Document:

exv10w1

 

Exhibit 10.1

AMENDMENT No. 4 TO SECURED LOAN AGREEMENT

     AMENDMENT TO SECURED LOAN AGREEMENT (this “Amendment”) dated as of March 30, 2007 among WESTLB
AG, NEW YORK BRANCH (the “Lender”), U.S. BANK NATIONAL ASSOCIATION, a national banking
association (the “Collateral Agent” and “Securities Intermediary), LEASE EQUITY
APPRECIATION FUND I, L.P., a Delaware limited partnership (“LEAF” or the “Seller”),
LEAF FINANCIAL CORPORATION, a Delaware corporation (the “Servicer”), LEAF FUNDING INC., a
Delaware corporation (the “Originator”) and LEAF FUND I, LLC, a Delaware limited liability
company (the “Borrower”).

W I T N E S S E T H:

     WHEREAS, the parties hereto are parties to the Secured Loan Agreement, dated as of December
31, 2004 (the “Secured Loan Agreement”);

     WHEREAS, pursuant to Section 14.04 of the Secured Loan Agreement, the parties hereto wish to
amend the Secured Loan Agreement and hereby agree that the Secured Loan Agreement is hereby
amended; and

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

     SECTION 1. Definitions.

     (a) Whenever used in this Amendment, capitalized terms used and not otherwise defined herein
shall have the meanings set forth in Appendix A to the Secured Loan Agreement.

     (b) Any term that relates to a document or a statute, rule, or regulation includes any
amendments, modifications, supplements, or any other changes that may have occurred since the
document, statute, rule, or regulation came into being, including changes that occur after the date
of this Amendment.

     SECTION 2. Amendments. The parties hereto hereby agree, pursuant to Section 14.04 of
the Secured Loan Agreement, to amend the Secured Loan Agreement as follows:

	 	 (a) 	Subsection (jj) of Section 7.02 shall be struck in its entirety and replaced with:
	 
	 	 	As of the last day of each fiscal quarter commencing March 31, 2007, LEAF shall
maintain “partners equity” (as reflected in its financial statements) plus an amount
“Due to General Partner” of no less than 75% of “partners equity” as of August 15,
2004 (the last day of its offering period pursuant to its Prospectus dated August
15, 2002) as reported in its September 2004 financial statements.

 

 

	 	 (b) 	Subsection (ff) of Section 8.01 shall be struck in its entirety and replaced with:

Failure to Maintain Minimum Capital Requirements. (i) LEAF shall
have failed to maintain a Senior Leverage Ratio no greater than 8.0:1.0 or
(ii) the Servicer shall have (a) failed to maintain a “Minimum Tangible Net
Worth” (defined as stockholders’ equity plus subordinated debt less
intangibles) of $7,500,000 or (b) defaulted (after giving effect to any and
all notice, grace and cure periods) in respect of any material Indebtedness
for borrowed money).

      (c) The definitions of Maximum Facility Amount and Senior Leverage Ratio in Appendix A shall
be struck in its entirety and replaced with:

          “Maximum Facility Amount” means $125,000,000.

          “Senior Leverage Ratio” means, with respect to LEAF, the result obtained by dividing
LEAF’s Combined Recourse Debt by LEAF’s Adjusted Partner’s Capital. For such determination,
“Combined Recourse Debt” means all of LEAF’s debts and liabilities, but excluding third party
accounts payable, accrued expenses, non-recourse debt and intercompany obligations, and “Adjusted
Partner’s Capital” means partner’s capital plus Due to General Partner plus subordinated debt, if
any. For such determination (including Section 7.02(jj)), “Due to General Partner” means amounts,
as set forth in the financial statements of LEAF, that are due to LEAF Financial Corporation and
its affiliates, as general partner of LEAF, for management fees and expenses due for servicing the
Securitized Portfolio in addition to amounts LEAF Financial Corporation has paid for property taxes
due on the Securitized Portfolio that have been billed to Customers.

     SECTION 3. Representations and Warranties.

     Borrower, LEAF and Servicer each hereby severally certifies as to itself that its respective
representations and warranties set forth in Article VI of the Loan Agreement (and any other
representations and warranties made by Borrower, LEAF or Servicer in the Loan Agreement) are true
and correct on the date hereof with the same force and effect as if made on the date hereof, except
to the extent such representations and warranties speak specifically to an earlier date in which
case they shall have been true and correct on such date. In addition, Borrower, LEAF and Servicer
each severally represents and warrants (which representations and warranties shall survive the
execution and delivery hereof) that (a) no unwaived Facility Termination Event or Event of Default
(nor any event that but for notice or lapse of time or both would constitute an unwaived Facility
Termination Event or Event of Default) shall have occurred and be continuing as of the date hereof
nor shall any unwaived Facility Termination Event or Event of Default (nor any event that but for
notice or lapse of time or both would constitute an unwaived Facility Termination Event or Event of
Default) occur due to this Amendment becoming effective, (b) Borrower, LEAF and Servicer each has
the power and authority to execute and deliver this Amendment and has taken or caused to be taken
all necessary actions to authorize the execution and delivery of this Amendment, (c) no consent of
any other person (including, without limitation, members or creditors of Borrower, LEAF or

2

 

Servicer), and no action of, or filing with any governmental or public body or authority is
required to authorize, or is otherwise required in connection with the execution and performance of
this Amendment, other than such that have been obtained, (d) the Loan Agreement, as amended by this
Amendment, constitutes the legal, valid and binding obligation of Servicer, LEAF and the Borrower,
enforceable against them in accordance with its terms except as the enforceability thereof may be
limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws of general
application affecting creditors’ rights generally and by general principles of equity (whether such
enforceability is considered in a proceeding in equity or law), and (e) the execution, delivery and
performance of this Amendment will not violate any provision of any existing law or regulation or
any order or decree of any court, regulatory body or administrative agency or the certificate of
formation or the limited liability company agreement of Servicer, LEAF or Borrower or any material
indenture, agreement, mortgage, deed of trust or other instrument to which Servicer, LEAF or the
Borrower is a party or by which it is bound.

     SECTION 4. Ratification. Upon execution of this Amendment, the Secured Loan Agreement
shall be amended in accordance herewith, and the respective rights, limitations, obligations,
duties, liabilities and immunities of the parties shall hereafter be determined, exercised and
enforced subject in all respects to such amendments, and the terms of this Amendment shall be a
part of the Secured Loan Agreement for any and all purposes. Except as modified and expressly
amended by this Amendment, the Amendment is in all respects ratified and confirmed, and all the
terms, provisions and conditions thereof shall be and remain in full force and effect.

     SECTION 5. GOVERNING LAW. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE INTERNAL LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF.

     SECTION 6. Counterparts. For the purpose of facilitating the execution of this
Amendment and for other purposes, this Amendment may be executed simultaneously in any number of
counterparts, each of which shall be deemed to be an original and together shall constitute and be
one and the same instrument.

     SECTION 7. Severability of Provisions. If any one or more of the provisions or terms
of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms
shall be deemed severable from the remaining provisions or terms of this Amendment and shall in no
way affect the validity or enforceability of the other provisions or terms of this Amendment.

     SECTION 8. Amendment. This Amendment may be amended or modified from time to time by
the parties hereto, but only by an instrument in writing signed by each of the parties hereto.

     SECTION 9. Headings. The Section headings are not part of this Amendment and shall
not be used in its interpretation.

3

 

     [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK]

4

 

          IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 
	 	 	LEAF FUND I, LLC,	 	 
	 	 	 	 	as Borrower	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LEASE EQUITY APPRECIATION FUND I, L.P.,	 	 
	 	 	 	 	as Seller	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	LEAF FINANCIAL CORPORATION,	 	 
	 

	 	 	 	 	 	as General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LEAF FINANCIAL CORPORATION, as Servicer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LEAF FUNDING, INC., as Originator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as 
Collateral Agent
and Securities Intermediary	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WESTLB AG, NEW YORK BRANCH, as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:exv10w1

 

CREDIT AGREEMENT

Dated March 30, 2007,

by and among

LEAF EQUIPMENT LEASING INCOME FUND III, L.P.

as the Borrower,

VARIOUS FINANCIAL INSTITUTIONS AND OTHER PERSONS FROM TIME TO

TIME

PARTIES HERETO,

as the Lenders,

and

NATIONAL CITY BANK,

as the Agent for the Lenders

 

 

Table of Contents

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Defined Terms
	 	 	1	 
	Section 1.2 Use of Defined Terms
	 	 	20	 
	Section 1.3 Cross-References
	 	 	20	 
	Section 1.4 Accounting and Financial Determinations
	 	 	21	 
	 
	 	 	 	 
	ARTICLE II REVOLVING CREDIT FACILITY
	 	 	21	 
	 
	 	 	 	 
	Section 2.1 Loans
	 	 	21	 
	Section 2.2 Reduction of Aggregate Commitment Amount
	 	 	21	 
	Section 2.3 Borrowing Procedures
	 	 	22	 
	Section 2.4 Continuation and Conversion Elections
	 	 	22	 
	Section 2.5 Funding
	 	 	22	 
	Section 2.6 Notes
	 	 	22	 
	 
	 	 	 	 
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	 	 	23	 
	 
	 	 	 	 
	Section 3.1 Repayments and Prepayments; Application
	 	 	23	 
	Section 3.2 Interest Provisions
	 	 	24	 
	Section 3.3 Fees
	 	 	25	 
	 
	 	 	 	 
	ARTICLE IV CERTAIN LIBOR AND OTHER PROVISIONS
	 	 	25	 
	 
	 	 	 	 
	Section 4.1 LIBOR Lending Unlawful
	 	 	25	 
	Section 4.2 Deposits Unavailable
	 	 	25	 
	Section 4.3 Increased LIBOR Loan Costs, etc.
	 	 	26	 
	Section 4.4 Funding Losses
	 	 	26	 
	Section 4.5 Increased Capital Costs
	 	 	27	 
	Section 4.6 Taxes
	 	 	27	 
	Section 4.7 Payments, Computations, etc
	 	 	29	 
	Section 4.8 Sharing of Payments
	 	 	30	 
	Section 4.9 Setoff
	 	 	30	 
	Section 4.10 Mitigation; Time Limitation
	 	 	31	 
	Section 4.11 Replacement of Lenders
	 	 	31	 
	 
	 	 	 	 
	ARTICLE V CONDITIONS TO CREDIT EXTENSIONS
	 	 	32	 
	 
	 	 	 	 
	Section 5.1 Initial Loan
	 	 	32	 
	Section 5.2 All Loans
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	 	 	35	 
	 
	 	 	 	 
	Section 6.1 Organization, etc.
	 	 	35	 
	Section 6.2 Due Authorization, Non-Contravention, etc.
	 	 	36	 
	Section 6.3 Government Approval, Regulation, etc.
	 	 	36	 
	Section 6.4 Validity, etc.
	 	 	36	 

- i -

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 6.5 Financial Information
	 	 	36	 
	Section 6.6 No Material Adverse Effect; Compliance with Laws
	 	 	37	 
	Section 6.7 Litigation
	 	 	37	 
	Section 6.8 Subsidiaries; Capitalization
	 	 	37	 
	Section 6.9 Ownership of Properties
	 	 	37	 
	Section 6.10 Taxes
	 	 	37	 
	Section 6.11 Pension and Welfare Plans
	 	 	37	 
	Section 6.12 Environmental Warranties
	 	 	38	 
	Section 6.13 Accuracy of Information
	 	 	39	 
	Section 6.14 Margin Stock
	 	 	39	 
	Section 6.15 Foreign Assets Control Regulations
	 	 	39	 
	Section 6.16 Labor Relations; Management Agreements
	 	 	39	 
	Section 6.17 Insurance
	 	 	39	 
	Section 6.18 Collateral Documents
	 	 	40	 
	Section 6.19 Compliance with OFAC Rules and Regulations
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VII FINANCIAL INFORMATION AND NOTICES
	 	 	40	 
	 
	 	 	 	 
	Section 7.1 Financial Statements and Projections
	 	 	40	 
	Section 7.2 Certificates
	 	 	41	 
	Section 7.3 Other Reports
	 	 	41	 
	Section 7.4 Notice of Litigation and Other Matters
	 	 	42	 
	Section 7.5 Accuracy of Information
	 	 	43	 
	 
	 	 	 	 
	ARTICLE VIII AFFIRMATIVE COVENANTS
	 	 	43	 
	 
	 	 	 	 
	3
	 	 	 	 
	Section 8.1 Maintenance of Existence; Compliance with Laws, etc.
	 	 	43	 
	Section 8.2 Maintenance of Properties
	 	 	43	 
	Section 8.3 Insurance
	 	 	43	 
	Section 8.4 Visitations, Books and Records, Field Audits
	 	 	44	 
	Section 8.5 Environmental Law Covenant
	 	 	45	 
	Section 8.6 Use of Proceeds
	 	 	45	 
	Section 8.7 Future Subsidiaries, Security, etc.
	 	 	45	 
	Section 8.8 Procedures to Ensure Information Dissemination
	 	 	46	 
	Section 8.9 Further Assurances
	 	 	46	 
	Section 8.10 Maintenance of Assets
	 	 	46	 
	 
	 	 	 	 
	ARTICLE IX FINANCIAL COVENANTS
	 	 	48	 
	 
	 	 	 	 
	Section 9.1 Maximum Leverage Ratio
	 	 	48	 
	Section 9.2 Minimum Tangible Net Worth
	 	 	48	 
	 
	 	 	 	 
	ARTICLE X NEGATIVE COVENANTS
	 	 	48	 
	 
	 	 	 	 
	Section 10.1 Business Activities
	 	 	48	 
	Section 10.2 Indebtedness
	 	 	48	 
	Section 10.3 Liens
	 	 	49	 
	Section 10.4 Investments
	 	 	50	 
	Section 10.5 Restricted Payments
	 	 	50	 

- ii -

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 10.6 Issuance of Capital Securities
	 	 	51	 
	Section 10.7 Consolidation, Merger, etc
	 	 	51	 
	Section 10.8 Sale of Assets
	 	 	51	 
	Section 10.9 Transactions with Affiliates
	 	 	51	 
	Section 10.10 Restrictive Agreements
	 	 	52	 
	Section 10.11 Sale and Leaseback
	 	 	52	 
	Section 10.12 Amendment to Material Documents
	 	 	52	 
	Section 10.13 Hedging Obligations
	 	 	52	 
	Section 10.14 Accounting Changes
	 	 	52	 
	Section 10.15 Upstream Limitations
	 	 	53	 
	 
	 	 	 	 
	ARTICLE XI EVENTS OF DEFAULTS AND REMEDIES
	 	 	53	 
	 
	 	 	 	 
	Section 11.1 Events of Default
	 	 	53	 
	Section 11.2 Action if Bankruptcy
	 	 	55	 
	Section 11.3 Action if Other Event of Default
	 	 	55	 
	Section 11.4 Application of Proceeds
	 	 	55	 
	 
	 	 	 	 
	ARTICLE XII THE AGENT
	 	 	56	 
	 
	 	 	 	 
	Section 12.1 Actions
	 	 	56	 
	Section 12.2 Funding Reliance, etc.
	 	 	57	 
	Section 12.3 Exculpation
	 	 	57	 
	Section 12.4 Successor
	 	 	57	 
	Section 12.5 Loans by Agent
	 	 	58	 
	Section 12.6 Credit Decisions
	 	 	58	 
	Section 12.7 Reliance by Agent
	 	 	58	 
	Section 12.8 Defaults
	 	 	59	 
	 
	 	 	 	 
	ARTICLE XIII MISCELLANEOUS
	 	 	59	 
	 
	 	 	 	 
	Section 13.1 Waivers, Amendments, etc.
	 	 	59	 
	Section 13.2 Notices; Time
	 	 	60	 
	Section 13.3 Payment of Costs and Expenses
	 	 	61	 
	Section 13.4 Indemnification
	 	 	62	 
	Section 13.5 Survival
	 	 	63	 
	Section 13.6 Severability
	 	 	63	 
	Section 13.7 Headings
	 	 	63	 
	Section 13.8 Execution in Counterparts, Effectiveness, etc.
	 	 	63	 
	Section 13.9 Governing Law; Entire Agreement
	 	 	64	 
	Section 13.10 Successors and Assigns
	 	 	64	 
	Section 13.11 Assignments and Participations in Loans; Register
	 	 	64	 
	Section 13.12 Other Transactions
	 	 	67	 
	Section 13.13 Forum Selection and Consent to Jurisdiction
	 	 	67	 
	Section 13.14 Waiver of Jury Trial
	 	 	68	 
	Section 13.15 USA Patriot Act
	 	 	68	 

- iii -

 

SCHEDULES AND EXHIBITS

	 	 	 	 	 
	Schedule I

	 	—
	 	Initial Commitments
	Schedule 1.1

	 	—
	 	Form of Assignment Agreement
	Schedule 6.7

	 	—
	 	Litigation
	Schedule 6.9

	 	—
	 	Real Property
	Schedule 6.11

	 	—
	 	Pension and Welfare Plans
	Schedule 6.12

	 	—
	 	Environmental Disclosures
	Schedule 10.2

	 	—
	 	Existing Indebtedness
	Schedule 10.3

	 	—
	 	Existing Liens
	Schedule 10.4

	 	—
	 	Existing Investments
	Schedule 10.9

	 	—
	 	Transactions with Affiliates
	 
	 	 	 	 
	Exhibit A

	 	—
	 	Form of Note
	Exhibit B

	 	—
	 	Form of Borrowing Request
	Exhibit C

	 	—
	 	Form of Borrowing Base Certificate
	Exhibit D

	 	—
	 	Form of Continuation/Conversion Notice
	Exhibit E

	 	—
	 	Form of Compliance Certificate
	Exhibit F

	 	—
	 	Form of Lender Assignment Acceptance

- iv -

 

CREDIT AGREEMENT

          THIS CREDIT AGREEMENT, dated March 30, 2007, is by and among LEAF EQUIPMENT LEASING INCOME
FUND III, L.P., a Delaware limited partnership (the “Borrower”), the various financial institutions
and other Persons from time to time parties hereto (the “Lenders”), and NATIONAL CITY BANK, a
national banking association (“National City”), as administrative agent and collateral agent for
the Lenders (in such capacity, the “Agent”).

BACKGROUND

          The Borrower has requested a revolving credit facility, which the Lenders have agreed to
extend to the Borrower on the terms and conditions of this Agreement for use by the Borrower to
finance the purchase of Eligible Contracts (as defined below).

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, and intending to be legally bound hereby, such parties
hereby agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

          Section 1.1 Defined Terms. The following terms, when used in this Agreement,
including its preamble and background, shall, except where the context otherwise requires, have the
following meanings (such meanings to be equally applicable to the singular and plural thereof):

          “Adjusted Base Rate” means, on any date and with respect to all Base Rate Loans, a
fluctuating rate of interest per annum (rounded upward, if necessary, to the next highest 1/100 of
1%) equal to the higher of (a) the Base Rate in effect on such day, and (b) the sum of the Federal
Funds Rate in effect on such day plus 1/2 of 1%. Changes in the rate of interest on that portion of
any Loans maintained as Base Rate Loans will take effect simultaneously with each change in the
Adjusted Base Rate. The Agent will give notice promptly to the Borrower and the Lenders of changes
in the Adjusted Base Rate; provided that the failure to give such notice shall not affect the
Adjusted Base Rate in effect after such change.

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

          “Affected Lender” is defined in Section 4.11(a).

          “Affiliate” of any Person means any other Person which, directly or indirectly,
controls, is controlled by or is under common control with such Person (excluding however, any
trustee under, or any committee with responsibility for administering, any Plan). “Control” of a
Person means the power, directly or indirectly, (a) to vote 5% or more of the Capital Securities
(on a fully diluted basis) of such Person having ordinary voting power for the election of

 

          directors, managing members or general partners (as applicable), or (b) to direct or cause the
direction of the management and policies of such Person (whether by contract or otherwise).

          “Agent” is defined in the preamble and includes each other Person appointed as the
successor Agent pursuant to Section 12.4.

          “Aggregate Commitment” means the aggregate amount of the Lenders’ Commitments
hereunder, as such amount may be reduced or modified at any time or from time to time pursuant to
the terms hereof. On the Closing Date, the Aggregate Commitment is Twenty-Five Million Dollars
($25,000,000).

          “Aggregate Original Net Equipment Cost” means, as of any date of determination, an
amount equal to the sum of the Original Net Equipment Costs of all Equipment then subject to an
Eligible Contract.

          “Aggregate Net Present Value” means, as of any date of determination, an amount equal
to the sum of the Net Present Values of all Eligible Contracts.

          “Agreement” means, on any date, this Credit Agreement as originally in effect on the
Closing Date and as thereafter from time to time amended, supplemented, amended and restated or
otherwise modified from time to time and in effect on such date.

          “Applicable Margin” means, (a) as to any Base Rate Loan, 0.0%, and (b) as to any LIBOR
Loan or LIBOR Flex Rate Loan, 1.75%.

          “Asset Management” means LEAF Asset Management, LLC, a Delaware limited liability
company.

          “Assignee Lender” is defined in Section 13.11(a).

          “Assignment Agreement” means an Assignment Agreement, in the form set forth as
Schedule 1.1 hereto pursuant to which the Borrower purchases Contracts from LEAF Funding.

          “Authorized Officer” means any of the president, the chief executive officer, the
chief operating officer, the chief financial officer or the treasurer of Asset Management or such
other representative of Asset Management as may be designated in writing by any one of the
foregoing with the consent of the Agent, such consent not to be unreasonably withheld; and, with
respect to financial statements, financial covenants and borrowing base calculations, the chief
financial officer, chief executive officer, chief operating officer or the treasurer of Asset
Management.

          “Base Rate” means, at any time, the rate of interest then most recently established by
the Agent in Cleveland, Ohio, as its base rate for U.S. dollars loaned in the United States. The
Base Rate is not necessarily intended to be the lowest rate of interest determined by the Agent in
connection with extensions of credit.

 - 2 - 

 

          “Base Rate Loan” means a Loan bearing interest at a fluctuating rate determined by
reference to the Adjusted Base Rate.

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

          “Borrower” means LEAF Equipment Leasing Income Fund III, L.P., a Delaware limited
partnership, together with its successors and permitted assigns.

          “Borrowing” means the Loans of the same type and, in the case of LIBOR Loans, having
the same Interest Period made by all Lenders required to make such Loans on the same Business Day
and pursuant to the same Borrowing Request.

          “Borrowing Base” means at any time the lesser of (a) ninety percent (90%) of the then
Aggregate Net Present Value, and (b) one hundred percent (100%) of the Aggregate Original Net
Equipment Cost; provided that, in performing such calculation, the Aggregate Net Present Value and
Aggregate Original Net Equipment Cost shall be reduced by such amount as may be necessary in order
that: (i) no more than an amount equal to five percent (5%) of the Aggregate Commitment is
attributable to any single Lessee; (ii) no more than an amount equal to ten percent (10%) of the
Aggregate Commitment is attributable to progress payments; (iii) none of either such amount is
attributable to any Contract or Equipment the value of which has been used in six months or more of
previous calculations of the Borrowing Base, except with respect to any Contract (and any related
Equipment) with a payment period of not greater than 12 months from the date of the first scheduled
payment thereunder, as to which, no more than an amount equal to twenty percent (20%) of the
Aggregate Commitment is attributable to such Contracts (and any related Equipment); (iv) no more
than an amount equal to five percent (5%) of the Aggregate Commitment is attributable to Contracts
whereby the related lessee is an Affiliate of the Borrower; and (v) no more than an amount equal to
twenty percent (20%) of the Aggregate Commitment is attributable to Contracts with initial stated
terms of greater than 120 months.

          “Borrowing Base Certificate” means a certificate duly completed and executed by an
Authorized Officer, substantially in the form of Exhibit C hereto.

          “Borrowing Request” means a Loan request and certificate duly executed by an
Authorized Officer, substantially in the form of Exhibit B hereto.

          “Business Day” means (a) any day which is neither a Saturday or Sunday nor a legal
holiday on which banks are authorized or required to be closed in Cleveland, Ohio, and (b) relative
to the making, continuing, prepaying or repaying of any LIBOR Loans, any day which is a Business
Day described in clause (a) above and which is also a day on which dealings in Dollars are carried
on in the London interbank eurodollar market.

          “Capital Expenditures” means, with respect to any Person, for any period, the
aggregate amount of all expenditures of such Person for fixed or capital assets made during such
period which, in accordance with GAAP, would be classified as capital expenditures.

 - 3 - 

 

          “Capital Securities” means, with respect to any Person, any and all shares, interests
(including partnership interests or limited liability company interests), participations or other
equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether
now outstanding or issued after the Closing Date.

          “Capitalized Lease Liabilities” means, which respect to any Person, all monetary
obligations of such Person under any leasing or similar arrangement which, in accordance with GAAP,
would be classified as capital leases, and the amount of such obligations shall be the capitalized
amount thereof, determined in accordance with GAAP, and the stated maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be terminated by the lessee without payment of a premium or a penalty.

          “Cash Equivalent Investment” means, at any time: (a) any direct obligation of (or
unconditionally guaranteed by) the United States or a State thereof (or any agency or political
subdivision thereof, to the extent such obligations are supported by the full faith and credit of
the United States or a State thereof) maturing not more than one year after such time; (b)
commercial paper maturing not more than 270 days from the date of issue, which is issued by (i) a
corporation (other than an Affiliate of the Borrower) organized under the laws of any State of the
United States or of the District of Columbia and rated A-1 or higher by S&P or P-1 or higher by
Moody’s, or (ii) any Lender (or its holding company) rated A-1 or higher by S&P or P-1 or higher by
Moody’s; (c) any certificate of deposit, time deposit or bankers acceptance, maturing not more than
one year after its date of issuance and overnight bank deposits, which is issued by either (i) any
bank organized under the laws of the United States (or any State thereof) and which has (x) a
credit rating of A2 or higher from Moody’s or A or higher from S&P and (y) a combined capital and
surplus greater than $500,000,000, or (ii) any Lender; (d) any repurchase agreement having a term
of 30 days or less entered into with any Lender or any commercial banking institution satisfying
the criteria set forth in clause (c)(i) which (i) is secured by a fully perfected security interest
in any obligation of the type described in clause (a), and (ii) has a market value at the time such
repurchase agreement is entered into of not less than 100% of the repurchase obligation of such
commercial banking institution thereunder; or (e) any money market fund, 90% of the assets of which
are comprised of any of the items specified in clauses (b) and (c) above and as to which
withdrawals are permitted at least every 90 days and which do not have restrictions on liquidation
rights.

          “Casualty Payment” means, as to any Contract, any payment under such Contract, made in
connection with an Event of Loss with respect to any Equipment subject to such Contract, that
terminates all or a portion of the related Lessee’s obligation to make subsequent Lease Payments
pursuant to the terms of such Contract.

          “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended.

          “Change in Control” means Asset Management, shall cease to be either (i) the general
partner of the Borrower or (ii) a Subsidiary of Resource America, Inc.

 - 4 - 

 

          “Closing Date” means the date this Agreement becomes effective pursuant to Section
5.1.

          “Code” means the Internal Revenue Code of 1986, and the regulations thereunder, in
each case as amended, supplemented, reformed or otherwise modified from time to time.

          “Collateral” shall mean all tangible and intangible property, real and personal, of
the Borrower that is the subject of a Lien granted pursuant to a Credit Document to the Agent to
secure the whole or any part of the Obligations or any guarantee thereof, and shall include all
casualty insurance proceeds and condemnation awards with respect to any of the foregoing.

          “Commitment” means, as to any Lender, the obligation of such Lender to make Loans to
the Borrower hereunder in an aggregate principal or face amount at any time outstanding not to
exceed the amount set forth opposite such Lender’s name on Schedule I hereto, as the same may be
increased, reduced or modified at any time or from time to time pursuant to the terms hereof.

          “Compliance Certificate” means a certificate duly completed and executed by an
Authorized Officer, substantially in the form of Exhibit E hereto, together with such
changes thereto as the Agent may from time to time reasonably request for the purpose of monitoring
the Borrower’s compliance with the financial covenants contained herein.

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

          “Continuation/Conversion Notice” means a notice of continuation or conversion and
certificate duly executed by an Authorized Officer, substantially in the form of Exhibit D
hereto.

          “Contract” means (i) a lease, loan or contract for use, hire or purchase of equipment,
(ii) a practice acquisition loan, (iii) an ultimate net loss loan, (iv) other commercial contracts
such as service and maintenance agreements, or (v) receivable financings secured by non-equipment
collateral such as real estate, together with any assignments thereof and any delivery and
acceptance certificate therefor, any guaranties and amendments, addendums and other modifications
thereto.

          “Contract File” means, with respect to any item of Equipment (or Contract):

          (a) if subject to a Contract secured by such Equipment, the original (or a certified copy of
the original) counterpart thereof that constitutes “chattel paper” for purposes of the UCC, if the
Original Price for such Equipment is $250,000 or greater, or, for any Contract

 - 5 - 

 

which does not constitute “chattel paper” (or for which the Original Price is an amount less
than $250,000), a true and complete copy of the originally executed Contract; provided, however,
for any Contract executed after the date of this Agreement, the Contract File shall contain an
original counterpart or complete copy, as applicable, no later than ten (10) days after such
Contract is executed;

          (b) with respect to any Contract in excess of $100,000, evidence or verification of an
insurance policy covering such risks and amounts and otherwise complying with the requirements of
the Servicing Standard and the related Contract for any related Equipment (except where the related
Lessee is self-insured in accordance with the terms of this Agreement);

          (c) any loan or security agreement relating to such Equipment (or Contract) or any Contract
related thereto, together with originals of any notes, instruments or documents relating thereto;

          (d) each receipt of acceptance by the applicable Lessee of such Equipment (or Contract), if
any;

          (e) with respect to such Equipment (or Contract), each guaranty of any related Contract, if
any;

          (f) each UCC financing statement, as filed, which relates to such Equipment (or Contract) or
any related Contract, if any;

          (g) each amendment of any related Contract, if any; and

          (h) each assignment of any related Contract, if any.

          “Contract Payment” means, with respect to any Contract, the minimum monthly or other
periodic contractual rental or loan payment required to be made thereunder.

          “Control Agreement” means an agreement in form and substance satisfactory to the Agent
which provides for the Agent to have “control” (as defined in Section 8-106(c) and (d) of the UCC,
as such term relates to an uncertificated security or a security entitlement (as such terms are
defined therein) or as used in Section 9-104 of the UCC, as such term relates to Deposit Accounts).

          “Controlled Group” means all members of a controlled group of corporations and all
members of a controlled group of trades or businesses (whether or not incorporated) under common
control which, together with any Borrower, are treated as a single employer under Section 414(b) or
414(c) of the Code or Section 4001 of ERISA.

          “CP Facility” means any commercial paper conduit facility, securitization facility,
warehouse line or similar credit facility maintained by any LEAF SPE.

          “Credit Documents” collectively means this Agreement, the Notes, the Security
Agreement, the Intercreditor Agreement, the Lockbox Agreement, any Control Agreement and

 - 6 - 

 

each other agreement pursuant to which the Agent is granted a Lien to secure the Obligations,
and each other agreement, certificate, document or instrument delivered in connection with any
Credit Document, whether or not specifically mentioned herein or therein; provided that such term
shall not include any Secured Hedging Agreement.

          “Default” means any Event of Default or any condition, occurrence or event which,
after notice or lapse of time or both, would constitute an Event of Default.

          “Defaulted Contract” means any Contract for which: (a) any Contract Payment (or
portion thereof) owing thereunder is more than 61 days delinquent (measured from its contractual
due date); (b) the related Lessee is in default under any other provision of such Contract not
dealt with in clause (a) and any applicable grace and/or cure period set forth in such Contract has
expired and the Borrower has in accordance with its normal procedures declared such Contract to be
in default; or (c) the Borrower has otherwise determined that the remaining amounts owing by the
Lessee under such Contract are expected to be uncollectible.

          “Defaulting Lender” is defined in Section 4.11(a).

          “Deposit Accounts” means any and all demand, time, savings, passbook, lockbox or other
accounts with a bank or other financial institution, including general deposit and cash
concentration accounts, in which any cash, payments or receipts of or for the benefit of any
Borrower are or are to be deposited, and all deposits therein and investments thereof, whether now
or at any time hereafter existing.

          “Disposition” means any (a) sale, transfer, lease or other conveyance (including by
way of merger, condemnation, casualty loss or sale/leaseback) of, (b) the granting of options or
other rights to sell, transfer, lease or otherwise convey, any, or (c) the receipt of any
condemnation, insurance or similar proceeds with respect to any casualty loss of, the Borrower’s
assets (including the sale of Contracts or accounts receivables and the sale of Capital Securities,
but not including an issuance of Capital Securities) to any other Person in a single transaction or
event or series of related transactions or events.

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

          “Eligible Contract” means a Contract owned by the Borrower that, as of any date of
determination, complies with the covenants set forth in this Agreement and each of the following
requirements:

          (a) Such Contract originated in the ordinary course of the Borrower’s business and is not a
Defaulted Contract;

          (b) Such Contract is a legal, valid and binding full recourse payment obligation of the
related Lessee enforceable in accordance with its terms (except as may be limited by applicable
insolvency, bankruptcy, moratorium, reorganization, or other similar laws affecting enforceability
of creditors’ rights generally and the availability of equitable remedies) and is in full force and
effect, is not subject to any defense, counterclaim or right of setoff, and has not been satisfied,
subordinated or rescinded;

 - 7 - 

 

          (c) The initial stated term of such Contract is not greater than 180 months;

          (d) With the exception of any Contracts with a Governmental Authority required by law to have
provisions to the contrary, the Lessee’s obligations under such Contract are “hell or high water”
obligations that are, among other characteristics, non-cancelable, unconditional and not subject to
any right of set-off, rescission, counterclaim, offset, reduction or recoupment except that, upon
making of a Casualty Payment under such Contract, the obligation of the related Lessee to make
Lease Payments thereunder may be reduced accordingly;

          (e) Such Contract contains provisions requiring the Lessee to pay all sales, use, excise,
rental, property or similar taxes imposed on or with respect to any related Equipment and to assume
all risk of loss, damage, or destruction of such Equipment, and such Contract requires the Lessee
to maintain any related Equipment in good and workable order and to obtain and maintain liability
insurance, physical damage insurance and liability insurance on such Equipment subject thereto and
to name the lessor (including any private label lessor) or lender under the Contract as a loss
payee and an additional insured with respect thereto;

          (f) The pledge by the Borrower to the Agent of a security interest in such Contract and the
related Equipment will not violate the terms or provisions of such Contract or any other agreement
to which any Borrower is a party or by which it is bound;

          (g) Such Contract has not been rewritten or amended, other than in accordance with the written
policies and procedures of Borrowers and consistent with their past practice, such that the amount
of any Contract Payment owing pursuant to the terms of such Contract has been decreased, or any
other obligations of the Lessee under such Contract have been diminished, due to any payment
default or delinquency or the related Lessee’s financial inability to make such payments;

          (h) The related Lessee is not subject to any action in bankruptcy, receivership,
reorganization, insolvency or other material adverse change in its condition (since entering into
the Contract);

          (i) All payments owing under such Contract are required to be made in Dollars;

          (j) Such Contract provides for the acceleration of all Lease Payments thereunder upon default
by the Lessee;

          (k) Such Contract requires that, if an Event of Loss occurs, the related Lessee must take one
of the following actions: (i) either (A) restore or repair the affected Equipment to good repair,
condition and working order or (B) replace the Equipment with like equipment of the same or later
model in good repair, condition and working order, and, in either case, continue to make Contract
Payments on its regularly scheduled basis despite the occurrence of such Event of Loss; or (ii)
make a lump sum payment in an amount that is not less than the then Net Present Value;

          (l) Such Contract and the Equipment subject to such Contract are not subject to any Liens
other than Permitted Liens;

 - 8 - 

 

          (m) The Agent has a first priority perfected security interest in such Contract (subject only
to Permitted Liens), and a complete Contract File for such Contract is maintained either (i) with a
custodian who holds such Contract Files for the benefit of the Agent, or (ii) in the chief
executive office of the Borrowers (or such other location as is owned or, to the extent subject to
a satisfactory landlord waiver in favor of the Agent, leased by the Borrower), in a secure and
fireproof filing cabinet clearly identifying the contents thereof as Collateral hereunder, pledged
to the Agent.

          (n) The Agent (directly or through the Borrower) has a first priority perfected security
interest in any Equipment subject to a finance lease (to the extent such Equipment has, in the
aggregate, an Original Net Equipment Cost of $25,000 or more);

          (o) The Lessee and each item of Equipment subject to such Contract are domiciled or located
within the United States and Puerto Rico, as applicable; and

          (p) Such Contract is eligible for financing under a CP Facility.

          provided that, compliance with paragraph (m) above is hereby waived for the first three (3)
Business Days following acquisition of such Contract pursuant to a Financed Acquisition.

          “Environmental Laws” means all applicable federal, state or local statutes, laws,
ordinances, codes, rules, regulations and guidelines (including consent decrees and administrative
orders) relating to public health and safety and protection of the environment.

          “Equipment” means inventory of the Borrower or equipment of a Lessee which is subject
to a Contract or inventory of the Borrower held for the purpose of leasing or contracting for use,
hire or purchase with clients of the Borrower.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto of similar import, together with the regulations thereunder, in each case
as in effect from time to time. References to Sections of ERISA also refer to any successor
Sections thereto.

          “Event of Default” is defined in Section 11.1.

          “Event of Loss” means, with respect to any Equipment as of any date of determination,
any of the following events or conditions:

          (a) total loss or destruction thereof;

          (b) theft or disappearance thereof without recovery within sixty (60) days after such theft or
disappearance first becomes known to the Borrower;

          (c) damage rendering such Equipment unfit for normal use and, in the judgment of the Borrower,
beyond repair at reasonable cost; and

          (d) any condemnation, seizure, forced sale or other taking of title to or use of any such
Equipment,

 - 9 - 

 

           provided, however, no Equipment shall be deemed to be subject to an Event of Loss for so long
as the Lessee continues to pay any Lease Payments with respect to such Equipment without reduction
or offset.

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

          “Exemption Certificate” is defined in Section 4.6(e).

          “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum
equal for each day during such period to (a) the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York, or (b) if such rate is not so published for any day which
is a Business Day, the average of the quotations for such day on such transactions received by the
Agent from three federal funds brokers of recognized standing selected by it.

          “Financed Acquisition” means an acquisition of Contracts or of a division or line of
business of another Person, by the Borrower from any Person in which the following conditions are
satisfied:

          (a) immediately before and immediately after giving effect to such acquisition, no Default or
Event of Default shall have occurred and be continuing or would result therefrom;

          (b) all transactions related thereto are consummated in accordance with applicable law; and

          (c) the Borrower shall have delivered to the Agent a Borrowing Base Certificate evidencing
compliance immediately following such acquisition, giving pro forma effect to the consummation of
such acquisition and all Loans made in connection therewith.

          “Fiscal Quarter” means a fiscal quarter of the Borrower.

          “Fiscal Year” means the fiscal year of the Borrower (ending each December 31).

          “GAAP” means generally accepted accounting principles in effect in the United States
of America applied on a consistent basis.

          “Governmental Authority” means the government of the United States, 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.

          “Hazardous Material” means (a) any “hazardous substance”, as defined by CERCLA, (b)
any “hazardous waste”, as defined by the Resource Conservation and Recovery Act, as amended, or (c)
any pollutant or contaminant or hazardous, dangerous or toxic chemical,

 - 10 - 

 

material or substance (including any petroleum product) within the meaning of any other
applicable federal, state or local law, regulation, ordinance or requirement (including consent
decrees and administrative orders) relating to or imposing liability or standards of conduct
concerning any hazardous, toxic or dangerous waste, substance or material, all as amended.

          “Hedging Agreements” means, with respect to any Person, any currency exchange
agreements, interest rate swap agreements, interest rate cap agreements and interest rate collar
agreements, and all other agreements or arrangements designed to protect such Person against
fluctuations in interest rates or currency exchange rates.

          “Hedging Obligations” means, with respect to any Person, all liabilities of such
Person under Hedging Agreements.

          “Indebtedness” of any Person means all debts, liabilities and obligations of such
Person including, without limitation:

          (a) all obligations of such Person for borrowed money;

          (b) all obligations of such Person evidenced by bonds, debentures, notes or similar
instruments;

          (c) all obligations, contingent or otherwise, relative to the face amount of all letters of
credit, banker’s acceptances and similar extensions of credit, whether or not drawn, issued for the
account of such Person;

          (d) all Capitalized Lease Liabilities of such Person;

          (e) net liabilities of such Person under all Hedging Obligations;

          (f) whether or not so included as liabilities in accordance with GAAP, all obligations of such
Person to pay the deferred purchase price of equity interests, property or services, and
indebtedness secured by (or for which the holder of such indebtedness has an existing right,
contingent or otherwise, to be secured by) a Lien on property owned or being acquired by such
Person (including indebtedness arising under conditional sales or other title retention
agreements), whether or not such indebtedness shall have been assumed by such Person or is limited
in recourse;

          (g) Off-Balance Sheet Liabilities of such Person;

          (h) all Contingent Liabilities of such Person in respect of any of the foregoing (including
any partial recourse obligation or liability to the maximum extent of such recourse, but excluding
from any such amount, any fully non-recourse obligation or liability); and

          (i) all accounts payable, income taxes payable and other accrued liabilities.

          The Indebtedness of any Person shall include the Indebtedness of any other Person (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

 - 11 - 

 

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

          “Indemnified Liabilities” is defined in Section 13.4.

          “Indemnified Parties” is defined in Section 13.4.

          “Intercreditor Agreement” means that certain Amended and Restated Intercreditor
Agreement, dated as of April 18, 2005, as amended, restated, supplemented or otherwise modified
from time to time, by and among the LEAF Agent, LEAF Financial, Leaf Funding, Sovereign Bank, OFC
Capital, a division of ALFA Financial Corporation, National City Commercial Capital Corporation
f/k/a Information Leasing Corporation, National City Bank, WestLB AG, New York Branch, Commerce
Bank, National Association, Merrill Lynch Equipment Finance LLC, Merrill Lynch Commercial Finance
Corp., LEAF Institutional Direct Management, LLC, Lease Equity Appreciation Fund I, L.P., Lease
Equity Appreciation Fund II, L.P., LEAF Fund I, LLC, LEAF Fund II, LLC, RCC Commercial, Inc.,
Resource Capital Funding, LLC, Black Forest Funding Corporation, Bayerische Hypo-Und Vereinsbank
AG, New York Branch, U.S. Bank National Association, and any additional Persons who become parties
thereto in accordance with the terms thereof.

          “Interest Period” means, relative to any LIBOR Loan, the period beginning on (and
including) the date on which such LIBOR Loan is made or continued as, or converted into, a LIBOR
Loan and shall end on (but exclude) the day which numerically corresponds to such date one, two, or
three months thereafter provided, however, that:

          (a) the Interest Period shall commence on the date of advance of or conversion to any LIBOR
Loan and, in the case of immediately successive Interest Periods, each successive Interest Period
shall commence on the date on which the next preceding Interest Period expires;

          (b) if any Interest Period would otherwise expire on a day that is not a Business Day, such
Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest
Period with respect to a LIBOR Loan would otherwise expire on a day that is not a Business Day but
is a day of the month after which no further Business Day occurs in such month, such Interest
Period shall expire on the next preceding Business Day;

          (c) any Interest Period with respect to a LIBOR Loan that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last Business Day of the relevant
calendar month at the end of such Interest Period;

          (d) no Interest Period shall extend beyond the Termination Date; and

          (e) there shall be no more than six (6) different Interest Periods applicable to LIBOR Loans
outstanding at any time.

          “Investment” means, relative to any Person, (a) any loan, advance or extension of
credit made by such Person to any other Person, including the purchase by such Person of any

 - 12 - 

 

bonds, notes, debentures or other debt securities of any other Person (excluding, however,
commission, travel, petty cash and similar advances to officers, employees, consultants and agents
in the ordinary course of business), and (b) any Capital Securities held by such Person in any
other Person. The amount of any Investment shall be the original principal or capital amount
thereof less all returns of principal or equity thereon and shall, if made by the transfer or
exchange of property other than cash, be deemed to have been made in an original principal or
capital amount equal to the fair market value of such property at the time of such Investment,
provided however that any purchases of Contracts shall not be deemed to be Investments.

          “LEAF Agent” means National City, in its capacity as administrative agent under the
LEAF Credit Agreement, or any successor thereto as administrative agent.

          “LEAF Credit Agreement” means that certain Credit Agreement, dated July 31, 2006,
among the LEAF Financial and LEAF Funding, as Borrowers, the lenders thereunder, and the LEAF
Agent, as amended, supplemented, amended and restated or otherwise modified from time to time.

          “LEAF Financial” means LEAF Financial Corporation, a Delaware corporation.

          “LEAF Funding” means LEAF Funding, Inc., a Delaware corporation.

          “LEAF SPE” means any special purpose entity or similar bankruptcy remote entity,
whether or not an Affiliate of the Borrower, for which LEAF Financial provides servicing under a
Servicing Agreement.

          “Lease Payment” means, with respect to any Contract, any Contract Payment or other
payment required to be paid by the related Lessee under such Contract.

          “Lender Assignment Agreement” means an assignment agreement substantially in the form
of Exhibit F hereto.

          “Lenders” is defined in the preamble (including any Person that becomes a Lender
pursuant to Section 13.11(a)).

          “Lessee” means a Person that is contractually obligated to make rental or loan and
other payments under a Contract (whether or not a lease), including any guarantor of such
obligations.

          “Leverage Ratio” means, as of the last day of any Fiscal Quarter, the ratio for the
Borrower of (a) Total Liabilities to (b) Tangible Net Worth, each as of such date.

          “LIBOR” means, relative to any Interest Period for any LIBOR Loan, the rate of
interest equal to the average (rounded upwards, if necessary, to the nearest 1/100 of 1%) of the
rates per annum at which Dollar deposits in immediately available funds are offered to Agent in the
London interbank market at or about 11:00 a.m. London, England time two (2) Business Days prior to
the beginning of such Interest Period for delivery on the first day of such Interest Period, and in
an amount approximately equal to the amount of such LIBOR Loan and for a period approximately equal
to such Interest Period.

 - 13 - 

 

          “LIBOR (Reserve Adjusted)” means, relative to any Loan to be made, continued or
maintained as, or converted into, a LIBOR Loan for any Interest Period, a rate per annum (rounded
upwards, if necessary, to the nearest 1/100 of 1%) determined pursuant to the following formula:

	 	 	 	 	 	 	 
	LIBOR (Reserve Adjusted)

	 	=
	 	LIBOR	 	 
	 

	 	 	 	 

1.00 - LIBOR Reserve Percentage
	 	 

          “LIBOR Flex Rate” means the quotient of (a) a fluctuating rate per annum which is
designated or published from time to time by the Agent as being its “One Month LIBOR Rate” (which,
unless Agent otherwise notifies the Borrower, shall be equal to the rate of interest (rounded
upwards, if necessary, to the nearest 1/100th of 1%), at or about 11:00 a.m. London,
England time, two (2) Business Days prior to the applicable Change Date (as defined below), as
listed on the British Bankers Association Interest LIBOR 01 or 02 as provided by Reuters (or
another similar service if Reuters is unavailable), as the rate at which Dollar deposits with a
maturity of one month are offered to Agent in the London interbank market) (it being acknowledged
that the LIBOR Flex Rate is not necessarily (i) the lowest rate of interest or the only “LIBOR”
denominated interest rate then available from the Agent on fluctuating rate loans or (ii)
calculated in the same manner as any other “LIBOR” denominated interest rate offered by the Agent)
divided by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage. It is
further acknowledged that the LIBOR Flex Rate is not necessarily calculated in the same manner as
any other “LIBOR” denominated interest rate offered by any other bank or published by any
publication. The Agent will inform the Borrower of the current LIBOR Flex Rate upon their request.
The interest rate change will not occur more often than once each month and shall be based on the
LIBOR Flex Rate effective as of the last business day of each month (the “Change Date”) and
apply thereafter until the next Change Date. If the LIBOR Flex Rate becomes unavailable during the
term of any Loan, the Agent may designate a substitute index after notice to the Borrowers. The
Borrower understands that Agent may make loans based on other indexes or rates as well.

          “LIBOR Flex Rate Loan” means a Loan bearing interest at a fluctuating rate determined
by reference to the LIBOR Flex Rate.

          “LIBOR Loan” means a Loan bearing interest, at all times during an Interest Period
applicable to such Loan, at a rate of interest determined by reference to LIBOR (Reserve Adjusted).

          “LIBOR Reserve Percentage” means, relative to any Interest Period for LIBOR Loans, the
reserve percentage (expressed as a decimal) equal to the maximum aggregate reserve requirements
(including all basic, emergency, supplemental, marginal and other reserves and taking into account
any transitional adjustments or other scheduled changes in reserve requirements) specified under
regulations issued from time to time by the Board and then applicable to assets or liabilities
consisting of or including “Eurocurrency Liabilities”, as currently defined in Regulation D of the
Board, having a term approximately equal or comparable to such Interest Period.

 - 14 - 

 

          “Lien” means any security interest, mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in
property, or other priority or preferential arrangement of any kind or nature whatsoever, to secure
payment of a debt or performance of an obligation.

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

          “Lockbox Agreement” means that certain Lockbox Agency and Control Agreement dated as
of July 31, 2006, as amended, restated, supplemented or otherwise modified from time to time, among
LEAF Financial, LEAF Funding, LEAF Institutional Direct Management, LLC, a Delaware limited
liability company, Lease Equity Appreciation Fund I, L.P., a Delaware limited partnership, U.S.
Bank National Association, in its capacity as Lockbox Agent and as Lockbox Bank thereunder, LEAF
Agent, and any additional Persons who become parties thereto in accordance with the terms thereof.

          “Management Agreements” shall mean any agreements or arrangements among the
shareholders and employment (including any phantom equity arrangements) and non-compete agreements
or arrangements between the Borrower and any of its directors, officers or employees.

          “Material Adverse Effect” means, with respect to any event, act, condition or
occurrence of whatever nature (including any adverse determination in any litigation, arbitration,
or governmental investigation or proceeding), whether singularly or in conjunction with any other
event or events, act or acts, condition or conditions, occurrence or occurrences whether or not
related, a material adverse change in, or a material adverse effect on, (a) the business, results
of operations, condition (financial or otherwise), assets, liabilities or prospects of the
Borrower, (b) the ability of the Borrower to perform any of its obligations under any of the Credit
Documents, (c) the rights and remedies of any Secured Party under any of the Credit Documents or
(d) the legality, validity or enforceability of any of the Credit Documents.

          “Monthly Payment Date” means the first (1st) day of each month, or, if any
such day is not a Business Day, the next succeeding Business Day.

          “Moody’s” means Moody’s Investors Service, Inc. or any successor.

          “National City” is defined in the preamble.

          “Net Disposition Proceeds” means with respect to any Disposition, the excess
of:

          (a) the gross cash proceeds received by the Borrower, from any such Disposition and any cash
payments in immediately available funds received in respect of promissory notes (or other non-cash
consideration) delivered to the Borrower in respect thereof; over

          (b) the sum of (i) all reasonable and customary commissions, legal, and other professional
fees, sales commissions and other reasonable and customary costs and disbursements, in each case
actually incurred in connection with such Disposition, and (ii)

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payments made by the Borrower to retire any Indebtedness of the Borrower where payment of such
Indebtedness is required in connection with such Disposition.

          “Non-Excluded Taxes” means any Taxes other than net income, net profit and franchise
taxes, and property (other than Taxes attributable to the Loan transactions), business privilege or
capital stock (other than Taxes attributable to the Loan transactions), employment related or
similar Taxes imposed with respect to the Agent or any Lender by any Governmental Authority under
the laws of which the Agent or such Lender is organized, in which it maintains its applicable
lending office or in which it is engaged in business activity through the presence of any office,
employees, agent or other representative.

          “Non-U.S. Lender” means any Lender or Participant that is not a “United States
person”, as defined under Section 7701(a)(30) of the Code.

          “Note” means a promissory note of the Borrower payable to a Lender, in the form of
Exhibit A hereto (as such promissory note may be amended, endorsed or otherwise modified
from time to time), evidencing the aggregate Indebtedness of the Borrower to such Lender resulting
from outstanding Loans, and also means all other promissory notes accepted from time to time in
substitution therefor or renewal thereof.

          “Obligations” means, in each case, whether now in existence or hereafter arising: (a)
the principal of and interest on (including, without limitation, any interest accruing after the
filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like
proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) the Loans; (b) all other obligations (monetary or otherwise, whether absolute or
contingent, matured or unmatured) of the Borrower arising under or in connection with a Credit
Document or a Secured Hedging Agreement; and (c) all other fees, expenses and commissions
(including, without limitation, attorney’s fees), charges, indebtedness, loans, liabilities,
financial accommodations, obligations, covenants and duties owing by the Borrower to any Secured
Party, of every kind, nature and description, direct or indirect, absolute or contingent, due or to
become due, contractual or tortious, liquidated or unliquidated, that relate to any Credit Document
or Secured Hedging Agreement.

          “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

          “Off-Balance Sheet Liabilities” of any Person means (a) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any
liability of such Person under any sale and leaseback transactions which do not create a liability
on the balance sheet of such Person, (c) any obligation of such Person under any Synthetic Lease or
(d) any obligation arising with respect to any other transaction which is the functional equivalent
of or takes the place of borrowing but which does not constitute a liability on the balance sheet
of such Person.

          “Organizational Document” means, relative to any Person, as applicable, its
certificate of incorporation, by-laws, certificate of partnership, partnership agreement,
certificate of formation, limited liability agreement and all shareholder agreements, voting trusts
and similar

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arrangements applicable to any of such Person’s partnership interests, limited liability
company interests or authorized shares of Capital Securities.

          “Original Net Equipment Cost” means, with respect to any Equipment subject to an
Eligible Contract, an amount equal to (a) the Borrower’s cost in accordance with GAAP, less (b) the
amount of any advance, security deposit or other up-front payment made by the applicable Lessee to
such Borrower with respect to such Equipment or the related Contract.

          “Original Price” means, with respect to any Equipment subject to a Contract (a) which
is originated by LEAF Financial or LEAF Funding, the original invoice price of any related
Equipment subject to such Contract, and, (b) any other such Equipment, the amount paid by LEAF
Financial or LEAF Funding to purchase the related Contract.

          “Other Taxes” means any and all stamp, documentary or similar taxes, or any other
excise or property taxes or similar levies that arise on account of any payment made or required to
be made under any Credit Document or from the execution, delivery, registration, recording or
enforcement of any Credit Document.

          “Participant” is defined in Section 13.11(b).

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

          “Pension Plan” means a “pension plan”, as such term is defined in Section 3(2) of
ERISA, which is subject to Title IV of ERISA (other than a multiemployer plan as defined in Section
4001(a)(3) of ERISA), and to which the Borrower or any corporation, trade or business that is,
along with the Borrower, a member of a Controlled Group, may have liability, including any
liability by reason of having been a substantial employer within the meaning of Section 4063 of
ERISA at any time during the preceding five years, or by reason of being deemed to be a
contributing sponsor under Section 4069 of ERISA.

          “Percentage” means, relative to any Lender, the percentage opposite its name on
Schedule I hereto under the Commitment column or set forth in a Lender Assignment Agreement under
the Commitment column, as such percentage may be adjusted from time to time pursuant to Lender
Assignment Agreements executed by such Lender and its Assignee Lender and delivered pursuant to
Section 13.11(a).

          “Person” means any natural person, corporation, limited liability company,
partnership, joint venture, association, trust or unincorporated organization, Governmental
Authority or any other legal entity, whether acting in an individual, fiduciary or other capacity.

          “Plan” means any Pension Plan or Welfare Plan.

          “Register” is defined in Section 13.11(c).

          “Related Fund” means, with respect to any Lender, any fund that invests in loans and
whose decisions relating to such loans is controlled (by contract or otherwise) by such

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Lender or, in the case of a Lender that is a fund, by the same investment advisor as such
Lender or by an Affiliate of such investment advisor.

          “Release” means a “release”, as such term is defined in CERCLA.

          “Required Lenders” means Lenders holding more than fifty percent (50%) of the Total
Exposure Amount.

          “Resource Conservation and Recovery Act” means the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., as amended.

          “Restricted Payment” means (a) the declaration or payment of any dividend (other than
dividends payable solely in Capital Securities of the Borrower) on, or the making of any payment
(including, without limitation, principal, interest, fees or expenses) or distribution on account
of, or setting apart assets for a sinking or other analogous fund for, the purchase, redemption,
defeasance, retirement or other acquisition of any class of Capital Securities of the Borrower or
any options, warrants, or other rights to purchase any such Capital Securities, whether now or
hereafter outstanding, or the making of any other distribution in respect thereof, either directly
or indirectly, whether in cash or property, obligations of the Borrower or otherwise, or (b) any
payment by the Borrower of any management or consulting fee to any Person or of any salary, bonus
or other form of compensation to any Person who is an Affiliate or executive officer of any such
Person, but excluding any such salary, bonus or other form of compensation to the extent approved
by Parent.

          “S&P” means Standard & Poor’s Rating Services, a division of McGraw-Hill, Inc., or any
successor.

          “Sanctioned Country” means a country subject to a sanctions program identified on the
list maintained by OFAC and available at http://www.treas.gov/offices/enforcement
/ofac/sanctions/index.html, or as otherwise published from time to time.

          “Sanctioned Person” means (a) a Person named on the list of “Specially Designated
Nationals and Blocked Persons” maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/sdn/index.html, or as otherwise published
from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an
organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned
Country, to the extent subject to a sanctions program administered by OFAC.

          “SEC” means the Securities and Exchange Commission.

          “Secured Hedging Agreement” means, collectively, any Hedging Agreement entered into by
the Borrower under which the counterparty of such agreement is (or at the time such agreement was
entered into, was) a Lender or an Affiliate of a Lender.

          “Secured Hedging Obligations” means any Obligations with respect to Secured Hedging
Agreements.

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          “Secured Parties” means, collectively, the Lenders, the Agent, each counterparty to a
Secured Hedging Agreement, and (in each case) each of their permitted respective successors,
transferees and assigns.

          “Security Agreement” means the Security Agreement executed and delivered by the
Borrower pursuant to this Agreement, as amended, supplemented, amended and restated or otherwise
modified from time to time.

          “Servicer Default” means any default by LEAF Financial under any Servicing Agreement,
in connection with which, (a) the Borrower has received notice and which is not cured within the
period allowed under such Servicing Agreement and (b) the result of which is to permit the removal
of the Borrower as servicer.

          “Servicing Agreement” means any agreement pursuant to which LEAF Financial agrees to
service Contracts owned by the Borrower or an Affiliate of the Borrower or a LEAF SPE.

          “Servicing Standard” means the degree of diligence, prudence, skill and care with
which the Borrower customarily service Contracts held for their own account and, in any event, in a
manner consistent with the customary and usual practices of other servicers of comparable contracts
and equipment.

          “SFAS 133/138” means, Statement of Financial Accounting Standards No. 133 –
“Accounting for Derivative Instruments and Hedging Activities” and Statement of Financial
Accounting Standards No. 138 – “Accounting for Certain Derivative Instruments and Certain Hedging
Activities, an amendment to FASB Statement No. 133” issued by the Financial Accounting Standard
Board, as such pronouncement may be amended from time to time in accordance with its terms.

          “Subsidiary” means, with respect to any Person, any other Person of which more than
50% of the Voting Securities of such other Person (irrespective of whether at the time Capital
Securities of any other class or classes of such other Person shall or might have voting power upon
the occurrence of any contingency) is at the time directly or indirectly owned or controlled by
such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more
other Subsidiaries of such Person. Unless the context otherwise specifically requires, the term
“Subsidiary” shall be a reference to a Subsidiary of the Borrower.

          “Synthetic Lease” means, as applied to any Person, any lease (including leases that
may be terminated by the lessee at any time) of any property (whether real, personal or mixed) if
both (a) the lease is not a capital lease in accordance with GAAP and (b) the lessee is claiming
ownership of the property so leased for federal income tax purposes, other than any such lease
under which that Person is the lessor.

          “Tangible Net Worth” means the aggregate value of (a) the Borrower’s capital stock
plus retained earnings plus paid-in-surplus minus treasury stock, less (b) trademarks,
goodwill, covenants not to compete and all other assets classified as intangible assets determined
in accordance with GAAP (with no adjustment for other comprehensive income accounted for pursuant
to SFAS 133/138).

 - 19 - 

 

          “Taxes” means any and all income, stamp or other taxes, duties, levies, imposts,
charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority, and all interest, penalties or similar liabilities with
respect thereto.

          “Termination Date” means the earliest of (a) September 30, 2007, and (b) the date on
which the Commitments are terminated in full or permanently reduced to zero pursuant to the terms
of this Agreement.

          “Total Exposure Amount” means, on any date of determination, the outstanding principal
amount of all Loans and the unfunded amount of the Commitments.

          “Total Liabilities” means, on any date, without duplication, the outstanding principal
(or equivalent) amount of all Indebtedness of the Borrower described in paragraphs “(a)”, “(b)” or
“(c)” of the definition of “Indebtedness”, as of such date.

          “Type” means, relative to any Loan, the portion thereof, if any, being maintained as a
Base Rate Loan, a LIBOR Loan or a LIBOR Flex Rate Loan.

          “UCC” means the Uniform Commercial Code as in effect from time to time in the
Commonwealth of Pennsylvania; provided, that if, with respect to any financing statement or by
reason of any provisions of law, the perfection or the effect of perfection or non-perfection of
the security interests granted to the Agent pursuant to the applicable Credit Document is governed
by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than
Pennsylvania, “UCC” means the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of the provisions of each Credit Document and any financing statement
relating to such perfection or effect of perfection or non-perfection.

          “United States” or “U.S.” means the United States of America, its fifty states
and the District of Columbia.

          “Voting Securities” means, with respect to any Person, Capital Securities of any class
or kind ordinarily having the power to vote for the election of directors, managers, managing
general partners or other voting members of the governing body of such Person.

          “Welfare Plan” means a “welfare plan”, as such term is defined in Section 3(1)
of ERISA.

          Section 1.2 Use of Defined Terms. Unless otherwise defined or the context otherwise
requires, terms for which meanings are provided in this Agreement shall have such meanings when
used in each other Credit Document, and each notice and other communication delivered from time to
time in connection with this Agreement or any other Credit Document.

          Section 1.3 Cross-References. Unless otherwise specified, references in a Credit Document to any Article or Section are
references to such Article or Section of such Credit Document, and references in any Article,
Section or definition to any clause are references to such clause of such Article, Section or
definition.

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          Section 1.4 Accounting and Financial Determinations. Unless otherwise specified, all
accounting terms used in each Credit Document shall be interpreted, and all accounting
determinations and computations thereunder (including under Article IX and the definitions used in
such calculations) shall be made, in accordance with GAAP applied in the preparation of the most
recent financial statements referred to in Section 5.1(e). If any preparation in the financial
statements referred to in Section 7.1 hereafter occasioned by the promulgation of rules,
regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board
or the American Institute of Certified Public Accountants (or successors thereto or agencies with
similar functions) results in a change in any results, amounts, calculations, ratios, standards or
terms found in this Agreement from those which would be derived or be applicable absent such
changes, the Borrower may reflect such changes in the financial statements required to be delivered
pursuant to Section 7.1, but calculations of the financial covenants set forth in Article IX shall
be made without giving effect to any such changes. Upon the request of the Borrower or any Secured
Party, the parties hereto agree to enter into negotiations in order to amend the financial
covenants and other terms of this Agreement if there occur any changes in GAAP that have a material
effect on the financial statements of the Borrower, so as to equitably reflect such changes with
the desired result that the criteria for evaluating the financial condition of the Borrower and
such other terms shall be the same in all material respects after such changes as if the changes
had not been made. Unless otherwise expressly provided, all financial covenants and defined
financial terms shall be computed on a consolidated basis for the Borrower, in each case without
duplication.

ARTICLE II

REVOLVING CREDIT FACILITY

          Section 2.1 Loans. Subject to the terms and conditions of this Agreement, from time
to time on any Business Day occurring from and after the Closing Date but prior to the Termination
Date, each Lender agrees, severally but not jointly, that it will make Loans to the Borrower equal
to such Lender’s Percentage of the aggregate amount of each Borrowing of Loans requested by the
Borrower; provided, that (a) the aggregate principal amount of all outstanding Loans (after giving
effect to any amount requested) shall not exceed the lower of (i) the Borrowing Base and (ii) the
Aggregate Commitment; and (b) the principal amount of outstanding Loans (after giving effect to any
amount requested) from any Lender to the Borrower shall not at any time exceed such Lender’s
Commitment as set forth on Schedule I hereto. Each Loan by a Lender shall be in a principal amount
equal to such Lender’s Percentage of the aggregate principal amount of Loans requested on such
occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow
Loans hereunder prior to the Termination Date.

          Section 2.2 Reduction of Aggregate Commitment Amount. The Borrower may (without premium or penalty), from time to time on any Business Day
occurring after the Closing Date, voluntarily reduce the amount of the Aggregate Commitment on the
Business Day so specified by the Borrower; provided, however, that all such reductions shall
require at least three (3) Business Days’ prior notice to the Agent and be permanent, and any
partial reduction of the Aggregate Commitment shall be in a minimum amount of $5,000,000 and in any
integral multiple of $1,000,000 in excess thereof. Each Lender’s Commitment shall be reduced by
its Percentage of the reduction of the Aggregate Commitment.

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          Section 2.3 Borrowing Procedures. The Borrower shall give the Agent irrevocable prior
written notice in the form of a Borrowing Request (a) not later than 1:00 p.m. on the day a
Borrowing of a Base Rate Loan or LIBOR Flex Rate Loan is to be made and (b) at least three (3)
Business Days prior to the date that a LIBOR Loan is to be made. Each Borrowing Request shall be
(i) in the case of Base Rate Loans or LIBOR Flex Rate Loans, in a minimum amount of $100,000 and
any integral multiple of $100,000 in excess thereof, and (ii) in the case of LIBOR Loans, in a
minimum amount of $1,000,000 and any integral multiple of $500,000 in excess thereof, or, in either
case, in the unused amount of the Commitment. On the terms and subject to the conditions of this
Agreement, each Borrowing shall be comprised of the Type of Loans, and shall be made on the
Business Day, specified in such Borrowing Request. Promptly upon receipt, the Agent will notify
all Lenders of the receipt of the Borrowing Request. By 4:00 p.m. on the date of such Borrowing,
each Lender shall deposit with the Agent same day funds in an amount equal to such Lender’s
Percentage of the requested Borrowing. Such deposit will be made to an account which the Agent
shall specify from time to time by written notice to the Lenders. To the extent funds are received
from the Lenders, the Agent shall make such funds available to the Borrower by wire transfer to the
account the Borrower shall have specified in their Borrowing Request. No Lender’s obligation to
make any Loan shall be affected by any other Lender’s failure to make any Loan.

          Section 2.4 Continuation and Conversion Elections. By delivering a
Continuation/Conversion Notice to the Agent on or before 12:00 noon on a Business Day, the Borrower
may from time to time irrevocably elect, on not less three (3) Business Days’ (but not more than
five (5) Business Days) notice, that all, or any portion of any Borrowing of one Type of Loan may
be converted into the other Type of Loan (or continued, as to any LIBOR Loan), in minimum amounts
of $1,000,000 and any integral multiple of $500,000 in excess thereof; provided that, in the
absence of delivery of a Continuation/Conversion Notice with respect to any LIBOR Loan at least
three (3) Business Days before the last day of the then current Interest Period with respect
thereto, such LIBOR Loan shall, on such last day, automatically convert to a Base Rate Loan;
provided further, that, that (x) each such conversion or continuation shall be pro rated among the
applicable outstanding Loans of all Lenders that have made such Loans, and (y) no portion of the
outstanding principal amount of any Loans may be continued as, or be converted into, LIBOR Loans
when any Default or Event of Default has occurred and is continuing.

          Section 2.5 Funding. Each Lender may, if it so elects, fulfill its obligation to make, continue or convert LIBOR
Loans hereunder by causing one of its foreign branches or Affiliates (or an international banking
facility created by such Lender) to make or maintain such LIBOR Loan; provided, however, that such
LIBOR Loan shall nonetheless be deemed to have been made and to be held by such Lender, and the
obligation of the Borrower to repay such LIBOR Loan shall nevertheless be to such Lender for the
account of such foreign branch, Affiliate or international banking facility. In addition, the
Borrower hereby consents and agrees that, for purposes of any determination to be made for purposes
of Sections 4.1, 4.2, 4.3 or 4.4, it shall be conclusively assumed that each Lender elected to fund
all LIBOR Loans by purchasing Dollar deposits in the interbank eurodollar market.

          Section 2.6 Notes. The Borrower agrees that, upon the request to the Agent by any
Lender, the Borrower will execute and deliver to such Lender a Note evidencing the Loans

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made by,
and payable to the order of, such Lender in a maximum principal amount equal to such Lender’s
Commitment. The Borrower hereby irrevocably authorize each Lender to make (or cause to be made)
appropriate notations on any grid attached to such Notes (or on any continuation of such grid),
which notations, if made, shall evidence, inter alia, the date of, the outstanding principal of,
and the interest rate and Interest Period applicable to the Loans evidenced thereby. Such
notations shall, to the extent not inconsistent with notations made by the Agent in the Register,
be conclusive and binding on the Borrower absent manifest error; provided, however, that the
failure of any Lender to make any such notations or any error in any such notation shall not limit
or otherwise affect any Obligations of the Borrower.

ARTICLE III

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

          Section 3.1 Repayments and Prepayments; Application. The Borrower shall repay in full
all principal, interest and Obligations on the Termination Date. Prior thereto, prepayments of
Loans shall or may be made as set forth below.

                      (a) Voluntary Prepayments. From time to time on any Business Day, the Borrower may
make a voluntary prepayment, in whole or in part, without premium or penalty, of the outstanding
principal amount of any Loan; provided, however, that: (i) any such prepayment shall be applied,
first, to any Base Rate Loans, second, to any LIBOR Flex Rate Loans, and, third, pro rata among
LIBOR Loans having the same Interest Period, in the direct order of maturity of such Interest
Periods; (ii) any such voluntary prepayment of any Loan made in part, and not in whole, shall be in
a minimum amount of $500,000 and any integral multiple of $100,000 in excess thereof; and (iii) the
Borrower shall comply with Section 4.4 in the event any LIBOR Loan is prepaid on any day other than
the last day of the Interest Period for such LIBOR Loan.

                      (b) Mandatory Prepayments.

                           (i) Loan Prepayments. On any date when the sum of the aggregate outstanding principal amount of all Loans exceeds
the lesser of (A) the Aggregate Commitment (as it may be reduced from time to time pursuant to this
Agreement), and (B) the Borrowing Base, the Borrower shall make a mandatory prepayment of Loans in
an aggregate amount equal to such excess.

                           (ii) Prepayments of Net Disposition Proceeds. Immediately upon the receipt by the
Borrower of any Net Disposition Proceeds, the Borrower shall make a mandatory prepayment of the
Loans in an amount equal to 100% of such Net Disposition Proceeds, to the extent necessary to
comply with paragraph (i) above.

                           (iii) Prepayments upon Acceleration. Immediately upon any acceleration of any Loans
pursuant to Section 11.2 or Section 11.3, the Borrower shall repay all the Loans, unless, pursuant
to Section 11.3, only a portion of all the Loans is so accelerated (in which case the portion so
accelerated shall be so repaid). Such amounts shall be applied in accordance with Section 11.4.

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          Section 3.2 Interest Provisions. Interest on the outstanding principal amount of
Loans shall accrue and be payable in accordance with the terms set forth below.

                      (a) Rates. Subject to Sections 2.3 and 2.4, pursuant to an appropriately delivered
Borrowing Request or Continuation/Conversion Notice, the Borrower may elect that Loans comprising a
Borrowing accrue interest at a rate per annum:

                           (i) on that portion maintained from time to time as a Base Rate Loan, equal to the sum of the
Adjusted Base Rate from time to time in effect plus the Applicable Margin;

                           (ii) on that portion maintained as a LIBOR Loan, during each Interest Period applicable
thereto, equal to the sum of LIBOR (Reserve Adjusted) for such Interest Period plus the Applicable
Margin; and

                           (iii) on that portion maintained from time to time as a LIBOR Flex Rate Loan, equal to the sum
of the LIBOR Flex Rate from time to time in effect plus the Applicable Margin;

          All LIBOR Loans shall bear interest from and including the first day of the applicable
Interest Period to (but not including) the last day of such Interest Period at the interest rate
determined as applicable to such LIBOR Loan.

                      (b) Default Rate. Notwithstanding the foregoing, the Borrower will pay to the Agent, for the account of the
party entitled thereto, interest, at a rate per annum (the “Default Rate”) equal to the Adjusted
Base Rate from time to time in effect (or, as to any LIBOR Loan then outstanding, the LIBOR
(Reserve Adjusted) rate applicable to such LIBOR Loan during the remainder of the related Interest
Period prior to conversion thereof pursuant to Section 2.4), plus the sum of (i) the Applicable
Margin applicable thereto and (ii) an additional margin of 3% per annum, to the fullest extent
permitted by law, on any amount payable by the Borrower under any Credit Document to or for the
account of the Agent or any Lender that is not paid in full when due (whether at stated maturity,
by acceleration, or otherwise) or that is outstanding after the Agent has notified the Borrower
that any other Event of Default exists and that the Default Rate will apply, for the period from
and including the due date thereof, or in the case of other Events of Default, the date the Agent
has notified the Borrower that the Default Rate will begin to accrue, to but excluding the date the
same is paid in full (or in the case of any other Event of Default, until the Event of Default no
longer exists). Interest payable at the Default Rate shall be payable from time to time on demand
or, if not earlier demanded, on each Monthly Payment Date.

                      (c) Payment Dates. Interest accrued on each Loan shall be payable, without
duplication:

                           (i) on the date of any payment or prepayment, in whole or in part, of principal outstanding on
such Loan on the principal amount so paid or prepaid;

                           (ii) with respect to Base Rate Loans or LIBOR Flex Rate Loans, on each Monthly Payment Date;

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                           (iii) with respect to LIBOR Loans, on the last Business Day of each applicable Interest
Period;

                           (iv) with respect to any Base Rate Loans or LIBOR Flex Rate Loans converted into LIBOR Loans
on a day when interest would not otherwise have been payable pursuant to clause (iii) above, on the
date of such conversion; and

                           (v) on that portion of any Loan which is accelerated pursuant to Section 11.2 or Section 11.3,
immediately upon such acceleration.

          Interest accrued on Loans or other monetary Obligations after the date such amount is due and
payable (whether upon maturity, upon acceleration or otherwise) shall be payable upon demand.

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

          Section 3.3 Fees. The Borrower agrees to pay the Agent a structuring and arrangement
fee of $25,000, which fee shall be non-refundable.

ARTICLE IV

CERTAIN LIBOR AND OTHER PROVISIONS

          Section 4.1 LIBOR Lending Unlawful. If any Lender shall determine (which
determination shall, upon notice thereof to the Borrower and the Agent, be conclusive and binding
on the Borrower) that the introduction of or any change in or in the interpretation of any law
makes it unlawful, or any Governmental Authority asserts that it is unlawful, for such Lender to
make or continue any Loan as, or to convert any Loan into, a LIBOR Loan, the obligations of such
Lender to make, continue or convert any such LIBOR Loan shall, upon such determination, forthwith
be suspended until such Lender shall notify the Agent that the circumstances causing such
suspension no longer exist, and all outstanding LIBOR Loans payable to such Lender shall
automatically convert into Base Rate Loans at the end of the then current Interest Periods with
respect thereto or sooner, if required by such law or assertion.

          Section 4.2 Deposits Unavailable. If the Agent shall have determined that:

                      (a) Dollar deposits in the relevant amount and for the relevant Interest Period are not
available to it in the relevant market; or

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                      (b) by reason of circumstances affecting its relevant market, adequate means do not exist for
ascertaining the interest rate applicable hereunder to LIBOR Loans;

then, upon notice from the Agent to the Borrower and the Lenders, the obligations of all Lenders
under Section 2.1 to make or continue any Loans as, or to convert any Loans into, LIBOR Loans shall
forthwith be suspended until the Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist.

          Section 4.3 Increased LIBOR Loan Costs, etc. The Borrower agrees to reimburse each
Lender for any increase in the cost to such Lender of, or any reduction in the amount of any sum
receivable by such Lender in respect of, such Lender’s Commitment and the making of Loans hereunder
(including the making, continuing or maintaining (or of its obligation to make or continue) any
Loans as, or of
converting (or of its obligation to convert) any Loans into, LIBOR Loans) that arise in
connection with any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in after the date hereof of, any law or regulation, directive, guideline,
decision or request (whether or not having the force of law) of any Governmental Authority, except
for such changes with respect to increased capital costs and Taxes which are governed by Sections
4.5 and 4.6, respectively. Each affected Secured Party shall promptly notify the Agent and the
Borrower in writing of the occurrence of any such event, such notice stating in reasonable detail
the reasons therefor and the additional amount required fully to compensate such Secured Party for
such increased cost or reduced amount. Such additional amounts shall be payable by the Borrower
directly to such Secured Party within five days of its receipt of such notice, and such notice
shall, in the absence of manifest error, be conclusive and binding on the Borrower.

          Section 4.4 Funding Losses. In the event any Lender shall incur any loss or expense
(including any loss or expense incurred by reason of the liquidation or reemployment of deposits or
other funds acquired by such Lender to make or continue any portion of the principal amount of any
Loan as, or to convert any portion of the principal amount of any Loan into, a LIBOR Loan) as a
result of:

          (a) any conversion or repayment or prepayment of the principal amount of any LIBOR Loan on a
date other than the scheduled last day of the Interest Period applicable thereto, whether pursuant
to Article III or otherwise;

          (b) any Loans not being made as LIBOR Loans in accordance with the Borrowing Request therefor;
or

          (c) any Loans not being continued as, or converted into, LIBOR Loans in accordance with the
Continuation/Conversion Notice therefor;

then, upon the written notice of such Lender to the Borrower (with a copy to the Agent), the
Borrower shall, within five days of its receipt thereof, pay directly to such Lender such amount as
will (in the reasonable determination of such Lender) reimburse such Lender for such loss or
expense. Such written notice shall, in the absence of manifest error, be conclusive and binding on
the Borrower.

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          Section 4.5 Increased Capital Costs. If any change in, or the introduction, adoption,
effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive,
guideline, decision or request (whether or not having the force of law) of any Governmental
Authority (other than any law, regulation, directive, guideline, decision or request relating to
Taxes which are governed by Section 4.6) affects or would affect the amount of capital required or
expected to be maintained by any Secured Party or any Person controlling such Secured Party, as a
consequence of this Agreement, and such Secured Party determines (in good faith but in its sole and
absolute discretion) that the rate of return on its or such controlling Person’s capital as a
consequence of the Commitments or the Loans made by such Secured Party is reduced to a level below
that which such Secured Party or such controlling Person could have achieved but for the occurrence
of any such circumstance, then upon notice from time to time by such Secured Party to the
Borrower, the Borrower shall within five (5) days following receipt of such notice pay directly to
such Secured Party additional amounts sufficient to compensate such Secured Party or such
controlling Person for such reduction in rate of return. A statement of such Secured Party as to
any such additional amount or amounts (including calculations thereof in reasonable detail) shall,
in the absence of manifest error, be conclusive and binding on the Borrower. In determining such
amount, such Secured Party may use any method of averaging and attribution that it (reasonably
determined in good faith in its sole and absolute discretion) shall deem applicable.

          Section 4.6 Taxes The Borrower covenants and agrees as follows with respect to Taxes:

                      (a) Except as otherwise provided herein, any and all payments by the Borrower under any Credit
Document shall be made without setoff, counterclaim or other defense, and free and clear of, and
without deduction or withholding for or on account of, any Taxes. In the event that any Taxes are
required by law to be deducted or withheld from any payment required to be made by the Borrower to
or on behalf of the Agent or any Lender under any Credit Document, then:

                           (i) subject to clause (f), only if such Taxes are Non-Excluded Taxes, the amount of such
payment shall be increased as may be necessary such that such payment is made, after withholding or
deduction for or on account of such Taxes, in an amount that is not less than the amount provided
for in this Agreement or such Credit Document; and

                           (ii) the Borrower shall withhold the full amount of such Taxes from such payment (as increased
pursuant to clause (a)(i)) and shall pay such amount to the Governmental Authority imposing such
Taxes in accordance with applicable law.

                      (b) In addition, the Borrower shall pay any and all Other Taxes imposed to the relevant
Governmental Authority imposing such Other Taxes in accordance with applicable law.

                      (c) As promptly as practicable after the payment of any Taxes or Other Taxes, and in any event
within 30 days of any such payment being due, the Borrower shall furnish to the Agent a copy of an
official receipt (or a certified copy thereof) or other applicable

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documentation evidencing the
payment of such Taxes or Other Taxes. The Agent shall make copies thereof available to any Lender
upon request therefor.

                      (d) Subject to clause (f), the Borrower shall indemnify the Agent and each Lender for any
Non-Excluded Taxes and Other Taxes levied, imposed or assessed on (and whether or not paid directly
by) the Agent or such Lender (whether or not such Non-Excluded Taxes or Other Taxes are correctly
or legally asserted by the relevant Governmental Authority). Promptly upon receiving written
notice from the Agent or any Lender or otherwise upon having knowledge that any such Non-Excluded
Taxes or Other Taxes have been levied, imposed or assessed, the Borrower shall pay such
Non-Excluded Taxes or Other Taxes directly to the relevant Governmental Authority. In addition,
the Borrower shall indemnify the Agent and each Lender for any incremental Taxes that may become
payable by the Agent or such Lender as a
result of any failure of the Borrower to pay any Taxes when due to the appropriate
Governmental Authority or to deliver to the Agent, pursuant to clause (c), documentation evidencing
the payment of Taxes or Other Taxes. With respect to indemnification for Non-Excluded Taxes and
Other Taxes actually paid by the Agent or any Lender or the indemnification provided in the
immediately preceding sentence, such indemnification shall be made within 30 days after the date
the Agent or such Lender makes written demand therefor, which demand shall include a certificate
setting forth in reasonable detail the amount of such indemnification and the determination
thereof. Such a certificate shall be presumed to be correct in the absence of demonstrable error.
The Borrower acknowledges that any payment made to the Agent or any Lender or to any Governmental
Authority in respect of the indemnification obligations of the Borrower provided in this clause
shall constitute a payment in respect of which the provisions of clause (a) above and this clause
shall apply.

                      (e) Each Non-U.S. Lender, on or prior to the date on which such non-U.S. Lender becomes a
Lender hereunder (and from time to time thereafter upon the request of the Borrower or the Agent or
as otherwise required by law, but only for so long thereafter as such non-U.S. Lender is legally
entitled to do so), shall deliver to the Borrower and the Agent, but only to the extent that it is
permitted to do so under applicable tax law, either:

                           (i) two duly completed copies of either (x) Internal Revenue Service Form W-8BEN or (y)
Internal Revenue Service Form W-8 ECI, or in either case an applicable successor form; or

                           (ii) in the case of a Non-U.S. Lender that is not legally entitled to deliver either form
listed in clause (e)(i) above, (x) a certificate of a duly authorized officer of such Non-U.S.
Lender 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 receiving interest from a
related person within the meaning of Section 881(c)(3)(C) of the Code (such certificate, an
“Exemption Certificate”) and (y) two duly completed copies of Internal Revenue Service Form W-8BEN
or applicable successor form to establish an exemption from United States backup withholding tax.

                      (f) In addition, each Non-U.S. Lender agrees that from time to time after the Closing Date,
when a lapse in time or change in circumstances unique to the situation of

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such Lender renders the
form or forms and/or Exemption Certificate provided under clause (e) above obsolete or inaccurate
in any material respect, it will deliver to the Borrower a new, accurate form or forms and/or
Exemption Certificate, as applicable to such Non-U.S. Lender, and such other forms as may be
prescribed by law in order to confirm or establish the entitlement of such Non-U.S. Lender to an
exemption from or reduction in United States federal withholding tax with respect to payments by
the Borrower under the applicable Credit Document, but only to the extent that it is permitted to
do under applicable tax law.

                      (g) The Borrower shall not be obligated to gross up any payments to any Lender pursuant to
clause (a)(i) above, or to indemnify any Lender pursuant to clause (d) above, in respect of United
States federal withholding taxes to the extent that such taxes are imposed as a result of (x) the
failure of such Lender to deliver to the Borrower the form or forms
and/or an Exemption Certificate, as applicable to such Lender, pursuant to clause (e) above,
or, (y) such form or forms and/or Exemption Certificate not establishing a complete exemption from
United States federal withholding tax or the information or certifications made therein by the
Lender being untrue or inaccurate on the date delivered in any material respect; provided, however,
that the Borrower shall be obligated to gross up any payments to any such Lender pursuant to clause
(a)(i) above, and to indemnify any such Lender pursuant to clause (d), in respect of United States
federal withholding taxes if any such failure to deliver a form or forms or an Exemption
Certificate or the failure of such form or forms or Exemption Certificate to establish a complete
exemption from United States federal withholding tax or inaccuracy or untruth contained therein
resulted from a change in any applicable statute, treaty, regulation or other applicable law or any
interpretation of any of the foregoing occurring after the date hereof, which change rendered such
Lender no longer legally entitled to deliver such form or forms or Exemption Certificate or
otherwise ineligible for a complete exemption from United States federal withholding tax, or
rendered the information or certifications made in such form or forms or Exemption Certificate
untrue or inaccurate in any material respect.

                      (h) If the Agent or any Lender receives a refund in respect of Taxes as to which it has been
grossed up by the Borrower pursuant to clause (a)(i) above or indemnified by the Borrower pursuant
to clause (d) above and the Agent or Lender, as applicable determines in its sole, good faith
judgment that such refund is attributable to such gross up or indemnification, then the Lender or
the Agent, as the case may be, shall pay such amount to the Borrower as the Lender or Agent
determines to be the proportion of the refund as will leave it, after such payment, in no better or
worse financial position with respect to Tax liabilities and related expenses than it would have
been in absent such payment. Neither the Lenders nor the Agent shall be obligated to disclose
information regarding its tax affairs or computations to the Borrower in connection with this
clause (g) or any other provision of this Section 4.6.

          Section 4.7 Payments, Computations, etc Unless otherwise expressly provided in a
Credit Document, all payments by the Borrower pursuant to each Credit Document shall be made by the
Borrower to the Agent for the pro rata account of the Secured Parties entitled to
receive such payment. All payments shall be made without setoff, deduction or counterclaim not
later than 12:00 noon on the date due in same day or immediately available funds to such account as
the Agent shall specify from time to time by notice to the Borrower. Funds received after that
time but before 5:00 p.m. on such date shall be deemed to

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have been received by the Agent on such
date for purposes of Section 11.1(a), but for all other purposes shall be deemed to have been
received by the Agent on the next succeeding Business Day. The Agent shall promptly remit in same
day funds to each Secured Party its share, if any, of such payments received by the Agent for the
account of such Secured Party. Interest payable hereunder with respect to Base Rate Loans shall be
calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days
elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on
the basis of a 360 day year for the actual days elapsed. Payments due on a day other than a
Business Day shall (except as otherwise required by the definition of the term “Interest Period”)
be made on the next succeeding Business Day and such extension of time shall be included in
computing interest and fees in connection with that payment.

          Section 4.8 Sharing of Payments. If any Secured Party shall obtain any payment or
other recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account
of any Loan (other than pursuant to the terms of Sections 4.3, 4.4, 4.5 or 4.6) in excess of its
pro rata share of payments obtained by all Secured Parties, such Secured Party
shall purchase from the other Secured Parties such participations in Loans made by them as shall be
necessary to cause such purchasing Secured Party to share the excess payment or other recovery
ratably (to the extent such other Secured Parties were entitled to receive a portion of such
payment or recovery) with each of them; provided, however, that if all or any portion of the excess
payment or other recovery is thereafter recovered from such purchasing Secured Party, the purchase
shall be rescinded and each Secured Party which has sold a participation to the purchasing Secured
Party shall repay to the purchasing Secured Party the purchase price to the ratable extent of such
recovery together with an amount equal to such selling Secured Party’s ratable share (according to
the proportion of (a) the amount of such selling Secured Party’s required repayment to the
purchasing Secured Party to (b) total amount so recovered from the purchasing Secured Party) of any
interest or other amount paid or payable by the purchasing Secured Party in respect of the total
amount so recovered. The Borrower agrees that any Secured Party purchasing a participation from
another Secured Party pursuant to this Section may, to the fullest extent permitted by law,
exercise all its rights of payment (including pursuant to Section 4.9) with respect to such
participation as fully as if such Secured Party were the direct creditor of the Borrower in the
amount of such participation. If under any applicable bankruptcy, insolvency or other similar law
any Secured Party receives a secured claim in lieu of a setoff to which this Section applies, such
Secured Party shall, to the extent practicable, exercise its rights in respect of such secured
claim in a manner consistent with the rights of the Secured Parties entitled under this Section to
share in the benefits of any recovery on such secured claim.

          Section 4.9 Setoff. Each Secured Party shall, upon the occurrence and during the
continuance of any Event of Default described in Section 11.1(i) or, with the consent of the
Required Lenders, upon the occurrence and during the continuance of any other Event of Default,
have the right to appropriate and apply to the payment of the Obligations owing to it (whether or
not then due), and (as security for such Obligations) the Borrower hereby grants to each Secured
Party a continuing security interest in, any and all balances, credits, deposits, accounts or
moneys of the Borrower then or thereafter maintained with such Secured Party; provided, however,
that any such appropriation and application shall be subject to the provisions of Section 4.8.
Each Secured Party agrees promptly to notify the Borrower and the Agent after any such setoff and
application made by such Secured Party; provided, however, that the failure to give such notice
shall not affect the validity of such setoff and application. The rights of each

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Secured Party
under this Section are in addition to other rights and remedies (including other rights of setoff
under applicable law or otherwise) which such Secured Party may have.

          Section 4.10 Mitigation; Time Limitation.

                      (a) Each Lender agrees that if any demand for payment under Sections 4.3, 4.4, 4.5, or 4.6, or
if any adoption or change of the type described in Section 4.1 shall occur with respect to it, it
will use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions and so long as such efforts would not be disadvantageous to it, as determined in its
reasonable discretion) to designate a different lending office if the making of such a designation
would reduce or obviate the need for the Borrower to make payments under Sections 4.3, 4.4, 4.5 or
4.6, or would eliminate or reduce the effect of any adoption or change described in Section 4.1.

                      (b) Failure or delay on the part of any Secured Party to demand compensation pursuant to
Sections 4.3, 4.4, 4.5 or 4.6 shall not constitute a waiver of such Secured Party’s right to demand
such compensation, provided that the Borrower shall not be required to compensate a Secured Party
pursuant to the Sections 4.3, 4.4, 4.5 or 4.6 for any increased costs incurred or reductions
suffered more than six months prior to the date that such Secured Party notifies the Borrower of
the change giving rise to such increased costs or reductions and of such Secured Party’s intention
to claim compensation therefor (except that, if the change giving rise to such increased costs or
reductions is retroactive, then the six month period referred to above shall be extended to include
the period of retroactive effect thereof).

          Section 4.11 Replacement of Lenders. Each Lender hereby severally agrees as set forth
in this Section.

                      (a) If any Lender (an “Affected Lender”) makes demand upon the Borrower for (or if the
Borrower is otherwise required to pay to such Lender) amounts pursuant to Sections 4.3, 4.4, 4.5 or
4.6 and the payment of such additional amounts are, and are likely to continue to be, materially
more onerous in the reasonable judgment of the Borrower with respect to the other Lenders or any
Lender defaults under the terms hereunder (a “Defaulting Lender”), the Borrower may, within 30 days
of receipt by the Borrower of such demand or notice (or the occurrence of such other event causing
the Borrower to be required to pay such compensation) or from the date that such Lender becomes a
Defaulting Lender, as the case may be, give notice in writing to the Agent and such Affected Lender
or such Defaulting Lender, as the case may be, of its intention to replace such Affected Lender or
Defaulting Lender, as the case may be, with a financial institution designated in such notice,
subject to the other terms of this Agreement. If the Agent shall, in the exercise of its
reasonable discretion and within 30 days of its receipt of such notice, notify the Borrower and
such Affected Lender or such Defaulting Lender, as the case may be, in writing that the designated
financial institution is satisfactory to the Agent (such consent not being required where such
financial institution is already a Lender), then such Affected Lender or such Defaulting Lender, as
the case may be, shall, subject to the payment of any amounts due pursuant to Section 4.4 by the
Borrower, assign, in accordance with Section 13.11(a), all of its Commitments, Loans, Notes, and
other rights and obligations under this Agreement and all other Credit Documents to such designated
financial institution; provided, however, that (i) such assignment shall be without recourse,
representation or warranty (except,

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with respect to representations and warranties, as to (A) such Affected Lender’s or such
Defaulting Lender’s, as the case may be, then existing Commitment Amount(s) and the outstanding
principal amount of Loans held by such Affected Lender or such Defaulting Lender, as the case may
be, and (B) the absence of Liens arising by, through and under the Affected Lender or Defaulting
Lender, as the case may be) and shall be on terms and conditions reasonably satisfactory to such
Affected Lender and such designated financial institution, (ii) the purchase price paid by such
designated financial institution shall be in the amount of such Affected Lender’s or such
Defaulting Lender’s Loans, together with all accrued and unpaid interest and fees in respect
thereof, plus all other amounts (including the amounts demanded and unreimbursed under Section 4.3,
4.4, 4.5, 4.6, 13.3, and 13.4), owing to such Affected Lender or such Defaulting Lender, as the
case may be, hereunder and (iii) the Borrower shall pay to such Affected Lender or Defaulting
Lender, as the case may be, and the Agent all reasonable out-of-pocket expenses incurred by such
Affected Lender or such Defaulting Lender, as the case may be, and the Agent in connection with
such assignment and assumption (including the processing fees described in Section 13.11(a)).

                      (b) Upon the effective date of an assignment described in clause (a) above, the Borrower shall
issue a replacement Note to such replacement Lender (but only if such replacement Lender requests
such Note) and such institution shall become a “Lender” for all purposes under this Agreement and
the other Credit Documents. Upon any such termination or assignment, such replaced Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of any provisions of
this Agreement which by their terms survive the termination of this Agreement.

ARTICLE V

CONDITIONS TO CREDIT EXTENSIONS

          Section 5.1 Initial Loan. The obligations of the Lenders to fund the initial Loan
shall be subject to the prior or concurrent satisfaction, each in the Agent’s reasonable
discretion, or waiver of each of the conditions precedent set forth in this Article.

                      (a) Certificates, Resolutions, etc. The Agent shall have received from the Borrower:

                           (i) a copy of a current good standing certificate for the Borrower from the Secretary of State
of (A) Delaware and (B) each State in which the nature of the Borrower’s business requires that it
qualify to do business therein, except where the failure to be so qualified could not reasonably be
expected to have a Material Adverse Effect; and

                           (ii) a certificate, dated the Closing Date, duly executed and delivered by the Borrower’s
secretary as to:

                                (A) resolutions approved by Asset Management’s board of directors then in full force and
effect authorizing the execution, delivery and performance by
the Borrower of each Credit Document to be executed by the Borrower, and the transactions
contemplated hereby and thereby;

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                                (B) the incumbency and signatures of its Authorized Officers, authorized to act with respect
to each Credit Document to be executed by the Borrower;

                                (C) the full force and validity of each Organizational Document of such Person and copies
thereof; and

                                (D) any Management Agreement or shareholder or similar agreement to which the Borrower is a
party.

                      (b) Delivery of Notes(a) . The Agent shall have received, for the account of each
Lender that has requested a Note, such Lender’s Note duly executed and delivered by an Authorized
Officer of the Borrower.

                      (c) Payment of Outstanding Indebtedness, etc. All Indebtedness other than that
identified in Schedule 10.2 hereto, together with all interest, all prepayment premiums and other
amounts due and payable with respect thereto, shall have been paid in full and the commitments in
respect of such repaid Indebtedness shall have been terminated, and all Liens securing payment of
any such Indebtedness shall have been released and the Agent shall have received any Uniform
Commercial Code termination statements (Form UCC-3) or other executed instruments as may be
required in connection therewith. After giving effect to the foregoing, the Borrower shall have no
Indebtedness other than Indebtedness permitted by this Agreement.

                      (d) Closing Fees, Expenses, etc. The Agent shall have received for its own account, or
for the account of each Lender, as the case may be, all fees, costs and expenses due and payable
pursuant to Section 3.3 and, if then invoiced, Section 13.3.

                      (e) Financial Information; Material Adverse Effect. The Agent shall have received a
pro forma (1) consolidated balance sheet of the Borrower and (2) Compliance
Certificate, each as of the Closing Date and giving effect to the initial Loans, certified by an
Authorized Officer, in form and substance satisfactory to Agent.

                      (f) Opinion of Counsel. The Agent shall have received opinions, dated the Closing
Date and addressed to the Agent and all Lenders, from Ledgewood, counsel to the Borrower, in form
and substance reasonably satisfactory to the Agent.

                      (g) Financing Statements. All Uniform Commercial Code financing statements (Form UCC-1) or other similar financing
statements and Uniform Commercial Code termination statements (Form UCC-3) required pursuant to the
Credit Documents shall have been filed by or delivered to a filing service company acceptable to
the Agent.

                      (h) Credit Documents and Collateral Agreements. The Agent shall have received fully
executed copies of this Agreement and each other Credit Document, including, without limitation:

                           (i) the Security Agreement, dated as of the Closing Date, duly executed and delivered by the
Borrower, and a UCC financing statement (Form UCC-1) naming the Borrower as a debtor and the Agent
as the secured party, or other similar instruments or

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documents to be filed under the UCC of all
jurisdictions as may be necessary or, in the opinion of the Agent, desirable to perfect the
security interests of the Agent pursuant to the Security Agreement;

                           (ii) the Agent and its counsel shall be satisfied that the Lien granted to the Agent, for the
benefit of the Secured Parties in the collateral described above is a first priority (or local
equivalent thereof) security interest (except for Liens permitted by Section 10.3 hereof); and no
Lien exists on any of the collateral described above other than the Lien created in favor of the
Agent, for the benefit of the Secured Parties, pursuant to a Credit Document (except for Liens
permitted by Section 10.3 hereof) and shall have received:

                                (A) copies of UCC termination statements (Form UCC-3), if any, necessary to release all Liens
and other rights of any Person in any collateral securing the Obligations, together with such
other UCC termination statements (Form UCC-3) as the Agent may reasonably request from the
Borrower; and

                                (B) copies of lien, tax, judgment and bankruptcy search reports, listing any liens and all
effective financing statements which name the Borrower (under its present name and any previous
names) as a debtor, together with copies any such financing statements;

                           (iii) the Intercreditor Agreement and the Lockbox Agreement shall be in full force and effect
and no default shall exist thereunder; and

                           (iv) a joinder and an acknowledgement to the Intercreditor Agreement, shall have been duly
authorized, executed and delivered to the lockbox agent under the Lockbox Agreement.

                      (i) Real Property. The Borrower shall have used its commercially reasonable efforts
to obtain a landlord waiver for each of its leased real property locations, if any, each in form
and substance satisfactory to the Agent.

                      (j) Consummation of Transaction, etc. The Agent shall have received evidence satisfactory to it that:

                                (i) There shall exist at and as of the Closing Date (after giving effect to the initial Loans
hereunder) no conditions that would constitute a Default or an Event of Default; and

                                (ii) There shall exist no litigation or proceedings which could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect, and all approvals of
Governmental Authorities, if any, required in connection with the Credit Documents shall have been
obtained and be in full force and effect.

          Section 5.2 All Loans. The obligation of each Lender to make any Loan (including the
initial Loan) shall be subject to and the satisfaction of each of the conditions precedent set
forth below.

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                      (a) Compliance with Warranties, No Default, etc. Both before and after giving effect
to any Loan the following statements shall be true and correct as of the date of such Loan:

                           (i) the representations and warranties set forth in each Credit Document shall, in each case,
be true and correct in all material respects with the same effect as if then made (unless stated to
relate solely to an earlier date, in which case such representations and warranties shall be true
and correct in all material respects as of such earlier date or, unless no longer true and correct
as a direct result of the consummation of an acquisition or transaction permitted hereunder or
consented to in writing by the Required Lenders);

                           (ii) no Material Adverse Effect has occurred and is continuing; and

                           (iii) no Default or Event of Default has occurred and is continuing.

                      (b) Loan Request, etc. The Agent shall have received a Borrowing Request if any Loan
has been requested hereunder. Each of the delivery of a Borrowing Request and the acceptance by
the Borrower of the proceeds of such Loan shall constitute a representation and warranty by the
Borrower that on the date of such Loan (both immediately before and after giving effect to such
Loan and the application of the proceeds thereof) the statements made in Section 5.2(a) are true
and correct.

                      (c) Satisfactory Legal Form. All documents executed or submitted pursuant hereto by
or on behalf of the Borrower shall be reasonably satisfactory in form and substance to the Agent
and its counsel and
the Agent and its counsel shall have received all information, approvals, opinions, documents
or instruments as the Agent or its counsel may reasonably request.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

          In order to induce the Secured Parties to enter into this Agreement and to make Loans
hereunder, the Borrower represents and warrants on the date of each Loan (unless stated to relate
to an earlier date) to each Secured Party as set forth in this Article.

          Section 6.1 Organization, etc. The Borrower is (i) validly organized and existing and
in good standing under the laws of the State of Delaware, (ii) except where such failure to be so
qualified could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect, is duly qualified to do business and is in good standing as a foreign
entity in each jurisdiction where the nature of its business requires such qualification, and (iii)
has full power and authority and holds all requisite governmental licenses, permits and other
approvals to enter into and perform its Obligations under each Credit Document to which it is a
party and to own and hold under lease its property and to conduct its business substantially as
currently conducted by it.

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          Section 6.2 Due Authorization, Non-Contravention, etc. The execution, delivery
and performance by the Borrower of each Credit Document and its participation in the consummation
of all aspects of the Credit Documents, are in each case within the Borrower’s powers, have been
duly authorized by all necessary action, and do not:

                      (a) contravene any (i) of the Borrower’s Organizational Documents, (ii) material contractual
restriction binding on or affecting the Borrower, (iii) court decree or order binding on or
affecting the Borrower or (iv) law or governmental regulation binding on or affecting the Borrower;
or

                      (b) result in, or require the creation or imposition of, any Lien on the Borrower’s properties
(except as permitted by this Agreement).

          Section 6.3 Government Approval, Regulation, etc. No authorization or approval or
other action by, and no notice to or filing with, any Governmental Authority, other than those that
have been, or on the Closing Date will be, duly obtained or made and which are, or on the Closing
Date will be, in full force and effect and except for filings and registrations of any UCC
financing statement, mortgages or intellectual property filings, all of which have been duly
executed, where applicable, and delivered to the Agent on the Closing Date by the Borrower, as the
case may be, is required for the due execution, delivery or performance by the Borrower of any
Credit Document to which it is a party. The Borrower is not subject to registration under the
Investment Company Act of 1940, as amended, or is otherwise subject to any other regulatory scheme
limiting its ability to incur debt.

          Section 6.4 Validity, etc. The Credit Documents will, on the due execution and
delivery thereof by the Borrower, constitute, the legal, valid and binding obligations of the
Borrower, enforceable against the Borrower in accordance with their respective terms (except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally and by principles of equity).

          Section 6.5 Financial Information. The financial statements (other than projections)
of the Borrower furnished to the Agent and each Lender pursuant to Section 5.1(e) have been
prepared in accordance with GAAP as applied pursuant to the terms of this Agreement, and present
fairly the consolidated financial condition of the Persons covered thereby as at the dates thereof
and the results of their operations for the periods then ended, subject, in the case of financial
statements, to normal recurring year-end adjustments and the absence of notes. The projections
furnished to Agent and each Lender pursuant to Section 5.1(e) are based on reasonable assumptions
and such assumptions are believed by the Borrower to be fair in light of business conditions as
they exist on the date of this Agreement. All balance sheets, all statements of operations,
shareholders’ equity and cash flow and all other financial information the Borrower furnished or to
be furnished pursuant to Section 7.1 have been and will for periods following the Closing Date
(except for the aging reports referred to in Section 7.1(c) and the budget referred to in
Section 7.1(d)) be prepared in accordance with GAAP as applied pursuant to the terms of this
Agreement, and do or will present fairly the consolidated financial condition of the Persons
covered thereby as at the dates thereof and the results of their operations for the periods then
ended, subject, in the case of interim financial statements, to normal recurring year-end
adjustments and the absence of notes.

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          Section 6.6 No Material Adverse Effect; Compliance with Laws.

                      (a) No Material Adverse Effect has occurred since the date of delivery of the most recent
audited financial statements delivered pursuant to Section 5.1(e) or Section 7.1(b).

                      (b) The Borrower is in material compliance with the requirements of all applicable laws, rules
and regulations (including, without limitation, all Environmental Laws, ERISA, and the provisions
of the Occupational Safety and Health Act, the Fair Credit Reporting Act and the Fair Labor
Standards Act, each as amended, and the rules and regulations promulgated thereunder).

          Section 6.7 Litigation. There is no pending or, to the knowledge of the Borrower,
threatened litigation, action or proceeding (a) except as disclosed in Schedule 6.7 hereto,
affecting the Borrower or any of its properties, businesses, assets or revenues, which could
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, or (b)
which purports to affect the legality, validity or enforceability of any Credit Document.

          Section 6.8 Subsidiaries. The Borrower has no Subsidiaries.

          Section 6.9 Ownership of Properties. Schedule 6.9 hereto sets forth the address of
each real property location which the Borrower owns or leases, or on which any property of the
Borrower is maintained, together with a description of any lease or bailment or warehouse
arrangement, including the term of such arrangement and the contact information for the landlord,
bailee or warehouseman. The Borrower owns (i) in the case of owned real property, good and
marketable fee title to, and (ii) in the case of any owned personal property, good and valid title
to, or, in the case of leased or licensed real or personal property, valid and enforceable
leasehold or license interests (as the case may be) in, all of its material properties and assets,
real and personal, tangible and intangible, of any nature whatsoever, free and clear in each case
of all Liens or claims, except for Liens permitted pursuant to Section 10.3.

          Section 6.10 Taxes.
The Borrower and each Subsidiary of the Borrower has filed all federal and state income tax
returns, state and local sales, use and personal property tax returns, and all other material Tax
returns and reports required by law to have been filed by it and has paid all federal and state
income taxes, state and local sales, use and personal property taxes, and other material Taxes
thereby shown to be due and owing, except any such Taxes which are not delinquent or are being
diligently contested in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books.

          Section 6.11 Pension and Welfare Plans. During the twelve-consecutive-month period
prior to the date of the execution and delivery of this Agreement and prior to the date of any Loan
hereunder, no steps have been taken to terminate any Pension Plan, and no contribution failure has
occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of
ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan
which could reasonably be expected to result in the incurrence by the

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Borrower or any member of the
Controlled Group of any material liability, fine or penalty. Except as disclosed in Schedule 6.11
hereto, neither the Borrower nor any member of the Controlled Group has any Contingent Liability
with respect to any post-retirement benefit under a Welfare Plan, other than liability for
continuation coverage described in Part 6 of Title I of ERISA. Schedule 6.11 sets forth each
Pension Plan and Welfare Plan to which the Borrower is a party.

          Section 6.12 Environmental Warranties. Except for the matters set forth on Schedule
6.12 hereto, and only to the extent the Borrower’s failure to comply in any case, individually or
in the aggregate, has or could reasonably be expected to have a Material Adverse Effect:

                      (a) at all facilities and property (including underlying groundwater) owned, occupied, or
leased by the Borrower, except with respect to matters that have been fully resolved, the Borrower
is, and continues to be, in compliance with all Environmental Laws;

                      (b) there have been no past (which have not been resolved), and there are no pending or, to
the knowledge of the Borrower, threatened (i) claims, complaints, notices or requests for
information received by the Borrower with respect to any alleged violation of any Environmental
Law, or (ii) complaints, notices or inquiries to the Borrower regarding potential liability under
any Environmental Law;

                      (c) there have been no Releases or threatened Releases of Hazardous Materials at, on or under
any property now or to the knowledge of any Authorized Officer previously owned, occupied, or
leased by any Borrower;

                      (d) the Borrower has been issued and is in compliance with, and to the extent required by
applicable Environmental Laws have timely applied to renew, all permits, certificates, approvals,
licenses and other authorizations required by Environmental Laws;

                      (e) no property now or previously owned, occupied or leased by the Borrower is listed or, to
the knowledge of any Authorized Officer, proposed for listing on any federal or state list of sites
requiring any investigation, monitoring, remediation, or clean-up;

                      (f) there are no underground storage tanks, active or abandoned, including petroleum storage
tanks, on or under any property now or previously owned or leased by the Borrower;

                      (g) the Borrower has not directly transported or directly arranged for the transportation of
any Hazardous Material to any location which is the subject of federal, state or local enforcement
actions or other investigations which may lead to claims against the Borrower for any remedial
work, damage to natural resources or personal injury;

                      (h) there are no polychlorinated biphenyls or friable asbestos present at any property now
owned or leased by the Borrower or, to the knowledge of any Borrower (after due inquiry) previously
owned or leased by the Borrower; and

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                      (i) no conditions exist at, on or under any property now owned or leased by the Borrower or,
to the knowledge of the Borrower (after due inquiry) previously owned or leased by the Borrower,
which, with the passage of time, or the giving of notice or both, would give rise to any liability
under any Environmental Law.

          Section 6.13 Accuracy of Information. None of the factual information heretofore or
contemporaneously furnished (other than projections and forward looking information) in writing to
any Secured Party by or on behalf of the Borrower by its representatives, directors, officers,
agents or employees in connection with any Credit Document or any transaction contemplated hereby
contains any untrue statement of a material fact, or omits to state any material fact necessary to
make such information not materially misleading, and no other factual information hereafter
furnished in connection with any Credit Document by or on behalf of the Borrower to any Secured
Party will contain any untrue statement of a material fact or will omit to state any material fact
necessary to make any information not materially misleading, in each case on the date as of which
such information is dated or certified.

          Section 6.14 Margin Stock. No proceeds of any Loans will be used to purchase or carry
margin stock or otherwise for a purpose which violates, or would be inconsistent with, Board
Regulation T, U or X.

          Section 6.15 Foreign Assets Control Regulations. None of the requesting or borrowing
of any Loans or the use of the proceeds thereof of such will violate the Trading With the Enemy Act
(50 U.S.C. § 1 et seq., as amended) (the “Trading With the Enemy Act”) or any of the foreign assets
control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or executive order
relating thereto
(which for the avoidance of doubt shall include, but shall not be limited to (a) Executive
Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive
Order”) and (b) the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)) (the “Patriot Act”).
Furthermore, the Borrower (a) is not and will not become a “blocked person” as described in the
Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations and (b)
does not knowingly engages and will not knowingly engage in any dealings or transactions, or be
otherwise associated, with any such “blocked person”.

          Section 6.16 Labor Relations; Management Agreements. There are no strikes, lockouts
or other material labor disputes or grievances against the Borrower, or, to the Borrower’s
knowledge, threatened against or affecting the Borrower, and no significant unfair labor practice,
charges or grievances are pending against the Borrower, or to the Borrower’s knowledge, threatened
against any of them before any Governmental Authority. The Borrower is party to any collective
bargaining agreement. There are no Management Agreements.

          Section 6.17 Insurance. All premiums in respect of insurance maintained by or on
behalf of the Borrower have been paid. The Borrower reasonably believes that the insurance
maintained by or on behalf of the Borrower is adequate and conforms to the requirements set forth
in Section 8.3.

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          Section 6.18 Collateral Documents(a) .

                      (a) The Security Agreement is effective to create, in favor of the Agent, a legal, valid and
enforceable security interest in the Collateral described in the Security Agreement and, upon the
filings of financing statements pursuant to the UCC, constitutes a fully perfected Lien on, and
security interest in, all right, title and interest of the grantors thereunder in such Collateral
which may be perfected by filing, in each case prior and superior in right to any other Person,
other than with respect to Liens expressly permitted by Section 10.3.

                      (b) Any Control Agreement is effective to create, in favor of the Agent, a legal, valid and
enforceable Lien on all of the Borrower’s right, title and interest in and to the Deposit Accounts
described therein and the proceeds thereof, and constitute a Lien on, and security interest in, all
right, title and interest of the Borrower in such Deposit Accounts and the proceeds thereof, in
each case prior and superior in right to any other Person, other than with respect to the rights of
Persons expressly permitted by Section 10.3.

                      (c) The Borrower hereby covenants to perform all of its obligations under the Lockbox
Agreement and the Intercreditor Agreement and direct all Lessees to make all Contract Payments to
the “Lockbox” and the “Lockbox Account” (as such terms are defined in the Lockbox Agreement).

          Section 6.19 Compliance with OFAC Rules and Regulations.

          The Borrower (a) is not a Sanctioned Person, (b) does not have any of its assets in Sanctioned
Countries, and (c) does not derive any of its operating income from investments in, or transactions
with Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Loan will be used
directly or indirectly to fund any operations in, finance any investments or activities in or make
any payments to, a Sanctioned Person or a Sanctioned Country.

ARTICLE VII

FINANCIAL INFORMATION AND NOTICES

          The Borrower will furnish, or cause to be furnished, to the Agent and the Lenders, each of the
following:

          Section 7.1 Financial Statements and Projections.

                      (a) Quarterly Financial Statements(b) . As soon as available and in any event within
sixty (60) days after the end of each of the first three (3) Fiscal Quarters of each Fiscal Year,
unaudited consolidated balance sheets of the Borrower and its consolidated Subsidiaries, as of the
close of such fiscal quarter and unaudited consolidated statements of income, retained earnings and
cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended for the
Borrower and its consolidated Subsidiaries, including, without limitation, the notes thereto, all
in reasonable detail setting forth in comparative form the corresponding figures for the preceding
Fiscal Year and prepared by the Borrower in accordance with GAAP and, if applicable, containing
disclosure of the effect on the financial position or results of operations of any change in the
application of accounting principles and practices during the period, and certified by an
Authorized Officer to present fairly in all material respects

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the financial condition of the
Borrower and its consolidated Subsidiaries, and the results of operations of the Borrower and its
consolidated Subsidiaries, for the periods then ended, subject to normal year end adjustments.

                      (b) Annual Financial Statements(c) . As soon as available and in any event within one
hundred twenty (120) days after the end of each Fiscal Year, audited consolidated balance sheets of
the Borrower and its consolidated Subsidiaries, as of the close of such Fiscal Year and audited
consolidated statements of income, retained earnings and cash flows of the Borrower and its
consolidated Subsidiaries, for the Fiscal Year then ended, including, without limitation, the notes
thereto, all in reasonable detail setting forth in comparative form the corresponding figures for
the preceding Fiscal Year and prepared by an independent certified public accounting firm
acceptable to the Agent in accordance with GAAP and, if applicable, containing disclosure of the
effect on the financial position or results of operation of any change in the application of
accounting principles and practices during the year, and accompanied by a report thereon by such
certified public accountants that is not qualified with respect to scope limitations imposed by the
Borrower and its consolidated Subsidiaries, or with respect to accounting principles followed by
the Borrower and its consolidated Subsidiaries not in accordance with GAAP.

                      (c) Aging Reports(d) . Monthly, on the twentieth (20th) day of each month,
a monthly aging report for the prior month of (i) the total portfolio of Contracts serviced by the
Borrower, in summary form, and of (ii) Contracts which are Collateral.

          Section 7.2 Certificates.

                      (a) Compliance Certificate(e) . At each time financial statements are delivered
pursuant to Section 7.1(a) or Section 7.1(b) hereof, a Compliance Certificate dated as of the date
of the related financial statements.

                      (b) Borrowing Base Certificate(f) . Monthly, on the twentieth (20th) day
of each month, a Borrowing Base Certificate as of the last date of the immediately preceding month.

          Section 7.3 Other Reports.

                      (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower or
its board of directors by its independent public accountants in connection with their auditing
function, including, without limitation, any management letters or reports and any management
responses thereto;

                      (b) promptly upon their becoming available, copies of such other financial statements,
reports, notices, prospectuses and registration statements, if any, as any Borrower may be required
to publicly file with the IRS, the SEC, any national securities exchange or any similar or
corresponding governmental commission, department or agency substituted therefor, or any similar or
corresponding governmental commission, department, board, bureau, or agency, federal or state; and

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                      (c) tax returns and such other information regarding the operations, business affairs and
financial condition of the Borrower or the Collateral as the Agent or any Lender may reasonably
request.

          Section 7.4 Notice of Litigation and Other Matters. Promptly (but in no event later
than five (5) Business Days after the Borrower obtains knowledge thereof) telephonic and written
notice of:

                      (a) the commencement of any proceedings and investigations by or before any Governmental
Authority, and all actions and proceedings in any court or before any arbitrator against or
involving the Borrower or any of its properties, assets or businesses, which could reasonably be
believed to create a potential liability or judgment in excess of $1,000,000;

                      (b) any notice of any violation received by the Borrower from any Governmental Authority
including, without limitation, any notice of violation of any Environmental Law;

                      (c) any labor controversy that has resulted in, or threatens to result in, a strike or other
work action against the Borrower;

                      (d) any attachment, judgment, lien, levy or order exceeding $1,000,000 that may be assessed
against or threatened against the Borrower;

                      (e) (i) the institution of any steps by any Person to terminate any Pension Plan, (ii) the
failure to make a required contribution to any Pension Plan if such failure is sufficient to give
rise to a Lien under Section 302(f) of ERISA, (iii) the taking of any action with respect to a
Pension Plan which could result in the requirement that the Borrower furnish a bond or other
security to the PBGC or such Pension Plan, or (iv) the occurrence of any event with respect to any
Pension Plan which could result in the incurrence by the Borrower of any material liability, fine
or penalty, notice thereof and copies of all documentation relating thereto;

                      (f) any change (i) in the Borrower’s corporate name or in any trade name used to identify it
in the conduct of its business or in the ownership of its properties, (ii) in the location of the
Borrower’s chief executive office, its principal place of business, any office in which it
maintains books or records relating to Collateral owned by it or any office or facility at which
Collateral owned by it is located (including the establishment of any such new office or facility),
(iii) in the Borrower’s identity or corporate structure, (iv) in the Borrower’s Federal Taxpayer
Identification Number or (v) in the Borrower’s jurisdiction of organization (and the Borrower
agrees not to effect or permit any change referred to in the preceding sentence unless all filings
have been made under the UCC or otherwise that are required in order for the Agent to continue at
all times following such change to have a valid, legal and perfected security interest in all the
Collateral);

                      (g) if any material portion of the Collateral is damaged or destroyed;

                      (h) any change of any Authorized Officer;

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                      (i) any condition or event that constitutes a Default or Event of Default, written notice
thereof specifying the nature and duration thereof and the action being or proposed to be taken
with respect thereto;

                      (j) any Disposition;

                      (k) any default under a Servicing Agreement; and

                      (l) any Material Adverse Effect.

          Section 7.5 Accuracy of Information. All written information, reports, statements and
other papers and data furnished by or on behalf of the Borrower or any of its Subsidiaries to the
Agent or any Lender (other than
financial forecasts) whether pursuant to this Article VII or any other provision of this
Agreement shall be, at the time the same is so furnished, complete and correct in all material
respects to the extent necessary to give the Agent or any Lender complete, true and accurate
knowledge of the subject matter based on the Borrower’s knowledge thereof.

ARTICLE VIII

AFFIRMATIVE COVENANTS

          The Borrower agrees with each Lender and the Agent that it will, and, where required, will
cause its consolidated Subsidiaries to, perform or cause to be performed the obligations set forth
below.

          Section 8.1 Maintenance of Existence; Compliance with Laws, etc. The Borrower will:

                      (a) except as otherwise permitted by Section 10.7, preserve and maintain its legal existence;
and

                      (b) comply in all material respects with all applicable laws, rules, regulations and orders,
including the payment (before the same become delinquent), of all federal, state and other material
Taxes and assessments imposed upon it or upon its property except to the extent being diligently
contested in good faith by appropriate proceedings and for which adequate reserves in accordance
with GAAP have been set aside on the books of the Borrower.

          Section 8.2 Maintenance of Properties. The Borrower will maintain, preserve, protect
and keep its properties in good repair, working order and condition (ordinary wear and tear
excepted), and make necessary repairs, renewals and replacements so that the business carried on by
the Borrower may be properly conducted at all times, unless the Borrower determines in good faith
that the continued maintenance of such property is no longer economically desirable.

          Section 8.3 Insurance. The Borrower will:

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                      (a) maintain with financially sound and reputable insurance companies, insurance, with respect
to its properties and business, against loss or damage by fire and other insurance hazards
(including extended coverage, property damage, worker’s compensation, public liability and business
interruption insurance) and against other risks (including errors and omissions) of the kind and in
such amount customarily insured against by companies in the same or similar businesses operating in
the same or similar locations, and all insurance required to be maintained under any other Credit
Document;

                      (b) if any portion of the Borrower’s property that is subject to a mortgage in favor of the
Agent is located in an area identified by the Federal Emergency
Management Agency or any successor thereto as an area having special flood hazards pursuant to
the National Flood Insurance Act, maintain with financially sound and reputable insurance
companies, flood insurance with policy limits and deductibles in such amounts as are typically
insured against in the same general area, by Persons of comparable size engaged in the same or
similar business; and

                      (c) maintain all other insurance as may be required under the laws of any state or
jurisdiction in which it or they may be engaged in business

                      (d) deliver (i) not later than seven (7) days after the Closing Date and annually thereafter
an original certificate of insurance signed by the Borrower’s independent insurance broker
describing and certifying as to the existence of the insurance on the properties and assets of the
Borrower and its consolidated Subsidiaries required to be maintained by this Agreement and (ii) at
the reasonable request of the Agent from time to time (A) a summary schedule indicating all
insurance then in force with respect to the Borrower or (B) copies of the policies evidencing such
insurance coverage. Each insurance policy shall provide for at least thirty (30) days’ prior
written notice to the Agent of any termination of or proposed cancellation, nonrenewal or material
modification of such policy. All policies delivered pursuant to this Section shall be in addition
to any requirements to maintain specific types of insurance contained in any other Credit Document.

          Section 8.4 Visitations, Books and Records, Field Audits. The Borrower will, and will
cause each of its consolidated Subsidiaries to:

                      (a) keep true books and records in which full, true and correct entries will be made in
accordance with GAAP and maintain adequate accounts and reserves for all taxes (including income
taxes), all depreciation, depletion, obsolescence and amortization of its properties, all
contingencies, and all other reserves, and maintain computerized systems capable of (i) tracking
the Eligible Contracts, enabling the Borrower at all times to identify the same by Lessee and (ii)
enabling the Borrower to calculate the Net Present Value and Original Net Equipment Cost;

                      (b) permit the Agent, any Lender or any of their respective representatives, at reasonable
times and intervals upon reasonable notice to the Borrower, to visit the Borrower’s offices, to
discuss the Borrower’s financial matters with its officers and employees, and its independent
public accountants (and the Borrower hereby authorizes such independent public accountant to
discuss the Borrower’s financial matters with the Agent, any

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Lender or any of their respective
representatives) and to examine (and photocopy extracts from) any of its books and records provided
that no more than one such visit shall occur during any Fiscal Year if no Event of Default has
occurred and is continuing;

                      (c) shall assist in any collateral field audit performed (by any accounting firm reasonably
acceptable to the Agent) at the request of the Agent, which audit shall be in form and substance
reasonably satisfactory to Agent, the cost of which shall be paid by the Borrower; provided that
the Borrower shall be responsible for the cost of no more than
one such audit performed during any Fiscal Year if no Event of Default has occurred and is
continuing; and

                      (d) pay any fees of such independent public accountant or auditor incurred in connection with
the Agent’s and the Lenders’ exercise of its rights pursuant to this Section, and reimburse all
reasonable out-of-pocket costs of such visits of the Agent.

                      Section 8.5 Environmental Law Covenant. The Borrower will, except in each case where
the failure to do so could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect:

                      (a) occupy, use and operate all of its and their facilities and properties in material
compliance with all Environmental Laws, keep all necessary permits, approvals, certificates,
licenses and other authorizations required by Environmental Laws in effect and remain in material
compliance therewith, and handle all Hazardous Materials in compliance with, all applicable
Environmental Laws; and

                      (b) promptly notify the Agent and provide copies upon receipt of all written claims,
complaints, notices or inquiries relating to the condition of its facilities and properties in
respect of, or as to compliance with, Environmental Laws and promptly resolve any non-compliance
with Environmental Laws and keep its property free of any Lien imposed by any Environmental Law.

          Section 8.6 Use of Proceeds. The Borrower will apply the proceeds of the Loans to
finance the purchase of Eligible Contracts.

          Section 8.7 Future Subsidiaries, Security, etc. The Borrower will not create or
acquire any Subsidiaries or enter into any joint-ventures. From time to time, the Borrower will,
at their cost and expense, promptly secure the Obligations by pledging or creating, or causing to
be pledged or created, perfected security interests with respect to such of its assets and
properties as the Agent or the Required Lenders shall designate pursuant to the terms of this
Agreement (it being understood that it is the intent of the parties that the Obligations shall be
secured by all of the issued and outstanding Capital Securities of any Subsidiaries of the Borrower
and substantially all the assets of the Borrower, including real and personal property acquired
subsequent to the Closing Date). Such Liens will be created under the Credit Documents in form and
substance reasonably satisfactory to the Agent, and the Borrower shall deliver or cause to be
delivered to the Lenders all such instruments and documents (including legal opinions, title
insurance policies and lien searches) as the Agent shall reasonably request to evidence compliance
with this Section.

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          Section 8.8 Procedures to Ensure Information Dissemination. The Borrower will, and
will cause each of its consolidated Subsidiaries to, establish and maintain adequate policies and
procedures to ensure that at least one Authorized
Officer is promptly informed of all matters referenced in this Agreement for which the Secured
Parties are relying on such Authorized Officer’s knowledge with respect to the obligations set
forth in Sections 6.13 and Article VII.

          Section 8.9 Further Assurances.

                      (a) The Borrower will, and will cause each Subsidiary which becomes a party hereto, to execute
any and all further documents, financing statements, agreements and instruments, and take all such
further actions (including the filing and recording of financing statements, fixture filings,
mortgages, deeds of trust and other documents), which may be required under any applicable law, or
which the Agent or the Required Lenders may reasonably request, to effectuate the transactions
contemplated by the Credit Documents or to grant, preserve, protect or perfect the Liens created by
the Credit Documents or the validity or priority of any such Lien, all at the expense of the
Borrower. The Borrower also agrees to provide the Agent, from time to time upon request, evidence
reasonably satisfactory to the Agent as to the perfection and priority of the Liens created or
intended to be created by the Credit Documents.

                      (b) If any assets (including any real property or improvements thereto or any interest
therein) are acquired by the Borrower after the Closing Date (other than assets constituting
Collateral under the Security Agreement that become subject to the Lien of the Security Agreement
upon acquisition thereof), the Borrower will notify the Agent thereof, and, if requested by the
Agent or the Required Lenders, the Borrower will cause such assets to be subjected to a Lien
securing the Obligations applicable, and will take such actions as shall be necessary or reasonably
requested by the Agent to grant and perfect such Liens, including actions described in clause (a)
of this Section, all at the expense of the Borrower.

                      (c) If any Borrower opens or establishes any Deposit Account with any Person (other than with
respect to any Deposit Account with the Agent), such Borrower shall subject such Deposit Account to
a Control Agreement to the extent required by the Security Agreement.

                      (d) Each Contract acquired by the Borrower shall be acquired pursuant to an Assignment
Agreement.

                      (e) Not later than seven (7) days after the Closing Date, the Borrower shall enter into and
maintain a Servicing Agreement, in form and substance reasonably satisfactory to the Agent, with
respect to the Contracts.

          Section 8.10 Maintenance of Assets. With respect to the Contracts and related assets owned
or serviced by the Borrower, the Borrower shall:

                      (a) invoice and collect from each Lessee all Lease Payments required to be paid by such Lessee
in such manner and to the same extent as the Borrower does with respect to similar contracts held
for their own account;

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                      (b) fulfill all of the obligations of the Borrower and any of the ongoing responsibilities (if
any) of the lessor or lender under a Contract and exercise all rights of the Borrower with respect
to the Contracts and the Equipment;

                      (c) maintain with respect to each Contract and each piece of Equipment, and with respect to
each payment by each Lessee and compliance by each Lessee with the provisions of each Contract,
complete and accurate records in such manner and to the same extent as the Borrower does with
respect to similar contracts held for their own accounts;

                      (d) execute, deliver, report and file any and all tax returns with respect to sales, use,
personal property and other taxes (other than corporate income tax returns) and any and all
notices, reports, licensing applications or other required filings required to be filed in any
jurisdiction with respect to any Equipment and any and all filings required with respect to such
Equipment;

                      (e) apply for and maintain (or cause to be applied for and maintained) all licenses, permits,
registrations, authorizations and other governmental items necessary for the Borrower to acquire,
hold, manage and sell the Equipment, or enforce or collect Contracts, in each jurisdiction where
the failure to maintain such licenses, permits, registrations, authorizations or governmental items
could, individually or in the aggregate, reasonably be expected to cause a Material Adverse Effect;

                      (f) pay or cause to be paid all applicable taxes properly due and owing in connection with the
Contracts and Equipment;

                      (g) enforce and negotiate the terms of any Contract in accordance with the terms of the
Servicing Standard;

                      (h) repossess and remarket any Equipment in accordance with the terms of the Servicing
Standard;

                      (i) negotiate and maintain any insurance required by the Servicing Standard;

                      (j) investigate, consistent with its past practices and policies and at its own expense, the
facts and circumstances surrounding each casualty or Event of Loss with respect to any Equipment,
collect or arrange for payment from the appropriate Lessee or third party and process all payment
requests under the insurance policies with respect to such Equipment;

                      (k) in connection with its performance of the responsibilities and obligations, and exercise
of rights, under a Contract as lender, minimize any abatement, reduction, recoupment, setoff,
defense or counterclaim by the related Lessee;

                      (l) fully perform all obligations under the Contracts for which the nonperformance of such
obligations would create a setoff or counterclaim right by the applicable Lessee; and

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                      (m) maintain, in the custody of LEAF Financial, a Contract File with respect to each Contract.

ARTICLE IX

FINANCIAL COVENANTS

          The Borrower covenants and agrees with each Lender and the Agent that the Borrower will
perform or cause to be performed the obligations set forth below.

          Section 9.1 Maximum Leverage Ratio(a) . The Borrower will not permit the Leverage
Ratio as of the last day of any Fiscal Quarter to be greater than 7.50 to 1.00.

          Section 9.2 Minimum Tangible Net Worth. The Borrower will not permit Tangible Net
Worth as of the last day of any Fiscal Quarter to be less than $5,000,000.

ARTICLE X

NEGATIVE COVENANTS

          The Borrower covenants and agrees with each Lender and the Agent that the Borrower will, and
will cause its consolidated Subsidiaries to, perform or cause to be performed the obligations set
forth below.

          Section 10.1 Business Activities. The Borrower will not, and will not permit any of
its consolidated Subsidiaries to, engage in any business activity except for equipment leasing or
lending and those related business activities engaged in on the date of this Agreement (and
activities reasonably incidental, complementary or substantially similar thereto).

          Section 10.2 Indebtedness. The Borrower will not, and will not permit any of its
consolidated Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, other
than:

                      (a) Indebtedness in respect of the Obligations;

                      (b) Indebtedness existing as of the Closing Date which is identified in Schedule 10.2 hereto,
together with refinancings, renewals or replacements of any such Indebtedness in the manner
permitted under Section 10.5 hereof;

                      (c) unsecured Indebtedness (i) for trade payables incurred in the ordinary course of business
of the Borrower and their Subsidiaries and (ii) in respect of performance, surety or appeal bonds
provided in the ordinary course of business, but excluding
(in each case), Indebtedness incurred through the borrowing of money or Contingent Liabilities
in respect thereof;

                      (d) Indebtedness of the Borrower comprised of Hedging Obligations permitted pursuant to
Section 10.13;

                      (e) Capitalized Lease Liabilities in an aggregate amount at any time outstanding not to exceed
$100,000;

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                      (f) Purchase money obligations in an aggregate amount at any time not to exceed $100,000; and

                      (g) any other unsecured Indebtedness in an aggregate amount at any time not to exceed
$100,000.
provided, however, that no Indebtedness otherwise permitted by clause (c), (e) or (f) above shall
be assumed or otherwise incurred if a Default has occurred and is then continuing or would result
therefrom.

          Section 10.3 Liens. The Borrower will not, and will not permit any of its
consolidated Subsidiaries to, create, incur, assume or permit to exist any Lien upon any of its
property (including Capital Securities of any Person), revenues, assets or other Collateral,
whether now owned or hereafter acquired, except:

                      (a) Liens securing payment of the Obligations;

                      (b) Liens existing as of the Closing Date and disclosed in Schedule 10.3 hereto securing
Indebtedness described in Section 10.2(c); provided, that no such Lien shall encumber any
additional property (other than proceeds, products or replacements of such property) not already
securing such Indebtedness on the Closing Date;

                      (c) Liens securing Indebtedness permitted to be incurred under Sections 10.2(e) and (f);
provided, that (i) such Lien is granted within 60 days after such Indebtedness is incurred, (ii)
the Indebtedness secured thereby does not exceed the lesser of the cost or the fair market value of
the applicable property, improvements or equipment at the time of such acquisition (or
construction) or lease and (iii) such Lien secures only the assets and the proceeds, products or
replacements of such assets that are the subject of the Indebtedness referred to in such clause;

                      (d) Liens in favor of carriers, warehousemen, suppliers, repairmen, mechanics, materialmen,
landlords and other similar liens granted in the ordinary course of business for amounts not
overdue for a period of more than 60 days or being diligently contested in good faith by
appropriate proceedings and for which adequate reserves or other appropriate provision in
accordance with GAAP shall have been made therefor;

                      (e) Liens incurred or pledges or deposits made in the ordinary course of business in
connection with worker’s compensation, unemployment insurance or other forms of governmental
insurance or benefits, or to secure performance of tenders, statutory obligations, bids, trade
contracts, leases, statutory bonds, performance bonds or other similar obligations (other than for
borrowed money) entered into in the ordinary course of business or to secure obligations on surety
and appeal bonds or performance bonds;

                      (f) judgment Liens which do not otherwise result in an Event of Default;

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                      (g) easements, rights-of-way, zoning restrictions, minor defects or irregularities in title
and other similar charges or encumbrances, in each case, not interfering in any material respect
with the ordinary course of business of the Borrower;

                      (h) Liens for taxes, assessments or other governmental charges or levies not at the time
delinquent or thereafter payable without penalty or being diligently contested in good faith by
appropriate proceedings and for which adequate reserves or other appropriate provisions in
accordance with GAAP shall have been made;

                      (i) Liens arising from precautionary UCC financing statements regarding operating leases,
provided that such Lien is limited to the equipment leased;

                      (j) Liens of a collecting bank under UCC 4-210 on items in the course of collection;

                      (k) statutory liens under UCC Article 2; and

                      (l) bank set-off rights against Deposit Accounts.

          Section 10.4 Investments. The Borrower will not, and will not permit any of its
consolidated Subsidiaries to, purchase, make, incur, assume or permit to exist any Investment in
any other Person, except:

                      (a) Investments existing on the Closing Date and identified in Schedule 10.4 hereto;

                      (b) Cash Equivalent Investments;

                      (c) Investments received in connection with the bankruptcy or reorganization of, or settlement
of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary
course of business;

                      (d) Investments constituting (i) accounts receivable arising, (ii) trade debt granted, or
(iii) deposits made in connection with the purchase price of goods or services, in each case in the
ordinary course of business;

                      (e) Investments consisting of any deferred portion of the sales price received by the Borrower
or any Subsidiary in connection with any Disposition permitted under Section 10.8;

                      (f) without duplication, Investments to the extent permitted as Indebtedness pursuant to
Section 10.2(e); and

                      (g) Investments by way of the acquisition of assets pursuant to Financed Acquisitions.

          Section 10.5 Restricted Payments.

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          The Borrower will not, and will not permit any of its consolidated Subsidiaries to, declare,
make or permit, or agree to pay or make, directly or indirectly, any Restricted Payment, except for
dividends (i) payable to the Borrower, and (ii) payable by the Borrower solely in shares of any
class of its common stock.

          Section 10.6 Issuance of Capital Securities. The Borrower will not, and will not
permit any of its consolidated Subsidiaries to, (a) issue any Capital Securities that, by their
terms (or by the terms of any securities into which they are convertible or for which they are
exchangeable), or upon the happening of any event, mature or are subject to mandatory redemption,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
thereof, in whole or in part, on or prior to the date that is six months after the Termination Date
(whether for value or otherwise) or (b) become liable in respect of any obligation (contingent or
otherwise) to purchase, redeem, retire, acquire or make any other payment prior to at least six
months after the Termination Date in respect of any Capital Securities of the Borrower or any
option, warrant or other right to acquire any such Capital Securities.

          Section 10.7 Consolidation, Merger, etc. The Borrower will not, and will not permit
any of its consolidated Subsidiaries to, liquidate or dissolve, consolidate with, or merge into or
with, any other Person, or purchase or otherwise acquire all or substantially all of the assets or
Capital Securities of any Person (or any division thereof).

          Section 10.8 Sale of Assets. The Borrower will not, and will not permit any of its
consolidated Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of, more
than ten percent (10%) of their assets, business or property (whether now owned or hereafter
acquired, including, without limitation, Contracts and accounts receivable) during any consecutive
twelve (12) month period, or issue or sell any shares of any such Person’s Subsidiary’s common
stock to any Person other than the Borrower, except: (a) a discount of or an adjustment to any
account receivable in accordance with past practices; (b) the sale or other disposition for fair
market value, and in the
ordinary course of business, of obsolete or worn out property, or other property not necessary
for operations, and (c) sales of Contracts and the related Equipment, for fair market value, but
only to the extent that such sales are without any recourse, direct or indirect, to the Borrower or
any consolidated Subsidiary thereof.

          Section 10.9 Transactions with Affiliates. Except as set forth on Schedule 10.9 and
excluding transactions, payments or distributions otherwise expressly permitted hereunder, the
Borrower will not and will not permit any of its consolidated Subsidiaries to, enter into or cause
or permit to exist any arrangement, transaction or contract (including for the purchase, lease or
exchange of property or the rendering of services) with any Affiliate of the Borrower, unless such
arrangement, transaction or contract is (a) on fair and reasonable terms no less favorable to the
Borrower or such Subsidiary than it could obtain in an arm’s-length transaction with a Person that
is not an Affiliate and (b) of the kind which would be entered into by a prudent Person in the
position of the Borrower or such Subsidiary with a Person that is not one of its Affiliates, and
the Agent receives prompt written notice of such transaction.

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          Section 10.10 Restrictive Agreements. The Borrower will not, and will not permit any
of its consolidated Subsidiaries to, enter into or permit to exist any agreement prohibiting:

                      (a) the creation or assumption of any Lien upon its properties, revenues or assets, whether
now owned or hereafter acquired to the extent any such negative pledge would prohibit the creation
or first priority perfection of any Liens securing payment of the Obligations;

                      (b) the ability of the Borrower to amend or otherwise modify any Credit Document; or

                      (c) the ability of any Subsidiary to make any payments, directly or indirectly, to the
Borrower, including by way of dividends, advances, repayments of loans, reimbursements of
management and other intercompany charges, expenses and accruals or other returns on investments.

          Section 10.11 Sale and Leaseback. The Borrower will not directly or indirectly enter
into any agreement or arrangement, as a lessee, providing for the sale or transfer by it of any
property (now owned or hereafter acquired) to a Person and the subsequent lease or rental of such
property or other similar property from such Person.

          Section 10.12 Amendment to Material Documents.

                      (a) The Borrower will not, and will not permit any of its consolidated Subsidiaries to, amend,
supplement or otherwise modify any: (i) Organizational Document; (ii) Assignment Agreement; or
(iii) Servicing Agreement, in any manner materially adverse to the interests, rights or obligations
of any Secured Party.

                      (b) The Borrower will not, and will not permit any of their consolidated Subsidiaries to,
agree to or permit any amendment, modification or waiver of any provision of any agreement,
document, instrument or note governing or evidencing the Subordinated Debt if the effect of such
amendment, modification or waiver is to: (i) increase the interest rate on such Subordinated Debt
or change (to earlier dates) the dates upon which principal and interest are due thereon; (ii)
alter the redemption, prepayment or subordination provisions thereof; (iii) create any covenant
thereunder or grant any collateral therefor; or (iv) otherwise confer additional rights upon the
holders thereof which individually or in the aggregate would be adverse to the Borrower or any such
consolidated Subsidiary or to the any Secured Parties.

          Section 10.13 Hedging Obligations. The Borrower will not enter into any Hedging
Obligations other than Hedging Obligations entered into in the ordinary course of business to
manage interest rate risk of the Borrower and not for speculative purposes.

          Section 10.14 Accounting Changes. The Borrower will not make any significant change
in accounting treatment or reporting practices, except as required by GAAP, or change their Fiscal
Year.

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          Section 10.15 Upstream Limitations.The Borrower will not, and will not permit any of
its consolidated Subsidiaries, to enter into any agreement, contract, or arrangement (other than
the Credit Documents) restricting the ability of any of its Subsidiaries to pay or make dividends
or distributions in cash or kind, to make loans, advances, or other payments of whatsoever nature
or to make transfers or distributions of all or any part of their assets to the Borrower or to any
Subsidiary of the Borrower.

ARTICLE XI

EVENTS OF DEFAULTS AND REMEDIES

          Section 11.1 Events of Default. Each of the following events or occurrences described
in this Article shall constitute an “Event of Default”:

                      (a) Non-Payment of Obligations. The Borrower shall fail to make any payment or
prepayment of any principal of any Loan when due or any payment of interest on any Loan or any fee
described in Article III or any other monetary Obligation, within three (3) Business Days of when
due.

                      (b) Breach of Warranty. Any representation or warranty of the Borrower made or deemed
to be made in any Credit Document (including any certificates delivered pursuant to Article V) is
or shall be incorrect when made or deemed to have been made in any material respect.

                      (c) Non-Performance of Certain Covenants and Obligations. The Borrower shall default
in the due performance or observance of any of its obligations under Article VII, Section 8.1,
Section 8.7, Section 8.11, Article IX, or Article X.

                      (d) Non-Performance of Other Covenants and Obligations. The Borrower shall default in
the due performance and observance of any agreement, covenant or obligation contained in any Credit
Document executed by it (other than those described in Section 11.1(a)-(c) above), and, to the
extent susceptible to remedy, such default shall continue unremedied for a period of 30 days after
the earlier of (i) the date the Borrower is required pursuant to the Credit Documents or otherwise
to give notice thereof to the Agent (whether or not such notice is actually given), or (ii) the
date notice thereof shall have been given to the Borrower by the Agent or any Lender.

                      (e) Default on Other Indebtedness. A default shall occur in the payment of an amount
when due (subject to any applicable grace period), whether by acceleration or otherwise, of any
Indebtedness (other than Indebtedness described in Section 11.1(a)) of the Borrower or any of its
Subsidiaries, having an outstanding principal amount, individually or in the aggregate, in excess
of $1,000,000, or a default shall occur in the performance or observance of any obligation or
condition with respect to such Indebtedness if the effect of such default is to accelerate the
maturity of any such Indebtedness or such default shall continue unremedied for any applicable
period of time sufficient to permit the holder or holders of such Indebtedness, or any trustee or
agent for such holders, to cause or declare such Indebtedness to become due and payable or to
require such Indebtedness to be prepaid, redeemed, purchased or defeased, or require an offer to
purchase or defease such Indebtedness to

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be made, prior to its expressed maturity, in each case,
regardless of whether such default is waived, or such right is exercised, by such holder (or
trustee or agent), unless the effect of such waiver is to terminate permanently the right of such
holder (or trustee or agent) to accelerate the maturity thereof or demand cash collateral in
respect thereof on account of such default.

                      (f) Judgments.
Any judgment or order for the payment of money individually or in the aggregate in excess
of $1,000,000 (exclusive of any amounts to the extent covered by insurance (less any applicable
deductible) and as to which the insurer has acknowledged its responsibility to cover such judgment
or order) shall be rendered against the Borrower or any of its Subsidiaries and such judgment shall
not have been vacated or discharged or stayed or bonded pending appeal within 30 days (or such
longer period during which execution of the same shall have been stayed) after the entry thereof or
enforcement proceedings shall have been commenced by any creditor upon such judgment or order.

                      (g) Pension Plans. Any of the following events shall occur with respect to any
Pension Plan:

                         (i) the institution of any steps by the Borrower, any member of its Controlled Group or any
other Person to terminate a Pension Plan if, as a result of such termination, any Borrower or any
such member could be required to make a contribution to such Pension Plan, or could reasonably
expect to incur a liability or obligation to such Pension Plan, in excess of $1,000,000; or

                         (ii) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to
a Lien under section 302(f) of ERISA.

                      (h) Change in Control. Any Change in Control shall occur.

                      (i) Bankruptcy, Insolvency, etc. The Borrower shall:

                         (i) become “insolvent” as defined by Section 101(32) of the United States Bankruptcy Code, 11
U.S.C. §101(32)or generally fail to pay, or admit in writing its inability or unwillingness
generally to pay, debts as they become due;

                         (ii) apply for, consent to, or acquiesce in the appointment of a trustee, receiver,
sequestrator or other custodian for any substantial part of the property of any thereof, or make a
general assignment for the benefit of creditors;

                         (iii) in the absence of such application, consent or acquiescence in or permit or suffer to
exist the appointment of a trustee, receiver, sequestrator or other custodian for a substantial
part of the property of any thereof, and such trustee, receiver, sequestrator or other custodian
shall not be discharged within 60 days; provided, that the Borrower hereby expressly authorizes
each Secured Party to appear in any court conducting any relevant proceeding during such 60 day
period to preserve, protect and defend their rights under the Credit Documents;

                         (iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt
arrangement or other case or proceeding under any bankruptcy

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or insolvency law or any dissolution, winding up or liquidation proceeding, in respect
thereof, and, if any such case or proceeding is not commenced by the Borrower, such case or
proceeding shall be consented to or acquiesced in by the Borrower, or shall result in the entry of
an order for relief or shall remain for 60 days undismissed; provided, that the Borrower hereby
expressly authorizes each Secured Party to appear in any court conducting any such case or
proceeding during such 60 day period to preserve, protect and defend their rights under the Credit
Documents; or

                         (v) take any action authorizing, or in furtherance of, any of the foregoing.

                      (j) Impairment of Security, etc. Any Credit Document or any Lien granted thereunder
(except Liens released in accordance with the terms of the Credit Documents) shall, in whole or in
part, terminate, cease to be in effect or cease to be the legally valid, binding and enforceable
obligation of the Borrower; the Borrower shall, directly or indirectly, contest in any manner such
effectiveness, validity, binding nature or enforceability; or, except as permitted under any Credit
Document, any Lien on collateral with a value singly or in the aggregate in excess of $1,000,000
securing any Obligation shall, in whole or in part, cease to be a perfected Lien subject only to
Liens permitted under Section 10.3.

                      (k) Uninsured Damage. The occurrence of any uninsured damage to or loss, theft or
destruction of, any assets of the Borrower or any of its Subsidiaries and such damage, loss, theft
or destruction shall exceed $1,000,000 in the aggregate at any time.

                      (l) Servicer Default. The occurrence of any Servicer Default.

          Section 11.2 Action if Bankruptcy. If any Event of Default described in Section
11.1(i) shall occur, the Commitments (if not theretofore terminated) shall automatically terminate
and the outstanding principal amount of all outstanding Loans and all other Obligations (other than
Secured Hedging Obligations) shall automatically be and become immediately due and payable, without
notice or demand to any Person.

          Section 11.3 Action if Other Event of Default. If any Event of Default (other than
any Event of Default described in Section 11.1(i)) shall occur for any reason, whether voluntary or
involuntary, and be continuing, the Agent, upon the direction of the Required Lenders, shall by
notice to the Borrower declare all or any portion of the outstanding principal amount of the Loans
and other Obligations (other than Secured Hedging Obligations) to be due and payable and/or the
Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of
such Loans and other Obligations which shall be so declared due and payable shall be and become
immediately due
and payable, without further notice, demand or presentment, and/or, as the case may be, the
Commitments shall terminate.

          Section 11.4 Application of Proceeds. Following an Event of Default and acceleration
of the Obligations, the Agent shall apply proceeds of Collateral as follows:

          First, to payment of that portion of the Obligations constituting fees, expenses
(including, without limitation, expenses relating to attorneys’ fees and other

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          professionals’ fees), indemnities and other amounts due to the Agent in its capacity as
such;

                      Second, to payment of that portion of the Obligations constituting accrued and unpaid
interest and accrued and unpaid commitment fees or other fees, ratably amongst the Secured
Parties in proportion to the respective amounts described in this clause “Second” due to
them;

                      Third, to payment of that portion of the Obligations constituting unpaid principal of
any Loans, ratably amongst the Lenders in proportion to the respective amounts described in
this clause “Third” due to them;

                      Fourth, to payment of all other Obligations, ratably amongst the Secured Parties in
proportion to the respective amounts described in this clause “Fourth” due to them; and

                      Finally, the balance, if any, after all of the Obligations have been satisfied, to the
Borrower or as otherwise required by law.

                                For purposes of this Section 11.4, if there are Obligations arising out of Secured Hedging
Agreements, the Agent shall determine whether such obligations are most appropriately characterized
as interest, principal, fees or other and shall add those obligations to the appropriate category
above. Any determination of the Agent in this regard shall be conclusive absent manifest error,
provided, however, that the characterization of such obligations shall be the same with
respect to all Secured Parties.

ARTICLE XII

THE AGENT

          Section 12.1 Actions. Each Lender hereby irrevocably appoints National City as its
Agent. Each Lender authorizes the Agent to act on behalf of such Lender under each Credit Document
and, in the absence of other written instructions from the Required Lenders received from time to
time by the Agent (with respect to which the Agent agrees that it will comply, except as otherwise
provided in this Section or as otherwise advised by counsel in order to avoid contravention of
applicable law), to exercise such powers hereunder and thereunder as are specifically delegated to
or required of the Agent by the terms hereof and thereof, together with such powers as may be
reasonably incidental thereto. Each Lender hereby indemnifies (which indemnity shall survive any
termination of this Agreement) the Agent, pro rata according to such Lender’s
proportionate Total Exposure Amount, from and against any and all liabilities, obligations, losses,
damages,
claims, costs or expenses of any kind or nature whatsoever which may at any time be imposed
on, incurred by, or asserted against, the Agent in any way relating to or arising out of any Credit
Document, including reasonable attorneys’ fees, and as to which the Agent is not reimbursed by the
Borrower; provided, however, that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, claims, costs or expenses which are determined by a
court of competent jurisdiction in a final proceeding to have resulted from the Agent’s gross
negligence or willful misconduct. The Agent shall not be required to take any action under any
Credit Document, or to prosecute or defend any suit in respect of any Credit Document, unless it is
indemnified hereunder to its satisfaction. If any indemnity in favor of the Agent shall be or
become, in the Agent’s determination, inadequate, the

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Agent may call for additional indemnification
from the Lenders and cease to do the acts indemnified against hereunder until such additional
indemnity is given.

          Section 12.2 Funding Reliance, etc. Unless the Agent shall have been notified in
writing by any Lender by 5:00 p.m. on the Business Day prior to the date of any Borrowing that such
Lender will not make available the amount which would constitute its Percentage of such Borrowing
on the date specified therefor, the Agent may assume that such Lender has made such amount
available to the Agent and, in reliance upon such assumption, make available to the Borrower a
corresponding amount. If and to the extent that such Lender shall not have made such amount
available to the Agent, when all conditions to borrowing have been satisfied such Lender and the
Borrower severally agree to repay the Agent forthwith within three (3) Business Days of demand such
corresponding amount together with interest thereon, for each day from the date the Agent made such
amount available to the Borrower to the date such amount is repaid to the Agent, at the interest
rate applicable at the time to Loans comprising such Borrowing (in the case of the Borrower) and
(in the case of a Lender), at the Federal Funds Rate for the first two (2) Business Days after
which such amount has not been repaid, and thereafter at the interest rate applicable to Loans
comprising such Borrowing.

          Section 12.3 Exculpation. Neither the Agent nor any of its respective directors,
officers, employees or agents shall be liable to any Lender for any action taken or omitted to be
taken by it under any Credit Document, or in connection herewith or therewith, nor responsible for
any recitals or warranties herein or therein, nor for the effectiveness, enforceability, validity
or due execution of any Credit Document, nor for the creation, perfection or priority of any Liens
purported to be created by any of the Credit Documents, or the validity, genuineness,
enforceability, existence, value or sufficiency of any collateral security, nor to make any inquiry
respecting the performance by the Borrower of its Obligations, except, in each case, to the extent
determined by a court of competent jurisdiction in a final proceeding to have resulted from their
own gross negligence or willful misconduct. Any such inquiry which may be made by the Agent shall
not obligate it to make any further inquiry or to take any action. The Agent shall be entitled to
rely upon advice of counsel concerning legal matters and upon any notice, consent, certificate,
statement or writing which the Agent believes to be genuine and to have been presented by a proper
Person.

          Section 12.4 Successor. The Agent may resign as such at any time upon at least 10
days’ prior notice to the Borrower and the Lenders. If the Agent at any time shall resign, the
Required Lenders may appoint another Lender as a successor Agent (with, so long as no Default or
Event of Default has occurred and is continuing, the consent of the Borrower, provided that the
resignation of the Agent is not contingent upon such consent), which Lender, upon such appointment
(and all applicable consents), thereupon shall become the Agent hereunder. If no successor Agent
shall have been so appointed by the Required Lenders, and shall have accepted such appointment,
within 30 days after the retiring Agent’s giving notice of resignation, then the retiring Agent
may, on behalf of the Lenders, appoint a successor Agent, which shall be one of the Lenders or a
commercial banking institution organized under the laws of the United States (or any State thereof)
or a United States branch or agency of a commercial banking institution, and having a combined
capital and surplus of at least $250,000,000; provided, however, that if, such retiring Agent is
unable to find a commercial banking institution which is willing to accept such appointment and
which meets the qualifications set forth above, the retiring Agent’s

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resignation shall nevertheless
thereupon become effective and the Lenders shall assume and perform all of the duties of the Agent
hereunder until such time, if any, as the Required Lenders appoint a successor as provided for
above. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such
successor Agent shall be entitled to receive from the retiring Agent such documents of transfer and
assignment as such successor Agent may reasonably request, and shall thereupon succeed to and
become vested with all rights, powers, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under the Credit Documents.
After any retiring Agent’s resignation hereunder as the Agent, the provisions of this Article XII
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the
Agent under the Credit Documents, and Section 13.3 and Section 13.4 shall continue to inure to its
benefit.

          Section 12.5 Loans by Agent. Agent shall have the same rights and powers with respect
to (x) the Loans made by it or any of its Affiliates, and (y) the Notes held by it or any of its
Affiliates as any other Lender and may exercise the same as if it were not Agent. Agent and each
of its Affiliates may accept deposits from, lend money to, and generally engage in any kind of
business with the Borrower or any Subsidiary or Affiliate of the Borrower as if Agent were not
Agent hereunder.

          Section 12.6 Credit Decisions. Each Lender acknowledges that it has, independently of
the Agent and each other Lender, and based on such Lender’s review of the financial information of
the Borrower, the Credit Documents (the terms and provisions of which being satisfactory to such
Lender) and such other documents, information and investigations as such Lender has deemed
appropriate, made its own credit decision to extend its Commitment. Each Lender also acknowledges
that it will, independently of the Agent and each other Lender, and based on such other documents,
information and investigations as it shall deem appropriate at any time, continue to make its own
credit decisions as to exercising or not exercising from time to time any rights and privileges
available to it under the Credit Documents.

          Section 12.7 Reliance by Agent. The Agent shall be entitled to rely upon any
certification, notice or other communication (including any thereof by telephone, telecopy,
telegram or cable) believed by it to be genuine and correct and to have been signed or sent by or
on behalf of the proper Person, and upon advice and statements of legal counsel, independent
accountants and other experts selected by the Agent. As to any matters not expressly provided for
by the Credit Documents, the Agent shall in all cases be fully protected in acting, or in
refraining from acting, hereunder or thereunder in accordance with instructions given by the
Required Lenders or all of the Lenders as is required in such circumstance, and such instructions
of such Lenders and any action taken or failure to act pursuant thereto shall be binding on all
Secured Parties. For purposes of applying amounts in accordance with this Section, the Agent shall
be entitled to rely upon any Secured Party that has entered into a Secured Hedging Agreement for a
determination (which such Secured Party agrees to provide or cause to be provided upon request of
each Agent) of the outstanding Obligations owed to such Secured Party under any Secured Hedging
Agreement. Unless it has actual knowledge evidenced by way of written notice from any such Secured
Party and the Borrower to the contrary, the Agent, in acting in such capacity under the Credit
Documents, shall be entitled to assume that no Secured Hedging Agreements or Obligations in respect
thereof are in existence or outstanding.

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          Section 12.8 Defaults. The Agent shall not be deemed to have knowledge or notice of
the occurrence of a Default unless the Agent has received a written notice from a Lender or the
Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the
event that the Agent receives such a notice of the occurrence of a Default, the Agent shall give
prompt notice thereof to the Lenders. The Agent shall (subject to Section 13.1) take such action
with respect to such Default as shall be directed by the Required Lenders; provided, that unless
and until the Agent shall have received such directions, the Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default as it shall
deem advisable in the best interest of the Lenders except to the extent that this Agreement
expressly requires that such action be taken, or not be taken, only with the consent or upon the
authorization of the Required Lenders or all Lenders.

ARTICLE XIII

MISCELLANEOUS

          Section 13.1 Waivers, Amendments, etc.

                      (a) Waivers and Amendments. (g) The provisions of each Credit Document may from time
to time be amended, modified or waived, if such amendment, modification or waiver is in writing and
consented to by the Borrower and the Required Lenders; provided, however, that no such amendment,
modification or waiver shall:

                         (i) modify this Section without the consent of all Lenders;

                         (ii) increase the aggregate amount of any Loans required to be made by a Lender pursuant to
its Commitment, extend the maturity date of any Loan made (or participated in) by any Lender or
reduce any fees described in Article III payable to any Lender without the consent of such Lender
or change the date or the amount of any principal repayment described in Section 3.1(a), without
the consent of each Lender to be adversely affected by such amendment, modification or waiver;

                         (iii) forgive, or otherwise reduce, the principal amount of or reduce the rate of interest on
any Lender’s Loan or extend the date on which interest or fees are payable in respect of any
Lender’s Loans, in each case, without the consent of such Lender (it being understood and agreed,
however, that any vote to rescind any acceleration made pursuant to Section 11.2 and Section 11.3
of amounts owing with respect to the Loans and other Obligations shall only require the vote of the
Required Lenders);

                         (iv) reduce the percentage set forth in the definition of “Required Lenders” or modify any
requirement hereunder that any particular action be taken by all Lenders without the consent of all
Lenders;

                         (v) except as otherwise expressly provided in a Credit Document, release the Borrower from its
Obligations under any Credit Documents, or all or substantially all of the Collateral under the
Credit Documents, in each case without the consent of all Lenders (and each counterparty under any
Secured Hedging Agreement, if not then a Lender); or

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                         (vi) affect adversely the interests, rights or obligations of the Agent (in its capacity as
the Agent), unless consented to by the Agent.

                      (b) Secured Hedging Agreements(h) . In addition to the foregoing, no amendment shall
be made to any Credit Document without the consent of each counterparty to a Secured Hedging
Agreement affected thereby if the effect thereof would be to exclude the Obligations evidenced by a
Secured Hedging Agreement from the collateral security and other benefits of such Credit Document
(it being understood that any release of Liens shall be permitted to be effectuated by Agent,
Required Lenders or all Lenders (together with the consent of any counterparty to a Secured Hedging
Agreement, if required), as applicable, in accordance with the terms of this Agreement).

                      (c) No Waiver(i) . No failure or delay on the part of the Agent or any Lender in
exercising any power or right under any Credit Document shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or demand on the
Borrower in any case shall entitle it to any notice or demand in similar or other circumstances.
No waiver or approval by the Agent or any Lender under any Credit Document shall, except as
may be otherwise stated in such waiver or approval, be applicable to subsequent transactions.
No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder.

                      (d) Replacement of Lender(j) . In the event that any Lender or Lenders refuse to
approve any waiver or amendment the Agent deems advisable, then the Agent may or, so long as no
Event of Default has occurred and is continuing, the Borrower may (but shall not be obligated to),
upon notice to such Lender (and the Agent, if applicable), require such Lender to assign and
delegate without recourse (in accordance with and subject to the restrictions contained in Section
13.11), all of its interests, rights, duties and obligations under this Agreement and the Credit
Documents to an Assignee Lender that shall assume such obligations (which assignee may be a Lender,
if a Lender accepts such assignment); provided that (i) if it is an assignment at the request of
the Borrower, the Borrower shall have received the prior written consent of the Agent, which
consent shall not unreasonably be withheld or delayed, (ii) if it is an assignment at the request
of the Agent and no Event of Default has occurred and is continuing, the Borrower shall have
consented to such assignment which consents shall not be unreasonably withheld or delayed and (iii)
such assigning Lender shall have received payment of an amount equal to the outstanding principal
of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder
and under the other Credit Documents, from the assignee (to the extent of such outstanding
principal, accrued interest and accrued fees) or Borrower (in the case of all other amounts).

          Section 13.2 Notices; Time.

                      (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by facsimile, as follows:

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                         (i) if to the Borrower, to it to it c/o LEAF Asset Management, LLC, 1818 Market Street, 9th
Floor, Philadelphia, PA 19103, Attention of Miles Herman (Facsimile No. 215.640.6363);

                         (ii) if to the Agent, to National City Bank, One South Broad Street, 14th Floor, Philadelphia,
Pennsylvania 19107, Attention of Michael Labrum, Senior Vice President (Facsimile No.
(267.256.4002); and

                         (iii) if to any other Lender, to it at its address (or facsimile number) set forth in its
Administrative Questionnaire.

                      (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Agent; provided that the foregoing
shall not apply to notices pursuant to Article II unless otherwise agreed by the Agent and the
applicable Lender. The 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) Any party hereto may change its address or facsimile 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.

                      (d) Any notice, if mailed and properly addressed with postage prepaid or if properly addressed
and sent by pre-paid courier service, shall be deemed given when received; any notice, if
transmitted by facsimile, shall be deemed given when the confirmation of transmission thereof is
received by the transmitter.

                      (e) Unless otherwise indicated, all references to the time of a day in a Credit Document shall
refer to the time of day in Cleveland, Ohio.

          Section 13.3 Payment of Costs and Expenses. The Borrower agrees to pay on demand all
reasonable out-of-pocket expenses of the Agent (including the reasonable fees and out-of-pocket
expenses of any counsel to the Agent and of local counsel, if any, who may be retained by or on
behalf of the Agent) in connection with:

                      (a) the negotiation, preparation, execution and delivery of each Credit Document, including
schedules and exhibits, and any amendments, waivers, consents, supplements or other modifications
to any Credit Document as may from time to time hereafter be required, whether or not the
transactions contemplated hereby are consummated;

                      (b) the filing, recording, refiling or rerecording of any Credit Document and/or any financing
statements relating thereto and all amendments, supplements, amendments and restatements and other
modifications to any thereof and any and all other documents or instruments of further assurance
required to be filed or recorded or refiled or rerecorded by the terms of any Credit Document; and

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                      (c) the preparation and review of the form of any document or instrument relevant to any
Credit Document.

          The Borrower further agrees to pay, and to save each Secured Party harmless from all liability
for, any stamp or other taxes which may be payable in connection with the execution or delivery of
each Credit Document, the Loans or the issuance of the Notes. The Borrower also agrees to
reimburse each Secured Party upon demand for all reasonable out-of-pocket expenses (including
reasonable attorneys’ fees and legal expenses of counsel to each Secured Party) incurred by such
Secured Party in connection with (x) the negotiation of any restructuring or “work-out” with the
Borrower, whether or not consummated, of any Obligations and (y) the enforcement of any
Obligations.

          Section 13.4
Indemnification.
In consideration of the execution and delivery of this Agreement by each Secured Party, the
Borrower hereby indemnifies, exonerates and holds each Secured Party, and each of their respective
affiliates, officers, directors, employees and agents (collectively, the “Indemnified
Parties”) free and harmless from and against any and all actions, causes of action, suits,
losses, costs, liabilities and damages, and expenses incurred in connection therewith (irrespective
of whether any such Indemnified Party is a party to the action for which indemnification hereunder
is sought), including reasonable attorneys’ fees and disbursements, whether incurred in connection
with actions between or among the parties hereto and third parties (collectively, the
“Indemnified Liabilities”), incurred by the Indemnified Parties or any of them as a result
of, or arising out of, or relating to:

                      (a) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of any Loan;

                      (b) the entering into and performance of any Credit Document by any of the Indemnified Parties
(including any action brought by or on behalf of the Borrower as the result of any determination by
the Required Lenders pursuant to Article V not to fund any Loan, provided that any such action is
resolved in favor of such Indemnified Party);

                      (c) any investigation, litigation or proceeding related to any acquisition or proposed
acquisition by the Borrower or any Subsidiary thereof of all or any portion of the Capital
Securities or assets of any Person, whether or not an Indemnified Party is party thereto;

                      (d) any investigation, litigation, action or proceeding (including any threatened
investigation, litigation or proceeding) respectively made, filed, or instituted and related to any
environmental cleanup, audit, compliance or other matter relating to either the protection human
health or the environment or the Release by the Borrower or any Subsidiary thereof of any Hazardous
Material; or

                                   the presence on or under, or the escape, seepage, leakage, spillage, discharge, emission,
discharging or releases from, any real property owned or operated by the Borrower or any Subsidiary
thereof of any Hazardous Material (including any losses, liabilities, damages, injuries, costs,
expenses or claims asserted or arising under any

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Environmental Law), regardless of whether caused
by, or within the control of, the Borrower or Subsidiary;

except for Indemnified Liabilities arising for the account of a particular Indemnified Party which
are determined by a court of competent jurisdiction in a final proceeding to have resulted from the
such Indemnified Party’s gross negligence or willful misconduct. Except as otherwise provided in
this paragraph, the Borrower and its successors and assigns hereby waive, release and agree not to
make any claim or bring any cost recovery action against, any Indemnified Party under CERCLA or any
state equivalent, or any similar law now existing or hereafter enacted. Except as otherwise
provided in this paragraph, it is expressly understood and agreed that to the extent that any
Indemnified Party is strictly liable under any Environmental Laws, the Borrower’s obligation to
such Indemnified Party under this indemnity shall likewise be without regard to fault on the part
of the Borrower with respect to the violation or condition which results
in liability of an Indemnified Party. If and to the extent that the foregoing undertaking may be
unenforceable for any reason, the Borrower agrees to make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

          Notwithstanding anything to the contrary in this Agreement, no Indemnified Party shall effect
the settlement or compromise of any litigation, investigation or proceeding (including any
threatened litigation, investigation or proceeding) in respect of which indemnification may be
sought, without the Borrower’s prior written consent (not to be unreasonably withheld).

          Section 13.5 Survival. The obligations of the Borrower under Sections 4.3, 4.4, 4.5,
4.6, 13.3 and 13.4, and the obligations of the Lenders under Section 13.1, shall in each case
survive any assignment from one Lender to another (in the case of Sections 13.3 and 13.4) and the
occurrence of the date on which all Obligations have been paid in full in cash, all Secured Hedging
Agreements have been terminated and all Commitments shall have terminated. The representations and
warranties made by the Borrower in each Credit Document shall survive the execution and delivery of
such Credit Document.

          Section 13.6 Severability. Any provision of any Credit Document which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of such Credit Document or affecting the validity or enforceability of such
provision in any other jurisdiction.

          Section 13.7 Headings. The various headings of each Credit Document are inserted for
convenience only and shall not affect the meaning or interpretation of such Credit Document or any
provisions thereof.

          Section 13.8 Execution in Counterparts, Effectiveness, etc. This Agreement may be
executed by the parties hereto in several counterparts, each of which shall be an original and all
of which shall constitute together but one and the same agreement. This Agreement shall become
effective when counterparts hereof executed on behalf of the Borrower, the Agent and each Lender
(or notice thereof satisfactory to the Agent), shall have been received by the Agent.

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          Section 13.9 Governing Law; Entire Agreement. EACH CREDIT DOCUMENT (EXCEPT AS
OTHERWISE EXPRESSLY SET FORTH IN A CREDIT DOCUMENT) WILL EACH BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. The Credit Documents
constitute the entire
understanding among the parties hereto with respect to the subject matter thereof and
supersede any prior agreements, written or oral, with respect thereto.

          Section 13.10  Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns; provided,
however, that the Borrower may not assign or transfer its rights or obligations hereunder without
the consent of all Lenders (except as otherwise expressly permitted by the Credit Documents).

          Section 13.11 Assignments and Participations in Loans; Register. Each Lender may
assign, or sell participations in, its Loans and Commitment to one or more other Persons in
accordance with this the terms set forth below.

                      (a) Assignments(k) . Any Lender, pursuant to a Lender Assignment Agreement, with the
consent (which consent shall not be unreasonably delayed or withheld) of (i) the Borrower, to the
extent no Default or Event of Default has occurred and is continuing, and (ii) the Agent, may at
any time assign and delegate to any one or more commercial banks, funds or other financial
institutions, and upon notice to the Borrower and the Agent, upon the Agent’s acknowledgment on a
Lender Assignment Agreement, may assign and delegate to any of its Affiliates or to any other
Lender or to a Related Fund of any Lender (pursuant to applicable law) (each Person described in
either of the foregoing clauses as being the Person to whom such assignment and delegation is to be
made, being hereinafter referred to as an “Assignee Lender”), all or any fraction of such Lender’s
Loans and Commitment in a minimum aggregate amount of $500,000 (or, if less, the entire remaining
amount of such Lender’s Loans and Commitment). The Borrower and the Agent shall be entitled to
continue to deal solely and directly with a Lender in connection with the interests so assigned and
delegated to an Assignee Lender until:

                         (i) notice of such assignment and delegation, together with (A) payment instructions, (B) the
Internal Revenue Service forms or other statements contemplated or required to be delivered
pursuant to Section 4.6, if applicable, and (C) addresses and related information with respect to
such Assignee Lender, shall have been delivered to the Borrower and the Agent by such assignor
Lender and such Assignee Lender;

                         (ii) such Assignee Lender shall have executed and delivered to (A) the Borrower and the Agent
a Lender Assignment Agreement, accepted by the Agent, and (B), if it shall not be a Lender, shall
deliver to the Agent an Administrative Questionnaire in which the assignee designates one or more
credit contacts to whom all syndicate-level information (which may contain material non-public
information about the Borrower and its Subsidiaries and Affiliates or their respective securities)
will be made available and who may receive such information in accordance with the such Assignee
Lender’s compliance procedures and applicable laws, including Federal and state securities laws;
and

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                         (iii) the processing fees described below shall have been paid.

          From and after the date that the Agent accepts such Lender Assignment Agreement, (x) the
Assignee Lender thereunder shall be deemed automatically to have become a party hereto and to the
extent that rights and obligations hereunder have been assigned and delegated to such Assignee
Lender in connection with such Lender Assignment Agreement, shall have the rights and obligations
of a Lender under the Credit Documents, and (y) the assignor Lender, to the extent that rights and
obligations hereunder have been assigned and delegated by it in connection with such Lender
Assignment Agreement, shall be released from its obligations hereunder and under the other Credit
Documents.

          Within five (5) Business Days after its receipt of notice that the Agent has received and
accepted an executed Lender Assignment Agreement, if requested by the Assignee Lender, the Borrower
shall execute and deliver to the Agent (for delivery to the relevant Assignee Lender) a new Note
evidencing such Assignee Lender’s assigned Commitment and, if the assignor Lender has retained a
Commitment hereunder, if requested by such Lender, a replacement Note in the principal amount of
the Commitment retained by the assignor Lender hereunder (such Note to be in exchange for, but not
in payment of, the Note then held by such assignor Lender). Each such Note shall be dated the date
of the predecessor Note. The assignor Lender shall mark each predecessor Note “exchanged” and
deliver each of them to the Borrower. Accrued interest on that part of each predecessor Note
evidenced by a new Note, and accrued fees, shall be paid as provided in the Lender Assignment
Agreement. Accrued interest on that part of each predecessor Note evidenced by a replacement Note
shall be paid to the assignor Lender. Accrued interest and accrued fees shall be paid at the same
time or times provided in the predecessor Note and in this Agreement.

          Such assignor Lender or such Assignee Lender must also pay a processing fee in the amount of
$3,500 to the Agent upon delivery of any Lender Assignment Agreement; provided, however, that no
such fee shall be payable in the case of an assignment to an Affiliate of the assignor Lender or a
Related Fund with respect to such assignor Lender; and provided, further that, in the case of
contemporaneous assignments by a Lender to more than one fund managed by the same investment
advisor (which funds are not then Lenders hereunder), only a single such processing fee shall be
payable for all such contemporaneous assignments.

          Notwithstanding anything to the contrary set forth above, (A) any Lender may (without
requesting the consent of the Borrower or the Agent) pledge its Loans and all or any portion of its
rights in connection with this Agreement and the Credit Documents to a Federal Reserve Bank in
support of borrowings made by such Lender from such Federal Reserve Bank and (B) any Lender that is
a fund that invests in bank loans may (without the consent of the Borrower or the Agent) pledge its
Loans and all or any portion of its rights in connection with this Agreement and the Credit
Documents to the holders (or to the trustees for such holders) of obligations owed, or securities
issued, by such fund as security for such obligations or securities, provided, that any foreclosure
or other exercise of remedies by such holder (or such trustee) shall be subject to the provisions
of this Section regarding assignments in all respects. No pledge described in the immediately
preceding clause (ii) shall release such Lender from its obligations hereunder.

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                      (b) Participations.
Any Lender may sell to one or more commercial banks or other Persons (each of such
commercial banks and other Persons being herein called a “Participant”) participating
interests in any of the Loans, Commitments, or other interests of such Lender hereunder; provided,
however, that:

                         (i) no participation contemplated in this Section shall relieve such Lender from its
Commitment or its other obligations under any Credit Document;

                         (ii) such Lender shall remain solely responsible for the performance of its Commitment and
such other obligations;

                         (iii) the Borrower and the Agent shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under each Credit Document;

                         (iv) no Participant, unless such Participant is an Affiliate of such Lender or is itself a
Lender, shall be entitled to require such Lender to take or refrain from taking any action under
any Credit Document, except that such Lender may agree with any Participant that such Lender will
not, without such Participant’s consent, take any actions of the type described in clauses (a),
(b), or (f) or, to the extent requiring the consent of such Lender, clause (c) of Section 13.1 with
respect to Obligations participated in by such Participant; and

                         (v) the Borrower shall not be required to pay any amount under this Agreement that is greater
than the amount which it would have been required to pay had no participating interest been sold.

          Subject to clause (v) of this Section 13.11(b), the Borrower acknowledges and agrees that each
Participant, for purposes of Sections 4.3, 4.4, 4.5, 4.6, 4.8, and 4.9, shall be considered a
Lender. Each Participant shall be entitled to all information regarding the Borrower that has been
provided to the Lender selling the participation. Each Participant shall only be indemnified for
increased costs pursuant to Section 4.3, 4.5 or 4.6 if and to the extent that the Lender which sold
such participating interest to such Participant concurrently is entitled to make, and does make, a
claim on the Borrower for such increased costs. Any Lender that sells a participating interest in
any Loan, Commitment or other interest to a Participant under this Section shall indemnify and hold
harmless the Borrower and the Agent from and against any taxes, penalties, additions, interest or
other costs or losses (including reasonable attorneys’ fees and expenses) incurred or payable by
the Borrower or the Agent as a result of the failure of the Borrower or the Agent to comply with
its obligations to deduct or withhold any Taxes from any payments made pursuant to this Agreement
or the relevant Credit Documents to such Lender or the Agent, as the case may be, which Taxes would
not have been incurred or payable if such Participant had been a Non-U.S. Lender that was entitled
to deliver to the Borrower, the Agent or such Lender, and did in fact so deliver, a duly completed
and valid Form 1001 or 4224 (or applicable successor form) or Exemption Certificate entitling such
Participant to receive payments under this Agreement or the relevant Credit Documents without
deduction or withholding of any United States federal taxes.

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                      (c) Register.
The Borrower hereby designates the Agent to serve as the Borrower’s agent, solely for the
purpose of this Section, to maintain a register (the “Register”) on which the Agent will
record each Lender’s Commitment, the Loans made by each Lender and the Notes evidencing such Loans,
and each repayment in respect of the principal amount of the Loans of each Lender and annexed to
which the Agent shall retain a copy of each Lender Assignment Agreement delivered to the Agent
pursuant to this Section. Failure to make any recordation, or any error in such recordation, shall
not affect the Borrower’s obligations in respect of such Loans or Notes. The entries in the
Register shall be conclusive, in the absence of manifest error, and the Borrower, the Agent and the
Lenders shall treat each Person in whose name a Loan and related Note is registered as the owner
thereof for all purposes of this Agreement, notwithstanding notice or any provision herein to the
contrary. A Lender’s Commitment and the Loans made pursuant thereto and the Notes evidencing such
Loans may be assigned or otherwise transferred in whole or in part only by registration of such
assignment or transfer in the Register. Any assignment or transfer of a Lender’s Commitment or the
Loans or the Notes evidencing such Loans made pursuant thereto shall be registered in the Register
only upon delivery to the Agent of a Lender Assignment Agreement duly executed by the assignor
thereof. No assignment or transfer of a Lender’s Commitment or the Loans made pursuant thereto or
the Notes evidencing such Loans shall be effective unless such assignment or transfer shall have
been recorded in the Register by the Agent as provided in this Section.

          Section 13.12 Other Transactions. Nothing contained herein shall preclude the Agent
or any other Lender from engaging in any transaction, in addition to those contemplated by the
Credit Documents, with the Borrower or any of their Affiliates in which the Borrower or such
Affiliate is not restricted hereby from engaging with any other Person.

          Section 13.13 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, ANY CREDIT DOCUMENT, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE AGENT, THE
LENDERS OR THE BORROWER IN CONNECTION HEREWITH OR THEREWITH MAY BE BROUGHT AND MAINTAINED IN THE
COURTS OF THE COMMONWEALTH OF PENNSYLVANIA OR IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN
DISTRICT OF PENNSYLVANIA; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY
COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE AGENT’S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE BORROWER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE
WITHIN OR WITHOUT THE COMMONWEALTH OF PENNSYLVANIA AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION
13.2. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH
LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN
AN INCONVENIENT FORUM. TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY
IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR
NOTICE,

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ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO
ITSELF OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE CREDIT DOCUMENTS.

          Section 13.14 Waiver of Jury Trial. THE AGENT, EACH LENDER AND THE BORROWER HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER,
OR IN CONNECTION WITH, ANY CREDIT DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE AGENT, ANY LENDER OR THE BORROWER IN CONNECTION
THEREWITH. THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT
CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER CREDIT DOCUMENT TO WHICH
IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENT, EACH LENDER ENTERING
INTO THE CREDIT DOCUMENTS.

          Section 13.15 USA Patriot Act. Each Lender that is subject to the requirements of the
Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies the Borrower, which
information includes the name and address of the Borrower and other information that will allow
such Lender to identify the Borrower in accordance with the Patriot Act, and the Borrower, hereby
agrees to deliver such information to the Lenders as may be requested.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

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

	 	 	 	 	 
	 	LEAF EQUIPMENT LEASING INCOME FUND 

III, L.P., by its general partner

     LEAF ASSET MANAGEMENT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	NATIONAL CITY BANK,

as Agent, and as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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SCHEDULE I

INITIAL COMMITMENTS

	 	 	 	 	 	 	 	 	 
	Lender Name	 	Loan Commitment	 	Loan Percentages
	National City Bank

	 	$	25,000,000	 	 	 	100	%
	 
	 	 	 	 	 	 	 	 
	Total

	 	$	25,000,000	 	 	 	100	%

 Schedule I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]