Document:

EXHIBIT
      10.2

    SECURITY
      AGREEMENT

    

    THIS
      SECURITY AGREEMENT (this “Agreement”) is made and entered into as of the
      31st
      day of
      March, 2008, by and among Single Touch Interactive, Inc., a Nevada corporation
      (the “Borrower”) and Hosting Site Network, Inc., a Delaware corporation (the
“Lender”).

    

    RECITALS:

    

    The
      Borrower has issued and delivered or will issue and deliver to the Lender
      Secured Bridge Loan Promissory Note(s) (each, a “Note”) in the aggregate
      principal amount of up to Three Million, Three Hundred Thousand Dollars
      ($3,300,000). Pursuant to the Notes and the related Bridge Loan Agreement,
      the
      Borrower has agreed to grant a security interest in and to the Collateral (as
      defined in this Agreement) on the terms and conditions set forth in this
      Agreement.

    

    In
      consideration of the Debt (as defined in this Agreement) evidenced by the Notes,
      and to secure repayment thereof, the Stockholders have agreed to grant the
      Lender a security interest in and to the Collateral (as defined in this
      Agreement). 

    

    NOW,
      THEREFORE, for and in consideration of the Debt, and of the premises and
      intending to be legally bound, the parties covenant and agree as follows:

    

    1. Definitions.
      In
      addition to the words and terms defined elsewhere in this Agreement, the
      following words and terms shall have the following meanings, unless the context
      otherwise clearly requires:

    

    “Accounts”
      shall have the meaning given to that term in the Code and shall include without
      limitation all rights of the Borrower, whenever acquired, to payment for goods
      sold or leased or for services rendered, whether or not earned by
      performance.

    

    “As-extracted
      Collateral” shall have the meaning given to that term under the
      Code.

    

    “Bridge
      Loan Agreement” shall mean the Bridge Loan Agreement by and between the Borrower
      and the Lender dated as of even date herewith.

    

    “Chattel
      Paper” shall have the meaning given to that term in the Code and shall include
      without limitation all writings owned by the Borrower, whenever acquired, which
      evidence both a monetary obligation and a security interest in or a lease of
      specific goods.

    

    “Code”
      shall mean the Uniform Commercial Code as in effect on the date of this
      Agreement, and as amended from time to time, of the state or states having
      jurisdiction with respect to all or any portion of the Collateral from time
      to
      time.

    

    “Collateral”
      shall mean all tangible and intangible assets of the Borrower, including,
      without limitation, collectively the Accounts, As-extracted Collateral, Chattel
      Paper, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles,
      Instruments, Intellectual Property, Inventory, Investment Property, and Proceeds
      of each of them.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Debt”
      shall mean (i) all indebtedness, both principal and interest, of the Borrower
      to
      the Lender now or after the date of this Agreement evidenced by the Notes,
      (ii)
      all other debts, liabilities, duties and obligations of the Borrower to the
      Lender arising after the date of this Agreement contracted or incurred, whether
      arising under or in connection with the Loan Documents or arising under or
      in
      connection with any other agreement, instrument, or undertaking made by or
      for
      the benefit of the Borrower to or for the benefit of the Lender, (iii) all
      costs
      and expenses incurred by the Lender in the collection of any of the indebtedness
      described in this paragraph or in connection with the enforcement of any of
      the
      duties and obligations of the Borrower to the Lender described in this
      paragraph, including reasonable attorneys’ and paralegals’ fees and expenses,
      and (iv) all future advances made by the Lender for the maintenance, protection,
      preservation or enforcement of, or realization upon, the Collateral or any
      portion of the Collateral, including advances for storage, transportation
      charges, taxes, insurance, repairs and the like.

    

    “Deposit
      Accounts” shall have the meaning given to that term in the Code and shall
      include a demand, time, savings, passbook or similar account maintained with
      a
      bank, savings bank, savings and loan association, credit union, trust company
      or
      other organization that is engaged in the business of banking.

    

    “Documents”
      shall have the meaning given to that term in the Code and shall include without
      limitation all warehouse receipts (as defined by the Code) and other documents
      of title (as defined by the Code) owned by the Borrower, whenever
      acquired.

    

    “Equipment”
      shall have the meaning given to that term in the Code and shall include without
      limitation all goods owned by the Borrower, whenever acquired and wherever
      located, used or brought for use primarily in the business or for the benefit
      of
      the Borrower and not included in Inventory of the Borrower, together with all
      attachments, accessories and parts used or intended to be used with any of
      those
      goods or Fixtures, whether now or in the future installed therein or thereon
      or
      affixed thereto, as well as all substitutes and replacements thereof in whole
      or
      in part.

    

    “Event
      of
      Default” shall mean any of the Events of Default described in the Note or the
      Loan Documents. 

    

    “Fixtures”
      shall have the meaning given to that term in the Code, and shall include without
      limitation leasehold improvements.

    

    “General
      Intangibles” shall have the meaning given to that term in the Code and shall
      include, without limitation, all leases under which the Borrower now or in
      the
      future leases and or obtains a right to occupy or use real or personal property,
      or both, all of the other contract rights of the Borrower, whenever acquired,
      and customer lists, choses in action, claims (including claims for
      indemnification), books, records, patents, copyrights, trademarks, blueprints,
      drawings, designs and plans, trade secrets, methods, processes, contracts,
      licenses, license agreements, formulae, tax and any other types of refunds,
      returned and unearned insurance premiums, rights and claims under insurance
      policies, and computer information, software, records and data now owned or
      acquired after the date of this Agreement by the Borrower.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Instruments”
      shall have the meaning given to that term in the Code and shall include, without
      limitation, all negotiable instruments (as defined in the Code), all
      certificated securities (as defined in the Code) and all other writings which
      evidence a right to the payment of money now or after the date of this Agreement
      owned by the Borrower.

    

    “Inventory”
      shall have the meaning given to that term in the Code and shall include without
      limitation all goods owned by the Borrower, whenever acquired and wherever
      located, held for sale or lease or furnished or to be furnished under contracts
      of service, and all raw materials, work in process and materials owned by the
      Borrower and used or consumed in the Borrower’s business, whenever acquired and
      wherever located.

    

    “Investment
      Property” shall have the meaning set forth in the Code.

    

    “Loan
      Documents” shall mean, collectively, this Agreement, the Note, the Bridge Loan
      Agreement, and all other agreements, Documents and Instruments executed and
      delivered in connection therewith, as each may be amended, supplemented or
      modified from time to time.

    

    “Permitted
      Liens” shall mean (i) all existing liens on the assets of the Borrower which
      have been disclosed to the Lender by the Borrower, and (ii) all purchase money
      security interests hereinafter incurred by the Borrower in the ordinary course
      of business to the extent permitted by the Bridge Loan Agreement.

    

    “Proceeds”
      shall have the meaning given to that term in the Code and shall include without
      limitation whatever is received when Collateral or Proceeds are sold, exchanged,
      collected or otherwise disposed of, whether cash or non-cash, and includes
      without limitation proceeds of insurance payable by reason of loss of or damage
      to Collateral.

    

    2. Security
      Interest.
      As
      security for the full and timely payment of the Debt in accordance with the
      terms of the Debt and the performance of the obligations of the Borrower under
      the Notes and this Agreement, the Borrower agrees that the Lender shall have,
      and the Borrower grants and conveys to and creates in favor of the Lender,
      a
      security interest under the Code in and to such of the Collateral as is now
      owned or acquired after the date of this Agreement by the Borrower. The security
      interest granted to the Lender in this Agreement shall be a first priority
      security interest, prior and superior to the rights of all third parties
      existing on or arising after the date of this Agreement, subject to the
      Permitted Liens. 

    

    3. Provisions
      Applicable to the Collateral.
      The
      parties agree that the following provisions shall be applicable to the
      Collateral: 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (a) The
      Borrower covenants and agrees that at all times during the term of this
      Agreement it shall keep accurate and complete books and records concerning
      the
      Collateral that is now owned or acquired after the date of this Agreement by
      the
      Borrower. 

    

    (b) The
      Borrower shall not move the location of its principal executive offices without
      prior written notification to the Lender. 

    

    (c) Without
      the prior written consent of the Lender, the Borrower shall not sell, lease
      or
      otherwise dispose of any Equipment or Fixtures, except in the ordinary course
      of
      business.

     

    (d) Promptly
      upon request of the Lender from time to time, the Borrower shall furnish the
      Lender with such information and Documents regarding the Collateral and the
      Borrower’s financial condition, business, assets or liabilities, at such times
      and in such form and detail as the Lender may request.

    

    (e) The
      Borrower shall not change its name, entity status, federal taxpayer
      identification number, or provincial organizational or registration number,
      or
      the state under which it is organized without the prior written consent of
      the
      Lender. 

    

    (f) The
      Borrower shall cooperate with the Lender, at the Borrower’s expense, in
      perfecting the Lender’s security interest in any of the Collateral, including
      (i) the execution of any financing statements and (ii) any control agreement(s)
      required in order to perfect the Lender’s security interest in the Deposit
      Accounts. 

    

    4. Actions
      with Respect to Accounts.
      The
      Borrower hereby authorizes the Lender to take all actions that the Lender
      reasonably deems to be necessary or desirable to protect the Borrower’s interest
      in the Accounts after the occurrence of an Event of Default (including
      applicable cure periods) at any time without notice to the Borrower and at
      the
      Borrower’s expense. 

    
      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    5. Preservation
      and Protection of Security Interest.
      The
      Borrower represents and warrants that it has, and covenants and agrees that
      at
      all times during the term of this Agreement, it will have, good and marketable
      title to the Collateral from time to time owned or acquired by it free and
      clear
      of all mortgages, pledges, liens, security interests, charges or other
      encumbrances, except for the Permitted Liens and those junior in right of
      payment and enforcement to that of the Lender or in favor of the Lender, and
      shall defend the Collateral against the claims and demands of all persons,
      firms
      and entities whomsoever. Assuming the Lender has taken all required action
      to
      perfect a security interest in the Collateral as provided by the Code, the
      Borrower represents and warrants that as of the date of this Agreement the
      Lender has, and that all times in the future the Lender will have, a first
      priority perfected security interest in the Collateral, prior and superior to
      the rights of all third parties in the Collateral existing on the date of this
      Agreement or arising after the date of this Agreement, subject to the Permitted
      Liens. Except as permitted by this Agreement, the Borrower covenants and agrees
      that it shall not, without the prior written consent of the Lender, (i) borrow
      against the Collateral or any portion of the Collateral from any other person,
      firm or entity, except for borrowings which are subordinate to the rights of
      the
      Lender, (ii) grant or create or permit to attach or exist any mortgage, pledge,
      lien, charge or other encumbrance, or security interest on, of or in any of
      the
      Collateral or any portion of the Collateral except those in favor of the Lender
      or the Permitted Liens, (iii) permit any levy or attachment to be made against
      the Collateral or any portion of the Collateral, except those subject to the
      Permitted Liens, or (iv) permit any financing statements to be on file with
      respect to any of the Collateral, except financing statements in favor of the
      Lender or those with respect to the Permitted Liens. The Borrower shall
      faithfully preserve and protect the Lender’s security interest in the Collateral
      and shall, at its own cost and expense, cause, or assist the Lender to cause,
      that security interest to be perfected and continue perfected so long as the
      Debt or any portion of the Debt is outstanding, unpaid or executory. For
      purposes of the perfection of the Lender’s security interest in the Collateral
      in accordance with the requirements of this Agreement, the Borrower shall from
      time to time at the request of the Lender file or record, or cause to be filed
      or recorded, such Instruments, Documents and notices, including assignments,
      financing statements and continuation statements, as the Lender may reasonably
      deem necessary or advisable from time to time in order to perfect and continue
      perfected such security interest. The Borrower shall do all such other acts
      and
      things and shall execute and deliver all such other Instruments and Documents,
      including further security agreements, pledges, endorsements, assignments and
      notices, as the Lender in its discretion may reasonably deem necessary or
      advisable from time to time in order to perfect and preserve the priority of
      such security interest as a first lien security interest in the Collateral
      prior
      to the rights of all third persons, firms and entities, subject to the Permitted
      Liens and except as may be otherwise provided in this Agreement. The Borrower
      agrees that a carbon, photographic or other reproduction of this Agreement
      or a
      financing statement is sufficient as a financing statement and may be filed
      instead of the original. Notwithstanding anything to the contrary contained
      in
      this Agreement, Borrower agrees that it shall not file any financing statements
      on or prior to May 31, 2008, or seek to levy, attach, take any action against,
      or otherwise take an interest in, any of the Collateral until after an Event
      of
      Default (including applicable cure periods).

     

    6. Maintenance
      and Repair.
      The
      Borrower shall maintain the Equipment, Inventory and Fixtures, and every portion
      thereof, in good condition, repair and working order, reasonable wear and tear
      alone excepted, and shall pay and discharge all taxes, levies and other
      impositions assessed or levied thereon as well as the cost of repairs to or
      maintenance of the same. If the Borrower fails to do so, the Lender may (but
      shall not be obligated to) pay the cost of such repairs or maintenance and
      such
      taxes, levies or impositions for the account of the Borrower and add the amount
      of such payments to the Debt. 

    

    7. Preservation
      of Rights against Third Parties; Preservation of Collateral in Lender’s
      Possession.
      Until
      such time as the Lender exercise its right to effect direct collection of the
      Accounts and the Chattel Paper and to effect the enforcement of the Borrower’s
      contract rights, the Borrower assumes full responsibility for taking any and
      all
      commercially reasonable steps to preserve rights in respect of the Accounts
      and
      the Chattel Paper and their contracts against prior parties. The Lender shall
      be
      deemed to have exercised reasonable care in the custody and preservation of
      such
      of the Collateral as may come into its possession from time to time if the
      Lender takes such action for that purpose as the Borrower shall request in
      writing, provided that such requested action shall not, in the judgment of
      the
      Lender, impair the Lender’s security interest in the Collateral or its right in,
      or the value of, the Collateral, and provided further that the Lender receives
      such written request in sufficient time to permit the Lender to take the
      requested action.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    8. Events
      of Default and Remedies.

    

    (a) If
      any
      one or more of the Events of Default (including the passage of applicable cure
      periods provided for in the Notes) shall occur or shall exist, the Lender may
      then or at any time thereafter, so long as such default shall continue,
      foreclose the lien or security interest in the Collateral in any way permitted
      by law, or upon 15 days prior written notice to the Borrower, sell any or all
      Collateral at private sale at any time or place in one or more sales, at such
      price or prices and upon such terms, either for cash or on credit, as the
      Lender, in its sole discretion, may elect, or sell any or all Collateral at
      public auction, either for cash or on credit, as the Lender, in its sole
      discretion, may elect, and at any such sale, the Lender may bid for and become
      the purchaser of any or all such Collateral. Pending any such action the Lender
      may liquidate the Collateral. 

    

    (b) If
      any
      one or more of the Events of Default (including the passage of applicable cure
      periods provided for in the Notes) shall occur or shall exist, the Lender may
      then, or at any time thereafter, so long as such default shall continue, grant
      extensions to, or adjust claims of, or make compromises or settlements with,
      debtors, guarantors or any other parties with respect to Collateral or any
      securities, guarantees or insurance applying thereon, without notice to or
      the
      consent of the Borrower, without affecting the Borrower’s liability under this
      Agreement or the Notes. The Borrower waives notice of acceptance, of nonpayment,
      protest or notice of protest of any Accounts or Chattel Paper or any of its
      contract rights and any other notices to which the Borrower may be
      entitled.

    

    (c) If
      any
      one or more of the Events of Default (including the passage of applicable cure
      periods provided for in the Notes) shall occur or shall exist and be continuing,
      then in any such event, the Lender shall have such additional rights and
      remedies in respect of the Collateral or any portion thereof as are provided
      by
      the Code and such other rights and remedies in respect thereof which it may
      have
      at law or in equity or under this Agreement, including without limitation the
      right to enter any premises where Equipment, Inventory and/or Fixtures are
      located and take possession and control thereof without demand or notice and
      without prior judicial hearing or legal proceedings, which the Borrower
      expressly waives 

    

    (d) The
      Lender shall apply the Proceeds of any sale or liquidation of the Collateral,
      and, subject to Section 6, any Proceeds received by the Lender from insurance,
      first to the payment of the reasonable costs and expenses incurred by the Lender
      in connection with such sale or collection, including without limitation
      reasonable attorneys’ fees and legal expenses, second to the payment of the
      Debt, whether on account of principal or interest or otherwise as the Lender,
      in
      its sole discretion, may elect, and then to pay the balance, if any, to the
      Borrower or as otherwise required by law. If such Proceeds are insufficient
      to
      pay the amounts required by law, the Borrower shall be liable for any
      deficiency.

    

    (e) Upon
      the
      occurrence of any Event of Default (including the passage of applicable cure
      periods provided for in the Notes), the Borrower shall promptly upon written
      demand by the Lender assemble the Equipment, Inventory and Fixtures and make
      them available to the Lender at a place or places to be designated by the
      Lender. The rights of the Lender under this paragraph to have the Equipment,
      Inventory and Fixtures assembled and made available to it is of the essence
      of
      this Agreement and the Lender may, at its election, enforce such right by an
      action in equity for injunctive relief or specific performance, without the
      requirement of a bond. 

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    9. Defeasance.
      Notwithstanding anything to the contrary contained in this Agreement upon
      payment and performance in full of the Debt, this Agreement shall terminate
      and
      be of no further force and effect and the Lender shall thereupon terminate
      its
      security interest in the Collateral. Until such time, however, this Agreement
      shall be binding upon and inure to the benefit of the parties, their successors
      and assigns, provided that, without the prior written consent of the Lender,
      the
      Borrower may not assign this Agreement or any of its rights under this Agreement
      or delegate any of its duties or obligations under this Agreement and any such
      attempted assignment or delegation shall be null and void. This Agreement is
      not
      intended and shall not be construed to obligate the Lender to take any action
      whatsoever with respect to the Collateral or to incur expenses or perform or
      discharge any obligation, duty or disability of the Borrower.

    

    10. Miscellaneous.

    

    (a) The
      provisions of this Agreement are intended to be severable. If any provision
      of
      this Agreement shall for any reason be held invalid or unenforceable in whole
      or
      in part in any jurisdiction, such provision shall, as to such jurisdiction,
      be
      ineffective to the extent of such invalidity or unenforceability without in
      any
      manner affecting the validity or enforceability of such provision in any other
      jurisdiction or any other provision of this Agreement in any jurisdiction.
      

    

    (b) No
      failure or delay on the part of the Lender in exercising any right, remedy,
      power or privilege under this Agreement and the Notes shall operate as a waiver
      thereof or of any other right, remedy, power or privilege of the Lender under
      this Agreement, the Notes or any of the other Loan Documents; nor shall any
      single or partial exercise of any such right, remedy, power or privilege
      preclude any other right, remedy, power or privilege or further exercise thereof
      or the exercise of any other right, remedy, power or privilege. The rights,
      remedies, powers and privileges of the Lender under this Agreement, the Notes
      and the other Loan Documents are cumulative and not exclusive of any rights
      or
      remedies which they may otherwise have.

    

    (c) Unless
      otherwise provided herein, all demands, notices, consents, service of process,
      requests and other communications hereunder shall be in writing and shall be
      delivered in person or by overnight courier service, or mailed by certified
      mail, return receipt requested, addressed:

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    If
      to the
      Borrower:

    

    Single
      Touch Interactive, Inc.

    2235
      Encinatas Blvd. Suite 210

    Encinatas,
      CA 92024

    Attn:
      Randall J. Lanham, General Counsel

    Facsimile:
      760.438.1793

    

    

    If
      to the
      Lender:

    

    Hosting
      Site Network, Inc.

    32
      Poplar
      Place

    Fanwood,
      NJ 07023

    Attn:
      Scott Vicari, President

    

    with
      a
      copy to:

    

    Gottbetter
      & Partners, LLP

    488
      Madison Avenue, 12th Floor

    New
      York,
      NY 10022

    Attn:
      Scott Rapfogel, Esq.

    Facsimile:
      212.400.6901

    

    Any
      such
      notice shall be effective (a) when delivered, if delivered by hand delivery
      or overnight courier service, or (b) five days after deposit in the United
      States mail, as applicable.

     

    (d) The
      section headings contained in this Agreement are for reference purposes only
      and
      shall not control or affect its construction or interpretation in any respect.
      

    

    (e) Unless
      the context otherwise requires, all terms used in this Agreement which are
      defined by the Code shall have the meanings stated in the Code. 

    

    (f) The
      Code
      shall govern the settlement, perfection and the effect of attachment and
      perfection of the Lender’s security interest in the Collateral, and the rights,
      duties and obligations of the Lender and the Borrower with respect to the
      Collateral. This Agreement shall be deemed to be a contract under the laws
      of
      the State of New York and the execution and delivery of this Agreement and,
      to
      the extent not inconsistent with the preceding sentence, the terms and
      provisions of this Agreement shall be governed by and construed in accordance
      with the laws of that State, without regard to conflicts of laws principles
      thereof. 

    

    (g) This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which shall constitute one and the same instrument.
      All
      of such counterparts shall be read as though one, and they shall have the same
      force and effect as though all the signers had signed a single page. This
      Agreement may be executed by facsimile signature.

    

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, and intending to be legally bound, the parties have executed
      and delivered this Security Agreement as of the day and year set forth at the
      beginning of this Security Agreement. 

    

    
      	
               

              LENDER:

               

              HOSTING
                SITE NETWORK, INC.

               

               

              By:
                /s/ Scott Vicari

              Name: Scott
                Vicari

              Title: President

            	
               

              BORROWER:

               

              SINGLE
                TOUCH INTERACTIVE, INC.

               

               

              By:/s/
                Anthony Macaluso

              Name: Anthony
                Macaluso

              Title: Chief
                Executive OfficerUnassociated Document

    EXECUTION
      COPY

     

    
      

      

    

     

    CREDIT
      AGREEMENT

    

    dated
      as
      of

    

    March
      31,
      2008

    

    among

    

    GRITEL
      HOLDING CO., INC., 

    as
      Holdings,

    

    TELEPHONICS
      CORPORATION,

    as
      the
      Borrower,

    

    The
      LENDERS Party Hereto

    

    and

    

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Administrative Agent

    

    ____________

    

    $100,000,000

    

    ____________

    

    

    J.P.
      MORGAN SECURITIES INC.,

    as
      Sole
      Lead Arranger and Sole Bookrunner

    

    

    

    
      

      

    

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  I DEFINITIONS

              	
                1

              
	
                SECTION
                  1.01

              	
                Defined
                  Terms

              	
                1

              
	
                SECTION
                  1.02

              	
                Terms
                  Generally

              	
                22

              
	
                SECTION
                  1.03

              	
                Accounting
                  Terms; GAAP

              	
                22

              
	
                SECTION
                  1.04

              	
                Currencies;
                  Currency Equivalents; Euro

              	
                23

              
	 	 	 
	
                ARTICLE
                  II THE CREDITS

              	
                24

              
	
                SECTION
                  2.01

              	
                The
                  Commitments

              	
                24

              
	
                SECTION
                  2.02

              	
                Loans
                  and Borrowings

              	
                24

              
	
                SECTION
                  2.03

              	
                Requests
                  for Borrowings

              	
                24

              
	
                SECTION
                  2.04

              	
                Letters
                  of Credit

              	
                26

              
	
                SECTION
                  2.05

              	
                Funding
                  of Borrowings

              	
                30

              
	
                SECTION
                  2.06

              	
                Interest
                  Elections

              	
                30

              
	
                SECTION
                  2.07

              	
                Swingline
                  Commitment

              	
                32

              
	
                SECTION
                  2.08

              	
                Procedure
                  and Refunding of Swingline Loans

              	
                32

              
	
                SECTION
                  2.09

              	
                Termination,
                  Reduction and Increase of the Commitments

              	
                34

              
	
                SECTION
                  2.10

              	
                Repayment
                  of Loans; Evidence of Debt

              	
                35

              
	
                SECTION
                  2.11

              	
                Prepayment
                  of Loans

              	
                36

              
	
                SECTION
                  2.12

              	
                Fees

              	
                38

              
	
                SECTION
                  2.13

              	
                Interest

              	
                39

              
	
                SECTION
                  2.14

              	
                Alternate
                  Rate of Interest

              	
                39

              
	
                SECTION
                  2.15

              	
                Increased
                  Costs

              	
                40

              
	
                SECTION
                  2.16

              	
                Break
                  Funding Payments

              	
                41

              
	
                SECTION
                  2.17

              	
                Taxes

              	
                42

              
	
                SECTION
                  2.18

              	
                Payments
                  Generally; Pro Rata Treatment; Sharing of Set-offs

              	
                44

              
	
                SECTION
                  2.19

              	
                Mitigation
                  Obligations; Replacement of Lenders

              	
                46

              
	 	 	 
	
                ARTICLE
                  III GUARANTEE

              	
                47

              
	
                SECTION
                  3.01

              	
                The
                  Guarantee

              	
                47

              
	
                SECTION
                  3.02

              	
                Obligations
                  Unconditional

              	
                47

              
	
                SECTION
                  3.03

              	
                Reinstatement

              	
                48

              
	
                SECTION
                  3.04

              	
                Subrogation

              	
                48

              
	
                SECTION
                  3.05

              	
                Remedies

              	
                48

              
	
                SECTION
                  3.06

              	
                Continuing
                  Guarantee

              	
                49

              
	
                SECTION
                  3.07

              	
                General
                  Limitation on Guarantee Obligations

              	
                49

              

      

       

      
        
          -
            i -

        

        
          
          

          
            

          

        

        
          
          

        

         

        Page

         

      

      
        	
                ARTICLE
                  IV REPRESENTATIONS AND WARRANTIES

              	
                49

              
	
                SECTION
                  4.01

              	
                Organization;
                  Powers

              	
                49

              
	
                SECTION
                  4.02

              	
                Authorization;
                  Enforceability

              	
                49

              
	
                SECTION
                  4.03

              	
                Governmental
                  Approvals; No Conflicts

              	
                49

              
	
                SECTION
                  4.04

              	
                Financial
                  Condition; No Material Adverse Change

              	
                50

              
	
                SECTION
                  4.05

              	
                Properties

              	
                50

              
	
                SECTION
                  4.06

              	
                Litigation
                  and Environmental Matters

              	
                50

              
	
                SECTION
                  4.07

              	
                Compliance
                  with Laws and Contractual Obligations

              	
                51

              
	
                SECTION
                  4.08

              	
                Investment
                  Company Status

              	
                51

              
	
                SECTION
                  4.09

              	
                Taxes

              	
                51

              
	
                SECTION
                  4.10

              	
                ERISA;
                  Employee Benefit Plans

              	
                51

              
	
                SECTION
                  4.11

              	
                Disclosure

              	
                52

              
	
                SECTION
                  4.12

              	
                Use
                  of Credit

              	
                52

              
	
                SECTION
                  4.13

              	
                Burdensome
                  Agreements

              	
                52

              
	
                SECTION
                  4.14

              	
                Labor
                  Matters

              	
                52

              
	
                SECTION
                  4.15

              	
                Security
                  Documents

              	
                52

              
	
                SECTION
                  4.16

              	
                Holdings

              	
                53

              
	
                SECTION
                  4.17

              	
                Parent
                  Real Estate Assets

              	
                53

              
	
                 

              	 	 
	
                ARTICLE
                  V CONDITIONS

              	
                53

              
	
                SECTION
                  5.01

              	
                Effective
                  Date

              	
                53

              
	
                SECTION
                  5.02

              	
                Each
                  Credit Event

              	
                53

              
	
                 

              	 	 
	
                ARTICLE
                  VI AFFIRMATIVE COVENANTS

              	
                55

              
	
                SECTION
                  6.01

              	
                Financial
                  Statements and Other Information

              	
                55

              
	
                SECTION
                  6.02

              	
                Notices
                  of Material Events

              	
                57

              
	
                SECTION
                  6.03

              	
                Existence;
                  Conduct of Business

              	
                58

              
	
                SECTION
                  6.04

              	
                Payment
                  of Obligations

              	
                58

              
	
                SECTION
                  6.05

              	
                Maintenance
                  of Properties

              	
                58

              
	
                SECTION
                  6.06

              	
                Maintenance
                  of Insurance

              	
                58

              
	
                SECTION
                  6.07

              	
                Books
                  and Records

              	
                58

              
	
                SECTION
                  6.08

              	
                Inspection
                  Rights

              	
                58

              
	
                SECTION
                  6.09

              	
                Compliance
                  with Laws and Contractual Obligations

              	
                59

              
	
                SECTION
                  6.10

              	
                Use
                  of Proceeds and Letters of Credit

              	
                59

              
	
                SECTION
                  6.11

              	
                Collateral;
                  Further Assurances

              	
                59

              
	
                 

              	 	 
	
                ARTICLE
                  VII NEGATIVE COVENANTS

              	
                61

              
	
                SECTION
                  7.01

              	
                Indebtedness;
                  Guarantees

              	
                61

              
	
                SECTION
                  7.02

              	
                Liens

              	
                63

              
	
                SECTION
                  7.03

              	
                Mergers,
                  Consolidations, Etc

              	
                64

              

      

       

      
        
          -
            ii -

        

        
          
          

          
            

          

        

        
          
          

        

         

        Page

         

      

      
        	
                SECTION
                  7.04

              	
                Dispositions

              	
                64

              
	
                SECTION
                  7.05

              	
                Lines
                  of Business

              	
                65

              
	
                SECTION
                  7.06

              	
                Investments
                  and Acquisitions

              	
                66

              
	
                SECTION
                  7.07

              	
                Restricted
                  Payments

              	
                67

              
	
                SECTION
                  7.08

              	
                Transactions
                  with Affiliates

              	
                68

              
	
                SECTION
                  7.09

              	
                Restrictive
                  Agreements

              	
                68

              
	
                SECTION
                  7.10

              	
                Swap
                  Agreements

              	
                69

              
	
                SECTION
                  7.11

              	
                Financial
                  Covenants

              	
                69

              
	
                SECTION
                  7.12

              	
                Stock
                  Issuance

              	
                69

              
	
                SECTION
                  7.13

              	
                Modifications
                  of Certain Documents

              	
                70

              
	
                SECTION
                  7.14

              	
                Passive
                  Holding Company Status

              	
                70

              
	
                 

              	 	 
	
                ARTICLE
                  VIII EVENTS OF DEFAULT

              	
                70

              
	
                 

              	 	 
	
                ARTICLE
                  IX THE ADMINISTRATIVE AGENT

              	
                73

              
	
                 

              	 	 
	
                ARTICLE
                  X MISCELLANEOUS

              	
                75

              
	
                SECTION
                  10.01

              	
                Notices

              	
                75

              
	
                SECTION
                  10.02

              	
                Waivers;
                  Amendments.

              	
                75

              
	
                SECTION
                  10.03

              	
                Expenses;
                  Indemnity; Damage Waiver

              	
                77

              
	
                SECTION
                  10.04

              	
                Successors
                  and Assigns

              	
                78

              
	
                SECTION
                  10.05

              	
                Survival

              	
                81

              
	
                SECTION
                  10.06

              	
                Counterparts;
                  Integration; Effectiveness

              	
                81

              
	
                SECTION
                  10.07

              	
                Severability

              	
                82

              
	
                SECTION
                  10.08

              	
                Right
                  of Setoff

              	
                82

              
	
                SECTION
                  10.09

              	
                Governing
                  Law; Jurisdiction; Consent to Service of Process

              	
                82

              
	
                SECTION
                  10.10

              	
                WAIVER
                  OF JURY TRIAL

              	
                83

              
	
                SECTION
                  10.11

              	
                Judgment
                  Currency

              	
                83

              
	
                SECTION
                  10.12

              	
                Headings

              	
                84

              
	
                SECTION
                  10.13

              	
                Confidentiality

              	
                84

              
	
                SECTION
                  10.14

              	
                USA
                  PATRIOT ACT

              	
                84

              
	
                SECTION
                  10.15

              	
                Releases
                  of Liens

              	
                84

              

      

    

     

    
      
        -
          iii -

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1.01 - Commitments

    SCHEDULE
      1.01(a) - Additional Costs 

    SCHEDULE
      4.06(a) - Litigation

    SCHEDULE
      4.06(b) - Environmental Matters

    SCHEDULE
      4.13 - Burdensome Agreements

    SCHEDULE
      4.14 - Labor Matters

    SCHEDULE
      4.15 - UCC Filing Jurisdictions

    SCHEDULE
      4.17 - Parent Real Estate Assets

    SCHEDULE
      7.01(a) - Existing Indebtedness

    SCHEDULE
      7.01(b) - Existing Guarantees

    SCHEDULE
      7.02 - Existing Liens

    SCHEDULE
      7.06 - Existing Investments

    SCHEDULE
      7.09 - Restrictive Agreements

    SCHEDULE
      10.01 - Addresses for Notice

    

    
      	
              EXHIBIT
                A

            	
              -

            	
              Form
                of Assignment and Assumption

            

    

    
      	
              EXHIBIT
                B

            	
              -

            	
              Form
                of Guarantee and Collateral
                Agreement

            

    

    
      	
              EXHIBIT
                C

            	
              -

            	
              Form
                of Opinion of Corporate Counsel to the
                Borrower

            

    

    
      	
              EXHIBIT
                D

            	
              -

            	
              Form
                of Opinion of Special Counsel to the
                Borrower

            

    

     

    
      
        
          -
            iv -

        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CREDIT
      AGREEMENT, dated as of March 31, 2008, among GRITEL HOLDING CO., INC., a
      Delaware corporation (“Holdings”),
      TELEPHONICS CORPORATION, a Delaware corporation (the “Borrower”),
      the
      several banks and other financial institutions or entities from time to time
      parties to this Agreement, and JPMORGAN CHASE BANK, N.A., as administrative
      agent (in such capacity, the “Administrative
      Agent”).

     

    The
      parties hereto hereby agree as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

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

     

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

     

    “Additional
      Cost”
shall
      mean, in relation to any Borrowing that is denominated in English Pounds
      Sterling, for any Interest Period, the cost as calculated by the Administrative
      Agent in accordance with Schedule 1.01(a) imputed to each Lender participating
      in such Borrowing of compliance with the mandatory liquid assets requirements
      of
      the Bank of England or the European Central Bank, as applicable, during that
      Interest Period, expressed as a percentage.

     

    “Adjusted
      LIBO Rate”
means,
      for the Interest Period for any Eurocurrency Borrowing, an interest rate per
      annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
      (a) the LIBO Rate for such Interest Period multiplied
      by
      (b) the Statutory Reserve Rate for such Interest Period, provided,
      however, that, if such Eurocurrency Borrowing is denominated in English Pounds
      Sterling, then the “Adjusted LIBO Rate” shall be the LIBO Rate in effect for
      such Interest Period plus the Additional Cost.

     

    “Adjusted
      Net Income”
means,
      for any period, the aggregate income (or loss) for such period of the Borrower
      and its Subsidiaries which shall be an amount equal to net revenues and other
      proper items of income, plus
      all
      extraordinary, non-recurring or unusual non-cash losses for such period,
plus
      all
      extraordinary, non-recurring or unusual cash losses for such period not
      exceeding in the aggregate $2,500,000 for such period, plus
      minority
      interest in earnings of consolidated Subsidiaries for such period, less any
      and
      all items that are treated as expenses under GAAP, less,
      without
      duplication, any cash payments made during such period in respect of the
      non-cash losses referred to above subsequent to the fiscal quarter in which
      the
      relevant non-cash losses were reflected as a charge, less
      Federal,
      state and local income taxes and income taxes expensed for taxes payable to
      jurisdictions outside of the United States of America, less
      minority
      interests in losses of consolidated Subsidiaries for such period, less
      all
      extraordinary, non-recurring and unusual non-cash gains for such period, as
      determined in accordance with GAAP.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Administrative
      Agent”
has
      the
      meaning set forth in the preamble hereto. It is understand that, without
      limiting the other provisions of this Agreement, the Administrative Agent may
      utilize the services of its Affiliates (including J.P. Morgan Europe Limited)
      in
      connection with administrative matters related to Foreign
      Currencies.

     

    “Administrative
      Agent’s Account”
means,
      for each Currency, an account in respect of such Currency designated by the
      Administrative Agent in a notice to the Borrower and the Lenders.

     

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

     

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

     

    “Aggregate
      Available Commitments”
means,
      at any time, the aggregate amount of Available Commitments of all the Lenders
      at
      such time.

     

    “Aggregate
      Commitment”
means,
      at any time, the aggregate amount of the Commitments of all the Lenders at
      such
      time, as such amount is subject to reduction or increase in accordance with
      the
      terms hereof. The initial amount of the Aggregate Commitment is
      $100,000,000.

     

    “Aggregate
      Foreign Currency Sublimit Dollar Amount”
means
      $25,000,000.

     

    “Aggregate
      LC Exposure”
means,
      at any time, the sum of (a) the aggregate undrawn amount of all outstanding
      Letters of Credit at such time plus
      (b) the aggregate amount of all LC Disbursements that have not yet
      been reimbursed by or on behalf of the Borrower at such time.

     

    “Aggregate
      Letter of Credit Sublimit Amount”
means
      $25,000,000.

     

    “Aggregate
      Revolving Credit Exposure”
means,
      at any time, the sum of (a) the aggregate outstanding principal amount of
      the Loans of all the Lenders at such time, plus
      (b) the aggregate amount of LC Exposures of all the Lenders at such
      time.

     

    “Agreed
      Foreign Currency”
means,
      at any time, any of English Pounds Sterling, euro and, with the agreement of
      each Lender, any other Foreign Currency, so long as, in respect of any such
      specified Currency or other Foreign Currency, at such time (a) such
      Currency is dealt with in the London interbank deposit market, (b) such
      Currency is freely transferable and convertible into Dollars in the London
      foreign exchange market and (c) no central bank or other governmental
      authorization in the country of issue of such Currency (including, in the case
      of the euro, any authorization by the European Central Bank) is required to
      permit use of such Currency by any Lender for making any Loan hereunder and/or
      to permit the Borrower to borrow and repay the principal thereof and to pay
      the
      interest thereon, unless such authorization has been obtained and is in full
      force and effect.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    “Agreement”
means
      this Credit Agreement. 

     

    “Alternate
      Base Rate”
means,
      for any day, a rate per annum equal to the greater of (a) the Prime Rate in
      effect on such day and (b) the Federal Funds Effective Rate in effect on
      such day plus
      0.50%.
      Any change in the Alternate Base Rate due to a change in the Prime Rate or
      the
      Federal Funds Effective Rate shall be effective from and including the effective
      date of such change in the Prime Rate or the Federal Funds Effective Rate,
      respectively.

     

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

     

    “Applicable
      Rate”
means,
      for any day, with respect to any ABR Loan or Eurocurrency Loan, or with
      respect to the commitment fees payable hereunder, as the case may be, the
      applicable rate per annum set forth below under the caption “ABR Spread”,
“Eurocurrency Spread” or “Commitment Fee Rate”, respectively, based upon the
      Leverage Ratio as of the most recent determination date:

    

     

    
      	
              Leverage
                Ratio:

            	
              ABR

              Spread

            	
              Eurocurrency

              Spread

            	
              Commitment

              Fee
                Rate

            
	
              Category
                1

               

              Greater
                than or equal to 2.00:1.00

            	
               

              1.00%

            	
               

              2.00%

            	
               

              0.35%

            
	
              Category
                2

               

              Greater
                than or equal to 1.00:1.00 but less than 2.00:1.00

            	
               

              0.75%

            	
               

              1.75%

            	
               

              0.30%

            
	
              Category
                3

               

              Less
                than 1.00:1.00

            	
               

              0.50%

            	
               

              1.50%

            	
               

              0.25%

            

    

    

    For
      purposes of the foregoing, (i) the Leverage Ratio shall be determined as of
      the end of each fiscal quarter of each fiscal year of the Borrower based upon
      the Borrower’s consolidated financial statements delivered pursuant to
      Section 6.01(a) or (b), as applicable, (ii) until the delivery of the
      financial statements for the first fiscal quarter commencing on or after the
      Effective Date pursuant to Section 6.01 (a) or (b), as applicable, the ABR
      Spread shall be 0.75%, the Eurocurrency Spread shall be 1.75% and the Commitment
      Fee Rate shall be 0.30%, and (iii) each change in the Applicable Rate
      resulting from a change in the Leverage Ratio shall be effective during the
      period commencing on and including the date three Business Days after delivery
      to the Administrative Agent of such consolidated financial statements indicating
      such change and ending on the date immediately preceding the effective date
      of
      the next such change; provided
      that the
      Leverage Ratio shall be deemed to be in Category 1 (A) at any time that an
      Event of Default has occurred and is continuing or (B) if the Borrower
      fails to deliver the consolidated financial statements required to be delivered
      by it pursuant to Section 6.01(a) or (b), during the period from the
      expiration of the time for delivery thereof until such consolidated financial
      statements are delivered.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    “Approved
      Fund”
means
      any Person (other than a natural person) that is engaged in making, purchasing,
      holding or investing in bank loans and similar extensions of credit in the
      ordinary course of its business and that is administered or managed by
      (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
      Affiliate of an entity that administers or manages a Lender.

     

    “Arranger”
means
      J.P. Morgan Securities Inc., in its capacity as the Sole Lead Arranger and
      Sole
      Bookrunner in respect of the arrangement of the Commitments. 

     

    “Assignment
      and Assumption”
means
      an assignment and assumption entered into by a Lender and an assignee (with
      the
      consent of any party whose consent is required by Section 10.04), and
      accepted by the Administrative Agent, in the form of Exhibit A or any other
      form approved by the Administrative Agent.

     

    “Assuming
      Lender”
has
      the
      meaning set forth in Section 2.09(c).

     

    “Availability
      Period”
means
      the period from and including the Effective Date to but excluding the earlier
      of
      the Commitment Termination Date and the date of termination of the
      Commitments.

     

    “Available
      Commitment”
means,
      as to any Lender at any time, an amount equal to the excess, if any, of (a)
      such
      Lender’s Commitment then in effect over (b) such Lender’s Revolving Credit
      Exposure then outstanding; provided
      that in
      calculating any Lender’s Revolving Credit Exposure for the purpose of
      determining such Lender’s Available Commitment pursuant to Section 2.12(a), the
      aggregate principal amount of Swingline Loans then outstanding shall be deemed
      to be zero.

     

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

     

    “Borrower”
has
      the
      meaning set forth in the preamble hereto.

     

    “Borrower
      Obligations”
has
      the
      meaning assigned to such term in the Guarantee and Collateral
      Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    “Borrowing”
means
      (a) all ABR Loans made, converted or continued on the same date or
      (b) all Eurocurrency Loans denominated in the same Currency that have the
      same Interest Period.

     

    “Borrowing
      Request”
means
      a
      request by the Borrower for a Borrowing in accordance with
      Section 2.03.

     

    “Business
      Day”
means
      any day (a) that is not a Saturday, Sunday or other day on which commercial
      banks in New York City are authorized or required by law to remain closed,
      (b) if such day relates to a borrowing of, a payment or prepayment of
      principal of or interest on, a continuation or conversion of or into, or the
      Interest Period for, a Eurocurrency Borrowing, or to a notice by the Borrower
      with respect to any such borrowing, payment, prepayment, continuation,
      conversion, or Interest Period, that is also a day on which dealings in deposits
      denominated in the Currency of such Borrowing are carried out in the London
      interbank market, (c) if such day relates to a borrowing or continuation
      of, a payment or prepayment of principal of or interest on, or the Interest
      Period for, any Borrowing denominated in any Foreign Currency (other than euro),
      or to a notice by the Borrower with respect to any such borrowing, continuation,
      payment, prepayment or Interest Period, that is also a day on which commercial
      banks and the London foreign exchange market settle payments in the Principal
      Financial Center for such Foreign Currency and (d) if such day relates to a
      borrowing or continuation of, a payment or prepayment of principal of or
      interest on, or the Interest Period for, any Borrowing denominated in euro
      (or
      any notice with respect thereto), that is also a TARGET Day.

     

    “Capital
      Expenditures”
means,
      for any period, expenditures (including the aggregate amount of Capital Lease
      Obligations incurred during such period) made by the Borrower or any of its
      Subsidiaries to acquire or construct fixed assets, plant and equipment
      (including renewals, improvements and replacements, but excluding repairs)
      during such period computed in accordance with GAAP.

     

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

     

    “Capital
      Stock”
means
      (a) in the case of a corporation, capital stock, (b) in the case of an
      association or business entity, any and all shares, interests, participations,
      rights or other equivalents (however designated) of corporate stock, (c) in
      the case of a limited liability company, membership units (whether common or
      preferred), (d) in the case of a partnership, partnership interests
      (whether general or limited) and (e) any other equivalent ownership
      interest or participation that confers on a Person the right to receive a share
      of the profits and losses of, or distributions of assets of, the issuing
      Person.

     

    “Change
      of Control”
means
      (a) (i) the acquisition of ownership, directly or indirectly, beneficially
      or of record, by any Person or group (within the meaning of the Exchange Act
      and
      the rules of the SEC thereunder as in effect on the date hereof), of shares
      representing more than 30% (the percentage so acquired, the “third-party
      percentage”)
      of the
      aggregate ordinary voting power represented by the issued and outstanding
      Capital Stock of the Control Person and (ii) if a Permitted Change of Control
      Transaction has occurred prior to such time, the Parent, directly or indirectly,
      does not own more than the third-party percentage of the aggregate ordinary
      voting power represented by the issued and outstanding Capital Stock of the
      Control Person, (b) during any period of 25 consecutive calendar months,
      the ceasing of those individuals (the “Continuing
      Directors”)
      who
      (i) were directors of the Control Person on the first day of each such period,
      or (ii) subsequently became directors of the Control Person and whose initial
      election or initial nomination for election subsequent to that date was approved
      by a majority of the Continuing Directors then on the board of directors of
      the
      Control Person, to constitute a majority of the board of directors of the
      Control Person, or (c) (i) prior to the occurrence of a Permitted Change of
      Control Transaction, the Parent ceasing to own, beneficially and of records,
      all
      of the outstanding Capital Stock of Holdings or (ii) prior to the occurrence
      of
      a Holdings Change of Control Transaction, Holdings ceasing to own, beneficially
      and of record, all of the outstanding Capital Stock of the Borrower (other
      than,
      in each case, in connection with a Permitted Change of Control Transaction).
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    “Change
      in Law”
means
      (a) the adoption of any law, rule or regulation after the date of this
      Agreement, (b) any change in any law, rule or regulation or in the
      interpretation or application thereof by any Governmental Authority after the
      date of this Agreement or (c) compliance by any Lender or the Issuing
      Lender (or, for purposes of Section 2.15(b), by any lending office of such
      Lender or by such Lender’s or the Issuing Lender’s holding company, if any) with
      any request, guideline or directive (whether or not having the force of law)
      of
      any Governmental Authority made or issued after the date of this
      Agreement.

     

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

     

    “Collateral”
means
      all property of the Loan Parties, now owned or hereafter acquired, upon which
      a
      Lien is purported to be created by any Security Document.

     

    “Collateral
      Account”
has
      the
      meaning assigned to such term in the Guarantee and Collateral
      Agreement.

     

    “Commitment”
means,
      with respect to each Lender at any time, the commitment of such Lender to make
      Loans and to participate in Swingline Loans and Letters of Credit, expressed
      as
      an amount representing the maximum aggregate amount of such Lender’s Revolving
      Credit Exposure hereunder, as such commitment may be (a) reduced or
      increased from time to time pursuant to Section 2.09 and (b) reduced
      or increased from time to time pursuant to assignments by or to such Lender
      pursuant to Section 10.04. The initial amount of each Lender’s Commitment
      is set forth on Schedule 1.01, or in the Assignment and Assumption pursuant
      to which such Lender shall have assumed its Commitment, as
      applicable.

     

    “Commitment
      Increase”
has
      the
      meaning set forth in Section 2.09(c).

     

    “Commitment
      Increase Date”
has
      the
      meaning set forth in Section 2.09(c).

     

    “Commitment
      Termination Date”
means
      March 31, 2013 (or if such date is not a Business Day, the immediately preceding
      Business Day).

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    “Consolidated
      EBITDA”
means,
      for any period, the sum of (i) Adjusted Net Income, (ii) Consolidated Interest
      Expense, (iii) depreciation and amortization expense deducted in determining
      Adjusted Net Income, (iv) foreign, Federal, state and local income taxes
      deducted in determining Adjusted Net Income, in each case, for such period,
      computed in accordance with GAAP, and (v) to the extent deducted in determining
      Adjusted Net Income, transaction costs, fees and expenses relating to the
      execution and delivery of this Agreement.

     

    “Consolidated
      Fixed Charge Coverage Ratio”
means,
      for any period, the ratio of (a) Consolidated EBITDA for such period,
minus
      the
      aggregate amount actually paid by the Borrower and its Subsidiaries during
      such
      period on account of Capital Expenditures (excluding Capital Expenditures
      financed with Indebtedness other than any Loans but including repayments of
      any
      such Indebtedness) to (b) Consolidated Interest Expense for such
      period.

     

    “Consolidated
      Funded Debt”
means,
      at any date, the aggregate principal amount of all Indebtedness for borrowed
      money of the Borrower and its Subsidiaries at such date, determined on a
      consolidated basis in accordance with GAAP. 

     

    “Consolidated
      Interest Expense”
means,
      for any period, total cash interest expense (including that attributable to
      Capital Lease Obligations) of the Borrower and its Subsidiaries for such period
      with respect to all outstanding Indebtedness of the Borrower and its
      Subsidiaries (including all commissions, discounts and other fees and charges
      owed with respect to letters of credit and bankers’ acceptance financing and net
      costs under Swap Agreements in respect of interest rates to the extent such
      net
      costs are allocable to such period in accordance with GAAP).

     

    “Consolidated
      Leverage Ratio”
means,
      as at the last day of any period, the ratio of (a) Consolidated Funded Debt
      on
      such day to (b) Consolidated EBITDA for such period.

     

    “Consolidated
      Net Income”
means,
      for any period, the consolidated net income (or loss) of the Borrower and its
      Subsidiaries for such period as determined on a consolidated basis in accordance
      with GAAP.

     

    “Consolidated
      Net Worth”
means,
      at any date, all amounts that would, in conformity with GAAP, be included on
      a
      consolidated balance sheet of the Borrower and its Subsidiaries under
      stockholders’ equity at such date.

     

    “Consolidated
      Pre-tax Income”
means,
      for any period, Consolidated Net Income for such period plus
      foreign,
      Federal, state and local income taxes deducted in determining Consolidated
      Net
      Income for such period.

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    “Control
      Person”
means,
      prior to a Permitted Change of Control Transaction, the Parent, and, thereafter,
      the Borrower (or Holdings, if such Permitted Change of Control Transaction
      is a
      Parent Change of Control Transaction and a Holdings Change of Control
      Transaction has not occurred). 

     

    “Currency”
means
      Dollars or any Foreign Currency.

     

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

     

    “Disclosed
      Matters”
means
      the actions, suits and proceedings disclosed in Schedule 4.06(a) and the
      environmental matters disclosed in Schedule 4.06(b).

     

    “Dollar
      Equivalent”
means,
      with respect to any Borrowing denominated in any Foreign Currency, the amount
      of
      Dollars that would be required to purchase the amount of the Foreign Currency
      of
      such Borrowing on the date two Business Days prior to the date of such Borrowing
      (or, in the case of any determination made under Section 2.11(b) or
      redenomination under the last sentence of Section 2.18(a), on the date of
      determination or redenomination therein referred to), based upon the spot
      selling rate at which the Administrative Agent offers to sell such Foreign
      Currency for Dollars in the London foreign exchange market at approximately
      11:00 a.m., London time, for delivery two Business Days later.

     

    “Dollars”
or
      “$”
refers
      to lawful money of the United States of America.

     

    “Domestic
      Subsidiary”
means
      any Subsidiary of the Borrower organized under the laws of any jurisdiction
      within the United States of America.

     

    “Effective
      Date”
means
      the date on which the conditions specified in Section 5.01 are satisfied
      (or waived in accordance with Section 10.02).

     

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

     

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

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    “ERISA
      Affiliate”
means
      any trade or business (whether or not incorporated) that, together with any
      Group Member, 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(m) of the
      Code.

     

    “ERISA
      Event”
means
      (a) any Reportable Event; (b) the existence with respect to any Plan of a
      Prohibited Transaction; (c) any failure by any Plan to satisfy the minimum
      funding standards (within the meaning of Section 412 of the Code or Section
      302
      of ERISA), whether or not waived; (d) the filing pursuant to Section 412 of
      the
      Code or Section 303 of ERISA of an application for a waiver of the minimum
      funding standard with respect to any Plan, the failure to make by its due date
      a
      required installment under Section 414(m) of the Code with respect to any Plan
      or the failure by any Group Member or any of its ERISA Affiliates to make any
      required contribution to a Multiemployer Plan; (e) the incurrence by any Group
      Member or any of its ERISA Affiliates of any liability under Title IV of ERISA
      with respect to the termination of any Plan, including but not limited to the
      imposition of any Lien in favor of the PBGC or any Plan; (f) a determination
      that any Plan is, or is expected to be, in “at risk” status (within the meaning
      of Title IV of ERISA); (g) the receipt by any Group Member or any of its ERISA
      Affiliates from the PBGC or a plan administrator of any notice relating to
      an
      intention to terminate any Plan or Plans or to appoint a trustee to administer
      any Plan under Section 4042 of ERISA; (h) the incurrence by any Group Member
      or
      any of its ERISA Affiliates of any liability with respect to the withdrawal
      or
      partial withdrawal from any Plan or Multiemployer Plan; or (i) the receipt
      by
      any Group Member or any ERISA Affiliate of any notice, or the receipt by any
      Multiemployer Plan from a Group Member 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, in reorganization or
      in
      endangered or critical status, or in reorganization within the meaning of
      Section 432 of the Code or Section 305 or Title IV of ERISA.

     

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

     

    “euro”
means
      the single currency of Participating Member States of the European Union, which
      shall be an Agreed Foreign Currency and a Foreign Currency under this
      Agreement.

     

    “Event
      of Default”
has
      the
      meaning set forth in Article VIII.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Excluded
      Foreign Subsidiary”
means
      any Foreign Subsidiary in respect of which either (a) the pledge of more than
      66% of the Capital Stock of such Subsidiary as collateral or (b) the
      guaranteeing by such Subsidiary of the Obligations, would, in the good faith
      judgment of the Borrower, result in adverse tax consequences to the
      Borrower.

     

    “Excluded
      Taxes”
means,
      with respect to the Administrative Agent, any Lender, the Issuing Lender or
      any
      other recipient of any payment to be made by or on account of any obligation
      of
      the Borrower hereunder, (a) income or franchise taxes imposed on (or
      measured by) its net income or any similar tax imposed in lieu of net income
      taxes, by the United States of America or by the jurisdiction under the laws
      of
      which such recipient is organized or in which its principal office is located
      or, in the case of any Lender, in which its applicable lending office is
      located, (b) any branch profits taxes imposed on any Lender by the United
      States of America or any similar tax imposed by any jurisdiction referred to
      in
      clause (a), and (c) in the case of a Non-U.S. Lender (other than an
      assignee pursuant to a request by the Borrower under Section 2.19(b)), any
      United States withholding tax that is imposed on amounts payable to such
      Non-U.S. Lender at the time such Non-U.S. Lender becomes a party to this
      Agreement (or designates a new lending office) or is attributable to such
      Non-U.S. Lender’s failure to comply with Section 2.17(e), except to the
      extent that such Non-U.S. Lender (or its assignor, if any) was entitled, at
      the
      time of designation of a new lending office or assignment, to receive additional
      amounts from the Borrower with respect to such withholding tax pursuant to
      Section 2.17(a).

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    “Existing
      Credit Agreement”
means
      the Amended and Restated Credit Agreement, dated as of December 20, 2006, among
      Griffon Corporation, as a borrower, Telephonics Corporation, as a borrower,
      the
      lenders party thereto from time to time, and JPMCB, as administrative
      agent.

     

    “Existing
      Letters of Credit”
has
      the
      meaning set forth in Section 2.04(a).

     

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

     

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

     

    “Foreign
      Currency”
means
      at any time any Currency other than Dollars.

     

    “Foreign
      Currency Equivalent”
means,
      with respect to any amount in Dollars, the amount of any Foreign Currency that
      could be purchased with such amount of Dollars using the reciprocal of the
      foreign exchange rate(s) specified in the definition of the term “Dollar
      Equivalent”, as determined by the Administrative Agent.

     

    “Foreign
      Plan”
means
      each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether
      or not subject to ERISA) that is not subject to US law and is maintained or
      contributed to by any Group Member or any ERISA Affiliate.

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    “Governmental
      Authority”
means
      the government of the United States of America, any other nation or any
      political subdivision thereof, whether state or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government.

     

    “Group
      Members”
means
      the collective reference to Holdings, the Borrower and their respective
      Subsidiaries, provided
      that,
      upon the consummation of a Holdings Change of Control Transaction, Holdings
      shall cease to be a “Group Member” and shall cease to be bound by the provisions
      of the Loan Documents.

     

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

     

    “Guarantee
      and Collateral
      Agreement”
means
      the Guarantee and Collateral Agreement to be made by the Loan Parties in favor
      of Administrative Agent, substantially in the form of Exhibit B, as the
      same shall be modified and supplemented and in effect from time to
      time.

     

    “Guaranteed
      Obligations”
has
      the
      meaning set forth in Section 3.01.

     

    “Guarantors”
means
      the collective reference to Holdings and the Subsidiary Guarantors; provided
      that,
      notwithstanding anything contained in this Agreement to the contrary, upon
      the
      consummation of a Holdings Change of Control Transaction, Holdings shall cease
      to be a Guarantor and shall automatically be released from its obligations
      as a
      Guarantor under the Loan Documents.

     

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

     

    “Holdings”
has
      the
      meaning set forth in the preamble hereto. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    “Holdings
      Change of Control Transaction”
means
      a
“spin-off’ transaction or sale to third parties in which the Borrower ceases to
      be a wholly-owned Subsidiary of Holdings.

     

    “Immaterial
      Subsidiary”
means,
      as of any date, any Subsidiary with total assets of less than 5% of consolidated
      assets, and total revenues of less than 5% of annual consolidated revenues,
      of
      the Borrower and its Subsidiaries, collectively, as reflected on the most recent
      financial statements delivered pursuant to Section 6.01 prior to such date,
      provided
      that the
      aggregate assets or annual revenues of all Immaterial Subsidiaries (as reflected
      on the most recent financial statements delivered pursuant to Section 6.01
      prior
      to such date) may not exceed 10% of consolidated assets or annual consolidated
      revenues, respectively, of the Borrower and its Subsidiaries, collectively,
      at
      any time (and the Borrower will designate in writing to the Administrative
      Agent
      from time to time the Subsidiaries which will cease to be treated as “Immaterial
      Subsidiaries” in order to comply with the foregoing limitation).

     

    “Increasing
      Lender”
has
      the
      meaning set forth in Section 2.09(c).

     

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

     

    “Indemnified
      Taxes”
means
      Taxes other than Excluded Taxes.

     

    “Insolvent”
with
      respect to any Multiemployer Plan, means insolvent within the meaning of Section
      4245 of ERISA.

     

    “Interest
      Election Request”
means
      a
      request by a Borrower to convert or continue a Borrowing in accordance with
      Section 2.06.

     

    “Interest
      Payment Date”
means
      (a) with respect to any ABR Loan (other than any Swingline Loan), each
      Quarterly Date, (b) with respect to any Eurocurrency Loan, the last day of
      each Interest Period therefor and, in the case of any Interest Period of more
      than three months’ duration, each day prior to the last day of such Interest
      Period that occurs at three-month intervals after the first day of such Interest
      Period, and (c) with respect to any Swingline Loan, the day that such Loan
      is
      required to be repaid.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    “Interest
      Period”
means,
      for any Eurocurrency Loan or Borrowing, the period commencing on the date of
      such Loan or Borrowing and ending on the numerically corresponding day in the
      calendar month that is one, two, three or six months (or, if available to all
      Lenders, nine or twelve months) thereafter or, with respect to such portion
      of
      any Eurocurrency Loan or Borrowing denominated in a Foreign Currency that is
      scheduled to be repaid on the Commitment Termination Date, a period of less
      than
      one month’s duration commencing on the date of such Loan or Borrowing and ending
      on the Commitment Termination Date, as specified in the applicable Borrowing
      Request or Interest Election Request; provided
      that,
      (i) if any Interest Period would end on a day other than a Business Day,
      such Interest Period shall be extended to the next succeeding Business Day
      unless such next succeeding Business Day would fall in the next calendar month,
      in which case such Interest Period shall end on the next preceding Business
      Day,
      and (ii) any Interest Period (other than an Interest Period pertaining to a
      Eurocurrency Borrowing denominated in a Foreign Currency that ends on the
      Commitment Termination Date that is permitted to be of less than one month’s
      duration as provided in this definition) that commences on the last Business
      Day
      of a calendar month (or on a day for which there is no numerically corresponding
      day in the last calendar month of such Interest Period) shall end on the last
      Business Day of the last calendar month of such Interest Period. For purposes
      hereof, the date of a Loan initially shall be the date on which such Loan is
      made and thereafter shall be the effective date of the most recent conversion
      or
      continuation of such Loan, and the date of a Borrowing comprising Loans that
      have been converted or continued shall be the effective date of the most recent
      conversion or continuation of such Loans.

     

    “Investment”
means,
      by any Person, (a) the amount paid or committed to be paid, or the value of
      property or services contributed or committed to be contributed, by such person
      for or in connection with the acquisition by such Person of any stock, bonds,
      notes, debentures, partnership or other ownership interests or other securities
      of any other Person and (b) the amount of any advance, loan or extension of
      credit by such Person, to any other Person, or guaranty or other similar
      obligation of such Person with respect to any Indebtedness of such other Person
      (other than Indebtedness constituting trade payables in the ordinary course
      of
      business), and (without duplication) any amount committed to be advanced, loans,
      or extended by such Person to any other Person, or any amount the payment of
      which is committed to be assured by a guaranty or similar obligation by such
      Person for the benefit of, such other Person.

     

    “Issuing
      Lender”
means
      JPMCB, in its capacity as the issuer of Letters of Credit hereunder, and its
      successors in such capacity as provided in Section 2.04(j). The Issuing
      Lender may, in its discretion, arrange for one or more Letters of Credit to
      be
      issued by Affiliates of the Issuing Lender, in which case the term “Issuing
      Lender” shall include any such Affiliate with respect to Letters of Credit
      issued by such Affiliate.

     

    “JPMCB”
means
      JPMorgan Chase Bank, N.A.

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

      

        “LC Exposure”
means,
          with respect to each Lender at any time, such Lender’s Applicable Percentage of
          the Aggregate LC Exposure at such time.

         

        “Lenders”
means
          the Persons listed on Schedule 1.01 and any other Person that shall have
          become a party hereto pursuant to an Assignment and Assumption, other than
          any
          such Person that ceases to be a party hereto pursuant to an Assignment
          and
          Assumption or an instrument entered into pursuant to Section
          2.09(c).

         

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

         

        “Letter
          of Credit Documents”
means,
          with respect to any Letter of Credit, collectively, any application therefor
          and
          any other agreements, instruments, guarantees or other documents (whether
          general in application or applicable only to such Letter of Credit) governing
          or
          providing for (a) the rights and obligations of the parties concerned or at
          risk with respect to such Letter of Credit or (b) any collateral security
          for any of such obligations, each as the same may be modified and supplemented
          and in effect from time to time.

         

        “LIBO
          Rate”
means,
          (a) for the Interest Period for any Eurocurrency Borrowing denominated
          in any
          Currency other than euro, the rate appearing on the Screen at approximately
          11:00 a.m., London time, two Business Days prior to the commencement of
          such Interest Period (or, in the case of any Eurocurrency Borrowing denominated
          in English Pounds Sterling, on the first day of such Interest Period),
          as LIBOR
          for deposits denominated in such Currency with a maturity comparable to
          such
          Interest Period and (b) for the Interest Period for any Eurocurrency Borrowing
          denominated in euro, the rate appearing on the Reuters Screen EURIBOR01
          Page (it
          being understood that this rate is the Euro interbank offered rate (known
          as the
“EURIBOR Rate”) sponsored by the Banking Federation of the European Union (known
          as the “FBE”) and the Financial Markets Association (known as the “ACI”)) at
          approximately 11:00 a.m., London time, two Business Days prior to the
          commencement of such Interest Period, as the rate for deposits in euro
          with a
          maturity comparable to such Interest Period. In the event that such rate
          is not
          available on the Screen at such time for any reason, then, unless the last
          sentence of Section 10.11 is applicable, the LIBO Rate for such Interest
          Period shall be the rate at which deposits in such Currency in the amount
          of
          $5,000,000 and for a maturity comparable to such Interest Period are offered
          by
          the principal London office of the Administrative Agent in immediately
          available
          funds in the London interbank market at approximately 11:00 a.m., London
          time, two Business Days prior to the commencement of such Interest Period.
          

         

        “LIBOR”
means,
          for any Currency, the rate at which deposits denominated in such Currency
          are
          offered to leading banks in the London interbank market.

         

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

         

        
          
            
            

          

          
            14

            
              

            

          

          
            
            

          

           

        

        “Loan
          Documents”
means,
          collectively, this Agreement, the Letter of Credit Documents and the Security
          Documents.

         

        “Loan
          Party”
means
          the Borrower and any Guarantor.

         

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

         

        “Local
          Time”
means,
          with respect to any Loan denominated in or any payment to be made in any
          Currency, the local time in the Principal Financial Center for the Currency
          in
          which such Loan is denominated or such payment is to be made.

         

        “Management
          Agreement”
means
          that certain Management Agreement, dated as of September 30, 1977, between
          the
          Parent, as successor of Instrument System Corporation, and the Borrower.
          

         

        “Margin
          Stock”
means
          “margin stock” within the meaning of Regulations T, U and X of the
          Board.

         

        “Material
          Adverse Effect”
means
          a
          material adverse effect on (a) the business, assets, property, operation or
          condition (financial or otherwise) of the Group Members, taken as a whole,
          (b) validity or enforceability of the material provisions of any of the
          Loan Documents or (c) the material rights or remedies of the Administrative
          Agent and the Lenders hereunder or under any of the other Loan
          Documents.

         

        “Material
          Indebtedness”
means
          Indebtedness (other than the Loans and Letters of Credit), or obligations
          in
          respect of one or more Swap Agreements, of Parent or any one or more Group
          Members in an aggregate principal amount exceeding $7,500,000. For purposes
          of
          determining Material Indebtedness, the “principal
          amount”
of
          the
          obligations of any Person in respect of any Swap Agreement at any time
          shall be
          the maximum aggregate amount (giving effect to any netting agreements)
          that such
          Person would be required to pay if such Swap Agreement were terminated
          at such
          time. 

         

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

         

        “Non-U.S.
          Lender”
means
          any Lender that is organized under the laws of a jurisdiction other than
          the
          United States of America, any State thereof or the District of
          Columbia.

         

        “Obligations”
has
          the
          meaning assigned to such term in the Guarantee and Collateral Agreement.
          

         

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

         

        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

           

        

        “Parent”
means
          Griffon Corporation, a Delaware corporation. 

         

        “Parent
          Change of Control Transaction”
means
          a
“spin-off” transaction or sale to third parties in which Holdings ceases to be a
          wholly-owned Subsidiary of the Parent.

         

        “Parent
          Letters of Credit”
means
          outstanding letters of credit issued by JPMCB issued for the account of
          the
          Parent under the Existing Credit Agreement in an aggregate amount not to
          exceed
          $13,000,000.

         

        “Parent
          Real Estate Assets”
means
          the real property assets owned by the Parent Real Estate Subsidiaries as
          of the
          Effective Date. 

         

        “Parent
          Real Estate Subsidiaries”
means
          the collective reference to ISC Farmingdale, Inc. and ISC Park Avenue,
          Inc.

         

        “Participant”
has
          the
          meaning set forth in Section 10.04(c).

         

        “Participating
          Member State”
means
          any member state of the European Community that adopts or has adopted the
          euro
          as its lawful currency in accordance with the legislation of the European
          Union
          relating to the European Monetary Union.

         

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

         

        “Permitted
          Acquisition”
means
          the acquisition by the Borrower or any Subsidiary Guarantor of any Person
          or of
          any division or line of business of any Person (whether a Person, or division
          or
          line of business, an “Eligible
          Business”),
          either by merger, consolidation, purchase of stock, or purchase of all
          or a
          substantial part of the assets of such Eligible Business (any such type
          of
          transaction is referred to in this Agreement as an “acquisition”
and
          the
          principal agreement relating thereto, whether a stock purchase agreement,
          an
          asset purchase agreement, a merger agreement or otherwise, is referred
          to in
          this Agreement as the “acquisition
          agreement”);
          provided
          that (a)
          in the case of any acquisition by any of the Borrower’s wholly-owned Subsidiary
          Guarantors, such Subsidiary Guarantor remains a wholly-owned Subsidiary
          Guarantor of the Borrower, (b) with respect to acquisitions of Foreign
          Subsidiaries and/or assets located outside the United States of America,
          the
          aggregate consideration paid in connection therewith shall not exceed $5,000,000
          in any fiscal year, (c) the Borrower or such Subsidiary Guarantor, as
          applicable, shall have complied with all of the requirements of Section
          6.11
          with respect thereto, (d) after giving effect to such acquisition on a
          pro forma
          basis, the Consolidated Leverage Ratio for the period of the four consecutive
          fiscal quarters of the Borrower most recently ended prior to such acquisition
          for which financial statements have been delivered shall not exceed, with
          respect to any period ending on or before March 31, 2012, 2.50 to 1.0,
          or with
          respect to any period ending after March 31, 2012, but ending on or before
          the
          Commitment Termination Date, 2.25 to 1.0, (e) no Default shall have occurred
          and
          be continuing immediately before and after giving affect to such Permitted
          Acquisition or result from the consummation thereof, and (f) each of the
          following conditions shall have been satisfied (and the Borrower shall
          have
          delivered to the Administrative Agent a certificate to the effect that
          the
          conditions under paragraph (a) to (e) above and this paragraph (f) have
          been
          satisfied):

         

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

           

        

        (i)  such
          transaction shall not be a “hostile” acquisition or other “hostile” transaction
          (i.e., such transaction shall not be opposed by the board of directors
          (or
          similar governing body) of the Eligible Business), provided
          that (i)
          in the event the Borrower or such Subsidiary Guarantor, as applicable,
          proposes
          to initiate such transaction as hostile transaction with the intent to
          subsequently obtain the approval of the board of directors of the Eligible
          Business, the Borrower or such Subsidiary Guarantor, as applicable, may
          notify
          the Administrative Agent and each Lender in writing in advance of the initiation
          of such proposed transaction together with any information concerning such
          transaction as the Administrative Agent or any Lender may request, and
          (ii) the
          Administrative Agent and each Lender shall have approved such transaction
          in
          writing prior to the initiation of such transaction, with the approval
          of each
          Lender not to be unreasonably withheld, the Borrower or the Subsidiary
          Guarantor, as applicable, may proceed with such transaction as long as
          the
          transaction ultimately is approved by the board of directors (or similar
          governing body) of the Eligible Business (and a majority of which were
          members
          of such board of directors (or similar governing body) at the time such
          transaction was initiated) and is otherwise in accordance with the terms
          of this
          Agreement; and

         

        (ii)  such
          acquisition (1) if such acquisition is a stock acquisition, shall be of
          greater
          than 50% of the issued and outstanding Capital Stock of such Eligible Business,
          whether by purchase or as a result of merger or consolidation (provided
          that the
          Borrower or such Subsidiary Guarantor, as applicable, shall be the surviving
          corporation in any such merger or consolidation), and in any event shall
          consist
          of shares of Capital Stock with sufficient voting rights which entitles
          the
          Borrower or such Subsidiary Guarantor, as applicable, to elect a majority
          of the
          directors of such Eligible Business and to control the outcome of any
          shareholder votes with respect to the shareholders of such Eligible Business
          and
          (2) if such acquisition is an asset acquisition, shall be of all or a
          substantial part of an Eligible Business.

         

        “Permitted
          Change of Control Transactions”
means
          a
          Parent Change of Control Transaction or a Holdings Change of Control
          Transaction. 

         

        “Permitted
          Investments”
          means:

         

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

         

        (b)  investments
          in commercial paper maturing within 270 days from the date of acquisition
          thereof and having, at such date of acquisition, the highest credit rating
          obtainable from Standard & Poor’s Ratings Services or from Moody’s Investors
          Services, Inc.;

         

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

         

        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

           

        

        (d)  money
          market funds that (i) comply with the criteria set forth in SEC Rule 2a-7
          under the Investment Company Act of 1940, (ii) are rated AAA by S&P and
          Aaa by Moody’s and (iii) have portfolio assets of at least
          $5,000,000,000.

         

        “Permitted
          Liens”
          means:

         

        (a)  Liens
          imposed by law for taxes, assessments and governmental charges or claims
          that
          are not yet due or are being contested in compliance with
          Section 6.04;

         

        (b)  landlords’,
          carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
          Liens imposed by law, arising in the ordinary course of business and securing
          obligations that are not overdue by more than 30 days or are being contested
          in
          compliance with Section 6.04;

         

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

         

        (d)  deposits
          and other Liens to secure industrial revenue bonds, the performance of
          bids,
          trade contracts (other than for borrowed money), government contracts,
          leases,
          statutory obligations, surety and appeal bonds, performance bonds and other
          obligations of a like nature, in each case, in the ordinary course of
          business;

         

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

         

        (f)  easements,
          zoning restrictions, rights-of-way, licenses, covenants and similar encumbrances
          on real property imposed by law or arising in the ordinary course of business
          that do not secure any monetary obligations and do not materially detract
          from
          the value of the affected property or interfere with the ordinary conduct
          of
          business of the Group Members, taken as a whole;

         

        (g)  any
          interest or title of a lessor under any lease entered into by the Borrower
          or
          any Subsidiary in the ordinary course of its business and covering only
          the
          assets so leased, and any financing statement filed in connection with
          any such
          lease;

         

        (h)  
          receipt
          of progress payments and advances from customers in the ordinary course
          of
          business to the extent the same creates a Lien by operation of law on the
          related inventory and proceeds thereof;

         

        (i)  Liens
          held by third parties on consigned goods incurred in the ordinary course
          of
          business;

         

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

           

        

        (j)  bankers'
          liens and rights to setoff with respect to deposit accounts and Liens
          encumbering margin deposits or brokerage accounts, in each case, incurred
          in the
          ordinary course of business;

         

        (k)  Liens
          on
          insurance policies and the proceeds thereof securing the financing of the
          insurance premiums with the providers of such insurance or their Affiliates
          in
          respect thereof; and

         

        (l)  Liens
          on
          any assets that are the subject of an agreement for a disposition thereof
          expressly permitted under Section 7.04 that arise due to the existence
          of such
          agreement. 

         

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

         

        “Plan”
means
          any employee pension benefit plan, as defined in Section 3(2) of ERISA
          (other
          than a Multiemployer Plan), subject to the provisions of Title IV of ERISA
          or
          Section 412 of the Code or Section 302 of ERISA, and in respect of which
          any
          Loan Party or any ERISA Affiliate is (or, if such plan were terminated,
          would
          under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section
          3(5) of ERISA.

         

        “Prime
          Rate”
means
          the rate of interest per annum publicly announced from time to time by
          JPMCB as
          its prime rate in effect at its principal office in New York City; each
          change
          in the Prime Rate shall be effective from and including the date such change
          is
          publicly announced as being effective.

         

        “Principal
          Financial Center”
means,
          in the case of any Currency, the principal financial center where such
          Currency
          is cleared and settled, as determined by the Administrative Agent.

         

        “Prohibited
          Transaction”
has
          the
          meaning assigned to such term in Section 406 of ERISA and Section 4975(f)(3)
          of
          the Code.

         

        “Quarterly
          Dates”
means
          the last Business Day of September, December, March and June in each year,
          the
          first of which shall be the first such day after the date hereof.

         

        “Refunded
          Swingline Loans”
has
          the
          meaning set forth in Section 2.08.

         

        “Register”
has
          the
          meaning set forth in Section 10.04.

         

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

         

        “Reportable
          Event”
means
          any “reportable event,” as defined in Section 4043C() of ERISA or the
          regulations issued thereunder, other than those events as to which the
          30-day
          notice period referred to in Section 4043(c) of ERISA has been waived,
          with
          respect to a Plan (other than a Plan maintained by an ERISA Affiliate that
          is
          considered an ERISA Affiliate only pursuant to subsection (m) or (o) of
          Section
          414 of the Code).

         

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

           

        

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

         

        “Requirement
          of Law”
means,
          as to any Person, the Certificate of Incorporation and By-Laws or other
          organizational or governing documents of such Person, and any law, treaty,
          rule
          or regulation or determination of an arbitrator or a court or other Governmental
          Authority, in each case applicable to or binding upon such Person or any
          of its
          property or to which such Person or any of its property is subject.

         

        “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 any
          Group
          Member, 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 any Group Member or any option, warrant or other
          right to acquire any such shares of Capital Stock of any Group
          Member.

         

        “Revolving
          Credit Exposure”
means,
          with respect to any Lender at any time, the sum of (a) the outstanding
          principal
          amount of Loans held by such Lender then outstanding, (b) such Lender’s
          LC Exposure at such time and (c) such Lender’s Applicable Percentage of the
          aggregate principal amount of Swingline Loans then outstanding.

         

        “Screen”
means,
          for any Currency, the relevant display page for LIBOR for such Currency
          (as
          determined by the Administrative Agent) on the Telerate Service; provided
          that, if
          the Administrative Agent determines that there is no such relevant display
          page
          for LIBOR for such Currency, “Screen” means the relevant display page for LIBOR
          for such Currency (as determined by the Administrative Agent) on the Reuter
          Monitor Money Rates Service.

         

        “SEC”
means
          the Securities and Exchange Commission, or any regulatory body that succeeds
          to
          the functions thereof.

         

        “Secured
          Party”
has
          the
          meaning assigned to such term in the Guarantee and Collateral Agreement.
          

         

        “Security
          Documents”
means,
          collectively, the Guarantee and Collateral Agreement, other security documents
          hereafter delivered to the Administrative Agent granting a Lien on any
          property
          of any Person to secure the obligations and liabilities of any Loan Party
          under
          any Loan Document and all Uniform Commercial Code financing statements
          required
          by the terms of any such agreement to be filed with respect to the security
          interests created pursuant thereto.

         

        “Statutory
          Reserve Rate”
means,
          for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed
          as
          a decimal), the numerator of which is the number one and the denominator
          of
          which is the number one minus
          the
          arithmetic mean, taken over each day in such Interest Period, of the aggregate
          of the maximum reserve percentages (including any marginal, special, emergency
          or supplemental reserves) expressed as a decimal established by the Board
          to
          which the Administrative Agent is subject for eurocurrency funding (currently
          referred to as “Eurocurrency liabilities” in Regulation D of the Board).
          Such reserve percentages shall include those imposed pursuant to such
          Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency
          funding and to be subject to such reserve requirements without benefit
          of or
          credit for proration, exemptions or offsets that may be available from
          time to
          time to any Lender under such Regulation D or any comparable regulation.
          The Statutory Reserve Rate shall be adjusted automatically on and as of
          the
          effective date of any change in any reserve percentage.

         

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

           

        

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

         

        “Subsidiary
          Guarantor”
means
          each Subsidiary of the Borrower other than any Excluded Foreign Subsidiary
          or
          Immaterial Subsidiary.

         

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

         

        “Swingline
          Commitment”
means
          the obligation of the Swingline Lender to make Swingline Loans pursuant
          to
          Section 2.07 in an aggregate principal amount at any one time outstanding
          not to
          exceed $5,000,000.

         

        “Swingline
          Lender”
means
          JPMCB, in its capacity as the lender of Swingline Loans.

         

        “Swingline
          Loans”
has
          the
          meaning set forth in Section 2.07.

         

        “Swingline
          Participation Amount”
has
          the
          meaning set forth in Section 2.08.

         

        “TARGET
          Day”
means
          any day on which the Trans-European Automated Real-time Gross Settlement
          Express
          Transfer payment system (or any successor settlement system as determined
          by the
          Administrative Agent) is open for the settlement of payments in
          euro.

         

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

           

        

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

         

        “Transactions”
means
          the execution, delivery and performance by each Loan Party of this Agreement
          and
          the other Loan Documents to which such Loan Party is intended to be a party,
          the
          borrowing of Loans and the issuance of Letters of Credit hereunder.

         

        “Type”,
          when
          used in reference to any Loan or Borrowing, refers to whether the rate
          of
          interest on such Loan, or on the Loans comprising such Borrowing, is determined
          by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

         

        “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.

         

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

         

        SECTION
          1.03  Accounting
          Terms; GAAP.
          Except
          as otherwise expressly provided herein, all terms of an accounting or financial
          nature shall be construed in accordance with GAAP, as in effect from time
          to
          time; provided
          that, if
          the Borrower notifies the Administrative Agent that the Borrower requests
          an
          amendment to any provision hereof to eliminate the effect of any change
          occurring after the date hereof in GAAP or in the application thereof on
          the
          operation of such provision (or if the Administrative Agent notifies the
          Borrower that the Required Lenders request an amendment to any provision
          hereof
          for such purpose), regardless of whether any such notice is given before
          or
          after such change in GAAP or in the application thereof, then such provision
          shall be interpreted on the basis of GAAP as in effect and applied immediately
          before such change shall have become effective until such notice shall
          have been
          withdrawn or such provision amended in accordance herewith. To enable the
          ready
          and consistent determination of compliance with the covenants set forth
          in
          Article VII, the Borrower will not change the last day of its fiscal year
          from September 30, or the last days of the first three fiscal quarters
          in each
          of its fiscal years from December 31, March 31 and June 30,
          respectively.

         

        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

           

        

        SECTION
          1.04  Currencies;
          Currency Equivalents; Euro.
          At any
          time, any reference in the definition of the term “Agreed Foreign Currency” or
          in any other provision of this Agreement to the Currency of any particular
          nation means the lawful currency of such nation at such time whether or
          not the
          name of such Currency is the same as it was on the date hereof. Except
          as
          provided in Section 2.11(b) and the last sentence of Section 2.18(a),
          for purposes of determining (i) whether the amount of any Borrowing,
          together with all other Borrowings then outstanding or to be borrowed at
          the
          same time as such Borrowing, or whether the Aggregate Revolving Credit
          Exposure
          would, in either case, exceed the Aggregate Commitment, (ii) the Aggregate
          Available Commitments and (iii) the outstanding aggregate principal amount
          of Borrowings, the outstanding principal amount of any Borrowing that is
          denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent
          of the amount of the Foreign Currency of such Borrowing determined as of
          the
          date of such Borrowing (determined in accordance with the last sentence
          of the
          definition of the term “Interest Period”). Wherever in this Agreement in
          connection with a Borrowing or Loan an amount, such as a required minimum
          or
          multiple amount, is expressed in Dollars, but such Borrowing or Loan is
          denominated in a Foreign Currency, such amount shall be the relevant Foreign
          Currency Equivalent of such Dollar amount (rounded to the nearest 1,000
          units of
          such Foreign Currency).

         

        Each
          obligation hereunder of any party hereto that is denominated in a Currency
          of a
          country that is not a Participating Member State on the date hereof shall,
          effective from the date on which such country becomes a Participating Member
          State, be redenominated in euro in accordance with the legislation of the
          European Union applicable to the European Monetary Union; provided
          that, if
          and to the extent that any such legislation provides that any such obligation
          of
          any such party payable within such Participating Member State by crediting
          an
          account of the creditor can be paid by the debtor either in euro or such
          Currency, such party shall be entitled to pay or repay such amount either
          in
          euro or in such Currency. If the basis of accrual of interest or fees expressed
          in this Agreement with respect to an Agreed Foreign Currency of any country
          that
          becomes a Participating Member State after the date on which such currency
          becomes an Agreed Foreign Currency shall be inconsistent with any convention
          or
          practice in the interbank market for the basis of accrual of interest or
          fees in
          respect of the euro, such convention or practice shall replace such expressed
          basis effective as of and from the date on which such country becomes a
          Participating Member State; provided
          that,
          with respect to any Borrowing denominated in such currency that is outstanding
          immediately prior to such date, such replacement shall take effect at the
          end of
          the Interest Period therefor. Without prejudice to the respective liabilities
          of
          the Borrower to the Lenders and of the Lenders to the Borrower under or
          pursuant
          to this Agreement, each provision of this Agreement shall be subject to
          such
          reasonable changes of construction as the Administrative Agent may from
          time to
          time reasonably specify to be necessary or appropriate to reflect the
          introduction or changeover to the euro in any country that becomes a
          Participating Member State after the date hereof.

         

        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

           

        

        ARTICLE
          II

        THE
          CREDITS

         

        SECTION
          2.01  The
          Commitments.
          Subject
          to the terms and conditions set forth herein, each Lender agrees to make
          Loans
          in Dollars or in any Agreed Foreign Currency to the Borrower from time
          to time
          during the Availability Period in an aggregate principal amount that will
          not
          result in (a) such Lender’s Revolving Credit Exposure exceeding such
          Lender’s Commitment, (b) the Aggregate Revolving Credit Exposure exceeding
          the Aggregate Commitment or (c) the aggregate amount of Revolving Credit
          Exposures denominated in Foreign Currencies exceeding the Aggregate Foreign
          Currency Sublimit Dollar Amount. Within the foregoing limits and subject
          to the
          terms and conditions set forth herein, the Borrower may borrow, prepay
          and
          reborrow Loans.

         

        SECTION
          2.02  Loans
          and Borrowings.

         

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

         

        (b)  Type
          of Loans.
          Subject
          to Section 2.14, each Borrowing shall be constituted entirely of
          ABR Loans or of Eurocurrency Loans denominated in a single Currency as the
          Borrower may request in accordance herewith. Each ABR Loan shall be
          denominated in Dollars. Each Lender at its option may make any Eurocurrency
          Loan
          by causing any domestic or foreign branch or Affiliate of such Lender to
          make
          such Loan; provided
          that any
          exercise of such option shall not affect the obligation of the Borrower
          to repay
          such Loan in accordance with the terms of this Agreement.

         

        (c)  Minimum
          Amounts; Limitation on Number of Borrowings.
          Each
          Eurocurrency Borrowing shall be in an aggregate amount of $1,000,000 or
          a larger
          multiple of $100,000. Each ABR Borrowing shall be in an aggregate amount
          equal to $500,000 or a larger multiple of $100,000; provided
          that an
          ABR Borrowing may be in an aggregate amount that is equal to the Aggregate
          Available Commitments, that is required to finance the reimbursement of
          an
          LC Disbursement as contemplated by Section 2.04(f) or that is required
          to finance the participation in Swingline Loans as contemplated by Section
          2.08.
          Borrowings of more than one Currency and Type may be outstanding at the
          same
          time; provided
          that
          there shall not at any time be more than a total of ten Eurocurrency Borrowings
          outstanding.

         

        (d)  Limitations
          on Interest Periods.
          Notwithstanding any other provision of this Agreement, the Borrower shall
          not be
          entitled to request (or to elect to convert to or continue as a Eurocurrency
          Borrowing) any Borrowing if the Interest Period requested therefor would
          end
          after the Commitment Termination Date.

         

        SECTION
          2.03  Requests
          for Borrowings.

         

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

           

        

        (a)  Notice
          by the Borrower.
          To
          request a Borrowing, the Borrower shall notify the Administrative Agent
          of such
          request by telephone (or, in the case of Eurocurrency Borrowings denominated
          in
          Foreign Currencies, in writing) (i) in the case of a Eurocurrency Borrowing
          denominated in Dollars, not later than 11:00 a.m., New York City time,
          three Business Days before the date of the proposed Borrowing, (ii) in the
          case of a Eurocurrency Borrowing denominated in English Pounds Sterling
          or euro,
          not later than 11:00 a.m., London time, four Business Days before the date
          of the proposed Borrowing, (iii) in the case of a Eurocurrency Borrowing
          denominated in any Agreed Foreign Currency other than English Pounds Sterling
          or
          euro, not later than 11:00 a.m., London time, five Business Days before the
          date of the proposed Borrowing, or (iv) in the case of an
          ABR Borrowing, not later than 11:00 a.m., New York City time, one
          Business Day before the date of the proposed Borrowing; provided
          that any
          such notice of an ABR Borrowing to finance the reimbursement of an
          LC Disbursement as contemplated by Section 2.04(f) or to finance
          participations in Swingline Loans as contemplated by Section 2.08 may be
          given
          not later than 11:00 a.m., New York City time, on the date of the proposed
          Borrowing. Each such Borrowing Request shall be irrevocable and, in the
          case of
          requests by telephone, shall be confirmed promptly by hand delivery or
          telecopy
          to the Administrative Agent of a written Borrowing Request in a form approved
          by
          the Administrative Agent and signed by the Borrower.

         

        (b)  Content
          of Borrowing Requests.
          Each
          telephonic and written Borrowing Request shall specify the following information
          in compliance with Section 2.02:

         

        (i)  the
          aggregate amount and Currency of the requested Borrowing;

         

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

         

        (iii)  in
          the
          case of a Borrowing denominated in Dollars, whether such Borrowing is to
          be an
          ABR Borrowing or a Eurocurrency Borrowing;

         

        (iv)  in
          the
          case of a Eurocurrency Borrowing, the Interest Period therefor, which shall
          be a
          period contemplated by the definition of the term “Interest Period” and
          permitted under Section 2.02(d); and

         

        (v)  the
          location and number of the Borrower’s account to which funds are to be
          disbursed, which shall comply with the requirements of
          Section 2.05.

         

        (c)  Notice
          by the Administrative Agent to the Lenders.
          Promptly following receipt of a Borrowing Request in accordance with this
          Section, the Administrative Agent shall advise each Lender of the details
          thereof and of the amount of such Lender’s Loan to be made as part of the
          requested Borrowing.

         

        (d)  Failure
          to Elect.
          If no
          election as to the Currency of a Borrowing is specified, then the requested
          Borrowing shall be denominated in Dollars. If no election as to the Type
          of a
          Borrowing is specified, then the requested Borrowing shall be an
          ABR Borrowing unless an Agreed Foreign Currency has been specified, in
          which case the requested Borrowing shall be a Eurocurrency Borrowing denominated
          in such Agreed Foreign Currency. If no Interest Period is specified with
          respect
          to any requested Eurocurrency Borrowing, (i) if the Currency specified for
          such Borrowing is Dollars (or if no Currency has been so specified), the
          requested Borrowing shall be made instead as an ABR Borrowing, and
          (ii) if the Currency specified for such Borrowing is an Agreed Foreign
          Currency, the Borrower shall be deemed to have selected an Interest Period
          of
          one month’s duration.

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.04  Letters
          of Credit.

         

        (a)  General.
          Subject
          to the terms and conditions set forth herein, in addition to the Loans
          provided
          for in Section 2.01, the Borrower may request the Issuing Lender to issue,
          at any time and from time to time during the Availability Period, Letters
          of
          Credit denominated in Dollars for its own account in such form as is acceptable
          to the Issuing Lender in its reasonable determination. Letters of Credit
          issued
          hereunder shall constitute utilization of the Commitments. The Letters
          of Credit
          issued or continued for the account of the Borrower under the Existing
          Credit
          Agreement and outstanding on the Effective Date (the “Existing
          Letters of Credit”)
          shall
          be Letters of Credit for all purposes of this Agreement and the other Loan
          Documents.

         

        (b)  Notice
          of Issuance, Amendment, Renewal or Extension.
          To
          request the issuance of a Letter of Credit (or the amendment, renewal or
          extension of an outstanding Letter of Credit), the Borrower shall hand
          deliver
          or telecopy (or transmit by electronic communication, if arrangements for
          doing
          so have been approved by the Issuing Lender) to the Issuing Lender and
          the
          Administrative Agent (reasonably in advance of the requested date of issuance,
          amendment, renewal or extension) a notice requesting the issuance of a
          Letter of
          Credit, or identifying the Letter of Credit to be amended, renewed or extended,
          and specifying the date of issuance, amendment, renewal or extension (which
          shall be a Business Day), the date on which such Letter of Credit is to
          expire
          (which shall comply with paragraph (d) of this Section), the amount of such
          Letter of Credit, the name and address of the beneficiary thereof and such
          other
          information as shall be necessary to prepare, amend, renew or extend such
          Letter
          of Credit. If requested by the Issuing Lender, the Borrower also shall
          submit a
          letter of credit application on the Issuing Lender’s standard form in connection
          with any request for a Letter of Credit. In the event of any inconsistency
          between the terms and conditions of this Agreement and the terms and conditions
          of any form of letter of credit application or other agreement submitted
          by the
          Borrower to, or entered into by the Borrower with, the Issuing Lender relating
          to any Letter of Credit, the terms and conditions of this Agreement shall
          control.

         

        (c)  Limitations
          on Amounts.
          A
          Letter of Credit shall be issued, amended, renewed or extended only if
          (and upon
          issuance, amendment, renewal or extension of each Letter of Credit the
          Borrower
          shall be deemed to represent and warrant that), after giving effect to
          such
          issuance, amendment, renewal or extension (i) the Aggregate
          LC Exposure shall not exceed the Aggregate Letter of Credit Sublimit
          Amount, (ii) the Aggregate Revolving Credit Exposure shall not exceed the
          Aggregate Commitment and (iii) the aggregate amount of Revolving Credit
          Exposures denominated in Foreign Currencies shall not exceed the Aggregate
          Foreign Currency Sublimit Dollar Amount.

         

        (d)  Expiration
          Date.
          Each
          Letter of Credit shall expire at or prior to the close of business on the
          date
          that is five Business Days prior to the Commitment Termination
          Date.

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

           

        

        (e)  Participations.
          By the
          issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing
          the amount thereof) by the Issuing Lender, and without any further action
          on the
          part of the Issuing Lender or the Lenders, the Issuing Lender hereby grants
          to
          each Lender, and each Lender hereby acquires from the Issuing Lender, a
          participation in such Letter of Credit equal to such Lender’s Applicable
          Percentage of the aggregate amount available to be drawn under such Letter
          of
          Credit. Each Lender acknowledges and agrees that its obligation to acquire
          participations pursuant to this paragraph in respect of Letters of Credit
          is
          absolute and unconditional and shall not be affected by any circumstance
          whatsoever, including any amendment, renewal or extension of any Letter
          of
          Credit or the occurrence and continuance of a Default or reduction or
          termination of the Commitments. 

         

        In
          consideration and in furtherance of the foregoing, each Lender hereby absolutely
          and unconditionally agrees to pay to the Administrative Agent, for account
          of
          the Issuing Lender, such Lender’s Applicable Percentage of each
          LC Disbursement made by the Issuing Lender promptly upon the request of the
          Issuing Lender at any time from the time of such LC Disbursement until such
          LC Disbursement is reimbursed by the Borrower or at any time after any
          reimbursement payment is required to be refunded to the Borrower for any
          reason.
          Such payment shall be made without any offset, abatement, withholding or
          reduction whatsoever. Such payment obligation shall be absolute and
          unconditional and shall not be affected by any circumstance, including
          (i) any
          setoff, counterclaim, recoupment, defense or other right that such Lender
          or the
          Borrower may have against the Issuing Lender, the Borrower or any other
          Person
          for any reason whatsoever, (ii) the occurrence or continuance of a Default
          or
          the failure to satisfy any of the other conditions specified in Article
          V, (iii)
          any adverse change in the condition (financial or otherwise) of the Borrower,
          (iv) any breach of this Agreement or any other Loan Document by the Borrower,
          any other Loan Party or any other Lender or (v) any other circumstance,
          happening or event whatsoever, whether or not similar to any of the foregoing.
          Each such payment shall be made in the same manner as provided in
          Section 2.05 with respect to Loans made by such Lender (and
          Section 2.05 shall apply, mutatis mutandis,
          to the
          payment obligations of the Lenders), and the Administrative Agent shall
          promptly
          pay to the Issuing Lender the amounts so received by it from the Lenders.
          Promptly following receipt by the Administrative Agent of any payment from
          the
          Borrower pursuant to paragraph (f) of this Section, the Administrative
          Agent
          shall distribute such payment to the Issuing Lender or, to the extent that
          the
          Lenders have made payments pursuant to this paragraph to reimburse the
          Issuing
          Lender, then to such Lenders and the Issuing Lender as their interests
          may
          appear. Any payment made by a Lender pursuant to this paragraph to reimburse
          the
          Issuing Lender for any LC Disbursement shall not constitute a Loan and
          shall not relieve the Borrower of its obligation to reimburse such
          LC Disbursement.

         

        (f)  Reimbursement.
          If the
          Issuing Lender shall make any LC Disbursement in respect of a Letter of
          Credit, the Borrower shall reimburse the Issuing Lender in respect of such
          LC Disbursement by paying to the Administrative Agent an amount equal to
          such LC Disbursement not later than 12:00 noon, New York City time, on
          (i) the Business Day that the Borrower receives notice of such
          LC Disbursement, if such notice is received prior to 10:00 a.m., New
          York City time, or (ii) the Business Day immediately following the day that
          such Borrower receives such notice, if such notice is not received prior
          to such
          time, provided
          that, if
          such LC Disbursement is not less than $500,000, the Borrower may, subject
          to the conditions to borrowing set forth herein, request in accordance
          with
          Section 2.03 that such payment be financed with an ABR Borrowing in an
          equivalent amount and, to the extent so financed, such Borrower’s obligation to
          make such payment shall be discharged and replaced by the resulting
          ABR Borrowing.

         

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

           

        

        If
          the
          Borrower fails to make such payment when due, the Administrative Agent
          shall
          notify each Lender of the applicable LC Disbursement, the payment then due
          from the Borrower in respect thereof and such Lender’s Applicable Percentage
          thereof.

         

        (g)  Obligations
          Absolute.
          The
          Borrower’s obligation to reimburse LC Disbursements as provided in
          paragraph (f) of this Section shall be absolute, unconditional and
          irrevocable, and shall be performed strictly in accordance with the terms
          of
          this Agreement under any and all circumstances whatsoever and irrespective
          of
          (i) any lack of validity or enforceability of any Letter of Credit, or any
          term or provision therein, (ii) any draft or other document presented under
          a Letter of Credit proving to be forged, fraudulent or invalid in any respect
          or
          any statement therein being untrue or inaccurate in any respect,
          (iii) payment by the Issuing Lender under a Letter of Credit against
          presentation of a draft or other document that does not comply strictly
          with the
          terms of such Letter of Credit, and (iv) any other event or circumstance
          whatsoever, whether or not similar to any of the foregoing, that might,
          but for
          the provisions of this Section, constitute a legal or equitable discharge
          of the
          Borrower’s obligations hereunder.

         

        Neither
          the Administrative Agent, the Lenders nor the Issuing Lender, nor any of
          their
          Related Parties, shall have any liability or responsibility by reason of
          or in
          connection with the issuance or transfer of any Letter of Credit by the
          Issuing
          Lender or any payment or failure to make any payment thereunder (irrespective
          of
          any of the circumstances referred to in the preceding sentence), or any
          error,
          omission, interruption, loss or delay in transmission or delivery of any
          draft,
          notice or other communication under or relating to any Letter of Credit
          (including any document required to make a drawing thereunder), any error
          in
          interpretation of technical terms or any consequence arising from causes
          beyond
          the control of the Issuing Lender; provided
          that the
          foregoing shall not be construed to excuse the Issuing Lender from liability
          to
          the Borrower to the extent of any direct damages (as opposed to consequential
          damages, claims in respect of which are hereby waived by the Borrower to
          the
          extent permitted by applicable law) suffered by the Borrower that are caused
          by
          the Issuing Lender’s gross negligence or willful misconduct when determining
          whether drafts and other documents presented under a Letter of Credit comply
          with the terms thereof. The parties hereto expressly agree that:

         

        (i)  the
          Issuing Lender may accept documents that appear on their face to be in
          substantial compliance with the terms of a Letter of Credit without
          responsibility for further investigation, regardless of any notice or
          information to the contrary, and may make payment upon presentation of
          documents
          that appear on their face to be in substantial compliance with the terms
          of such
          Letter of Credit;

         

        (ii)  the
          Issuing Lender shall have the right, in its sole discretion, to decline
          to
          accept such documents and to make such payment if such documents are not
          in
          strict compliance with the terms of such Letter of Credit; and

         

        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

           

        

        (iii)  this
          sentence shall establish the standard of care to be exercised by the Issuing
          Lender when determining whether drafts and other documents presented under
          a
          Letter of Credit comply with the terms thereof (and the parties hereto
          hereby
          waive, to the extent permitted by applicable law, any standard of care
          inconsistent with the foregoing).

         

        (h)  Disbursement
          Procedures.
          The
          Issuing Lender shall, within a reasonable time following its receipt thereof,
          examine all documents purporting to represent a demand for payment under
          a
          Letter of Credit. The Issuing Lender shall promptly after such examination
          notify the Administrative Agent and the Borrower by telephone (confirmed
          by
          telecopy) of such demand for payment and whether the Issuing Lender has
          made or
          will make an LC Disbursement thereunder; provided
          that any
          failure to give or delay in giving such notice shall not relieve the Borrower
          of
          its obligation to reimburse the Issuing Lender and the Lenders with respect
          to
          any such LC Disbursement.

         

        (i)  Interim
          Interest.
          If the
          Issuing Lender shall make any LC Disbursement, then, unless the Borrower
          shall reimburse such LC Disbursement in full on the date such
          LC Disbursement is made, the unpaid amount thereof shall bear interest, for
          each day from and including the date such LC Disbursement is made to but
          excluding the date that the Borrower reimburses such LC Disbursement, at
          the rate per annum then applicable to ABR Loans; provided
          that, if
          the Borrower fails to reimburse such LC Disbursement when due pursuant to
          paragraph (f) of this Section, then Section 2.13(c) shall apply.
          Interest accrued pursuant to this paragraph shall be for account of the
          Issuing
          Lender, except that interest accrued on and after the date of payment by
          any
          Lender pursuant to paragraph (f) of this Section to reimburse the Issuing
          Lender shall be for account of such Lender to the extent of such
          payment.

         

        (j)  Replacement
          of the Issuing Lender.
          The
          Issuing Lender may be replaced at any time by written agreement between
          the
          Borrower, the Administrative Agent, the replaced Issuing Lender and the
          successor Issuing Lender. The Administrative Agent shall notify the Lenders
          of
          any such replacement of the Issuing Lender. At the time any such replacement
          shall become effective, the Borrower shall pay all unpaid fees accrued
          for
          account of the replaced Issuing Lender pursuant to 2.12(b). From and after
          the
          effective date of any such replacement, (i) the successor Issuing Lender
          shall have all the rights and obligations of the replaced Issuing Lender
          under
          this Agreement with respect to Letters of Credit to be issued thereafter
          and
          (ii) references herein to the term “Issuing Lender” shall be deemed to
          refer to such successor or to any previous Issuing Lender, or to such successor
          and all previous Issuing Lenders, as the context shall require. After the
          replacement of an Issuing Lender hereunder, the replaced Issuing Lender
          shall
          remain a party hereto and shall continue to have all the rights and obligations
          of an Issuing Lender under this Agreement with respect to Letters of Credit
          issued by it prior to such replacement, but shall not be required to issue
          additional Letters of Credit.

         

        (k)  Cash
          Collateralization.
          If an
          Event of Default shall occur and be continuing and the Borrower receives
          notice
          from the Administrative Agent or the Required Lenders (or, if the maturity
          of
          the Loans has been accelerated, Lenders with LC Exposures representing more
          than 50% of the Aggregate LC Exposure) demanding the deposit of cash
          collateral pursuant to this paragraph, the Borrower shall immediately deposit
          into the Collateral Account (or such other collateral account as the
          Administrative Agent shall establish for such purpose) an amount in cash
          equal
          to, the Aggregate LC Exposure as of such date plus
          any
          accrued and unpaid interest thereon; provided
          that the
          obligation to deposit such cash collateral shall become effective immediately,
          and such deposit shall become immediately due and payable, without demand
          or
          other notice of any kind, upon the occurrence of any Event of Default described
          in paragraph (h) or (i) of Article VIII. Such deposit shall be held by
          the Administrative Agent in the Collateral Account as Collateral in the
          first
          instance for the Aggregate LC Exposure under this Agreement and thereafter
          for the payment of the “Secured Obligations” under and as defined in the
          Guarantee and Collateral Agreement, and for these purposes the Borrower
          hereby
          grants a security interest to the Administrative Agent for the benefit
          of the
          Secured Parties in the Collateral Account (or such other collateral account,
          as
          applicable) and in any financial assets (as defined in the Uniform Commercial
          Code) or other property held therein.

         

        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.05  Funding
          of Borrowings.

         

        (a)  Funding
          by Lenders.
          Each
          Lender shall make each Loan to be made by it hereunder on the proposed
          date
          thereof by wire transfer of immediately available funds by 12:00 noon,
          Local Time, to the account of the Administrative Agent most recently designated
          by it for such purpose by notice to the Lenders. The Administrative Agent
          will
          make such Loans available to the Borrower by promptly crediting the amounts
          so
          received, in like funds, to an account of the Borrower designated by the
          Borrower in the applicable Borrowing Request; provided
          that
          ABR Borrowings made to finance the reimbursement of an LC Disbursement
          as provided in Section 2.04(f) shall be remitted by the Administrative
          Agent to the Issuing Lender and Loans made to repay Refunded Swingline
          Loans
          pursuant to Section 2.08(b) shall be remitted by the Administrative Agent
          to the
          Swingline Lender. 

         

        (b)  Presumption
          by the Administrative Agent.
          Unless
          the Administrative Agent shall have received notice from a Lender prior
          to the
          proposed date of any Borrowing that such Lender will not make available
          to the
          Administrative Agent such Lender’s share of such Borrowing, the Administrative
          Agent may assume that such Lender has made such share available on such
          date in
          accordance with paragraph (a) of this Section and may, in reliance upon
          such assumption, make available to the Borrower a corresponding amount.
          In such
          event, if a Lender has not in fact made its share of the Borrowing available
          to
          the Administrative Agent, then the applicable Lender and the Borrower severally
          agree to pay to the Administrative Agent forthwith on demand such corresponding
          amount with interest thereon, for each day from and including the date
          such
          amount is made available to the Borrower to but excluding the date of payment
          to
          the Administrative Agent, at (i) in the case of such Lender, the greater of
          the Federal Funds Effective Rate and a rate determined by the Administrative
          Agent in accordance with banking industry rules on interbank compensation
          or
          (ii) in the case of the Borrower, the interest rate applicable to
          ABR Loans, in each case together with any related reasonable out-of-pocket
          costs incurred by the Administrative Agent. If such Lender pays such amount
          to
          the Administrative Agent, then such amount shall constitute such Lender’s Loan
          included in such Borrowing.

         

        SECTION
          2.06  Interest
          Elections.

         

        (a)  Elections
          by the Borrower.
          The
          Loans constituting each Borrowing initially shall be of the Type specified
          in
          the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing,
          shall have the Interest Period specified in such Borrowing Request. Thereafter,
          the Borrower may elect to convert such Borrowing to a Borrowing of a different
          Type or to continue such Borrowing as a Borrowing of the same Type and,
          in the
          case of a Eurocurrency Borrowing, may elect the Interest Period therefor,
          all as
          provided in this Section; provided
          that
          (i) a Borrowing denominated in one Currency may not be continued as, or
          converted to, a Borrowing in a different Currency, (ii) no Eurocurrency
          Borrowing denominated in a Foreign Currency may be continued if, after
          giving
          effect thereto, the Aggregate Revolving Credit Exposure would exceed the
          Aggregate Commitment, and (iii) a Eurocurrency Borrowing denominated in a
          Foreign Currency may not be converted to a Borrowing of a different Type.
          The
          Borrower may elect different options with respect to different portions
          of the
          affected Borrowing, in which case each such portion shall be allocated
          ratably
          among the Lenders holding the Loans constituting such Borrowing, and the
          Loans
          constituting each such portion shall be considered a separate
          Borrowing.

         

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

           

        

        (b)  Notice
          of Elections.
          To make
          an election pursuant to this Section, the Borrower shall notify the
          Administrative Agent of such election by telephone (or, in the case of
          Borrowings in Foreign Currencies, in writing) by the time that a Borrowing
          Request would be required under Section 2.03 if the Borrower were
          requesting a Borrowing of the Type resulting from such election to be made
          on
          the effective date of such election. Each such Interest Election Request
          shall
          be irrevocable and, in the case of requests by telephone, shall be confirmed
          promptly by hand delivery or telecopy to the Administrative Agent of a
          written
          Interest Election Request in a form approved by the Administrative Agent
          and
          signed by the Borrower.

         

        (c)  Content
          of Interest Election Requests.
          Each
          telephonic and written Interest Election Request shall specify the following
          information in compliance with Section 2.02:

         

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

         

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

         

        (iii)  whether,
          in the case of a Borrowing denominated in Dollars, the resulting Borrowing
          is to
          be an ABR Borrowing or a Eurocurrency Borrowing; and

         

        (iv)  if
          the
          resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor
          after giving effect to such election, which shall be a period contemplated
          by
          the definition of the term “Interest Period” and permitted under
          Section 2.02(d).

         

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

         

        (e)  Failure
          to Elect; Events of Default.
          If the
          Borrower fails to deliver a timely and complete Interest Election Request
          with
          respect to a Eurocurrency Borrowing prior to the end of the Interest Period
          therefor, then, unless such Borrowing is repaid as provided herein, (i) if
          such Borrowing is denominated in Dollars, at the end of such Interest Period
          such Borrowing shall be converted to an ABR Borrowing, and (ii) if
          such Borrowing is denominated in a Foreign Currency, such Borrower shall
          be
          deemed to have selected an Interest Period of one month’s duration.
          Notwithstanding any contrary provision hereof, if an Event of Default has
          occurred and is continuing and the Administrative Agent, at the request
          of the
          Required Lenders, so notifies the Borrower, then, so long as an Event of
          Default
          is continuing (A) no outstanding Borrowing denominated in Dollars may be
          converted to or continued as a Eurocurrency Borrowing, (B) unless repaid,
          each Eurocurrency Borrowing denominated in Dollars shall be converted to
          an
          ABR Borrowing at the end of the Interest Period therefor and (C) no
          outstanding Eurocurrency Borrowing denominated in a Foreign Currency may
          have an
          Interest Period of more than one month’s duration.

         

        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.07  Swingline
          Commitment.
          

         

        (a)  Subject
          to the terms and conditions hereof, the Swingline Lender agrees to make
          a
          portion of the credit otherwise available to the Borrower under the Commitments
          from time to time during the Availability Period by making swing line loans
          in
          Dollars (“Swingline
          Loans”)
          to the
          Borrower; provided
          that (i)
          the aggregate principal amount of Swingline Loans outstanding at any time
          shall
          not exceed the Swingline Commitment then in effect (notwithstanding that
          the
          Swingline Loans outstanding at any time, when aggregated with the Swingline
          Lender’s other outstanding Loans, may exceed the Swingline Commitment then in
          effect) and (ii) the Borrower shall not request, and the Swingline Lender
          shall
          not make, any Swingline Loan if, after giving effect to the making of such
          Swingline Loan, the Aggregate Available Commitments would be less than
          zero.
          During the Availability Period, the Borrower may use the Swingline Commitment
          by
          borrowing, repaying and reborrowing, all in accordance with the terms and
          conditions hereof. Swingline Loans shall be ABR Loans only.

         

        (b)  The
          Borrower shall repay to the Swingline Lender the then unpaid principal
          amount of
          each Swingline Loan on the earlier of the Commitment Termination Date and
          the
          first date after such Swingline Loan is made that is the 15th or last day
          of a
          calendar month and is at least five Business Days after such Swingline
          Loan is
          made; provided
          that on
          each date that a Loan is borrowed, the Borrower shall repay all Swingline
          Loans
          then outstanding.

         

        SECTION
          2.08  Procedure
          and Refunding of Swingline Loans.
          

         

        (a)  Whenever
          the Borrower desires that the Swingline Lender make Swingline Loans it
          shall
          give the Swingline Lender irrevocable telephonic notice confirmed promptly
          in
          writing (which telephonic notice must be received by the Swingline Lender
          not
          later than 2:00 P.M., New York City time, on the proposed Borrowing Date),
          specifying (i) the amount to be borrowed and (ii) the requested Borrowing
          Date
          (which shall be a Business Day during the Availability Period). Each Borrowing
          under the Swingline Commitment shall be in an amount equal to $100,000
          or a
          whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M.,
          New York
          City time, on the Borrowing Date specified in a notice in respect of Swingline
          Loans, the Swingline Lender shall make available to the Administrative
          Agent at
          the Funding Office an amount in immediately available funds equal to the
          amount
          of the Swingline Loan to be made by the Swingline Lender. The Administrative
          Agent shall make the proceeds of such Swingline Loan available to the Borrower
          on such Borrowing Date by depositing such proceeds in the account of the
          Borrowing with the Administrative Agent on such Borrowing Date in immediately
          available funds.

         

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

           

        

        (b)  The
          Swingline Lender, at any time and from time to time in its sole and absolute
          discretion may, on behalf of the Borrower (which hereby irrevocably directs
          the
          Swingline Lender to act on its behalf), on one Business Day’s notice given by
          the Swingline Lender no later than 12:00 Noon, New York City time, request
          each
          Lender to make, and each Lender hereby agrees to make, a Loan, in an amount
          equal to such Lender’s Applicable Percentage of the aggregate amount of the
          Swingline Loans (the “Refunded
          Swingline Loans”)
          outstanding on the date of such notice, to repay the Swingline Lender.
          Each
          Lender shall make the amount of such Loan available to the Administrative Agent
          at the Funding Office in immediately available funds, not later than 10:00
          A.M.,
          New York City time, one Business Day after the date of such notice. The
          proceeds
          of such Loans shall be immediately made available by the Administrative
          Agent to
          the Swingline Lender for application by the Swingline Lender to the repayment
          of
          the Refunded Swingline Loans. The Borrower irrevocably authorizes the Swingline
          Lender to charge the Borrower’s accounts with the Administrative Agent (up to
          the amount available in each such account) in order to immediately pay
          the
          amount of such Refunded Swingline Loans to the extent amounts received
          from the
          Lenders are not sufficient to repay in full such Refunded Swingline Loans.
          

         

        (c)  If
          prior
          to the time a Loan would have otherwise been made pursuant to Section 2.08(b),
          one of the events described in paragraph (h) or (i) of Article VII shall
          have
          occurred and is continuing with respect to the Borrower or if for any other
          reason, as determined by the Swingline Lender in its sole discretion, Loans
          may
          not be made as contemplated by Section 2.08(b), each Lender shall, on the
          date
          such Loan was to have been made pursuant to the notice referred to in Section
          2.08(b), purchase for cash an undivided participating interest in the then
          outstanding Swingline Loans by paying to the Swingline Lender an amount
          (the
“Swingline
          Participation Amount”)
          equal
          to (i) such Lender’s Applicable Percentage times (ii) the sum of the aggregate
          principal amount of Swingline Loans then outstanding that were to have
          been
          repaid with such Loans.

         

        (d)  Whenever,
          at any time after the Swingline Lender has received from any Lender such
          Lender’s Swingline Participation Amount, the Swingline Lender receives any
          payment on account of the Swingline Loans, the Swingline Lender will distribute
          to such Lender its Swingline Participation Amount (appropriately adjusted,
          in
          the case of interest payments, to reflect the period of time during which
          such
          Lender’s participating interest was outstanding and funded and, in the case of
          principal and interest payments, to reflect such Lender’s pro rata portion of
          such payment if such payment is not sufficient to pay the principal of
          and
          interest on all Swingline Loans then due); provided,
          however,
          that in
          the event that such payment received by the Swingline Lender is required
          to be
          returned, such Lender will return to the Swingline Lender any portion thereof
          previously distributed to it by the Swingline Lender.

         

        (e)  Each
          Lender’s obligation to make the Loans referred to in Section 2.08(b) and to
          purchase participating interests pursuant to Section 2.08(c) shall be absolute
          and unconditional and shall not be affected by any circumstance, including
          (i)
          any setoff, counterclaim, recoupment, defense or other right that such
          Lender or
          the Borrower may have against the Swingline Lender, the Borrower or any
          other
          Person for any reason whatsoever, (ii) the occurrence or continuance of
          a
          Default or the failure to satisfy any of the other conditions specified
          in
          Article V, (iii) any adverse change in the condition (financial or otherwise)
          of
          the Borrower, (iv) any breach of this Agreement or any other Loan Document
          by
          the Borrower, any other Loan Party or any other Lender or (v) any other
          circumstance, happening or event whatsoever, whether or not similar to
          any of
          the foregoing.

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.09  Termination,
          Reduction and Increase of the Commitments.

         

        (a)  Scheduled
          Termination.
          Unless
          previously terminated, the Commitments of the Lenders shall terminate on
          the
          Commitment Termination Date.

         

        (b)  Voluntary
          Termination or Reduction.
          The
          Borrower may at any time terminate, or from time to time reduce, the Aggregate
          Commitment, provided
          that
          (i) each reduction of the Aggregate Commitment pursuant to this Section
          shall be in an amount that is $500,000 or a larger multiple of $100,000
          and
          (ii) the Borrower shall not terminate or reduce the Aggregate Commitment
          if, after giving effect to any concurrent prepayment of the Loans in accordance
          with Section 2.11, the Aggregate Revolving Credit Exposure would exceed the
          Aggregate Commitment. The Borrower shall notify the Administrative Agent
          of any
          election to terminate or reduce the Aggregate Commitment under this
          paragraph (b) at least three Business Days prior to the effective date of
          such termination or reduction, specifying such election and the effective
          date
          thereof. Promptly following receipt of any notice, the Administrative Agent
          shall advise the Lenders of the contents thereof. Each notice delivered
          by the
          Borrower pursuant to this Section shall be irrevocable; provided
          that a
          notice of such termination may state that such notice is conditioned upon
          the
          effectiveness of other credit facilities, in which case such notice may
          be
          revoked by the Borrower (by notice to the Administrative Agent on or prior
          to
          the specified effective date) if such condition is not satisfied. Any
          termination or reduction of the Aggregate Commitment shall be permanent.
          Each
          reduction of the Aggregate Commitment shall be made ratably among the Lenders
          in
          accordance with their respective Commitments.

         

        (c)  Increase
          of Commitment.

         

        (i)  Requests
          for Commitment Increase.
          The
          Borrower may, at any time (but in no event more than three times), propose
          that
          the Aggregate Commitment hereunder be increased (each such proposed increase
          being a “Commitment
          Increase”)
          by
          having an existing Lender agree to increase its then existing Commitment
          (each
          an “Increasing
          Lender”)
          and/or
          by adding as a new Lender hereunder any Person identified by the Borrower
          which
          shall agree to provide a Commitment hereunder (each an “Assuming Lender”),
          in
          each case with the consent of the Administrative Agent and the Issuing
          Lender
          (such consent in each case not to be unreasonably withheld), by notice
          to the
          Administrative Agent specifying the amount of the relevant Commitment Increase,
          the Lender or Lenders providing for such Commitment Increase and the date
          on
          which such increase is to be effective (the “Commitment
          Increase Date”),
          which
          shall be a Business Day at least three Business Days after delivery of
          such
          notice and 30 days prior to the Commitment Termination Date; provided
          that:

         

        	(A)  	
                the
                  minimum amount of the Commitment of any Assuming Lender, and the
                  minimum
                  amount of the increase of the Commitment of any Increasing Lender,
                  as part
                  of such Commitment Increase shall be $10,000,000 or a larger multiple
                  of
                  $1,000,000;

              

         

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

           

        

        	(B)  	
                the
                  aggregate amount of all such Commitment Increases hereunder shall
                  not
                  exceed $50,000,000;

              

         

        	(C)  	
                no
                  Default shall have occurred and be continuing on such Commitment
                  Increase
                  Date or shall result from the proposed Commitment Increase;
                  and

              

         

        	(D)  	
                the
                  representations and warranties contained in this Agreement and
                  the other
                  Loan Documents shall be true and correct on and as of the Commitment
                  Increase Date as if made on and as of such date (or, if any such
                  representation or warranty is expressly stated to have been made
                  as of a
                  specific date, as of such specific date).

              

         

        (ii)  Effectiveness
          of Commitment Increase.
          Each
          Commitment Increase (and the increase of the Commitment of each Increasing
          Lender and/or the new Commitment of each Assuming Lender, as applicable,
          resulting therefrom) shall become effective as of the relevant Commitment
          Increase Date upon receipt by the Administrative Agent, on or prior to
          9:00 a.m., New York time, on such Commitment Increase Date, of (A) a
          certificate of a duly authorized officer of the Borrower stating that the
          conditions with respect to such Commitment Increase under this
          paragraph (c) have been satisfied and (B) an agreement, in form and
          substance satisfactory to the Borrower and the Administrative Agent, pursuant
          to
          which, effective as of such Commitment Increase Date, the Commitment of
          each
          such Increasing Lender shall be increased or each such Assuming Lender,
          as
          applicable, shall undertake a Commitment, duly executed by such Increasing
          Lender or Assuming Lender, as the case may be, and the Borrower and acknowledged
          by the Administrative Agent. Upon the Administrative Agent’s receipt of a fully
          executed agreement from each Increasing Lender and/or Assuming Lender referred
          to in clause (B) above, together with the certificate referred to in
          clause (A) above, the Administrative Agent shall record the information
          contained in each such agreement in the Register and give prompt notice
          of the
          relevant Commitment Increase to the Borrower and the Lenders (including,
          if
          applicable, each Assuming Lender). On each Commitment Increase Date, the
          Borrower shall simultaneously (i) prepay in full the outstanding Loans
          (if any)
          held by the Lenders immediately prior to giving effect to the relevant
          Commitment Increase, (ii) if the Borrower shall have so requested in accordance
          with this Agreement, borrow new Loans from all Lenders (including, if
          applicable, any Assuming Lender) such that, after giving effect thereto,
          the
          Loans (in the respective Currencies) are held ratably by the Lenders in
          accordance with their respective Commitments (after giving effect to such
          Commitment Increase) and (iii) pay to the Lenders the amounts, if any,
          payable
          under Section 2.16.

         

        SECTION
          2.10  Repayment
          of Loans; Evidence of Debt.

         

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

         

        (a)  Repayment.
          The
          Borrower hereby unconditionally promises to pay to the Administrative Agent
          for
          account of the Lenders the outstanding principal amount of the Loans on
          the
          Commitment Termination Date.

         

        (b)  Manner
          of Payment.
          Prior
          to any repayment or prepayment of any Borrowings hereunder, the Borrower
          shall
          select the Borrowing or Borrowings to be paid and shall notify the
          Administrative Agent by telephone (confirmed by telecopy) of such selection
          not
          later than 11:00 a.m., New York City time, three Business Days before the
          scheduled date of such repayment. If the Borrower fails to make a timely
          selection of the Borrowing or Borrowings to be repaid or prepaid, such
          payment
          shall be applied, first, to pay any outstanding ABR Borrowings and, second,
          to other Borrowings in the order of the remaining duration of their respective
          Interest Periods (the Borrowing with the shortest remaining Interest Period
          to
          be repaid first). Each payment of a Borrowing shall be applied ratably
          to the
          Loans included in such Borrowing.

         

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

         

        (d)  Maintenance
          of Records by the Administrative Agent.
          The
          Administrative Agent shall maintain accounts in which it shall record
          (i) the amount and Currency of each Loan made hereunder, the Type thereof
          and each Interest Period therefor, (ii) the amount and Currency of any
          principal or interest due and payable or to become due and payable from
          the
          Borrower to each Lender hereunder and (iii) the amount and Currency of any
          sum received by the Administrative Agent hereunder for account of the Lenders
          and each Lender’s share thereof.

         

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

         

        (f)  Promissory
          Notes.
          Any
          Lender may request that Loans made by it to the Borrower be evidenced by
          a
          promissory note of the Borrower. In such event, the Borrower shall prepare,
          execute and deliver to such Lender a promissory note payable to such Lender
          (or,
          if requested by such Lender, to such Lender and its registered assigns)
          in a
          principal amount equal to such Lender’s Commitment and in a form approved by the
          Administrative Agent. Thereafter, the Loans evidenced by such promissory
          note
          and interest thereon shall at all times (including after assignment pursuant
          to
          Section 10.04) be represented by one or more promissory notes in such form
          payable to the payee named therein (or, if such promissory note is a registered
          note, to such payee and its registered assigns).

         

        SECTION
          2.11  Prepayment
          of Loans.

         

        (a)  Optional
          Prepayments.
          The
          Borrower shall have the right at any time and from time to time to prepay
          any
          Borrowing in whole or in part, without premium or penalty, subject to the
          requirements of this Section; provided
          that, if
          a Eurocurrency Loan is prepaid on any day other than the last day of the
          Interest Period applicable thereto, the Borrower shall also pay any amounts
          owing pursuant to Section 2.16. Partial prepayments of Loans (other than
          Swingline Loans) shall be in an aggregate principal amount of $500,000
          or a
          whole multiple thereof. Partial prepayments of Swingline Loans shall be
          in an
          aggregate principal amount of $100,000 or a whole multiple thereof.

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

           

        

        (b)  Mandatory
          Prepayments Due to Currency Fluctuations.
          On each
          Quarterly Date and promptly upon the receipt by the Administrative Agent
          of a
          Currency Valuation Notice (as defined below), the Administrative Agent
          shall
          determine the aggregate outstanding principal amount of the Loans to the
          extent
          there shall be any Loans denominated in any Foreign Currency at such time.
          For
          the purpose of this determination, the outstanding principal amount of
          any Loan
          that is denominated in any Foreign Currency shall be deemed to be the Dollar
          Equivalent of the amount in the Foreign Currency of such Loan, determined
          as of
          such Quarterly Date or, in the case of a Currency Valuation Notice received
          by
          the Administrative Agent prior to 11:00 a.m., London time, on a Business
          Day, on such Business Day or, in the case of a Currency Valuation Notice
          otherwise received, on the first Business Day after such Currency Valuation
          Notice is received. Upon making such determination, the Administrative
          Agent
          shall promptly notify the Lenders and the Borrower thereof. If, on the
          date of
          such determination, the aggregate outstanding principal amount of the Loans
          denominated in Foreign Currencies exceeds 105% of the Aggregate Foreign
          Currency
          Sublimit Dollar Amount or the Aggregate Revolving Credit Exposure exceeds
          the
          Aggregate Commitment, the Borrower shall, if requested by the Required
          Lenders
          (through the Administrative Agent), prepay, without premium, penalty or
          any
          reduction in the Commitments, the Loans in such amounts as shall be necessary
          so
          that after giving effect thereto the aggregate outstanding principal amount
          of
          the Loans does not exceed the Aggregate Foreign Currency Sublimit Dollar
          Amount;
provided
          that, if
          a Loan is prepaid on any day other than the last day of the Interest Period
          applicable thereto, the Borrower shall also pay any amounts owing pursuant
          to
          Section 2.16. For purposes hereof, “Currency
          Valuation Notice”
means
          a
          notice given by the Required Lenders to the Administrative Agent stating
          that
          such notice is a “Currency Valuation Notice” and requesting that the
          Administrative Agent determine the aggregate outstanding principal amount
          of the
          Loans. The Administrative Agent shall not be required to make more than
          one
          valuation determination pursuant to Currency Valuation Notices within any
          rolling three month period.

         

        (c)  Notices,
          Etc.
          The
          Borrower shall notify the Administrative Agent by telephone (confirmed
          by
          telecopy) of any prepayment hereunder (i) in the case of prepayment of a
          Eurocurrency Borrowing, not later than 11:00 a.m., New York City time (or,
          in the case of a Borrowing denominated in a Foreign Currency, 11:00 a.m.,
          London time), three Business Days before the date of prepayment or (ii) in
          the case of prepayment of an ABR Borrowing, not later than 11:00 a.m.,
          New York City time, one Business Day before the date of prepayment. Each
          such
          notice shall be irrevocable and shall specify the prepayment date, the
          principal
          amount of each Borrowing or portion thereof to be prepaid and, in the case
          of a
          mandatory prepayment, a reasonably detailed calculation of the amount of
          such
          prepayment; provided
          that, if
          a notice of prepayment is given in connection with a conditional notice
          of
          termination of the Commitments as contemplated by Section 2.09, then such
          notice of prepayment may be revoked if such notice of termination is revoked
          in
          accordance with Section 2.09. Promptly following receipt of any such notice
          relating to a Borrowing, the Administrative Agent shall advise the Lenders
          of
          the contents thereof. Each prepayment of a Borrowing shall be applied ratably
          to
          the Loans included in the prepaid Borrowing. Prepayments shall be accompanied
          by
          accrued interest to the extent required by Section 2.13 and shall be made
          in the manner specified in Section 2.10(b).

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.12  Fees.

         

        (a)  Commitment
          Fee.
          The
          Borrower agrees to pay to the Administrative Agent for account of each
          Lender a
          commitment fee, which shall accrue at the Applicable Rate on the average
          daily
          amount of the Available Commitment of such Lender during the period from
          and
          including the Effective Date to but excluding the earlier of the date such
          Commitment terminates and the Commitment Termination Date. Accrued commitment
          fees shall be payable on each Quarterly Date and on the earlier of the
          date the
          Commitments terminate and the Commitment Termination Date, commencing on
          the
          first such date to occur after the date hereof. All commitment fees shall
          be
          computed on the basis of a year of 360 days and shall be payable for the
          actual
          number of days elapsed (including the first day but excluding the last
          day). For
          purposes of computing commitment fees, the Commitment of a Lender shall
          be
          deemed to be used to the extent of the outstanding Loans and LC Exposure of
          such Lender. 

         

        (b)  Letter
          of Credit Fees.
          The
          Borrower agrees to pay (i) to the Administrative Agent for account of each
          Lender a participation fee with respect to its participations in Letters
          of
          Credit, which shall accrue at a rate per annum equal to the Applicable
          Rate
          applicable to interest on Eurocurrency Loans on the average daily amount
          of such
          Lender’s LC Exposure (excluding any portion thereof attributable to
          unreimbursed LC Disbursements) during the period from and including the
          Effective Date to but excluding the later of the date on which such Lender’s
          Commitment terminates and the date on which such Lender ceases to have
          any
          LC Exposure, and (ii) to the Issuing Lender a fronting fee, which
          shall accrue at the rate of 0.125% per annum on the average daily amount
          of the
          Aggregate LC Exposure (excluding any portion thereof attributable to
          unreimbursed LC Disbursements) during the period from and including the
          Effective Date to but excluding the later of the date of termination of
          the
          Aggregate Commitment and the date on which there ceases to be any
          LC Exposure, as well as the Issuing Lender’s standard fees with respect to
          the issuance, amendment, renewal or extension of any Letter of Credit or
          processing of drawings thereunder. Participation fees and fronting fees
          accrued
          through and including each Quarterly Date shall be payable on the third
          Business
          Day following such Quarterly Date, commencing on the first such date to
          occur
          after the Effective Date; provided
          that all
          such fees shall be payable on the date on which the Commitments terminate
          and
          any such fees accruing after the date on which the Commitments terminate
          shall
          be payable on demand. Any other fees payable to the Issuing Lender pursuant
          to
          this paragraph shall be payable within 10 days after demand. All participation
          fees and fronting fees shall be computed on the basis of a year of 360
          days and
          shall be payable for the actual number of days elapsed (including the first
          day
          but excluding the last day).

         

        (c)  Administrative
          Agent Fees.
          The
          Borrower agrees to pay to the Administrative Agent, for its own account,
          fees
          payable in the amounts and at the times separately agreed upon between
          the
          Borrower and the Administrative Agent.

         

        (d)  Payment
          of Fees.
          All
          fees payable hereunder shall be paid on the dates due, in Dollars and
          immediately available funds, to the Administrative Agent (or to the Issuing
          Lender, in the case of fees payable to it) for distribution, in the case
          of
          facility fees and participation fees, to the Lenders entitled thereto.
          Fees paid
          shall not be refundable under any circumstances.

         

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.13  Interest.

         

        (a)  ABR Loans.
          The
          Loans comprising each ABR Borrowing shall bear interest at a rate per annum
          equal to the Alternate Base Rate plus
          the
          Applicable Rate.

         

        (b)  Eurocurrency
          Loans.
          The
          Loans comprising each Eurocurrency Borrowing shall bear interest at a rate
          per
          annum equal to the Adjusted LIBO Rate for the Interest Period for such
          Borrowing
plus
          the
          Applicable Rate.

         

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

         

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

         

        (e)  Computation.
          All
          interest hereunder shall be computed on the basis of a year of 360 days,
          except
          that interest computed by reference to the Alternate Base Rate at times
          when the
          Alternate Base Rate is based on the Prime Rate shall be computed on the
          basis of
          a year of 365 days (or 366 days in a leap year), and in each case shall
          be
          payable for the actual number of days elapsed (including the first day
          but
          excluding the last day). The applicable Alternate Base Rate or Adjusted
          LIBO
          Rate shall be determined by the Administrative Agent, and such determination
          shall be conclusive absent manifest error.

         

        SECTION
          2.14  Alternate
          Rate of Interest.
          If
          prior to the commencement of the Interest Period for any Eurocurrency Borrowing
          (the Currency of such Borrowing herein called the “Affected
          Currency”):

         

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

         

        (b)  the
          Administrative Agent is advised by the Required Lenders that the Adjusted
          LIBO
          Rate for the Affected Currency for such Interest Period will not adequately
          and
          fairly reflect the cost to such Lenders of making or maintaining their
          respective Loans included in such Borrowing for such Interest
          Period;

         

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

           

        

        then
          the
          Administrative Agent shall give notice thereof to the Borrower and the
          Lenders
          by telephone or telecopy as promptly as practicable thereafter and, until
          the
          Administrative Agent notifies the Borrower and the Lenders that the
          circumstances giving rise to such notice no longer exist, (i) any Interest
          Election Request that requests the conversion of any Borrowing to, or the
          continuation of any Borrowing as, a Eurocurrency Borrowing denominated
          in the
          Affected Currency shall be ineffective and, if the Affected Currency is
          Dollars,
          such Borrowing (unless prepaid) shall be continued as, or converted to,
          an
          ABR Borrowing, (ii) if the Affected Currency is Dollars and any
          Borrowing Request requests a Eurocurrency Borrowing denominated in Dollars,
          such
          Borrowing shall be made as an ABR Borrowing and (iii) if the Affected
          Currency is a Foreign Currency, any Borrowing Request that requests a
          Eurocurrency Borrowing denominated in the Affected Currency shall be
          ineffective.

         

        SECTION
          2.15  Increased
          Costs.

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

           

        

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

         

        (d)  Delay
          in Requests.
          Failure
          or delay on the part of any Lender or the Issuing Lender to demand compensation
          pursuant to this Section shall not constitute a waiver of such Lender’s or the
          Issuing Lender’s right to demand such compensation; provided
          that the
          Borrower shall not be required to compensate a Lender or the Issuing Lender
          pursuant to this Section for any increased costs or reductions incurred
          more
          than 270 days prior to the date that such Lender or the Issuing Lender,
          as the
          case may be, notifies the Borrower of the Change in Law giving rise to
          such
          increased costs or reductions and of such Lender’s or the Issuing Lender’s
          intention to claim compensation therefor; provided further
          that, if
          the Change in Law giving rise to such increased costs or reductions is
          retroactive, then the 270-day period referred to above shall be extended
          to
          include the period of retroactive effect thereof.

         

        SECTION
          2.16  Break
          Funding Payments.
          In the
          event of (a) the payment of any principal of any Eurocurrency Loan other
          than on the last day of an Interest Period therefor (including as a result
          of an
          Event of Default), (b) the conversion of any Eurocurrency Loan other than
          on the last day of an Interest Period therefor, (c) the failure to borrow,
          convert, continue or prepay any Loan on the date specified in any notice
          delivered pursuant hereto (regardless of whether such notice is permitted
          to be
          revocable under Section 2.11(d) and is revoked in accordance herewith), or
          (d) the assignment as a result of a request by the Borrower pursuant to
          Section 2.19(b) of any Eurocurrency Loan other than on the last day of an
          Interest Period therefor, then, in any such event, the Borrower shall compensate
          each Lender for the loss, cost and expense attributable to such event.
          In the
          case of a Eurocurrency Loan, the loss to any Lender attributable to any
          such
          event shall be deemed to include an amount determined by such Lender to
          be equal
          to the excess, if any, of (i) the amount of interest that such Lender would
          pay for a deposit equal to the principal amount of such Loan denominated
          in the
          Currency of such Loan for the period from the date of such payment, conversion,
          failure or assignment to the last day of the then current Interest Period
          for
          such Loan (or, in the case of a failure to borrow, convert or continue,
          the
          duration of the Interest Period that would have resulted from such borrowing,
          conversion or continuation) if the interest rate payable on such deposit
          were
          equal to the Adjusted LIBO Rate for such Currency for such Interest Period,
          over
          (ii) the amount of interest that such Lender would earn on such principal
          amount for such period if such Lender were to invest such principal amount
          for
          such period at the interest rate that would be bid by such Lender (or an
          affiliate of such Lender) for deposits denominated in such Currency from
          other
          banks in the eurocurrency market at the commencement of such period. A
          certificate of any Lender setting forth any amount or amounts that such
          Lender
          is entitled to receive pursuant to this Section shall be delivered to the
          Borrower and shall be conclusive absent manifest error. The Borrower shall
          pay
          such Lender the amount shown as due on any such certificate within 10 days
          after
          receipt thereof.

         

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.17  Taxes.

         

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

         

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

         

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

         

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

         

        (e)  Non-U.S.
          Lenders.
          Any
          Non-U.S. Lender that is entitled to an exemption from or reduction of
          withholding tax under the law of the jurisdiction in which the Borrower
          is
          located, or any treaty to which such jurisdiction is a party, with respect
          to
          payments under this Agreement shall deliver to the Borrower (with a copy
          to the
          Administrative Agent), at the time or times prescribed by applicable law
          or
          reasonably requested by the Borrower, such properly completed and executed
          documentation prescribed by applicable law as will permit such payments
          to be
          made without withholding or at a reduced rate. Notwithstanding any other
          provision of this paragraph, a Non-U.S. Lender shall not be required to
          deliver
          any documentation pursuant to this paragraph that such Non-U.S. Lender
          is not
          legally able to deliver. 

         

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

           

        

        Without
          limiting the generality of the foregoing, in the event that the Borrower
          is
          resident for tax purposes in the United States of America, any Non-U.S.
          Lender
          shall deliver to the Borrower and the Administrative Agent (in such number
          of
          copies as shall be requested by the recipient) on or prior to the date
          on which
          such Non-U.S. Lender becomes a Lender under this Agreement or under an
          Assignment and Assumption (and from time to time thereafter upon the request
          of
          the Borrower or the Administrative Agent, but only if such Non-U.S. Lender
          is
          legally entitled to do so), whichever of the following is applicable:

         

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

         

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

         

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

         

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

         

        Any
          Lender that is not a Non-U.S. Lender shall deliver to Borrower and the
          Administrative Agent copies of Internal Revenue Service Form W-9 (in such
          number
          of copies as shall be requested by the recipient) on or prior to the date
          on
          which such Lender becomes a Lender under this Agreement or under an Assignment
          and Assumption (and from time to time thereafter upon the request of the
          Borrower or the Administrative Agent).

         

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

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

           

        

        SECTION
          2.18  Payments
          Generally; Pro Rata Treatment; Sharing of Set-offs.

         

        (a)  Payments
          by the Borrower.
          The
          Borrower shall make each payment required to be made by it hereunder (whether
          of
          principal, interest, fees or reimbursement of LC Disbursements, or of
          amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) or under
          any other Loan Document (except to the extent otherwise provided therein)
          prior
          to 12:00 noon, Local Time, on the date when due, in immediately available
          funds, without set-off or counterclaim. Any amounts received after such
          time on
          any date may, in the discretion of the Administrative Agent, be deemed
          to have
          been received on the next succeeding Business Day for purposes of calculating
          interest thereon. All such payments shall be made to the Administrative
          Agent at
          the Administrative Agent’s Account, except as otherwise expressly provided in
          the relevant Loan Document and except payments to be made directly to the
          Issuing Lender as expressly provided herein and payments pursuant to
          Sections 2.15, 2.16, 2.17 and 10.03, which shall be made directly to the
          Persons entitled thereto. The Administrative Agent shall distribute any
          such
          payments received by it for the account of any other Person to the appropriate
          recipient promptly following receipt thereof. If any payment hereunder
          shall be
          due on a day that is not a Business Day, the date for payment shall be
          extended
          to the next succeeding Business Day and, in the case of any payment accruing
          interest, interest thereon shall be payable for the period of such extension.
          All amounts owing under this Agreement (including commitment fees, payments
          required under Section 2.15, and payments required under Section 2.16
          relating to any Loan denominated in Dollars, but not including principal
          of, and
          interest on, any Loan denominated in any Foreign Currency or payments relating
          to any such Loan required under Section 2.16, which are payable in such
          Foreign Currency) or under any other Loan Document (except to the extent
          otherwise provided therein) are payable in Dollars. Notwithstanding the
          foregoing, if the Borrower shall fail to pay any principal of any Loan
          when due
          (whether at stated maturity, by acceleration, by mandatory prepayment or
          otherwise), the unpaid portion of such Loan shall, if such Loan is not
          denominated in Dollars, automatically be redenominated in Dollars on the
          due
          date thereof (or, if such due date is a day other than the last day of
          the
          Interest Period therefor, on the last day of such Interest Period) in an
          amount
          equal to the Dollar Equivalent thereof on the date of such redenomination
          and
          such principal shall be payable on demand; and if the Borrower shall fail
          to pay
          any interest on any Loan that is not denominated in Dollars, such interest
          shall
          automatically be redenominated in Dollars on the due date therefor (or,
          if such
          due date is a day other than the last day of the Interest Period therefor,
          on
          the last day of such Interest Period) in an amount equal to the Dollar
          Equivalent thereof on the date of such redenomination and such interest
          shall be
          payable on demand.

         

        (b)  Application
          of Insufficient Payments.
          If at
          any time insufficient funds are received by and available to the Administrative
          Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,
          interest and fees then due hereunder, such funds shall be applied
          (i) first,
          to pay
          interest and fees then due hereunder, ratably among the parties entitled
          thereto
          in accordance with the amounts of interest and fees then due to such parties,
          and (ii) second,
          to pay
          principal and unreimbursed LC Disbursements then due hereunder, ratably
          among the parties entitled thereto in accordance with the amounts of principal
          and unreimbursed LC Disbursements then due to such parties.

         

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

           

        

        (c)  Pro
          Rata Treatment.
          Except
          to the extent otherwise provided herein: (i) each Borrowing shall be made
          from the Lenders, each payment of commitment fee under Section 2.12 shall
          be made for account of the Lenders, and each termination or reduction of
          the
          amount of the Commitments under Section 2.09 shall be applied to the
          respective Commitments of the Lenders, pro rata
          according to the amounts of their respective Commitments; (ii) each
          Borrowing shall be allocated pro rata
          among
          the Lenders according to the amounts of their respective Commitments (in
          the
          case of the making of Loans) or their respective Loans that are to be included
          in such Borrowing (in the case of conversions and continuations of Loans);
          (iii) each payment or prepayment of principal of Loans by the Borrower
          shall be made for account of the Lenders pro rata
          in
          accordance with the respective unpaid principal amounts of the Loans held
          by
          them; and (iv) each payment of interest on Loans by the Borrower shall be
          made for account of the Lenders pro rata
          in
          accordance with the amounts of interest on such Loans then due and payable
          to
          the respective Lenders.

         

        (d)  Sharing
          of Payments by Lenders.
          If any
          Lender shall, by exercising any right of set-off or counterclaim or otherwise,
          obtain payment in respect of any principal of or interest on any of its
          Loans or
          participations in LC Disbursements resulting in such Lender receiving
          payment of a greater proportion of the aggregate amount of its Loans and
          participations in LC Disbursements and accrued interest thereon then due
          than the proportion received by any other Lender, then the Lender receiving
          such
          greater proportion shall purchase (for cash at face value) participations
          in the
          Loans and participations in LC Disbursements of other Lenders to the extent
          necessary so that the benefit of all such payments shall be shared by the
          Lenders ratably in accordance with the aggregate amount of principal of
          and
          accrued interest on their respective Loans and participations in
          LC Disbursements; provided
          that,
          (i) if any such participations are purchased and all or any portion of the
          payment giving rise thereto is recovered, such participations shall be
          rescinded
          and the purchase price restored to the extent of such recovery, without
          interest, and (ii) the provisions of this paragraph shall not be construed
          to apply to any payment made by the Borrower pursuant to and in accordance
          with
          the express terms of this Agreement or any payment obtained by a Lender
          as
          consideration for the assignment of or sale of a participation in any of
          its
          Loans or participations in LC Disbursements to any assignee or participant,
          other than to the Borrower or any Subsidiary or Affiliate thereof (as to
          which
          the provisions of this paragraph shall apply). The Borrower consents to
          the
          foregoing and agrees, to the extent it may effectively do so under applicable
          law, that any Lender acquiring a participation pursuant to the foregoing
          arrangements may exercise against the Borrower rights of set-off and
          counterclaim with respect to such participation as fully as if such Lender
          were
          a direct creditor of the Borrower in the amount of such
          participation.

         

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

         

        
          
            
            

          

          
            45

            
              

            

          

          
            
            

          

           

        

        (f)  Certain
          Deductions by the Administrative Agent.
          If any
          Lender shall fail to make any payment required to be made by it pursuant
          to
          Section 2.04(e), 2.05(b) or 2.18(e), then the Administrative Agent may, in
          its discretion (notwithstanding any contrary provision hereof), apply any
          amounts thereafter received by the Administrative Agent for account of
          such
          Lender to satisfy such Lender’s obligations under such Sections until all such
          unsatisfied obligations are fully paid.

         

        SECTION
          2.19  Mitigation
          Obligations; Replacement of Lenders.

         

        (a)  Designation
          of a Different Lending Office.
          If any
          Lender requests compensation under Section 2.15, or if the Borrower is
          required to pay any additional amount to any Lender or any Governmental
          Authority for account of any Lender pursuant to Section 2.17, then such
          Lender shall use reasonable efforts to designate a different lending office
          for
          funding or booking its Loans hereunder or to assign its rights and obligations
          hereunder to another of its offices, branches or affiliates, if, in the
          judgment
          of such Lender, such designation or assignment (i) would eliminate or
          reduce amounts payable pursuant to Section 2.15 or 2.17, as the case
          may be, in the future and (ii) would not subject such Lender to any
          unreimbursed cost or expense and would not otherwise be disadvantageous
          to such
          Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
          incurred by any Lender in connection with any such designation or
          assignment.

         

        (b)  Replacement
          of Lenders.
          If any
          Lender requests compensation under Section 2.15, or if the Borrower is
          required to pay any additional amount to any Lender or any Governmental
          Authority for account of any Lender pursuant to Section 2.17, or if any
          Lender defaults in its obligation to fund Loans hereunder, then the Borrower
          may, at its sole expense and effort, upon notice to such Lender and the
          Administrative Agent, require such Lender to assign and delegate, without
          recourse (in accordance with and subject to the restrictions contained
          in
          Section 10.04), all its interests, rights and obligations under this
          Agreement to an assignee that shall assume such obligations (which assignee
          may
          be another Lender, if a Lender accepts such assignment); provided
          that
          (i) the Borrower shall have received the prior written consent of the
          Administrative Agent (and, if a Commitment is being assigned, the Issuing
          Lender), which consent shall not unreasonably be withheld, (ii) such Lender
          shall have received payment of an amount equal to the outstanding principal
          of
          its Loans and participations in LC Disbursements, accrued interest thereon,
          accrued fees and all other amounts payable to it hereunder, from the assignee
          (to the extent of such outstanding principal and accrued interest and fees)
          or
          the Borrower (in the case of all other amounts) and (iii) in the case of
          any such assignment resulting from a claim for compensation under
          Section 2.15 or payments required to be made pursuant to Section 2.17,
          such assignment will result in a reduction in such compensation or payments.
          A
          Lender shall not be required to make any such assignment and delegation
          if,
          prior thereto, as a result of a waiver by such Lender or otherwise, the
          circumstances entitling the Borrower to require such assignment and delegation
          cease to apply.

         

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

           

        

        ARTICLE
          III

        GUARANTEE

         

        SECTION
          3.01  The
          Guarantee.
          Unless
          a Holdings Change of Control Transaction shall have occurred:

         

        (a)  Holdings
          hereby unconditionally and irrevocably, guarantees to the Administrative
          Agent,
          for the ratable benefit of each Secured Party and their respective successors,
          indorsees, transferees and assigns, the prompt and complete payment and
          performance by the Borrower when due (whether at the stated maturity, by
          acceleration or otherwise) of the Borrower Obligations (such obligations
          being
          herein collectively called the “Guaranteed
          Obligations”).
          Holdings hereby further agrees that its guarantee under this Section constitutes
          a guarantee of payment when due and not of collection, and waives any right
          to
          require that any resort be had by the Administrative Agent or any Secured
          Party
          to any of the security held for payment of the Borrower Obligations or
          to any
          balance of any deposit account or credit on the books of the Administrative
          Agent or any Secured Party in favor of the Borrower or any other
          person.

         

        (b)  The
          guarantee contained in this Section shall remain in full force and effect
          until
          all the Borrower Obligations and the obligations of Holdings under the
          guarantee
          contained in this Section shall have been satisfied by payment in full,
          no
          Letter of Credit shall be outstanding and the Commitments shall be terminated,
          notwithstanding that from time to time during the term of this Agreement
          the
          Borrower may be free from any of its Obligations.

         

        (c)  No
          payment made by the Borrower, any of the Guarantors, any other guarantor
          or any
          other Person or received or collected by the Administrative Agent or any
          Secured
          Party from the Borrower, any of the Guarantors, any other guarantor or
          any other
          Person by virtue of any action or proceeding or any set-off or appropriation
          or
          application at any time or from time to time in reduction of or in payment
          of
          the Borrower Obligations shall be deemed to modify, reduce, release or
          otherwise
          affect the liability of Holdings hereunder which shall, notwithstanding
          any such
          payment (other than any payment made by Holdings in respect of the Borrower
          Obligations or any payment received or collected from Holdings in respect
          of the
          Borrower Obligations), remain liable for the Borrower Obligations up to
          the
          maximum liability of Holdings hereunder until the Borrower Obligations
          are paid
          in full, no Letter of Credit shall be outstanding and the Commitments are
          terminated.

         

        SECTION
          3.02  Obligations
          Unconditional.
          The
          obligations of Holdings under Section 3.01 are absolute and unconditional
          irrespective of the value, genuineness, validity, regularity or enforceability
          of this Agreement or any other Loan Document, any of the Borrower Obligations
          or
          any other agreement or instrument referred to herein, or any substitution,
          release or exchange of any other guarantee of or security for any of the
          Guaranteed Obligations, and, to the fullest extent permitted by applicable
          law,
          irrespective of any other circumstance whatsoever that might otherwise
          constitute a legal or equitable discharge or defense of a surety or guarantor,
          it being the intent of this Section that the obligations of Holdings hereunder
          shall be absolute and unconditional under any and all circumstances. Without
          limiting the generality of the foregoing, it is agreed that the occurrence
          of
          any one or more of the following shall not alter or impair the liability
          of
          Holdings hereunder, which shall remain absolute and unconditional as described
          above:

         

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

           

        

        (a)  at
          any
          time or from time to time, without notice to Holdings, the time for any
          performance of or compliance with any of their respective Guaranteed Obligations
          shall be extended, or such performance or compliance shall be
          waived;

         

        (b)  any
          of
          the acts mentioned in any of the provisions of this Agreement or any other
          agreement or instrument referred to herein shall be done or
          omitted;

         

        (c)  the
          maturity of any of the Guaranteed Obligations shall be accelerated, or
          any of
          the Guaranteed Obligations shall be modified, supplemented or amended in
          any
          respect, or any right under this Agreement or any other agreement or instrument
          referred to herein shall be waived or any other guarantee of any of their
          respective Guaranteed Obligations or any security therefor shall be released
          or
          exchanged in whole or in part or otherwise dealt with; or

         

        (d)  any
          lien
          or security interest granted to, or in favor of, the Administrative Agent
          or any
          Secured Party as security for any of the Guaranteed Obligations shall fail
          to be
          perfected.

         

        Holdings
          hereby expressly waives diligence, presentment, demand of payment, protest
          and
          all notices whatsoever, and any requirement that the Administrative Agent
          or any
          Secured Party exhaust any right, power or remedy or proceed against the
          Borrower
          under this Agreement or any other agreement or instrument referred to herein,
          or
          against any other Person under any other guarantee of, or security for,
          any of
          their respective Guaranteed Obligations.

         

        SECTION
          3.03  Reinstatement.
          The
          obligations of Holdings under this Article shall be automatically reinstated
          if
          and to the extent that for any reason any payment by or on behalf of the
          Borrower in respect of the relevant Guaranteed Obligations is rescinded
          or must
          be otherwise restored by any holder of any of such Guaranteed Obligations,
          whether as a result of any proceedings in bankruptcy or reorganization
          or
          otherwise, and Holdings agrees that it will indemnify the Administrative
          Agent
          and each Secured Party on demand for all reasonable costs and expenses
          (including fees of counsel) incurred by the Administrative Agent or each
          such
          Secured Party in connection with such rescission or restoration, including
          any
          such costs and expenses incurred in defending against any claim alleging
          that
          such payment constituted a preference, fraudulent transfer or similar payment
          under any bankruptcy, insolvency or similar law.

         

        SECTION
          3.04  Subrogation.
          Holdings hereby agrees that, until the payment and satisfaction in full
          of all
          Guaranteed Obligations and the expiration and termination of the Commitments
          of
          the Lenders under this Agreement, it shall not exercise any right or remedy
          arising by reason of any performance by it of its guarantee in
          Section 3.01, whether by subrogation or otherwise, against the Borrower or
          any other guarantor of any of the Guaranteed Obligations or any security
          for any
          of the Guaranteed Obligations.

         

        SECTION
          3.05  Remedies.
          Holdings agrees that, as between Holdings and the Secured Parties, the
          Obligations of the Borrower under this Agreement may be declared to be
          forthwith
          due and payable as provided in Article VIII (and shall be deemed to have
          become automatically due and payable in the circumstances provided in
          Article VIII) for purposes of Section 3.01 notwithstanding any stay,
          injunction or other prohibition preventing such declaration (or such Obligations
          from becoming automatically due and payable) as against the Borrower and
          that,
          in the event of such declaration (or such Obligations being deemed to have
          become automatically due and payable), such Obligations (whether or not
          due and
          payable by the Borrower) shall forthwith become due and payable by Holdings
          for
          purposes of Section 3.01.

         

        
          
            
            

          

          
            48

            
              

            

          

          
            
            

          

           

        

        SECTION
          3.06  Continuing
          Guarantee.
          The
          guarantee in this Article is a continuing guarantee, and shall apply to
          all
          Guaranteed Obligations whenever arising.

         

        SECTION
          3.07  General
          Limitation on Guarantee Obligations.
          In any
          action or proceeding involving any state corporate law, or any state or
          Federal
          bankruptcy, insolvency, reorganization or other law affecting the rights of
          creditors generally, if the obligations of Holdings under Section 3.01
          would otherwise be held or determined to be void, invalid or unenforceable,
          or
          subordinated to the claims of any other creditors, on account of the amount
          of
          its liability under Section 3.01, then, notwithstanding any other provision
          hereof to the contrary, the amount of such liability shall, without any
          further
          action by Holdings, any Lender, the Administrative Agent or any other Person,
          be
          automatically limited and reduced to the highest amount that is valid and
          enforceable and not subordinated to the claims of other creditors as determined
          in such action or proceeding.

         

        ARTICLE
          IV

        REPRESENTATIONS
          AND WARRANTIES

         

        Holdings
          and the Borrower, jointly and severally, represent and warrant to the Lenders
          that:

         

        SECTION
          4.01  Organization;
          Powers.
          Each
          Group Member is duly organized, validly existing and in good standing under
          the
          laws of the jurisdiction of its organization, has all requisite power and
          authority to carry on its business as now conducted and, except where the
          failure to do so, individually or in the aggregate, could not reasonably
          be
          expected to result in a Material Adverse Effect, is qualified to do business
          in,
          and is in good standing in, every jurisdiction where such qualification
          is
          required.

         

        SECTION
          4.02  Authorization;
          Enforceability.
          The
          Transactions are within the Borrower’s and each other Loan Party’s corporate
          powers and have been duly authorized by all necessary corporate and, if
          required, by all necessary shareholder action. This Agreement and each
          of the
          other Loan Documents have been duly executed and delivered by each Loan
          Party
          party thereto and constitutes, or when executed and delivered by such Loan
          Party
          will constitute, a legal, valid and binding obligation of such Loan Party,
          enforceable against each Loan Party in accordance with its terms, except
          as such
          enforceability may be limited by (a) bankruptcy, insolvency,
          reorganization, moratorium or similar laws of general applicability affecting
          the enforcement of creditors’ rights and (b) the application of general
          principles of equity (regardless of whether such enforceability is considered
          in
          a proceeding in equity or at law).

         

        SECTION
          4.03  Governmental
          Approvals; No Conflicts.
          The
          Transactions (a) do not require any consent or approval of, registration or
          filing with, or any other action by, any Governmental Authority, except
          for
          (i) such as have been obtained or made and are in full force and effect and
          (ii) filings and recordings in respect of the Liens created pursuant to the
          Security Documents, (b) will not violate in any material respect any
          Requirement of Law, (c) will not violate in any material respect or result
          in a material default under any Contractual Obligation upon any Group Member
          or
          its assets, or give rise to a right thereunder to require any payment to
          be made
          by any such Person, and (d) except for the Liens created pursuant to the
          Security Documents, will not result in the creation or imposition of any
          Lien on
          any asset of any Group Member. 

         

        
          
            
            

          

          
            49

            
              

            

          

          
            
            

          

           

        

        SECTION
          4.04  Financial
          Condition; No Material Adverse Change.

         

        (a)  Financial
          Condition.
          The
          Borrower has heretofore furnished to the Lenders its consolidated balance
          sheet
          and statements of income, stockholders’ equity and cash flows as of and for the
          fiscal years ended September 30, 2006 and September 30, 2007, in each case,
          reported on by Grant Thornton LLP, and its unaudited consolidated balance
          sheet
          and the related unaudited consolidated statements of income, stockholders’
equity and cash flows for the three-month period ended December 31, 2007.
          Such
          financial statements present fairly, in all material respects, the financial
          position and results of operations and cash flows of the Borrower and its
          Subsidiaries as of such dates and for such periods and, except with respect
          to
          such unaudited financial statements for the three-month period ended December
          31, 2007, in accordance with GAAP. There are no liabilities of the Borrower
          or
          any of its Subsidiaries, fixed or contingent, which are material in relation
          to
          the consolidated financial condition of the Borrower that are not reflected
          in
          such financial statements or in the notes thereto, other than liabilities
          arising in the ordinary course of business since September 30,
          2007.

         

        (b)  No
          Material Adverse Change.
          Since
          September 30, 2007, there has not occurred any event, development or
          circumstance that has had or could reasonably be expected to have a Material
          Adverse Effect.

         

        SECTION
          4.05  Properties.

         

        (a)  Property
          Generally.
          Each
          Group Member has good title to, or valid leasehold interests in, all its
          real
          and personal property material to its business, subject only to Liens permitted
          by Section 7.02 and except for minor defects in title that do not interfere
          with its ability to conduct its business as currently conducted or to utilize
          such properties for their intended purposes. 

         

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

         

        SECTION
          4.06  Litigation
          and Environmental Matters.

         

        (a)  Actions,
          Suits and Proceedings.
          There
          are no actions, suits or proceedings by or before any arbitrator or Governmental
          Authority now pending against or, to the knowledge of the Borrower, threatened
          against or affecting any Group Member that, if adversely determined, could
          reasonably be expected, individually or in the aggregate, to result in
          a
          Material Adverse Effect (other than the Disclosed Matters) or that involve
          this
          Agreement or the Transactions.

         

        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

           

        

        (b)  Environmental
          Matters.
          Except
          for the Disclosed Matters and except with respect to any other matters
          that,
          individually or in the aggregate, could not reasonably be expected to result
          in
          a Material Adverse Effect, no Group Member (i) has failed to comply with
          any Environmental Law or to obtain, maintain or comply with any permit,
          license
          or other approval required under any Environmental Law, (ii) has become
          subject to any Environmental Liability, (iii) has received notice of any
          claim with respect to any Environmental Liability or (iv) has actual
          knowledge of any event or circumstance which is reasonably expected to
          give rise
          to any Environmental Liability.

         

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

         

        SECTION
          4.07  Compliance
          with Laws and Contractual Obligations.
          Each
          Group Member is in compliance with all Requirements of Law applicable to
          it or
          its property or all Contractual Obligations binding upon it or its property,
          except where the failure to do so, individually or in the aggregate, could
          not
          reasonably be expected to result in a Material Adverse Effect.

         

        SECTION
          4.08  Investment
          Company Status.
          No
          Group Member is an “investment company” as defined in, or subject to
          regulation under, the Investment Company Act of 1940.

         

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

         

        SECTION
          4.10  ERISA;
          Employee Benefit Plans.
          

         

        (a)  No
          ERISA
          Event has occurred or is reasonably expected to occur that, when taken
          together
          with all other such ERISA Events for which liability is reasonably expected
          to
          occur, could reasonably be expected to result in a Material Adverse Effect.
          The
          present value of all accumulated benefit obligations under each Plan (based
          on
          the assumptions used for purposes of Statement of Financial Accounting
          Standards
          No. 87) did not, as of the date of the most recent financial statements
          reflecting such amounts, exceed by more than $20,000,000 the fair market
          value
          of the assets of such Plan. 

         

        (b)  Except
          as
          could not reasonably be expected to have a Material Adverse Effect, the
          accrued
          benefit obligations of each Foreign Plan (based on those assumptions used
          to
          fund such Foreign Plan) with respect to all current and former participants
          do
          not exceed the assets of such Foreign Plan.

         

        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

           

        

        SECTION
          4.11  Disclosure.
          The
          Borrower has disclosed to the Lenders all agreements, instruments and corporate
          or other restrictions to which it or any other Group Member is subject,
          and all
          other matters known to it, that, individually or in the aggregate, could
          reasonably be expected to result in a Material Adverse Effect. None of
          the
          reports, financial statements, certificates or other information furnished
          by or
          on behalf of the Borrower or any other Group Member to the Administrative
          Agent
          or any Lender in connection with the negotiation of this Agreement and
          the other
          Loan Documents or delivered hereunder or thereunder (as modified or supplemented
          by other information so furnished) contains any material misstatement of
          fact or
          omits to state any material fact necessary to make the statements therein,
          in
          the light of the circumstances under which they were made, not misleading;
          provided
          that,
          with respect to projected financial information, the Borrower represents
          only
          that such information was prepared in good faith based upon assumptions
          that
          were believed by the Borrower to be reasonable at the time made, it being
          understood that the actual results may vary from the results projected
          therein.

         

        SECTION
          4.12  Use
          of
          Credit.
          No
          Group Member is engaged principally, or as one of its important activities,
          in
          the business of extending credit for the purpose, whether immediate, incidental
          or ultimate, of buying or carrying Margin Stock, and no part of the proceeds
          of
          any extension of credit hereunder will be used to buy or carry any Margin
          Stock.

         

        SECTION
          4.13  Burdensome
          Agreements.
          Except
          as set forth on Schedule 4.13, to the Borrower’s knowledge, no Group Member is a
          party to or bound by, nor are any of the properties or assets owned by
          any Group
          Member used in the conduct of their respective businesses affected by,
          any
          agreement, ordinance, resolution, decree, bond, note, indenture, order
          or
          judgment, including, without limitation, any of the foregoing relating
          to any
          Environmental Liability, that could reasonably be expected to result in
          a
          Material Adverse Effect.

         

        SECTION
          4.14  Labor
          Matters.
          Except
          as set forth on Schedule 4.14, (a) no collective bargaining agreement or
          other
          labor contract to which any Group Member is a signatory will expire during
          the
          term of this Agreement, (b) to the Borrower’s knowledge, no union or other labor
          organization is seeking to organize, or to be recognized as bargaining
          representative for, a bargaining unit of employees of any Group Member,
          (c)
          there is no pending or, to the Borrower’s knowledge, threatened strike, work
          stoppage, material unfair labor practice claim or charge, arbitration or
          other
          material dispute with any union or other labor organization affecting any
          Group
          Member or its union-represented employees, in each case the consequences
          of
          which could reasonably be expected to affect aggregate business (regardless
          of
          division or entity) of the Group Members which business generated gross
          revenues
          in excess of $50,000,000 individually or in the aggregate in the prior
          fiscal
          year, (d) there are no actions, suits, charges, demands, claims, counterclaims
          or proceedings pending or, to the best of the Borrower’s knowledge, threatened
          against any Group Member, by or on behalf of, or with, its employees, other
          than
          any such actions, suits charges, demands, claims, counterclaims or proceedings
          arising in the ordinary course of business that could not reasonably be
          expected
          to result in a Material Adverse Effect.

         

        SECTION
          4.15  Security
          Documents.
          The
          Guarantee and Collateral Agreement is effective to create in favor of the
          Administrative Agent, for the benefit of the Secured Parties, a legal,
          valid and
          enforceable security interest in the Collateral as further described therein
          and
          proceeds thereof. In the case of: (i) the Pledged Stock as defined and
          described
          in the Guarantee and Collateral Agreement, when stock certificates representing
          such Pledged Stock are delivered to the Administrative Agent, (ii) other
          Collateral as further described in Guarantee and Collateral Agreement,
          when
          financing statements and other filings specified on Schedule 4.15 in appropriate
          form are filed in the offices specified on Schedule 4.15, and, (iii) property
          acquired after the date hereof any other action required pursuant to Section
          6.11, the security interest created pursuant to the Guarantee and Collateral
          Agreement shall constitute valid perfected security interests in such Collateral
          and the proceeds thereof (to the extent a security interest in such Collateral
          can be perfected through the filing of such financing statements and the
          delivery of such Pledged Stock or the taking of such actions required pursuant
          to Section 6.11), as security for the Obligations (as defined in the Guarantee
          and Collateral Agreement), in each case prior and superior in right to
          any other
          Person (except, in the case of Collateral other than Pledged Stock, Liens
          permitted by Section 7.02).

         

        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

           

        

        SECTION
          4.16  Holdings.
          Holdings is a newly formed special purpose wholly-owned Subsidiary of the
          Parent
          whose business and assets consist exclusively of ownership of Capital Stock
          of
          the Borrower. 

         

        SECTION
          4.17  Parent
          Real Estate Assets.
          Schedule 4.17 sets forth a complete list of all real property assets owned
          by
          the Parent Real Estate Subsidiaries as of the Effective Date as well as
          all
          liabilities of the Parent Real Estate Subsidiaries as of the Effective
          Date.

         

        ARTICLE
          V

        CONDITIONS

         

        SECTION
          5.01  Effective
          Date.
          The
          obligations of the Lenders to make Loans and of the Issuing Lender to issue
          Letters of Credit hereunder shall not become effective until the date on
          which
          the Administrative Agent shall have received each of the following documents,
          each of which shall be satisfactory to the Administrative Agent in form
          and
          substance (or such condition shall have been waived in accordance with
          Section 10.02):

         

        (a)  Executed
          Counterparts.
          From
          each party hereto either (i) a counterpart of this Agreement executed on
          behalf of the Borrower, Holdings, the Administrative Agent and each of
          the
          Lenders or (ii) written evidence satisfactory to the Administrative Agent
          (which may include telecopy transmission of an executed signature page
          to this
          Agreement) that such party has executed a counterpart of this
          Agreement.

         

        (b)  Guarantee
          and Collateral Agreement.
          (i) A
          copy of the Guarantee and Collateral Agreement, executed and delivered
          by
          Holdings, the Borrower and each Subsidiary Guarantor, and (ii) an
          Acknowledgement and Consent in the form attached to the Guarantee and Collateral
          Agreement, executed and delivered by each Issuer (as defined therein),
          if any,
          that is not a Loan Party.

         

        (c)  Opinions
          of Counsel to the Group Members.
          Written
          opinions (addressed to the Administrative Agent and the Lenders and dated
          as of
          the Effective Date) of (i) Moomjian, Waite, Wactlar & Coleman, corporate
          counsel for the Group Members, substantially in the form of Exhibit C, and
          (ii) Dechert LLP, special counsel to the Group Members, substantially in
          the
          form of Exhibit D, and covering such other matters relating to the Group
          Members, this Agreement or the Transactions as the Administrative Agent
          shall
          reasonably request (and the Borrower hereby instructs such counsel to deliver
          such opinions to the Lenders and the Administrative Agent).

         

        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

           

        

        (d)  Corporate
          Documents.
          Such
          documents and certificates as the Administrative Agent or its counsel may
          reasonably request relating to the organization, existence and good standing
          of
          the Borrower and each other Loan Party, the authorization of the Transactions
          and any other legal matters relating to the Borrower and each other Loan
          Party,
          this Agreement or the Transactions, all in form and substance satisfactory
          to
          the Administrative Agent and its counsel.

         

        (e)  Officer’s
          Certificate.
          A
          certificate, dated the Effective Date and signed by a senior executive
          officer
          of the Borrower, confirming compliance with the conditions set forth in
          paragraphs (a) and (b) of the first sentence of Section 5.02.

         

        (f)  Repayment
          of Amounts under the Existing Credit Agreement.
          Evidence that the principal of and interest on outstanding loans, and all
          accrued fees and all other amounts owing, under the Existing Credit Agreement
          shall have been (or shall be simultaneously) paid in full, the commitments
          thereunder shall have been (or shall be simultaneously) terminated, all
          letters
          of credit issued thereunder shall cease to be outstanding thereunder and
          all
          liens created in connection therewith shall have been (or shall be
          simultaneously) released. 

         

        (g)  Lien
          Searches.
          The
          results of a recent lien search in each of the jurisdictions of organization
          of
          each of the Loan Parties, and such search shall reveal no liens on any
          of the
          assets of any Loan Party except for liens permitted by Section 7.02 or
          discharged on or prior to the Effective Date pursuant to documentation
          reasonably satisfactory to the Administrative Agent.

         

        (h)  Pledged
          Stock; Stock Powers; Pledged Notes.
          (i) The
          certificates representing the shares of Capital Stock pledged pursuant
          to the
          Guarantee and Collateral Agreement, together with an undated stock power
          for
          each such certificate executed in blank by a duly authorized officer of
          the
          pledgor thereof and (ii) each promissory note (if any) pledged to the
          Administrative Agent pursuant to the Guarantee and Collateral Agreement
          endorsed
          (without recourse) in blank (or accompanied by an executed transfer form
          in
          blank) by the pledgor thereof.

         

        (i)  Filings,
          Registrations and Recordings.
          Evidence that each document (including any Uniform Commercial Code financing
          statement) required by the Security Documents or under law or reasonably
          requested by the Administrative Agent to be filed, registered or recorded
          in
          order to create in favor of the Administrative Agent, for the benefit of
          the
          Secured Parties, a perfected Lien on the Collateral described therein,
          prior and
          superior in right to any other Person (other than with respect to Liens
          expressly permitted by Section 7.02), shall be in proper form for filing,
          registration or recordation.

         

        (j)  Other
          Documents.
          A copy
          of the Management Agreement and such other documents as the Administrative
          Agent
          or any Lender may reasonably request.

         

        The
          obligation of each Lender to make its initial extension of credit hereunder
          is
          also subject to the payment by the Borrower of such fees and expenses as
          the
          Borrower shall have agreed to pay to any Lender, the Administrative Agent
          or the
          Arranger in connection herewith, including the reasonable fees and expenses
          of
          Simpson Thacher & Bartlett LLP, legal counsel to JPMCB, in connection with
          the negotiation, preparation, execution and delivery of this Agreement
          and the
          other Loan Documents (to the extent that written statements for such fees
          and
          expenses have been delivered to the Borrower).

         

        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

           

        

        The
          Administrative Agent shall notify the Borrower and the Lenders of the Effective
          Date, and such notice shall be conclusive and binding. Notwithstanding
          the
          foregoing, the obligations of the Lenders to make Loans and of the Issuing
          Lender to issue Letters of Credit hereunder shall not become effective
          unless
          each of the foregoing conditions is satisfied (or waived pursuant to
          Section 10.02) at or prior to 3:00 p.m., New York City time, on April
          30, 2008.

         

        SECTION
          5.02  Each
          Credit Event.
          The
          obligation of each Lender to make any Loan, and of the Issuing Lender to
          issue,
          amend, renew or extend any Letter of Credit, is additionally subject to
          the
          satisfaction of the following conditions:

         

        (a)  the
          representations and warranties of Holdings and the Borrower set forth in
          this
          Agreement, and of each Loan Party in each of the Loan Documents to which
          it is a
          party, shall be true and correct in all material respects on and as of
          the date
          of such Loan or the date of issuance, amendment, renewal or extension of
          such
          Letter of Credit, as applicable; and

         

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

         

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

         

        ARTICLE
          VI

        AFFIRMATIVE
          COVENANTS

         

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

         

        SECTION
          6.01  Financial
          Statements and Other Information.
          The
          Borrower will furnish to the Administrative Agent and each Lender:

         

        (a)  on
          the
          date that is the earliest of (i) the date on which the same shall have
          been
          filed with the SEC, (ii) the date the same are required to be filed with
          the SEC
          (without regard to any extension of the SEC’s filing requirements) and (iii) the
          day which is 120 days after the end of each fiscal year of the Borrower,
          the
          audited consolidated balance sheet and related statements of income,
          stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of
          the end of and for such year, setting forth in each case in comparative
          form the
          figures for the previous fiscal year, all reported on by Grant Thornton
          LLP or
          other independent public accountants of recognized national standing (without
          a
“going concern” or like qualification or exception and without any qualification
          or exception as to the scope of such audit) to the effect that such consolidated
          financial statements present fairly in all material respects the financial
          condition and results of operations of the Borrower and its Subsidiaries
          on a
          consolidated basis in accordance with GAAP;

         

        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

           

        

        (b)  on
          the
          date that is the earliest of (i) the date on which the same shall have
          been
          filed with the SEC, (ii) the date the same are required to be filed with
          the SEC
          (without regard to any extension of the SEC’s filing requirements) and (iii) the
          day which is 60 days after the end of each of the first three quarterly
          periods
          of each fiscal year of the Borrower, the consolidated balance sheets and
          related
          consolidated statements of income and cash flows of the Borrower and its
          Subsidiaries as of the end of and for such fiscal quarter and the then
          elapsed
          portion of the fiscal year, setting forth in each case in comparative form
          the
          figures for (or, in the case of the balance sheet, as of the end of) the
          corresponding period or periods of the previous fiscal year, all certified
          by a
          Financial Officer of the Borrower as presenting fairly in all material
          respects
          the financial condition and results of operations of the Borrower and its
          Subsidiaries on a consolidated basis in accordance with GAAP, subject to
          normal
          year-end audit adjustments and the absence of footnotes;

         

        (c)  concurrently
          with any delivery of financial statements under paragraph (a) or (b) of
          this Section, a certificate of a Financial Officer of the Borrower
          (i) certifying as to whether a Default has occurred and, if a Default has
          occurred, specifying the details thereof and any action taken or proposed
          to be
          taken with respect thereto, (ii) setting forth reasonably detailed
          calculations demonstrating compliance with Sections 7.01, 7.06 and 7.11
          and
          (iii) stating whether any change in GAAP or in the application thereof has
          occurred since the date of the audited financial statements referred to
          in
          Section 4.04 and, if any such change has occurred, specifying the effect of
          such change on the financial statements accompanying such
          certificate;

         

        (d)  concurrently
          with any delivery of financial statements under paragraph (a) of this
          Section, a certificate of the accounting firm that reported on such financial
          statements stating whether they obtained knowledge during the course of
          their
          examination of such financial statements of any Event of Default arising
          as a
          result of non-compliance with Article VII, including Section 7.11 (which
          certificate may be limited to the extent required by accounting rules or
          guidelines);

         

        (e)  promptly
          upon receipt thereof, copies of all other reports submitted to the Borrower
          by
          its independent certified public accountants in connection with any annual
          or
          interim audit or review of the books of the Borrower made by such
          accountants;

         

        (f)  annually,
          as soon as available, but in any event within 120 days after the last day
          of
          each fiscal year of the Borrower, consolidated and consolidating projections
          of
          the Borrower and its Subsidiaries for the following five fiscal years of
          the
          Borrower;

         

        (g)  promptly
          following receipt thereof, copies of any documents described in Sections
          101(k)
          or 101(l) of ERISA that any Group Member or any ERISA Affiliate may request
          with
          respect to any Multiemployer Plan; provided, that if the Loan Parties or
          any of
          their ERISA Affiliates have not requested such documents or notices from
          the
          administrator or sponsor of the applicable Multiemployer Plan, then, upon
          reasonable request of the Administrative Agent, the Group Members and/or
          their
          ERISA Affiliates shall promptly make a request for such documents or notices
          from such administrator or sponsor and the Borrower shall provide copies
          of such
          documents and notices promptly after receipt thereof; and

         

        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

           

        

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

         

        (i)  promptly
          following any request therefor, such other information regarding the operations,
          business affairs and financial condition of any Group Member, or compliance
          with
          the terms of this Agreement and the other Loan Documents, as the Administrative
          Agent or any Lender may reasonably request.

         

        Documents
          required to be delivered pursuant to Sections 6.01(a), (b) or, if applicable
          (h)
          (to the extent any such documents are included in materials otherwise filed
          with
          the SEC) shall be deemed to have been delivered on the date (i) on which
          the
          Borrower posts such documents or provides a link thereto on the Borrower’s
          website or (ii) on which such documents are posted on the Borrower’s behalf on
          Intralinks/IntraAgency or another relevant website, if any, to which each
          Lender
          and the Administrative Agent have access (whether a commercial, third-party
          website or whether sponsored by the Administrative Agent); provided
          that the
          Borrower shall notify the Administrative Agent (by telecopier or electronic
          mail) of the posting of any such documents and provide the Administrative
          Agent
          with electronic mail versions of such documents.

         

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

         

        (a)  the
          occurrence of any Default;

         

        (b)  the
          filing or commencement of any action, suit or proceeding by or before any
          arbitrator or Governmental Authority against or affecting the Borrower
          or any of
          its Affiliates, other than disputes in the ordinary course of business
          or,
          whether or not in the ordinary of business, disputes involving amounts
          exceeding
          $7,500,000 (excluding, however, any actions relating to workers’ compensation
          claims or negligence claims relating to use of motor vehicles, if fully
          covered
          by insurance, subject to deductibles);

         

        (c)  the
          occurrence of any ERISA Event that, alone or together with any other ERISA
          Events that have occurred, could reasonably be expected to result in liability
          of the Borrower and any of its ERISA Affiliates in an aggregate amount
          exceeding
          $20,000,000;

         

        (d)  the
          assertion of any environmental claim by any Person against, or with respect
          to
          the activities of, the Borrower or any other Group Member and any alleged
          violation of or non-compliance with any Environmental Laws or any permits,
          licenses or authorizations, other than any environmental claim or alleged
          violation that, alone or together with any other such matters that have
          occurred, could reasonably be expected to result in liability of the Group
          Members in an aggregate amount exceeding $5,000,000; and

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

           

        

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

         

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

         

        SECTION
          6.03  Existence;
          Conduct of Business.
          Each of
          Holdings and the Borrower will, and will cause each of its Subsidiaries
          to, do
          or cause to be done all things necessary to preserve, renew and keep in
          full
          force and effect its legal existence and the rights, licenses, permits,
          privileges and franchises material to the conduct of its business; provided
          that the
          foregoing shall not prohibit any merger, consolidation, liquidation or
          dissolution permitted under Section 7.03.

         

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

         

        SECTION
          6.05  Maintenance
          of Properties.
          The
          Borrower will, and will cause each of its Subsidiaries to, keep and maintain
          all
          property material to the conduct of its business in good working order
          and
          condition, ordinary wear and tear excepted.

         

        SECTION
          6.06  Maintenance
          of Insurance.
          Each of
          Holdings and the Borrower will, and will cause each of its Subsidiaries
          to,
          maintain, with financially sound and reputable insurance companies, insurance
          in
          such amounts and against such risks as are customarily maintained by companies
          engaged in the same or similar businesses operating in the same or similar
          locations; provided
          that the
          Borrower may maintain self-insurance consistent with its past practices
          and
          policies.

         

        SECTION
          6.07  Books
          and Records.
          Each of
          Holdings and the Borrower will, and will cause each of its Subsidiaries
          to, keep
          proper books of record and account in which full, true and correct entries
          in
          all material respects are made of all dealings and transactions in relation
          to
          its business and activities.

         

        SECTION
          6.08  Inspection
          Rights.
          Each of
          Holdings and the Borrower will, and will cause each of its Subsidiaries
          to,
          permit any representatives designated by the Administrative Agent or any
          Lender,
          upon reasonable prior notice, to visit and inspect its properties, to examine
          and make extracts from its books and records, and to discuss its affairs,
          finances and condition with its officers and independent accountants, all
          at
          such reasonable times and as often as reasonably requested; provided
          that
          such visit or discussions shall be at the expense of the Administrative
          Agent or
          any Lender, as applicable, unless a Default has occurred and is continuing
          in
          which case the expenses of the Administrative Agent or any Lender, as
          applicable, in connection therewith shall be paid or reimbursed by the
          Borrower.

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

           

          SECTION
            6.09  Compliance
            with Laws and Contractual Obligations.
            Each of
            Holdings and the Borrower will, and will cause each of its Subsidiaries
            to,
            comply with all Requirements of Law (including any Environmental Laws)
            applicable to it or its property, and all Contractual Obligations binding
            upon
            it or its property, except where the failure to do so, individually or
            in the
            aggregate, could not reasonably be expected to result in a Material Adverse
            Effect.

        

         

        SECTION
          6.10  Use
          of
          Proceeds and Letters of Credit.
          The
          proceeds of the Loans, and the Letters of Credit issued hereunder, will
          only be
          used by the Borrower (i) to make loans to the Parent expressly permitted
          under
          Section 7.06(h) and Restricted Payments to Holdings expressly permitted
          under
          Section 7.07 and (ii) to finance the working capital needs and general
          corporate
          purposes of the Borrower and its Subsidiaries. No part of the proceeds
          of any
          Loan will be used, whether directly or indirectly, for any purpose that
          entails
          a violation of any of the Regulations of the Board, including Regulations U
          and X.

         

        SECTION
          6.11  Collateral;
          Further Assurances.

         

        (a)  New
          Property.
          With
          respect to any property acquired after the Effective Date by any Group
          Member
          (other than (i) any property described in paragraph (c) or (d) of this
          Section,
          (ii) any property subject to a Lien expressly permitted by Section 7.02(d),
          (e)
          or (f), (iii) property acquired by any Excluded Foreign Subsidiary or Immaterial
          Subsidiary and (iv) real property (including leased real property)) as
          to which
          the Administrative Agent, for the benefit of the Secured Parties, does
          not have
          a perfected Lien, the Borrower will, and will cause each of its Subsidiaries
          to,
          promptly, (A) execute and deliver to the Administrative Agent such amendments
          to
          the Guarantee and Collateral Agreement or such other documents as the
          Administrative Agent reasonably deems necessary to grant to the Administrative
          Agent, for the benefit of the Secured Parties, a security interest in such
          property and (B) take all actions reasonably necessary to grant to the
          Administrative Agent, for the benefit of the Secured Parties, a perfected
          first
          priority security interest in such property (subject to Permitted Liens),
          including the filing of Uniform Commercial Code financing statements in
          such
          jurisdictions as may be reasonably required by the Guarantee and Collateral
          Agreement or by law or as reasonably may be requested by the Administrative
          Agent.

         

        (b)  Parent
          Real Estate Assets.
          If the
          Parent Real Estate Assets are not subject to a Lien equal to at least 50%
          of
          fair market value of the Parent Real Estate Assets within six months after
          acquisition thereof by the Borrower, then the Borrower will as soon as
          reasonably practicable (i) execute and deliver a first priority mortgage,
          in
          customary and reasonable form, in favor of the Administrative Agent, for
          the
          benefit of the Secured Parties, covering such real property, (ii) if requested
          by the Administrative Agent, provide the Secured Parties with (x) title
          and
          extended coverage insurance covering such real property in an amount at
          least
          equal to the purchase price of such real property (or such other amount
          as shall
          be reasonably specified by the Administrative Agent, but such amount shall
          not
          be more than 110% of the allocated purchase price to such Parent Real Estate
          Asset) as well as a current ALTA survey thereof, together with a surveyor’s
          certificate and (y) any consents or estoppels reasonably deemed necessary
          by the
          Administrative Agent in connection with such mortgage, each of the foregoing
          in
          form and substance reasonably satisfactory to the Administrative Agent
          and (iii)
          if requested by the Administrative Agent, deliver to the Administrative
          Agent
          legal opinions relating to the matters described above, which opinions
          shall be
          in customary form and substance, and from counsel, reasonably satisfactory
          to
          the Administrative Agent.

         

        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

           

        

        (c)  New
          Subsidiary.
          With
          respect to any new Subsidiary (other than an Excluded Foreign Subsidiary
          or an
          Immaterial Subsidiary) created or acquired after the Effective Date by
          the
          Borrower or any of its Subsidiaries (which, for the purposes of this paragraph,
          shall include any existing Subsidiary that ceases to be an Excluded Foreign
          Subsidiary or an Immaterial Subsidiary), the Borrower will, and will cause
          each
          of its Subsidiaries to, promptly (i) execute and deliver to the Administrative
          Agent such amendments to the Guarantee and Collateral Agreement as the
          Administrative Agent reasonably deems necessary to grant to the Administrative
          Agent, for the benefit of the Secured Parties, a perfected first priority
          security interest in the Capital Stock of such new Subsidiary that is owned
          by
          the Borrower or any of its Subsidiaries, as applicable, (ii) deliver to
          the
          Administrative Agent the certificates representing such Capital Stock,
          together
          with undated stock powers, in blank, executed and delivered by a duly authorized
          officer of the Borrower or any of its Subsidiaries, as applicable, (iii)
          cause
          such new Subsidiary (A) to become a party to the Guarantee and Collateral
          Agreement, (B) to take such actions reasonably necessary to grant to the
          Administrative Agent, for the benefit of the Secured Parties, a perfected
          first
          priority security interest in the Collateral described in the Guarantee
          and
          Collateral Agreement with respect to such new Subsidiary, including the
          filing
          of Uniform Commercial Code financing statements in such jurisdictions as
          reasonably may be required by the Guarantee and Collateral Agreement or
          by law
          or as reasonably may be requested by the Administrative Agent and (C) to
          deliver
          to the Administrative Agent a closing certificate of such new Subsidiary,
          which
          certificate shall be in the form and substance reasonably satisfactory
          to the
          Administrative Agent, and (iv) if requested by the Administrative Agent,
          deliver
          to the Administrative Agent legal opinions relating to the matters described
          above, which opinions shall be in customary form and substance, and from
          counsel, reasonably satisfactory to the Administrative Agent.

         

        (d)  Excluded
          Foreign Subsidiaries.
          With
          respect to any new Excluded Foreign Subsidiary created or acquired after
          the
          Effective Date by the Borrower or any of its Subsidiaries (other than by
          any
          Excluded Foreign Subsidiary or any Immaterial Subsidiary), the Borrower
          will,
          and will cause each of its Subsidiaries to, promptly (i) execute and deliver
          to
          the Administrative Agent such amendments to the Guarantee and Collateral
          Agreement as the Administrative Agent reasonably deems necessary to grant
          to the
          Administrative Agent, for the benefit of the Secured Parties, a perfected
          first
          priority security interest in the Capital Stock of such new Subsidiary
          that is
          owned by the Borrower or any of its Subsidiary (provided
          that in
          no event shall more than 66% of the total outstanding voting Capital Stock
          of
          any such new Excluded Foreign Subsidiary be required to be so pledged),
          (ii)
          deliver to the Administrative Agent the certificates representing such
          pledged
          Capital Stock, together with undated stock powers, in blank, executed and
          delivered by a duly authorized officer of the Borrower or its Subsidiary,
          as
          applicable, and take such other action as reasonably may be necessary to
          perfect
          the Administrative Agent’s security interest therein, and (iii) if requested by
          the Administrative Agent, deliver to the Administrative Agent legal opinions
          relating to the matters described above, which opinions shall be in customary
          form and substance, and from counsel, reasonably satisfactory to the
          Administrative Agent.

         

        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

           

        

        (e)  Further
          Assurances.
          The
          Borrower will, and will cause each of its Subsidiaries to, take such action
          from
          time to time as shall reasonably be requested by the Administrative Agent
          to
          effectuate the purposes and objectives of this Agreement including this
          Section,
          and the other Loan Documents.

         

        ARTICLE
          VII

        NEGATIVE
          COVENANTS

         

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

         

        SECTION
          7.01  Indebtedness;
          Guarantees.
          

         

        (a)  The
          Borrower will not, and will not permit any of its Subsidiaries to, create,
          incur, assume or permit to exist any Indebtedness, except:

         

        (i)  Indebtedness
          of any Loan Party pursuant to any Loan Document (including, without limitation,
          any additional Indebtedness incurred pursuant to any Commitment
          Increase);

         

        (ii)  Indebtedness
          of the Borrower to any other Group Member and of any Subsidiary to any
          other
          Group Member; provided
          Indebtedness of Group Members which are not Loan Parties to Group Members
          which
          are Loan Parties must also be expressly permitted by Section 7.06(d) or
          (s);

         

        (iii)  Indebtedness
          outstanding on the date hereof and listed on Schedule 7.01(a) and any
          refinancings, refundings, renewals, replacement, waivers, amendments, amendments
          and restatements or extensions thereof (without increasing, or shortening
          the
          maturity of, the principal amount thereof);

         

        (iv)  Indebtedness
          (including, without limitation, Capital Lease Obligations) secured by Liens
          expressly permitted by Section 7.02(e) in an aggregate principal amount
          not to
          exceed $20,000,000 at any one time outstanding; 

         

        (v)  Guarantees
          expressly permitted by Section 7.01(b); 

         

        (vi)  Indebtedness
          secured by Liens expressly permitted under Section 7.02(g) not exceeding
          $20,000,000 in the aggregate at any one time outstanding;

         

        (vii)  Indebtedness
          arising from the endorsement of instruments, the honoring by a bank or
          other
          financial institution of a check, draft or similar instrument inadvertently
          drawn in the ordinary course of business against insufficient funds, or
          in
          respect of netting services, overdraft protections or otherwise in connection
          with the operation of customary deposit accounts in the ordinary course
          of
          business;

         

        
          
            
            

          

          
            61

            
              

            

          

          
            
            

          

           

        

        (viii)  Indebtedness
          with respect to (A) property casualty or liability insurance, (B) financing
          of
          insurance premiums with the providers of such insurance or their Affiliates,
          (C)
          take-or-pay obligations in supply arrangements consistent with past practice,
          (D) self-insurance obligations, (E) performance, bid, surety, custom, utility
          and advance payment bonds, or (F) performance and completion guaranties,
          in each
          case, in the ordinary course of business;

         

        (ix)  Indebtedness
          arising from agreements providing for indemnification or similar obligations
          in
          each case incurred in connection with an acquisition or other Investment
          expressly permitted by Section 7.06 or any disposition expressly permitted
          by
          Section 7.04;

         

        (x)  Indebtedness
          in the form of customary obligations under indemnification, incentive,
          non-compete, consulting, deferred compensation, earn-out (based on the
          income of
          the assets acquired after the acquisition thereof) or other customary similar
          arrangements otherwise permitted hereunder; 

         

        (xi)  Indebtedness
          resulting from judgments not resulting in an Event of Default under paragraph
          (k) of Article VIII; 

         

        (xii)  Indebtedness
          resulting from unfunded pension fund and other employee benefit plan obligations
          and liabilities to the extent that they are permitted to remain unfunded
          under
          applicable law;

         

        (xiii)  Indebtedness
          resulting from Swap Agreements permitted hereunder;

         

        (xiv)  Indebtedness
          consisting of guaranties of loans made to officers, directors or employees
          of
          any Group Member in an aggregate amount which shall not exceed $2,000,000
          at any
          one time outstanding;

         

        (xv)  Indebtedness
          that is unsecured so long as, after giving effect to the incurrence of
          such
          Indebtedness on a pro forma basis, (A) the Borrower is in compliance with
          Section 7.11 as of the end of the most recent fiscal quarter for which
          financial
          statements have been delivered and (B) no Default shall have occurred and
          be
          continuing, and, without limiting any of the forgoing, any refinancings,
          refundings, renewals, replacement, waivers, amendments, amendments and
          restatements or extensions thereof (without increasing, or shortening the
          maturity of, the principal amount thereof); and 

         

        (xvi)  in
          addition to Indebtedness otherwise expressly permitted by this Section,
          Indebtedness of the Borrower or any of its Subsidiaries in an aggregate
          principal amount not to exceed $10,000,000 at any one time outstanding.
          

         

        (b)  The
          Borrower will not, and will not permit any of its Subsidiaries to, assume,
          endorse, be or become liable for, or Guarantee, the obligations of any
          other
          Person (except by the endorsement of negotiable instruments for deposit
          or
          collection in the ordinary course of business), except for:

         

        
          
            
            

          

          
            62

            
              

            

          

          
            
            

          

           

        

        (i)  Guarantees
          existing on the date hereof and set forth on Schedule 7.01(b);

         

        (ii)  Guarantees
          by the Borrower or any Subsidiary of obligations of the Borrower or any
          Subsidiary Guarantor (including, without limitation, all Indebtedness expressly
          permitted under Section 7.01(a)); 

         

        (iii)  Guarantees
          by a Subsidiary of obligations of Holdings or the Borrower under leases
          for real
          or personal property, provided
          that
          such Subsidiary will utilize all or a portion of such property; 

         

        (iv)  Guarantees
          by any Group Member of Indebtedness expressly permitted under Section
          7.01(vi);

         

        (v)  Guarantees
          by the Borrower or any Subsidiary of obligations of the Parent arising
          as a
          result of the Parent Letters of Credit; and

         

        (vi)  in
          addition to Guarantees otherwise expressly permitted by this Section, Guarantees
          of the Borrower and its Subsidiaries not to exceed $10,000,000 at any one
          time
          outstanding.

         

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

         

        (a)  Liens
          created pursuant to the Loan Documents;

         

        (b)  Permitted
          Liens;

         

        (c)  any
          Lien
          on any property or asset of the Borrower or any of its Subsidiaries existing
          on
          the date hereof and set forth on Schedule 7.02 (excluding, however,
          following the making of the initial Loans hereunder as of the Effective
          Date,
          Liens securing Indebtedness to be repaid with the proceeds of such Loans,
          as
          indicated on Schedule 7.02); provided
          that
          (i) no such Lien shall extend to any other property or asset of the
          Borrower or any of its Subsidiaries and (ii) any such Lien shall secure
          only those obligations which it secures on the date hereof and extensions,
          renewals, replacements and combinations thereof that do not increase the
          outstanding principal amount thereof or commitment therefor, in each case,
          as in
          effect on the date hereof;

         

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

         

        
          
            
            

          

          
            63

            
              

            

          

          
            
            

          

           

        

        (e)  Liens
          on
          fixed or capital assets acquired, constructed or improved by the Borrower
          or any
          Subsidiary; provided
          that
          (i) such security interests secure Indebtedness expressly permitted by
          Section 7.01, (ii) such security interests and the Indebtedness
          secured thereby are incurred prior to or within six months after such
          acquisition or the completion of such construction or improvement,
          (iii) the Indebtedness secured thereby does not exceed 100% of the cost of
          acquiring, constructing or improving such fixed or capital assets and
          (iv) such security interests shall not apply to any other property or
          assets of the Borrower or any Subsidiary;

         

        (f)  Liens
          on
          specifically identified inventory and accounts receivable covered by bankers’
acceptances resulting from import letters of credit which do not cover
          any
          assets other than those financed with such bankers’ acceptances; 

         

        (g)  Liens
          on
          the Parent Real Estate Asset securing Indebtedness not exceeding $20,000,000
          in
          the aggregate at any time outstanding; and 

         

        (h)  additional
          Liens not otherwise expressly permitted by this Section on any property
          or asset
          of the Borrower or any Subsidiary in an aggregate amount not exceeding
          $7,500,000.

         

        SECTION
          7.03  Mergers,
          Consolidations, Etc.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, enter
          into
          any transaction of merger or consolidation or amalgamation, or liquidate,
          wind
          up or dissolve itself (or suffer any liquidation or dissolution), except
          that
          (i) any Subsidiary of the Borrower may be merged or consolidated with or
          into
          the Borrower (provided
          that the
          Borrower shall be the continuing or surviving corporation) or with or into
          any
          Subsidiary Guarantor (provided
          that the
          Subsidiary Guarantor shall be the continuing or surviving corporation),
          (ii) any
          other Subsidiary which is not a Loan Party may be merged or consolidated
          with or
          into any other Subsidiary and (ii) the Borrower or any of its Subsidiaries
          may
          make Permitted Acquisitions.

         

        SECTION
          7.04  Dispositions.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, convey,
          sell,
          lease, transfer or otherwise dispose of, in one transaction or a series
          of
          transactions, any part of its business or property, whether now owned or
          hereafter acquired (including receivables and leasehold interests),
          except:

         

        (a)  obsolete
          or worn-out property, tools or equipment no longer used or useful in its
          business;

         

        (b)  any
          inventory or other property sold or disposed of in the ordinary course
          of
          business and for fair consideration;

         

        (c)  any
          Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose
          of any
          or all of its property (upon voluntary liquidation or otherwise) to the
          Borrower
          or any Subsidiary (provided
          that, in
          the case of any such transfer by a Subsidiary Guarantor, the transferee
          must
          also be a Subsidiary Guarantor or the Borrower);

         

        
          
            
            

          

          
            64

            
              

            

          

          
            
            

          

           

        

        (d)  the
          Capital Stock of any Subsidiary of the Borrower may be sold, transferred
          or
          otherwise disposed of to the Borrower or any other Subsidiary (provided
          that, in
          the case of any such transfer by a Subsidiary Guarantor, the transferee
          must
          also be a Subsidiary Guarantor or the Borrower); 

         

        (e)  the
          Borrower or any Subsidiary may sell, lease, transfer or otherwise dispose
          of (i)
          its property and assets the fair market value of which does not exceed
          in the
          aggregate in any fiscal year 5% of the consolidated assets of the Borrower
          and
          its Subsidiaries as of the end of the immediately preceding fiscal year
          (for
          which financial statements have been delivered) of the Borrower for fair
          consideration and (ii) the Capital Stock of any Subsidiary (x) the net
          revenues
          of which do not exceed in the aggregate in any fiscal year 5% of the
          consolidated net revenues of the Borrower and its Subsidiaries or (y) the
          assets
          of which do not exceed in the aggregate in any fiscal year 10% of the
          consolidated assets of the Borrower and its Subsidiaries, in each case,
          as of
          the end of the immediately preceding fiscal year (for which financial statements
          have been delivered) of the Borrower for fair consideration;

         

        (f)  the
          cross-licensing or licensing of intellectual property, in the ordinary
          course of
          business;

         

        (g)  the
          dispositions expressly permitted by Section 7.03;

         

        (h)  
          the
          leasing, occupancy or sub-leasing of real property in the ordinary course
          of
          business that would not materially interfere with the required use of such
          real
          property by the Borrower or its Subsidiaries;

         

        (i)  the
          sale
          or discount, in the ordinary course of business, of overdue accounts receivable
          arising in the ordinary course of business, in connection with the compromise
          or
          collection thereof;

         

        (j)  transfers
          of condemned property as a result of the exercise of “eminent domain” or other
          similar policies to the respective Governmental Authority or agency that
          has
          condemned the same (whether by deed in lieu of condemnation or otherwise),
          and
          transfers of properties that have been subject to a casualty to the respective
          insurer of such property as part of an insurance settlement; 

         

        (k)  Liens
          expressly permitted by Section 7.02;

         

        (l)  Restricted
          Payments expressly permitted by Section 7.07; and

         

        (m)  the
          disposition of intercompany obligations expressly permitted by Section
          7.06(e).

         

        

        SECTION
          7.05  Lines
          of Business.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, engage
          to any
          material extent in any business other than businesses of the type conducted
          by
          the Borrower and its Subsidiaries on the date hereof and businesses reasonably
          related thereto.

         

        
          
            
            

          

          
            65

            
              

            

          

          
            
            

          

           

        

        SECTION
          7.06  Investments
          and Acquisitions.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, make
          or
          suffer to exist any Investment in any 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)  Guarantees
          expressly permitted by Section 7.01(b) and any payments made in respect of
          such Guarantees; 

         

        (c)  Investments
          (other than Investments expressly permitted under paragraph (a) and (b)
          of this
          Section) existing on the date hereof and set forth on Schedule
          7.06;

         

        (d)  Investments
          by (i) the Borrower in any Subsidiary Guarantor or by any Subsidiary in
          any
          Subsidiary Guarantor or in the Borrower; (ii) any Subsidiary (that is not
          a Loan
          Party) in any Subsidiary (that is not a Loan Party) and (iii) any Loan
          Party in
          a Subsidiary (that is not a Loan Party) not exceeding in the aggregate
          $1,000,000;

         

        (e)  the
          acquisition of the Capital Stock of the Parent Real Estate Subsidiaries
          or the
          Parent Real Property Assets from the Parent for consideration not exceeding
          the
          fair market value thereof as determined pursuant to the appraisals by Rogers
          & Taylor Appraisers, Inc., dated October 17, 2007, which consideration may
          consist of cash or setoff of intercompany obligations;

         

        (f)  the
          Borrower and its Subsidiaries may make Permitted Acquisitions;

         

        (g)  purchases
          of inventory and other property to be sold or used in the ordinary course
          of
          business;

         

        (h)  one
          or
          more loans to the Parent not exceeding in the aggregate $15,000,000 at
          any one
          time outstanding; provided
          that the
          foregoing limit shall be reduced to $5,000,000 on the day which is 10 Business
          Days after Clopay Corporation and/or its Subsidiaries or Affiliates (other
          than
          the Borrower and its Subsidiaries) enter into new senior secured credit
          facilities after the Effective Date; 

         

        (i)  any
          Restricted Payments expressly permitted by Section 7.07; 

         

        (j)  extensions
          of trade credit in the ordinary course of business;

         

        (k)  Investments
          arising in connection with the incurrence of Indebtedness expressly permitted
          by
          Section 7.01(a);

         

        (l)  Investments
          (including debt obligations) received in the ordinary course of business
          by the
          Borrower or any Subsidiary in connection with the bankruptcy or reorganization
          of suppliers and customers and in settlement of delinquent obligations
          of, and
          other disputes with, customers and suppliers arising out of the ordinary
          course
          of business;

         

        
          
            
            

          

          
            66

            
              

            

          

          
            
            

          

           

        

        (m)  
          Investments of the Borrower or any Subsidiary under Swap Agreements permitted
          hereunder;

         

        (n)  Investments
          of any Person in existence at the time such Person becomes a Subsidiary
          pursuant
          to a transaction expressly permitted by any other paragraph of this Section;
          provided
          that
          such Investment was not made in connection with or anticipation of such
          Person
          becoming a Subsidiary;

         

        (o)  Investments
          resulting from pledges and deposits referred to in paragraphs (b) and (c)
          of the
          definition of “Permitted Liens”;

         

        (p)  the
          forgiveness or conversion to equity of any Indebtedness expressly permitted
          by
          Section 7.01(a)(ii);

         

        (q)  negotiable
          instruments and deposits held in the ordinary course of business; 

         

        (r)  acquisitions
          in an aggregate amount not to exceed $10,000,000 in any fiscal year;
provided
          that
          with respect to acquisitions of Foreign Subsidiaries and/or assets located
          outside the United States of America, the aggregate consideration paid
          in
          connection therewith shall not exceed $5,000,000 in any fiscal year;
          and

         

        (s)  in
          addition to Investments otherwise expressly permitted by this Section,
          Investments not exceeding in the aggregate $7,500,000.

         

        SECTION
          7.07  Restricted
          Payments.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, declare
          or
          make, or agree to pay or make, directly or indirectly, any Restricted Payment,
          except:

         

        (a)  the
          Borrower may declare and pay dividends with respect to its Capital Stock
          payable
          solely in additional shares of its Capital Stock; 

         

        (b)  the
          Borrower may declare and pay to Holdings (for distribution to the Parent,
          if
          applicable) dividends, or make other payments, to pay the Borrower’s allocated
          share of overhead and expenses incurred by the Parent or Holdings (other
          than
          interest expense); provided
          that
          such amounts are used for such purposes within 60 days after such amounts
          are
          paid;

         

        (c)  the
          Borrower may declare and pay to Holdings dividends, the proceeds of which
          will
          be used to pay, or to make payments to allow Parent, to pay Taxes (including
          in
          respect of any consolidated, combined, unitary or affiliated group or Tax
          Returns of Holdings, the Borrower or any of its Subsidiaries) attributable
          to
          Borrower and its Subsidiaries, determined as if Borrower and its Subsidiaries
          filed separately; provided
          that, in
          each case, the amount of such payments in any year does not exceed the
          amount
          that Borrower and its Subsidiaries would be required to pay in respect
          of
          federal, state and/or local income Taxes, as applicable, for such year
          were the
          Borrower and its Subsidiaries required to pay such taxes separately from
          the
          Parent, less the amount of any such taxes paid directly by the Borrower
          or its
          Subsidiaries; provided
          that
          such amounts are used for such purposes within 60 days after such amounts
          are
          paid.

         

        
          
            
            

          

          
            67

            
              

            

          

          
            
            

          

           

        

        (d)  the
          Borrower may declare and pay dividends, or make other payments, to Holdings
          (for
          distribution to the Parent, if applicable) to provide for cash collateral
          for
          the Parent Letters of Credit equal to 105% of the face amount of such Parent
          Letters of Credit; and

         

        (e)  the
          Borrower may pay a cash dividend to Holdings on the Closing Date, and Holdings
          may pay a cash dividend to the Parent on the Closing Date, in an amount
          not to
          exceed $50,000,000; and

         

        (f)  the
          Borrower may declare and pay to Holdings dividends, or make other payments,
          not
          otherwise permitted hereunder in an aggregate amount not to exceed $10,000,000
          in any fiscal year so long as, after giving effect thereto, (i) the Consolidated
          Leverage Ratio for the period of the four consecutive fiscal quarters of
          the
          Borrower most recently ended prior to such Restricted Payment for which
          financial statements have been delivered does not exceed 1.50 to 1.0 and
          (ii) no
          Default shall have occurred and be continuing. 

         

        provided
          that
          nothing herein shall be deemed to prohibit the payment of dividends by
          any
          Subsidiary of the Borrower to the Borrower, any other Subsidiary of the
          Borrower
          or, if applicable, any minority shareholder of such Subsidiary (in accordance
          with the percentage of the Capital Stock of such Subsidiary owned by such
          minority shareholder).

         

        SECTION
          7.08  Transactions
          with Affiliates.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, sell,
          lease
          or otherwise transfer any property or assets to, or purchase, lease or
          otherwise
          acquire any property or assets from, or otherwise engage in any other
          transactions with, any of its Affiliates, except:

         

        (a)  transactions
          in the ordinary course of business at prices and on terms and conditions
          not
          less favorable to the Borrower or such Subsidiary than could be obtained
          on an
          arm’s-length basis from a Person that is not an Affiliate;

         

        (b)  payments
          of management fees to the Parent pursuant to the Management Agreement in
          an
          aggregate amount not to exceed, in any fiscal year, the greater of (i)
          $250,000
          or (ii) 7.5% of the Consolidated Pre-tax Income; 

         

        (c)  transactions
          between or among the Borrower and its wholly-owned Subsidiaries not involving
          any other Affiliate;

         

        (d)  any
          Investments permitted by Section 7.06;

         

        (e)  any
          Restricted Payment permitted by Section 7.07; and

         

        (f)  any
          Affiliate who is a natural person may serve as an employee or director
          of the
          Borrower and receive reasonable compensation for his services in such
          capacity.

         

        SECTION
          7.09  Restrictive
          Agreements.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, directly
          or
          indirectly, enter into, incur or permit to exist any agreement or other
          arrangement that prohibits, restricts or imposes any condition upon (a) the
          ability of the Borrower or any Subsidiary to create, incur or permit to
          exist
          any Lien upon any of its property or assets, or (b) the ability of any
          Subsidiary to pay dividends or other distributions with respect to any
          shares of
          its Capital Stock or to make or repay loans or advances to the Borrower
          or any
          other Subsidiary or to Guarantee Indebtedness of the Borrower or any other
          Subsidiary; except:

         

        
          
            
            

          

          
            68

            
              

            

          

          
            
            

          

           

        

        (a)  restrictions
          and conditions imposed by law or by this Agreement;

         

        (b)  restrictions
          and conditions existing on the date hereof identified on Schedule 7.09 (but
          shall apply to any extension or renewal of, or any amendment or modification
          expanding the scope of, any such restriction or condition);

         

        (c)  customary
          restrictions and conditions contained in agreements relating to the sale
          of a
          Subsidiary pending such sale, provided
          that
          such restrictions and conditions apply only to the Subsidiary that is to
          be sold
          and such sale is permitted hereunder; and

         

        (d)  (with
          respect to paragraph (a) above) (i) restrictions or conditions imposed
          by any agreement relating to secured Indebtedness permitted by this Agreement
          if
          such restrictions or conditions apply only to the property or assets securing
          such Indebtedness and (ii) customary provisions in leases and other
          contracts restricting the assignment thereof.

         

        SECTION
          7.10  Swap
          Agreements.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, enter
          into
          any Swap Agreement, other than Swap Agreements entered into in the ordinary
          course of business to hedge or mitigate risks to which the Borrower or
          any
          Subsidiary is exposed in the conduct of its business or the management
          of its
          liabilities.

         

        SECTION
          7.11  Financial
          Covenants.

         

        (a)  Consolidated
          Leverage Ratio.
          The
          Borrower will not permit the Consolidated Leverage Ratio as at the last
          day of
          any period of four consecutive fiscal quarters of the Borrower to exceed,
          with
          respect to any period on or before March 31, 2010, 3.00 to 1.0, with respect
          to
          any period after March 31, 2010, but on or before March 31, 2012, 2.75
          to 1.0,
          and with respect to any period after March 31, 2012, but on or before the
          Commitment Termination Date, 2.50 to 1.0. 

         

        (b)  Consolidated
          Fixed Charges Ratio.
          The
          Borrower will not permit the Consolidated Fixed Charge Coverage Ratio for
          any
          period of four consecutive fiscal quarters of the Borrower to be less than
          4.00
          to 1.0.

         

        (c)  Consolidated
          Net Worth.
          The
          Borrower will not permit the Consolidated Net Worth at any time to be less
          than
          the sum of (i) $150,000,000 (less the amount of any dividend paid on the
          Closing
          Date pursuant to Section 7.07(e)) and (ii) 50% of Consolidated Net Income
          of the
          Borrower and its Subsidiaries for each fiscal quarter of the Borrower (beginning
          with the fiscal quarter ending March 31, 2008) for which such Consolidated
          Net
          Income is positive.

         

        SECTION
          7.12  Stock
          Issuance.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, issue
          any
          additional shares, or any right or option to acquire any shares or any
          security
          convertible into any shares, of the Capital Stock of any Subsidiary, except
          (a)
          in connection with dividends in Capital Stock permitted by Section 7.07
          and (b)
          to the Borrower or a Subsidiary.

         

        
          
            
            

          

          
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        SECTION
          7.13  Modifications
          of Certain Documents.
          The
          Borrower will not, and will not permit any of its Subsidiaries to, consent
          to
          any modification, amendment, supplement or waiver of any of the provisions
          of
          the charter, by-laws or other organizational documents of the Borrower
          or any of
          its Subsidiaries, the Management Agreement or any other agreement or instrument
          to which the Borrower or any of its Subsidiaries is a party or is bound
          that
          could reasonably be expected to have a Material Adverse Effect, in each
          case,
          without the prior consent of the Administrative Agent (with the approval
          of the
          Required Lenders).

         

        SECTION
          7.14  Passive
          Holding Company Status.
          Holdings will not (i) conduct, transact or otherwise engage in, or commit
          to
          conduct, transact or otherwise engage in, any business or operations other
          than
          those incidental to its ownership of the Capital Stock of the Borrower
          and
          Holdings’ other Subsidiaries, (ii) incur, create, assume or suffer to exist any
          Indebtedness or other liabilities or financial obligations, except (x)
          nonconsensual obligations imposed by operation of law, (y) obligations
          pursuant
          to the Loan Documents to which it is a party and (z) obligations with respect
          to
          its Capital Stock, or (iii) own, lease, manage or otherwise operate any
          properties or assets (other than cash, cash equivalents or other than the
          ownership of shares of Capital Stock of the Borrower or Holdings’ other
          Subsidiaries).

         

        

        ARTICLE
          VIII

        EVENTS
          OF DEFAULT 

         

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

         

        (a)  the
          Borrower shall fail to pay any principal of any Loan when and as the same
          shall
          become due and payable in accordance with the terms hereof, whether at
          the due
          date thereof or at a date fixed for prepayment thereof or
          otherwise;

         

        (b)  the
          Borrower shall fail to pay any reimbursement obligation in respect of any
          LC Disbursement or any interest on any Loan or any fee or any other amount
          (other than an amount referred to in paragraph (a) of this Article) payable
          under this Agreement or under any other Loan Document, when and as the
          same
          shall become due and payable in accordance with the terms hereof, and such
          failure shall continue unremedied for a period of five or more Business
          Days;

         

        (c)  any
          representation or warranty made or deemed made by or on behalf of the Borrower
          or any of its Subsidiaries in or in connection with this Agreement or any
          other
          Loan Document or any amendment or modification hereof or thereof, or in
          any
          report, certificate, financial statement or other document furnished pursuant
          to
          or in connection with this Agreement or any other Loan Document or any
          amendment
          or modification hereof or thereof, shall prove to have been false or misleading
          when made or deemed made in any material respect;

         

        (d)  the
          Borrower shall fail to observe or perform any covenant, condition or agreement
          contained in Section 6.02 or 6.03 (with respect to the Borrower’s existence) or
          in Article VII or the Borrower shall default in the performance of any of
          its obligations contained in Sections 5.4 and 5.6(b) of the Guarantee and
          Collateral Agreement;

         

        
          
            
            

          

          
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        (e)  The
          Borrower or any other Loan Party shall fail to observe or perform any covenant,
          condition or agreement contained in this Agreement (other than those specified
          in paragraph (a), (b) or (d) of this Article) or any other Loan
          Document and such failure shall continue unremedied for a period of 30
          or more
          days after notice thereof from the Administrative Agent (given at the request
          of
          any Lender) to the Borrower;

         

        (f)  the
          Parent, the Borrower or any other Group Member shall fail to make any payment
          (whether of principal or interest and regardless of amount) in respect
          of any
          Material Indebtedness, when and as the same shall become due and payable,
          and
          such failure shall continue unremedied for a period (except in the case
          of
          principal, beyond any applicable grace period) of five or more Business
          Days;

         

        (g)  any
          event
          or condition occurs that results in any Material Indebtedness becoming
          due prior
          to its scheduled maturity or that enables or permits (with or without the
          giving
          of notice, the lapse of time or both) the holder or holders of any Material
          Indebtedness or any trustee or agent on its or their behalf to cause any
          Material Indebtedness to become due, or to require the prepayment, repurchase,
          redemption or defeasance thereof, prior to its scheduled maturity; provided
          that
          this paragraph (g) shall not apply to secured Indebtedness that becomes due
          as a result of the voluntary sale or transfer of the property or assets
          securing
          such Indebtedness;

         

        (h)  an
          involuntary proceeding shall be commenced or an involuntary petition shall
          be
          filed seeking (i) liquidation, reorganization or other relief in respect of
          the Parent, the Borrower or any other Group Member having assets in excess
          of
          $7,500,000 or its debts, or of a substantial part of its assets, under
          any
          Federal, state or foreign bankruptcy, insolvency, receivership or similar
          law
          now or hereafter in effect or (ii) the appointment of a receiver, trustee,
          custodian, sequestrator, conservator or similar official for the Parent,
          the
          Borrower or any such Subsidiary or for a substantial part of its assets,
          and, in
          any such case, such proceeding or petition shall continue undismissed or
          undischarged for a period of 60 or more days or an order or decree approving
          or
          ordering any of the foregoing shall be entered;

         

        (i)  the
          Parent, the Borrower or any other Group Member having assets in excess
          of
          $7,500,000 shall (i) voluntarily commence any proceeding or file any
          petition seeking liquidation, reorganization or other relief under any
          Federal,
          state or foreign bankruptcy, insolvency, receivership or similar law now
          or
          hereafter in effect, (ii) consent to the institution of, or fail to contest
          in a timely and appropriate manner, any proceeding or petition described
          in
          paragraph (h) of this Article, (iii) apply for or consent to the
          appointment of a receiver, trustee, custodian, sequestrator, conservator
          or
          similar official for it or for a substantial part of its assets, (iv) file
          an answer admitting the material allegations of a petition filed against
          it in
          any such proceeding, (v) make a general assignment for the benefit of
          creditors or (vi) take any action for the purpose of effecting any of the
          foregoing;

         

        (j)  the
          Parent, the Borrower or any other Group Member shall become unable, admit
          in
          writing its inability or fail generally to pay its debts as they become
          due;

         

        
          
            
            

          

          
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        (k)  one
          or
          more judgments for the payment of money in an aggregate amount in excess
          of
          $7,500,000 shall be rendered against the Parent, the Borrower or any other
          Group
          Member any combination thereof and the same shall remain undischarged for
          a
          period of 30 consecutive days during which execution shall not be effectively
          stayed or vacated or, in respect with such judgment, any action shall be
          legally
          taken by a judgment creditor to attach or levy upon any assets of the Parent,
          the Borrower or any other Group Member to enforce any such
          judgment;

         

        (l)  an
          ERISA
          Event shall have occurred that, in the opinion of the Required Lenders,
          when
          taken together with all other ERISA Events that have occurred, could reasonably
          be expected to result in a Material Adverse Effect;

         

        (m)  a
          Change
          of Control shall occur; 

         

        (n)  any
          guarantee contained in Article III or the Guarantee and Collateral Agreement
          shall for whatever reason cease to be in full force and effect or any Loan
          Party
          or any Affiliate of any Loan Party shall so assert; or

         

        (o)  the
          Liens
          created by the Security Documents shall at any time not constitute a valid
          and
          perfected Lien (other than by reason of the express release thereof pursuant
          to
          Section 10.15) on the Collateral intended to be covered thereby (to the
          extent
          perfection by filing, registration, recordation or possession is required
          herein
          or therein), free and clear of all other Liens (other than Liens expressly
          permitted under Section 7.02 or under the Security Documents), or, except
          for expiration in accordance with its terms, any of the Security Documents
          shall
          for whatever reason be terminated or cease to be in full force and effect,
          or
          any Loan Party or any Affiliate of any Loan Party shall so assert, or the
          enforceability thereof shall be contested by any Loan Party or any Affiliate
          of
          any Loan Party; 

         

        then,
          and
          in every such event (other than any event described in paragraphs (h)
          or (i) of this Article), and at any time thereafter during the continuance
          of such event, the Administrative Agent may, and at the request of the
          Required
          Lenders shall, by notice to the Borrower, take either or both of the following
          actions, at the same or different times: (i) terminate the Commitments, and
          thereupon the Commitments shall terminate immediately, and (ii) declare the
          Loans then outstanding to be due and payable in whole (or in part, in which
          case
          any principal not so declared to be due and payable may thereafter be declared
          to be due and payable), and thereupon the principal of the Loans so declared
          to
          be due and payable, together with accrued interest thereon and all fees
          and
          other obligations of the Borrower accrued hereunder, shall become due and
          payable immediately, without presentment, demand, protest or other notice
          of any
          kind, all of which are hereby waived by the Borrower; and in case of any
          event
          described in paragraph (h) or (i) of this Article, the Commitments
          shall automatically terminate and the principal of the Loans then outstanding,
          together with accrued interest thereon and all fees and other obligations
          of the
          Borrower accrued hereunder, shall automatically become due and payable,
          without
          presentment, demand, protest or other notice of any kind, all of which
          are
          hereby waived by the Borrower.

        

        
          
            
            

          

          
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        ARTICLE
          IX

        THE
          ADMINISTRATIVE AGENT

         

        Each
          of
          the Lenders and the Issuing Lender hereby irrevocably appoints the
          Administrative Agent as its agent hereunder and under the other Loan Documents
          and authorizes the Administrative Agent to take such actions on its behalf
          and
          to exercise such powers as are delegated to the Administrative Agent by
          the
          terms hereof or thereof, together with such actions and powers as are reasonably
          incidental thereto.

         

        The
          Person serving as the Administrative Agent hereunder shall have the same
          rights
          and powers in its capacity as a Lender as any other Lender and may exercise
          the
          same as though it were not the Administrative Agent, and such Person and
          its
          Affiliates may accept deposits from, lend money to and generally engage
          in any
          kind of business with the Borrower or any Subsidiary or other Affiliate
          thereof
          as if it were not the Administrative Agent hereunder.

         

        The
          Administrative Agent shall not have any duties or obligations except those
          expressly set forth herein and in the other Loan Documents. Without limiting
          the
          generality of the foregoing, (a) the Administrative Agent shall not be
          subject to any fiduciary or other implied duties, regardless of whether
          a
          Default has occurred and is continuing, (b) the Administrative Agent shall
          not have any duty to take any discretionary action or exercise any discretionary
          powers, except discretionary rights and powers expressly contemplated hereby
          or
          by the other Loan Documents that the Administrative Agent is required to
          exercise in writing as directed by the Required Lenders (or such other
          number or
          percentage of the Lenders as shall be necessary under the circumstances
          provided
          in Section 10.02), and (c) except as expressly set forth herein and in the
          other Loan Documents, the Administrative Agent shall not have any duty
          to
          disclose, and shall not be liable for the failure to disclose, any information
          relating to the Borrower or any of its Subsidiaries that is communicated
          to or
          obtained by the Person serving as Administrative Agent or any of its Affiliates
          in any capacity. The Administrative Agent shall not be liable for any action
          taken or not taken by it with the consent or at the request of the Required
          Lenders (or such other number or percentage of the Lenders as shall be
          necessary
          under the circumstances provided in Section 10.02) or in the absence of
          its own
          gross negligence or willful misconduct. The Administrative Agent shall
          be deemed
          not to have knowledge of any Default unless and until written notice thereof
          is
          given to the Administrative Agent by the Borrower or a Lender, and the
          Administrative Agent shall not be responsible for or have any duty to ascertain
          or inquire into (i) any statement, warranty or representation made in or in
          connection with this Agreement or any other Loan Document, (ii) the
          contents of any certificate, report or other document delivered hereunder
          or
          thereunder or in connection herewith or therewith, (iii) the performance or
          observance of any of the covenants, agreements or other terms or conditions
          set
          forth herein or therein, (iv) the validity, enforceability, effectiveness
          or genuineness of this Agreement, any other Loan Document or any other
          agreement, instrument or document, or (v) the satisfaction of any condition
          set forth in Article V or elsewhere herein or therein, other than to
          confirm receipt of items expressly required to be delivered to the
          Administrative Agent.

         

        The
          Administrative Agent shall be entitled to rely upon, and shall not incur
          any
          liability for relying upon, any notice, request, certificate, consent,
          statement, instrument, document or other writing believed by it to be genuine
          and to have been signed or sent by the proper Person. The Administrative
          Agent
          also may rely upon any statement made to it orally or by telephone and
          believed
          by it to be made by the proper Person, and shall not incur any liability
          for
          relying thereon. The Administrative Agent may consult with legal counsel
          (who
          may be counsel for the Borrower), independent accountants and other experts
          selected by it, and shall not be liable for any action taken or not taken
          by it
          in accordance with the advice of any such counsel, accountants or
          experts.

         

        
          
            
            

          

          
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        The
          Administrative Agent may perform any and all its duties and exercise its
          rights
          and powers by or through any one or more sub-agents appointed by the
          Administrative Agent. The Administrative Agent and any such sub-agent may
          perform any and all its duties and exercise its rights and powers through
          their
          respective Related Parties. The exculpatory provisions of the preceding
          paragraphs shall apply to any such sub-agent and to the Related Parties
          of the
          Administrative Agent and any such sub-agent, and shall apply to their respective
          activities in connection with the syndication of the credit facilities
          provided
          for herein as well as activities as Administrative Agent.

         

        Subject
          to the appointment and acceptance of a successor Administrative Agent as
          provided in this paragraph, the Administrative Agent may resign at any
          time by
          notifying the Lenders, the Issuing Lender and the Borrower. Upon any such
          resignation, the Required Lenders shall have the right, in consultation
          with the
          Borrower, to appoint a successor. If no successor shall have been so appointed
          by the Required Lenders and shall have accepted such appointment within
          30 days
          after the retiring Administrative Agent gives notice of its resignation,
          then
          the retiring Administrative Agent may, on behalf of the Lenders and the
          Issuing
          Lender, appoint a successor Administrative Agent which shall be a Lender
          with an
          office in New York, New York or an Affiliate of a Lender. Upon the acceptance
          of
          its appointment as Administrative Agent hereunder by a successor, such
          successor
          shall succeed to and become vested with all the rights, powers, privileges
          and
          duties of the retiring Administrative Agent, and the retiring Administrative
          Agent shall be discharged from its duties and obligations hereunder. The
          fees
          payable by the Borrower to a successor Administrative Agent shall be the
          same as
          those payable to its predecessor unless otherwise agreed between the Borrower
          and such successor. After the Administrative Agent’s resignation hereunder, the
          provisions of this Article and Section 10.03 shall continue in effect for
          the benefit of such retiring Administrative Agent, its sub-agents and their
          respective Related Parties in respect of any actions taken or omitted to
          be
          taken by any of them while it was acting as Administrative Agent.

         

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

         

        Notwithstanding
          anything herein to the contrary the Arranger and the Co-Documentation Agent
          named on the cover page of this Agreement shall not have any duties or
          liabilities under this Agreement, except in their capacity, if any, as
          Lenders.

         

        
          
            
            

          

          
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        ARTICLE
          X

        MISCELLANEOUS

         

        SECTION
          10.01  Notices.
          

         

        (a)  Notices
          Generally.
          Except
          in the case of notices and other communications expressly permitted to
          be given
          by telephone (and subject to paragraph (b) of this Section), all notices
          and
          other communications provided for herein shall be in writing and shall
          be
          delivered by hand or overnight courier service, mailed by certified or
          registered mail or sent by telecopy (i) if to the Borrower, the Administrative
          Agent or any Issuing Lender, as set forth in Schedule 10.01 and (ii) if
          to any
          other Lender, to it at its address (or telecopy number) set forth in its
          Administrative Questionnaire.

         

        (b)  Electronic
          Communications.
          Notices
          and other communications to the Lenders hereunder may be delivered or furnished
          by electronic communications pursuant to procedures approved by the
          Administrative Agent; provided
          that the
          foregoing shall not apply to notices pursuant to Article II unless
          otherwise agreed by the Administrative Agent and the applicable Lender.
          The
          Administrative Agent or the Borrower may, in its discretion, agree to accept
          notices and other communications to it hereunder by electronic communications
          pursuant to procedures approved by it; provided
          that
          approval of such procedures may be limited to particular notices or
          communications.

         

        (c)  Change
          of Address, Etc.
          Any
          party hereto may change its address or telecopy number for notices and
          other
          communications hereunder by notice to the other parties hereto. All notices
          and
          other communications given to any party hereto in accordance with the provisions
          of this Agreement shall be deemed to have been given on the date of
          receipt.

         

        SECTION
          10.02  Waivers;
          Amendments.

         

        (a)  No
          Deemed Waivers; Remedies Cumulative.
          No
          failure or delay by the Administrative Agent, the Issuing Lender or any
          Lender
          in exercising any right or power hereunder shall operate as a waiver thereof,
          nor shall any single or partial exercise of any such right or power, or
          any
          abandonment or discontinuance of steps to enforce such a right or power,
          preclude any other or further exercise thereof or the exercise of any other
          right or power. The rights and remedies of the Administrative Agent, the
          Issuing
          Lender and the Lenders hereunder are cumulative and are not exclusive of
          any
          rights or remedies that they would otherwise have. No waiver of any provision
          of
          this Agreement or consent to any departure by the Borrower therefrom shall
          in
          any event be effective unless the same shall be permitted by paragraph (b)
          of this Section, and then such waiver or consent shall be effective only
          in the
          specific instance and for the purpose for which given. Without limiting
          the
          generality of the foregoing, the making of a Loan or issuance of a Letter
          of
          Credit shall not be construed as a waiver of any Default, regardless of
          whether
          the Administrative Agent, any Lender or the Issuing Lender may have had
          notice
          or knowledge of such Default at the time.

         

        (b)  Amendments.
          Neither
          this Agreement nor any provision hereof may be waived, amended or modified
          except pursuant to an agreement or agreements in writing entered into by
          the
          Borrower and the Required Lenders or by the Borrower and the Administrative
          Agent with the consent of the Required Lenders; provided
          that no
          such agreement shall:

         

        
          
            
            

          

          
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        (i)  increase
          the Commitment of any Lender without the written consent of such
          Lender;

         

        (ii)  reduce
          the principal amount of any Loan or LC Disbursement or reduce the rate of
          interest thereon, or reduce any fees payable hereunder, without the written
          consent of each Lender adversely affected thereby;

         

        (iii)  postpone
          the scheduled date of payment of the principal amount of any Loan or
          LC Disbursement, or any interest thereon, or any fees payable hereunder, or
          reduce the amount of, waive or excuse any such payment, or postpone the
          scheduled date of expiration of any Commitment, without the written consent
          of
          each Lender adversely affected thereby;

         

        (iv)  change
          Section 2.18(b), (c) or (d) in a manner that would alter the pro rata
          sharing
          of payments required thereby, without the written consent of each
          Lender;

         

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

         

        (vi)  release
          all or substantially all of the Guarantors from their guarantee obligations
          under Article III or all or substantially all of the Collateral, in each
          case without the written consent of each Lender; 

         

        (vii)  amend,
          modify or waive any provision of Section 2.07 or 2.08 without the written
          consent of the Swingline Lender; or

         

        (viii)  add
          any
          Foreign Currency (other than English Pounds Sterling or euro) to the Currencies
          available under the Aggregate Foreign Currency Sublimit Dollar Amount without
          the written consent of each Lender;

         

        and
          provided further
          that no
          such agreement shall amend, modify or otherwise affect the rights or duties
          of
          the Administrative Agent or the Issuing Lender hereunder without the prior
          written consent of the Administrative Agent or the Issuing Lender, as the
          case
          may be.

         

        Except
          as
          otherwise provided in this Section with respect to this Agreement, the
          Administrative Agent may, with the prior consent of the Required Lenders
          (but
          not otherwise), consent to any modification, supplement or waiver under
          any of
          the Security Documents, provided
          that,
          without the prior consent of each Lender, the Administrative Agent shall
          not
          (except as provided herein or in the Security Documents) release all or
          substantially all of the Collateral or otherwise terminate all or substantially
          all of the Liens under any Security Document providing for collateral security,
          except that no such consent shall be required, and the Administrative Agent
          is
          authorized in accordance with Section 10.15, to release any Lien covering
          property, (i) under the circumstances described in Section 10.15 (b), (ii)
          in
          the event of a Holdings Change of Control Transaction or (iii) that is
          the
          subject of either a disposition of property permitted hereunder or a disposition
          to which the Required Lenders have consented.

         

        
          
            
            

          

          
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        SECTION
          10.03  Expenses;
          Indemnity; Damage Waiver.

         

        (a)  Costs
          and Expenses.
          The
          Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by
          the Administrative Agent and its Affiliates, including the reasonable fees,
          charges and disbursements of counsel for the Administrative Agent, in connection
          with the syndication of the credit facilities provided for herein, the
          preparation and administration of this Agreement and the other Loan Documents
          or
          any amendments, modifications or waivers of the provisions hereof or thereof
          (whether or not the transactions contemplated hereby or thereby shall be
          consummated), (ii) all reasonable out-of-pocket expenses incurred by the
          Issuing Lender in connection with the issuance, amendment, renewal or extension
          of any Letter of Credit or any demand for payment thereunder, (iii) all
          out-of-pocket expenses incurred by the Administrative Agent, the Issuing
          Lender
          or any Lender, including the fees, charges and disbursements of any counsel
          for
          the Administrative Agent, the Issuing Lender or any Lender, in connection
          with
          the enforcement or protection of its rights in connection with this Agreement
          and the other Loan Documents, including its rights under this Section,
          or in
          connection with the Loans made or Letters of Credit issued hereunder, including
          all such out-of-pocket expenses incurred during any workout, restructuring
          or
          negotiations in respect thereof and (iv) and all reasonable costs,
          expenses, taxes, assessments and other charges incurred in connection with
          any
          filing, registration, recording or perfection of any security interest
          contemplated by any Security Document or any other document referred to
          therein.

         

        (b)  Indemnification
          by the Borrower.
          The
          Borrower shall indemnify the Administrative Agent, the Issuing Lender and
          each
          Lender, and each Related Party of any of the foregoing Persons (each such
          Person
          being called an “Indemnitee”)
          against, and hold each Indemnitee harmless from, any and all losses, claims,
          damages, liabilities and related expenses, including the reasonable fees,
          charges and disbursements of any counsel for any Indemnitee, incurred by
          or
          asserted against any Indemnitee arising out of, in connection with, or
          as a
          result of (i) the execution or delivery of this Agreement or any agreement
          or instrument contemplated hereby, the performance by the parties hereto
          of
          their respective obligations hereunder or the consummation of the Transactions
          or any other transactions contemplated hereby, (ii) any Loan or Letter of
          Credit or the use of the proceeds therefrom (including any refusal by the
          Issuing Lender to honor a demand for payment under a Letter of Credit if
          the
          documents presented in connection with such demand do not strictly comply
          with
          the terms of such Letter of Credit), (iii) any actual or alleged presence
          or release of Hazardous Materials on or from any property owned or operated
          by
          the Borrower or any of its Subsidiaries, or any Environmental Liability
          related
          in any way to the Borrower or any of its Subsidiaries, or (iv) any actual
          or prospective claim, litigation, investigation or proceeding relating
          to any of
          the foregoing, whether based on contract, tort or any other theory and
          regardless of whether any Indemnitee is a party thereto; provided
          that
          such indemnity shall not, as to any Indemnitee, be available to the extent
          that
          such losses, claims, damages, liabilities or related expenses are determined
          by
          a court of competent jurisdiction by final and non-appealable judgment
          to have
          resulted from the gross negligence or willful misconduct of such
          Indemnitee.

         

        
          
            
            

          

          
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        (c)  Reimbursement
          by Lenders.
          The
          Lenders agree to indemnify the Administrative Agent or the Issuing Lender
          in
          their capacity as such (to the extent not reimbursed by the Borrower and
          without
          limiting the obligation of the Borrower or any of the other Loan Parties
          to do
          so), ratably according to their respective Applicable Percentages in effect
          on
          the date on which indemnification is sought under this paragraph, from
          and
          against any and all liabilities, obligations, losses, damages, penalties,
          actions, judgments, suits, costs, expenses or disbursements of any kind
          whatsoever which may at any time (including, without limitation, at any
          time
          following the payment of the Loans) be imposed on, incurred by or asserted
          against the Administrative Agent or the Issuing Lender in any way relating
          to or
          arising out of this Agreement, any of the other Loan Documents or any documents
          contemplated by or referred to herein or therein or the transactions
          contemplated hereby or thereby or any action taken or omitted by the
          Administrative Agent or the Issuing Lender under or in connection with
          any of
          the foregoing; provided
          that no
          Lender shall be liable for the payment of any portion of such liabilities,
          obligations, losses, damages, penalties, actions, judgments, suits, costs,
          expenses or disbursements to the extent resulting from the Administrative
          Agent’s or the Issuing Lender’s (as the case may be) gross negligence or willful
          misconduct. 

         

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

         

        (e)  Payments.
          All
          amounts due under this Section shall be payable promptly after written
          demand
          therefor.

         

        SECTION
          10.04  Successors
          and Assigns.

         

        (a)  Assignments
          Generally.
          The
          provisions of this Agreement shall be binding upon and inure to the benefit
          of
          the parties hereto and their respective successors and assigns permitted
          hereby
          (including any Affiliate of the Issuing Lender that issues any Letter of
          Credit), except that (i) the Borrower may not assign or otherwise transfer
          any
          of its rights or obligations hereunder without the prior written consent
          of each
          Lender (and any attempted assignment or transfer by the Borrower without
          such
          consent shall be null and void) and (ii) no Lender may assign or otherwise
          transfer its rights or obligations hereunder except in accordance with
          this
          Section. Nothing in this Agreement, expressed or implied, shall be construed
          to
          confer upon any Person (other than the parties hereto, their respective
          successors and assigns permitted hereby (including any Affiliate of the
          Issuing
          Lender that issues any Letter of Credit), Participants (to the extent provided
          in paragraph (c) of this Section) and, to the extent expressly contemplated
          hereby, the Related Parties of each of the Administrative Agent, the Issuing
          Lender and the Lenders) any legal or equitable right, remedy or claim under
          or
          by reason of this Agreement.

         

        (b)  Assignments
          by Lenders.
          

         

        
          
            
            

          

          
            78

            
              

            

          

          
            
            

          

           

        

        (i)  Assignments
          Generally.
          Subject
          to the conditions set forth in paragraph (b)(ii) below, any Lender may
          assign to
          one or more assignees all or a portion of its rights and obligations under
          this
          Agreement (including all or a portion of its Commitment and the Loans at
          the
          time owing to it) with the prior written consent (such consent not to be
          unreasonably withheld or delayed) of:

         

        	(A)  	
                the
                  Borrower, provided
                  that no consent of the Borrower shall be required for an assignment
                  to a
                  Lender, an Affiliate of a Lender, an Approved Fund or, if an Event
                  of
                  Default has occurred and is continuing, any other
                  assignee;

              

         

        	(B)  	
                the
                  Administrative Agent; and

              

         

        	(C)  	
                the
                  Issuing Lender.

              

         

        (ii)  Certain
          Conditions to Assignments.
          Assignments shall be subject to the following additional
          conditions:

         

        	(A)  	
                except
                  in the case of an assignment to a Lender or an Affiliate of a Lender
                  or an
                  assignment of the entire remaining amount of the assigning Lender’s
                  Commitment or Loans, the amount of the Commitment or Loans of the
                  assigning Lender subject to each such assignment (determined as
                  of the
                  date the Assignment and Assumption with respect to such assignment
                  is
                  delivered to the Administrative Agent) shall not be less than $5,000,000
                  unless the Borrower and the Administrative Agent otherwise consent,
                  provided
                  that no such consent of the Borrower shall be required if an Event
                  of
                  Default has occurred and is continuing,

              

         

        	(B)  	
                the
                  parties to each assignment shall execute and deliver to the Administrative
                  Agent an Assignment and Assumption, together with a processing
                  and
                  recordation fee of $3,500, and

              

         

        	(C)  	
                the
                  assignee, if it shall not be a Lender, shall deliver to the Administrative
                  Agent an Administrative Questionnaire.

              

         

        (iii)  Effectiveness
          of Assignments.
          Subject
          to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
          Section, from and after the effective date specified in each Assignment
          and
          Assumption, the assignee thereunder shall be a party hereto and, to the
          extent
          of the interest assigned by such Assignment and Assumption, have the rights
          and
          obligations of a Lender under this Agreement, and the assigning Lender
          thereunder shall, to the extent of the interest assigned by such Assignment
          and
          Assumption, be released from its obligations under this Agreement (and,
          in the
          case of an Assignment and Assumption covering all of the assigning Lender’s
          rights and obligations under this Agreement, such Lender shall cease to
          be a
          party hereto but shall continue to be entitled to the benefits of
          Sections 2.15, 2.16, 2.17 and 10.03). Any assignment or transfer by a
          Lender of rights or obligations under this Agreement that does not comply
          with
          this Section shall be treated for purposes of this Agreement as a sale
          by such
          Lender of a participation in such rights and obligations in accordance
          with
          paragraph (c) of this Section.

         

        
          
            
            

          

          
            79

            
              

            

          

          
            
            

          

           

        

        (iv)  Maintenance
          of Register by the Administrative Agent.
          The
          Administrative Agent, acting for this purpose as an agent of the Borrower,
          shall
          maintain at one of its offices a copy of each Assignment and Assumption
          delivered to it and a register for the recordation of the names and addresses
          of
          the Lenders, and the Commitment of, and principal amount of the Loans and
          LC Disbursements owing to, each Lender pursuant to the terms hereof from
          time to time (the “Register”).
          The
          entries in the Register shall be conclusive, and the Borrower, the
          Administrative Agent, the Issuing Lender and the Lenders may treat each
          Person
          whose name is recorded in the Register pursuant to the terms hereof as
          a Lender
          hereunder for all purposes of this Agreement, notwithstanding notice to
          the
          contrary. The Register shall be available for inspection by the Borrower,
          the
          Issuing Lender and any Lender, at any reasonable time and from time to
          time upon
          reasonable prior notice.

         

        (v)  Acceptance
          of Assignments by Administrative Agent.
          Upon
          its receipt of a duly completed Assignment and Assumption executed by an
          assigning Lender and an assignee, the assignee’s completed Administrative
          Questionnaire (unless the assignee shall already be a Lender hereunder),
          the
          processing and recordation fee referred to in paragraph (b) of this Section
          and any written consent to such assignment required by paragraph (b) of
          this Section, the Administrative Agent shall accept such Assignment and
          Assumption and record the information contained therein in the Register.
          No
          assignment shall be effective for purposes of this Agreement unless it
          has been
          recorded in the Register as provided in this paragraph.

         

        (c)  Participations.
          

         

        (i)  Participations
          Generally.
          Any
          Lender may, without the consent of the Borrower, the Administrative Agent
          or the
          Issuing Lender, sell participations to one or more banks or other entities
          (a
“Participant”)
          in all
          or a portion of such Lender’s rights and obligations under this Agreement and
          the other Loan Documents (including all or a portion of its Commitment
          and the
          Loans owing to it); provided
          that
          (A) such Lender’s obligations under this Agreement and the other Loan
          Documents shall remain unchanged, (B) such Lender shall remain solely
          responsible to the other parties hereto for the performance of such obligations
          and (C) the Borrower, the Administrative Agent, the Issuing Lender and the
          other Lenders shall continue to deal solely and directly with such Lender
          in
          connection with such Lender’s rights and obligations under this Agreement and
          the other Loan Documents. Any agreement or instrument pursuant to which
          a Lender
          sells such a participation shall provide that such Lender shall retain
          the sole
          right to enforce this Agreement and the other Loan Documents and to approve
          any
          amendment, modification or waiver of any provision of this Agreement or
          any
          other Loan Document; provided
          that
          such agreement or instrument may provide that such Lender will not, without
          the
          consent of the Participant, agree to any amendment, modification or waiver
          described in the first proviso to Section 10.02(b) that affects such
          Participant. Subject to paragraph (c)(ii) of this Section, the Borrower
          agrees that each Participant shall be entitled to the benefits of
          Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender
          and had acquired its interest by assignment pursuant to paragraph (b) of
          this Section. To the extent permitted by law, each Participant also shall
          be
          entitled to the benefits of Section 10.08 as though it were a Lender,
provided
          that
          such Participant agrees to be subject to Section 2.18(c) as though it were
          a Lender.

         

        
          
            
            

          

          
            80

            
              

            

          

          
            
            

          

           

        

        (ii)  Limitations
          on Rights of Participants.
          A
          Participant shall not be entitled to receive any greater payment under
          Section 2.15 or 2.17 than the applicable Lender would have been
          entitled to receive with respect to the participation sold to such Participant,
          unless the sale of the participation to such Participant is made with the
          Borrower’s prior written consent. A Participant that would be a Non-U.S. Lender
          if it were a Lender shall not be entitled to the benefits of Section 2.17
          unless the Borrower is notified of the participation sold to such Participant
          and such Participant agrees, for the benefit of the Borrower, to comply
          with
          Section 2.17(e) as though it were a Lender.

         

        (d)  Certain
          Pledges.
          Any
          Lender may at any time pledge or assign a security interest in all or any
          portion of its rights under this Agreement to secure obligations of such
          Lender,
          including without limitation any pledge or assignment to secure obligations
          to a
          Federal Reserve Bank, and this Section shall not apply to any such pledge
          or
          assignment of a security interest; provided
          that no
          such pledge or assignment of a security interest shall release a Lender
          from any
          of its obligations hereunder or substitute any such pledgee or assignee
          for such
          Lender as a party hereto.

         

        SECTION
          10.05  Survival.
          All
          covenants, agreements, representations and warranties made by the Borrower
          herein and in the certificates or other instruments delivered in connection
          with
          or pursuant to this Agreement shall be considered to have been relied upon
          by
          the other parties hereto and shall survive the execution and delivery of
          this
          Agreement and the making of any Loans and issuance of any Letters of Credit,
          regardless of any investigation made by any such other party or on its
          behalf
          and notwithstanding that the Administrative Agent, the Issuing Lender or
          any
          Lender may have had notice or knowledge of any Default or incorrect
          representation or warranty at the time any credit is extended hereunder,
          and
          shall continue in full force and effect as long as the principal of or
          any
          accrued interest on any Loan or any fee or any other amount payable under
          this
          Agreement is outstanding and unpaid or any Letter of Credit is outstanding
          and
          so long as the Commitments have not expired or terminated. The provisions
          of
          Sections 2.15, 2.16, 2.17, 3.03 and 10.03 and Article IX shall survive
          and remain in full force and effect regardless of the consummation of the
          transactions contemplated hereby, the repayment of the Loans, the expiration
          or
          termination of the Letters of Credit and the Commitments or the termination
          of
          this Agreement or any provision hereof.

         

        SECTION
          10.06  Counterparts;
          Integration; Effectiveness.
          This
          Agreement may be executed in counterparts (and by different parties hereto
          on
          different counterparts), each of which shall constitute an original, but
          all of
          which when taken together shall constitute a single contract. This Agreement
          and
          any separate letter agreements with respect to fees payable to the
          Administrative Agent constitute the entire contract among the parties relating
          to the subject matter hereof and supersede any and all previous agreements
          and
          understandings, oral or written, relating to the subject matter hereof.
          Except
          as provided in Section 5.01, this Agreement shall become effective when it
          shall have been executed by the Administrative Agent and when the Administrative
          Agent shall have received counterparts hereof which, when taken together,
          bear
          the signatures of each of the other parties hereto, and thereafter shall
          be
          binding upon and inure to the benefit of the parties hereto and their respective
          successors and assigns. Delivery of an executed counterpart of a signature
          page
          of this Agreement by telecopy shall be effective as delivery of a manually
          executed counterpart of this Agreement.

         

        
          
            
            

          

          
            81

            
              

            

          

          
            
            

          

           

        

        SECTION
          10.07  Severability.
          Any
          provision of this Agreement held to be invalid, illegal or unenforceable
          in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
          such invalidity, illegality or unenforceability without affecting the validity,
          legality and enforceability of the remaining provisions hereof; and the
          invalidity of a particular provision in a particular jurisdiction shall
          not
          invalidate such provision in any other jurisdiction.

         

        SECTION
          10.08  Right
          of Setoff.
          If an
          Event of Default shall have occurred and be continuing, each Lender and
          each of
          its Affiliates is hereby authorized at any time and from time to time,
          to the
          fullest extent permitted by law, to set off and apply any and all deposits
          (general or special, time or demand, provisional or final) at any time
          held and
          other obligations at any time owing by such Lender or Affiliate to or for
          the
          credit or the account of the Borrower against any of and all the obligations
          of
          the Borrower now or hereafter existing under this Agreement held by such
          Lender,
          irrespective of whether or not such Lender shall have made any demand under
          this
          Agreement and although such obligations may be unmatured. The rights of
          each
          Lender under this Section are in addition to other rights and remedies
          (including other rights of setoff) which such Lender may have. Each Lender
          agrees to notify the Borrower and the Administrative Agent as promptly
          as
          practicable after any such setoff and application; provided
          that the
          failure to give such notice shall not affect the validity of such setoff
          and
          application.

         

        SECTION
          10.09  Governing
          Law; Jurisdiction; Consent to Service of Process.

         

        (a)  Governing
          Law.
          This
          Agreement shall be construed in accordance with and governed by the law
          of the
          State of New York.

         

        (b)  Submission
          to Jurisdiction.
          The
          Borrower hereby irrevocably and unconditionally submits, for itself and
          its
          property, to the nonexclusive jurisdiction of the Supreme Court of the
          State of
          New York sitting in New York County and of the United States District Court
          of
          the Southern District of New York, and any appellate court from any thereof,
          in
          any action or proceeding arising out of or relating to this Agreement,
          or for
          recognition or enforcement of any judgment, and each of the parties hereto
          hereby irrevocably and unconditionally agrees that all claims in respect
          of any
          such action or proceeding may be heard and determined in such New York
          State or,
          to the extent permitted by law, in such Federal court. Each of the parties
          hereto agrees that a final judgment in any such action or proceeding shall
          be
          conclusive and may be enforced in other jurisdictions by suit on the judgment
          or
          in any other manner provided by law. Nothing in this Agreement shall affect
          any
          right that the Administrative Agent, the Issuing Lender or any Lender may
          otherwise have to bring any action or proceeding relating to this Agreement
          against the Borrower or its properties in the courts of any
          jurisdiction.

         

        (c)  Waiver
          of Venue.
          The
          Borrower hereby irrevocably and unconditionally waives, to the fullest
          extent it
          may legally and effectively do so, any objection which it may now or hereafter
          have to the laying of venue of any suit, action or proceeding arising out
          of or
          relating to this Agreement in any court referred to in paragraph (b) of
          this Section. Each of the parties hereto hereby irrevocably waives, to
          the
          fullest extent permitted by law, the defense of an inconvenient forum to
          the
          maintenance of such action or proceeding in any such court.

         

        
          
            
            

          

          
            82

            
              

            

          

          
            
            

          

           

        

        (d)  Service
          of Process.
          Each
          party to this Agreement irrevocably consents to service of process in the
          manner
          provided for notices in Section 10.01. Nothing in this Agreement will
          affect the right of any party to this Agreement to serve process in any
          other
          manner permitted by law.

         

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

         

        SECTION
          10.11  Judgment
          Currency.
          This is
          an international loan transaction in which the specification of Dollars
          or any
          Foreign Currency, as the case may be (the “Specified
          Currency”),
          and
          payment in New York City or the country of the Specified Currency, as the
          case
          may be (the “Specified
          Place”),
          is of
          the essence, and the Specified Currency shall be the currency of account
          in all
          events relating to Loans denominated in the Specified Currency. The payment
          obligations of the Borrower under this Agreement shall not be discharged
          or
          satisfied by an amount paid in another currency or in another place, whether
          pursuant to a judgment or otherwise, to the extent that the amount so paid
          on
          conversion to the Specified Currency and transfer to the Specified Place
          under
          normal banking procedures does not yield the amount of the Specified Currency
          at
          the Specified Place due hereunder. If for the purpose of obtaining judgment
          in
          any court it is necessary to convert a sum due hereunder in the Specified
          Currency into another currency (the “Second
          Currency”),
          the
          rate of exchange that shall be applied shall be the rate at which in accordance
          with normal banking procedures the Administrative Agent could purchase
          the
          Specified Currency with the Second Currency on the Business Day next preceding
          the day on which such judgment is rendered. The obligation of the Borrower
          in
          respect of any such sum due from it to the Administrative Agent or any
          Lender
          hereunder or under any other Loan Document (in this Section called an “Entitled
          Person”) shall, notwithstanding the rate of exchange actually applied in
          rendering such judgment, be discharged only to the extent that on the Business
          Day following receipt by such Entitled Person of any sum adjudged to be
          due
          hereunder in the Second Currency such Entitled Person may in accordance
          with
          normal banking procedures purchase and transfer to the Specified Place
          the
          Specified Currency with the amount of the Second Currency so adjudged to
          be due;
          and the Borrower hereby, as a separate obligation and notwithstanding any
          such
          judgment, agrees to indemnify such Entitled Person against, and to pay
          such
          Entitled Person on demand, in the Specified Currency, the amount (if any)
          by
          which the sum originally due to such Entitled Person in the Specified Currency
          hereunder exceeds the amount of the Specified Currency so purchased and
          transferred.

         

        
          
            
            

          

          
            83

            
              

            

          

          
            
            

          

           

        

        SECTION
          10.12  Headings.
          Article
          and Section headings and the Table of Contents used herein are for convenience
          of reference only, are not part of this Agreement and shall not affect
          the
          construction of, or be taken into consideration in interpreting, this
          Agreement.

         

        SECTION
          10.13  Confidentiality.
          Each of
          the Administrative Agent, the Issuing Lender and the Lenders agrees to
          maintain
          the confidentiality of the Information (as defined below), except that
          Information may be disclosed (a) to its and its Affiliates’ directors,
          officers, employees and agents, including accountants, legal counsel and
          other
          advisors (it being understood that the Persons to whom such disclosure
          is made
          will be informed of the confidential nature of such Information and instructed
          to keep such Information confidential), (b) to the extent requested by any
          regulatory authority, (c) to the extent required by applicable laws or
          regulations or by any subpoena or similar legal process, (d) to any other
          party to this Agreement, (e) in connection with the exercise of any
          remedies hereunder or under any other Loan Document or any suit, action
          or
          proceeding relating to this Agreement or any other Loan Document or the
          enforcement of rights hereunder or thereunder, (f) subject to an agreement
          containing provisions substantially the same as those of this Section,
          to (i)
          any assignee of or Participant in, or any prospective assignee of or Participant
          in, any of its rights or obligations under this Agreement or (ii) any actual
          or
          prospective counterparty (or its advisors) to any swap or derivative transaction
          relating to the Borrower and its obligations, (g) with the consent of the
          Borrower or (h) to the extent such Information (i) becomes publicly
          available other than as a result of a breach of this Section or
          (ii) becomes available to the Administrative Agent, the Issuing Lender or
          any Lender on a nonconfidential basis from a source other than the Borrower.
          For
          the purposes of this Section, “Information” means all information received from
          the Borrower relating to the Borrower or its business, other than any such
          information that is available to the Administrative Agent, the Issuing
          Lender or
          any Lender on a nonconfidential basis prior to disclosure by the Borrower;
          provided
          that, in
          the case of information received from the Borrower after the date hereof,
          such
          information is clearly identified at the time of delivery as confidential.
          Any
          Person required to maintain the confidentiality of Information as provided
          in
          this Section shall be considered to have complied with its obligation to
          do so
          if such Person has exercised the same degree of care to maintain the
          confidentiality of such Information as such Person would accord to its
          own
          confidential information.

         

        SECTION
          10.14  USA
          PATRIOT ACT.
          Each
          Lender hereby notifies the Borrower that pursuant to the requirements of
          the
          USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
          October 26, 2001)), such Lender may be required to obtain, verify and
          record information that identifies the Borrower, which information includes
          the
          name and address of the Borrower and other information that will allow
          such
          Lender to identify the Borrower in accordance with said Act.

         

        SECTION
          10.15  Releases
          of Liens.
          

         

        (a)  Notwithstanding
          anything to the contrary contained herein or in any other Loan Document,
          the
          Administrative Agent is hereby irrevocably authorized by each Lender (without
          requirement of notice to or consent of any Lender except as expressly required
          by Section 10.01) to take any action requested by the Borrower having the
          effect
          of releasing, in the case of clauses (i) and (ii), any Collateral or, in
          the
          case of clause (iii), all Capital Stock of the Borrower (i) to the extent
          necessary to permit consummation of any transaction expressly permitted
          by any
          Loan Document or that has been consented to in accordance with Section
          10.02,
          (ii) under the circumstances described in paragraph (b) below and (iii)
          in the
          event of a Holdings Change of Control Transaction.

         

        
          
            
            

          

          
            84

            
              

            

          

          
            
            

          

           

        

        (b)  At
          such
          time as the Loans and the other Obligations under the Loan Documents shall
          have
          been paid in full, the Commitments have expired or been terminated and
          no
          Letters of Credit shall be outstanding, the Collateral shall be released
          from
          the Liens created by the Security Documents, and the Security Documents
          and all
          obligations (other than those expressly stated to survive such termination)
          of
          the Administrative Agent and each Loan Party under the Loan Documents shall
          terminate, all without delivery of any instrument or performance of any
          act by
          any Person. 

         

        

        

        

        [Signature
          Pages Follow]

         

        
          
            
            

          

          
            85

            
              

            

          

          
            
            

          

        

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

         

        
          	 	 	 
	 	
                  TELEPHONICS
                    CORPORATION,

                  
                    as
                      Borrower

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Joseph
                  J.
                  Battaglia
	 	 	
                  
Name:
                  Joseph J. Battaglia
	 	 	Title: President
	 	U.S. Federal Tax Identification
                  No.:
                  52-0897556

        

        
          
            
               

              [Signature
                Page to Credit Agreement]

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        
          	 	 	 
	 	
                  
                    GRITEL
                      HOLDING CO., INC.,

                  

                  
                    
                      as
                        Guarantor

                    

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Patrick
                  L. Alesia
	 	 	
                  
Name:
                  Patrick L. Alesia
	 	 	Title: Sec
	 	U.S. Federal Tax Identification
                  No.:
                  26-2231853

        

        
          
            
               

              [Signature
                Page to Credit Agreement]

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        
          	 	 	 
	 	
                  
                    
                      JPMORGAN
                        CHASE BANK, N.A.,

                    

                  

                  
                    
                      as
                        Administrative Agent and a Lender

                    

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Tara
                  Lynne Moore
	 	 	
                  
Name:
                  Tara Lynne Moore
	 	 	Title: Vice President

        

         

        
          
            
              [Signature
                Page to Credit Agreement]

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
               

            

          

        

         

        
          	 	 	 
	 	
                  
                    
                      Bank
                        of America N.A.,

                    

                  

                  
                    
                      as
                        a Lender

                    

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Steven
                  J.
                  Melicharek
	 	 	
                  
Name:
                  Steven J. Melicharek
	 	 	Title: Senior Vice
                  President

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 	 	 
	 	
                  
                    
                      
                        HSBC
                          Bank USA, National Association, 

                        as
                          a Lender

                      

                    

                  

                
	 
 	 
 	 
 
	 	By:  	/s/ Phil
                  Panarelli
	 	 	
                  
Name:
                  Phil Panarelli
	 	 	Title: Senior Vice
                  President

        

         

        
          
             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
           

          
            	 	 	 
	 	
                    
                      
                        
                          Manufacturers
                            and Traders Trust Company, 

                          as
                            a Lender

                        

                      

                    

                  
	 
 	 
 	 
 
	 	By:  	/s/ William
                    Terraglio
	 	 	
                    
Name:
                    William Terraglio
	 	 	Title: Vice President

          

          

            
              
                 

                 

                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            
              	 	 	 
	 	
                      
                        
                          
                            Capital
                              One N.A.

                            as
                              a Lender

                          

                        

                      

                    
	 
 	 
 	 
 
	 	By:  	/s/ Enrico
                      Panno
	 	 	
                      
Name:
                      Enrico Panno
	 	 	Title: Vice President

            

            
               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

                 

              

              
                	 	 	 
	 	
                        
                          
                            
                              U.S.
                                Bank National Association

                              as
                                a Lender

                            

                          

                        

                      
	 
 	 
 	 
 
	 	By:  	/s/ Emmanouil
                        Saridauis
	 	 	
                        
Name:
                        Emmanouil Saridauis
	 	 	Title: Vice
                        President

              

              
                
                   

                   

                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	 	 	 
	 	
                        
                          
                            
                              Wachovia
                                Bank N.A.,

                              as
                                a Lender

                            

                          

                        

                      
	 
 	 
 	 
 
	 	By:  	/s/ Edward
                        P.
                        Nallan, Jr.
	 	 	
                        
Name:
                        Edward P. Nallan, Jr. 
	 	 	
                        Title:
                          Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]