries is validly existing and in good standing under
the laws of the jurisdiction of their organization and is duly qualified to do
business in each jurisdiction where, because of the nature of its activities or
properties, such qualification is required, except for such jurisdictions where
the failure to so qualify would not have a Material Adverse Effect.

 

9.2           Authorization; No Conflict.  Each of the Company, the Guarantor and their
Subsidiaries is duly authorized to execute, deliver and perform its obligations
under each Loan Document to which it is a party.  The Company is duly authorized to borrow
monies hereunder.  Except as set forth in
Schedule 9.2, the execution, delivery and performance by the Company of
this Agreement and by each of the Company and the Guarantor of each other Loan
Document to which either is a party, and the borrowings by the Company
hereunder, do not and will not (a) require any consent or approval of any
governmental agency or authority (other than any consent or approval which has
been obtained and is in full force and effect), (b) conflict with (i) any
provision of law, (ii) the charter, by-laws or other organizational documents
of the Company or the Guarantor or (iii) any agreement, indenture, instrument
or other document, or any judgment, order or decree, which is binding upon the
Company or the Guarantor or any of their respective properties or (c) require,
or result in, the creation or imposition of any Lien on any asset of the
Company, the Guarantor or their Subsidiaries.

 

9.3           Validity and Binding Nature.  Each of this Agreement and each other Loan
Document to which the Company or the Guarantor is a party is the legal, valid
and binding obligation of such Person, enforceable against such Person in
accordance with its terms, subject to bankruptcy, insolvency and similar laws
affecting the enforceability of creditors’ rights generally and to general principles
of equity.

 

9.4           Financial Condition.  The audited consolidated financial statements
of the Guarantor and its Subsidiaries as at December 31, 2003, copies of which
have been delivered to the Bank, were prepared in accordance with GAAP and
present fairly, in all material respects, the consolidated financial condition
of the Guarantor and its Subsidiaries as at such date and the results of their
operations for the period then ended.

 

20

 

9.5           No Material Adverse Change.  Since December 31, 2003, there has been no
material adverse change in the financial condition, operations, assets,
business, properties of the Company, the Guarantor and their Subsidiaries taken
as a whole.

 

9.6           Litigation and Contingent Liabilities.  No litigation (including derivative actions),
arbitration proceeding or governmental investigation or proceeding is pending
or, to the Company’s knowledge, threatened against the Company, the Guarantor
or any of their Subsidiaries which could reasonably be expected to have a
Material Adverse Effect, except as set forth in Schedule 9.6.  Other than any liability incident to such
litigation or proceedings, neither the Company, the Guarantor nor any of their
Subsidiaries has any Suretyship Liabilities not listed on Schedule 9.6
or permitted by Section 10.6 which could reasonably be expected to have
a Material Adverse Effect.

 

9.7           Ownership of Properties; Liens.  Each of the Company, the Guarantor, and each
of their Subsidiaries owns good and, in the case of real property,  marketable title to all of its properties and
assets, real and personal, tangible and intangible, of any nature whatsoever
(including patents, trademarks, trade names, service marks and copyrights),
free and clear of all Liens, charges and claims (including, to the Company’s
knowledge, infringement claims with respect to patents, trademarks, service
marks, copyrights and the like) except as permitted by Section 10.7,
except where such failure would reasonably be expected to have a Material
Adverse Effect.

 

9.8           Subsidiaries. 
As of the Closing Date, the Company has no Subsidiaries other than those
listed on Schedule 9.8.

 

9.9           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.

 

9.10         Investment Company Act.  None of the Company, the Guarantor or any of
their Subsidiaries is an “investment company” or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940.

 

9.11         Public Utility Holding Company Act.  None of the Company, the Guarantor or any of
their Subsidiaries is a “holding company”, or a “subsidiary company” of a “holding
company”, or an “affiliate” of a “holding company” or of a “subsidiary company”
of a “holding company”, within the meaning of the Public Utility Holding
Company Act of 1935.

 

9.12         Regulation U. 
The Company is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing
or carrying Margin Stock.

 

9.13         Taxes.  Each of
the Company, the Guarantor and each of their Subsidiaries has filed all
material tax returns and reports required by law to have been filed by it and
has paid all material taxes and governmental charges thereby shown to be owing,
except any such taxes or

 

21

 

charges which are being diligently contested
in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books.

 

9.14         Solvency, etc. 
On the Closing Date, and immediately prior to and after giving effect to
each borrowing hereunder and the use of the proceeds thereof, (a) each of
the Company’s, the Guarantor’s and their Subsidiaries’ assets will exceed its
liabilities (excluding Debt incurred by a Subsidiary with the Company, the
Guarantor or any of their other Subsidiaries) and (b) each of the Company, the
Guarantor and their Subsidiaries will be solvent, will be able to pay its debts
as they mature (excluding Debt incurred by a Subsidiary with the Company, the
Guarantor or any of their other Subsidiaries), will own property with fair
saleable value greater than the amount required to pay its debts and will have
capital sufficient to carry on its business as then constituted.

 

9.15         Environmental Matters.  Except matters set forth on Schedule 9.15
hereto 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, none of the Guarantor, the Company or any of their 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 Claim, (iii) has received
notice of any claim with respect to any Environmental Claim, or (iv) knows of
any basis for any Environmental Claim.

 

9.16         Information. 
Taking into account any matters disclosed in the Company’s or the
Guarantor’s public filings with the SEC, the information heretofore or
contemporaneously herewith furnished in writing by a Responsible Officer of the
Company or the Guarantor to the Bank for purposes of or in connection with this
Agreement and the transactions contemplated hereby is, and all written
information hereafter furnished by a Responsible Officer on behalf of the Company
or the Guarantor or any of their Subsidiaries to the Bank pursuant hereto or in
connection herewith will not be misleading in any material respect on the date
as of which such information is dated or certified, and none of such
information is or will be incomplete by omitting to state any material fact
necessary to make such information not misleading in light of the circumstances
under which made (it being recognized by the Bank that any projections and
forecasts provided by a Responsible Officer on behalf of the Company, the
Guarantor or any of their Subsidiaries are based on good faith estimates and
assumptions believed by such Responsible Officer to be reasonable as of the
date of the applicable projections or assumptions and that actual results during
the period or periods covered by any such projections and forecasts may differ
from projected or forecasted results).

 

9.17         No Default.  No
Event of Default or Unmatured Event of Default exists or would result from the
incurring by the Company or the Guarantor of any Debt hereunder or under any
other Loan Document.

 

22

SECTION 10 COVENANTS.

 

Until the expiration or
termination of the Commitment and thereafter until all obligations of the
Company hereunder and under the other Loan Documents are paid in full, the
Company agrees that, unless at any time the Bank shall otherwise expressly
consent in writing, it will:

 

10.1         Reports,
Certificates and Other Information. 
Furnish to the Bank:

 

10.1.1      Annual
Report.  In the
event the Guarantor does not timely file (giving no effect to any extension
granted by the SEC) an annual report on Form 10-K with the SEC, within 90 days
after the end of each Fiscal Year, the Guarantor shall promptly furnish to the
Bank a copy of the annual audit report of the Guarantor and its Subsidiaries
for such Fiscal Year, including therein consolidated balance sheets and
statements of earnings and cash flows of the Guarantor and its Subsidiaries as
at the end of such Fiscal Year, certified without qualification by KPMG, LLP or
other independent auditors of recognized standing selected by the Company and reasonably
acceptable to the Bank.

 

10.1.2      Interim
Reports.  In the
event the Guarantor does not timely file (giving no effect to any extension
granted by the SEC) a quarterly report on Form 10-Q with the SEC, within 45
days after the end of each Fiscal Quarter (except the last Fiscal Quarter of
each Fiscal Year), the Guarantor shall promptly furnish to the Bank
consolidated balance sheets of the Guarantor and its Subsidiaries as of the end
of such Fiscal Quarter, together with consolidated statements of earnings and
cash flows for such Fiscal Quarter and for the period beginning with the first
day of such Fiscal Year and ending on the last day of such Fiscal Quarter
certified by the Chief Financial Officer or the Controller of the Guarantor.

 

10.1.3      Compliance
Certificates. 
Within five (5) Business Days after the earlier of delivering to the
Bank or filing with the SEC of a copy of each annual audit report pursuant to Section
10.1.1 and each set of quarterly statements pursuant to Section 10.1.2,
a duly completed compliance certificate in the form of Exhibit B, with
appropriate insertions, dated the date of such annual report or such quarterly
statements and signed by the Chief Financial Officer or the Controller of the
Guarantor, containing a computation of each of the financial ratios and
restrictions set forth in Section 12.1.11 and to the effect that such
officer has not become aware of any Event of Default or Unmatured Event of
Default that has occurred and is continuing or, if there is any such event, describing
it and the steps, if any, being taken to cure it.

 

10.1.4      Reports
to the SEC and to Stockholders.  Promptly upon the filing or sending of all
regular, periodic or special reports of the Guarantor, the Company or any of
their Subsidiaries filed with the SEC; all registration statements of the
Guarantor, the Company or any of their Subsidiaries filed with the SEC (other
than on Form S-8); and all proxy statements or other communications made to
security holders generally; the Company shall deliver to the Bank an email,
directed to one or more parties designated by the Bank, notifying the Bank of
such filing.

 

23

 

10.1.5      Notice
of Default, Litigation and ERISA Matters.  Promptly upon becoming aware of any of the
following, written notice describing the same and the steps being taken by the
Company, the Guarantor or the Subsidiary affected thereby with respect thereto:

(a)           the occurrence of an Event of Default
or an Unmatured Event of Default;

 

(b)           any litigation, arbitration or
governmental investigation or proceeding not previously disclosed by the
Company to the Bank which has been instituted or, to the knowledge of the
Company, is threatened against the Company, the Guarantor or any of their Subsidiaries
or to which any of the properties of any thereof is subject which might
reasonably be expected to have 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 a liability of the Company, the Guarantor
and their Subsidiaries in an aggregate amount exceeding $5,000,000; or

 

(d)           any other event (including (i) any
violation of any Environmental Law or the assertion of any Environmental Claim
or (ii) the enactment or effectiveness of any law, rule or regulation) which is
reasonably likely to have a Material Adverse Effect, other than general
economic or political events affecting the industry in which the Company
competes.

 

10.1.6      Other
Information. 
Promptly from time to time, such other information concerning the
Company, the Guarantor and their Subsidiaries as the Bank may reasonably
request.

 

10.2         Books,
Records and Inspections.  Keep, and
cause each Subsidiary to keep, its books and records in accordance with sound
business practices sufficient to allow the preparation of financial statements
in accordance with GAAP.

 

10.3         Maintenance
of Property; Insurance.  (a)  Keep, and cause each Subsidiary to keep, all
property useful and necessary in the business of the Company or such Subsidiary
in good working order and condition, ordinary wear and tear excepted except
where failure to comply would not reasonably be expected to have a Material
Adverse Effect.

 

(b)           Maintain, and cause each Subsidiary
to maintain, with responsible insurance companies, such insurance as may be
required by any law or governmental regulation or court decree or order
applicable to it and such other insurance, to such extent and against such
hazards and liabilities, as is customarily maintained by companies similarly
situated and, upon request of the Bank, furnish to the Bank a certificate
setting forth in reasonable detail the nature and extent of the insurance
maintained by the Guarantor, the Company and their Subsidiaries.

 

10.4         Compliance
with Laws; Payment of Taxes and Liabilities.  (a) 
Comply, and cause each Subsidiary to comply, in all material respects
with all applicable laws, rules, regulations, decrees, orders, judgments,
licenses and permits, except where failure to comply

 

24

 

could not reasonably be expected to have a Material
Adverse Effect; and (b) pay, and cause each Subsidiary to pay, prior to
delinquency, all material taxes and other governmental charges against it or
any of its property, as well as claims of any kind which, if unpaid, might
become a Lien on any of its property; provided that the foregoing shall
not require the Company or any Subsidiary to pay any such tax or charge so long
as it shall contest the validity thereof in good faith by appropriate
proceedings and shall set aside on its books adequate reserves with respect
thereto in accordance with GAAP.

 

10.5         Maintenance
of Existence, etc. 
Maintain and preserve, and (subject to Section 10.9) cause
each Subsidiary to maintain and preserve, (a) its existence and good standing
in the jurisdiction of its organization and (b) its qualification to do
business and good standing in each jurisdiction where the nature of its
business makes such qualification necessary (except in those instances in which
the failure to be qualified or in good standing does not have a Material
Adverse Effect).

 

10.6         Debt.  Not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Debt, except:

 

(a)           Debt created hereunder;

 

(b)           (X) Debt existing on the date hereof
and set forth in Schedule 10.6 and (Y) Debt existing on the date hereof
in an amount not exceeding $1,000,000 and extensions, renewals and replacements
of any such Debt described in clause (X) or (Y) of this clause (b) that does
not increase the outstanding principal amount thereof;

 

(c)           Debt of the Company to any Subsidiary
and of any Subsidiary to the Company or any other Subsidiary;

 

(d)           Suretyship Liabilities by the Company
of Debt of any Subsidiary and by any Subsidiary of Debt of the Company or any
other Subsidiary;

 

(e)           Debt of the Company or any Subsidiary
incurred to finance the acquisition, construction or improvement of any fixed
or capital assets, including Capital Leases and any Debt 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 Debt that do not increase the outstanding principal amount thereof; provided,
that (i) such Debt is incurred prior to or within 90 days after such
acquisition or the completion of such acquisition, construction or improvement
and (ii) the aggregate principal amount of Debt permitted by this clause (e)
shall not exceed $10,000,000 at any time outstanding;

 

(f)            Debt of any Person that becomes a
Subsidiary after the date hereof; provided, that (i) such Debt exists at the
time such Person becomes a Subsidiary and is not created in contemplation of or
in connection with such Person becoming a Subsidiary and (ii) the aggregate
principal amount of Debt permitted by this clause (f) shall not exceed
$5,000,000 at any time outstanding;

 

25

 

(g)           Debt of the Company or any Subsidiary
as an account party in respect of trade letters of credit in the ordinary
course of business;

 

(h)           Other unsecured Debt in an aggregate
principal amount not exceeding $10,000,000 at any time outstanding; and

 

(i)            In addition to other Debt permitted
under the terms of this Section 10.6, Debt incurred with mergers and
acquisitions permitted hereunder, up to a maximum aggregate amount outstanding
at any time of $40,000,000.

 

10.7         Liens.  Not, and not permit any Subsidiary to, create
or permit to exist any Lien on any of its real or personal properties, assets
or rights of whatsoever nature (whether now owned or hereafter acquired),
except:

 

(a)           Liens for taxes or other governmental
charges not at the time delinquent or thereafter payable without penalty or
being contested in good faith by appropriate proceedings and, in each case, for
which it maintains adequate reserves;

 

(b)           Liens arising in the ordinary course
of business (such as (i) Liens of carriers, warehousemen, mechanics and
materialmen and other similar Liens imposed by law and (ii) Liens incurred in
connection with worker’s compensation, unemployment compensation and other
types of social security (excluding Liens arising under ERISA) or in connection
with surety bonds, bids, performance bonds and similar obligations) for sums
not overdue or being contested in good faith by appropriate proceedings and not
involving any deposits or advances or borrowed money or the deferred purchase
price of property or services and, in each case, for which it maintains
adequate reserves;

 

(c)           Liens described on Schedule 10.7;

 

(d)           (i) Liens arising in connection with
Capital Leases (and attaching only to the property being leased),
(ii) Liens existing on property at the time of the acquisition thereof by
the Company or any Subsidiary (and not created in contemplation of such
acquisition) and (iii) Liens that constitute purchase money security interests
on any property securing debt incurred for the purpose of financing all or any
part of the cost of acquiring such property, provided that any such Lien
attaches to such property within 60 days of the acquisition thereof and
attaches solely to the property so acquired;

 

(e)           easements, rights of way,
restrictions, minor defects or irregularities in title and other similar Liens
not interfering in any material respect with the ordinary conduct of the
business of the Company or any Subsidiary;

 

(f)            Liens arising hereunder; and

 

26

 

(g)           the replacement, extension or renewal
of any Lien permitted by clause (c) above upon or in the same property
theretofore subject thereto arising out of the extension, renewal or
replacement of the Debt secured thereby.

 

10.8         Investments,
Loans, Advances, Suretyship Liabilities and Acquisitions.  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, guaranty 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 Company in the
capital stock of its Subsidiaries;

 

(c)           loans or advances made by the Company
to any Subsidiary and made by any Subsidiary to the Company or any other
Subsidiary;

 

(d)           Suretyship Liabilities constituting
Debt permitted by Section 10.6;

 

(e)           mergers with other Persons or
Acquisitions of the capital stock or assets of any Person, provided that such
merger or Acquisition does not result in a Change in Control of the Company or
a Change in Control of the Guarantor and is permitted under Section 10.9
hereof; and

 

(f)            Investments by the Company not to
exceed $10,000,000 in any Fiscal Year.

 

10.9         Mergers,
Consolidations, Sales.  Not be a
party to any merger or consolidation, or purchase or otherwise acquire all or
substantially all of the assets or any stock of any class of, or any
partnership or joint venture interest in, any other Person, or, except in the
ordinary course of its business, sell, transfer, convey or lease all or any
substantial part of its assets, or sell or assign with or without recourse any
receivables, except for (a) any such merger, consolidation, sale, transfer,
conveyance, lease or assignment of or by any Wholly-Owned Subsidiary into the
Company or into, with or to any other Wholly-Owned Subsidiary; provided,
that the Company shall be the surviving entity after giving effect to any merger
or consolidation involving the Company; (b) any such purchase or other
acquisition by the Company or any Wholly-Owned Subsidiary of the assets or
stock of any Wholly-Owned Subsidiary; (c) any Acquisition, joint venture or
partnership Investment by the Company or any Wholly-Owned Subsidiary where (1)
the assets acquired (in the case of an asset purchase) are for use, or the
Person acquired (or the Person in which an equity interest has been acquired)
(in the case of any other Acquisition) is engaged, in a business relating to
digital map information or electronic navigation and related content,
applications and services, and businesses reasonably complementary thereto; (2)

 

27

 

immediately before and after giving effect to such
Acquisition, no Event of Default or Unmatured Event of Default shall exist;
(3) immediately after giving effect to such Acquisition, the Guarantor and
its Subsidiaries are in pro forma compliance with all the financial ratios and
restrictions set forth in Section 12.1.11; (4) in the case of the
Acquisition of any Person (or an equity interest in a Person), the Board of
Directors of such Person has approved such Acquisition; and (5) in the case of
any Acquisition which is a merger or consolidation, the Company shall be the
surviving entity after giving effect to any merger or consolidation involving
the Company and (d) sales and dispositions of assets (including the stock of
Subsidiaries) for at least fair market value (as determined by the Board of
Directors of the Guarantor) so long as the net book value of all assets sold or
otherwise disposed of in any Fiscal Year does not exceed 10% of the net book
value of the consolidated assets of the Guarantor and its Subsidiaries as of
the last day of the preceding Fiscal Year.

 

10.10       Modification
of Organizational Documents.  Not
permit the certificate or articles of incorporation, by-laws or other
organizational documents of the Company or any Subsidiary to be amended or
modified in any way which might reasonably be expected to materially adversely
affect the interests of the Bank.

 

10.11       Use
of Proceeds.  Use
the proceeds of the Loans, solely for working capital, for Acquisitions
permitted hereunder, for capital expenditures and for other general corporate
purposes; and not use or permit any proceeds of any Loan to be used, either
directly or indirectly, for the purpose, whether immediate, incidental or
ultimate, of “purchasing or carrying” any Margin Stock.

 

10.12       Transactions
with Affiliates. 
Except as set forth in Schedule 10.12, not, and not permit any
Subsidiary to, enter into, or cause, suffer or permit to exist any transaction,
arrangement or contract with any of its other Affiliates (other than the
Company, the Guarantor and their Subsidiaries) which is on terms which are less
favorable than are obtainable from any Person which is not one of its
Affiliates.

 

10.13       Employee
Benefit Plans. 
Maintain, and cause each Subsidiary to maintain, each Pension Plan in
substantial compliance with all applicable requirements of law and regulations.

 

10.14       Restricted
Payments.  Not, and
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 Company
may declare and pay dividends with respect to its capital stock payable solely
in additional shares of its common stock, (b) Subsidiaries may declare and pay
dividends ratably with respect to their capital stock, (c) the Company may make
Restricted Payments pursuant to and in accordance with stock option plans or
other benefit plans for management or employees of the Company and its
Subsidiaries, (d) the Guarantor may make Restricted Payments not in excess of
$10,000,000 in any Fiscal Year; provided, that none of the Restricted
Payments permitted by this clause (d) shall be paid as a general ratable
dividend payment to all stockholders of the Guarantor and (f) as set forth in Schedule
10.14.

 

28

 

10.15       Restrictive Agreements.  The Company 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 Company 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 Company or any other Subsidiary or to guarantee Debt of the Company or
any other Subsidiary; provided, that (i) the foregoing shall not apply
to restrictions and conditions imposed by law or by this Agreement, (ii) the
foregoing shall not apply to restrictions and conditions existing on the date
hereof identified on Schedule 10.15 (but shall apply to any extension or
renewal, or any amendment or modification, expanding the scope of any such
restriction or condition), (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 Debt permitted by this Agreement
if such restrictions or conditions apply only to the property or assets
securing such Debt, and (v) clause (a) of the foregoing shall not apply to
customary provisions in leases restricting the assignment thereof.

 

10.16       OFAC and BSA Compliance.  The
Company shall (a) ensure, and cause each of its Subsidiaries to ensure, that no
person who owns a controlling interest in or otherwise controls the Company or
any Subsidiary is or shall be listed on the Specially Designated Nationals and
Blocked Person List or other similar lists maintained by the Office of Foreign
Assets Control (“OFAC”), the Department of the Treasury, or included in any
Executive Orders, (b) not use or permit the use of the proceeds of the Loans to
violate any of the foreign asset control regulations of OFAC or any enabling
statute or Executive Order relating thereto, and (c) comply, and cause each of
its Subsidiaries to comply, with all applicable Bank Secrecy Act (“BSA”) laws
and regulations, as amended.

 

SECTION 11          EFFECTIVENESS;
CONDITIONS OF LENDING, ETC.

 

The obligation of the
Bank to make its Loans hereunder is subject to the following conditions
precedent:

 

11.1         Initial
Credit Extension. 
The obligation of the Bank to make the initial Loan is, in addition to
the conditions precedent specified in Section 11.2, subject to the
conditions precedent (1) that all Debt to be Repaid has been (or concurrently
with the initial borrowing will be) paid in full, and that all agreements and
instruments governing the Debt to be Repaid and that all Liens securing such
Debt to be Repaid have been (or concurrently with the initial borrowing will
be) terminated, and (2) the Bank shall have received all of the following duly
executed and dated the Closing Date (or such earlier date as shall be
satisfactory to the Bank) in form and substance satisfactory to the Bank (and
the date on which all such conditions precedent have been satisfied or waived
in writing by the Bank is called the “Closing Date”):

 

29

 

11.1.1      Note.  The Note.

 

11.1.2      Resolutions.  Certified copies of resolutions of the
applicable governing board of the Company and the Guarantor authorizing the
execution, delivery and performance by the Company and the Guarantor, as
applicable, of this Agreement, the Notes and the other Loan Documents to which
the either is a party.

 

11.1.3      Consents, etc.  Certified copies of all
documents evidencing any necessary corporate, limited liability company or
partnership action, consents and governmental approvals (if any) required for
the execution, delivery and performance by the Company and the Guarantor of the
documents referred to in this Section 11.

 

11.1.4      Incumbency
and Signature Certificates.  A
certificate of the Secretary or an Assistant Secretary (or other
appropriate representative) of the Company and the Guarantor certifying the
names of the officer or officers of such entity authorized to sign the Loan
Documents to which such entity is a party, together with a sample of the true
signature of each such officer (it being understood that the Bank may
conclusively rely on each such certificate until formally advised by a like
certificate of any changes therein).

 

11.1.5      Guaranty. A
counterpart of the Guaranty executed by the Guarantor.

 

11.1.6      Opinions of
Counsel.  The opinion of counsel
to the Company and the Guarantor substantially in the form of Exhibit D.

 

11.1.7      Payment of
Fees.  Evidence of payment by the
Company of all accrued and unpaid fees, costs and expenses to the extent then
due and payable on the Closing Date, together with all Attorney Costs of the
Bank to the extent invoiced prior to the Closing Date, plus such
additional amounts of Attorney Costs as shall constitute the Bank’s reasonable
estimate of Attorney Costs incurred or to be incurred by the Bank through the
closing proceedings (provided that such estimate shall not thereafter
preclude final settling of accounts between the Company and the Bank), provided
that all such Attorney Costs shall not exceed $25,000.

 

11.1.8      Closing
Certificate.  A certificate signed by
an officer of the Company dated as of the Closing Date, affirming the matters
set forth in Section 11.2.1 as of the Closing Date.

 

11.1.9      Other.  Such other documents as the Bank may
reasonably request.

 

11.2         Conditions.  The obligation of the Bank to make each
Loan is subject to the following further conditions precedent that:

 

11.2.1      Compliance
with Warranties, No Default, etc.  Both before and after giving effect to any
borrowing, the following statements shall be true and correct:

 

(a)           the representations and warranties of
the Company set forth in this Agreement and the other Loan Documents shall be
true and correct in all material

 

30

 

respects with the same
effect as if then made (except to the extent stated to relate to a specific
earlier date, in which case such representations and warranties shall be true
and correct as of such earlier date); and

 

(b)           no Event of Default or Unmatured
Event of Default shall have then occurred and be continuing.

 

11.2.2      Confirmatory
Certificate.  If requested by the
Bank, the Bank shall have received a certificate dated the date of such
requested Loan and signed by a duly authorized representative of the Company as
to the matters set out in Section 11.2.1 (it being understood that each
request by the Company for the making of a Loan shall be deemed to constitute a
warranty by the Company that the conditions precedent set forth in Section
11.2.1 will be satisfied at the time of the making of such Loan, together
with such other documents as the Bank may reasonably request in support
thereof.

 

SECTION 12          EVENTS
OF DEFAULT AND THEIR EFFECT.

 

12.1         Events of
Default.  Each of the following
shall constitute an Event of Default under this Agreement:

 

12.1.1      Non-Payment
of the Loans, etc. 
Default in the payment when due of the principal of any Loan; or
default, and continuance thereof for five days, in the payment when due of any
interest, fee, or other amount payable by the Company hereunder or under any
other Loan Document.

 

12.1.2      Non-Payment
of Other Debt. 
Any default shall occur under the terms applicable to any Debt of the
Company, the Guarantor or any of their Subsidiaries in respect of any Material
Indebtedness and such default shall (a) consist of the failure to pay the
aggregate principal amount of such Debt when due, whether by acceleration or
otherwise, or (b) accelerate the maturity of such Debt or permit the holder or
holders thereof, or any trustee or agent for such holder or holders, to cause
such Debt to become due and payable (or require the Company, the Guarantor or
any of their Subsidiaries to purchase or redeem such Debt) prior to its
expressed maturity.

 

12.1.3      Other
Material Obligations.  Default in the payment when due, or in the
performance or observance of, any material obligation of, or condition agreed
to by, the Company, the Guarantor or any of their Subsidiaries with respect to
any material purchase or lease of goods or services where such default, singly
or in the aggregate with all other such defaults, could reasonably be expected
to have a Material Adverse Effect.

 

12.1.4      Bankruptcy,
Insolvency, etc.  The Company, the
Guarantor or any of their Subsidiaries becomes insolvent or generally fails to
pay, or admits in writing its inability or refusal to pay, debts as they become
due (excluding Debt incurred by a Subsidiary with the Company, the Guarantor or
any of their other Subsidiaries); or the Company, the Guarantor or any of their
Subsidiaries applies for, consents to, or acquiesces in the appointment of a
trustee,

 

31

 

receiver or other custodian for the Company, the
Guarantor or any of their Subsidiaries or any property thereof, or makes a
general assignment for the benefit of creditors; or, in the absence of such
application, consent or acquiescence, a trustee, receiver or other custodian is
appointed for the Company, the Guarantor or any of their Subsidiaries or for a
substantial part of the property of any thereof and is not discharged within 60
days; or any bankruptcy, reorganization, debt arrangement, or other case or
proceeding under any bankruptcy or insolvency law, or any dissolution or
liquidation proceeding, is commenced in respect of the Company, the Guarantor
or any of their Subsidiaries, and if such case or proceeding is not commenced
by the Company, the Guarantor or such Subsidiary, it is consented to or
acquiesced in by the Company, the Guarantor or such Subsidiary, or remains for
30 days undismissed; or the Company, the Guarantor or any such Subsidiary takes
any action to authorize, or in furtherance of, any of the foregoing.

 

12.1.5      Non-Compliance
with Loan Documents.  (a) Failure by
(X) the Company to comply with or to perform any covenant set forth in Sections
10.1.5 and 10.6 through 10.15 or (Y) the Guarantor to comply with or to
perform any covenant set forth in Sections 4.3 or 4.4 of the Guaranty;
or (b) failure by the Company or the Guarantor to comply with or to
perform any other provision of this Agreement or any other Loan Document (and
not constituting an Event of Default under any other provision of this Section
12) and continuance of such failure described in this clause (b) for
30 days.

 

12.1.6      Warranties.  Any warranty made by the Company, the
Guarantor or any of their Subsidiaries herein or any other Loan Document is
breached or is false or misleading in any material respect, or any schedule,
certificate, financial statement, report, notice or other writing furnished by
the Company or any Subsidiary to the Bank in connection herewith is false or
misleading in any material respect on the date as of which the facts therein
set forth are stated or certified.

 

12.1.7      ERISA
Event.  (i) an ERISA Event shall have occurred that, in
the opinion of the Bank, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability of the
Company and its Subsidiaries in an aggregate amount exceeding (i) $5,000,000 in
any year or (ii) $10,000,000 for all periods.

 

12.1.8      Judgments.  Final judgments which exceed an aggregate of
$5,000,000 shall be rendered against the Company, the Guarantor or any of their
Subsidiaries and shall not have been paid, discharged or vacated or had
execution thereof stayed pending appeal within 30 days after entry or filing of
such judgments.

 

12.1.9      Invalidity
of Guaranty, etc. 
The Guaranty shall cease to be in full force and effect with respect to
the Guarantor; or the Guarantor (or any Person by, through or on behalf of the
Guarantor) shall contest in any manner the validity, binding nature or
enforceability of the Guaranty with respect to the Guarantor.

 

12.1.10    Change
in Control.  The
occurrence of (i) a Change in Control of the Company or (ii) a Change in
Control of the Guarantor.

 

32

 

12.1.11                                                            Financial
Covenants.

 

(a)           Total Debt to EBITDA Ratio.  The Guarantor and its Subsidiaries shall have
a Total Debt to EBITDA Ratio as of the last day of any Computation Period which
exceeds a ratio of 1.0:1.0; or

 

(b)           Total Debt to Consolidated
Tangible Net Worth Ratio.  The
Guarantor and its Subsidiaries shall have a Total Debt to Consolidated Tangible
Net Worth Ratio as of the last day of any Computation Period which exceeds a
ratio of 2.0:1.0.

 

12.1.12    Material
Adverse Effect. 
The occurrence of any event having a Material Adverse Effect.

 

12.2         Effect
of Event of Default.  If any Event of Default described in Section
12.1.4 shall occur, the Commitment (if they have not theretofore
terminated) shall immediately terminate and the Loans and all other obligations
hereunder shall become immediately due and payable, all without presentment,
demand, protest or notice of any kind; and, if any other Event of Default shall
occur and be continuing, the Bank shall declare the Commitment (if they have
not theretofore terminated) to be terminated and/or declare all Loans and all
other obligations hereunder to be due and payable, whereupon the Commitment (if
they have not theretofore terminated) shall immediately terminate and/or all
Loans and all other obligations hereunder shall become immediately due and
payable, all without presentment, demand, protest or notice of any kind.  The Bank shall promptly advise the Company of
any such declaration, but failure to do so shall not impair the effect of such
declaration.  Notwithstanding the
foregoing, the effect as an Event of Default may be waived by the written
concurrence of the Bank.

 

SECTION 13          GENERAL.

 

13.1         Waiver;
Amendments.  No
delay on the part of the Bank in the exercise of any right, power or remedy
shall operate as a waiver thereof, nor shall any single or partial exercise by
any of them of any right, power or remedy preclude other or further exercise
thereof, or the exercise of any other right, power or remedy.  No amendment, modification or waiver of, or
consent with respect to, any provision of this Agreement or the Notes shall in
any event be effective unless the same shall be in writing and signed and
delivered by the Bank.

 

13.2         Confirmations.  The Company and each holder of a Note agree
from time to time, upon written request received by it from the other, to
confirm to the other in writing the aggregate unpaid principal amount of the
Loans then outstanding under such Note.

 

13.3         Notices.  Except as otherwise provided in Sections 2.2.2
and 2.2.3, all notices hereunder shall be in writing (including facsimile
transmission) and shall be sent to the applicable party at its address shown on
Schedule 13.3 or at such other address as such party may, by written
notice received by the other parties, have designated as its address for such
purpose.  Notices sent by facsimile transmission
shall be deemed to have been given when sent; notices sent by mail shall be
deemed to have been given three Business Days after the date when

 

33

 

sent by registered or certified mail, postage prepaid;
and notices sent by hand delivery or overnight courier service shall be deemed
to have been given when received.  For
purposes of Sections 2.2.2 and 2.2.3, the Bank shall be entitled to rely
on telephonic instructions from any person that the Bank in good faith believes
is an authorized officer or employee of the Company, and the Company shall hold
the Bank harmless from any loss, cost or expense resulting from any such
reliance.

 

13.4         Computations.  Where the character or amount of any
asset or liability or item of income or expense is required to be determined,
or any consolidation or other accounting computation is required to be made,
for the purpose of this Agreement, such determination or calculation shall, to
the extent applicable and except as otherwise specified in this Agreement, be
made in accordance with GAAP, consistently applied; provided that if the
Company notifies the Bank that the Company wishes to amend any covenant in Section
10 to eliminate or to take into account the effect of any change in GAAP on
the operation of such covenant (or if the Bank notifies the Company that the
Bank wishes to amend Section 10 for such purpose), then the Company’s
compliance with such covenant shall be determined on the basis of GAAP in
effect immediately before the relevant change in GAAP became effective, until
either such notice is withdrawn or such covenant is amended in a manner
satisfactory to the Company and the Bank.

 

13.5         Regulation
U.  The Bank
represents that it in good faith is not relying, either directly or
indirectly, upon any Margin Stock as collateral security for the extension or
maintenance by it of any credit provided for in this Agreement.

 

13.6         Costs,
Expenses and Taxes.  The Company
agrees to pay on demand all reasonable out-of-pocket costs and expenses of the
Bank (including Attorney Costs) in connection with the preparation, execution,
delivery and administration of this Agreement, the other Loan Documents and all
other documents provided for herein or delivered or to be delivered hereunder
or in connection herewith (including any amendment, supplement or waiver to any
Loan Document), and all reasonable out-of-pocket costs and expenses (including
Attorney Costs) incurred by the Bank after an Event of Default in connection
with the enforcement of this Agreement, the other Loan Documents or any such
other documents.  In addition, the
Company agrees to pay, and to save the Bank harmless from all liability for,
(a) any stamp or other taxes (excluding income taxes and franchise taxes based
on net income) which may be payable in connection with the execution and
delivery of this Agreement, the borrowings hereunder, the issuance of the Notes
or the execution and delivery of any other Loan Document or any other document
provided for herein or delivered or to be delivered hereunder or in connection
herewith and (b) any fees of the Company’s auditors in connection with any
reasonable exercise by the Bank of its rights pursuant to Section 10.2.  All obligations provided for in this Section
13.6 shall survive repayment of the Loans or cancellation of the Notes and
termination of this Agreement.

 

13.7         Captions.  Section captions used in this
Agreement are for convenience only and shall not affect the construction
of this Agreement.

 

13.8         Assignments;
Participations.

 

34

 

13.8.1      Assignments.  The Bank may, with the prior written consent
of the Company, at any time assign and delegate to one or more commercial banks
or other Persons (any Person to whom such an assignment and delegation is to be
made being herein called an “Assignee”) all or any fraction of the Bank’s
Loans and Commitment (which assignment and delegation shall be of a constant,
and not a varying, percentage of all the assigning Bank’s Loans and
Commitment); provided that (a) no assignment and delegation may be made
to any Person if, at the time of such assignment and delegation, the Company
would be obligated to pay any greater amount under Section 7.6 or Section
8 to the Assignee than the Company is then obligated to pay to the
assigning Bank under such Sections (and if any assignment is made in violation
of the foregoing, the Company will not be required to pay the incremental
amounts) and (b) the Company and the Bank shall be entitled to continue to deal
solely and directly with the such Bank in connection with the interests so
assigned and delegated to an Assignee until the date when all of the following
conditions shall have been met:

 

(x)            five Business Days (or such lesser period of time as the
Bank and the assigning Bank shall agree) shall have passed after written notice
of such assignment and delegation, together with payment instructions,
addresses and related information with respect to such Assignee, shall have
been given to the Company by such assigning Bank and the Assignee, and

 

(y)           the assigning Bank and the Assignee shall have executed
and delivered to the Company a written assignment agreement, together with any
documents required to be delivered thereunder.

 

Notwithstanding the foregoing
provisions of this Section 13.8.1 or any other provision of this
Agreement, any Bank may at any time assign all or any portion of its Loans and
its Note to a Federal Reserve Bank (but no such assignment shall release any
Bank from any of its obligations hereunder).

 

13.8.2      Participations.  The Bank may at any time sell to one or more
commercial banks or other Persons participating interests in any Loan owing to
the Bank, the Note held by the Bank, the Commitment of the Bank, the direct or
participation interest of the Bank or any other interest of such Bank hereunder
(any Person purchasing any such participating interest being herein called a “Participant”).  In the event of a sale by the Bank of a
participating interest to a Participant, (x) the Bank shall remain the holder
of its Note for all purposes of this Agreement, (y) the Company shall continue
to deal solely and directly with the Bank in connection with the Bank’s rights
and obligations hereunder and (z) all amounts payable by the Company shall
be determined as if the Bank had not sold such participation and shall be paid
directly to the Bank.  No Participant
shall have any direct or indirect voting rights hereunder except with respect
to any of the events described in the fourth sentence of Section 13.1.  The Bank agrees to incorporate the
requirements of the preceding sentence into each participation agreement which
the Bank enters into with any Participant. 
The Company agrees that if amounts outstanding under this Agreement and
the Notes are due and payable (as a result of acceleration or otherwise), each
Participant shall be deemed to have the right of setoff in respect of its
participating interest in

 

35

 

amounts owing under this Agreement, any Note to the
same extent as if the amount of its participating interest were owing directly
to it as the Bank under this Agreement or such Note; provided that such
right of setoff shall be subject to the obligation of each Participant to share
with the Bank, and the Bank agrees to share with each Participant, as provided
in Section 7.5.  The Company also
agrees that each Participant shall be entitled to the benefits of Section
7.6 and Section 8 as if it were a Bank (provided that no
Participant shall receive any greater compensation pursuant to Section 7.6
or Section 8 than would have been paid to the participating Bank if no
participation had been sold).

 

13.9         Governing
Law.  This Agreement and the Note
shall be a contract made under and governed by the internal laws of the
State of Illinois applicable to contracts made and to be performed entirely
within such State.  Whenever possible
each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Agreement.  All obligations of
the Company and rights of the Bank expressed herein or in any other Loan
Document shall be in addition to and not in limitation of those provided by
applicable law.

 

13.10       Counterparts.  This Agreement may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Agreement.

 

13.11       Successors
and Assigns. 
This Agreement shall be binding upon the Company and the Bank and
their respective successors and assigns, and shall inure to the benefit of the
Company and the Bank and the successors and assigns of the Bank.

 

13.12       Indemnification
by the Company. 
In consideration of the execution and delivery of this Agreement by the
Bank and the agreement to extend the Commitment provided hereunder, the Company
hereby agrees to indemnify, exonerate and hold the Bank and each of the
officers, directors, employees, Affiliates and agents of the Bank (each a “Bank
Party”) free and harmless from and against any and all actions, causes of
action, suits, losses, liabilities, damages and expenses, including Attorney
Costs (collectively, the “Indemnified Liabilities”), incurred by the
Bank Parties or any of them as a result of, or arising out of, or relating to
(i) any tender offer, merger, purchase of stock, purchase of assets or other
similar transaction financed or proposed to be financed in whole or in part, directly
or indirectly, with the proceeds of any of the Loans, (ii) the use, handling,
release, emission, discharge, transportation, storage, treatment or disposal of
any hazardous substance at any property owned or leased by the Company, the
Guarantor or any of their Subsidiaries, (iii) any violation of any
Environmental Laws with respect to conditions at any property owned or leased
by the Company, the Guarantor or any of their Subsidiaries or the operations
conducted thereon, (iv) the investigation, cleanup or remediation of offsite
locations at which the Company, the Guarantor or any of their Subsidiaries or
their respective predecessors are alleged to have directly or indirectly
disposed of hazardous

 

36

 

substances or (v) the execution, delivery,
performance or enforcement of this Agreement or any other Loan Document by any
of the Bank Parties, except for any such Indemnified Liabilities arising on
account of the applicable Bank Party’s gross negligence, willful misconduct or
violation of the terms of this Agreement. 
If and to the extent that the foregoing undertaking may be unenforceable
for any reason, the Company hereby agrees to make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law.  All
obligations provided for in this Section 13.13 shall survive repayment
of the Loans, cancellation of the Note, any foreclosure under, or any
modification, release or discharge of, any or all of the Collateral Documents
and termination of this Agreement.

 

13.13       Nonliability
of Lenders. 
The relationship between the Company on the one hand and the Bank on the
other hand shall be solely that of borrower and lender.  The Bank shall have no fiduciary
responsibility to the Company.  The Bank
undertakes no responsibility to the Company to review or inform the Company or
any matter in connection with any phase of the Company’s business or
operations.  The Company agrees that the
Bank shall have no liability to the Company (whether sounding in tort, contract
or otherwise) for losses suffered by the Company in connection with, arising
out of, or in any way related to the transactions contemplated and the
relationship established by the Loan Documents, or any act, omission or event
occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses
resulted from the gross negligence or willful misconduct of the party from
which recovery is sought.  The Bank shall
have no liability with respect to, and the Company hereby waives, releases and
agrees not to sue for, any special, indirect or consequential damages suffered
by the Company in connection with, arising out of, or in any way related to the
Loan Documents or the transactions contemplated thereby.

 

13.14      Forum Selection and
Consent to Jurisdiction.  ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED
EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT ANY
SUIT SEEKING ENFORCEMENT AGAINST ANY PROPERTY MAY BE BROUGHT, AT THE BANK’S OPTION,
IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY
BE FOUND.  THE COMPANY HEREBY EXPRESSLY
AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF
ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE.  THE COMPANY FURTHER IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF ILLINOIS.  THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION

 

37

 

BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND
ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

13.15         Waiver
of Jury Trial. 
EACH OF THE COMPANY AND THE BANK
HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE
OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT
AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN
THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY
BANKING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND
AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT
BEFORE A JURY.

 

13.16         US Patriot Act.  The Bank
hereby notifies the Company that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56, signed into law October 26, 2001)
(the “Patriot Act”), and the Bank’s policies and practices, the Bank is
required to obtain, verify and record certain information and documentation
that identifies the Company, which information includes the name and address of
the Company and such other information that will allow the Bank to identify the
Company in accordance with the Patriot Act.

 

38

 

Delivered at Chicago,
Illinois, as of the day and year first above written.

 

	
   

  	
  NAVTEQ NORTH AMERICA,
  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Neil T. Smith

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Name: Neil T. Smith

  
	
   

  	
   

  	
  Title: Vice President
  and Corporate Controller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LASALLE BANK NATIONAL
  ASSOCIATION,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Melendes

  	
   

  
	
   

  	
   

  	
  Name: Mark Melendes

  
	
   

  	
   

  	
  Title: Vice President

  
					

 

39

 

Schedule 9.2 – Authorization; No Conflict

 

On April 22, 2003, one of the Guarantor’s European Subsidiaries entered
into a U.S. dollar/euro currency swap agreement (the “Swap”) with Koninklijke
Philips Electronics N.V., which was subsequently assigned to ABN AMRO in the
third quarter of 2004.  The Swap is more
fully described in the Guarantor’s current, quarterly and annual reports filed
with the SEC.  The Guarantor has joint
and several liability with respect to the Swap.

 

The Company is disclosing the Swap in this Schedule solely for
informational purposes and not in any way stating or acknowledging that such
transaction is required to be disclosed on this Schedule.

 

 

Schedule 9.6 – Litigation and Contingent Liabilities

 

None.

 

 

Schedule 9.8 – Subsidiaries

 

The following are wholly-owned, direct or indirect, subsidiaries of
NAVTEQ Corporation.  NAVTEQ North
America, LLC does not have any subsidiaries.

 

NAVTEQ North America, LLC

NAVTEQ International, LLC

NAVTEQ Canada Inc.

NAVTEQ Kabushiki Kaisha

NAVTEQ Austria GmbH

NAVTEQ N.V./S.A.

NAVTEQ SRO

NAVTEQ GmbH

NAVTEQ Srl.

NAVTEQ B.V.

Geoinformation NAVTEQ – Tecnologias de Navegação, Unipessoal, Lda

NAVTEQ Technologies Sl.

Navigation Technologies Sweden AB

NAVTEQ Switzerland GmbH

NAVTEQ Ltd.

NAVTEQ
Europe B.V.

 

 

9.15 – Environmental Matters

 

None.

 

 

Schedule 10.6

 

See the Swap described in Schedule 9.2 which is hereby incorporated by
reference.

 

 

Schedule 10.7

 

None.

 

 

Schedule 10.12 –
Transactions with Affiliates

 

The Guarantor and its subsidiaries have historically
obtained software, software-related consulting services, treasury services, tax
consulting services, insurance services and purchasing services on favorable
terms through its participation in Koninklijke Philips Electronics N.V.’s (“Philips”)
programs.  Pursuant to a separation
agreement with Philips effective upon the closing of the initial public
offering, the Guarantor and its subsidiaries can no longer obtain software,
software-related consulting services, treasury services, tax consulting services
and insurance from or through Philips and can only participate in certain
Philips’ purchasing programs until December 31, 2004.

 

The Guarantor is party to a Registration Rights
Agreement with Philips, as more fully described in the Company’s filings with
the SEC.

 

In addition, the Guarantor has entered into a patent
license to license certain patents from Philips, which license may be expanded
in the future to include additional rights or patents.

 

 

Schedule 10.14

 

None.

 

 

Schedule 10.15

 

Schedule 9.2 is hereby incorporated by reference.

 

 

SCHEDULE 13.3

 

ADDRESSES FOR NOTICES

 

NAVTEQ NORTH AMERICA, LLC

 

222 Merchandise Mart, Suite 900

Chicago,
Illinois  60654

Attention:  Chief Financial
Officer with a copy to the General Counsel

Telephone:  312-894-7000

Facsimile:  312-894-7228

	
  Electronic-Mail:

  	
   

  	
  dave.mullen@navteq.com

  
	
   

  	
   

  	
  neil.smith@navteq.com

  
	
   

  	
   

  	
  larry.kaplan@navteq.com

  

 

LASALLE BANK NATIONAL
ASSOCIATION, as
Bank

 

Notices of Borrowing , Conversion
and Continuation Issuance

 

135 South LaSalle Street

Chicago, Illinois 60603

Attention: Mark Melendes

Telephone: (312) 904-2815

Facsimile:  (312) 904-6353

Electronic-Mail:
mark.melendes@abnamro.com

 

All Other Notices

 

135 South LaSalle Street

Chicago, Illinois 60603

Attention: Mark Melendes

Telephone: (312) 904-2815

Facsimile:  (312) 904-6353

Electronic-Mail:
mark.melendes@abnamro.com

 

 

EXHIBIT A

 

FORM OF

NOTE

 

                 ,            

Chicago, Illinois

 

$

 

The undersigned, for
value received, promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION
(the “Bank”) at the principal office of the Bank in Chicago, Illinois
the aggregate unpaid amount of all Loans made to the undersigned by the Bank
pursuant to the Credit Agreement referred to below (as shown on the schedule
attached hereto (and any continuation thereof) or in the records of the Bank),
such principal amount to be payable on the dates set forth in the Credit
Agreement.

 

The undersigned
further promises to pay interest on the unpaid principal amount of each Loan
from the date of such Loan until such Loan is paid in full, payable at the
rate(s) and at the time(s) set forth in the Credit Agreement.  Payments of both principal and interest are
to be made in lawful money of the United States of America.

 

This Note
evidences indebtedness incurred under, and is subject to the terms and
provisions of, the Credit Agreement, dated as of November 9, 2004 (as amended
or otherwise modified from time to time, the “Credit Agreement”; terms
not otherwise defined herein are used herein as defined in the Credit
Agreement), among the undersigned and the Bank, to which Credit Agreement
reference is hereby made for a statement of the terms and provisions under
which this Note may or must be paid prior to its due date or its due date
accelerated.

 

This Note is made
under and governed by the laws of the State of Illinois applicable to contracts
made and to be performed entirely within such State.

 

	
   

  	
  NAVTEQ NORTH AMERICA,
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

Schedule attached to Note
dated November 9, 2004, of NAVTEQ North America, LLC payable to the order of
LaSalle Bank National Association.

 

	
  Date and 

  Amount of Loan 

  or of Conversion 

  from another type 

  of Loan

  	
   

  	
  Date and
  

  Amount of 

  Repayment or of 

  Conversion into 

  another type of 

  Notation Loan

  	
   

  	
  Interest
  

  Period/Unpaid 

  Maturity 

  Date

  	
   

  	
  Principal
  

  Balance

  	
   

  	
  Made by

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.  BASE
  RATE LOANS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2. 
  EURODOLLAR LOANS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

EXHIBIT B

 

FORM OF COMPLIANCE CERTIFICATE

 

To:                          LaSalle Bank National
Association, as Bank

 

Please refer to the
Credit Agreement dated as of November 9, 2004 (as amended or otherwise modified
from time to time, the “Credit Agreement”) among NAVTEQ North America
LLC, a Delaware limited liability company (the “Company”), and LaSalle
Bank National Association, as the Bank. 
Terms used but not otherwise defined herein are used herein as defined
in the Credit Agreement.

 

I.                                                         Reports.  The [annual audited/quarterly/ financial
statements of the Guarantor as at                              ,
         (the “Computation Date”),
which Guarantor has filed with the SEC [attached]
fairly presents in all material respects the financial condition and
results of operations of the Guarantor as of the Computation Date and has been
prepared in accordance with GAAP consistently applied (subject to the absence
of footnotes and to normal year end adjustments).

 

II.                                                     Financial Tests.  The Company hereby certifies and warrants to
you that the following is a true and correct computation as at the Computation
Date of the following ratios and/or financial restrictions contained in the
Credit Agreement:

 

[REVISE AS
APPROPRIATE]

 

A.            Section 12.1.11(a) -
Total Debt to EBITDA Ratio

 

	
  1.

  	
   

  	
  Total Debt

  	
   

  	
  $

  
	
  2.

  	
   

  	
  Hedging Obligations
  (Fair Market Value)

  	
   

  	
  $

  
	
  3.

  	
   

  	
  (1) plus (2)

  	
   

  	
  $

  
	
  4.

  	
   

  	
  EBITDA

  	
   

  	
  $

  
	
  5.

  	
   

  	
  Ratio of (3) to (4)

  	
   

  	
        
  to 1.0

  
	
  6.

  	
   

  	
  Maximum allowed

  	
   

  	
  1.0 to 1.0

  

 

B.            Section 12.1.11(b) -
Total Debt to Tangible Net Worth Ratio

 

	
  1.

  	
   

  	
  Total
  Debt

  	
   

  	
  $

  
	
  2.

  	
   

  	
  Tangible Net Worth

  	
   

  	
  $

  
	
  3.

  	
   

  	
  Capitalized Software
  Development Costs

  	
   

  	
  $

  
	
  4.

  	
   

  	
  (2) plus (3)

  	
   

  	
  $

  
	
  5.

  	
   

  	
  Ratio of (1) to (4)

  	
   

  	
          
  to 1.0

  
	
  5.

  	
   

  	
  Maximum allowed

  	
   

  	
  2.0 to 1.0

  

 

The Company
further certifies to you that no Event of Default or Unmatured Event of Default
has occurred and is continuing.

 

IN WITNESS
WHEREOF, the Company has caused this Certificate to be executed and delivered
by its duly authorized officer on                   ,
      .

 

	
   

  	
  NAVTEQ NORTH AMERICA,
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Title

  	
   

  
				

 

 

Table of Contents

 

	
  SECTION 1

  	
  DEFINITIONS

  	
   

  
	
   

  	
  1.1

  	
  Definitions

  	
   

  
	
   

  	
  1.2

  	
  Other Interpretive
  Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  2

  	
  COMMITMENT
  OF THE BANK; BORROWING AND CONVERSION PROCEDURES

  	
   

  
	
   

  	
  2.1

  	
  Commitment

  	
   

  
	
   

  	
  2.2

  	
  Loan
  Procedures

  	
   

  
	
   

  	
  2.2.1

  	
  Various Types of Loans

  	
   

  
	
   

  	
  2.2.2

  	
  Borrowing Procedures

  	
   

  
	
   

  	
  2.2.3

  	
  Conversion and
  Continuation Procedures

  	
   

  
	
   

  	
  2.3

  	
  Certain Conditions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3

  	
  NOTE EVIDENCING LOANS

  	
   

  
	
   

  	
  3.1

  	
  Note

  	
   

  
	
   

  	
  3.2

  	
  Recordkeeping

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4

  	
  INTEREST

  	
   

  
	
   

  	
  4.1

  	
  Interest
  Rates

  	
   

  
	
   

  	
  4.2

  	
  Interest Payment Dates

  	
   

  
	
   

  	
  4.3

  	
  Setting and
  Notice of Eurodollar Rates

  	
   

  
	
   

  	
  4.4

  	
  Computation of Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  5

  	
  FEES

  	
   

  
	
   

  	
  5.1

  	
  Non-Use
  Fee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  6

  	
  REDUCTION
  OR TERMINATION OF THE REVOLVING COMMITMENT AMOUNT; PREPAYMENTS

  	
   

  
	
   

  	
  6.1

  	
  Reduction
  or Termination of the Revolving Commitment Amount

  	
   

  
	
   

  	
  6.2

  	
  Prepayments

  	
   

  
	
   

  	
   

  	
  6.2.1

  	
  Voluntary Prepayments

  	
   

  
	
   

  	
   

  	
  6.2.2

  	
  Mandatory Prepayment

  	
   

  
	
   

  	
  6.3

  	
  All
  Prepayments

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  7

  	
  MAKING
  AND PRORATION OF PAYMENTS; SETOFF; TAXES

  	
   

  
	
   

  	
  7.1

  	
  Making of Payments

  	
   

  
	
   

  	
  7.2

  	
  Application of Certain
  Payments

  	
   

  
	
   

  	
  7.3

  	
  Due Date Extension

  	
   

  
	
   

  	
  7.4

  	
  Setoff

  	
   

  
	
   

  	
  7.5

  	
  Taxes

  	
   

  

 

i

 

	
  SECTION
  8

  	
  INCREASED
  COSTS; SPECIAL PROVISIONS FOR EURODOLLAR LOANS

  	
   

  
	
   

  	
  8.1

  	
  Increased
  Costs

  	
   

  
	
   

  	
  8.2

  	
  Basis
  for Determining Interest Rate Inadequate or Unfair

  	
   

  
	
   

  	
  8.3

  	
  Changes
  in Law Rendering Eurodollar Loans Unlawful

  	
   

  
	
   

  	
  8.4

  	
  Funding
  Losses

  	
   

  
	
   

  	
  8.5

  	
  Right of
  Bank to Fund through Other Offices

  	
   

  
	
   

  	
  8.6

  	
  Discretion
  of Bank as to Manner of Funding

  	
   

  
	
   

  	
  8.7

  	
  Mitigation of Circumstances

  	
   

  
	
   

  	
  8.8

  	
  Conclusiveness
  of Statements; Survival of Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9

  	
  WARRANTIES

  	
   

  
	
   

  	
  9.1

  	
  Organization

  	
   

  
	
   

  	
  9.2

  	
  Authorization; No Conflict

  	
   

  
	
   

  	
  9.3

  	
  Validity and Binding Nature

  	
   

  
	
   

  	
  9.4

  	
  Financial Condition

  	
   

  
	
   

  	
  9.5

  	
  No Material Adverse Change

  	
   

  
	
   

  	
  9.6

  	
  Litigation and
  Contingent Liabilities

  	
   

  
	
   

  	
  9.7

  	
  Ownership of Properties;
  Liens

  	
   

  
	
   

  	
  9.8

  	
  Subsidiaries

  	
   

  
	
   

  	
  9.9

  	
  ERISA

  	
   

  
	
   

  	
  9.10

  	
  Investment Company Act

  	
   

  
	
   

  	
  9.11

  	
  Public Utility
  Holding Company Act

  	
   

  
	
   

  	
  9.12

  	
  Regulation
  U

  	
   

  
	
   

  	
  9.13

  	
  Taxes

  	
   

  
	
   

  	
  9.14

  	
  Solvency,
  etc

  	
   

  
	
   

  	
  9.15

  	
  Environmental Matters

  	
   

  
	
   

  	
  9.16

  	
  Information

  	
   

  
	
   

  	
  9.17

  	
  No
  Default

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10

  	
  COVENANTS

  	
   

  
	
   

  	
  10.1

  	
  Reports,
  Certificates and Other Information

  	
   

  
	
   

  	
   

  	
  10.1.1

  	
  Annual Report

  	
   

  
	
   

  	
   

  	
  10.1.2

  	
  Interim Reports

  	
   

  
	
   

  	
   

  	
  10.1.3

  	
  Compliance Certificates

  	
   

  
	
   

  	
   

  	
  10.1.4

  	
  Reports to the SEC and to
  Stockholders

  	
   

  
	
   

  	
   

  	
  10.1.5

  	
  Notice of Default, Litigation
  and ERISA Matters

  	
   

  
	
   

  	
   

  	
  10.1.6

  	
  Other Information

  	
   

  
	
   

  	
  10.2

  	
  Books,
  Records and Inspections

  	
   

  
	
   

  	
  10.3

  	
  Maintenance of Property; Insurance

  	
   

  
	
   

  	
  10.4

  	
  Compliance with Laws; Payment of
  Taxes and Liabilities

  	
   

  
	
   

  	
  10.5

  	
  Maintenance of Existence,
  etc

  	
   

  
	
   

  	
  10.6

  	
  Debt

  	
   

  
	
   

  	
  10.7

  	
  Liens

  	
   

  
	
   

  	
  10.8

  	
  Investments, Loans, Advances,
  Suretyship Liabilities and Acquisitions

  	
   

  

 

ii

 

	
   

  	
  10.9

  	
  Mergers,
  Consolidations, Sales

  	
   

  
	
   

  	
  10.10

  	
  Modification of Organizational
  Documents

  	
   

  
	
   

  	
  10.11

  	
  Use of Proceeds

  	
   

  
	
   

  	
  10.12

  	
  Transactions with Affiliates

  	
   

  
	
   

  	
  10.13

  	
  Employee Benefit Plans

  	
   

  
	
   

  	
  10.14

  	
  Restricted Payments

  	
   

  
	
   

  	
  10.15

  	
  Restrictive Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11

  	
  EFFECTIVENESS; CONDITIONS OF
  LENDING, ETC

  	
   

  
	
   

  	
  11.1

  	
  Initial Credit Extension

  	
   

  
	
   

  	
   

  	
  11.1.1

  	
  Note

  	
   

  
	
   

  	
   

  	
  11.1.2

  	
  Resolutions

  	
   

  
	
   

  	
   

  	
  11.1.3

  	
  Consents,
  etc

  	
   

  
	
   

  	
   

  	
  11.1.4

  	
  Incumbency and Signature Certificates

  	
   

  
	
   

  	
   

  	
  11.1.5

  	
  Guaranty

  	
   

  
	
   

  	
   

  	
  11.1.6

  	
  Opinions
  of Counsel

  	
   

  
	
   

  	
   

  	
  11.1.7

  	
  Payment
  of Fees

  	
   

  
	
   

  	
   

  	
  11.1.8

  	
  Closing
  Certificate

  	
   

  
	
   

  	
   

  	
  11.1.9

  	
  Other

  	
   

  
	
   

  	
  11.2

  	
  Conditions

  	
   

  
	
   

  	
   

  	
  11.2.1

  	
  Compliance with Warranties, No
  Default, etc

  	
   

  
	
   

  	
   

  	
  11.2.2

  	
  Confirmatory Certificate

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION
  12

  	
  EVENTS OF
  DEFAULT AND THEIR EFFECT

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  12.1

  	
  Events
  of Default

  	
   

  
	
   

  	
   

  	
  12.1.1

  	
  Non-Payment of the Loans, etc

  	
   

  
	
   

  	
   

  	
  12.1.2

  	
  Non-Payment of Other Debt

  	
   

  
	
   

  	
   

  	
  12.1.3

  	
  Other Material Obligations

  	
   

  
	
   

  	
   

  	
  12.1.4

  	
  Bankruptcy, Insolvency, etc

  	
   

  
	
   

  	
   

  	
  12.1.5

  	
  Non-Compliance with Loan
  Documents

  	
   

  
	
   

  	
   

  	
  12.1.6

  	
  Warranties

  	
   

  
	
   

  	
   

  	
  12.1.7

  	
  ERISA Event

  	
   

  
	
   

  	
   

  	
  12.1.8

  	
  Judgments

  	
   

  
	
   

  	
   

  	
  12.1.9

  	
  Invalidity of Guaranty, etc

  	
   

  
	
   

  	
   

  	
  12.1.10

  	
  Change in Control

  	
   

  
	
   

  	
   

  	
  12.1.11

  	
  Financial Covenants

  	
   

  
	
   

  	
   

  	
  12.1.12

  	
  Material Adverse Effect

  	
   

  
	
   

  	
  12.2

  	
  Effect of Event of Default

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 13

  	
  GENERAL

  	
   

  
	
   

  	
  13.1

  	
  Waiver; Amendments

  	
   

  
	
   

  	
  13.2

  	
  Confirmations

  	
   

  
	
   

  	
  13.3

  	
  Notices

  	
   

  

 

iii

 

	
   

  	
  13.4

  	
  Computations

  	
   

  
	
   

  	
  13.5

  	
  Regulation U

  	
   

  
	
   

  	
  13.6

  	
  Costs,
  Expenses and Taxes

  	
   

  
	
   

  	
  13.7

  	
  Captions

  	
   

  
	
   

  	
  13.8

  	
  Assignments; Participations

  	
   

  
	
   

  	
   

  	
  13.8.1

  	
  Assignments

  	
   

  
	
   

  	
   

  	
  13.8.2

  	
  Participations

  	
   

  
	
   

  	
  13.9

  	
  Governing
  Law

  	
   

  
	
   

  	
  13.10

  	
  Counterparts

  	
   

  
	
   

  	
  13.11

  	
  Successors and Assigns

  	
   

  
	
   

  	
  13.12

  	
  Indemnification by the
  Company

  	
   

  
	
   

  	
  13.13

  	
  Nonliability of Lenders

  	
   

  
	
   

  	
  13.14

  	
  Forum Selection and Consent to
  Jurisdiction

  	
   

  
	
   

  	
  13.15

  	
  Waiver of Jury Trial

  	
   

  

 

	
   

  	
  SCHEDULES

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE
  9.2

  	
  Authorization;
  No Conflict

  	
   

  
	
  SCHEDULE
  9.6

  	
  Litigation
  and Contingent Liabilities

  	
   

  
	
  SCHEDULE 9.8

  	
  Subsidiaries

  	
   

  
	
  SCHEDULE 9.15

  	
  Environmental Matters

  	
   

  
	
  SCHEDULE 10.6

  	
  Debt; Debt to be Repaid

  	
   

  
	
  SCHEDULE 10.7

  	
  Liens

  	
   

  
	
  SCHEDULE
  10.12

  	
  Transactions
  with Affiliates

  	
   

  
	
  SCHEDULE 10.14

  	
  Restricted Payments

  	
   

  
	
  SCHEDULE 10.15

  	
  Restrictive Agreements

  	
   

  
	
  SCHEDULE 13.3

  	
  Addresses for Notices

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXHIBITS

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Note (Section 3.1)

  	
   

  
	
  EXHIBIT B

  	
  Form of Compliance Certificate (Section
  10.1.3)

  	
   

  
	
  EXHIBIT C

  	
  Form of Guaranty
  (Section 1.1)

  	
   

  
	
  EXHIBIT D

  	
  Form of Opinion of Counsel
  (Section 11.1.6)

  	
   

  

 

ivExhibit 10.2

Execution Version

GUARANTY

 

This GUARANTY (this “Guaranty”) dated as of November 9,
2004 is entered into by and between NAVTEQ CORPORATION, a Delaware corporation
(the “Guarantor”), and LASALLE BANK NATIONAL ASSOCIATION (the “Bank”).

 

W
I T N E S S E T H:

 

WHEREAS, pursuant to that certain Credit Agreement
dated as of even date herewith by and between NAVTEQ North America, LLC, a
Delaware limited liability company (the “Company”), and the Bank (as
from time to time amended, restated, supplemented or otherwise modified, the “Credit
Agreement”), the Bank has agreed to make Loans for the benefit of the
Company.

 

WHEREAS, the Guarantor owns 100% of the equity
interest in the Company and as such will derive direct and indirect economic
benefits from the making of the Loans and other financial accommodations
provided to the Company pursuant to the Credit Agreement; and

 

WHEREAS, in order to induce the Bank to enter into the
Credit Agreement and the other Loan Documents and to induce the Bank to make the
Loans as provided for in the Credit Agreement, the Guarantor has agreed to
guarantee payment of the Obligations (as defined in the Credit Agreement);

 

NOW, THEREFORE, in consideration of the premises and
the covenants hereinafter contained, and to induce the Bank provide the Loans
and other financial accommodations under the Credit Agreement, it is agreed as
follows:

 

1.                                       DEFINITIONS.

 

Capitalized terms used herein shall have the meanings
assigned to them in the Credit Agreement, unless otherwise defined herein.

 

References to this “Guaranty” shall mean this
Guaranty, including all amendments, modifications and supplements and any
annexes, exhibits and schedules to any of the foregoing, and shall refer to
this Guaranty as the same may be in effect at the time such reference becomes
operative.

 

2.                                       THE
GUARANTY.

 

2.1                                 Guaranty
of Guaranteed Obligations of the Company. 
The Guarantor hereby unconditionally guarantees to the Bank, and their
respective successors, endorsees, transferees and assigns, the prompt payment
(whether at stated maturity, by acceleration or otherwise) and performance of
the Obligations of the Company (hereinafter the “Guaranteed Obligations”).  The Guarantor agrees that this Guaranty is a
guaranty of payment and performance and not of collection, and that its
obligations under this Guaranty shall be primary, absolute and unconditional,
irrespective of, and unaffected by:

 

 

(a)                                  the
genuineness, validity, regularity, enforceability or any future amendment of,
or change in this Guaranty, any other Loan Document or any other agreement,
document or instrument to which the Company, the Guarantor or any of their
Subsidiaries is or may become a party;

 

(b)                                 the
absence of any action to enforce this Guaranty or any other Loan Document or
the waiver or consent by the Bank with respect to any of the provisions
thereof;

 

(c)                                  the
insolvency of the Company, the Guarantor or any of their Subsidiaries (each a “Credit
Party” and collectively, the “Credit Parties”); or

 

(d)                                 any
other action or circumstances which might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor,

 

it being agreed by the Guarantor that its obligations under this
Guaranty shall not be discharged until the date upon which all of the
Guaranteed Obligations have been indefeasibly paid in full in cash and the
Commitment to lend under the Credit Agreement has terminated (the “Termination
Date”).  The Guarantor shall be
regarded, and shall be in the same position, as principal debtor with respect
to the Guaranteed Obligations.  The
Guarantor agrees that any notice or directive given at any time to the Bank
which is inconsistent with the waiver in the immediately preceding sentence
shall be null and void and may be ignored by the Bank and in addition, may not
be pleaded or introduced as evidence in any litigation relating to this
Guaranty for the reason that such pleading or introduction would be at variance
with the written terms of this Guaranty, unless the Bank has specifically
agreed otherwise in writing.  It is
agreed by and betweeen the Guarantor and the Bank that the foregoing waivers
are of the essence of the transaction contemplated by the Loan Documents and
that, but for this Guaranty and such waivers, the Bank would decline to enter
into the Credit Agreement.

 

2.2                                 Demand
by the Bank.  In addition to the
terms of the Guaranty set forth in Section 2.1 hereof, and in no
manner imposing any limitation on such terms, it is expressly understood and
agreed that, if, at any time, the outstanding principal amount of the
Guaranteed Obligations under the Credit Agreement (including all accrued
interest thereon) is declared to be immediately due and payable, then the
Guarantor shall, without demand, pay to the Bank the entire outstanding
Guaranteed Obligations due and owing to the Bank.  Payment by the Guarantor shall be made to the
Bank in immediately available funds to an account, designated by the Bank or at
the address set forth herein for the giving of notice to the Bank or at any
other address that may be specified in writing from time to time by the Bank,
and shall be credited and applied to the Guaranteed Obligations.

 

2.3                                 Enforcement
of Guaranty.  In no event shall the
Bank have any obligation (although it is entitled, at its option) to proceed
against the Company or any other Credit Party before seeking satisfaction from
the Guarantor and the Bank may proceed, prior or subsequent to, or
simultaneously with, the enforcement of the Bank’s rights hereunder.

 

2.4                                 Waiver.  In addition to the waivers contained in Section 2.1
hereof, the Guarantor waives and agrees that it shall not at any time insist
upon, plead or in any manner whatever claim

 

2

 

or take the benefit or advantage of, any appraisal, valuation, stay, extension,
marshaling of assets or redemption laws, or exemption, whether now or at any
time hereafter in force, which may delay, prevent or otherwise affect the
performance by the Guarantor of its Guaranteed Obligations under, or the
enforcement by the Bank of this Guaranty. The Guarantor hereby waives
diligence, presentment and demand (whether for non-payment or protest or of
acceptance, maturity, extension of time, change in nature or form of the
Guaranteed Obligations, acceptance of further security, release of further
security, composition or agreement arrived at as to the amount of, or the terms
of, the Guaranteed Obligations, notice of adverse change in the Company’s
financial condition or any other fact which might increase the risk to the
Guarantor) with respect to any of the Guaranteed Obligations or all other
demands whatsoever and waives the benefit of all provisions of law which are or
might be in conflict with the terms of this Guaranty.  The Guarantor represents, warrants and agrees
that, as of the date of this Guaranty, its obligations under this Guaranty are
not subject to any offsets or defenses against the Bank or any Credit Party of
any kind. The Guarantor further agrees that its obligations under this Guaranty
shall not be subject to any counterclaims, offsets or defenses against the Bank
or against any other Credit Party of any kind which may arise in the future.

 

2.5                                 Benefit
of Guaranty.  The provisions of this
Guaranty are for the benefit of the Bank and its respective successors, transferees,
endorsees and assigns, and nothing herein contained shall impair, as between
any Credit Party and the Bank, the obligations of any Credit Party under the
Loan Documents.  In the event all or any
part of the Guaranteed Obligations are transferred, indorsed or assigned by the
Bank to any Person or Persons, any reference to the “Bank” herein shall be
deemed to refer equally to such Person or Persons.

 

2.6                                 Modification
of Guaranteed Obligations, Etc.  The
Guarantor hereby acknowledges and agrees that the Bank may at any time or from
time to time, with or without the consent of, or notice to, the Guarantor:

 

(a)                                  change
or extend the manner, place or terms of payment of, or renew or alter all or
any portion of, the Guaranteed Obligations in accordance with the Credit
Agreement;

 

(b)                                 take
any action under or in respect of the Loan Documents in the exercise of any
remedy, power or privilege contained therein or available to it at law, equity
or otherwise, or waive or refrain from exercising any such remedies, powers or
privileges;

 

(c)                                  amend
or modify, in any manner whatsoever, the Loan Documents in accordance
therewith;

 

(d)                                 extend
or waive the time for any Credit Party’s performance of, or compliance with,
any term, covenant or agreement on its part to be performed or observed under
the Loan Documents, or waive such performance or compliance or consent to a
failure of, or departure from, such performance or compliance;

 

(e)                                  release
anyone who may be liable in any manner for the payment of any amounts owed by
the Guarantor or any Credit Party to the Bank;

 

3

 

(f)                                    modify
or terminate the terms of any intercreditor or subordination agreement pursuant
to which claims of other creditors of the Guarantor or any Credit Party are
subordinated to the claims of the Bank; and/or

 

(g)                                 apply
any sums by whomever paid or however realized to any amounts owing by the
Guarantor or any Credit Party to the Bank in such manner as the Bank is
permitted to do so under the Loan Documents;

 

and the Bank shall not incur any liability to the Guarantor as a result
thereof, and no such action shall impair or release the Guaranteed Obligations
of the Guarantor under this Guaranty.

 

2.7                                 Reinstatement.  This Guaranty shall remain in full force and
effect and continue to be effective should any petition be filed by or against
the Guarantor or any other Credit Party for liquidation or reorganization,
should the Guarantor or any other Credit Party become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of such Credit Party’s assets, and
shall continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Guaranteed Obligations, or any part
thereof, is, pursuant to applicable law, rescinded or reduced in amount, or
must otherwise be restored or returned by the Bank, whether as a “voidable
preference”, “fraudulent conveyance”, or otherwise, all as though such payment
or performance had not been made.  In the
event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Guaranteed Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

 

2.8                                 Waiver
of Subrogation, Etc.  Notwithstanding
anything to the contrary in this Guaranty, or in any other Loan Document,  the Guarantor hereby:

 

(a)                                  expressly
and irrevocably waives, on behalf of itself and its successors and assigns (including
any surety), any and all rights at law or in equity to subrogation, to
reimbursement, to exoneration, to contribution, to indemnification, to set off
or to any other rights that could accrue to a surety against a principal, to a
guarantor against a principal, to a guarantor against a maker or obligor, to an
accommodation party against the party accommodated, to a holder or transferee
against a maker, or to the holder of any claim against any Person, and which
the Guarantor may have or hereafter acquire against any Credit Party in
connection with or as a result of the Guarantor’s execution, delivery and/or
performance of this Guaranty, or any other documents to which the Guarantor is
a party or otherwise; and

 

(b)                                 acknowledges
and agrees (i) that this waiver is intended to benefit the Bank and shall not
limit or otherwise effect the Guarantor’s liability hereunder or the
enforceability of this Guaranty, and (ii) that the Bank and its respective
successors and assigns are intended third party beneficiaries of the waivers
and agreements set forth in this Section 2.8 and their rights under
this Section 2.8 shall survive payment in full of the Guaranteed
Obligations.

 

2.9                                 Election
of Remedies.   If the Bank may, under
applicable law, proceed to realize benefits under any of the Loan Documents
giving the Bank a Lien upon any property owned by

 

4

 

any Credit Party, either by judicial foreclosure or by non-judicial
sale or enforcement, the Bank may, at its sole option, determine which of such
remedies or rights it may pursue without affecting any of such rights and
remedies under this Guaranty.  If, in the
exercise of any of its rights and remedies, the Bank shall forfeit any of its
rights or remedies, including its right to enter a deficiency judgment against
any Credit Party, whether because of any applicable laws pertaining to “election
of remedies” or the like, the Guarantor hereby consents to such action by the
Bank and waives any claim based upon such action, even if such action by the
Bank shall result in a full or partial loss of any rights of subrogation which
the Guarantor might otherwise have had but for such action by the Bank.  Any election of remedies which results in the
denial or impairment of the right of the Bank to seek a deficiency judgment
against any Credit Party shall not impair the Guarantor’s obligation to pay the
full amount of the Guaranteed Obligations. 
In the event the Bank shall bid at any foreclosure or trustee’s sale or
at any private sale permitted by law or the Loan Documents, the Bank may bid
all or less than the amount of the Guaranteed Obligations and the amount of
such bid need not be paid by the Bank but shall be credited against the
Guaranteed Obligations.  The amount of
the successful bid at any such sale shall be conclusively deemed to be the fair
market value of the collateral and the difference between such bid amount and
the remaining balance of the Guaranteed Obligations shall be conclusively
deemed to be the amount of the Guaranteed Obligations guaranteed under this
Guaranty, notwithstanding that any present or future law or court decision or
ruling may have the effect of reducing the amount of any deficiency claim to
which the Bank might otherwise be entitled but for such bidding at any such
sale.

 

3.                                       DELIVERIES.

 

In a form satisfactory to the Bank, the Guarantor
shall deliver to the Bank, concurrently with the execution of this Guaranty and
the Credit Agreement, the Loan Documents and other instruments, certificates
and documents as are required to be delivered by the Guarantor to the Bank
under the Credit Agreement.

 

4.                                       REPRESENTATIONS,
WARRANTIES AND COVENANTS.

 

In addition to any other representation, warranties
and covenants the Guarantor has made or agreed to in this Guaranty or any other
Loan Document to induce the Bank to make the Loans under the Credit Agreement,
the Guarantor hereby (i) makes the representations and warranties as to the
Guarantor contained in the Credit Agreement, each of which is incorporated herein
by reference (including, without limitation, Section 9 of the
Credit Agreement) as applicable to the Guarantor, and the representations and
warranties set forth in Sections 4.1 and 4.2 of this Guaranty to the
Bank and (ii) agrees to the covenants set forth below in Section 4.3
of this Guaranty, each and all of which shall survive the execution and
delivery of this Guaranty:

 

4.1                                 Corporate
Existence; Compliance with Law.  The
Guarantor (i) is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation; (ii) is duly
qualified to do business and is in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its
business requires such qualification, except where the failure to comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect; (iii) has all licenses, permits, consents or approvals
from or by, and has made all material filings with, and has given all notices
to, all 

 

5

 

governmental authorities having jurisdiction, to the extent required
for such ownership, operation and conduct, except where the failure to comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect; (iv) is in compliance with its charter and by-laws;
and (v) is in compliance with all applicable provisions of law, except where
the failure to comply, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

 

4.2                                 Corporate
Power; Authorization; Enforceable  Guaranteed Obligations.  Except as set forth in Schedule 9.2
of the Credit Agreement, the execution, delivery and performance of this Guaranty
and all other Loan Documents and all instruments and documents to be delivered
by the Guarantor hereunder and under the Credit Agreement are within the
Guarantor’s corporate power, have been duly authorized by all necessary or
proper corporate action, including the consent of stockholders where required,
are not in contravention of any provision of the Guarantor’s charter or by-laws,
do not violate any law or regulation, or any order or decree of any
governmental authority, do not conflict with or result in the breach of, or
constitute a default under, or accelerate or permit the acceleration of any
performance required by, any indenture, mortgage, deed of trust, lease,
agreement or other instrument to which the Guarantor is a party or by which the
Guarantor or any of its property is bound, do not result in the creation or
imposition of any Lien upon any of the property of the Guarantor, other than
those in favor of the Bank and the same do not require the consent or approval
of any governmental authority or any other Person.  On or prior to the Closing Date, this
Guaranty and each of the Loan Documents to which the Guarantor is a party shall
have been duly executed and delivered for the benefit of or on behalf of the
Guarantor, and each shall then constitute a legal, valid and binding obligation
of the Guarantor, enforceable against the Guarantor in accordance with its
terms, subject to bankruptcy, insolvency and similar laws affecting the
enforceability of creditors’ rights generally and to general principles of
equity.

 

4.3                                 Restrictive
Agreements.  The Guarantor 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
Guarantor or any of its Subsidiary to create, incur or permit to exist any Lien
upon any of its property or assets, or (b) the ability of any of its
Subsidiaries 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 Guarantor or
any of its Subsidiaries or to guaranty any Debt of the Company or any other
Subsidiary of the Guarantor; provided, that (i) the foregoing shall not
apply to restrictions and conditions imposed by law or by the Credit Agreement,
(ii) the foregoing shall not apply to restrictions and conditions existing on
the date hereof identified on Schedule 10.15 of the Credit
Agreement (but shall apply to any extension or renewal of, or any amendment or
modification expanding the scope of, any such restriction or condition), (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 Debt permitted by the Credit Agreement if such
restrictions or conditions apply only to the property or assets securing such
Debt, and (v) clause (a) of the foregoing shall not apply to customary
provisions in leases restricting the assignment thereof.

 

6

 

4.4                                 Restricted
Payments.  The Guarantor will not,
and 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 Company
may declare and pay dividends with respect to its capital stock payable solely
in additional shares of its common stock, (b) the Guarantor’s Subsidiaries may
declare and pay dividends ratably with respect to their capital stock, (c)
Restricted Payments pursuant to and in accordance with stock option plans or
other benefit plans for management or employees of the Guarantor and its
Subsidiaries, (d) the Guarantor may make Restricted Payments not in excess of
$10,000,000 in any Fiscal Year; provided, that none of the Restricted
Payments permitted by this clause (d) shall be paid as a general ratable
dividend payment to all stockholders of the Guarantor, and (e) as set forth in Schedule 10.14
of the Credit Agreement.

 

5.                                       FURTHER
ASSURANCES.

 

The Guarantor agrees, upon the written request of the
Bank, to execute and deliver to the Bank, from time to time, any additional
instruments or documents reasonably considered necessary by the Bank to cause
this Guaranty to be, become or remain valid and effective in accordance with its
terms.

 

6.                                       PAYMENTS
FREE AND CLEAR OF TAXES.

 

All payments required to be made by the Guarantor
hereunder shall be made to the Bank free and clear of, and without deduction
for, any and all present and future taxes, excluding for all purposes under
this Section 6 franchise taxes and taxes imposed on or measured by the
Bank’s net income or receipts.  If the
Guarantor shall be required by law to deduct any taxes from or in respect of
any sum payable hereunder, (a) the sum payable shall be increased as much as
shall be necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section 6)
the Bank, as applicable, receive an amount equal to the sum they would have
received had no such deductions been made, (b) the Guarantor shall make such
deductions, and (c) the Guarantor shall pay the full amount deducted to the
relevant taxing or other authority in accordance with applicable law.  Within thirty (30) days after the date of any
payment of taxes, the Guarantor shall furnish to the Bank the original or a
certified copy of a receipt evidencing payment thereof.  The Guarantor shall indemnify and, within ten
(10) days of demand therefor, pay the Bank for the full amount of taxes
(including any taxes imposed by any jurisdiction on amounts payable under this Section 6)
paid by the Bank, and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto.

 

7.                                       OTHER
TERMS.

 

7.1                                 Entire
Agreement.  This Guaranty, together
with the other Loan Documents, constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior
agreements relating to a guaranty of the loans and advances under the Loan
Documents and/or the Guaranteed Obligations.

 

7.2                                 Headings.  The headings in this Guaranty are for
convenience of reference only and are not part of the substance of this
Guaranty.

 

7

 

7.3                                 Severability.  Whenever possible, each provision of this
Guaranty shall be interpreted in such a manner to be effective and valid under
applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Guaranty.

 

7.4                                 Notices.  Whenever it is provided herein that any
notice, demand, request, consent, approval, declaration or other communication
shall or may be given to or served upon any of the parties by any other party,
or whenever any of the parties desires to give or serve upon another any such
communication with respect to this Guaranty, each such notice, demand, request,
consent, approval, declaration or other communication shall be in writing and
shall be addressed to the party to be notified as follows:

 

(a)                                  If
to the Bank, at:

 

LaSalle Bank National Association

135 South LaSalle Street

Chicago, Illinois 60603

Attention: Mark Melendes

Telecopy Number:  (312) 904-6353

Electronic-Mail: mark.melendes@abnamro.com

 

with copies to:

 

Winston & Strawn LLP

35 West Wacker Drive

Chicago, Illinois  60601

Attention:                                         Thomas F.
Blakemore, Esq.

Telecopy Number: (312) 558-5700

 

(b)                                 If
to the Guarantor, at:

 

NAVTEQ Corporation

222 Merchandise Mart, Suite 900

Chicago, Illinois  60654

Attention: 
Chief Financial Officer with a copy to the General Counsel

Telecopy Number:  312-894-7228

 

or at such other address as may be substituted by notice given as
herein provided.  The giving of any
notice required hereunder may be waived in writing by the party entitled to
receive such notice.  Every notice,
demand, request, consent, approval, declaration or other communication
hereunder shall be deemed to have been validly served, given or delivered (i)
upon the earlier of actual receipt and five (5) Business Days after the same
shall have been deposited with the United States mail, registered or certified
mail, return receipt requested, with proper postage prepaid, (ii) upon
transmission, when sent by telecopy or other similar facsimile transmission
(with such telecopy or facsimile promptly confirmed by delivery of a copy by
personal delivery or United States mail as otherwise provided in this Section 7.4),
(iii) one (1) Business Day after

 

8

 

deposit with a reputable overnight carrier with all charges prepaid, or
(iv) when delivered, if hand-delivered by messenger.

 

7.5                                 Successors
and Assigns.  This Guaranty and all
obligations of the Guarantor hereunder shall be binding upon the successors and
assigns of the Guarantor (including a debtor-in-possession on behalf of the
Guarantor) and shall, together with the rights and remedies of the Bank
hereunder, inure to the benefit of the Bank, all future holders of any
instrument evidencing any of the Obligations and their respective successors
and assigns.  No sales of participations,
other sales, assignments, transfers or other dispositions of any agreement
governing or instrument evidencing the Obligations or any portion thereof or
interest therein shall in any manner affect the rights of the Bank
hereunder.  The Guarantor may not assign,
sell, hypothecate or otherwise transfer any interest in or obligation under
this Guaranty.

 

7.6                                 No
Waiver; Cumulative Remedies; Amendments. 
The Bank shall not by any act, delay, omission or otherwise be deemed to
have waived any of its rights or remedies hereunder, and no waiver shall be
valid unless in writing, signed by the Bank and then only to the extent therein
set forth.  A waiver by the Bank of any
right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which the Bank would otherwise have had on any future
occasion.  No failure to exercise nor any
delay in exercising on the part of the Bank of any right, power or privilege
hereunder, shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any other or
future exercise thereof or the exercise of any other right, power or
privilege.  The rights and remedies
hereunder provided are cumulative and may be exercised singly or concurrently,
and are not exclusive of any rights and remedies provided by law.  None of the terms or provisions of this
Guaranty may be waived, altered, modified, supplemented or amended except by an
instrument in writing, duly executed by the Bank and the Guarantor.

 

7.7                                 Termination.  This Guaranty is a continuing guaranty and
shall remain in full force and effect until the Termination Date.  Upon payment and performance in full of the
Guaranteed Obligations, the Bank shall deliver to the Guarantor such documents
as the Guarantor may reasonably request to evidence such termination.

 

7.8                                 Counterparts.  This Guaranty may be executed in any number
of counterparts, each of which shall collectively and separately constitute one
and the same agreement.

 

8.                                       Credit
Agreement.  The Guarantor agrees to
perform, comply with and be bound by the covenants continued in Sections 13.9,
13.14, and 13.15 of the Credit Agreement (which provisions are incorporated
herein by reference), with each reference to the Company be deemed a reference
to the Guarantor hereunder.

 

9

 

IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Guaranty as of the date first above written.

 

	
   

  	
  NAVTEQ CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  s/ Neil T. Smith

  	
   

  
	
   

  	
  Name: Neil T. Smith

  
	
   

  	
  Title: Vice President and Corporate Controller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION,

  
	
   

  	
   as
  the Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  s/ Mark Melendes

  	
   

  
	
   

  	
  Name: Mark Melendes

  
	
   

  	
  Title: Vice President

  
					

 

10

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