Document:

exv10w16

Exhibit 10.16

QUICKSILVER GAS SERVICES LP

SECOND AMENDED AND RESTATED 2007 EQUITY PLAN

 

 

QUICKSILVER GAS SERVICES LP

SECOND AMENDED AND RESTATED 2007 EQUITY PLAN

	 	 	 	 	 	 	 
	SECTION	 	PAGE	 
	 
	 	 	 	 	 	 
	1.
	 	Purpose	 	 	1	 
	2.
	 	Term	 	 	1	 
	3.
	 	Definitions	 	 	1	 
	4.
	 	Units Available Under Plan	 	 	6	 
	5.
	 	Options	 	 	6	 
	6.
	 	Appreciation Rights	 	 	7	 
	7.
	 	Restricted Units	 	 	9	 
	8.
	 	Phantom Units	 	 	10	 
	9.
	 	Performance Units and Performance Bonuses	 	 	11	 
	10.
	 	Awards to Eligible Directors	 	 	12	 
	11.
	 	Transferability	 	 	13	 
	12.
	 	Adjustments	 	 	13	 
	13.
	 	Fractional Units	 	 	14	 
	14.
	 	Withholding Taxes	 	 	14	 
	15.
	 	Administration of the Plan	 	 	14	 
	16.
	 	Amendments and Other Matters	 	 	15	 
	17.
	 	Governing Law	 	 	16	 

 

 

QUICKSILVER GAS SERVICES LP

SECOND AMENDED AND RESTATED 2007 EQUITY PLAN

     The Quicksilver Gas Services LP 2007 Equity Plan (the “Plan”) was adopted by Quicksilver Gas
Services LP, a Delaware limited partnership (the “Partnership”), effective as of July 24, 2007.
The Partnership amended and restated the Plan effective as of November 4, 2009, and again amends
and restates the Plan effective as of December 31, 2009.

     1. Purpose. The Plan is intended to promote the interests of the Partnership by providing to
employees, consultants, officers and directors of Quicksilver Gas Services GP LLC, a Delaware
limited liability company and the general partner of the Partnership (the “General Partner”), and
its Affiliates incentive compensation awards based on Units. The Plan is also intended to
supplement the compensation that these individuals receive from the General Partner and its
Affiliates and to provide them incentives to promote the interests of the Partnership and its
Affiliates.

     2. Term. The Plan will terminate on the earliest of (a) the date that the Plan is terminated
in accordance with Section 16, (b) the date that Units are no longer available for Awards under the
Plan, or (c) July 24, 2017. No further Awards will be made under the Plan on or after such date.
Awards that are outstanding on the date the Plan terminates will remain in effect according to
their terms and the provisions of the Plan.

     3. Definitions. The following terms, when used in the Plan with initial capital letters, will
have the following meanings:

     (a) Affiliate means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common
control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by
contract or otherwise.

     (b) Appreciation Right means a right granted pursuant to Section 6.

     (c) Award means a grant of Appreciation Rights, Options, Phantom Units, Performance
Units or a Performance Bonus, or the grant or sale of Restricted Units, and includes any
tandem DERs granted with respect to a Phantom Unit or Performance Unit.

     (d) Board means the Board of Directors of the General Partner.

     (e) Change in Control means the occurrence of an event described in (i), (ii) or (iii)
below:

     (i) The General Partner ceases to be controlled by the Company or one or more
Affiliates of the Company and a majority of the Board of Directors of the General
Partner thereafter ceases to be comprised of Incumbent Directors;

 

 

     (ii) The consummation of a reorganization, merger or consolidation of the
Partnership or sale or other disposition of all or substantially all of the
consolidated assets of the Partnership (a “Partnership Transaction”) immediately
after which the voting power of the equity securities of the Partnership outstanding
immediately prior to such Partnership Transaction do not continue to represent
(either by remaining outstanding or by being converted into equity securities having
voting power in the entity surviving, resulting from, or succeeding to all or
substantially all of the Partnership’s consolidated assets as a result of such
Partnership Transaction or any parent of such entity) at least 50% of the combined
voting power of the then outstanding equity securities of (A) the entity surviving,
resulting from, or succeeding to all or substantially all of the Partnership’s
consolidated assets as a result of such Partnership Transaction or (B) any parent of
any such entity (including, without limitation, an entity which as a result of such
transaction owns the Partnership or all or substantially all of the Partnership’s
assets either directly or through one or more subsidiaries); or

     (iii) The occurrence of any of the following events while the General Partner
is controlled by the Company or one or more Affiliates of the Company:

          (A) Any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act) is or becomes the beneficial owner (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined
voting power of the then-outstanding Voting Securities of the Company; provided,
however, that the following acquisitions will not constitute a Change in Control:
(1) any acquisition of Voting Securities of the Company directly from the Company
that is approved by a majority of the Incumbent Quicksilver Directors; (2) any
acquisition of the Voting Securities of the Company by the Company or an Affiliate
of the Company; (3) any acquisition of Voting Securities of the Company by the
trustee or other fiduciary holding securities under any employee benefit plan (or
related trust) sponsored or maintained by the Company or any Affiliate of the
Company; or (4) any acquisition of Voting Securities of the Company by Mercury
Exploration Company, Quicksilver Energy, L.P., The Discovery Fund, Pennsylvania
Avenue Limited Partnership, Pennsylvania Management Company, the estate of Frank
Darden, Lucy Darden, Anne Darden Self, Glenn Darden or Thomas Darden, or their
respective successors, assigns, designees, heirs, beneficiaries, trusts, estates or
controlled affiliates;

          (B) A majority of the Board of Directors of the Company ceases to be comprised
of Incumbent Quicksilver Directors;

          (C) The consummation of a reorganization, merger or consolidation of the
Company or sale or other disposition of all or substantially all of the consolidated
assets of the Company (each, a “Business Combination Transaction”) immediately after
which the Voting Securities of the Company outstanding immediately prior to such
Business Combination Transaction do not continue to represent (either by remaining
outstanding or by being converted into

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equity securities having voting power in the entity surviving, resulting from,
or succeeding to all or substantially all of the Company’s consolidated assets as a
result of such Business Combination Transaction or any parent of such entity) at
least 50% of the combined voting power of the then outstanding equity securities
having voting power in (1) the entity surviving, resulting from, or succeeding to
all or substantially all of the Company’s consolidated assets as a result of such
Business Combination Transaction or (2) any parent of any such entity (including,
without limitation, an entity which as a result of such transaction owns the Company
or all or substantially all of the Company’s assets, either directly or through one
or more subsidiaries; or

          (D) The General Partner, or one or more Affiliates of the Company, ceases to be
the general partner of the Partnership.

     (f) Code means the Internal Revenue Code of 1986, as in effect from time to time.

     (g) Committee means the committee established by the Board pursuant to Section 15 to
administer the Plan or, with respect to the administration of Section 10, the Board. If no
committee has been established by the Board to administer the Plan pursuant to Section 15,
“Committee” means the Board.

     (h) Company means Quicksilver Resources Inc., a Delaware corporation.

     (i) Consultant means an individual, other than an Employee or Eligible Director, who
performs services for the Partnership, the General Partner or an Affiliate of either of them.

     (j) Date of Grant means the date specified by the Committee on which an Award will
become effective.

     (k) Deferral Period means the period of time during which Phantom Units are subject to
deferral limitations.

     (l) DER means a contingent right, granted in tandem with a specific Phantom Unit or
Performance Unit, to receive an amount in cash equal to, and at the same time as, the cash
distributions made by the Partnership with respect to a Unit during the period such Phantom
Unit or Performance Unit is outstanding.

     (m) Eligible Director means a member of the Board who is not an Employee.

     (n) Employee means an employee or officer of the General Partner or its Affiliates who
performs services for the Partnership, the General Partner or an Affiliate of either of them.

     (o) Evidence of Award means an agreement, certificate, resolution or other type or form
of writing or other evidence approved by the Committee which sets forth the terms and
conditions of an Award. An Evidence of Award may be in any electronic

3

 

medium, may be limited to a notation on the books and records of the Partnership and
need not be signed by a representative of the Partnership or a Participant.

     (p) Exchange Act means the Securities Exchange Act of 1934, as amended.

     (q) Grant Price means the price per Unit at which an Appreciation Right is granted.

     (r) Incumbent Directors means the individuals who, as of the IPO Date, are directors of
the General Partner, and any individual becoming a director of the General Partner subsequent
to such date whose election, nomination for election by the General Partner’s members, or
appointment, was approved by a vote of a majority of the then Incumbent Directors (either by
a specific vote or by approval of the proxy statement of the General Partner in which such
person is named as a nominee for director, without objection to such nomination).

     (s) Incumbent Quicksilver Directors means the individuals who, as of the IPO Date, are
directors of the Company, and any individual becoming a director of the Company subsequent to
such date whose election, nomination for election by the Company’s stockholders, or
appointment, was approved by a vote of a majority of the then Incumbent Quicksilver Directors
(either by a specific vote or by approval of the proxy statement of the Company in which such
person is named as a nominee for director, without objection to such nomination).

     (t) IPO Date means the date that the initial public offering of the Units is
consummated.

     (u) Management Objectives means the measurable performance objectives, if any,
established by the Committee for a Performance Period that are to be achieved with respect to
an Award. Management Objectives may be described in terms of company-wide objectives (i.e.,
the performance of the Partnership and all of its subsidiaries) or in terms of objectives
that are related to the performance of the individual Participant or of the division,
subsidiary, department, region or function within the Partnership or an Affiliate of the
Partnership in which the Participant receiving the Award is employed or on which the
Participant’s efforts have the most influence. The achievement of the Management Objectives
established by the Committee for any Performance Period will be determined without regard to
the effect on such Management Objectives of any acquisition or disposition by the Partnership
of a trade or business, or of substantially all of the assets of a trade or business, during
the Performance Period and without regard to any change in accounting standards by the
Financial Accounting Standards Board or any successor entity.

          If the Committee determines that, as a result of a change in the business, operations,
corporate structure or capital structure of the Partnership (other than an acquisition or
disposition described in the first paragraph of this Section 3(v)), or the manner in which
the Partnership conducts its business, or any other events or circumstances, the Management
Objectives are no longer suitable, the Committee may in

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its discretion modify such Management Objectives or the related minimum acceptable level
of achievement, in whole or in part, with respect to a Performance Period as the Committee
deems appropriate and equitable.

     (v) Market Value per Unit means, at any date, the closing sales price of a Unit on that
date (or, if there are no sales on that date, the last preceding date on which there was a
sale) on the principal national securities exchange or in the principal market on or in which
the Units are traded. In the event that the Units are not traded on such an exchange or
market at the time a determination is to be made hereunder, the determination will be made in
good faith by the Committee.

     (w) Option means the right to purchase Units upon exercise of an option granted pursuant
to Section 5.

     (x) Option Price means the purchase price per Unit payable on exercise of an Option.

     (y) Participant means a person who is selected by the Committee to receive an Award
under the Plan and who at that time is an Employee, Consultant or Eligible Director.

     (z) Performance Bonus means an Award expressed in units, where a unit is equivalent to
$1.00 (or such other value as the Committee determines) granted pursuant to Section 9.

     (aa) Performance Period means, with respect to an Award, a period of time within which
the Management Objectives relating to such Award are to be measured. The Performance Period
will be established by the Committee at the time of the Award.

     (bb) Performance Unit means a bookkeeping entry that records the equivalent of one Unit
awarded pursuant to Section 9.

     (cc) Person means an individual or a corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization, association, government
agency or political subdivision thereof or other entity.

     (dd) Phantom Units means an Award granted pursuant to Section 8 or Section 10.

     (ee) Restricted Units means Units granted or sold pursuant to Section 7 as to which
neither the ownership restrictions nor the restrictions on transfer have expired.

     (ff) Rule 16b-3 means Rule 16b-3 under Section 16 of the Exchange Act as amended (or any
successor rule to the same effect), as in effect from time to time.

     (gg) Spread means the excess of the Market Value per Unit on the date an Appreciation
Right is exercised over (i) the Option Price provided for in the Option granted in tandem
with the Appreciation Right or (ii) if there is no tandem Option, the

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Grant Price provided for in the Appreciation Right, in either case multiplied by the
number of Units in respect of which the Appreciation Right is exercised.

     (hh) UDR means a distribution made by the Partnership with respect to a Restricted Unit.

     (ii) Unit means a common unit of the Partnership.

     (jj) Voting Securities of the Company means the securities entitled to vote generally in
the election of directors of the Company or persons who serve similar functions.

     4. Units Available Under Plan. As of the close of business on November 4, 2009, the aggregate
number of Units that may be (i) subject to an Award of Appreciation Rights or Options, and (ii)
issued or transferred as Restricted Units and released from all restrictions or in payment of
Performance Units, Performance Shares or Phantom Units will not exceed in the aggregate 750,000.
Any Units delivered pursuant to an Award will consist, in whole or in part, of Units acquired in
the open market or from any Affiliate of the Partnership or any other Person, newly issued Units or
any combination of the foregoing, as determined by the Committee in its discretion. The number of
Units available under this Section 4 will be subject to adjustment as provided in Section 12 and
will be further adjusted to include Units that relate to Awards that (i) expire or are forfeited,
(ii) are withheld or tendered in payment of the Option Price with respect to an Option or in
satisfaction of the taxes required to be withheld in connection with any Award granted under the
Plan or (iii) are subject to an Appreciation Right that are not transferred to a Participant upon
exercise of the Appreciation Right. There will not be any limitation on the number of Awards that
may be granted and paid in cash, and any Units allocated to an Award payable in cash or Units will,
to the extent paid in cash, be again available for delivery under the Plan with respect to other
Awards.

     5. Options. The Committee may from time to time authorize grants of options to any
Participant to purchase Units upon such terms and conditions as it may determine in accordance with
this Section 5. Each grant of Options may utilize any or all of the authorizations, and will be
subject to all of the requirements, contained in the following provisions:

     (a) Each grant will specify the number of Units to which it relates.

     (b) Each grant will specify the Option Price, which will not be less than 100% of the
Market Value per Unit on the Date of Grant.

     (c) Each grant will specify whether the Option Price will be payable (i) in cash or by
check acceptable to the General Partner, (ii) with the consent of the Committee, by the
actual or constructive transfer of Units owned by the Participant and having an aggregate
Market Value per Unit at the date of exercise equal to the aggregate Option Price, (iii) with
the consent of the Committee, by authorizing the withholding of a number of Units otherwise
issuable to the Participant having an aggregate Market Value per Unit on the date of exercise
equal to the aggregate Option Price or (iv) by a combination of such methods of payment;
provided, however, that the payment methods described in

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clauses (ii) and (iii) will not be available at any time that the Partnership is
prohibited from purchasing or acquiring such Units.

     (d) To the extent permitted by law, any grant may provide for deferred payment of the
Option Price from the proceeds of sale through a bank or broker of some or all of the Units
to which such exercise relates.

     (e) Successive grants may be made to the same Participant whether or not any Options or
other Awards previously granted to such Participant remain unexercised or outstanding.

     (f) Each grant will specify the required period or periods of continuous service by the
Participant with the General Partner or its Affiliates that are necessary before the Options
or installments thereof will become exercisable.

     (g) Any grant may specify the Management Objectives that must be achieved as a condition
to the exercise of the Options.

     (h) Any grant may provide for the earlier exercise of the Options in the event of a
Change in Control or other similar transaction or event.

     (i) On or after the Date of Grant, the Committee may provide for the payment to the
Participant of distribution equivalents thereon in cash or Units on a current, deferred or
contingent basis.

     (j) No Options will be exercisable more than ten years from the Date of Grant, unless
the Evidence of Award provides for an extended exercise period in the event of death,
disability or retirement.

     (k) The Committee will have the right to substitute Appreciation Rights for outstanding
Options granted to one or more Participants, provided the terms and the economic benefit of
the substituted Appreciation Rights are at least equivalent to the terms and economic benefit
of such Options, as determined by the Committee in its discretion.

     (l) Any grant may provide for the effect on the Options or any Units issued, or other
payment made, with respect to the Options of any conduct of the Participant determined by the
Committee to be injurious, detrimental or prejudicial to any significant interest of the
Partnership or any of its Affiliates.

     (m) Each grant will be evidenced by an Evidence of Award, which may contain such terms
and provisions, consistent with the Plan, as the Committee may approve, including without
limitation provisions relating to the Participant’s termination of employment or other
termination of service by reason of retirement, death, disability or otherwise.

     6. Appreciation Rights. The Committee may also from time to time authorize grants to any
Participant of Appreciation Rights upon such terms and conditions as it may determine in accordance
with this Section 6. Appreciation Rights may be granted in tandem with

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Options or separate and apart from a grant of Options. An Appreciation Right will be a right
of the Participant to receive from the Partnership upon exercise an amount which will be determined
by the Committee at the Date of Grant and will be expressed as a percentage of the Spread (not
exceeding 100%) at the time of exercise. An Appreciation Right granted in tandem with an Option
may be exercised only by surrender of the related Option. Each grant of an Appreciation Right may
utilize any or all of the authorizations, and will be subject to all of the requirements, contained
in the following provisions:

     (a) Each grant will state whether it is made in tandem with Options and, if not made in
tandem with any Options, will specify the number of Units in respect of which it is made.

     (b) Each grant made in tandem with Options will specify the Option Price and each grant
not made in tandem with Options will specify the Grant Price, which in either case will not
be less than 100% of the Market Value per Unit on the Date of Grant.

     (c) Any grant may provide that the amount payable on exercise of an Appreciation Right
may be paid (i) in cash, (ii) in Units having an aggregate Market Value per Unit equal to the
Spread (or the designated percentage of the Spread) or (iii) in a combination thereof, as
determined by the Committee in its discretion.

     (d) Any grant may specify that the amount payable to the Participant on exercise of an
Appreciation Right may not exceed a maximum amount specified by the Committee at the Date of
Grant.

     (e) Successive grants may be made to the same Participant whether or not any
Appreciation Rights or other Awards previously granted to such Participant remain unexercised
or outstanding.

     (f) Each grant will specify the required period or periods of continuous service by the
Participant with the General Partner or its Affiliates that are necessary before the
Appreciation Rights or installments thereof will become exercisable, and will provide that no
Appreciation Rights may be exercised except at a time when the Spread is positive and, with
respect to any grant made in tandem with Options, when the related Options are also
exercisable.

     (g) Any grant may specify the Management Objectives that must be achieved as a condition
to the exercise of the Appreciation Rights.

     (h) Any grant may provide for the earlier exercise of the Appreciation Rights in the
event of a Change in Control or other similar transaction or event.

     (i) On or after the Date of Grant, the Committee may provide for the payment to the
Participant of distribution equivalents thereon in cash or Units on a current, deferred or
contingent basis.

     (j) No Appreciation Right will be exercisable more than ten years from the Date of
Grant.

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     (k) Any grant may provide for the effect on the Appreciation Rights or any Units issued,
or other payment made, with respect to the Appreciation Rights of any conduct of the
Participant determined by the Committee to be injurious, detrimental or prejudicial to any
significant interest of the Partnership or any of its Affiliates.

     (l) Each grant will be evidenced by an Evidence of Award, which may contain such terms
and provisions, consistent with the Plan, as the Committee may approve, including without
limitation provisions relating to the Participant’s termination of employment or other
termination of service by reason of retirement, death, disability or otherwise.

     7. Restricted Units. The Committee may also from time to time authorize grants or sales to
any Participant of Restricted Units upon such terms and conditions as it may determine in
accordance with this Section 7. Each grant or sale will constitute an immediate transfer of the
ownership of Units to the Participant in consideration of the performance of services, entitling
such Participant to ownership rights, but subject to the restrictions set forth in this Section 7.
Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of
the requirements, contained in the following provisions:

     (a) Each grant or sale may be made without additional consideration or in consideration
of a payment by the Participant that is less than the Market Value per Unit at the Date of
Grant, except as may otherwise be required by law.

     (b) Each grant or sale may limit the Participant’s right to UDRs with respect to the
Restricted Units during the period in which the Restricted Units are subject to any such
restrictions.

     (c) Each grant or sale will provide that the Restricted Units will be subject, for a
period to be determined by the Committee at the Date of Grant, to one or more restrictions,
including without limitation a restriction that constitutes a “substantial risk of
forfeiture” within the meaning of Section 83 of the Code and the regulations of the Internal
Revenue Service under such section. Except as provided in Section 7(d) or 7(e), or otherwise
provided by the Committee from time to time, the restrictions imposed on Restricted Units
will not terminate at a rate that is faster than 1/3rd of the Restricted Units on
each anniversary of the Date of Grant.

     (d) Any grant or sale may specify the Management Objectives that, if achieved, will
result in the termination or early termination of the restrictions applicable to the
Restricted Units, provided that the Performance Period associated with such Management
Objectives will be a period of no less than 12 calendar months.

     (e) Any grant or sale may provide for the early termination of any such restrictions in
the event of a Change in Control or other similar transaction or event or the Participant’s
termination of employment or service by reason of death, disability, retirement or otherwise.

     (f) Each grant or sale will provide that during the period for which such restriction or
restrictions are to continue, the transferability of the Restricted Units will be

9

 

prohibited or restricted in a manner and to the extent prescribed by the Committee at
the Date of Grant (which restrictions may include without limitation rights of repurchase or
first refusal in favor of the Partnership or provisions subjecting the Restricted Units to
continuing restrictions in the hands of any transferee).

     (g) Any grant or sale may provide for the effect on the Restricted Units or any Units
issued free of restrictions, or other payment made, with respect to the Restricted Units of
any conduct of the Participant determined by the Committee to be injurious, detrimental or
prejudicial to any significant interest of the Partnership or any of its Affiliates.

     (h) Each grant or sale will be evidenced by an Evidence of Award, which may contain such
terms and provisions, consistent with the Plan, as the Committee may approve, including
without limitation provisions relating to the Participant’s termination of employment or
other termination of service by reason of retirement, death, disability or otherwise.

     8. Phantom Units. The Committee may also from time to time authorize grants or sales to any
Participant of Phantom Units upon such terms and conditions as it may determine in accordance with
this Section 8. Each grant or sale of a Phantom Unit will constitute the agreement by the
Partnership to issue or transfer a Unit (or an amount in cash equal to the Market Value per Unit)
to the Participant in the future in consideration of the performance of services, subject to the
fulfillment during the Deferral Period of such conditions as the Committee may specify. Each such
grant or sale may utilize any or all of the authorizations, and will be subject to all of the
requirements, contained in the following provisions:

     (a) Each grant or sale may be made without additional consideration from the Participant
or in consideration of a payment by the Participant that is less than the Market Value per
Unit on the Date of Grant, except as may otherwise be required by law.

     (b) Each grant or sale will provide that the Phantom Units will be subject to a Deferral
Period, which will be fixed by the Committee on the Date of Grant. Except as provided in
Section 8(c), 8(d) or 10(d), or otherwise provided by the Committee from time to time, the
Deferral Period will not terminate at a rate that is faster than 1/3rd of the
Phantom Units on each anniversary of the Date of Grant.

     (c) Any grant or sale may specify the Management Objectives that, if achieved, will
result in the termination or early termination of the Deferral Period, provided that the
Performance Period associated with such Management Objectives will be a period of no less
than 12 calendar months.

     (d) Any grant or sale may provide for the earlier termination of the Deferral Period in
the event of a Change in Control or other similar transaction or event or the Participant’s
termination of employment or service by reason of death, disability, retirement or otherwise.

     (e) During the Deferral Period, the Participant will not have any right to transfer any
rights under the Phantom Units, will not have any rights of ownership in the

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Phantom Units and will not have any right to vote the Phantom Units, but the Committee
may on or after the Date of Grant authorize the payment of DERs on such Units in cash or
Units on a current, deferred or contingent basis.

     (f) Any grant or sale may provide for the effect on the Phantom Units or any Units
issued free of restrictions, or other payment made, with respect to the Phantom Units of any
conduct of the Participant determined by the Committee to be injurious, detrimental or
prejudicial to any significant interest of the Partnership or any of its Affiliates.

     (g) Each grant or sale will be evidenced by an Evidence of Award, which will contain
such terms and provisions as the Committee may determine consistent with the Plan, including
without limitation provisions relating to the Participant’s termination of employment or
other termination of service by reason of retirement, death, disability or otherwise.

     9. Performance Units and Performance Bonuses. The Committee may also from time to time
authorize grants to Participants of Performance Units and Performance Bonuses, which will become
payable upon achievement of specified Management Objectives, upon such terms and conditions as it
may determine in accordance with this Section 9. Each such grant may utilize any or all of the
authorizations, and will be subject to all of the requirements, contained in the following
provisions:

     (a) Each grant will specify the number of Performance Units or the value of the
Performance Bonus to which it relates.

     (b) The Performance Period with respect to each Performance Unit and Performance Bonus
will be determined by the Committee at the time of grant.

     (c) Each grant will specify the Management Objectives that, if achieved, will result in
the payment of the Performance Units or Performance Bonus.

     (d) Each grant will specify the time and manner of payment of Performance Units or
Performance Bonuses which have become payable, which payment may be made in (i) cash, (ii)
Units having an aggregate Market Value per Unit equal to the aggregate value of the
Performance Units or Performance Bonuses which have become payable or (iii) any combination
thereof, as determined by the Committee in its discretion at the time of payment.

     (e) Any grant of Performance Units may specify that the amount payable with respect
thereto may not exceed a maximum specified by the Committee on the Date of Grant. Any grant
of a Performance Bonus may specify that the amount payable, or the number of Units issued,
with respect to the Performance Bonus may not exceed maximums specified by the Committee on
the Date of Grant.

     (f) On or after the Date of Grant, the Committee may provide for the payment to the
Participant of DERs on Performance Units in cash or Units on a current, deferred or
contingent basis.

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     (g) Any grant may provide for the effect on the Performance Units or Performance Bonus
or any Units issued, or other payment made, with respect to the Performance Units or
Performance Bonus of any conduct of the Participant determined by the Committee to be
injurious, detrimental or prejudicial to any significant interest of the Partnership or any
of its Affiliates.

     (h) Each grant will be evidenced by an Evidence of Award, which will contain such terms
and provisions as the Committee may determine consistent with the Plan, including without
limitation provisions relating to the payment of the Performance Units or Performance Bonus
in the event of a Change in Control or other similar transaction or event and provisions
relating to the Participant’s termination of employment or other termination of service.

     10. Awards to Eligible Directors.

     (a) On the first business day of each calendar year beginning after December 31, 2009,
each Eligible Director (i) will receive a grant of Phantom Units in lieu of cash compensation
of $50,000, and (ii) may elect to receive an additional grant of Phantom Units in lieu of
additional cash compensation of $50,000.

     (b) Each individual who first becomes an Eligible Director after December 31, 2009, on a
date other than the first business day of a calendar year (i) will receive a grant of Phantom
Units in lieu of cash compensation of $50,000 (if the individual becomes and Eligible
Director prior to July 1 of any year) or $25,000 (if the individual becomes and Eligible
Director on or after July 1 of any year), and (ii) may elect to receive a grant of Phantom
Units in lieu of additional cash compensation of $50,000 (if the individual becomes an
Eligible Director prior to July 1 of any year) or $25,000 (if the individual becomes an
Eligible Director on or after July 1 of any year). For purposes of this Section 10(b), an
Eligible Director who ceases to be a member of the Board and thereafter becomes an Eligible
Director again will be deemed to first become an Eligible Director on the date that such
individual again becomes an Eligible Director.

     (c) The number of Phantom Units to be granted to an Eligible Director under this Section
10 will be determined by dividing the amount of cash compensation the Phantom Units are
replacing by the Market Value per Unit as of (i) the first business day of the applicable
calendar year, for Phantom Units granted under Section 10(a), and (ii) the date on which the
Eligible Director first becomes a member of the Board, for Phantom Units granted under
Section 10(b). All elections to receive a grant of Phantom Units in lieu of cash
compensation will be made in accordance with procedures established by the Committee that are
designed to satisfy the deferral election requirements under Section 409A of the Code and (A)
with respect to Section 10(a)(ii), must be made on or prior to the last day of the preceding
calendar year, and (B) with respect to Section 10(b)(ii), must be made within 30 days after
the date the Eligible Director first becomes eligible to participate in the Plan and will
apply only to compensation paid for services performed after the election.

12

 

     (d) Each grant of Phantom Units made to an Eligible Director under this Section 10 may
utilize any or all of the authorizations, and will be subject to all of the requirements,
contained in the following provisions:

     (i) Each grant of Phantom Units under Section 10(a)(i) or 10(b)(i) will become
nonforfeitable as to 1/3rd of the total number of Units subject thereto
on the first business day of each of the first three calendar years beginning after
the Date of Grant; provided, in each case, that the Eligible Director who received
the Phantom Units has remained a member of the Board through each such date.

     (ii) Each grant of Phantom Units under Section 10(a)(ii) or 10(b)(ii) will
become nonforfeitable on the first business day of the first calendar year beginning
after the Date of Grant; provided, in each case, that the Eligible Director who
received the grant of Phantom Units has remained a member of the Board through such
date.

     (iii) Except as provided in an Evidence of Award, upon an Eligible Director’s
ceasing to be a member of the Board prior to the end of a Deferral Period for any
reason, the Eligible Director will immediately forfeit all nonvested Phantom Units,
unless the Board, in its discretion, terminates the Deferral Period.

     11. Transferability. No Award may be sold, pledged, assigned or transferred in any manner
other than by will or the laws of descent and distribution or pursuant to a qualified domestic
relations order; provided, however, that a Participant who is an officer of the General Partner or
an Affiliate may, with the prior approval of the Committee, transfer an Option to family members of
the Participant, including to trusts in which family members of the Participant own more than 50%
of the beneficial interests, to foundations in which family members of the Participant or the
Participant controls the management of assets and to other entities in which more than 50% of the
voting interests are owned by family members of the Participant or the Participant. No Option or
Appreciation Right granted to a Participant will be exercisable during the Participant’s lifetime
by any Person other than the Participant or the Participant’s guardian or legal representative or
any permitted transferee.

     12. Adjustments.

     (a) The Committee will make or provide for such adjustments in (i) the maximum number of
Units specified in Section 4, (ii) the number of Units covered by outstanding Options,
Appreciation Rights, Performance Units and Restricted Units granted under the Plan, (iii) the
Option Price or Grant Price applicable to any Options and Appreciation Rights, and (iv) the
kind of securities covered by any such Awards (including securities of another issuer), as is
equitably required to prevent dilution or enlargement of the rights of Participants that
otherwise would result from (x) any distribution (whether in the form of cash, Units, other
securities or other property), combination or exchange of Units or other securities,
recapitalization or other change in the capital structure of the Partnership, or (y) any
merger, consolidation, separation, spin-off, split-off, spin-out, split-up, reorganization,
partial or complete liquidation or other distribution of assets, issuance of rights or
issuance of warrants to purchase securities, or

13

 

(z) any other corporate transaction or event having an effect similar to any of the
foregoing. In the event of any such transaction or event, the Committee, in its discretion,
may provide in substitution for any or all outstanding Awards such alternative consideration
as it, in good faith, may determine to be equitable in the circumstances and may require in
connection with such substitution the surrender of all Awards so replaced.

     (b) The Committee may accelerate the payment of, or vesting with respect to, any Award
under the Plan upon the occurrence of a transaction or event described in this Section 12;
provided, however, that in the case of any Award that constitutes a deferral of compensation
within the meaning of Section 409A of the Code, the Committee will not accelerate the payment
of the Award unless it determines in good faith that such transaction or event satisfies the
requirements of a change in control event under guidance issued by the Secretary of the
Treasury under Section 409A of the Code.

     13. Fractional Units. The Partnership will not be required to issue or deliver any fractional
Units pursuant to the Plan. The Committee may provide for the elimination of fractions or for the
settlement of fractions in cash.

     14. Withholding Taxes. To the extent that the General Partner or any of its Affiliates is
required to withhold federal, state, local or foreign taxes in connection with any payment made or
benefit realized by a Participant or other Person under the Plan, and the amounts available for
such withholding are insufficient, it will be a condition to the receipt of such payment or the
realization of such benefit that the Participant or such other Person make arrangements
satisfactory to the Partnership for payment of the balance of such taxes required to be withheld.
In addition, if permitted by the Committee, the Participant or such other Person may elect to have
any withholding obligation satisfied with Units that would otherwise be transferred to the
Participant or such other Person in payment of the Participant’s Award. However, without the
consent of the Committee, Units will not be withheld in excess of the minimum number of Units
required to satisfy the withholding obligation.

     15. Administration of the Plan.

     (a) The Plan will be administered the Board, unless the Board appoints a committee
consisting of two or more directors of the Board, each of whom is intended to qualify as a
“non-employee director” as defined in Rule 16b-3, to administer the Plan. Notwithstanding
the foregoing, the provisions of Section 10 will be administered by the Board.

     (b) A majority of the Committee will constitute a quorum, and the action of the members
of the Committee present at any meeting at which a quorum is present, or acts unanimously
approved in writing, will be the acts of the Committee.

     (c) The Committee has the full authority and discretion to administer the Plan and to
take any action that is necessary or advisable in connection with the administration of the
Plan, including without limitation the authority and discretion to interpret and construe any
provision of the Plan or of any agreement, notification or document evidencing an Award. The
interpretation and construction by the Committee of any such

14

 

provision and any determination by the Committee pursuant to any provision of the Plan
or of any such agreement, notification or document will be final and conclusive. No member
of the Committee will be liable for any such action or determination made in good faith.

     (d) To the extent permitted by applicable law, the Committee may delegate its authority
under the Plan to a subcommittee of the Committee, to one or more committees of the Board or
to one or more executive officers of the General Partner; provided, however, that no
delegation may be made of authority to take an action which is required by Rule 16b-3 to be
taken by “non-employee directors” in order that the Plan and transactions thereunder meet the
requirements of such Rule.

     (e) It is the Committee’s intention that any Award granted under the Plan that
constitutes a deferral of compensation within the meaning of Section 409A of the Code and the
guidance issued by the Secretary of the Treasury under Section 409A satisfy the requirements
of Section 409A of the Code. In granting such an Award, the Committee will use its best
efforts to exercise its authority under the Plan with respect to the terms of such Award in a
manner that the Committee determines in good faith will cause the Award to comply with
Section 409A of the Code and thereby avoid the imposition of penalty taxes and interest upon
the Participant receiving the Award.

     (f) If no committee is established by the Board pursuant to Section 15(a) and, in any
event, with respect to the administration of the provisions of Section 10, the Board will
have the same authority, power, duties, responsibilities and discretion given to the
Committee under the terms of the Plan.

     16. Amendments and Other Matters.

     (a) The Plan may be amended from time to time by the Board or, with respect to those
provisions of the Plan other than Section 10, the Committee; provided, however, that the Plan
may not be amended without further approval by the unitholders of the Partnership if such
amendment would result in the Plan no longer satisfying any applicable requirements of the
New York Stock Exchange (or the principal national securities exchange on which the Units are
traded) or Rule 16b-3.

     (b) Neither the Committee nor the Board will authorize the amendment of any outstanding
Option to reduce the Option Price without the further approval of the unitholders of the
Partnership. Furthermore, no Option will be cancelled and replaced with Options having a
lower Option Price without further approval of the unitholders of the Partnership. The
provisions of this Section 16(b) are intended to prohibit the repricing of “underwater”
Options and will not be construed to prohibit the adjustments provided for in Section 12.

     (c) The Plan may be terminated at any time by action of the Board. The termination of
the Plan will not adversely affect the terms of any outstanding Award.

     (d) No Units will be issued under the Plan prior to (i) the obtaining of any approval
from any governmental agency which the General Partner, in its sole discretion,

15

 

determines to be necessary or advisable, (ii) the admission of such Units to listing on
any securities exchange on which the Units may then be listed, and (iii) the completion of
any registration or other qualification of such Units under any state or Federal law or
rulings or regulations of any governmental body which the General Partner, in its sole
discretion, determines to be necessary or advisable.

     (e) The Plan does not confer upon any Participant any right with respect to continuance
of employment or other service with the General Partner or any of its Affiliates, nor will it
interfere in any way with any right the General Partner or any of its Affiliates would
otherwise have to terminate such Participant’s employment or other service at any time.

     (f) To the extent that the Partnership has an obligation to reimburse the General
Partner or one of its Affiliates for compensation paid to Consultants and Employees for
services rendered for the benefit of the Partnership, such payments or reimbursement payments
may be made by the Partnership directly to the General Partner or its Affiliate and, if made
to the General Partner with respect to an Affiliate, will be received by the General Partner
as agent for the Affiliate.

     17. Governing Law. The Plan, all Awards and all actions taken under the Plan and the Awards
will be governed in all respects in accordance with the laws of the State of Delaware, including
without limitation the Delaware statute of limitations, but without giving effect to the principles
of conflicts of laws of such State.

16exv10w30

Exhibit 10.30

Execution Version

 

 

$600,000,000

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

DATED
AS OF MARCH 25, 2008

AMONG

MONEYGRAM INTERNATIONAL, INC.,

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.,

THE LENDERS,

and

JPMORGAN CHASE BANK, N.A.

AS ADMINISTRATIVE AGENT

 

 

J.P. MORGAN SECURITIES INC.

AS LEAD ARRANGER AND SOLE BOOK RUNNER

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I

	 	DEFINITIONS
	 	 	1	 
	Section 1.1

	 	Definitions
	 	 	1	 
	Section 1.2

	 	Terms Generally
	 	 	35	 
	Section 1.3

	 	Rounding
	 	 	35	 
	Section 1.4

	 	Times of Day
	 	 	35	 
	Section 1.5

	 	Timing of Payment or Performance
	 	 	35	 
	Section 1.6

	 	Accounting
	 	 	35	 
	Section 1.7

	 	Pro Forma Calculations
	 	 	36	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 	THE CREDITS
	 	 	37	 
	Section 2.1

	 	Term Loans
	 	 	37	 
	Section 2.2

	 	Term Loan Repayment
	 	 	37	 
	Section 2.3

	 	Revolving Credit Commitments
	 	 	38	 
	Section 2.4

	 	Other Required Payments
	 	 	38	 
	Section 2.5

	 	Ratable Loans
	 	 	38	 
	Section 2.6

	 	Types of Advances
	 	 	38	 
	Section 2.7

	 	Swing Line Loans
	 	 	38	 
	Section 2.8

	 	Commitment Fee; Reductions and Increases in
Aggregate Revolving Credit Commitment
	 	 	40	 
	Section 2.9

	 	Minimum Amount of Each Advance
	 	 	42	 
	Section 2.10

	 	Optional and Mandatory Principal Payments
	 	 	42	 
	Section 2.11

	 	Method of Selecting Types and Interest Periods for
New Advances
	 	 	44	 
	Section 
2.12

	 	Conversion and Continuation of Outstanding Advances
	 	 	45	 
	Section 
2.13

	 	Changes in Interest Rate, etc.
	 	 	45	 
	Section 
2.14

	 	Rates Applicable After Default
	 	 	46	 
	Section 
2.15

	 	Method of Payment
	 	 	46	 
	Section 
2.16

	 	Noteless Agreement; Evidence of Indebtedness
	 	 	46	 
	Section 
2.17

	 	Telephonic Notices
	 	 	47	 
	Section 
2.18

	 	Interest Payment Dates; Interest and Fee Basis
	 	 	47	 
	Section 
2.19

	 	Notification of Advances, Interest Rates,
Prepayments and Revolving Credit Commitment
Reductions
	 	 	47	 
	Section 
2.20

	 	Lending Installations
	 	 	48	 
	Section 
2.21

	 	Non-Receipt of Funds by the Administrative Agent
	 	 	48	 
	Section 
2.22

	 	Letters of Credit
	 	 	48	 
	Section 2.23

	 	Replacement of Lender
	 	 	53	 
	Section 2.24

	 	Pro Rata Treatment; Intercreditor Agreements
	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 	YIELD PROTECTION; TAXES
	 	 	56	 
	Section 3.1

	 	Yield Protection
	 	 	56	 
	Section 3.2

	 	Changes in Capital Adequacy Regulations
	 	 	57	 
	Section 3.3

	 	Availability of Types of Advances
	 	 	57	 
	Section 3.4

	 	Funding Indemnification
	 	 	58	 
	Section 3.5

	 	Taxes
	 	 	58	 
	Section 3.6

	 	Lender Statements; Survival of Indemnity
	 	 	61	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	 	CONDITIONS PRECEDENT
	 	 	61	 
	Section 4.1

	 	Effectiveness and Closing Conditions
	 	 	61	 
	Section 4.2

	 	Each Subsequent Credit Extension
	 	 	65	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 	REPRESENTATIONS AND WARRANTIES
	 	 	65	 
	Section 5.1

	 	Existence and Standing
	 	 	65	 
	Section 5.2

	 	Authorization and Validity
	 	 	65	 
	Section 5.3

	 	No Conflict: Government Consent
	 	 	66	 
	Section 5.4

	 	Financial Statements
	 	 	67	 
	Section 5.5

	 	Material Adverse Change
	 	 	67	 
	Section 5.6

	 	Taxes
	 	 	67	 
	Section 5.7

	 	Litigation
	 	 	67	 
	Section 5.8

	 	Subsidiaries; Capitalization
	 	 	67	 
	Section 5.9

	 	ERISA; Labor Matters
	 	 	67	 
	Section 5.10

	 	Accuracy of Information
	 	 	68	 
	Section 5.11

	 	Regulation U
	 	 	69	 
	Section 5.12

	 	Compliance With Laws
	 	 	69	 
	Section 5.13

	 	Ownership of Properties
	 	 	69	 
	Section 5.14

	 	Plan Assets; Prohibited Transactions
	 	 	69	 
	Section 5.15

	 	Environmental Matters
	 	 	69	 
	Section 5.16

	 	Investment Company Act
	 	 	69	 
	Section 5.17

	 	Solvency
	 	 	69	 
	Section 5.18

	 	Intellectual Property
	 	 	70	 
	Section 5.19

	 	Collateral
	 	 	70	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 	COVENANTS
	 	 	71	 
	Section 6.1

	 	Financial Reporting
	 	 	71	 
	Section 6.2

	 	Use of Proceeds
	 	 	73	 
	Section 6.3

	 	Notice of Default
	 	 	73	 
	Section 6.4

	 	Conduct of Business
	 	 	73	 
	Section 6.5

	 	Taxes
	 	 	73	 
	Section 6.6

	 	Insurance
	 	 	73	 
	Section 6.7

	 	Compliance with Laws
	 	 	74	 
	Section 6.8

	 	Maintenance of Properties
	 	 	74	 
	Section 6.9

	 	Inspection
	 	 	74	 
	Section 6.10

	 	Restricted Payments
	 	 	74	 
	Section 6.11

	 	Indebtedness
	 	 	78	 
	Section 6.12

	 	Merger
	 	 	82	 
	Section 6.13

	 	Sale of Assets
	 	 	84	 
	Section 6.14

	 	Investments and Acquisitions
	 	 	85	 
	Section 6.15

	 	Liens
	 	 	88	 
	Section 6.16

	 	Affiliates
	 	 	91	 
	Section 6.17

	 	Amendments to Agreements; Prepayments of
Second Lien Debt
	 	 	92	 
	Section 6.18

	 	Inconsistent Agreements
	 	 	93	 
	Section 6.19

	 	Financial Covenants
	 	 	94	 
	Section 6.20

	 	Minimum Liquidity Ratio
	 	 	96	 
	Section 6.21

	 	Subsidiary Guarantees
	 	 	96	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 
6.22

	 	Collateral
	 	 	97	 
	Section 6.23

	 	Holdco Covenant
	 	 	97	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 	DEFAULTS
	 	 	97	 
	Section 7.1

	 	Representation or Warranty
	 	 	98	 
	Section 7.2

	 	Non-Payment
	 	 	98	 
	Section 7.3

	 	Specific Defaults
	 	 	98	 
	Section 7.4

	 	Other Defaults
	 	 	98	 
	Section 7.5

	 	Cross-Default
	 	 	98	 
	Section 7.6

	 	Insolvency; Voluntary Proceedings
	 	 	98	 
	Section 7.7

	 	Involuntary Proceedings
	 	 	99	 
	Section 7.8

	 	Judgments
	 	 	99	 
	Section 7.9

	 	Unfunded Liabilities; Reportable Event
	 	 	99	 
	Section 7.10

	 	Change in Control
	 	 	99	 
	Section 7.11

	 	Withdrawal Liability
	 	 	99	 
	Section 7.12

	 	Guaranty
	 	 	99	 
	Section 7.13

	 	Collateral Documents
	 	 	99	 
	Section 7.14

	 	Events Not Constituting Default
	 	 	99	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	 	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	 	 	101	 
	Section 8.1

	 	Acceleration
	 	 	101	 
	Section 8.2

	 	Amendments
	 	 	101	 
	Section 8.3

	 	Replacement Loans
	 	 	102	 
	Section 8.4

	 	Errors
	 	 	103	 
	Section 8.5

	 	Preservation of Rights
	 	 	103	 
	 
	 	 	 	 	 	 
	ARTICLE IX

	 	GENERAL PROVISIONS
	 	 	104	 
	Section 9.1

	 	Survival of Representations
	 	 	104	 
	Section 9.2

	 	Governmental Regulation
	 	 	104	 
	Section 9.3

	 	Headings
	 	 	104	 
	Section 9.4

	 	Entire Agreement
	 	 	104	 
	Section 9.5

	 	Several Obligations; Benefits of this Agreement
	 	 	104	 
	Section 9.6

	 	Expenses; Indemnification
	 	 	104	 
	Section 9.7

	 	Severability of Provisions
	 	 	105	 
	Section 9.8

	 	Nonliability of Lenders
	 	 	105	 
	Section 9.9

	 	Confidentiality
	 	 	106	 
	Section 9.10

	 	Nonreliance
	 	 	107	 
	Section 9.11

	 	Disclosure
	 	 	107	 
	Section 9 12

	 	USA PATRIOT Act
	 	 	107	 
	Section 9.13

	 	Amendment and Restatement; Prior Defaults
	 	 	107	 
	 
	 	 	 	 	 	 
	ARTICLE X

	 	THE ADMINISTRATIVE AGENT
	 	 	108	 
	Section 10.1

	 	Appointment; Nature of Relationship
	 	 	108	 
	Section 10.2

	 	Powers
	 	 	108	 
	Section 10.3

	 	General Immunity
	 	 	108	 
	Section 10.4

	 	No Responsibility for Loans,
Recitals, etc.
	 	 	108	 
	Section 10.5

	 	Action on Instructions of Lenders
	 	 	109	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 10.6

	 	Employment of Administrative Agents and Counsel
	 	 	109	 
	Section 10.7

	 	Reliance on Documents; Counsel
	 	 	109	 
	Section 10.8

	 	Administrative Agent’s Reimbursement and Indemnification
	 	 	109	 
	Section 10.9

	 	Notice of Default
	 	 	110	 
	Section 10.10

	 	Rights as a Lender
	 	 	110	 
	Section 10.11

	 	Lender Credit Decision
	 	 	110	 
	Section 10.12

	 	Successor Administrative Agent
	 	 	111	 
	Section 10.13

	 	Administrative Agent and Arranger Fees
	 	 	111	 
	Section 10.14

	 	Delegation to Affiliates
	 	 	112	 
	Section 10.15

	 	Co-Documentation Agents, Co-Syndication Agents, etc.
	 	 	112	 
	Section 10.16

	 	Appointment of Collateral Agent
	 	 	112	 
	Section 10.17

	 	Certain Releases of Collateral and Guarantors
	 	 	112	 
	Section 10.18

	 	Intercreditor Agreement
	 	 	112	 
	 
	 	 	 	 	 	 
	ARTICLE XI

	 	SETOFF; RATABLE PAYMENTS
	 	 	113	 
	Section 11.1

	 	Setoff
	 	 	113	 
	Section 11.2

	 	Ratable Payments
	 	 	113	 
	 
	 	 	 	 	 	 
	ARTICLE XII

	 	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	 	 	113	 
	Section 12.1

	 	Successors and Assigns
	 	 	113	 
	Section 12.2

	 	Dissemination of Information
	 	 	118	 
	Section 12.3

	 	Tax Treatment
	 	 	118	 
	 
	 	 	 	 	 	 
	ARTICLE XIII

	 	NOTICES
	 	 	118	 
	Section 13.1

	 	Notices; Effectiveness; Electronic Communication
	 	 	118	 
	 
	 	 	 	 	 	 
	ARTICLE XIV

	 	COUNTERPARTS; INTEGRATION; EFFECTIVENESS;
ELECTRONIC EXECUTION
	 	 	120	 
	Section 14.1

	 	Counterparts; Effectiveness
	 	 	120	 
	Section 14.2

	 	Electronic Execution of Assignments
	 	 	120	 
	 
	 	 	 	 	 	 
	ARTICLE XV

	 	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	 	 	120	 
	Section 15.1

	 	CHOICE OF LAW
	 	 	120	 
	Section 15.2

	 	CONSENT TO JURISDICTION
	 	 	120	 
	Section 15.3

	 	WAIVER OF JURY TRIAL
	 	 	121	 

iv

 

EXHIBITS AND SCHEDULES

Schedules

Commitment Schedule

	 	 	 	 	 
	Schedule 1

	 	—
	 	Scheduled Restricted Investments
(Section 1.1)/Specified Securities (Section 1.1)
	Schedule 2.22

	 	—
	 	Outstanding Letters of Credit (Section 2.22)
	Schedule 5.8

	 	—
	 	Subsidiaries (Section 5.8)
	Schedule 5.13

	 	—
	 	Ownership of Properties (Section 5.13)
	Schedule 6.11

	 	—
	 	Existing Indebtedness (Section 6. 11)
	Schedule 6.13

	 	—
	 	Investment Writedowns (Section 6.13)
	Schedule 6.14(viii)

	 	—
	 	Existing Investments (Section 6.14(viii))
	Schedule 6.14(xx)

	 	—
	 	Certain Acquisitions (Section 6.14(xx))
	Schedule 6.15

	 	—
	 	Existing Liens (Section 6.15)
	Schedule 6.16

	 	—
	 	Existing Affiliate Transactions (Section 6.16)
	 
	 	 	 	 
	Exhibits
	 
	 	 	 	 
	Exhibit A

	 	—
	 	Form of Revolving Credit Note
	Exhibit B-l

	 	—
	 	Form of Term A Note
	Exhibit B-2

	 	—
	 	Form of Term B Note
	Exhibit C

	 	—
	 	Form of Swing Line Note
	Exhibit D

	 	—
	 	Form of Assignment and Assumption Agreement
	Exhibit E

	 	—
	 	Form of Compliance Certificate
	Exhibit F

	 	—
	 	Form of Intercreditor Agreement

v

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This Second Amended and Restated Credit Agreement, dated as of March 25, 2008, is among
MoneyGram International, Inc., a Delaware corporation (“Holdco”), MoneyGram Payment Systems
Worldwide, Inc., a Delaware corporation (the “Borrower”), the Lenders and JPMorgan Chase Bank,
N.A., a national banking association, as LC Issuer, as the Swing Line Lender, as Administrative
Agent and as Collateral Agent.

RECITALS

     A. Holdco, the Administrative Agent and the financial institutions so designated on
the Commitment Schedule (the “Existing Lenders”) are party to that certain Amended and
Restated Credit Agreement dated as of June 29, 2005 (as previously amended, the “Existing
Credit Agreement”).

     B. Holdco, the Administrative Agent and the Existing Lenders wish to amend and
restate the Existing Credit Agreement on the terms and conditions set forth below to extend the
Facility Termination Date, to add a new tranche of term loans, and to make the other changes
evidenced hereby.

     C. MoneyGram Payment Systems Worldwide, Inc. wishes to become a party to this
Agreement as the “Borrower” hereunder and to accept and assume all of the rights and the
obligations of the “Borrower”. Each financial institution so designated on the Commitment
Schedule wishes to become a Lender party to this Agreement and to accept and assume all the
rights and obligations of a “Lender” with a Term B Loan.

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements made herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Holdco, the Borrower, the Lenders and the Administrative Agent hereby agree, subject
to the terms and conditions hereof, that the Existing Credit Agreement is hereby amended and
restated in its entirety as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. As used in this Agreement:

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

     “Acquisition” means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any of its
Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm,
corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most
recent transaction in a series of transactions) at least a majority (in number of votes) of the
securities of a coiporation which have ordinary voting power for the election of directors (other
than

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securities having such power only by reason of the happening of a contingency) or a majority (by
percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company.

     “Act” is defined in Section 9.12.

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

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

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

     “Affected Lender” is defined in Section 2.23.

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

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

     “Aggregate Revolving Credit Commitment” means the aggregate of the Revolving Credit
Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms
hereof. The Aggregate Revolving Credit Commitment as of the date hereof is $250,000,000.

     “Aggregate Term B Loan Commitment” means the aggregate of the Term B Loan Commitments
of all the Lenders. The Aggregate Term B Loan Commitment is $250,000,000.

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

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

     “Applicable Margin” means (i) with respect to any Revolving Credit Advance which is a
Floating Rate Advance and any portion of the Term A Loan which bears interest at the Floating
Rate, 2.50% per annum, (ii) with respect to any portion of the Term B Loan which bears interest at
the Floating Rate, 4.00% per annum, (iii) with respect to any Revolving Credit Advance which is a
Eurodollar Advance and any portion of the Term A Loan which bears interest at the Eurodollar Rate,
3.50% per annum, (iv) with respect to any portion of the Term B Loan which bears interest at the
Eurodollar Rate, 5.00% per annum and (v) with respect to any Swing Line Loan, 2.50% per annum.

     “Approved Fund” is defined in Section 12.1(ii).

     “Arranger” means J.P. Morgan Securities Inc. and its successors, in its capacities as
Lead Arranger and Sole Book Runner.

     “Assignee” is defined in Section 12.1(ii)(A).

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Assignee (with the consent of any party whose consent is required by Section 12.1)
and accepted by the Administrative Agent, in the form of Exhibit D or any other form
approved by the Administrative Agent.

     “Authorized Officer” means any of the Chairman, Chief Executive Officer, President,
Chief Financial Officer, Treasurer, Assistant Treasurer or Controller of the Borrower, acting
singly.

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

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

     (ii) 100% of the aggregate amount of cash contributed to the common equity capital of
the Borrower following the Effective Date (other than by a Borrower Subsidiary); plus

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     (iii) to the extent not already included in Consolidated Net Income, the lesser of
(x) the aggregate amount received in cash by the Borrower after the Effective Date as a
result of the sale or other disposition (other than to the Borrower or a Borrower
Subsidiary) of, or by way of dividend, distribution or loan repayments on, Investments made
pursuant to Section 6.14(xiv) by the Borrower and the Borrower Subsidiaries after the
Effective Date or (y) the initial amount of such Investments made in compliance with the
terms of this Agreement after the Effective Date.

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

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

     “Borrower Subsidiary” means a Subsidiary of the Borrower.

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

     “Borrowing Notice” is defined in Section 2.11.

     “Business Combination” means (i) any reorganization, consolidation, merger, share
exchange or similar business combination transaction involving Holdco with any Person or (ii) the
sale, assignment, conveyance, transfer, lease or other disposition by Holdco of all or
substantially all of its assets.

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

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

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

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

     “Cash and Cash Equivalents” means:

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

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

     (iii) Government Securities;

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

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

     (vi) repurchase obligations for underlying securities of the types described in
clauses (iii), (iv) and (v) entered into with any financial institution meeting the
qualifications specified in clause (iv) above;

     (vii) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in
each case maturing within 12 months after the date of creation thereof;

     (viii) investment funds investing 95% of their assets in securities of the types
described in clauses (i) through (vi) above;

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

     (x) Scheduled Restricted Investments.

“Change” is defined in Section 3.2.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (A) provision for taxes based on income or profits or capital gains of
such Person and its Subsidiaries (including any tax sharing arrangements); plus

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

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

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

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

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

     (G) non-recurring or unusual losses or expenses (including costs and
expenses of litigation included in Consolidated Net Income pursuant to clause
(ii) of the definition of Consolidated Net Income) and severance, legal settlement,
relocation costs, curtailments or modifications to pension and post-retirement
employee benefit plans, the amount of any restructuring charges or reserves
deducted, including any restructuring costs incurred in connection
with

7

 

acquisitions, costs related to the closure, opening and/or consolidation of
facilities, retention charges, systems establishment costs, spin-off costs,
transition costs associated with transferring operations offshore and other
transition costs, signing, retention and completion bonuses, conversion costs and
excess pension charges and consulting fees incurred in connection with any of the
foregoing and amortization of signing bonuses; plus

     (H) the amount of loss on sale of receivables and related assets in
connection with a Receivables Transaction;

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

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

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

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

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

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

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

     For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate implicit in such Capitalized Lease Obligation in accordance

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with GAAP. For purposes of clarity, no obligations in respect of Purchase Agreement Equity,
whether or not classified as indebtedness in accordance with GAAP, shall constitute interest
expense.

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

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

     (A) there shall be excluded in computing Consolidated Net Income (x)
all extraordinary gains and (y) all extraordinary losses;

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

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

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

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

     (F) solely for the purpose of determining the amount available for
Restricted Payments under Section 6.10(viii), the Net Income or loss for such
period of any Subsidiary of such Person will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Subsidiary of
its Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by
the operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule, or governmental regulation applicable to that
Subsidiary or its stockholders, unless such restriction with respect to the payment
of dividends or similar distributions has been legally waived or such income has
been dividended or distributed to the Borrower or any of its Subsidiaries without
such restriction (in which case the amount of such dividends or distributions or
other payments that are actually paid in cash (or converted into cash) to the
referent Person in respect of such period shall be included in Net Income);
provided, however, that for the avoidance of doubt, any restrictions
based solely

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on (1) financial maintenance requirements imposed as a matter of state
regulatory requirements or (2) the type of restriction set forth in Section 6.15
(xvii) or excluded from the definition of Liens pursuant to clause (ii) or (iv) of
the definition thereof shall not result in the exclusion of Net Income (loss); and
provided, further, that any net loss of any Subsidiary of such
Person shall not be excluded pursuant to this clause (F);

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

     (H) any Net Income (loss) for such period will be excluded to the extent it
relates to the impairment or appreciation of, or it is realized out of the income
(or loss) generated by, or from the sale or disposition of, any assets included in
the Scheduled Restricted Investments;

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

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

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

     (L) any non-cash items included in the Consolidated Net Income of the Borrower
as a result of an agreement of the Sponsors in respect of any equity participation
shall be excluded; and

     (ii) to the extent not already deducted from Net Income for such period, any costs
associated with any operational expenses or litigation costs or expenses (including any
judgment or settlement) made by any direct or indirect parent of the Borrower in respect of
which the Borrower has made a Restricted Payment pursuant to Sections 6.10(iv) or (v) shall
be deducted from Net Income.

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

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     Notwithstanding the foregoing, for the purpose of Section 6.10 only and in order to avoid
double counting, there shall be excluded from Consolidated Net Income any income arising from any
sale or other disposition of Investments made by the Borrower and the Borrower Subsidiaries, any
repurchases and redemptions of Investments from the Borrower and the Borrower Subsidiaries, any
repayments of loans and advances that constitute Investments by the Borrower or any Borrower
Subsidiary, in each case to the extent such amounts increase clause (iii) of the definition of
Basket Amount.

     “Consolidated Senior Secured Indebtedness” means, at any time, the sum of indebtedness
for borrowed money that is secured by Liens and Capitalized Lease Obligations, in each case of any
Person and its Subsidiaries calculated on a consolidated basis as of such time. For purposes of
clarity, (i) the Second Lien Indebtedness shall constitute Consolidated Senior Secured Indebtedness
and (ii) no obligations in respect of Purchase Agreement Equity, whether or not classified as
indebtedness in accordance with GAAP, shall constitute Consolidated Senior Secured Indebtedness.

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

     “Contract” is defined in Section 5.3

     “Controlled Group” means all members of a controlled group of corporations or other
business entities and all trades or businesses (whether or not incorporated) under common control
which, together with Holdco or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code.

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

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

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

     “D&T Deliverables” means the Satisfactory Audit Opinion and Deloitte & Touche LLP’s
consent to file the Satisfactory Audit Opinion in Holdco’s Annual Report on Form 10-K.

     “Default” means an event described in Article VII.

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

     “Disqualified Institutions” means those banks, financial institutions and other
Persons that are competitors of the Borrower and its Subsidiaries or Affiliates of such
competitors and

11

 

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

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms, or by the terms of any security into which it is convertible or for
which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as
a result of a change of control or asset sale) in whole or in part, in each case prior to the date
91 days after the Facility Termination Date; provided, however, that if such Capital Stock is
issued to any plan for the benefit of employees, directors, managers or consultants of Holdco or
its Subsidiaries (or their direct or indirect parent) or by any such plan to such employees,
directors, managers, consultants (or their respective estates, heirs, beneficiaries, transferees,
spouses or former spouses), such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased by Holdco or its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations. For purposes hereof, the amount (or principal
amount) of any Disqualified Stock shall be equal to its voluntary or involuntary liquidation
preference.

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

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

     “Effective Date” means the date on which the conditions specified in Section 4.1 have
been satisfied (or waived in accordance with Section 8.2) and the Term B Loan is funded, which is
the date hereof.

     “Effective Date MAE” means any circumstance, event, change, development or effect
that, (a) is material and adverse to the financial position, results of operations, business,
assets or liabilities of Holdco and its Subsidiaries, taken as a whole, (b) would materially
impair the ability of Holdco and its Subsidiaries, taken as a whole, to perform their obligations
under the Loan Documents, (c) would materially impair the rights and remedies of the
Administrative Agent or the Lenders under the Loan Documents, taken as a whole, or (d) would
materially impair the ability of Holdco to perform its obligations under the Equity Purchase
Agreement or otherwise materially threaten or materially impede the consummation of the Purchase
(as defined in the Equity Purchase Agreement) and the other transactions contemplated by the
Equity Purchase Agreement; provided, however, that the impact of the following
matters shall be disregarded: (i) changes in general economic, financial market, credit market,
regulatory or political conditions (whether resulting from acts of war or terrorism, an escalation
of hostilities

12

 

or otherwise) generally affecting the U.S. economy, foreign economies or the industries in which
Holdco or its Subsidiaries operate, (ii) changes in generally accepted accounting principles, (iii)
changes in laws of general applicability or interpretations thereof by any Governmental Entities
(as defined in the Equity Purchase Agreement), (iv) any change in Holdco’s stock price or trading
volume, in and of itself, or any failure, in and of itself, by Holdco to meet revenue or earnings
guidance published or otherwise provided to the Administrative Agent or the Lenders
(provided that any fact, condition, circumstance, event, change, development or effect
underlying any such failure or change, other than any of the foregoing that is otherwise excluded
pursuant to clauses (i) through (viii) hereof, may be taken into account in determining whether an
Effective Date MAE has occurred or would reasonably be expected to occur), (v) losses resulting
from any change in the valuations of Holdco’s portfolio of securities or sales of such securities
and any effect resulting from such changes or sales, (vi) actions or omissions of Holdco or the
Sponsors taken as required by the Equity Purchase Agreement or with the prior written consent of
the Administrative Agent, (vii) public announcement, in and of itself, by a third party not
affiliated with Holdco of any proposal to acquire the outstanding securities or all or
substantially all of the assets of Holdco and (viii) the public announcement of the Loan Documents
and the transactions contemplated thereby (provided that this clause (viii) shall not apply with
respect to Sections 1.2(c)(v), 2.2(d), 2.2(h) and 2.2(k) of the Equity Purchase Agreement);
provided further, however, that Effective Date MAE shall be deemed not to include
the impact of the foregoing clauses (i), (ii) and (iii), in each case only insofar and to the
extent that such circumstances, events, changes, developments or effects described in such clauses
do not have a disproportionate effect on Holdco and its Subsidiaries (exclusive of its payments
systems business) relative to other participants in the industry.

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

     “Environmental Laws” means any Laws relating to pollution, the environment or natural
resources.

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

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

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

     “Eurodollar Base Rate” means, with respect to any Eurodollar Advance for any Interest
Period, the rate appearing on Telerate Page 3750 (or on any successor or substitute page of such
service, or any successor to or substitute for such service, providing rate quotations comparable
to those currently provided on such page of such service, as determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to
dollar deposits in the London interbank market) at approximately 11:00 a.m. (London time) two
Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits

13

 

with a maturity comparable to such Interest Period. In the event that such rate is not available
at such time for any reason, then the “Eurodollar Base Rate” with respect to such Eurodollar
Advance for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for
a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period.

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

     “Eurodollar Rate” means, with respect to any Eurodollar Advance for any Interest
Period, an interest rate per annum equal to the greater of (x) the Eurodollar Base Rate for such
Interest Period multiplied by the Statutory Reserve Rate (rounded upwards, if necessary, to the
next 1/16 of 1%) and (y) 2.5% per annum.

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

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

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

     (B) foreign currency translation gains received in cash related to currency
remeasurements of indebtedness (including any net cash gain resulting from hedge
agreements for currency exchange risk), to the extent not otherwise included in
calculating Consolidated EBITDA;

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

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

     (E) to the extent not otherwise included in calculating Consolidated EBITDA,
cash gains from any sale or disposition outside the ordinary course of business
(excluding gains from Prepayment Events to the extent an amount equal to the Net
Proceeds therefrom was applied to the prepayment of Term B Loans pursuant to Section
2.10(ii));

minus

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

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     (A) the amount of any taxes, including taxes based on income, profits or capital, state,
franchise and similar taxes, foreign withholding taxes and foreign unreimbursed value added taxes
(to the extent added in calculating Consolidated EBITDA), and including penalties and interest on
any of the foregoing, in each case, payable in cash by Holdco and its Subsidiaries (to the extent
not otherwise deducted in calculating Consolidated EBITDA), including payments made
pursuant to any tax sharing agreements or arrangements among Holdco, its Subsidiaries and any
direct or indirect parent of Holdco (so long as such tax sharing payments are attributable
to the operations of Holdco and its Subsidiaries);

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

     (C) foreign currency translation losses paid in cash related to currency remeasurements of
indebtedness (including any net cash loss resulting from hedge agreements for currency risk), to
the extent not otherwise deducted in calculating Consolidated EBITDA;

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

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

     (F) without duplication of amounts deducted pursuant to this clause (F) or clause (P) below in
respect of a prior fiscal year, the amount of Investments permitted by Section 6.14 (other than
Investments in (x) Cash Equivalents and (y) Holdco or any of its Subsidiaries) made by Holdco and
its Subsidiaries in cash prior to the date the applicable Excess Cash Flow prepayment is required
to be made pursuant to Section 2.10(iii);

15

 

     (G) letter of credit fees paid in cash, to the extent not otherwise deducted in calculating
Consolidated EB1TDA;

     (H) extraordinary, unusual or nonrecurring cash charges, to the extent not otherwise deducted
in calculating Consolidated EB1TDA;

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

     (J) cash charges or losses added to Consolidated EBITDA pursuant to clauses (F), (G) and (H)
and to Consolidated Net Income pursuant to clauses (i) (B), (G), (H), (I), (J) or clause (ii);

     (K) the amount of Restricted Payments made by Holdco to the extent permitted by clause
(iii), (iv), (v), (vii), (ix) or (x) of Section 6.10;

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

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

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

     (O) the aggregate amount of expenditures actually made by Holdco and its Subsidiaries in cash
(including expenditures for the payment of financing fees) to the extent that such expenditures
are not expensed and signing bonus expenditures;

     (P) without duplication of amounts deducted from Excess Cash Flow in respect of a prior
fiscal year, the aggregate consideration required to be paid in cash by Holdco and its
Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into
prior to or during such fiscal year relating to Investments permitted by Section 6.14 (other than
Investments in (x) Cash Equivalents and (y) Holdco or any of its Subsidiaries) or capital
expenditures to

16

 

be consummated or made plus cash restructuring expenses to be incurred, in each
case, during the period of 4 consecutive fiscal quarters of Holdco following the end
of such fiscal year; provided that to the extent the aggregate amount actually
utilized to finance such capital expenditures or Investments during such period of 4
consecutive fiscal quarters is less than the Contract Consideration, the amount of
such shortfall shall be added to the calculation of Excess Cash Flow at the end of
such period of 4 consecutive fiscal quarters;

     (Q) interest which is accrued and paid in kind or as an addition to the
outstanding principal amount of the Second Lien Indebtedness in lieu of the payment
of interest in cash; and

     (R) to the extent added to Consolidated Net Income, Excess Specified Security
Sale Proceeds.

     “Excess Specified Security Sale Proceeds” means, in the case of Specified Securities
listed under “C-2” on Schedule 1, the excess, if any, of the aggregate Net Proceeds received by
the Borrower or any Borrower Subsidiary from the sale or other disposition of, or any payment of
principal of, or return on investment in respect of, such Specified Securities listed under “C-2”
after February 29, 2008 over $34,000,000 and, in the case of Specified Securities listed under
“C-3” on Schedule 1, the aggregate Net Proceeds received by the Borrower or any Borrower
Subsidiary from the sale or other disposition of, or any payment of principal of, or return on
investment in respect of, such Specified Securities listed under “C-3” after February 29, 2008.

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

     “Excluded Taxes” means, in the case of each Lender, LC Issuer or applicable Lending
Installation and the Administrative Agent, taxes imposed on its overall net income, and franchise
taxes and branch profits taxes imposed on it, by (i) the jurisdiction under the laws of which such
Lender, LC Issuer or the Administrative Agent is incorporated or organized or (ii) the
jurisdiction in which the Administrative Agent’s or such Lender’s or LC Issuer’s principal
executive office or such Lender’s or LC Issuer’s applicable Lending Installation is located.

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

     “Existing Lenders” is defined in the Recitals
hereto.

     “Facility Termination Date” means the earlier of (i) March 25, 2013 and (ii) with
respect to the Revolving Credit Commitment only, any earlier date on which the Aggregate Revolving
Credit Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.

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

17

 

by the Administrative Agent from three Federal funds brokers of recognized standing selected by
it.

     “Final 10-K” shall mean Holdco’s Annual Report on Form 10-K for the year ended
December 31, 2007, in a form identical to a form that shall have been provided to each of the
Lenders and the Investors not less than one day prior to the Effective Date, which shall be in a
form acceptable to each of the Lenders and the Investors in its respective sole judgment and
discretion, in compliance with all applicable rules promulgated under the Exchange Act, excluding
any rules related to filing deadlines, which such Final 10-K does not disclose or identify any
material weakness in the design or operation of internal controls which could adversely affect
Holdco’s ability to record, process, summarize and report financial data.

     “Financial Condition” means, for any date, (i) prior to the Sell Down Date, the
Leverage Ratio (as defined in the Indenture) for the Borrower’s most recently ended four fiscal
quarters for which internal financial statements are available immediately preceding such date
would be less than 3.50 to 1.00, and (ii) on or after the Sell Down Date, the Fixed Charge Coverage
Ratio (as defined in the Indenture) for the Borrower’s most recently ended four fiscal quarters for
which internal financial statements are available immediately preceding such date would be at least
2.00 to 1.00, in each case determined on a pro forma basis (including a pro forma application of
the net proceeds of any Indebtedness incurred on such date, as if the additional Indebtedness had
been incurred and the application of proceeds therefrom had occurred at the beginning of such
four-quarter period.

     “Financial Officer” means the chief financial officer, the controller, the treasurer,
any assistant treasurer or any other officer with responsibilities customarily performed by such
officers.

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

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

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

     “Foreign Plan” is defined in Section 5.9(iv).

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

     “GAAP” means generally accepted accounting principles as in effect from time to time
in the United States.

     “Government Securities” means securities that are:

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

18

 

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

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

     “Guarantors” means Holdco, MoneyGram Payment Systems, Inc., a Delaware corporation,
FSMC, Inc., a Minnesota corporation, MoneyGram Investments, LLC, a Delaware limited liability
company, PropertyBridge, Inc., a Delaware corporation, MoneyGram of New York LLC, a Delaware
limited liability company, any Person which becomes a Guarantor pursuant to the last sentence of
Section 6.21, and each other Wholly-Owned Subsidiary which, after the date hereof, becomes a
Material Domestic Subsidiary of the Borrower, and its successors and assigns, other than an SPE.

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

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

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

     “Holdco Patents” means all patents and patent applications currently owned by Holdco
and its Subsidiaries that are material to the business of Holdco and its Subsidiaries, taken as a
whole, as currently conducted.

     “Indebtedness” of a Person means, without duplication, such Person’s (i) obligations
for borrowed money, (ii) obligations representing the deferred purchase price of Property or
services (other than accounts payable arising in the ordinary course of such Person’s business),
(iii) to the

19

 

extent not otherwise included in this definition, Indebtedness of another Person whether or not
assumed, secured by Liens or payable out of the proceeds or production from Property now or
hereafter owned or acquired by such Person, (iv) obligations (or, without double counting,
reimbursement obligations in respect thereof) which are evidenced by notes, acceptances, or other
similar instruments to the extent not collateralized with Cash and Cash Equivalents or banker’s
acceptances, (v) Capitalized Lease Obligations, (vi) letters of credit or similar instruments which
are issued upon the application of such Person or upon which such Person is an account party to the
extent not collateralized with Cash and Cash Equivalents or banker’s acceptances, (vii) to the
extent not otherwise included, any obligation (each, a “Contingent Obligation”) by such
Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of
another Person, other than by endorsement of negotiable instruments for collection in the ordinary
course of business, (viii) Rate Management Obligations, (ix) Receivables Transaction Attributed
Indebtedness and (x) any other obligation for borrowed money or other financial accommodation which
in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such
Person. For the purposes hereof, the amount of any Contingent Obligation shall be deemed to be an
amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Contingent Obligation is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith. In respect of Indebtedness of another Person secured by a Lien on the assets
of the specified Person, the amount of such Indebtedness shall be the lesser of the fair market
value of such assets at the date of determination and the amount of the Indebtedness of the other
Person secured by such asset. Notwithstanding the foregoing, the following shall not constitute
Indebtedness: (i) obligations under Repurchase Agreements, (ii) Payment Services Obligations, (iii)
obligations to repay Payment Instruments Funding Amounts, (iv) Rate Management Obligations (to the
extent incurred in the ordinary course of business and not for speculative purposes), (v) Purchase
Agreement Equity, (vi) ordinary course contractual obligations with clearing banks relative to
clearing accounts and (vii) Receivables Transactions Attributed Indebtedness so long as the
aggregate outstanding amount thereof at the time of determination is not in excess of $300,000,000
(but any excess amount thereof over $300,000,000 shall constitute Indebtedness).

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

     “Infringe” means, in relation to Intellectual Property, infringing upon,
misappropriating or violating the rights of any third party.

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

20

 

     “Intellectual Property” means the following and all rights pertaining thereto: (i)
patents, patent applications, provisional patent applications and statutory invention
registrations (including all utility models and other patent rights under the Laws of all
countries), (ii) trademarks, service marks, trade dress, logos, trade names, service names,
corporate names, domain names and other brand identifiers, registrations and applications for
registration thereof, (iii) copyrights, databases, and registrations and applications for
registration thereof, (iv) confidential and proprietary information, trade secrets, and know-how
and (v) all similar rights, however denominated, throughout the world.

     “Intercreditor Agreement” means that certain Intercreditor Agreement, to be dated as
of and effective as of the Effective Date, among the Collateral Agent, Deutsche Bank Trust Company
Americas, as Trustee and Collateral Agent for the Second Priority Secured Parties (as defined
therein), the Borrower, Holdco and the other Guarantors in substantially the form of Exhibit F
hereto.

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

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

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

     “JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, in its
individual capacity, and its successors.

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

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

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

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

     “LC Issuer” means JPMorgan Chase Bank, N.A. and each other Lender that agrees in
writing with the Borrower to issue Letters of Credit (provided that notice of such agreement is
given to the Administrative Agent), in each case, in its capacity as the issuer of Letters of
Credit hereunder, and its successors in such capacity as provided in Section 2.22(ix). Each LC
Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of such LC Issuer, in which case the term “LC Issuer” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate. With respect to any Letter of Credit, “LC Issuer”
shall mean the issuer thereof.

     “Lenders” means the lending institutions listed on the signature pages of this
Agreement, any Person which becomes a party hereto pursuant to Section 2.8(iii) and their
respective successors and assigns. Unless otherwise specified, the term “Lenders” includes a
Lender in its capacity as the Swing Line Lender.

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

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

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

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

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

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

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

     “Material Adverse Effect” means any event, condition or circumstance that has
occurred since the Effective Date that could reasonably be expected to have a material adverse
effect on (i) the business, financial condition, results of operations or assets of Holdco and its
Subsidiaries, taken as a whole, (ii) the ability of the Loan Parties, taken as a whole, to perform
their obligations under the Loan Documents or (iii) the rights or remedies of the Administrative
Agent or the Lenders under the Loan Documents, taken as a whole (other than, in each case, as
related to: (A) the valuation of the investment portfolio of Holdco and its Subsidiaries and (B)
any shareholder or derivative litigation arising as a result of the transactions contemplated
hereby and/or the disclosure of or failure to disclose information related to the valuation of the
investment portfolio of Holdco and its Subsidiaries).

     “Material Domestic Subsidiary” means a Domestic Subsidiary (other than an SPE) which
either (i) has 5% or more of the assets (valued at the greater of book or fair market value) of the
Borrower and its Subsidiaries determined on a consolidated basis as of the fiscal quarter end next
preceding the date of determination, (ii) is responsible for 5% or more of Consolidated Net Income
for the four quarter period ending on the fiscal quarter end next preceding the date of
determination or (iii) has been designated as a Material Domestic Subsidiary by the Borrower.

     “Material Indebtedness” means Indebtedness and/or Rate Management Obligations in an
outstanding principal or net payment amount of $15,000,000 or more in the aggregate (or the
equivalent thereof in any currency other than U.S. dollars).

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

     “Minimum Liquidity Ratio” means the ratio of (i) the fair value of the Restricted
Investment Portfolio (other than Scheduled Restricted Investments, which shall be valued at the
lower of (x) fair value and (y) the actual par amount of each Scheduled Restricted Investment held
by the Borrower or any Borrower Subsidiary on the date of determination multiplied by (A) in
respect of the Scheduled Restricted Investments set forth under the heading C-l on Schedule 1,
0.98, (B) in respect of the Scheduled Restricted Investments set forth under the heading C-2 on
Schedule 1, 0.049525, and (C) in respect of the Scheduled Restricted Investments set forth under
the heading C-3 on Schedule 1, zero; provided, that any Scheduled Restricted Investments
set forth under the heading C-l on Schedule 1 shall be valued at fair value after June 30, 2008;
and provided further, if any of such Scheduled Restricted Investments set forth under the
heading C-2 or C-3 on Schedule 1 (the “Specified SRIs”) have been sold, the aggregate
value of such remaining Specified SRIs shall be the lower of (x) fair value of such remaining
Specified SRIs and (y) the aggregate value of all Specified SRIs (determined in accordance with
the valuation

23

 

methodology described above) less the net proceeds received for the Specified SRIs sold (not to be
less than zero)) to (ii) all Payment Service Obligations.

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

     “Multiemployer Plan” is defined in
Section 5.9(iii).

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

     “Net Proceeds” means, with respect to any event, (i) the cash proceeds received in
respect of such event, including (A) any cash received in respect of any non-cash proceeds
(including any cash payments received by way of deferred payment of principal pursuant to a note
or installment receivable or purchase price adjustment or earn-out, but excluding any reasonable
interest payments), but only as and when received, (B) in the case of a casualty, cash insurance
proceeds, and (C) in the case of a condemnation or similar event, cash condemnation awards and
similar payments received in connection therewith, minus (ii) the sum of direct costs
relating to such event and the sale or disposition of such non-cash proceeds, including, without
limitation, legal, accounting and investment banking fees, brokerage and sales commissions, any
relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing arrangements and,
if such costs have not been incurred or invoiced, the Borrower’s good faith estimates thereof),
amounts required to be applied to the repayment of principal, premium or penalty, if any, and
interest on Indebtedness required to be paid as a result of such transaction and any deduction of
appropriate amounts to be provided by the Borrower as a reserve in accordance with GAAP against
any liabilities associated with the asset disposed of in such transaction and retained by the
Borrower after such sale or other disposition thereof, including, without limitation, pension and
other post-employment benefit liabilities and liabilities related to environmental matters or
against any indemnification obligations associated with such transaction.

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

     “Non-U.S. Lender” is defined in Section 3.5(iv).

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

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

24

 

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

     “Other Taxes” is defined in Section 3.5(ii).

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

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

     “Participants” is defined in Section 12.1(iii)(A).

     “Passive Holding Company Condition” shall be satisfied so long as Holdco or any of
its Subsidiaries (other than the Borrower and any of the Borrower Subsidiaries) does not:

     (i) directly incur any Indebtedness other than Permitted Holdco Indebtedness;

     (ii) create or suffer to exist any Lien upon any property or assets now owned or
hereafter acquired, leased or licensed by it (except Permitted Holdco Liens); or

     (iii) own any Capital Stock in any Person (other than the Borrower and the Borrower
Subsidiaries) and own any other material assets (excluding Capital Stock) other than (A)
Cash and Cash Equivalents, (B) assets under any stock incentive plans (including related
agreements), loan stock purchase programs or incentive compensation plans, (C) pre-paid
assets (e.g. deferred financing costs) and (D) deferred tax assets;

provided nothing in this definition shall restrict Holdco from performing its obligations under the
Equity Purchase Agreement and the securities issued thereunder and under the certificates of
designation contemplated thereby.

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

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

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

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

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

     “Permitted Holdco Indebtedness” means:

     (i) Indebtedness arising from agreements of Holdco providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in
connection with the disposition of any business, assets or any of its Subsidiaries;
provided, however, that:

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

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

     (ii) obligations incurred under the Loan Documents or the Second Lien Documents;

     (iii) Indebtedness incurred by Holdco in respect of interest rate hedging obligations
of Holdco in existence on the Effective Date; and

     (iv) guarantees of (x) other Indebtedness of the Borrower and the Subsidiary
Guarantors permitted under Sections 6.1 l(i), (iii) (to the extent existing at the
Effective Date), (iv), (v), (x) (to the extent the debt so extended, refunded, refinanced,
renewed, replaced or defeased was guaranteed by Holdco in accordance with this Agreement),
(xvii) or (xviii) and (y) Rate Management Obligations of the Borrower and the Subsidiary
Guarantors permitted under this Agreement.

     “Permitted Holdco Liens” means, any Permitted Liens other than Liens incurred
pursuant to clauses (x), (xi), (xx), (xxiii) or (xxv) of Section 6.15.

     “Permitted Liens” means Liens permitted by Section 6.15.

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

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

26

 

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

     “Prepayment Event” means:

     (i) any sale, transfer or other disposition pursuant to Section 6.13(x) or (xxi)
other than dispositions resulting in aggregate Net Proceeds not exceeding (1) $5,000,000
in the case of any single transaction or series of related transactions or (2) $10,000,000
for all such transactions during any fiscal year of Holdco; or

     (ii) the incurrence by Holdco, the Borrower or any Domestic Subsidiary after the
Effective Date of any Indebtedness other than Indebtedness permitted under Section 6.11 or
any Permitted Holdco Indebtedness.

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

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

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

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

     “Rate Management Counterparties” means Lenders and their Affiliates (or Persons which
were Lenders or their Affiliates at the time the applicable Rate Management Transaction was
entered into) which have entered into Rate Management Transactions with Holdco or any of its
Subsidiaries.

27

 

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

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

     “Receivables Transaction” means any transaction or series of transactions entered
into by the Borrower or any Borrower Subsidiary pursuant to which the Borrower or any Borrower
Subsidiary may sell, convey or otherwise transfer to a Person accounts or notes receivable and
rights related thereto.

     “Receivables Transaction Attributed Indebtedness” means, at any time, the amount of
obligations outstanding at such time under the legal documents entered into as part of any
Receivables Transaction that would be characterized as principal if such Receivables Transaction
were structured as a secured lending transaction rather than as a purchase.

     “Refinanced
Commitment”, “Refinanced Term A Loans” and “Refinanced Term B
Loans” are each defined in Section 8.3.

     “Refinancing Indebtedness” is defined in Section 6.1
l(x).

     “Register” is defined in Section 12.1(ii)(D).

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

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

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

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     “Release” means any release, spill, emission, leaking, pumping, emitting,
discharging, injecting, escaping, leaching, dumping, disposing or migrating into or through the
environment in derogation of Environmental Law.

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

     “Replacement
Commitments”, “Replacement Term A Loans” and “Replacement
Term B Loans” are each defined in Section 8.3.

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

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

     “Required B Lenders” means, at any time, Lenders holding more than 50% of the Term B
Balance at such time, but if there shall be more than one Lender with a Term B Balance, not less
than two Lenders (which Lenders, unless all Lenders with a Term B Loan are Affiliates of one
another, shall include not less than two Lenders which are not Affiliates of one another).

     “Required Lenders” means, at any time, Lenders having in the aggregate more than 50%
of the sum of (i) the Term A Balance at such time plus (ii) the Aggregate Term B Loan Commitment
or, after the Effective Date, the Term B Balance at such time plus (iii) the sum of the Aggregate
Outstanding Revolving Credit Exposure and the unused Revolving Credit Commitments at such time.

     “Required Specified Lenders” means, at any time, Lenders having in the aggregate more
than 50% of the sum of (i) the Term A Balance at such time plus (ii) the sum of the Aggregate
Outstanding Revolving Credit Exposure and the unused Revolving Credit Commitments at such time.

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

     “Restricted Payment” means (i) any dividend or distribution in respect of the Capital
Stock of the Borrower or Holdco, (ii) any redemption, repurchase, acquisition or other retirement
of the Capital Stock of the Borrower or Holdco and (iii) any principal or other payment on, or any
redemption, repurchase, defeasance, acquisition or other retirement of any Subordinated
Indebtedness (other than Indebtedness permitted under Section 6.1 l(xix)) in each case prior to
any scheduled repayment, sinking fund or maturity.

29

 

     “Revolving Credit Advance” means an Advance made by the Revolving Lenders pursuant to
Section 2.3, including any Advance previously made by the Revolving Lenders to Holdco pursuant to
Section 2.3 of the Existing Credit Agreement.

     “Revolving Credit Commitment” means, for each Revolving Lender, the obligation of such
Lender to make Revolving Loans and participate in Letters of Credit and Swing Line Loans in an
aggregate amount at any one time outstanding not exceeding the amount set forth opposite its name
under the heading “Revolving Credit Commitment” on the Commitment Schedule, as such amount may be
increased or reduced from time to time pursuant to the terms of this Agreement.

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

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

     “Revolving Loan” means, with respect to a Revolving Lender, such Lender’s loans made
pursuant to Section 2.3 hereof and all “Revolving Loans” of such Lender outstanding under the
Existing Credit Agreement as of the Effective Date.

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

     “Satisfactory Audit Opinion” means either combined or separate unqualified reports on
the audit of Holdco, and its Subsidiaries, financial statements and internal controls over
financial reporting as of and for the year ended December 31, 2007 as illustrated within
paragraphs 87 and 88 of the Public Company Accounting Oversight Board Bylaws and Rules, Auditing
Standard No. 5, “An Audit of Internal Control Over Financial Reporting That Is Integrated with An
Audit of Financial Statements,” prepared in accordance with GAAP (neither the Deloitte & Touche
LLP financial statement opinion as of and for the year ended December 31, 2007 nor the Notes to
Consolidated Financial Statements attached to the audited financial statements, nor Items 1
through 15 of Holdco’s December 31, 2007 Annual report on Form 10-K, shall include any reference
to Holdco’s ability to operate as a going concern).

     “Scheduled Restricted Investments” means the securities listed on Schedule 1
hereto.

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

     “Second Lien Documents” means the Note Purchase Agreement, the Indenture, the notes
issued thereunder and all documents delivered in connection therewith.

     “Second Lien Indebtedness” means the senior second lien indebtedness incurred by the
Borrower pursuant to the Indenture.

     “Secured Parties” means the Administrative Agent, the Collateral Agent, the Lenders
and the Rate Management Counterparties.

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

     “Sell Down Date” means the “Sell Down Date” as defined in the Indenture.

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

     “Separation Agreements” means one or more of the Separation and Distribution
Agreement, the Tax Sharing Agreement, the Interim Services Agreement and the Employee Benefit
Agreement each dated as of June 30, 2004 and entered into between Holdco and Viad.

     “Similar Business” means (i) the global funds transfer and payment services business
conducted by Holdco and its Subsidiaries, (ii) any other business described under the heading
“Business” in Holdco’s Annual Report on Form 10-K under the Exchange Act for the fiscal year ended
December 31, 2006, and (iii) any business that is similar, reasonably related, incidental,
complementary or ancillary thereto or any reasonable extension thereof.

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

     “Specified Equity Contribution” is defined in Section 6.19.2.

     “Specified Securities” means the securities set forth on Schedule 1 listed under
“C-2” and “C-3”.

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

     “Sponsor Capital” is defined in Section 4.1(xvi).

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

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental

31

 

reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve
System to which the Administrative Agent is subject with respect to the Eurodollar Rate, for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D).
Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

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

     “Subsidiary” of a Person means:

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

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

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

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

     (iii) with respect to Holdco, the Borrower and any Borrower Subsidiary which owns such
SPE, any SPE.

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

     “Subsidiary Guarantor” means each Guarantor other than Holdco.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which represents more than 10% of the consolidated assets (excluding
Portfolio Securities) of the Borrower and its Subsidiaries, as would be shown in the consolidated
financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month
period ending with the month in which such determination is made (or if financial statements

32

 

have not been delivered hereunder for that month which begins the twelve-month period, then the
financial statements delivered hereunder for the quarter ending immediately prior to that month).

     “Swine Line Borrowing Notice” is defined in Section 2.7(ii).

     “Swine Line Commitment” means, with respect to the Swing Line Lender, its commitment
to make Swing Line Loans to the Borrower pursuant to Section 2.7 in an aggregate outstanding
amount at no time exceeding its Swing Line Commitment amount specified on the Commitment Schedule.

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

     “Swing Line Lender” means JPMCB.

     “Swing Line Loan” means a Loan made available to the Borrower by the Swing Line
Lender pursuant to Section 2.7.

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

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

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

     “Term A Loan” means, with respect to each Lender, such Lender’s “Term Loan” (as
defined in the Existing Credit Agreement) outstanding as of the Effective Date and, with respect
to all Lenders, the aggregate of all such term loans. The aggregate amount of the Term A Loans of
all Lenders as of the date hereof is $100,000,000.

     “Term A Note” means a promissory note, in substantially the form of Exhibit
B-1 hereto, with appropriate insertions, and payable to the order of a Lender in the amount of
such Lender’s Term A Loan, including any amendment, modification, renewal or replacement of such
promissory note.

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

     “Term B Loan” means, with respect to each Lender, such Lender’s pro-rata portion of
any term Advance made by the Lenders on the Effective Date pursuant to Section 2.1 (ii) and, with
respect to all Lenders, the aggregate of all such pro-rata portions.

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     “Term B Loan Commitment” means, for each Lender, the obligation of such Lender to
make a Term B Loan to the Borrower pursuant to Section 2.1(ii) in an amount not exceeding the
amount set forth opposite its name under the heading “Term B Loan Commitment” on the Commitment
Schedule.

     “Term B Note” means a promissory note, in substantially the form of Exhibit
B-2 hereto, with appropriate insertions, and payable to the order of a Lender in the amount of
such Lender’s Term B Loan, including any amendment, modification, renewal or replacement of such
promissory note.

     “Term Loan” means each of the Term A Loan and the Term B Loan.

     “Transactions” means the transactions contemplated by this Agreement and the other
Loan Documents, the Second Lien Documents and the Equity Purchase Agreement.

     “Transferee” is defined in Section 12.2.

     “Travelers” means Travelers Express Company, Inc., a Minnesota corporation.

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

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

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

     “Viad”
means Viad Corp, a Delaware corporation.

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

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

     (ii) the sum of all such payments.

     “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of
the outstanding Capital Stock or other ownership interests of which (other than directors’

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qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned
Subsidiaries of such Person.

     Section 1.2 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or
other document herein shall be construed as referring to such agreement, instrument or other
document as from time to time amended, restated, amended and restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s
permitted successors and permitted assigns, (c) the words “herein”, “hereof and “hereunder”, and
words of similar import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

     Section 1.3 Rounding. The calculation of any financial ratios under this Agreement
shall be calculated by dividing the appropriate component by the other component, carrying the
result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-down if there is no nearest
number).

     Section 1.4 Times of Day. Unless otherwise specified, all references herein to times
of day shall be references to New York time (daylight or standard, as applicable).

     Section 1.5 Timing of Payment or Performance. When the payment of any obligation or
the performance of any covenant, duty or obligation is stated to be due or performance required on
a day which is not a Business Day, the date of such payment or performance shall extend to the
immediately succeeding Business Day and such extension of time shall be reflected in computing
interest or fees, as the case may be; provided that with respect to any payment of interest on or
principal of Eurodollar Loans, if such extension would cause any such payment to be made in the
next succeeding calendar month, such payment shall be made on the immediately preceding Business
Day.

     Section 1.6 Accounting. Except as provided to the contrary herein, all accounting
terms used herein shall be inteipreted and all accounting determinations hereunder shall be made
in accordance with GAAP, except that any calculation or determination which is to be made on a
consolidated basis shall be made for the Borrower and all of its Subsidiaries, including those
Subsidiaries, if any, which are unconsolidated on the Borrower’s audited financial statements. If
at any time any change in GAAP or application thereof would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and the Borrower, the
Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the

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Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP or the application thereof
(subject to the approval of the Required Lenders), provided that, until so amended, such
ratio or requirement shall continue to be computed in accordance with GAAP or application thereof
prior to such change therein and the Borrower shall provide to the Administrative Agent and the
Lenders reconciliation statements showing the difference in such calculation, together with the
delivery of quarterly and annual financial statements required hereunder.

     Section 1.7 Pro Forma Calculations. For purposes of determining compliance with any
ratio set forth herein, such ratio shall be calculated in each case on a pro forma basis as
follows:

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

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

     (iii) For purposes of the calculations referred to herein, whenever pro forma effect
is to be given to a transaction, the pro forma calculations (including any cost savings
associated therewith) shall be made in accordance with Regulation S-X under the Securities
Act. In addition, any such pro forma calculation may include adjustments
appropriate, in the reasonable determination of the Borrower, to reflect any operating
expense reductions and other operating improvements or synergies projected in good faith to
result from any acquisition, amalgamation, merger or operational change (including, to the
extent applicable, from the Transactions); provided that (x) such operating expense
reductions and other operating improvements or synergies are reasonably identifiable and
factually supportable, (y) with respect to operational changes (not resulting from an
acquisition), such actions are taken or committed to be taken no later than 24 months after
the Effective Date and (z) the aggregate amount of projected

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operating expense reductions, operating improvements and synergies in respect of
operational changes (not resulting from an acquisition) included in
any pro forma
calculation shall not exceed $20,000,000 for any four consecutive fiscal quarter period
unless otherwise approved by the Administrative Agent.

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

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

ARTICLE II

THE CREDITS

     Section 2.1 Term Loans.

     (i) Each Existing Lender has made a Term A Loan to Holdco in the aggregate amount set
forth opposite its name on the Commitment Schedule. As of the Effective Date each such term
loan shall be continued as a Term A Loan hereunder and the Borrower accepts, assumes and
agrees to perform all obligations as the borrower and primary obligor in respect thereof.
No amount of the Term A Loan which is repaid or prepaid by the Borrower may be reborrowed
hereunder.

     (ii) Each Lender severally (and not jointly) agrees, on the terms and conditions set
forth in this Agreement, to make a Term B Loan to the Borrower on the Effective Date in the
amount of its respective Term B Loan Commitment. No amount of the Term B Loan which is
repaid or prepaid by the Borrower may be reborrowed hereunder. Not later than 1:00 p.m.,
New York City time, on the Effective Date, each Lender shall make available funds equal to
its Term B Loan Commitment in immediately available funds in Chicago to the Administrative
Agent at its address specified pursuant to Article XIII.

     Section 2.2 Term Loan Repayment. Except as otherwise expressly provided herein,
the principal amount of the Term A Loan shall be paid in full by the Borrower on the Facility

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Termination Date. Except as otherwise expressly provided herein, the principal amount of the
Term B Loan shall be paid in full by the Borrower as follows:

     (i) on each Payment Date from and including June 30, 2008 to and including December
31, 2012, the Borrower shall make an aggregate payment of $625,000; and

     (ii) on the Facility Termination Date, the Borrower shall pay the entire remaining
unpaid principal amount of the Term B Loan.

     Section 2.3 Revolving Credit Commitments. From and including the Effective Date and
prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions
set forth in this Agreement, to (i) make or continue Revolving Loans to the Borrower from time to
time and (ii) participate in Letters of Credit issued upon the request of the Borrower,
provided that, after giving effect to the making of each such Loan and the issuance of each
such Letter of Credit, such Lender’s Outstanding Revolving Credit Exposure shall not exceed in the
aggregate the amount of its Revolving Credit Commitment and the Aggregate Outstanding Revolving
Credit Exposure shall not exceed the Aggregate Revolving Credit Commitment. As of the Effective
Date each revolving loan made under the Existing Credit Agreement shall be continued as a Revolving
Loan hereunder and the Borrower accepts, assumes and agrees to perform all obligations as the
borrower and primary obligor in respect thereof. Subject to the terms of this Agreement, the
Borrower may borrow, repay and reborrow Revolving Loans, in whole or in part, at any time prior to
the Facility Termination Date. The Revolving Credit Commitments to extend credit hereunder shall
expire on the Facility Termination Date.

     Section 2.4 Other Required Payments. All outstanding Revolving Loans, Swing Line
Loans, unreimbursed LC Disbursements and all other unpaid Obligations shall be paid in full by the
Borrower on the Facility Termination Date.

     Section 2.5 Ratable Loans. Each Revolving Credit Advance hereunder shall consist of
Revolving Loans made from the several Revolving Lenders ratably according to their Pro Rata
Shares.

     Section 2.6 Types of Advances. The Advances may be Floating Rate Advances or
Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with
Sections 2.11 and 2.12, or Swing Line Loans selected by the Borrower in accordance with Section
2.7.

     Section 2.7 Swing Line Loans.

     (i) Subject to the terms and conditions set forth herein, the Swing Line Lender agrees
to make Swing Line Loans to the Borrower from time to time from and including the Effective
Date and prior to the Facility Termination Date, in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of outstanding
Swing Line Loans exceeding $25,000,000, (ii) the aggregate principal amount of the Swing
Line Lender’s outstanding Swing Line Loans exceeding its Swing Line Commitment, or (iii)
the sum of the Aggregate Outstanding Revolving Credit Exposure exceeding the Aggregate
Revolving Credit Commitment; provided that

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the Swing Line Lender shall not be required to make a Swing Line Loan to refinance an outstanding
Swing Line Loan. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Borrower may borrow, prepay and reborrow Swing Line Loans. The Borrower will repay in
full each Swing Line Loan on or before the fifth
(5th) Business Day after the Borrowing Date for
such Swing Line Loan.

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

     (iii)
The Swing Line Lender may (and shall on the fifth (5th) Business Day after
the Borrowing Date of each Swing Line Loan made by it that is then still outstanding) by written
notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any
Business Day require the Revolving Lenders to acquire participations on such Business Day in all
or a portion of its Swing Line Loans outstanding. Such notice shall specify the aggregate amount
of Swing Line Loans in which Revolving Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in
such notice such Lender’s Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender
hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to
the Administrative Agent, for the account of the Swing Line Lender, such Lender’s Pro Rata Share
of such Swing Line Loan or Loans. Each Revolving Lender acknowledges and agrees that its
obligation to acquire participations in Swing Line Loans pursuant to this paragraph is
unconditional, continuing, irrevocable and absolute and shall not be affected by any
circumstances, including, without limitation, (a) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the Administrative Agent, the Swing Line Lender or
any other Person, (b) the occurrence or continuance, prior to or after the funding of any Swing
Line Loan, of a Default or Unmatured Default, (c) any adverse change in the condition (financial
or otherwise) of the Borrower or (d) any other circumstance, happening or event whatsoever, and
that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire
transfer of immediately available funds, in the same manner as provided in Section 2.11 with
respect to Loans made by such Lender (and Sections 2.11 and 2.21
shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall
promptly pay to the

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Swing Line Lender the amounts so received by it from the Lenders. The Administrative Agent
shall notify the Borrower of any participations in any Swing Line Loan acquired pursuant to
this paragraph. Any amounts received by the Swing Line Lender from the Borrower (or other
party on behalf of the Borrower) in respect of a Swing Line Loan after receipt by the Swing
Line Lender of the proceeds of a sale of participations therein shall be promptly remitted
to the Administrative Agent; any such amounts received by the Administrative Agent shall be
promptly remitted by the Administrative Agent to the Lenders that shall have made their
payments pursuant to this paragraph and to the Swing Line Lender, as their interests may
appear; provided that any such payment so remitted shall be repaid to the Swing Line
Lender or to the Administrative Agent, as applicable, if and to the extent such payment is
required to be refunded to the Borrower for any reason. The purchase of participations in a
Swing Line Loan pursuant to this paragraph shall not relieve the Borrower of any default in
the payment thereof.

     Section 2.8
Commitment Fee; Reductions and Increases in Aggregate Revolving Credit
Commitment.

     (i) The Borrower agrees to pay to the Administrative Agent for the account of each
Revolving Lender a commitment fee, which shall accrue at the rate of .50% per annum on the
daily amount of the difference between the Revolving Credit Commitment of such Lender and
the Outstanding Revolving Credit Exposure (excluding Swing Line Exposure) of such Lender
during the period from and including the date hereof to but excluding the date on which
such Revolving Credit Commitment terminates. Accrued commitment fees shall be payable in
arrears on the last day of March, June, September and December of each year and on the date
on which the Revolving Credit Commitments terminate, commencing on the first such date to
occur after the date hereof. All commitment fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

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

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     (iii) The Borrower may, at its option, on up to three occasions, seek to increase the
Aggregate Revolving Credit Commitment and/or the Aggregate Term B Loan Commitment or aggregate Term
A Loans by up to an aggregate amount of $50,000,000 in a minimum amount of $10,000,000 and in
integral multiples of $5,000,000 in excess thereof, upon at least three (3) Business Days’ prior
written notice to the Administrative Agent, which notice shall specify the amount of any such
increase and whether such increase is in the Aggregate Revolving Credit Commitment, the Aggregate
Term B Loan Commitment, the Term A Loans or a combination of any thereof and shall be delivered at
a time when no Default or Unmatured Default has occurred and is continuing. Notwithstanding
anything herein to the contrary, no Term B Loan shall be permitted to be borrowed pursuant to this
clause (iii) if, after giving effect thereto, the Term B Balance would exceed $250,000,000. The
Borrower may, after giving such notice, offer the increase (which may be declined by any Lender in
its sole discretion) in the Commitments or Term A Loans on either a ratable basis to the Lenders or
on a non pro-rata basis to one or more Lenders and/or to other Lenders or entities reasonably
acceptable to the Administrative Agent. No increase in the Commitments or Term A Loans shall become
effective until the existing or new Lenders extending such incremental Revolving Credit Commitment,
Term B Loan Commitment or Term A Loans and the Borrower shall have delivered to the Administrative
Agent a document in form and substance reasonably satisfactory to the Administrative Agent pursuant
to which each such existing Lender states the amount of its Commitment or Loan increase, each such
new Lender becomes a party hereto, states its Commitment or Loan amount and agrees to assume and
accept the obligations and rights of a Lender hereunder and the Borrower accepts such incremental
Commitments or Loans. In the event of an increase in the Aggregate Revolving Credit Commitment
pursuant to this Section, the Revolving Lenders (new or existing) shall accept an assignment from
the existing Revolving Lenders, and the existing Revolving Lenders shall make an assignment to the
new or existing Revolving Lender accepting a new or increased Revolving Credit Commitment, of an
interest in each then outstanding Revolving Credit Advance, Swing Line Loan, Letter of Credit and
LC Disbursement such that, after giving effect thereto, all Revolving Credit Advances, Swing Line
Loans, Letters of Credit and LC Disbursements are held ratably by the Revolving Lenders in
proportion to their respective Revolving Credit Commitments. Assignments pursuant to the preceding
sentence shall be made in exchange for the principal amount assigned plus accrued and unpaid
interest and shall not be subject to the assignment fee set forth in Section 12.1(ii)(B)(3). The
Borrower shall make any payments under Section 3.4 resulting from such assignments. In the event of
an increase in the Aggregate Term B Loan Commitment or Term A Loans pursuant to this Section, each
Lender accepting a portion of such increased Aggregate Term B Loan Commitment or Term A Loans
shall, on the effective date of the increase in such Aggregate Term B Loan Commitment or Term A
Loans, make a loan to the Borrower (which shall be deemed to be, as applicable, a “Term A Loan” or
a “Term B Loan” hereunder for all purposes hereof, including Section 2.24) in the amount of its
portion of such increase. Any such increase of the Aggregate Revolving Credit Commitment, Aggregate
Term B Loan Commitment or Term A Loans shall be subject to receipt by the Administrative Agent from
the Borrower of such supplemental opinions, resolutions, certificates and other documents as the
Administrative Agent may reasonably request.

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     Section 2.9 Minimum Amount of Each Advance. Each Eurodollar Advance (other than an
Advance to repay Swing Line Loans) shall be in the minimum amount of $5,000,000 (and in multiples
of $1,000,000 if in excess thereof), and each Floating Rate Advance (other than a Swing Line Loan)
shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof),
provided, however, that any Revolving Credit Advance which is a Floating Rate
Advance may be in the amount of the unused Aggregate Revolving Credit Commitment.

     Section 2.10 Optional and Mandatory Principal Payments.

     (i) The Borrower may from time to time pay, without penalty or premium, all
outstanding Floating Rate Advances (other than Swing Line Loans), or, in a minimum
aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof,
any portion of the outstanding Floating Rate Advances (other than Swing Line Loans) upon
one Business Day’s prior notice to the Administrative Agent. The Borrower may at any time
pay, without penalty or premium, all outstanding Swing Line Loans, or, in a minimum amount
of $1,000,000 and increments of $500,000 in excess thereof, any portion of the outstanding
Swing Line Loans, with notice to the Administrative Agent and the Swing Line Lender by
12:00 p.m., New York City time, on the date of repayment. The Borrower may from time to
time pay, subject to the payment of any funding indemnification amounts required by
Section 3.4 but without penalty or premium, all outstanding Eurodollar Advances, or, in a
minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess
thereof, any portion of the outstanding Eurodollar Advances upon three Business Days’
prior notice to the Administrative Agent. All voluntary principal payments in respect of
the Term B Loan shall be applied to the principal installments thereof in such order as
the Borrower may elect, or if not so specified on or prior to the date of such optional
prepayment, in the direct order of maturity. All mandatory principal payments in respect
of the Term B Loan shall be applied to the principal installments thereof under Section
2.2 in the direct order of maturity. Notwithstanding the foregoing, the Borrower shall not voluntarily
prepay the Term A Loan unless at the time of such prepayment the Term B Balance is zero.

     (ii) In the event and on each occasion that any Net Proceeds are received by or on
behalf of Holdco or any of its Subsidiaries in respect of any Prepayment Event, the
Borrower shall, within five Business Days after such Net Proceeds are received, prepay the
Term B Loan until paid in full; provided that in the case of any such event
described in clause (i) of the definition of the term “Prepayment Event,” if the Borrower
or any Subsidiary applies (or commits to apply) the Net Proceeds from such event (or a
portion thereof) within fifteen months after receipt of such Net Proceeds to pay all or a
portion of the purchase price in connection with an Acquisition permitted hereunder of a
Similar Business or to acquire, restore, replace, rebuild, develop, maintain or upgrade
real property, equipment or other capital assets useful or to be used in the business of
the Borrower and the Subsidiaries (and, in each case, the Borrower has delivered to the
Administrative Agent within five Business Days after such Net Proceeds are received a
certificate of its Financial Officer stating its intention to do so and certifying that no
Default has occurred and is continuing), then, so long as no Default has occurred and is

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continuing at the time of the giving of such notice and at the time of the proposed
reinvestment, no prepayment shall be required pursuant to this paragraph in respect of the Net
Proceeds in respect of such event (or the portion of such Net Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Proceeds therefrom that have not
been so applied (or committed to be so applied) by the end of such fifteen month period, (or if
committed to be so applied within such fifteen month period, have not been so applied within 180
days after such fifteen month period has expired). The Borrower shall provide to the Administrative
Agent any such evidence reasonably requested by the Administrative Agent with respect to any
commitment of the Borrower or any Subsidiary to apply Net Proceeds in accordance with this Section
2.10(ii). Notwithstanding the foregoing, if on any Business Day there exist “Net Proceeds” (as
defined in the Indenture) which (assuming no investment or application thereof is made within the
following five Business Days) would constitute “Excess Proceeds” (as defined in the Indenture) in
an amount in excess of $25,000,000 on such fifth following Business Day, then prior to such fifth
following Business Day the Borrower shall prepay the Term B Loan until paid in full in an aggregate
amount equal to such “Excess Proceeds” amount in excess of $25,000,000. Upon making such
prepayment, the Borrower shall be relieved of any further obligation under this Section 2.10(ii) to
make any prepayment with respect to such Net Proceeds.

     (iii) Following the end of each fiscal year of the Borrower, commencing with the fiscal year
ending December 31, 2009, the Borrower shall prepay the Term B Loan in an aggregate amount equal to
the Excess Cash Flow for such fiscal year multiplied by 50%. Each prepayment pursuant to this
clause shall be made on or before the date that is five Business Days after the date on which
annual financial statements are required to be delivered pursuant to Section 6.1(i) with respect to
the fiscal year for which Excess Cash Flow is being calculated. Notwithstanding the foregoing, (A)
no prepayment shall be required by this clause with respect to any fiscal year of the Borrower as
to which the Senior Secured Debt Ratio is less than 3.0 to 1.0 as of the end of such fiscal year
and (B) the amount required to be prepaid pursuant to this clause with respect to any fiscal year
shall be reduced dollar for dollar by the amount of (1) voluntary prepayments of Revolving Loans
which were accompanied by corresponding permanent reductions in the Aggregate Revolving Credit
Commitment, (2) all optional prepayments of the Term A Loan or Term B Loan, (3) mandatory
prepayments of the Term B Loan, in each case only to the extent that such prepayments, expenditures
or investments (x) were made by the Borrower or its Subsidiaries after the start of the applicable
fiscal year and prior to the due date for (or, if earlier, the actual payment date of) the
prepayment under this clause with respect to such fiscal year and (y) have not resulted in a
reduction of Excess Cash Flow or prepayments pursuant to this clause with respect to any prior
fiscal year and (C) no prepayment shall be required with respect to the portion of Excess Cash Flow
attributable to a Subsidiary that is required to maintain a minimum net worth or similar
requirement under applicable law, rule or regulation or by order, decree or power of any
Governmental Entity, to the extent (and only to the extent) that the payment of cash by such
Subsidiary to the Borrower in respect of such portion of Excess Cash Flow (by way of dividend,
intercompany loan or otherwise) would result in such Subsidiary’s failure to comply with such
requirement.

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     (iv) In the event that the Borrower or any Borrower Subsidiary desires to make any
Restricted Payment pursuant to Section 6.10(xi), the Borrower shall prepay the Term B Loan
with any Excess Specified Security Sale Proceeds in the amount of $50,000,000, such
prepayment to be made prior to any such Restricted Payment under Section 6.10(xi) (it being
understood that after the Borrower has prepaid the Term B Loan in the amount of $50,000,000
with Excess Specified Security Sale Proceeds, it shall have no further obligation to prepay
the Term B Loan under this clause (iv)).

     (v) In the event and on each occasion that the Borrower or any Borrower Subsidiary
makes any Restricted Payment pursuant to Section 6.10(xi) in an amount which, when
aggregated with all other Restricted Payments made pursuant to Section 6.10(xi) after the
Effective Date, is greater than $62,500,000, the Borrower shall, on the date such
Restricted Payment is made, prepay the Term Loans in an amount equal to the amount of such
Restricted Payment or, if less, the portion thereof which resulted in such aggregate
Restricted Payment amount exceeding $62,500,000, which prepayment shall be applied to the
Term B Loan until paid in full and thereafter applied to the Term A Loan.

     (vi) In the event of any voluntary or mandatory prepayment (other than pursuant to
Section 2.10(iv)) of the Term B Loan, on the date of prepayment the Borrower shall pay the
Administrative Agent for the ratable benefit of the holders of the Term B Loan a
prepayment premium in an amount equal to (A) 2% of the principal amount prepaid in the
case of a prepayment on or prior to the first anniversary of the Effective Date, (B) 1%
in the case of a prepayment after the first anniversary of the Effective Date but on or
prior to the second anniversary of the Effective Date and (C) 0% thereafter.

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

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

     (ii) the aggregate amount of such Advance,

     (iii)the Type of Advance
selected, and

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

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

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     Section 2.12 Conversion and Continuation of Outstanding Advances. Floating Rate
Advances (other than Swing Line Loans) shall continue as Floating Rate Advances unless and until
such Floating Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.12 or
are repaid in accordance with Section 2.10. Each Eurodollar Advance shall continue as a Eurodollar
Advance until the end of the then applicable Interest Period therefor, at which time such
Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such
Eurodollar Advance is or was repaid in accordance with Section 2.10 or (y) the Borrower shall have
given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that,
at the end of such Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for
the same or another Interest Period. Subject to the terms of Section 2.9, the Borrower may elect
from time to time to convert all or any part of a Floating Rate Advance (other than Swing Line
Loans) into a Eurodollar Advance. The Borrower shall give the Administrative Agent irrevocable
notice (a “Conversion/Continuation Notice”) of each conversion of a Floating Rate Advance
into a Eurodollar Advance or continuation of a Eurodollar Advance not later than 2:00 p.m., New
York City time, at least three Business Days prior to the date of the requested conversion or
continuation, specifying:

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

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

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

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

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     Section 2.14 Rates Applicable After Default. Notwithstanding anything to the
contrary contained in Section 2.11, 2.12 or 2.13, during the continuance of a Default, the Required
Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option
of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of
the Lenders to changes in interest rates), declare that no Advance may be made as, converted into
or continued as a Eurodollar Advance. During the continuance of a Default under Section 7.2, unless
waived by the Required Lenders or until such defaulted amount shall have been paid in full, (i)
each overdue Eurodollar Advance shall bear interest for the remainder of the applicable Interest
Period at the rate otherwise applicable hereunder to such Interest Period plus 2% per annum and
(ii) each overdue Floating Rate Advance and all overdue fees and other overdue amounts payable
hereunder shall bear interest at a rate per annum equal to the Floating Rate in effect from time to
time plus the Applicable Margin plus 2% per annum, in each case without any election or action on
the part of the Administrative Agent or any Lender.

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

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

     (i) The Administrative Agent shall also maintain the Register as set forth in Section
12.1(ii)(D).

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

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     (iii) Any Lender may request that its Loans be evidenced by a promissory note in
substantially the form of a Revolving Credit Note, a Term A Note, a Term B Note or a Swing
Line Note, in each case as applicable. In such event, the Borrower shall prepare, execute
and deliver to such Lender such Note payable to the order of such Lender. Thereafter, the
Loans evidenced by such Note and interest thereon shall at all times (prior to any
assignment pursuant to Section 12.1) be represented by one or more Notes payable to the
order of the payee named therein, except to the extent that any such Lender subsequently
returns any such Note for cancellation and requests that such Loans once again be
evidenced as described in paragraphs (i) and (ii) above.

     Section 2.17 Telephonic Notices. The Borrower hereby authorizes the Lenders and the
Administrative Agent to extend, convert or continue Advances, effect selections of Types of
Advances and to transfer funds based on telephonic notices made by any person or persons the
Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower,
it being understood that the foregoing authorization is specifically intended to allow Borrowing
Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to
deliver promptly to the Administrative Agent a written confirmation, if such confirmation is
requested by the Administrative Agent or any Lender, of each telephonic notice signed by an
Authorized Officer. If the written confirmation differs in any material respect from the action
taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the
Lenders shall govern absent manifest error.

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

     Section 2.19
Notification of Advances, Interest Rates, Prepayments and Revolving Credit
Commitment Reductions. Promptly after receipt thereof, the Administrative Agent will notify
each Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice,
Borrowing Notice, Swing Line Borrowing Notice, Conversion/Continuation Notice, and repayment
notice received by it hereunder. Promptly after notice from the LC Issuer, the Administrative
Agent will notify each Lender of the contents of each request for issuance of a Letter of Credit
hereunder. The Administrative Agent will notify each Lender of the interest rate

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applicable to each Eurodollar Advance promptly upon determination of such interest rate and will
give each Lender prompt notice of each change in the Alternate Base Rate.

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

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

     Section 2.22 Letters of Credit.

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

     (ii)
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To
request the issuance of a Letter of Credit (or the amendment, renewal or extension of an
outstanding Letter of Credit), the Borrower shall mail, hand deliver or telecopy (or
transmit by electronic communication, if arrangements for doing so have been approved

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by the LC Issuer) to the LC Issuer and the Administrative Agent (reasonably in advance of the
requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and
specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day),
the date on which such Letter of Credit is to expire (which shall comply with paragraph (iii) of
this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof
and such other information as shall be necessary to prepare, amend, renew or extend such Letter of
Credit. If requested by the LC Issuer, the Borrower also shall submit a letter of credit
application on the LC Issuer’s standard form in connection with any request for a Letter of Credit.
A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit, the Borrower shall be deemed to represent
and warrant that), after giving effect to such issuance, amendment, renewal or extension (x) the LC
Exposure shall not exceed $100,000,000 and (y) the Aggregate Outstanding Revolving Credit Exposure
shall not exceed the Aggregate Revolving Credit Commitment.

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

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

     (v) Reimbursement. If the LC Issuer shall make any LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the
Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York
City time, on the Business Day next following the date notice of such drawing is given to the
Borrower (any such notice received after 1:00 p.m.,

49

 

New York City time, shall be deemed received by the Borrower on the next Business Day);
provided that, the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.7 or 2.11 that such payment be financed with a Revolving
Credit Advance which is a Floating Rate Advance or Swing Line Loan in an equivalent amount and, to
the extent so financed, the Borrower’s obligation to make such payment shall be discharged and
replaced by the resulting Revolving Credit Advance or Swing Line Loan. If the Borrower fails to
reimburse an LC Disbursement when due, the Administrative Agent shall notify each Lender of the
applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such
Lender’s Pro Rata Share thereof. Promptly following receipt of such notice, each Lender shall pay
to the Administrative Agent its Pro Rata Share of the payment then due from the Borrower, in the
same manner as provided in Section 2.11 with respect to Loans made by such Lender (and Sections
2.11 and 2.21 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the LC Issuer the amounts so received by it from
the Lenders. Promptly following receipt by the Administrative Agent of any payment from the
Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
LC Issuer or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse
the LC Issuer, then to such Lenders and the LC Issuer as their interests may appear. Any payment
made by a Lender pursuant to this paragraph to reimburse the LC Issuer for any LC Disbursement
(other than the funding of a Revolving Credit Advance or a Swing Line Loan as contemplated above)
shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such
LC Disbursement.

     (vi) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (v) of this Section shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (A) any lack of validity or enforceability of any
Letter of Credit or this Agreement, or any term or provision therein, (B) any draft or other
document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (C) payment by the LC
Issuer under a Letter of Credit against presentation of a draft or other document that does not
comply with the terms of such Letter of Credit, or (D) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this
Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the LC Issuer,
nor any of their Related Parties, shall have any liability or responsibility by reason of or in
connection with the issuance or transfer of any Letter of Credit or any payment or failure to make
any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of technical terms or
any consequence arising from causes beyond the control of the LC Issuer; provided that the
foregoing shall not be construed to excuse the LC Issuer from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are

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hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by the LC Issuer’s failure to exercise care when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms thereof. The parties
hereto expressly agree that, in the absence of gross negligence, willful misconduct or bad faith,
in each case on the part of the LC Issuer, the LC Issuer shall be deemed to have exercised care in
each such determination. In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented which appear on their face to
be in substantial compliance with the terms of a Letter of Credit, the LC Issuer may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance with the terms of
such Letter of Credit.

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

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

     (ix) Replacement of the LC Issuer. An LC Issuer may be replaced at any time by
written agreement among the Borrower, the Administrative Agent and the successor LC Issuer. The
Administrative Agent shall notify the Lenders of any such replacement of an LC Issuer. At the time
any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for
the account of the replaced LC Issuer pursuant to paragraph (xi) of this Section. From and after
the effective date of any such replacement, (x) the successor LC Issuer shall have all the rights
and obligations of an LC Issuer under

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this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein
to the term “LC Issuer” shall be deemed to refer to such successor or to any previous LC Issuer,
or to such successor and all previous LC Issuers, as the context shall require. After the
replacement of an LC Issuer hereunder, the replaced LC Issuer shall remain a party hereto and
shall continue to have all the rights and obligations of an LC Issuer under this Agreement with
respect to Letters of Credit issued by it prior to such replacement, but shall not be required to
issue additional Letters of Credit.

     (x) Cash Collateralization. If any Default shall occur and be continuing, on the
Business Day that the Borrower receives notice from the Administrative Agent or the Required
Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure
representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral
pursuant to this paragraph (which notice shall be delivered no earlier than the earlier of the
fifth Business Day of such Default continuing and the date of any acceleration of the Obligations
with respect to such Default), the Borrower shall deposit in an account with the Administrative
Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an
amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest
thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Default with respect to the Borrower described
in Section 7.6 or 7.7. Such deposit shall be held by the Administrative Agent as collateral for the
payment and performance of the obligations of the Borrower under this Agreement. The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over
such account. Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s
risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the LC Issuer for LC Disbursements for which it has not been
reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing
greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower
under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder
as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within three Business Days after all Defaults have been cured or
waived.

     (xi) Fees. The Borrower agrees to pay (A) to the Administrative Agent for the account
of each Revolving Lender a participation fee (the “LC Fee”) with respect to its
participations in Letters of Credit, which shall accrue at a per annum rate equal to the
Applicable Margin then in effect with respect to Revolving Loans that are Eurodollar Loans on the
face amount of such Letters of Credit during the period from and including the Effective Date to
but excluding the later of the date on which such Lender’s Commitment terminates and the date on
which such Lender ceases to have any LC Exposure, and (B) to each LC Issuer a fronting fee, which
shall accrue at the rate per

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annum separately agreed upon (but no more than 0.125% per annum) between the Borrower and
such LC Issuer on the average daily amount of the LC Exposure with respect to Letters of
Credit issued by such LC Issuer (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding
the later of the date of termination of the Revolving Credit Commitments and the date on
which there ceases to be any LC Exposure, as well as such LC Issuer’s standard fees with
respect to the issuance, amendment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. LC Fees and fronting fees accrued through and including
the last day of March, June, September and December of each year shall be payable on the
third Business Day following such last day, commencing on the first such date to occur
after the Effective Date; provided that all such fees shall be payable on the date
on which the Revolving Credit Commitments terminate and any such fees accruing after the
date on which the Revolving Credit Commitments terminate shall be payable on demand. Any
other fees payable to the LC Issuers pursuant to this paragraph shall be payable within 30
days after demand. All LC Fees and fronting fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

     (xii) Outstanding Letters of Credit. The letters of credit set forth on
Schedule 2.22 hereto (the “Outstanding Letters of Credit”) were issued or deemed
issued pursuant to the Existing Credit Agreement and remain outstanding as of the date of
this Agreement. The Borrower, the LC Issuer and each of the Revolving Lenders hereby agree
with respect to the Outstanding Letters of Credit that effective upon the Effective Date
(A) such Outstanding Letters of Credit shall be deemed to be Letters of Credit issued under
and governed in all respects by the terms and conditions of this Agreement and (B) each
Lender shall participate in each Outstanding Letter of Credit in an amount equal to its Pro
Rata Share of the face amount of such Outstanding Letter of Credit.

     Section 2.23 Replacement of Lender. If (i) the Borrower is required pursuant to
Section 3.1, 3.2 or 3.5 to make any additional payment to any Lender, (ii) any Lender’s obligation
to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances shall be
suspended pursuant to Section 3.3, (iii) any Lender shall default in its obligation to fund Loans
hereunder, (iv) any Lender shall become insolvent or the subject of a bankruptcy or insolvency
proceeding or (v) any Lender shall fail to consent to a departure or waiver of any provision of
the Loan Documents or fail to agree to any amendment thereto, which waiver, consent or amendment
requires the consent of all Lenders or of all Lenders directly affected thereby and has been
consented to by the Required Lenders (any Lender described in clause (i), (ii), (iii), (iv) or (v)
being an “Affected Lender”), the Borrower may (a) elect to replace such Affected Lender as
a Lender party to this Agreement; provided that the Borrower shall have such right only if
(A) concurrently with such replacement, (1) another bank or other entity (other than a
Disqualified Institution) which is reasonably satisfactory to the Borrower and the Administrative
Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to
the Affected Lender pursuant to an assignment substantially in the form of Exhibit D and
to become a Lender for all purposes under this Agreement and to assume all obligations of the
Affected Lender to be terminated as of such date and to comply with the requirements of Section
12.1 applicable to assignments, and (2) the Borrower shall pay to such

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Affected Lender in same day funds on the day of such replacement (x) all interest, fees and other
amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including
the date of termination, including without limitation payments due to such Affected Lender under
Sections 3.1, 3.2 and 3.5, and (y) an amount, if any, equal to the payment which would have been
due to such Lender on the day of such replacement under Section 3.4 had the Loans or other
Obligations of such Affected Lender been prepaid on such date rather than sold to the replacement
Lender, (B) in the case of clause (i) or (ii) above, such additional payments continue to be
required or such suspension is still effective and will be reduced or negated by such assignment
and (C) in the case of clause (iv) above, the applicable Assignee shall have agreed to the
applicable departure, waiver or amendment of the Loan Documents or (b) terminate all Commitments
of such Affected Lender and repay all Obligations of the Borrower owing to such Lender as of such
termination date (including any amounts owing pursuant to Section 3.4 as a result of such
repayment).

     Section 2.24
Pro Rata Treatment; Intercreditor Agreements.

     (i)
Except as provided below in this Section 2.24 and as required under Section 2.7,
2.10, 2.13, 3.1, 3.2, 3.4, 3.5 or 11.2, each Advance, each payment or prepayment of
principal of any Advance, each payment of interest on the Loans, each payment of the
commitment fee set forth in Section 2.8 and the LC Fee, each reduction of the Revolving
Credit Commitment and each conversion of any Advance to or continuation of any Advance as an
Advance of any Type shall be allocated pro rata among the Lenders in accordance with their
respective applicable Commitments (or, if such Commitments shall have expired or been
terminated, in accordance with the respective principal amounts of their respective
applicable outstanding Loans).

     (ii) Notwithstanding anything to the contrary contained in this Agreement, any payment
or other distribution (whether from proceeds of Collateral or any other source, whether in
the form of cash, securities or otherwise, and whether made by any Loan Party or in
connection with any exercise of remedies by the Administrative Agent, the Collateral Agent
or any Lender) made or applied in respect of any of the Obligations (a) following any
acceleration of the Obligations, (b) during the existence of a Default under Section 7.2 or
(c) during or in connection with Insolvency Proceedings involving any Loan Party (or any
plan of liquidation, distribution or reorganization in connection therewith), shall be made
or applied, as the case may be, in the following order of priority (with higher priority
Obligations to be paid in full prior to any payment or other distribution in respect of
lower priority Obligations): (i) first, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts, including attorney fees,
payable to the Administrative Agent in its capacity as such, the LC Issuer in its capacity
as such and the Collateral Agent in its capacity as such (ratably among the Administrative
Agent, the LC Issuer and the Collateral Agent in proportion to the respective amounts
described in this clause first payable to them); (ii) second, to payment of that
portion of the Obligations constituting indemnities and other amounts (other than
principal, interest and fees) payable to the Lenders, including attorney fees (ratably
among such Lenders in proportion to the respective amounts described in this clause
second payable to them); (iii) third, to payment of that portion of the
Obligations constituting accrued and unpaid interest (including any default interest) on
the Term B

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Loans and any Replacement Term B Loans (ratably among such Lenders in proportion to the
respective amounts described in this clause third payable to them), including interest
accruing after the filing or commencement of any Insolvency Proceedings in respect of any Loan
Party, whether or not any claim for post-filing or post-petition interest is or would be allowed,
allowable or otherwise enforceable in any such Insolvency Proceedings; (iv) fourth, to
payment of that portion of the Obligations constituting unpaid principal of the Term B Loans and
any Replacement Term B Loans (ratably among such Lenders in proportion to the respective amounts
described in this clause fourth held by them); (v) fifth, to payment of that portion of the
Obligations constituting accrued and unpaid fees or interest (including any default interest) on or
relating to the Revolving Loans, Term A Loans, Swing Line Loans and LC Exposure (ratably among such
Lenders in proportion to the respective amounts described in this clause fifth payable to
them), including interest accruing after the filing or commencement of Insolvency Proceedings in
respect of any Loan Party, whether or not any claim for post-filing or post-petition interest is or
would be allowed, allowable or otherwise enforceable in any such Insolvency Proceedings; (vi) sixth, to payment of that portion of the Obligations constituting unpaid principal of the Revolving
Loans, Term A Loans, Swing Line Loans and LC Exposure (including any termination payments and any
accrued and unpaid interest thereon) (ratably among such Lenders in proportion to the respective
amounts described in this clause sixth held by them) and amounts constituting Rate
Management Obligations (but only to the extent such Rate Management Obligations are secured by the
Collateral and the source of the applicable payment is Collateral proceeds); (vii) seventh
on or after (A) the Facility Termination Date, (B) the occurrence of any Default with respect
to any Loan Party described in Section 7.6 or 7.7 or (C) the declaration by the Administrative
Agent or the Required Lenders that the Loans are due and payable pursuant to Article VII, to pay an
amount to the Administrative Agent for the account of the LC Issuer equal to one hundred one
percent (101%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the
aggregate amount of any unpaid LC Disbursements to be held as cash collateral; (viii)
eighth, to payment of any other Obligations due to the Administrative Agent or any Lender
by the Borrower, ratably; and (ix) last, in the case of proceeds of Collateral, the
balance, if any, thereof, after all of the Obligations (including, without limitation, all
Obligations in respect of LC Exposure but excluding any contingent obligations) have been paid in
full, to the Borrower or as otherwise required by a court of competent jurisdiction. Each Lender
agrees that the provisions of this Section 2.24 (including, without limitation, the priority of the
Obligations as set forth herein) constitute an intercreditor agreement among them for value
received that is independent of any value received from the Loan Parties, and that such agreement
shall be enforceable as against each Lender, including, without limitation, in any Insolvency
Proceedings in respect of any Loan Party (including without limitation with respect to interests
and costs regardless of whether or not such interest or costs are allowed as a claim in any such
Insolvency Proceedings or enforceable or recoverable against the Loan Party or its bankruptcy
estate), to the same extent that such agreement is enforceable under applicable non-bankruptcy law
(including, without limitation, pursuant to Section 510(a) of the U.S. federal Bankruptcy Code or
any comparable provision of applicable insolvency law), and that, if any Lender receives any
payment or distribution in respect of any Obligation (including, without limitation, in

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connection with any Insolvency Proceedings or any plan of liquidation, distribution or
reorganization therein) to which such Lender is not entitled in accordance with the
priorities set forth in this Section 2.24, such amount shall be held in trust by such
Lender for the benefit of the Person or Persons entitled to such payment or distribution
hereunder, and promptly shall be turned over by such Lender to the Administrative Agent
for distribution to the Person or Persons entitled to such payment or distribution in
accordance with this Section 2.24.

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

ARTICLE III

YIELD PROTECTION; TAXES

     Section 3.1 Yield Protection. If, after the date of this Agreement (or, in the case
of any assignee, after the date it became a party to this Agreement), the adoption of any law or
any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether
or not having the force of law), or any change in the interpretation or administration thereof by
any governmental or quasi-governmental authority, central bank or comparable agency charged with
the interpretation or administration thereof, or compliance by any Lender or applicable Lending
Installation or any LC Issuer with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

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

     (ii) imposes any other condition the result of which is to increase the cost to any
Lender or any applicable Lending Installation or any LC Issuer of making, funding or
maintaining its Eurodollar Loans, or of issuing or participating in Letters of Credit, or
reduces any amount receivable by any Lender or any applicable Lending Installation in
connection with its Eurodollar Loans, Letters of Credit or participations therein, or

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requires any Lender or any applicable Lending Installation or any LC Issuer to make any
payment calculated by reference to the amount of Eurodollar Loans, Letters of Credit or
participations therein held or interest or LC Fees received by it, in each case by an
amount deemed material by such Lender or such LC Issuer as the case may be,

and the result of any of the foregoing is to increase the cost to such Lender or applicable
Lending Installation or such LC Issuer, as the case may be, of making or maintaining its
Eurodollar Loans or Commitment or of issuing or participating in Letters of Credit or to reduce
the return received by such Lender or applicable Lending Installation or such LC Issuer, as the
case may be, in connection with such Eurodollar Loans, Commitment, Letters of Credit or
participations therein, then, within 30 days of written demand by such Lender or such LC Issuer,
as the case may be, the Borrower shall pay such Lender or such LC Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or such LC Issuer, as the case may be,
for such increased cost or reduction in amount received. Notwithstanding the foregoing, this
Section 3.1 shall not apply to any tax-related matters.

     Section 3.2 Changes in Capital Adequacy Regulations. If a Lender or an LC Issuer
determines the amount of capital required or expected to be maintained by such Lender, any Lending
Installation of such Lender or such LC Issuer, or any corporation controlling such Lender or such
LC Issuer is increased as a result of a Change, then, within 30 days of written demand by such
Lender or such LC Issuer, the Borrower shall pay such Lender or such LC Issuer the amount necessary
to compensate for any shortfall in the rate of return on the portion of such increased capital
which such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding
Credit Exposure or its Commitment to make Loans and issue or participate in Letters of Credit, as
the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as
to capital adequacy). “Change” means (i) any change after the date of this Agreement in the
Risk-Based Capital Guidelines, or (ii) any adoption of or change in any other law, governmental or
quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or
not having the force of law) after the date of this Agreement which affects the amount of capital
required or expected to be maintained by any Lender or any LC Issuer or any Lending Installation or
any corporation controlling any Lender or any LC Issuer. “Risk-Based Capital Guidelines” means (i)
the risk-based capital guidelines in effect in the United States on the date of this Agreement,
including transition rules, and (ii) the corresponding capital regulations promulgated by
regulatory authorities outside the United States implementing the July 1988 report of the Basel
Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of
Capital Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     Section 3.3 Availability of Types of Advances. If any Lender determines that
maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any
applicable law, rule, regulation, or directive, whether or not having the force of law, or if the
Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund
Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances
does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the
Administrative Agent shall suspend the availability of Eurodollar Advances and require any

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affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the
payment of any funding indemnification amounts required by Section 3.4.

     Section 3.4 Funding Indemnification. If any payment of a Eurodollar Advance occurs on
a date which is not the last day of the applicable Interest Period, whether because of
acceleration, prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by
the Borrower for any reason other than default by the Lenders, the Borrower will indemnify each
Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any
loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar
Advance.

     Section 3.5 Taxes.

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

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

     (iii) The Borrower hereby agrees to indemnify the Administrative Agent, such LC Issuer
and each Lender for the full amount of Taxes or Other Taxes (including, without limitation,
any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent, such LC Issuer or such Lender as a result of its Commitment, any
Loans made by it hereunder, or otherwise in connection with its participation in this
Agreement and any liability (including penalties, interest and expenses) arising therefrom
or with respect thereto. Payments due under this indemnification shall be made within 30
days of the date the Administrative Agent, such LC Issuer or such Lender makes written
demand therefor pursuant to Section 3.6.

     (iv) Each Lender and LC Issuer that is not incorporated under the laws of the United
States of America, a state thereof or the District of Columbia (each a “Non-U.S.
Lender”) agrees that it will, on or before the date that it becomes party to this
Agreement,

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(A) deliver to the Borrower and the Administrative Agent two duly completed copies of United
States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Non-U.S.
Lender is entitled to receive payments under this Agreement without deduction or withholding of any
United States federal income taxes, and (B) deliver to the Borrower and the Administrative Agent a
United States Internal Revenue Form W-8 and certify that it is entitled to an exemption from United
States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the
Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any
successor form) on or before the date that such form expires or becomes obsolete or upon the
reasonable request of the Borrower or the Administrative Agent, and (y) after the occurrence of any
event requiring a change in the most recent forms so delivered by it, such additional forms or
amendments thereto. All forms or amendments described in the preceding sentence shall certify that
such Non-U.S. Lender is entitled to receive payments under this Agreement without deduction or
withholding of any United States federal income taxes, unless an event (including without
limitation any change in treaty, law or regulation) has occurred prior to the date on which any
such delivery would otherwise be required which renders all such forms inapplicable or which would
prevent such Non-U.S. Lender from duly completing and delivering any such form or amendment with
respect to it and such Non-U.S. Lender advises the Borrower and the Administrative Agent that it is
not capable of receiving payments without any deduction or withholding of United States federal
income tax.

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

     (vi) For any period during which a Lender or LC Issuer has failed to provide the Borrower
with an appropriate form pursuant to clause (iv) or (v) of this Section 3.5 (unless such failure
is due to a change in treaty, law or regulation, or any change in the interpretation or
administration thereof by any governmental authority, occurring

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subsequent to the date on which a form originally was required to be provided), such Lender or LC
Issuer shall not be entitled to indemnification or gross-up under this Section 3.5 with respect to
Taxes imposed by the United States; provided that, should a Lender or LC Issuer that is
otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes
because of its failure to deliver a form required under clause (iv) or (v) of this Section 3.5, the
Borrower shall take such steps at such Lender’s or LC Issuer’s expense as such Lender or LC Issuer
shall reasonably request to assist such Lender or LC Issuer to recover such Taxes.

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

     (viii) If the U.S. Internal Revenue Service or any other governmental authority of the United
States or any other country or any political subdivision thereof asserts a claim that the
Administrative Agent did not properly withhold tax from amounts paid to or for the account of any
Lender (because the appropriate form was not delivered or properly completed, because such Lender
failed to notify the Administrative Agent of a change in circumstances which rendered its
exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the
Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative
Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including
taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this
subsection, together with all costs and expenses related thereto (including attorneys fees and
time charges of attorneys for the Administrative Agent, which attorneys may be employees of the
Administrative Agent). The obligations of the Lenders under this Section 3.5(vii) shall survive
the payment of the Obligations and termination of this Agreement.

     (ix) If a Lender or LC Issuer determines, in its sole discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with
respect to which the Borrower has paid additional amounts pursuant to this Section 3.5, it shall
pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section 3.5 with respect to the Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Lender or LC
Issuer and without interest (other than any interest paid by the relevant Governmental Entity with
respect to such refund), provided that (i) the Borrower, upon the request of the Lender or LC
Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or
other charges imposed by the relevant Governmental Entity) to the Lender or LC Issuer in the event
the Lender or LC Issuer is required to repay such refund to such Governmental Entity and (ii)
nothing herein contained shall interfere with the right of a Lender or LC Issuer to arrange its
tax affairs in whatever manner it thinks fit nor oblige any Lender or LC Issuer to claim any tax
refund or to make available its tax returns or disclose any information relating to its tax
affairs or any computations in respect thereof or require any

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Lender or LC Issuer to do anything that would prejudice its ability to benefit from
any other refunds, credits, reliefs, remissions or repayments to which it may be entitled.

     Section 3.6 Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation to reduce any liability of
the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of
Eurodollar Advances under Section 3.3, so long as such designation is not, in the commercially
reasonable judgment of such Lender, materially disadvantageous to such Lender. Each Lender shall
deliver a written statement of such Lender to the Borrower (with a copy to the Administrative
Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement
shall set forth in reasonable detail the calculations upon which such Lender determined such amount
and shall be final, conclusive and binding on the Borrower in the absence of manifest error.
Determination of amounts payable under Sections 3.1, 3.2, 3.4 or 3.5 in connection with a
Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the
purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in
determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not.
Unless otherwise provided herein, the amount specified in the written statement of any Lender shall
be payable on demand after receipt by the Borrower of such written statement. The Borrower shall
not be required to indemnify any Lender pursuant to Section 3.1, 3.2, 3.4 or 3.5 for any amounts
paid or losses incurred by such Lender as to which such Lender has not made demand hereunder within
120 days after the date such Lender has actual knowledge of such amounts or losses and their
applicability to the lending transactions contemplated hereby. The obligations of the Borrower
under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of
this Agreement.

ARTICLE IV

CONDITIONS PRECEDENT

     Section 4.1 Effectiveness and Closing Conditions. The amendments to the Existing
Credit Agreement embodied herein shall not become effective (in which ease the Existing Credit
Agreement shall remain in full force and effect) and the Lenders shall not be required to make the
Term B Loan hereunder unless and until the following conditions precedent (other than clause (xi))
have been satisfied (or waived pursuant to Section 8.2 hereof) and, in the case of clause (xi),
the Term B Loan proceeds shall be funded simultaneously with the satisfaction of such condition,
in each case on or before March 27, 2008:

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

     (ii) All shareholder, governmental and third party approvals necessary in connection
with the financing and other transactions contemplated hereby and the continuing operations
of Holdco and its Subsidiaries shall have been obtained and be in full force and effect and
all waiting periods applicable to the transactions contemplated hereby shall have expired
or been terminated, in each case, to the extent required to be delivered under the Equity
Purchase Agreement.

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     (iii) The Administrative Agent shall have received (x) satisfactory audited consolidated
financial statements of Holdco for the two most recent fiscal years ended prior to the Effective
Date as to which such financial statements are available and (y) satisfactory unaudited interim
consolidated financial statements of Holdco for each quarterly period ended subsequent to the date
of the latest financial statements delivered pursuant to clause (x) of this paragraph as to which
such financial statements are available.

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

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

     (vi) The Collateral Agent, the Trustee and Collateral Agent for the holders of the Second Lien
Indebtedness and the other parties thereto shall have entered into the Intercreditor Agreement.

     (vii) The Administrative Agent shall be reasonably satisfied that adequate bank clearing
arrangements of MoneyGram Payment Systems, Inc. are in effect on the Effective Date.

     (viii) The Administrative Agent shall be reasonably satisfied that adequate contractual
arrangements pursuant to which surety bonds are made available to support the businesses of the
Borrower’s Subsidiaries are in effect.

     (ix) The Lenders shall be satisfied with the investment policy adopted by the board of
directors of Holdco with respect to the portfolio investments of its Subsidiaries and with the
rate hedging and foreign exchange arrangements and outstanding amounts thereof of Holdco and its
Subsidiaries.

     (x) Except as Previously Disclosed (as defined in the Equity Purchase Agreement), since
September 30, 2007, no change or event shall have occurred and no circumstances shall exist which
have had, or would reasonably be expected to have, individually or in the aggregate, an Effective
Date MAE. With respect to matters which have been Previously Disclosed, in determining whether
this condition is satisfied, any circumstance, event or condition occurring after the date of the
Equity Purchase Agreement shall be taken into account, including any deterioration, worsening or
adverse consequence of such Previously Disclosed matters occurring after the date of the Equity
Purchase Agreement.

     (xi) (A) (i) Holdco’s receipt from Deloitte & Touche LLP of the D&T Deliverables, which shall
be delivered if the amounts set forth on Schedule F to the Equity Purchase Agreement shall have
been placed into an escrow account pursuant to an

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escrow agreement reasonably acceptable to each of the Investors, Holdco, Deloitte & Touche LLP, the
parties hereto and the parties to the Note Purchase Agreement with irrevocable instructions to be
released to Holdco on the Effective Date upon Holdco’s receipt of the D&T Deliverables, or (ii) if
the amounts set forth on Schedule F to the Equity Purchase Agreement shall not have been placed
into an escrow account with irrevocable instructions to be released to Holdco on the Effective Date
upon Holdco’s receipt of the D&T Deliverables, then Holdco shall have committed to the Investors,
the Administrative Agent, the Collateral Agent and the Lenders on the Effective Date that, after
both Holdco and Deloitte & Touche LLP shall have verified that the amounts set forth on Schedule F
to the Equity Purchase Agreement have been credited to the bank account set forth across from such
amount on Schedule F to the Equity Purchase Agreement, Holdco will receive from Deloitte & Touche
LLP the D&T Deliverables and (B) Holdco’s financial printer Bowne shall have notified the Investors
and the Administrative Agent (on the Effective Date) that Holdco has delivered the Final 10-K to
Bowne with the irrevocable instruction that Bowne file the Final 10-K on behalf of Holdco, and that
Bowne is prepared to file and will file the Final 10-K with the SEC, in each case, immediately upon
notification from Holdco that the amounts set forth on Schedule F to the Equity Purchase Agreement
have been successfully credited to Holdco bank account set forth across from such amount on
Schedule F to the Equity Purchase Agreement.

     (xii) On the Effective Date (A) all representations and warranties in the Loan Documents
(including, without limitation, the representation in Section 5.5(i) as to the absence of an
Effective Date MAE) are true and correct in all material respects after giving effect to the
substantially contemporaneous consummation of the transactions contemplated hereby on the
Effective Date, (B) after giving effect to the Credit Extensions and other substantially
contemporaneous transactions consummated on the Effective Date, no Default or Unmatured Default
has occurred and is continuing, and (C) the Administrative Agent shall have received a
satisfactory certificate to such effect dated the Effective Date and signed by the Chief Financial
Officer or Treasurer of Holdco and the Borrower.

     (xiii) On the Effective Date, any waiver period under the Existing Credit Agreement shall no
longer exist and each waived Default or Unmatured Default shall have been permanently waived.

     (xiv) The Lenders, the Administrative Agent and the Arranger shall have received all fees
required to be paid, and all expenses for which invoices have been presented, on or before the
Effective Date.

     (xv) After giving effect to the making and application of the proceeds of the Effective Date
transactions contemplated hereby, there shall exist unused Aggregate Revolving Credit Commitments
of at least $100,000,000 and Aggregate Revolving Credit Commitment shall be $250,000,000.

     (xvi) The Administrative Agent shall have received evidence reasonably satisfactory to it that
substantially contemporaneously with the funding of the Term B

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Loans, (i) Holdco shall have received gross cash proceeds of at least $760,000,000 from the
issuance by Holdco of common and preferred stock (the “Sponsor Capital”) to the Sponsors
on the terms and conditions set forth in the Equity Purchase Agreement (giving effect to any
waivers of closing conditions therein deemed immaterial by the Administrative Agent) and (ii) the
Borrower shall have received gross cash proceeds of at least $500,000,000 from the incurrence by
the Borrower of the Second Lien Indebtedness, in each case on the terms and conditions set forth
in the Note Purchase Agreement and the Indenture, as applicable (giving effect to any waivers of
closing conditions therein deemed immaterial by the Administrative Agent), and in each case as
such amounts may be reduced in accordance with the Equity Purchase Agreement.

     (xvii) That certain $150,000,000 364-day Credit Agreement dated as of November 15, 2007, as
amended, by and among Holdco, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto shall have been terminated and on the Effective Date there shall be no amounts
outstanding thereunder.

     (xviii) Substantially contemporaneously with the funding of the Term B Loan, (A) the proceeds
to Holdco of the issuance of the Sponsor Capital (net of (1) transactional fees and expenses and
(2) a reserve for general corporate purposes in an aggregate amount not to exceed $15,000,000)
shall be contributed by Holdco to the common equity of the Borrower (such contribution being a
material inducement to the Borrower to accept and assume existing obligations of Holdco as
contemplated hereby) and (B) such contributed amount, together with an amount equal to the
proceeds to the Borrower of the incurrence of the Second Lien Indebtedness (net of (1)
transactional fees and expenses, (2) a reserve for general corporate purposes in an aggregate
amount not to exceed $15,000,000 and (3) a repayment of $100,000,000 of the Revolving Loans
outstanding under the Existing Credit Facility) shall be contributed by the Borrower to the common
equity of MoneyGram Payment Systems, Inc.

     (xix) Neither Deloitte & Touche LLP nor any other accounting firm shall have issued to Holdco
any opinion regarding the consolidated financial statements of Holdco and its Subsidiaries as of
and for the year ended December 31, 2007 which is not a Satisfactory Audit Opinion.

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

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

     (xxii) Wal-Mart Stores, Inc. shall have confirmed in writing to Holdco (A) that the Money
Services Agreement by and among MoneyGram Payment Systems, Inc. and Wal-Mart Stores, Inc. (as
amended through that certain Amendment 3 to Money Services Agreement dated as of February 11, 2008
but not amended by any subsequent amendments other than, if necessary, to make effective the
extension of the term of the Money Services Agreement through January 31, 2013) will be in full
force and effect

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after the consummation of the transactions contemplated hereby (which shall include an
effective extension of the term of the Money Services Agreement through January 31, 2013)
and (B) that the Equity Purchase Agreement and the transactions contemplated thereby and
hereby do not give Wal-Mart Stores, Inc. the right to terminate the Money Services
Agreement.

     Section 4.2 Each Subsequent Credit Extension. The Lenders shall not be required to
make any Credit Extension (except as otherwise set forth in Section 2.7 with respect to Revolving
Loans for the purpose of repaying Swing Line Loans) after the Effective Date unless on the
applicable Credit Extension Date:

     (i) There exists no Default or Unmatured Default; provided, however,
that solely for purposes of this Section 4.2(i), no Default or Unmatured Default under
Section 7.1 shall be deemed to exist with respect to the material falsity of any
representation or warranty made on the Effective Date unless the same evidenced or had a
Material Adverse Effect.

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

     Each Borrowing Notice, Swing Line Borrowing Notice, or request for issuance of a Letter of
Credit, as the case may be, with respect to each such Credit Extension shall constitute a
representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and
(ii) have been satisfied.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

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

     Section 5.1 Existence and Standing. Each of the Borrower, Holdco and its Material
Domestic Subsidiaries is a corporation, partnership, trust or limited liability company duly and
properly incorporated or organized, as the case may be, and validly existing, duly qualified or
licensed to do business and (to the extent such concept applies to such entity) in good standing
under the laws of its jurisdiction of incorporation or organization and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted in each
case (other than as to the valid existence of the Borrower), except where, individually or in the
aggregate, the failure to exist, qualify, be licensed or be in good standing or have such power
and authority could not reasonably be expected to result in a Material Adverse Effect.

     Section 5.2 Authorization and Validity. Each of the Borrower, Holdco and its Material
Domestic Subsidiaries has the power and authority and legal right to execute and deliver the Loan
Documents to which it is a party and to perform its obligations thereunder. The execution and
delivery by each of the Borrower, Holdco and its Material Domestic Subsidiaries

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of the Loan Documents to which it is a party and the performance of its obligations thereunder
have been duly authorized by proper corporate or other organizational proceedings, and the Loan
Documents to which each of the Borrower, Holdco and its Material Domestic Subsidiaries is a party
constitute legal, valid and binding obligations of each of the Borrower, Holdco and its Material
Domestic Subsidiaries enforceable against each of the Borrower, Holdco and its Material Domestic
Subsidiaries in accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or
by general equitable principles. Except for the shareholder approval set forth in Section 4.1(g)
of the Equity Purchase Agreement, no stockholder vote of the Borrower, Holdco or any Subsidiary is
required to authorize, approve or consummate any of the Transactions.

     Section 5.3 No Conflict; Government Consent. Neither the execution and delivery by any
Loan Party of the Loan Documents to which it is a party, nor the consummation of the transactions
therein contemplated, nor compliance with the provisions thereof will violate (i) any applicable
law, rule, regulation, ruling, order, writ, judgment, injunction, decree or award binding on Holdco
or any of its Subsidiaries or any Property of such Person or (ii) Holdco’s or any Material Domestic
Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of
partnership, articles or certificate of organization, by-laws, or operating or other management
agreement, or substantially equivalent governing document, as the case may be, or (iii) the
provisions of any note, bond, mortgage, deed of trust, license, lease indenture, instrument,
agreement or other obligation (each a “Contract”) to which Holdco or any Subsidiary is a
party or is subject, or by which it, or its Property, is bound, or conflict with, result in a
breach of any provision thereof or constitute a default thereunder (or result in an event which,
with notice or lapse of time or both, would constitute a default thereunder), or result in the
termination of, or accelerate the performance required by, or result in a right of termination or
acceleration of, or (except for the Liens created by the Loan Documents and the Second Lien
Documents, Permitted Liens and Permitted Holdco Liens) result in, or require, the creation or
imposition of any Lien in, of or on the Property of Holdco or any of its Subsidiaries pursuant to
the terms of any such note, bond, mortgage, deed of trust, license, lease indenture, instrument,
agreement or other obligation, except with respect to clauses (i) or (iii), to the extent,
individually or in the aggregate, that such violation, conflict, breach, default or creation or
imposition of any lien could not reasonably be expect to result in a Material Adverse Effect. No
order, consent, adjudication, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, or other action in respect of any governmental or
public body or authority, or any subdivision thereof, which has not been obtained by Holdco or any
of its Material Domestic Subsidiaries, is required to be obtained by Holdco or any Material
Domestic Subsidiary in connection with the execution and delivery of the Loan Documents, the
borrowings under this Agreement, the payment and performance by the Borrower of the Obligations or
the legality, validity, binding effect or enforceability of any of the Loan Documents.

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     Section 5.4 Financial Statements. The consolidated financial statements of Holdco
and its Subsidiaries heretofore delivered to the Lenders as of and for the fiscal year ended
December 31, 2006 and as of and for the fiscal quarter and portion of the fiscal year ended
September 30, 2007 were prepared in accordance with generally accepted accounting principles in
effect on the date such statements were prepared and fairly present in all material respects the
consolidated financial condition and operations of Holdco and its Subsidiaries at such date and the
consolidated results of their operations for the period then ended.

     Section 5.5 Material Adverse Change. (i) As of the Effective Date, there exists no
event or circumstance which constitutes or could reasonably be expected to result in an Effective
Date MAE, and (ii) since the Effective Date, there has been no event or circumstance which
constitutes or could reasonably be expected to have a Material Adverse Effect.

     Section 5.6 Taxes. Holdco and its Subsidiaries have filed or caused to be filed all
United States federal tax returns and all other material tax returns and reports required to be
filed and have paid or caused to be paid all taxes due pursuant to said returns or pursuant to any
assessment received by such Persons, except such taxes, if any, which are not overdue by more than
30 days or which (i) are being contested in good faith and as to which adequate reserves have been
provided in accordance with GAAP or (ii) the non-payment of which could not reasonably be expected
to have a Material Adverse Effect. The United States federal income tax returns of MoneyGram
Payment Systems, Inc. and its Subsidiaries have been audited by the Internal Revenue Service (or
the statute of limitations applicable to audits of such tax returns
has run) through the fiscal
year ended December 31, 2003. As of the Effective Date, neither Holdco nor any of its Subsidiaries
has entered into any “listed transaction” as defined under Section 1.6011-4(b)(2) of the Treasury
Regulations promulgated under the Code.

     Section 5.7 Litigation. There is no litigation, arbitration, governmental
investigation, proceeding or inquiry pending or, to the knowledge of any of their senior officers,
threatened against or affecting Holdco or any of its Subsidiaries which, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. Neither Holdco nor any
of its Subsidiaries is subject to any order, judgment or decree that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

     Section 5.8
Subsidiaries; Capitalization. Schedule 5.8 contains an accurate list of
all Subsidiaries of Holdco and identifies all Material Domestic Subsidiaries all as of the date of
this Agreement, setting forth their respective jurisdictions of organization and the percentage of
their respective Capital Stock or other ownership interests owned by Holdco, the Borrower or other
Subsidiaries. All of the issued and outstanding shares of Capital Stock or other ownership
interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to
such ownership interests) duly authorized and issued and are fully paid and non-assessable and are
owned by Holdco, the Borrower or the applicable Subsidiary free and clear of any Lien, except for
Permitted Liens.

     Section 5.9 ERISA; Labor Matters.

     (i) The Unfunded Liabilities of all Single Employer Plans do not in the
aggregate exceed $125,000,000. No Reportable Event has occurred with respect to any

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Single Employer Plan, neither Holdco, any of its Subsidiaries nor any other member of the
Controlled Group has withdrawn from any Multiemployer Plan or initiated steps to do so, and no
steps have been taken to reorganize or terminate any Single Employer Plan.

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

     (iii) None of Holdco, any of its Subsidiaries or any other person or entity under common
control with Holdco within the meaning of Section 414(b), (c), (m) or (o) of the Code participates
in, or is required to contribute to, any “multiemployer plan” (within the meaning of Section 3(37)
of ERISA) (a “Multiemployer Plan”).

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

     Section 5.10 Accuracy of Information.

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

     (ii) As of the Effective Date, any projections and other financial estimates and forecasts
furnished by Holdco to the Administrative Agent or to any Lender on or prior to the Effective Date
in connection with the negotiation of, or compliance with, this Agreement were based on good faith
estimates and assumptions believed by Holdco to be

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reasonable at the time made, it being recognized by the Lenders that such projections as to
future events are not to be viewed as facts and that actual results during the period or
periods covered by any such projections may differ from the projected results.

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

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

     Section 5.13 Ownership of Properties. Except as set forth on Schedule 5.13, Holdco
and its Subsidiaries have good and indefeasible title to or valid leasehold interests in, free of
all Liens other than Permitted Liens, to all of the Property and assets reflected in Holdco’s most
recent consolidated financial statements provided to the Administrative Agent as owned by Holdco
and its Subsidiaries.

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

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

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

     Section 5.17 Solvency. On the Effective Date, after giving effect to any Credit
Extensions made on such date, proceeds of the notes issued pursuant to the Second Lien

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Documents, the proceeds of the equity issued in accordance with the Equity Purchase Agreement,
the sale of securities contemplated by the Equity Purchase Agreement and the other Transactions,
and after giving effect to the application of the proceeds of the foregoing, (A) the fair value of
the assets of Holdco and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed
the debts and liabilities, subordinated, contingent or otherwise, of Holdco and its Subsidiaries on
a consolidated basis; (B) the present fair saleable value of the Property of Holdco and its
Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay
the probable liability of Holdco and its Subsidiaries on a consolidated basis on their debts and
other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (C) Holdco and its Subsidiaries on a consolidated basis will be able
to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (D) Holdco and its Subsidiaries on a consolidated
basis will not have unreasonably small capital with which to conduct the businesses in which they
are engaged as such businesses are now conducted and are proposed to be conducted after the
Effective Date.

     Section 5.18 Intellectual Property. As of the date hereof:

     (i) Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, (A) to the knowledge of Holdco and the Borrower, Holdco and
its Subsidiaries own, free of all encumbrances except Permitted Liens, or have the valid
right to use all the Intellectual Property used in the conduct of the business of Holdco
and its Subsidiaries as currently conducted and (B) to the knowledge of Holdco and the
Borrower the conduct of the business of Holdco and its Subsidiaries as currently conducted
does not Infringe any Intellectual Property rights of any third party. Except as would not
reasonably be expected to have a Material Adverse Effect, no claim or demand has been given
in writing to Holdco or any of its Subsidiaries to the effect that the conduct of the
business of Holdco or such Subsidiary Infringes upon the Intellectual Property rights of
any third party to the knowledge of Holdco and the Borrower. Except as would not reasonably
be expected to have a Material Adverse Effect, to the knowledge of Holdco and the Borrower,
no third parties are infringing the Intellectual Property rights of Holdco or the Borrower.

     (ii) To the knowledge of Holdco and the Borrower, all material registered trademarks
and registered service marks, trademark and service mark applications and all Holdco
Patents have been duly registered or application filed with the U.S. Patent and Trademark
Office or applicable foreign governmental authority. Except as would not reasonably be
expected to have a Material Adverse Effect, (A) none of the Holdco Patents have been
adjudged to be invalid or unenforceable in whole or in part and (B) there are no actual or,
to the knowledge of Holdco or the Borrower, threatened opposition proceedings, cancellation
proceedings, interference proceedings or other similar action challenging the validity or
ownership of any Holdco Patents.

     Section 5.19 Collateral. As of the Effective Date, the Collateral Documents will be
effective to create (to the extent described therein), in favor of and for the ratable benefit of
the Secured Parties, a legal, valid and enforceable security interest in the Collateral described
therein, except as may be limited by applicable domestic or foreign bankruptcy, insolvency,

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fraudulent transfer, reorganization, receivership, moratorium and other similar laws of general
applicability relating to or affecting creditors’ rights generally and general equitable principles
(whether considered in a proceeding in equity or at law). When the actions specified in each
Collateral Document have been duly taken, the security interests granted pursuant thereto shall
constitute (to the extent described therein) a perfected security interest (subject only to
Permitted Liens) in all right, title and interest of each pledgor party thereto in the Collateral
described therein with respect to such pledgor if and to the extent perfection can be achieved by
taking such actions.

ARTICLE VI

COVENANTS

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

     Section 6.1 Financial Reporting. Borrower will maintain, for itself and each
Subsidiary, a system of accounting established and administered in accordance with generally
accepted accounting principles, and the Borrower will furnish to the Lenders the following:

     (i) within 90 days after the close of Holdco’s fiscal year (in the case of the fiscal
year ending on December 31, 2007) and the Borrower’s fiscal year in the case of each fiscal
year ending on or after December 31, 2008, an audit report certified by Deloitte & Touche
USA LLP or other independent certified public accountants of recognized national standing
(which in each case shall be without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit), prepared in
accordance with GAAP on a consolidated and consolidating basis (consolidating statements
need not be certified by such accountants) for Holdco and its Subsidiaries (in the case of
fiscal year 2007 only) and the Borrower and its Subsidiaries (in the case of each subsequent
fiscal year), including balance sheets as of the end of such period, related profit and loss
and reconciliation of surplus statements, and a statement of cash flows on a consolidated
and consolidating basis, accompanied by any final management letter prepared by said
accountants to Holdco or the Borrower, as applicable; provided, however, that such audit
report with respect to Holdco’s fiscal year ending December 31, 2007 shall be furnished as
soon as practicable, but in any event on or before the date required pursuant to this clause
for delivery of the audited financial statements for the Borrower’s fiscal year ending
December 31, 2008;

     (ii) within 45 days after the close of the first three quarterly periods of each of
the Borrower’s fiscal years, for the Borrower and its Subsidiaries, consolidated and
consolidating unaudited balance sheets as at the close of each such period, consolidated
and consolidating profit and loss and reconciliation of surplus statements and a
consolidated and consolidating statement of cash flows for the period from the beginning of
such fiscal year to the end of such quarter, and a balance sheet as at the close of such
period and such profit and loss and reconciliation of surplus statements and statement of
cash flows for the Borrower individually, certified by a Financial Officer of the Borrower
as in each case fairly presenting, in all material respects, the consolidated financial

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condition of the Borrower and its consolidated Subsidiaries (or the Borrower individually, as
applicable) (subject to normal year-end adjustments and the absence of footnotes) and having been
prepared in reasonable detail;

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

     (iv) together with the financial statements required under Sections 6.1(i) and (ii), a
compliance certificate in substantially the form of Exhibit E signed by a Financial
Officer showing the calculations necessary to determine compliance with this Agreement (including
Sections 6.19.1, 6.19.2 and 6.20) and stating that no Default or Unmatured Default exists, or if
any Default or Unmatured Default exists, stating the nature and status thereof;

     (v) within 60 days after the commencement of each fiscal year of the Borrower and its
Subsidiaries (commencing with the fiscal year ending December 31, 2008), a budget of the Borrower
and its Subsidiaries for such fiscal year in the form approved by the board of directors of the
Borrower;

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

     (vii) within 10 Business Days after the Borrower knows that any Reportable Event has occurred
with respect to any Single Employer Plan, a statement, signed by a Financial Officer of the
Borrower describing said Reportable Event and the action which the Borrower proposes to take with
respect thereto.

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

     (ix) as soon as possible and in any event on the later of (i) 30 days following the
occurrence of the following events or (ii) the first date required for delivery of the financial
statements pursuant to Section 6.1(i) or (ii) after the occurrence of the following events,
written notice of the creation, establishment or acquisition of any Subsidiary or the issuance by
or to the Borrower or any of its Subsidiaries of any Capital Stock; and

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

     Information required to be delivered pursuant to this Section 6.1 shall be deemed to have been
delivered if such information, or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to
which the Lenders have been granted access or such reports shall be available on the website of the
SEC at http://www.sec.gov or on the website of Holdco at http://www.moneygram.com
and the Borrower has given notice that such reports are so available. Information required to
be delivered pursuant to this Section may also be delivered by electronic communications pursuant
to procedures approved by the Administrative Agent. If any information which is required to be
furnished to the Lenders under this Section 6.1 is required by law or regulation to be filed by
Holdco or the Borrower with a government body on an earlier date (other than the December 31, 2007
financial statements and any filings required by the SEC for the fiscal year then ended), then the
information required hereunder shall be furnished to the Lenders at such earlier date.

     Section 6.2 Use of Proceeds. The Borrower will, and will cause each Subsidiary to,
use the proceeds of the Credit Extensions for general corporate purposes and acquisitions
permitted hereunder. The Borrower will not, nor will it permit any Subsidiary to, use any of the
proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation U).

     Section 6.3 Notice of Default. The Borrower will give prompt notice in writing to the
Lenders of the occurrence of any Default or Unmatured Default, the occurrence of any “Default” or
“Event of Default” under the Second Lien Documents and of any other development, financial or
otherwise, which could reasonably be expected to have a Material Adverse Effect.

     Section 6.4 Conduct of Business. The Borrower will, and will cause each Borrower
Subsidiary to, carry on and conduct its business in the financial or payment services industry or
the support thereof and do all things necessary to remain duly incorporated or organized, validly
existing and (to the extent such concept applies to such entity) in good standing as a domestic
corporation, partnership or limited liability company in its jurisdiction of incorporation or
organization, as the case may be, and maintain all requisite authority to conduct its business in
each jurisdiction in which its business is conducted except as permitted by Sections 6.12 and 6.13
or where the failure to maintain such authority could not reasonably be expected to have a
Material Adverse Effect.

     Section 6.5 Taxes. Holdco will, and will cause each of its Subsidiaries to, timely
file complete and correct United States federal and applicable foreign, state and local tax
returns required by law (after giving effect to extensions thereof) and pay when due all taxes,
assessments and governmental charges and levies upon it or its income, profits or Property, except
(i) those which are being contested in good faith by appropriate proceedings and with respect to
which adequate reserves have been set aside in accordance with GAAP or (ii) those which the
failure to pay or discharge could not reasonably be expected to have a Material Adverse Effect.

     Section 6.6 Insurance. Holdco will maintain or cause to be maintained, with
financially sound and reputable insurers, insurance on all its Property as may customarily be

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

     Section 6.7 Compliance with Laws. Holdco will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions,
decrees or awards to which it may be subject including, without limitation, all Environmental
Laws, the noncompliance with which could reasonably be expected to have a Material Adverse Effect.

     Section 6.8 Maintenance of Properties. Holdco will, and will cause each of its
Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in
good repair, working order and condition (other than wear and tear occurring in the ordinary
course of business, routine obsolescence and casualty or condemnation), and from time to time make
or cause to be made, all necessary and proper repairs, renewals and replacements so that its
business carried on in connection therewith may be properly conducted at all times, in each case,
except to the extent such non-compliance could not reasonably be expected to have a Material
Adverse Effect.

     Section 6.9 Inspection. Holdco will, and will cause each of its Subsidiaries to, keep
adequate books of record and accounts to allow preparation of financial statements in accordance
with GAAP and permit the Administrative Agent and the Lenders, by their respective representatives
and agents, to inspect any of the Property, books and financial records of Holdco and each of its
Subsidiaries, to examine and make copies of the books of accounts and other financial records of
Holdco and each of its Subsidiaries, and to discuss the affairs, finances and accounts of Holdco
and each of its Subsidiaries with, and to be advised as to the same by, their respective officers
at such reasonable times and intervals as the Administrative Agent or any Lender may designate. The
costs of such inspections shall be for the account of the Borrower, except in the case of (i) a
Lender inspection in the absence of the occurrence and continuation of a Default, which shall be
done at such Lender’s expense, or (ii) any Administrative Agent inspections in excess of one
inspection during any 12-month period in the absence of the occurrence and continuation of a
Default, each of which shall be done at Administrative Agent’s expense.

     Section 6.10 Restricted Payments. The Borrower will not, nor will it permit any
Borrower Subsidiary to, declare or pay any Restricted Payments except that, so long as (other than
with respect to clauses (iv)(A), (B), (C), (D), (E) and (I) below) no Default or Unmatured Default
then exists or would result therefrom, the following shall be permitted:

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

     (ii) the making of any Restricted Payment in exchange for, or out of the proceeds of, the
substantially concurrent contribution of common equity capital to the

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Borrower; provided that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment will be excluded from clause (ii) of the definition of Basket Amount;

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

     (iv) the declaration and payment of dividends or distributions by the Borrower, or the making
of loans by the Borrower, to its direct or indirect parent, in amounts required for either of
their respective direct or indirect parent to actually pay the following:

     (A) franchise and excise taxes and other fees, taxes and expenses required to maintain
their corporate existence;

     (B) foreign, federal, state and local income or franchise taxes, to the extent such income
or franchise taxes are attributable to the income of the Borrower and the Borrower
Subsidiaries;

     (C) general corporate expenses related to third party audit, insurance legal and similar
administrative expenses of any direct or indirect parent of the Borrower, including customary
expenses for a public holding company;

     (D) customary salary, bonus, contributions to pension and 401(k) plans, deferred
compensation and other benefits payable to directors, officers and employees of any direct or
indirect parent of the Borrower to the extent such amounts are attributable to the ownership or
operation of the Borrower and the Borrower Subsidiaries (other than pursuant to clause (vii) of
this Section 6.10);

     (E) indemnification obligations of any direct or indirect parent of the Borrower owing to
directors, officers, employees or other Persons (including, without limitation, the Sponsors)
under its charter or by-laws or pursuant to written agreements with such Person, or obligations
in respect of director and officer insurance (including any premiums therefor); provided,
however, that any indemnities owing to the Sponsors pursuant to the Equity Purchase Agreement
shall only be permitted under this clause (E) to the extent such indemnities are as a result of
third party claims relating to the Transactions; and provided, further, that no Restricted
Payment may be made pursuant to this clause (E) to the extent such Restricted Payments are
covered by clause (v)(B) below;

     (F) fees and expenses incurred in connection with the Transactions;

     (G) amounts required to be paid by Holdco in connection with clause (iv) of the definition
of Permitted Holdco Indebtedness;

     (H) cash payments in lieu of issuing fractional shares in connection with the exercise of
warrants, options or other securities convertible into or

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exchangeable for Capital Stock of the Borrower or any direct or indirect parent of the
Borrower; and

     (I) amounts paid to Borrower by or withheld by Borrower from Borrower employees’ and
officers’ compensation to the minimum extent necessary to settle Borrower employees’ and
officers’ (1) federal, state and income tax liabilities (if any) related to restricted stock
units and similar stock based awards under Holdco’s stock incentive plan or (2) option price
payments owed by employees and officers with respect thereto, and Holdco shall apply such
amounts to make required federal, state and income tax payments or to settle option price
payments owed by Borrower employees and officers with respect thereto;

     (v) a Restricted Payment with respect to the payment of (A) any litigation expenses,
judgments or settlement of any litigation of any direct or indirect parent of the Borrower or (B)
indemnification obligations of any direct or indirect parent of the Borrower owing to directors,
officers or employees under its charter or by-laws, in respect of a settlement to the extent such
payments represent indirect payment obligations of the parent; provided, however,
that after giving effect to each Restricted Payment under this clause (v) the Borrower would be in
pro forma compliance with Sections 6.19.1 (or, prior to March 31, 2009, as if the ratio specified
in such Section were at such time in effect and required to be no less than 1.50 to 1.0), 6.19.2
(or, prior to March 31, 2009, as if the Senior Secured Debt Ratio were at such time in effect and
required to be no greater than 7.0 to 1.0) and 6.20;

     (vi) the defeasance, redemption, repurchase or other acquisition or retirement of
Subordinated Indebtedness of the Borrower made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Borrower, as the case may be, that is
incurred in compliance with Section 6.11 so long as:

     (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does
not exceed the principal amount plus any accrued and unpaid interest on the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired for value, plus the amount of
any premium required to be paid under the terms of the instrument governing the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired and any fees and expenses
incurred in the issuance of such new Indebtedness;

     (B) such Indebtedness is subordinated to the Obligations at least to the same extent as
such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or
retired for value;

     (C) such Indebtedness has a final scheduled maturity date equal to or later than the final
scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired; and

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     (D) such Indebtedness has a Weighted Average Life to Maturity equal to or greater
than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness
being so redeemed, repurchased, acquired or retired;

     (vii) a Restricted Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of Capital Stock of the Borrower or any direct or indirect parent of the
Borrower held by any current or former employee, director, manager or consultant of the
Borrower, any Borrower Subsidiary or any direct or indirect parent of the Borrower (or their
respective estates, heirs, beneficiaries, transferees, spouses or former spouses) pursuant to
any management equity plan or stock option plan or any other management or employee benefit
plan or similar agreement; provided, that the aggregate amount of Restricted Payments made
pursuant to this clause (vii) in any four-fiscal quarter period shall not exceed $5,000,000 as
of the last day of such four-fiscal quarter period;

     (viii) a Restricted Payment by the Borrower or the Borrower Subsidiaries which together
with (A) the aggregate amount of all other Restricted Payments made by the Borrower and the
Borrower Subsidiaries after the date hereof (excluding Restricted Payments permitted by
clauses (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and (xi) of this Section 6.10), (B) the
aggregate amount of all Investments made by the Borrower and the Borrower Subsidiaries
pursuant to Section 6.14(xiv) after the date hereof and (C) the aggregate amount of all
payments of Second Lien Indebtedness made pursuant to Section 6.17(ii)(C) after the date
hereof, is less than the Basket Amount at such time;

     (ix) other Restricted Payments which, when aggregated with all other Restricted Payments
made pursuant to this clause (ix) after the date hereof and all payments of Second Lien
Indebtedness made pursuant to Section 6.17(ii)(D) after the date hereof, do not exceed
$25,000,000;

     (x) the declaration and payment of dividends or distributions to holders of any class or
series of preferred stock of any Borrower Subsidiary issued in accordance with Section 6.11;
and

     (xi) so long as the Term B Balance is at such time no greater than $200,000,000,
Restricted Payments which, when aggregated with all other Restricted Payments made pursuant to
this clause (xi) after the date hereof, do not exceed the sum of (A) the lesser of (1) the
aggregate Excess Specified Security Sale Proceeds received by the Borrower or a Borrower
Subsidiary after February 29, 2008 minus $50,000,000 and (2) $62,500,000 plus (B) 50% of the
difference (if greater than zero) of (1) the aggregate Excess Specified Security Sale Proceeds
received by the Borrower or a Borrower Subsidiary after February 29, 2008 minus (2)
$112,500,000.

     Notwithstanding the foregoing, the making of any dividend or distribution or the consummation
of any irrevocable redemption within 60 days after the date of declaration of the dividend or
distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the
date of declaration or notice such payment or redemption would have complied with the provisions
of this Agreement.

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     In addition, Holdco will not make any Restricted Payment in excess of the sum of (A) the
aggregate amount of Restricted Payments received by Holdco from the Borrower in accordance with
this Section 6.10 after the Effective Date, (B) the aggregate amount of capital contributions or
proceeds from issuances of Capital Stock (valued in each case at fair market value at the time
received in case of non-cash contributions) received by Holdco after the Effective Date and (C)
the aggregate amount of interest or gains of Holdco on investments by Holdco of such Restricted
Payments, contributions or proceeds permitted by the Passive Holding Company Condition;
provided, however, that Holdco may also make Restricted Payments of the types
permitted by the Borrower pursuant to Sections 6.10(i), (ii) and (iii).

     Section 6.11 Indebtedness. The Borrower will not, nor will it permit any Borrower
Subsidiary to, create, incur or suffer to exist any Indebtedness, nor will it permit any Borrower
Subsidiary to issue preferred stock (other than shares of preferred stock of a Borrower Subsidiary
issued to the Borrower or a Subsidiary Guarantor), except:

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

     (ii) Indebtedness existing on the Effective Date and described in all material respects
in Schedule 6.11;

     (iii) Indebtedness arising under the Second Lien Documents not exceeding (A) $500,000,000
in aggregate principal amount (or, if less, the initial aggregate principal amount of such
Indebtedness on the Effective Date) minus (B) the aggregate amount of all principal repayments
of such Indebtedness after the Effective Date;

     (iv) after the first anniversary of the Effective Date, and provided the Financial
Condition is satisfied at such time, the Borrower may incur Indebtedness and any Subsidiary
Guarantor or any Non-Guarantor may incur Indebtedness (in respect of all Non-Guarantors in an
aggregate amount of Indebtedness outstanding not to exceed at any time $10,000,000);

     (v) Indebtedness or preferred stock of (A) the Borrower or a Guarantor incurred to
finance an acquisition permitted hereunder or (B) Persons that are acquired by the Borrower or
a Guarantor or merged into the Borrower or a Guarantor in accordance with the terms of this
Agreement; provided, however, that after giving effect to such acquisition or merger, the
Borrower is in pro forma compliance with the Senior Secured Debt Ratio set forth in Section
6.19.2 (or, prior to March 31, 2009, the Senior Secured Debt Ratio shall not exceed 7.0 to
1.0);

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

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

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

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

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

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

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

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

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

     (C) shall not include:

     (1) Indebtedness or preferred stock of a Borrower Subsidiary that refinances
Indebtedness or preferred stock of the Borrower; or

     (2) Indebtedness or preferred stock of a Borrower Subsidiary that is not a Guarantor
that refinances Indebtedness or preferred stock of a Guarantor; and

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

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

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

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

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

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

     (xvi) overnight Repurchase Agreements incurred in the ordinary course of business;

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     (xvii) Repurchase Agreements with maturities of less than 30 days (and excluding
Indebtedness incurred pursuant to clause (xvi) above) which at any one time outstanding do not
exceed $100,000,000;

     (xviii) Indebtedness (including Capitalized Lease Obligations) and preferred stock
incurred by the Borrower or any Subsidiary Guarantor, the proceeds of which are applied to
finance the development, construction, purchase, lease, repairs, additions or improvement of
property (real or personal), equipment or other fixed or capital assets that are used or
useful in a Similar Business, whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets, in an aggregate principal amount which, when
aggregated with the principal amount of all other Indebtedness and preferred stock then
outstanding and incurred pursuant to this clause (xviii) and including all Indebtedness and
preferred stock incurred to refund, refinance or replace any other Indebtedness incurred
pursuant to this clause (xviii), does not exceed $10,000,000;

     (xix) (A) Indebtedness or preferred stock in an aggregate amount outstanding at any time
not to exceed $75,000,000 of the Borrower or of a Subsidiary Guarantor owing to a
Non-Guarantor (other than an SPE) that is subordinated in right of payment to the Obligations
of such Borrower or Subsidiary Guarantor and (B) Indebtedness or preferred stock in an
aggregate amount outstanding at any time not to exceed $75,000,000 of a Non-Guarantor (other
than an SPE) owing to the Borrower or to a Subsidiary Guarantor; provided, that any
subsequent transfer of any such Indebtedness or preferred stock (except to the Borrower or a
Borrower Subsidiary) shall be deemed, in each case, to be an incurrence of such Indebtedness
that was not permitted by this clause (xix); and

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

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

     For purposes of determining compliance with this Section 6.11: (i) in the event that an item
of Indebtedness or preferred stock (or any portion thereof) meets the criteria of more than one of
the categories of permitted Indebtedness or preferred stock described in clauses (i) through (xx)
above, the Borrower, in its sole discretion, may classify or reclassify such item of Indebtedness
or preferred stock (or any portion thereof) and will only be required to include the amount and
type of such Indebtedness or preferred stock in one of the above clauses; and (ii) at the time of
incurrence or reclassification, the Borrower will be entitled to divide and classify an item of
Indebtedness or preferred stock in more than one of the types of Indebtedness or preferred stock
described in clauses (i) through (xx) above.

     Accrual of interest, the accretion of accreted value and the payment of interest or dividends
in the form of additional Indebtedness will not be deemed to be an incurrence of Indebtedness for
purposes of this Section 6.11.

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

     The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

     Section 6.12 Merger.

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

     (A) either:

     (1) the Borrower is the surviving company; or

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

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

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

     (D) the Successor Company would be in pro forma compliance, as if such transaction had
occurred at the beginning of the applicable four-quarter period, with Sections 6.19.1 (or,
prior to March 31, 2009, as if the ratio specified in such Section were at such time in
effect and required to be no less than 1.50 to

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1.0) and 6.19.2 (or, prior to March 31, 2009, as if the Senior Secured Debt Ratio were at
such time in effect and required to be no greater than 7.0 to 1.0);

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

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

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

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

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

(A) (1) such Guarantor is the surviving entity or the Person formed by or surviving
any such consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, conveyance or other disposition will have been made is an entity
organized or existing under the laws of the United States, any state thereof, the
District of Columbia, or any territory thereof (such Guarantor or such Person, as the
case may be, being herein called the “Successor Person”); and

(2) the Successor Person, if other than such Guarantor, expressly assumes all the
obligations of such Guarantor under the Loan Documents pursuant to documents in
form reasonably satisfactory to the Administrative Agent; and

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

     (B) such transaction is made in compliance with Section 6.13 (without regard to
Section 6.13(xi)) or constitutes an Investment permitted by Section 6.14.

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

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

     Section 6.13 Sale of Assets. The Borrower will not, nor will it permit any Borrower
Subsidiary to, lease, sell or otherwise dispose of its Property to any other Person, except:

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

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

     (iii) (x) the disposition of Portfolio Securities (other than Specified Securities) for
Cash and Cash Equivalents or securities contained in the Restricted Investment Portfolio and
(y) the disposition of Portfolio Securities on or before the Effective Date contemplated by
the Equity Purchase Agreement;

     (iv) the making of any Restricted Payment or Investment that is permitted to be made, and
is made, under Section 6.10 or 6.14, as applicable;

     (v) the unwinding of any Rate Management Transaction;

     (vi) any transfer to MoneyGram International Holdings Limited of the loan from MoneyGram
Payment Systems, Inc. to MoneyGram International Holdings Limited in the amount of €92,500,000
pursuant to the Loan Agreement dated January 17, 2003 made to effectuate the forgiveness of
such loan;

     (vii) sales of securities pursuant to Repurchase Agreements;

     (viii) sales, transfers or other dispositions of its Property to an SPE made in
compliance with Section 6.14(v);

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

     (x) sales or dispositions of the official check business or FSMC, Inc. (or any successor)
by the Borrower and the Borrower Subsidiaries;

     (xi) the disposition of all or substantially all the assets of the Borrower or any
Borrower Subsidiary in a manner permitted pursuant to Section 6.12;

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

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

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

     (xv) foreclosures on assets;

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

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

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

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

     (xx) sales of accounts or notes receivable, or participations therein, and related assets
as part of a Receivables Transaction permitted hereunder which does not give rise to
Indebtedness;

     (xxi) leases, sales or other dispositions of its Property that, together with all other
Property of the Borrower and Borrower Subsidiaries previously leased, sold or disposed of as
permitted by this clause (xxi) during the twelve-month period ending with the month in which
any such lease, sale or other disposition occurs, do not constitute a Substantial Portion of
the Property of the Borrower and the Borrower Subsidiaries;

     (xxii) the abandonment of the Investments described on Schedule 6.13; and

     (xxiii) the sale or other disposition of Specified Securities so long as the Net Proceeds
thereof are applied in accordance with this Agreement.

For purposes of this Section 6.13, Property of a Borrower Subsidiary shall be deemed to
include Capital Stock (other than preferred stock) of such Borrower Subsidiary issued or sold
to any Person other than (x) a Loan Party, (y) in the case of a Foreign Subsidiary, a
Wholly-Owned Subsidiary of the Borrower, or (z) any Capital Stock issued to an equity holder
other than the Borrower or a Borrower Subsidiary to maintain its pro rata ownership.

     Section 6.14 Investments and Acquisitions. The Borrower will not, nor will it permit
any Borrower Subsidiary to, make any Acquisition of any Person or make any Investment in any
Person, except:

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     (i) Acquisitions of (or all or substantially all of the assets of) entities engaged in a
Similar Business, so long as (A) the acquired entity (x) becomes a Guarantor in compliance with
Section 6.21 and complies with the requirement in Section 6.22 to pledge its assets as Collateral
or (y) is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all its assets to, or is liquidated into, the Borrower or a Guarantor; (B) after giving effect to
such acquisition, the Borrower shall be in compliance with, and, on a pro forma basis, the Borrower
would be in compliance therewith for the previous four fiscal quarters, its covenants in Sections
6.19.1 (or, prior to March 31, 2009, as if the ratio specified in such Section were at such time in
effect and required to be no less than 1.50 to 1.0) and 6.19.2 (or, prior to March 31, 2009, as if
the Senior Secured Debt Ratio were at such time in effect and required to be no greater than 7.0 to
1.0); (C) for any Acquisition with aggregate consideration in excess of $50,000,000, the Borrower
shall have delivered to the Administrative Agent a certificate executed by an Authorized Officer
setting forth the calculations demonstrating such compliance and (D) both before and after giving
effect to such acquisition no Default or Unmatured Default exists;

     (ii) any Investment arising out of the forgiveness of the loan from MoneyGram Payment
Systems, Inc. to MoneyGram International Holdings Limited in the amount of 92,500,000 Euros
pursuant to the Loan Agreement dated January 17, 2003;

     (iii) any Investment in the Borrower or any Guarantor;

     (iv) any Investments in any Non-Guarantor (other than any SPE) that together with all
Investments made pursuant to this clause (iv) after the date hereof shall not exceed $150,000,000;

     (v) any Investments (including Investments outstanding as of the date hereof) in SPEs
provided that the total assets of all SPEs shall not exceed $2,000,000,000 at any one time
outstanding;

     (vi) any Investment in Cash or Cash Equivalents;

     (vii) any Investment in the Restricted Investment Portfolio;

     (viii) any Investment existing on the date hereof (excluding assets held by any SPE) or made
pursuant to legally binding written commitments in existence on the date hereof which, in either
case, is set forth in all material respects on Schedule 6.14(viii), and any Investment that
replaces, refinances or refunds any such Investment; provided that such replacing,
refinancing or refunding Investment is in an amount that does not exceed the amount replaced,
refinanced or refunded, and is made in the same Person as the Investment replaced, refinanced or
refunded;

     (ix) loans and advances to employees, directors, managers or consultants of Holdco, the
Borrower or any of the Borrower Subsidiaries for reasonable and customary business related travel
expenses, moving expenses and similar expenses, in each case incurred in the ordinary course of
business whether or not consistent with past practice, and payroll advances;

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     (x) any Investment acquired by the Borrower or any Borrower Subsidiary:

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

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

     (xi) Investments to the extent the payment for which consists of Capital Stock (other than
Disqualified Stock) of the Borrower or any direct or indirect parent of the Borrower;

     (xii) Indebtedness (including Subordinated Indebtedness) permitted under Section 6.11 or any
Restricted Payment permitted under Section 6.10, in each case to the extent it constitutes an
Investment;

     (xiii) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Borrower or any
Borrower Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or
other disputes with Persons who are not Affiliates;

     (xiv) any Investment by the Borrower or the Borrower Subsidiaries which together with (A) the
aggregate amount of all Restricted Payments made by the Borrower and the Borrower Subsidiaries
after the date hereof pursuant to Section 6.10 (excluding Restricted Payments permitted by
Sections 6.10 (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and (xi)), (B) the aggregate amount of
all other Investments made by the Borrower and the Borrower Subsidiaries pursuant to this clause
(xiv) after the date hereof and (C) the aggregate amount of all payments of Second Lien
Indebtedness made pursuant to Section 6.17(ii)(C) after the date hereof, is less than the Basket
Amount at such time;

     (xv) any Investment in securities or other assets not constituting Cash or Cash Equivalents
and received in connection with an asset sale made pursuant to Section 6.13;

     (xvi) Rate Management Obligations permitted hereunder;

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

     (xviii) Investments in the Second Lien Indebtedness to the extent not prohibited by Section
6.17(ii);

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

     (xx) Acquisitions, for aggregate consideration not to exceed $28,000,000 in the
aggregate, on terms substantially consistent with the terms set forth
on Schedule 6.14(xx); and

     (xxi) additional Investments in an aggregate amount, taken together with all other
Investments previously made pursuant to this clause (xxi) not to exceed $25,000,000 (with the
fair market value of each Investment being measured at the time made and without giving effect
to subsequent changes in value).

     Section 6.15 Liens. The Borrower will not, nor will it permit any Borrower Subsidiary
to, create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of
the Borrower Subsidiaries, except:

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

     (ii) Liens created pursuant to the Collateral Documents (which Liens shall equally and
ratably secure Rate Management Obligations owing to Rate Management Counterparties);

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

     (iv) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s and mechanics’
Liens and other similar Liens arising in the ordinary course of business which secure payment
of obligations not more than 30 days past due or which are being contested in good faith by
appropriate proceedings or other Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding in good faith with an appeal or
other proceeding for review so long as no such Lien secures claims constituting a Default under
Section 7.8;

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

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

     (vii) Liens in existence on the Effective Date and identified in all material respects on
Schedule 6.15 hereto;

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

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

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

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

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

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

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

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

     (xvi) any attachment or judgment Lien against Holdco, the Borrower or any Borrower
Subsidiary, or any property of Holdco, the Borrower or any Borrower

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Subsidiary, so long as such Lien secures claims not constituting a Default under Section 7.8;

     (xvii) the deposit or pre-funding of amounts in escrow pursuant to contractual obligations
contained in customer agreements securing obligations not exceeding $50,000,000 in the aggregate;

     (xviii) Liens securing Indebtedness permitted to be incurred pursuant to Section 6.1 l(v)(B)
or (xviii); provided, that Liens securing Indebtedness permitted to be incurred pursuant
to Section 6.11(v)(B) or (xviii) are solely on the assets financed, purchased, constructed,
improved or acquired or assets of the acquired entity as the case may be, and the proceeds and
products thereof and accessions thereto;

     (xix) Liens securing Rate Management Obligations not exceeding $50,000,000 outstanding at any
time;

     (xx) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

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

     (xxii) Liens in favor of the Borrower or any Subsidiary Guarantor;

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

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

     (xxv) Liens securing Indebtedness or other obligations of a Borrower Subsidiary owing to the
Borrower or a Subsidiary Guarantor permitted to be incurred in accordance with Section 6.11;

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

     (xxvii) Liens securing not in excess of $300,000,000 of Receivables Transaction
Attributed Indebtedness; and

     (xxviii) other Liens not otherwise permitted by this Section 6.15 securing obligations
not at any time exceeding $100,000,000 in the aggregate.

     Section 6.16 Affiliates. The Borrower will not, and will not permit any Borrower
Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of the Borrower, except:

     (i) on terms not materially less favorable to the Borrower or such Borrower Subsidiary as
the Borrower or such Borrower Subsidiary would obtain in a comparable arms-length transaction,
and in connection with such transaction or series of related transactions involving aggregate
payments or consideration in excess of $5,000,000 the Borrower delivers to the Administrative
Agent a resolution adopted by the disinterested members of the board of directors of the
Borrower approving such transaction and set forth in an officer’s certificate certifying that
such transaction complies with this clause (i);

     (ii) the forgiveness of Indebtedness referred to in Section 6.14(ii);

     (iii) reimbursement of the Sponsors or their Affiliates for expenses in accordance with
the provisions of the Equity Purchase Agreement as in effect on the date hereof and payment of
fees and indemnification obligations payable to the Sponsors or their Affiliates in connection
with the consummation of the Transactions pursuant to the Equity Purchase Agreement or Note
Purchase Agreement, each as in effect on the date hereof; provided, however, that
notwithstanding anything contained in this Agreement to the contrary, neither Holdco nor the
Borrower will, nor will they permit any Subsidiary to, pay any management fees to the Sponsors
or their Affiliates;

     (iv) reasonable and customary fees, expenses and indemnities provided in the ordinary
course of business to officers, directors, managers, employees or consultants of the Borrower,
any direct or indirect parent of the Borrower or any Borrower Subsidiary;

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

     (vi) transactions among Holdco and its Subsidiaries not expressly prohibited under this
Agreement;

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

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     (viii) transactions in existence as of the Effective Date set forth in all material respects
on Schedule 6.16;

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

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

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

     (xii) any Restricted Payments permitted under Section 6.10 (other than pursuant to Section
6.10(viii)); and

     (xiii) sales of accounts receivable, or participations therein, in connection with any
Receivables Transaction permitted by this Agreement.

     Section 6.17 Amendments to Agreements; Prepayments of Second Lien Debt.

     (i) Holdco will not, and will not permit any of its Subsidiaries to, amend or terminate the
Separation Agreements, the Equity Purchase Agreement, the Note Purchase Agreement, the Indenture,
the certificates of designation with respect to the Series B Preferred Stock, the Series B-l
Preferred Stock or the Series D Preferred Stock, in each case as defined in, and attached as an
exhibit to, the Equity Purchase Agreement, the organizational documents of the Borrower or any
Borrower Subsidiary or any documents with respect to Subordinated Debt which is Material
Indebtedness, in each case in any manner which could reasonably be expected to be materially
adverse to the interests of the Lenders.

     (ii) The Borrower will not, and will not permit any Borrower Subsidiary to, make any optional
prepayments of the Second Lien Indebtedness other than (A) any optional prepayment made by
exchange for, or out of the proceeds of, any Refinancing Indebtedness; (B) any optional prepayment
made out of the proceeds of sales of Capital Stock of the Borrower or any direct or indirect
parent of the Borrower and/or any contributions received by them; (C) prepayments in an amount
which, together with (1) the aggregate amount of all Restricted Payments made by the Borrower and
the Borrower Subsidiaries after the date hereof (excluding Restricted Payments permitted by
clauses (ii), (iii), (iv), (v)(A), (vi), (vii), (x) and (xi) of Section 6.10), (2) the aggregate
amount of all Investments made by the Borrower and the Borrower Subsidiaries pursuant to Section
6.14(xiv) after the date hereof and (3) the aggregate amount of all other payments of Second Lien
Indebtedness made pursuant to this Section 6.17(ii)(C) after the date hereof, is less than the
Basket Amount at such time; (D) prepayments in an amount which, when

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aggregated with all Restricted Payments made after the date hereof pursuant to Section
6.10(ix) and all other payments of Second Lien Indebtedness made pursuant to this Section
6.17(ii)(D) after the date hereof, does not exceed $25,000,000; or (E) any conversion of the
Second Lien Indebtedness into Capital Stock. For purposes hereof, any voluntary purchase,
defeasance or acquisition of Second Lien Indebtedness shall constitute a voluntary prepayment
thereof.

     Section 6.18 Inconsistent Agreements. The Borrower shall not, and shall not permit any
Borrower Subsidiary to, enter into any indenture, agreement, instrument (or amendment thereto) or
other arrangement which directly or indirectly prohibits or restrains, or has the effect of
prohibiting or restraining (x) the incurrence or repayment of the Obligations or the ability of the
Borrower or any Borrower Subsidiary to create or suffer to exist Liens on such Person’s Property
securing the Obligations or (y) the ability of any Borrower Subsidiary to (1) pay dividends or make
other distributions on its capital or (2) pay any Indebtedness owed to, or make loans or advances
to, or sell, lease or transfer any of its Property to, the Borrower or any Borrower Subsidiary,
except that the following are permitted:

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

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

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

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

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

     (vi) restrictions imposed by the terms of secured Indebtedness otherwise permitted to be
incurred pursuant to Sections 6.11 and 6.15 hereof that, in the case of a Loan Party, relate
to the assets securing such Indebtedness;

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

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

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

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

     (xi) Permitted Liens;

     (xii) restrictions and conditions contained in documentation governing any Receivables
Transaction permitted by this Agreement, which restrictions and conditions apply only to the
assets that are the subject of such Receivables Transaction or otherwise customary for such
facilities.

     (xiii) restrictions and conditions on the creation or existence of Liens imposed by the
terms of the documentation governing any Indebtedness or preferred stock of a Non-Guarantor,
which Indebtedness or preferred stock is permitted by Section 6.11;

     (xiv) customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures permitted under Section 6.14 and applicable solely to such joint
venture entered into in the ordinary course of business; and

     (xv) any encumbrances or restrictions of the type referred to in the lead-in to this
Section 6.18 imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (i) through (xiv) above; provided, that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such
encumbrance and other restrictions than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing.

     Section 6.19 Financial Covenants.

         6.19.1 Interest Coverage Ratio. The Borrower will not permit the ratio, determined as
of the end of each of the Borrower’s fiscal quarters for the then most-recently ended four fiscal
quarters, commencing with the fiscal quarter ending March 31, 2009, of (i) Consolidated EBITDA of
the Borrower and its Subsidiaries for such period to (ii) the sum of (x) Consolidated Interest
Expense of the Borrower and its Subsidiaries for such period paid or payable in cash less (y) (to
the extent less than or equal to Consolidated Interest Expense) interest income of the Borrower
and its Subsidiaries during such period attributable to Cash and Cash Equivalents (and not to
Portfolio Securities) to be less than the applicable ratio set forth below for such fiscal
quarter:

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	 	 	Interest Coverage
	Fiscal Quarter Ending	 	Ratio
	March 31, 2009
	 	 	1.50:1.00	 
	June 30, 2009

September 30, 2009
	 	 	 	 
	December 31,2009
	 	 	1.50:1.00	 
	March 31, 2010

June 30, 2010

September 30, 2010
	 	 	 	 
	December 31, 2010
	 	 	1.75:1.00	 
	March 31, 2011

June 30, 2011

September 30, 2011
	 	 	 	 
	December 31, 2011
	 	 	1.75:1.00	 
	March 31, 2012

June 30, 2012

September 30, 2012
	 	 	 	 
	December 31, 2012 and thereafter
	 	 	2.00:1.00	 

     6.19.2 Senior Secured Debt Ratio. The Borrower will not permit the Senior Secured Debt
Ratio, determined as of the end of each of its fiscal quarters, commencing with the fiscal quarter
ending March 31, 2009, to be greater than the applicable ratio set forth below for such fiscal
quarter:

	 	 	 	 	 
	 	 	Senior Secured
	Fiscal Quarter Ending	 	Debt Ratio
	March 31, 2009
	 	 	6.50:1.00	 
	June 30, 2009

September 30, 2009
	 	 	 	 
	December 31, 2009
	 	 	6.00:1.00	 
	March 31, 2010

June 30, 2010

September 30, 2010
	 	 	 	 
	December 31, 2010
	 	 	5.50:1.00	 
	March 31, 2011

June 30, 2011

September 30, 2011
	 	 	 	 
	December 31, 2011
	 	 	5.00:1.00	 
	March 31, 2012

June 30, 2012

September 30, 2012
	 	 	 	 
	December 31, 2012 and thereafter
	 	 	4.50:1.00	 

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Notwithstanding anything to the contrary contained in this Section 6.19, if (i) the Borrower fails
to comply with the requirements of Section 6.19.1 or 6.19.2 as of the end of any fiscal quarter and
(ii) at any time during such fiscal quarter or thereafter until the date that is 20 days after the
date the Borrower is required to deliver financial statements with respect to such period pursuant
to Section 6.1, the Borrower receives a cash contribution to its equity capital in exchange for
common shares of its Capital Stock and gives written notice to the Administrative Agent that such
cash contribution has been received and is a Specified Equity Contribution (any amount so
identified, a “Specified Equity Contribution”), then the amount of such Specified Equity
Contribution will be deemed to be an increase to Consolidated EBITDA solely for the purposes of
determining compliance with Sections 6.19.1 and 6.19.2 at the end of such fiscal quarter (and for
purposes of determining compliance with future periods that include such fiscal quarter) (but such
Specified Equity Contribution shall not be included for purposes of determining the Basket Amount
or other purposes hereunder); provided that (1) in each four fiscal quarter period, there shall be
a period of at least two fiscal quarters in respect of which no Specified Equity Contribution is
made and (2) the amount of any Specified Equity Contribution shall be no greater than the amount
required to cause the Borrower to be in compliance with Sections 6.19.1 and 6.19.2. If after giving
effect to the foregoing recalculations the Borrower shall be in compliance with the requirements of
Sections 6.19.1 and 6.19.2, the Borrower shall be deemed to have satisfied the requirements of such
covenants as of the relevant date of determination with the same effect as though there had been no
failure to comply therewith at such date, and the applicable Default in respect of such covenant
that had occurred shall be deemed cured for this purposes of this Agreement. From the date on which
the Borrower gives the Administrative Agent written notice of a Specified Equity Contribution with
respect to a fiscal period until the
20th day after financial statements are required to be
delivered pursuant to Section 6.1 for such fiscal period, none of the Administrative Agent, the
Collateral Agent, any Lender or any Secured Party shall exercise any rights or remedies with
respect to a breach of Section 6.19.1 or 6.19.2 with respect to such fiscal period, but any such
breach shall not be deemed waived for purposes of Section 4.2 until such Specified Equity
Contribution is received by the Borrower.

     Section 6.20 Minimum Liquidity Ratio. The Borrower and the Borrower Subsidiaries
shall maintain at all times on a consolidated basis a Minimum Liquidity Ratio of at least 1.00 to
1.00.

     Section 6.21 Subsidiary Guarantees. On or before the later of (i) 30 days following
the occurrence of the following events or (ii) the first date required for delivery of the
financial statements pursuant to Section 6.1 (i) or (ii) after the occurrence of the following
events (or such longer period as the Administrative Agent may agree), the Borrower shall cause an
Authorized Officer of a Wholly-Owned Subsidiary that has become a Material Domestic Subsidiary to
execute and deliver to the Administrative Agent for the benefit of the Lenders a guaranty of the
Obligations pursuant to a guaranty substantially similar to the Guaranty (or a joinder agreement
under the Guaranty), all pursuant to documentation (including related certificates, opinions)
reasonably acceptable to the Administrative Agent. The Borrower shall promptly notify the
Administrative Agent at which time any Authorized Officer becomes aware that a Wholly-Owned
Subsidiary has become a Material Domestic Subsidiary. Notwithstanding the foregoing, substantially
contemporaneously with any Subsidiary becoming a “Guarantor” (as defined in the Indenture), the
Borrower shall cause such Subsidiary to become a Guarantor hereunder pursuant to documentation as
described above.

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     Section 6.22 Collateral. Effective upon any Subsidiary becoming a Guarantor after the
date hereof, the Borrower shall cause such Guarantor within fifteen Business Days after becoming a
Guarantor (or such later date as the Administrative Agent may agree) to grant to the Collateral
Agent for the benefit of the Secured Parties a first (subject to Permitted Liens) priority security
interest in all assets (including real property and the Capital Stock of its Subsidiaries) of such
Guarantor pursuant to documentation (including related certificates and opinions) reasonably
acceptable to the Administrative Agent. The Borrower will, and will cause each of the Guarantors
to, at the expense of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the
Administrative Agent from time to time such schedules, confirmatory assignments, conveyances,
financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments and take such further steps relating to the Collateral as the
Administrative Agent may reasonably require. Notwithstanding any of the foregoing, (i) neither the
Borrower nor any Guarantor shall be obligated hereby to grant a security interest in any asset if
the granting of such security interest would result in the violation of any applicable law or
regulation, (ii) the Collateral shall not include a security interest in any asset if the granting
of such security interest would be prohibited by enforceable anti-assignment provisions of
contracts or applicable law (after giving effect to relevant provisions of the Uniform Commercial
Code), (iii) fee-owned real property having an individual fair market value of less than $2,500,000
or aggregate fair market value of less than $10,000,000 shall be excluded from the Collateral, (iv)
the Collateral shall not include cash and cash equivalents, accounts receivable or Portfolio
Securities, or deposit or security accounts (except to the extent that the foregoing are proceeds
of Collateral; provided, that in no event shall any control agreements be required) containing any
of the foregoing, other assets requiring perfection through control agreements, letter-of-credit
rights, leasehold real property, motor vehicles and other assets subject to certificates of title
(other than any corporate aircraft), interests in certain joint ventures and non-Wholly-Owned
Subsidiaries which cannot be pledged without the consent of one or more third parties and
obligations the interest on which is wholly exempt from the taxes imposed by subtitle A of the
Code, (v) the pledge of the Capital Stock of Foreign Subsidiaries shall be limited to 65% of the
Capital Stock of material first-tier Foreign Subsidiaries, (vi) the Administrative Agent shall have
the discretion to exclude from the Collateral immaterial assets, assets as to which it and the
Borrower determine that the cost of obtaining such security interest would outweigh the benefit to
the Lenders and other assets in which it may determine that the taking of a security interest would
not be advisable, and (vii) no foreign law security or pledge agreements shall be required.

     Section 6.23 Holdco Covenant. Holdco shall not, nor shall it permit any of its
Subsidiaries (other than the Borrower and any of its Subsidiaries) to, engage in any activity or
suffer to have any condition outstanding that would violate the Passive Holding Company Condition.

ARTICLE VII

DEFAULTS

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

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     Section 7.1 Representation or Warranty. Any representation or warranty made or deemed
made by or on behalf of Holdco, the Borrower or any of the Subsidiaries to the Lenders or the
Administrative Agent under or in connection with any Loan Document, any Credit Extension, or any
certificate or information required to be delivered under any Loan Document shall be materially
false on the date as of which made.

     Section 7.2 Non-Payment. Nonpayment of principal of any Loan when due, nonpayment of
any reimbursement obligation in respect of any LC Disbursement within five Business Days after the
same becomes due and the Borrower has received written notice of such fact, or nonpayment of
interest upon any Loan or of any commitment fee, LC Fee or other obligations under any of the Loan
Documents within five Business Days after the same becomes due.

     Section 7.3 Specific Defaults. The breach by any Loan Party of any of the terms or
provisions of Section 6.3, Sections 6.10 through and including 6.19.

     Section 7.4 Other Defaults. The breach by any Loan Party (other than a breach which
constitutes a Default under Section 7.2 or 7.3 of this Article VII) of any of the terms or
provisions of this Agreement or any other Loan Document which is not remedied within thirty days
after written notice thereof from the Administrative Agent to the Borrower.

     Section 7.5 Cross-Default. Failure of Holdco or any of its Subsidiaries to pay when
due any Material Indebtedness; or the default by Holdco or any of its Subsidiaries in the
performance (beyond the applicable grace period with respect thereto, if any, and provided that
such default has not been cured or waived) of any term, provision or condition contained in any
Material Indebtedness Agreement, or any other event shall occur or condition exist, the effect of
which default, event or condition is to cause, or to permit the holder(s) of such Material
Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material
Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Holdco or
any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or
repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof.

     Section 7.6
Insolvency; Voluntary Proceedings. Holdco or any of its Subsidiaries
shall (i) have an order for relief entered with respect to it under the Federal or state
bankruptcy laws as now or hereafter in effect, (ii) make a general assignment for the benefit of
creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver,
custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of
its Property, (iv) institute any proceeding seeking an order for relief under the Federal or state
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors or fail to file an answer or other pleading denying the material allegations
of any such proceeding filed against it, (v) take any corporate or partnership action to authorize
or effect any of the foregoing actions set forth in this Section 7.6, (vi) fail to contest in good
faith any appointment or proceeding described in Section 7.7 or (vii) not pay, or admit in writing
its inability to pay, its debts generally as they become due.

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     Section 7.7 Involuntary Proceedings. Without the application, approval or consent of
Holdco or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar official
shall be appointed for Holdco or any of its Subsidiaries or any Substantial Portion of its
Property, or a proceeding described in Section 7.6(iv) shall be instituted against Holdco or any of
its Subsidiaries and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of 45 consecutive days.

     Section 7.8 Judgments. Holdco or any of its Subsidiaries shall fail within 30 days to
pay, bond or otherwise discharge one or more judgments or orders for the payment of money in
excess of $15,000,000 (or the equivalent thereof in currencies other than Dollars) in the
aggregate.

     Section 7.9 Unfunded Liabilities; Reportable Event. The Unfunded Liabilities of all
Single Employer Plans shall exceed in the aggregate $125,000,000 or any Reportable Event shall
occur in connection with any Single Employer Plan that could reasonably be expected to have a
Material Adverse Effect.

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

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

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

     Section 7.13 Collateral Documents. Any Collateral Document shall cease to be in full
force and effect (other than by reason of a release of Collateral in accordance with the terms
hereof or thereof), or shall cease to give the Collateral Agent for the benefit of the Secured
Parties the Liens, rights, powers and privileges purported to be created thereby, except to the
extent such failure results from any act or omission of the Collateral Agent, the Administrative
Agent or any Lender.

     Section 7.14 Events Not Constituting Default. Notwithstanding the provisions of
Sections 7.1 and 7.4, (i) any breach of any representation and warranty made hereunder or under or
in connection with any Loan Document, (ii) any falsity of any certificate or information required
to be delivered under any Loan Document or (iii) any breach under Section 7.4 (other than such a
breach arising out of a breach of Section 6.20 after the Effective Date) of this Agreement or any
other Loan Document that, in the case of each of clauses (i) through (iii) above, arises, directly
or indirectly, out of the restatement of the consolidated financial statements of Holdco and its
Subsidiaries heretofore delivered or of Holdco and its Subsidiaries

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or the Borrower and its Subsidiaries requited to be delivered to the Lenders under this Agreement
(such financial statements so restated, the “Restated Financial Statements”) as a result
of (x) the historical valuation, accounting and/or processes, in each case for fiscal periods ended
prior to the Effective Date, related to the investment portfolio of Holdco and its Subsidiaries or
(y) the February 11, 2008 SEC non-public inquiry to Holdco shall in no event constitute a Default
or Unmatured Default under this Agreement; provided, however, that (A) the Borrower
furnishes to the Lenders the Restated Financial Statements promptly after the public filing thereof
(and in the case of Restated Financial Statements of the Borrower, promptly after public filing of
the corresponding restated financial statements of Holdco) and (B) in the event of a breach
described in clause (iii) of this Section 7.14 consisting of any failure to deliver financial
statements required by Section 6.1(i) or (ii) to be delivered for periods ending after the earliest
period for which financial statements are being restated (the “Subsequent Financial
Statements”). (1) the Borrower furnishes to the Lenders the Subsequent Financial Statements as
to which such a breach exists not later than the earlier of (x) the public filing of the
corresponding financial statements of Holdco and (y) the date that is 45 days, in the case of any
delivery of financial statements for the first three fiscal quarters of any fiscal year, or 60
days, in the case of financial statements for any fiscal year, after the public filing of any
Restated Financial Statements (and in the case of Restated Financial Statements of the Borrower,
promptly after public filing of the corresponding restated financial statements of Holdco), (2)
during such period for which the Subsequent Financial Statements or related audit report, if
applicable, required by Section 6.1(i) or (ii) were not available (which period shall in no event
extend beyond the dates set forth in clause (1) above), the Borrower furnishes to the Lenders, in
lieu thereof, internal unaudited annual financial statements and internal unaudited quarterly
financial statements within the time periods set forth in Section 6. l(i) and (ii) respectively
which are prepared on a consistent basis as internal unaudited financial statements prepared by
Holdco and its Subsidiaries or the Borrower and its Subsidiaries, as the case may be, which shall
be certified by a Financial Officer as (subject to the effect of adjustments for any pending
restatement, normal year-end adjustments and the absence of footnotes) fairly presenting, in all
material respects, the consolidated financial condition and operations at such date and the
consolidated results of operations for the period then ended, in each case of Holdco and its
Subsidiaries or the Borrower and its Subsidiaries, as applicable (it being understood that neither
(x) the fact that such certification is subject to such adjustments for any pending restatement nor
(y) any failure, as a result of such adjustments for any pending restatement, of such internal
unaudited financial statements to fairly present, in all material respects, such consolidated
financial condition and operations and consolidated results of operations shall constitute a
Default or Unmatured Default under this Agreement or any other Loan Document), and (3) within one
year of the date an audit report would be due under Section 6.1(i) with respect to Subsequent
Financial Statements for any fiscal year, the Borrower delivers to the Lenders an audit report as
required by Section 6.1(i) with respect to the applicable Subsequent Financial Statements (which
audit report may include a qualification relating to any pending restatement described above and
which qualified report shall not constitute a Default or Unmatured Default under this Agreement or
any other Loan Document). Notwithstanding any of the foregoing, in no event will any Subsequent
Financial Statements be delivered to the Lenders hereunder later than corresponding financial
statements are delivered to the noteholders under the Note Purchase Agreement.

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ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     Section 8.1 Acceleration. If any Default described in Section 7.6 or 7.7 occurs with
respect to the Borrower, the obligations of the Lenders to make Loans hereunder and the obligation
and power of the LC Issuer to issue Letters of Credit shall automatically terminate and the
Obligations shall immediately become due and payable without any election or action on the part of
the Administrative Agent, the LC Issuer or any Lender. If any other Default occurs, the Required
Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate or
suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the
LC Issuer to issue Letters of Credit, or declare the Obligations to be due and payable, or both,
whereupon the Obligations shall become immediately due and payable, without presentment, demand,
protest or notice of any kind, all of which the Borrower hereby expressly waives.

     Section 8.2 Amendments. Subject to the provisions of this Section 8.2 and Sections
8.3 and 8.4 below, the Required Lenders (or the Administrative Agent with the consent in writing
of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the
purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the
rights of the Lenders or the Borrower hereunder or waiving any Default or Unmatured Default
hereunder; provided, however, that no such supplemental agreement shall, without the
consent of all of the Lenders adversely affected thereby (or in the case of subsections 8.2(ii),
(iv), (v) and (vi), all of the Lenders):

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

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

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

     (iv) Permit the Borrower to assign its rights under this Agreement (it being understood
that any modification to Section 6.12 or 6.13 shall only require approval of the Required
Lenders).

     (v) Amend this Section 8.2 or Section 11.2 (it being understood that with the consent of
the Required Lenders, additional extensions of credit pursuant to this Agreement (including
pursuant to Section 2.8(iii)) may be included in the determination of the Required Lenders on
substantially the same basis as the Commitments and

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extensions of credit thereunder on the Effective Date and this Section 8.2 may be amended by
the Required Lenders to reflect such extensions of credit.

     (vi) Release all or substantially all of the Collateral or release all or substantially
all of the Guarantors from their obligations under the Guaranty, except, in either case, as
contemplated by Section 10.17.

Without limiting the foregoing and notwithstanding anything herein or in Section 2.8(iii) to the
contrary: (A) any amendment having the effect of permitting the aggregate amount of Term B Loans
allowed or incurred pursuant to Section 2.8(iii) after the date hereof to exceed $50,000,000 or
permitting the Term B Balance at any time to exceed $250,000,000 shall require the consent of the
Required Specified Lenders and the Required B Lenders; and (B) the consent of the Required B
Lenders shall be required with respect to any amendment that (1) extends the scheduled date of
payment of the principal amount of any Term B Loan, (2) alters the amount or application of any
prepayment pursuant to Section 2.10 in a manner adverse to the interests of Lenders with Term B
Loans or (3) has the effect of providing Collateral to the Revolving Lenders or Lenders with Term A
Loans on a basis inconsistent with Section 2.24(ii).

No amendment of any provision of this Agreement relating to the Administrative Agent shall be
effective without the written consent of the Administrative Agent, and no amendment of any
provision relating to the LC Issuer shall be effective without the written consent of the LC
Issuer. No amendment of any provision of this Agreement relating to the Swing Line Lender or any
Swing Line Loan made by such Swing Line Lender shall be effective without the written consent of
the Swing Line Lender. The Administrative Agent may waive payment of the fee required under
Section 12.1(ii)(B)(3) without obtaining the consent of any other party to this Agreement.
Notwithstanding the foregoing, upon the execution and delivery of all documentation required by
Section 2.8(iii) to be delivered in connection with an increase to the Aggregate Revolving Credit
Commitment, the Administrative Agent, the Borrower and the new or existing Lenders whose
Commitments have been affected may and shall enter into an amendment hereof (which shall be
binding on all parties hereto) solely for the purpose of reflecting any new Lenders and their new
Revolving Credit Commitments and any increase in the Revolving Credit Commitment of any existing
Lender.

     Section 8.3 Replacement Loans. In addition, notwithstanding the foregoing, this
Agreement and the other Loan Documents may be amended (or amended and restated) with the written
consent of the Administrative Agent, the Borrower and the Lenders providing the relevant
Replacement Term Loans to permit the refinancing of all of the outstanding Term A Loans (the
“Refinanced Term A Loans”) or all of the outstanding Term B Loans (the “Refinanced
Term B Loans”) or the replacement of the Aggregate Revolving Credit Commitment (the
“Refinanced Commitment”) with one or more replacement term loan tranches hereunder which
shall be Loans hereunder (“Replacement Term A Loans” or the “Replacement Term B
Loans”, as applicable) or one or more new revolving commitments (the “Replacement
Commitments”); provided, that (i) the aggregate principal amount of such Replacement
Term A Loans and Replacement Term B Loans shall not exceed the aggregate principal amount of such
Refinanced Term A Loans and Refinanced Term B Loans, respectively, (ii) the Applicable Margin for
such Replacement Term A Loans and Replacement Term B Loans shall not be higher than the Applicable
Margin for such Refinanced Term A Loans and Refinanced Term B Loans,

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respectively, (iii) the Weighted Average Life to Maturity of such Replacement Term A Loans and
Replacement Term B Loans shall not be shorter than the Weighted Average Life to Maturity of such
Refinanced Term A Loans and Refinanced Term B Loans, respectively, at the time of such refinancing,
(iv) the aggregate amount of the Replacement Commitment shall not exceed the Refinanced Commitment,
(v) the Applicable Margin for such Replacement Commitment shall not exceed the Applicable Margin
for the Refinanced Commitment, (vi) the borrower of such Replacement Term A Loans, Replacement Term
B Loans or Replacement Commitment shall be the Borrower and (vii) all other terms applicable to
such Replacement Term A Loans, Replacement Term B Loans or Replacement Commitments shall be
substantially identical to, or not materially more favorable to the Lenders providing such
Replacement Term A Loans, Replacement Term B Loans or Replacement Commitments than, those
applicable to such Refinanced Term A Loans, Refinanced Term B Loans or Refinanced Commitments,
except to the extent necessary to provide for covenants and other terms applicable to any period
after the latest final maturity of the Term A Loans or Term B Loans, as applicable, in effect
immediately prior to such refinancing.

     Section 8.4 Errors. Further, notwithstanding anything to the contrary contained in
Section 8.2, if following the Effective Date, the Administrative Agent and the Borrower shall have
agreed in their sole and absolute discretion that there is an ambiguity, inconsistency, manifest
error or any error or omission of a technical or immaterial nature, in each case, in any provision
of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend
such provision and such amendment shall become effective without any further action or consent of
any other party to any Loan Documents if the same is not objected to in writing by the Required
Lenders within ten Business Days following receipt of notice thereof (it being understood that the
Administrative Agent has no obligation to agree to any such amendment).

     Section 8.5 Preservation of Rights. No delay or omission of the Lenders, the LC
Issuer or the Administrative Agent to exercise any right under the Loan Documents shall impair
such right or be construed to be a waiver of any Default or an acquiescence therein, and a Credit
Extension notwithstanding the existence of a Default or the inability of the Borrower to satisfy
the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence.
Any single or partial exercise of any such right shall not preclude other or further exercise
thereof or the exercise of any other right, and no waiver, amendment or other variation of the
terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing
signed by the Lenders required pursuant to Section 8.2 or as otherwise provided in Section 8.3 or
8.4, and then only to the extent in such writing specifically set forth. All remedies contained in
the Loan Documents or by law afforded shall be cumulative and all shall be available to the
Administrative Agent, the LC Issuer and the Lenders until the Obligations have been paid in full.

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ARTICLE IX

GENERAL PROVISIONS

     Section 9.1 Survival of Representations. All representations and warranties of the
Borrower and Holdco contained in this Agreement shall survive the making of the Credit Extensions
herein contemplated.

     Section 9.2 Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit
to the Borrower in violation of any limitation or prohibition provided by any applicable statute
or regulation.

     Section 9.3 Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions of the Loan
Documents.

     Section 9.4 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent, the LC Issuer and the Lenders and
supersede all prior agreements and understandings among the Borrower, the Administrative Agent,
the LC Issuer and the Lenders relating to the subject matter thereof other than those contained in
the fee letter described in Section 10.13 which shall survive and remain in full force and effect
during the term of this Agreement.

     Section 9.5 Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner
or agent of any other (except to the extent to which the Administrative Agent is authorized to act
as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve
any other Lender from any of its obligations hereunder. This Agreement shall not be construed so
as to confer any right or benefit upon any Person other than the parties to this Agreement and
their respective successors and assigns, provided, however, that the parties hereto
expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.8
and 10.11 to the extent specifically set forth therein and shall have the right to enforce such
provisions on its own behalf and in its own name to the same extent as if it were a party to this
Agreement.

     Section 9.6
Expenses; Indemnification.

     (i) The Borrower shall reimburse the Administrative Agent and the Arranger for all
reasonable and documented out-of-pocket expenses (limited to the reasonable fees,
disbursements and other charges of one counsel to the Administrative Agent and the Arranger
taken as a whole and, if reasonably necessary, of one local counsel in any relevant
jurisdiction) paid or incurred by such parties in connection with the preparation,
negotiation, execution, delivery, syndication, distribution (including, without limitation,
via the internet), review, amendment (proposed or actual), modification, and administration of
the Loan Documents. The Borrower also agrees to reimburse the Administrative Agent, the
Collateral Agent, the LC Issuer and the Lenders for all reasonable and documented
out-of-pocket expenses (limited with respect to legal

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expenses to the reasonable fees, disbursements and other charges of one counsel to all such
Persons, and, if reasonably necessary, of one local counsel in any relevant jurisdiction) paid
or incurred by the Administrative Agent, the Arranger, the Collateral Agent, the LC Issuer or
any Lender in connection with the collection and enforcement of the Loan Documents.

     (ii) The Borrower hereby further agrees to indemnify the Administrative Agent, the
Arranger, each Lender, their respective affiliates, and each of their directors, officers and
employees against all losses, claims, damages, penalties, judgments, liabilities and expenses
(limited to the reasonable out-of-pocket fees, disbursements and other charges of one counsel
to the indemnified Persons taken as a whole and, if reasonably necessary, one local counsel in
any relevant jurisdiction) which any of them may pay or incur arising out of or relating to
this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or
indirect application or proposed application of the proceeds of any Credit Extension hereunder
except to the extent that they are determined in a final non-appealable judgment by a court of
competent jurisdiction to have resulted from the gross negligence, bad faith or willful
misconduct of, or breach of the Loan Documents by, the indemnified party (or their Related
Parties) or any dispute solely among the indemnified persons (or their Related Parties) and not
involving Holdco, the Borrower, the Sponsors or their Affiliates. The obligations of the
Borrower under this Section 9.6 shall survive the termination of this Agreement.

     Section 9.7 Severability of Provisions. Any provision in any Loan Document that is
held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that
jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     Section 9.8 Nonliability of Lenders. The relationship between the Borrower on the one
hand and the Lenders, the LC Issuer and the Administrative Agent on the other hand shall be solely
that of borrower and lender. Neither the Administrative Agent, the Arranger, the LC Issuer nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the Administrative
Agent, the Arranger nor any Lender undertakes any responsibility to the Borrower to review or
inform the Borrower of any matter in connection with any phase of the Borrower’s business or
operations. The Borrower agrees that neither the Administrative Agent, the Arranger, the LC Issuer
nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or
otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way
related to, the transactions contemplated and the relationship established by the Loan Documents,
or any act, omission or event occurring in connection therewith, unless it is determined in a
final non-appealable judgment by a court of competent jurisdiction that such losses resulted from
the gross negligence, bad faith or willful misconduct of, or breach of the Loan Documents by, the
party from which recovery is sought or any dispute solely between or among the Administrative
Agent, the Arranger, the LC Issuer and/or any Lender and not involving Holdco, the Borrower, the
Sponsors or their respective Affiliates. Neither the Administrative Agent, the Arranger, the LC
Issuer nor any Lender shall have any liability with respect to, and the Borrower hereby waives,
releases and agrees not to sue for, any special, indirect, consequential or punitive damages
suffered by the Borrower in connection with,

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arising out of, or in any way related to the Loan Documents or the transactions contemplated
thereby.

     Section 9.9 Confidentiality. The Administrative Agent and each Lender agrees to hold
any Information (as defined below) which it may receive from the Borrower in connection with this
Agreement in confidence, except for disclosure (i) to its Affiliates and to the Administrative
Agent and any other Lender and their respective Affiliates for use solely in connection with the
performance of their respective obligations hereunder contemplated hereby, (ii) to legal counsel,
accountants, and other professional advisors to such Lender or to a Transferee, (iii) to regulatory
officials, (iv) to any Person as required by law, regulation, or legal process, (v) in connection
with the exercise of any remedies hereunder or any suit, action or proceeding relating to the Loan
Documents or the enforcement of rights thereunder, (vi) to its direct or indirect contractual
counterparties in swap agreements or to legal counsel, accountants and other professional advisors
to such counterparties, (vii) permitted by Section 12.2, and (viii) to rating agencies if requested
or required by such agencies in connection with a rating relating to the Advances hereunder.
Without limiting Section 9.4, the Borrower agrees that the terms of this Section 9.9 shall set
forth the entire agreement between the Borrower and each Lender (including the Administrative
Agent) with respect to any Information previously or hereafter received by such Lender in
connection with this Agreement, and this Section 9.9 shall supersede any and all prior
confidentiality agreements entered into by such Lender with respect to such Information. For the
purposes of this Section, “Information” means all information received from Holdco, the Borrower,
its Subsidiaries or their agents or representatives relating to Holdco, the Borrower, its
Subsidiaries or their agents or other representatives or its business, other than any such
information that is available to the Administrative Agent, the LC Issuer or any Lender on a
non-confidential basis prior to disclosure by Holdco or the Borrower. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own
confidential information.

     EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION 9.9 FURNISHED TO IT
PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDCO AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC
INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE
PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

     ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT HOLDCO AND
ITS AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR

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RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE
AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE
INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW.

     Section 9.10 Nonreliance. Each Lender hereby represents that it is not relying on or
looking to any margin stock (as defined in Regulation U) for the repayment of the Credit
Extensions provided for herein.

     Section 9.11 Disclosure. The Borrower and each Lender hereby acknowledge and agree
that JPMCB and/or its Affiliates from time to time may hold investments in, make other loans to or
have other relationships with the Borrower and its Affiliates.

     Section 9.12 USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”)
hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to
obtain, verify and record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow such Lender to identify the
Borrower in accordance with the Act.

     Section 9.13 Amendment and Restatement; Prior Defaults.

     (i) On the Effective Date the Existing Credit Agreement shall be amended, restated and
superseded in its entirety hereby. The parties hereto acknowledge and agree that (i) this
Agreement, any Notes delivered pursuant to Section 2.16 and the other Loan Documents executed
and delivered in connection herewith do not constitute a novation, payment and reborrowing, or
termination of the “Obligations” (as defined in the Existing Credit Agreement) under the
Existing Credit Agreement as in effect prior to the Effective Date and (ii) such “Obligations”
are in all respects continuing with only the terms thereof being modified (and, as applicable,
the primary obligor being changed) as provided in this Agreement. Except in so far as the
terms thereof are expressly modified hereby, nothing herein or in any Loan Document shall
release any Loan Party from any payment obligation in respect of the Obligations under any
Loan Document (as defined in the Existing Credit Agreement). All indemnification obligations
of the Borrower pursuant to the Existing Credit Agreement are continued hereunder.

     (ii) The parties agree that as of the Effective Date the “Waiver Period” under the
Existing Credit Agreement shall terminate and all Defaults and Unmatured Defaults arising
under the Existing Credit Agreement shall be permanently waived; provided that such prior or
permanent waiver shall not constitute a waiver of any Default or Unmatured Default arising
under this Agreement upon or after the effectiveness of this Agreement.

     (iii) The Lenders hereby waive the prior notice required by Section 2.10 of the Existing
Credit Agreement with respect to the repayment on the date hereof of $100,000,000 of Revolving
Loans outstanding under the Existing Credit Agreement.

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ARTICLE X

THE ADMINISTRATIVE AGENT

     Section 10.1 Appointment; Nature of Relationship. JPMCB is hereby appointed by each of
the Lenders and the LC Issuer as its contractual representative (herein referred to as the
“Administrative Agent”) hereunder and under each other Loan Document, and each of the
Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of
such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.
The Administrative Agent agrees to act as such contractual representative upon the express
conditions contained in this Article X. Notwithstanding the use of the defined term “Administrative
Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any
fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and
that the Administrative Agent is merely acting as the contractual representative of the Lenders
with only those duties as are expressly set forth in this Agreement and the other Loan Documents.
In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not
hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative” of the Lenders
within the meaning of the New York Uniform Commercial Code and (iii) is acting as an independent
contractor, the rights and duties of which are limited to those expressly set forth in this
Agreement and the other Loan Documents together with such rights and powers as are reasonably
incident thereto. Each of the Lenders hereby agrees to assert no claim against the Administrative
Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of
which claims each Lender hereby waives.

     Section 10.2 Powers. The Administrative Agent shall have and may exercise such powers
under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of
each thereof, together with such powers as are reasonably incidental thereto. The Administrative
Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any
action thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent.

     Section 10.3 General Immunity. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any
Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan
Document or in connection herewith or therewith except to the extent such action or inaction is
determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen
from the gross negligence, bad faith or willful misconduct of such Person.

     Section 10.4 No Responsibility for Loans. Recitals, etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be responsible for or have any
duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in
connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of
any of the covenants or agreements of any obligor under any Loan Document, including, without
limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the
satisfaction of any condition specified in Article IV, except receipt of items required to be
delivered solely to the Administrative Agent; (d) the existence or possible existence of any
Default or Unmatured Default; (e) the validity, enforceability, effectiveness,

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sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in
connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in
any collateral security; or (g) the financial condition of the Borrower or any guarantor of any of
the Obligations or of any of the Borrower’s or any such guarantor’s respective Subsidiaries. Except
as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Borrower or any of
its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or
any of its Affiliates in any capacity.

     Section 10.5 Action on Instructions of Lenders. The Administrative Agent shall in all
cases be fully protected in acting, or in refraining from acting, hereunder and under any other
Loan Document in accordance with written instructions signed by the Required Lenders, and such
instructions and any action taken or failure to act pursuant thereto shall be binding on all of
the Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no duty
to take any discretionary action permitted to be taken by it pursuant to the provisions of this
Agreement or any other Loan Document unless it shall be requested in writing to do so by the
Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take
any action hereunder and under any other Loan Document unless it shall first be indemnified to its
satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may
incur by reason of taking or continuing to take any such action.

     Section 10.6 Employment of Administrative Agents and Counsel. The Administrative
Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders, except as to money or securities received by it or its authorized agents, for the default
or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The
Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement
between the Administrative Agent and the Lenders and all matters pertaining to the Administrative
Agent’s duties hereunder and under any other Loan Document.

     Section 10.7 Reliance on Documents; Counsel. The Administrative Agent shall be
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex, electronic mail message, statement, paper or document believed by it to be
genuine and correct and to have been signed or sent by the proper Person or Persons, and, in
respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which
counsel may be employees of the Administrative Agent. For purposes of determining compliance with
the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to such Lender or the Administrative Agent unless the Administrative Agent shall have received
notice from such Lender prior to the applicable date specifying its objection thereto.

     Section 10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders
agree to reimburse and indemnify the Administrative Agent ratably in proportion to their
respective Commitments (or, if the Commitments have been terminated, in proportion to their
Commitments immediately prior to such termination) (i) for any amounts not reimbursed by the
Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower

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under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on
behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the
Administrative Agent in connection with any dispute between the Administrative Agent and any Lender
or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any
way relating to or arising out of the Loan Documents or any other document delivered in connection
therewith or the transactions contemplated thereby (including, without limitation, for any such
amounts incurred by or asserted against the Administrative Agent in connection with any dispute
between the Administrative Agent and any Lender or between two or more of the Lenders), or the
enforcement of any of the terms of the Loan Documents or of any such other documents,
provided that (i) no Lender shall be liable for any of the foregoing to the extent any of
the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to
have resulted from the gross negligence, bad faith or willful misconduct of the Administrative
Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the
provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions
thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the
Obligations and termination of this Agreement.

     Section 10.9 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the
Administrative Agent has received written notice from a Lender or the Borrower referring to this
Agreement describing such Default or Unmatured Default and stating that such notice is a “notice
of default”. In the event that the Administrative Agent receives such a notice, the Administrative
Agent shall give prompt notice thereof to the Lenders.

     Section 10.10 Rights as a Lender. In the event the Administrative Agent is a Lender,
the Administrative Agent shall have the same rights and powers hereunder and under any other Loan
Document with respect to its Commitment and its Loans as any Lender and may exercise the same as
though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time
when the Administrative Agent is a Lender, unless the context otherwise indicates, include the
Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may
accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or
other transaction, in addition to those contemplated by this Agreement or any other Loan Document,
with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not
restricted hereby from engaging with any other Person. The Administrative Agent, in its individual
capacity, is not obligated to remain a Lender.

     Section 10.11 Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent, the Arranger or any other Lender
and based on the financial statements prepared by the Borrower and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement and the other Loan Documents. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent, the Arranger or any other Lender
and based on such documents and information as it shall deem

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appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Agreement and the other Loan Documents.

     Section 10.12 Successor Administrative Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be
effective upon the appointment of a successor Administrative Agent or, if no successor
Administrative Agent has been appointed, sixty days after the retiring Administrative Agent gives
notice of its intention to resign. Upon any such resignation, the Required Lenders (with the
consent of the Borrower unless at the applicable time a Default under Section 7.2, 7.6 (in respect
of bankruptcy only) or 7.7 (in respect of bankruptcy only) shall have occurred and be continuing)
shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent, other than a Disqualified Institution. If no successor Administrative Agent
shall have been so appointed by the Required Lenders within forty-five days after the resigning
Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative
Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent,
other than a Disqualified Institution (with the consent of the Borrower unless at the applicable
time a Default under Section 7.2, 7.6 (in respect of bankruptcy only) or 7.7 (in respect of
bankruptcy only) shall have occurred and be continuing). Notwithstanding the previous sentence, the
Administrative Agent may at any time (with the consent of the Borrower, not to be unreasonably
withheld but without the consent of any Lender) appoint any of its Affiliates which is a commercial
bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned and no
successor Administrative Agent has been appointed, the Lenders may perform all the duties of the
Administrative Agent hereunder and the Borrower shall make all payments in respect of the
Obligations to the applicable Lender and for all other purposes shall deal directly with the
Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such
successor Administrative Agent has accepted the appointment. Any such successor Administrative
Agent shall be a commercial bank having capital and retained earnings of at least $250,000,000 and
shall not be a Disqualified Institution. Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
resigning Administrative Agent. Upon the effectiveness of the resignation of the Administrative
Agent, the resigning Administrative Agent shall be discharged from its duties and obligations
hereunder and under the Loan Documents. After the effectiveness of the resignation of an
Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of
such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was
acting as the Administrative Agent hereunder and under the other Loan Documents. In the event that
there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its
duties and obligations to an Affiliate pursuant to this Section 10.12, then the term “Prime Rate”
as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new
Administrative Agent.

     Section 10.13 Administrative Agent and Arranger Fees. The Borrower agrees to pay to
the Administrative Agent and the Arranger, for their respective accounts, the fees agreed to by
the Borrower, the Administrative Agent and the Arranger pursuant to that certain fee letter
agreement dated February 14, 2008, or as otherwise agreed from time to time.

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     Section 10.14
Delegation to Affiliates. The Borrower and the Lenders agree that the
Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates.
Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs
duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is
entitled under Articles IX and X.

     Section 10.15
Co-Documentation Agents, Co-Syndication Agents, etc. No Lender
identified in this Agreement as a “Co-Documentation Agent” or a “Co-Syndication Agent” shall have
any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders
shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes
the same acknowledgments with respect to such Lenders as it makes with respect to the
Administrative Agent in Section 10.11 mutatis mutandis.

     Section 10.16 Appointment of Collateral Agent. Each of the Lenders and the LC Issuer
hereby irrevocably appoints the Collateral Agent as its agent and authorizes the Collateral Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Collateral
Agent by the terms hereof or of the other Loan Documents, together with such actions and powers as
are reasonably incidental thereto. Such authorization shall include the authority to enter into
the Collateral Documents (including amendments thereof to facilitate the securing of Rate
Management Obligations) on such terms as it deems appropriate. All provisions of this Article X
relating to the Administrative Agent (and all indemnities of the Administrative Agent by the
Borrower and all provisions relating to reimbursement of expenses of the Administrative Agent by
the Borrower) shall be equally applicable to the Collateral Agent mutatis
mutandis.

     Section 10.17 Certain Releases of Collateral and Guarantors. Without limiting the
foregoing, (i) if any of the Collateral under the Collateral Documents is sold in a transaction
permitted hereunder (other than to a Loan Party), such Collateral (but not the proceeds thereof)
shall be sold free and clear of the Liens created by the Collateral Documents and the
Administrative Agent and the Collateral Agent shall be authorized to take any actions deemed
appropriate in order to effect the foregoing and (ii) if any Guarantor is sold in a transaction
permitted hereby, the Administrative Agent is authorized to release such Guarantor from the
Guaranty upon consummation of such sale.

     Section 10.18 Intercreditor Agreement. Each Lender hereby authorizes and directs the
Collateral Agent to enter into the Intercreditor Agreement as attorney-in-fact on behalf of such
Lender and agrees that in consideration of the benefits of the security being provided to such
Lender in accordance with the Security Documents and the Intercreditor Agreement and by acceptance
of those benefits, each Lender (including any Lender which becomes such by assignment pursuant to
Section 12.1 after the date hereof) shall be bound by the terms and provisions of the
Intercreditor Agreement and shall comply (and shall cause any Affiliate thereof which is the
holder of any First Priority Obligations (as defined therein) to comply) with such terms and
provisions.

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ARTICLE XI

SETOFF; RATABLE PAYMENTS

     Section 11.1 Setoff. If a Default shall have occurred and be continuing, each Lender
and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such
Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the
Obligations of the Borrower now or hereafter existing under this Agreement held by such Lender or
Affiliate, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such Obligations may be unmatured. The rights of each Lender under this
Section 11.1 are in addition to other rights and remedies (including other rights of setoff) which
such Lender may have.

     Section 11.2 Ratable Payments. If any Lender shall, by exercising any right of setoff
or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of
its Loans or participations in LC Disbursements or Swing Line Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans and participations
in LC Disbursements and Swing Line Loans and accrued interest thereon than the proportion received
by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Loans and participations in LC Disbursements and Swing Line Loans
of other Lenders to the extent necessary so that the benefit of all such payments shall be shared
by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Loans and participations in LC Disbursements and Swing Line Loans;
provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any Assignee or Participant.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     Section 12.1 Successors and Assigns.

     (i) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any
Affiliate of the LC Issuer that issues any Letter of Credit), except that (A) the Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the Borrower
without such consent shall be null and void) and (B) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section 12.1.
Nothing in this Agreement, expressed or implied,

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shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of the LC Issuer that issues any
Letter of Credit), Participants (solely to the extent provided in paragraph (iii) of this Section)
and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the LC Issuer and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

(ii) (A) Subject to the conditions set forth in paragraph (ii)(B) below, any Lender may assign
to one or more assignees other than any Disqualified Institution (each, an “Assignee”)
all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitments and the Loans at the time owing to it) with the prior written
consent (such consent not to be unreasonably withheld) of:

     (1) the Borrower, provided that no consent of the Borrower
shall be required for an assignment to a Lender, an Affiliate of a Lender,
an Approved Fund or, if a Default under Section 7.2, 7.6 (in respect of
bankruptcy only) or 7.7 (in respect of bankruptcy only) has occurred and
is continuing, any other Assignee;

     (2) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of (x) any
Revolving Credit Commitment to an Assignee that is a Lender with a
Revolving Credit Commitment immediately prior to giving effect to such
assignment or the Borrower or any of its Affiliates and (y) all or any
portion of a Term Loan to a Lender, an Affiliate of a Lender or an
Approved Fund or the Borrower or any of its Affiliates; and

     (3) the LC Issuer, provided that no consent of the LC Issuer
shall be required for an assignment of all or any portion of a Term Loan.

     (B) Assignments shall be subject to the following additional conditions:

     (1) except in the case of an assignment to a Lender or an
Affiliate of a Lender or an assignment of the entire remaining amount of
the assigning Lender’s Commitment or Loans of any Class, the amount of
the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent)
shall not be less than $5,000,000 in the case of a Revolving Credit
Commitment or, in the case of a Term Loan, $1,000,000 unless each of the
Borrower and the Administrative Agent otherwise consent;

     (2) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this clause shall not be construed to

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prohibit the assignment of a proportionate part of all the assigning Lender’s rights and
obligations in respect of one Class of Commitments or Loans;

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

     (4) the Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the
Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information
about Holdco and its Affiliates, the Loan Parties and their related parties
or their respective securities) will be made available and who may receive
such information in accordance with the Assignee’s compliance
procedures and applicable laws, including Federal and state securities
laws.

     For the purposes of this Section 12.1(ii), the term “Approved Fund” has the following
meaning:

“Approved Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course of its business and that is administered or managed by (1) a Lender, (2) an Affiliate of a
Lender or (3) an entity or an Affiliate of an entity that administers or manages a Lender.

     (C) Subject to acceptance and recording thereof pursuant to paragraph (ii)(E) of this
Section, from and after the effective date specified in each Assignment and Assumption the
Assignee thereunder (except in the case of an assignment to the Borrower) shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released
from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
3.1, 3.2, 3.4, 3.5 and 9.6). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 12.1 shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (iii) of this Section 12.1. Notwithstanding anything to the contrary
in this Agreement or any Assignment and Assumption, all Commitments, Loans, and all other
rights assigned to the Borrower pursuant to this Section 12.1 shall be deemed canceled for all
purposes under this Agreement, including without limitation with respect to Section 8.2 and
Section 6.19, and, without the consent of the Administrative Agent, neither the

115

 

Borrower nor any Affiliate of the Borrower which is a Lender shall be entitled to receive
information delivered to the Lenders or attend meetings of the Lenders.

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

     (E) Upon its receipt of a duly completed Assignment and Assumption
executed by an assigning Lender and an Assignee, the Assignee’s completed
Administrative Questionnaire (unless the Assignee shall already be a Lender
hereunder, the processing and recordation fee referred to in paragraph (ii)(B)(3) of
this Section 12.1 and any written consent to such assignment required by
paragraph (ii) of this Section 12.1, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the
Register; provided that if either the assigning Lender or the Assignee shall have
failed to make any payment required to be made by it pursuant to Section 2.7,
2.21, 2.22(v), 10.8 or 11.2, the Administrative Agent shall have no obligation to
accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with
all accrued interest thereon. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this
paragraph.

(iii) (A) Any Lender may, without the consent of the Borrower, the Administrative Agent, the LC
Issuer or the Swing Line Lender, sell participations to one or more banks or other entities other
than a Disqualified Institution (each, a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans owing to it); provided that (1) such Lender’s obligations under
this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (3) the Borrower, the
Administrative Agent, the LC Issuer and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that (x) such Lender shall retain the sole right to enforce this Agreement and to approve
any amendment, modification or waiver of any provision of this Agreement; provided that
any

116

 

such agreement or instrument may provide that such Lender will not, without the consent of the
Participant (other than a Participant which is the Borrower), agree to any amendment,
modification or waiver described in Section 8.2(i) that affects such Participant, and (y) in
the case of a Participant which is the Borrower or an Affiliate of the Borrower, the selling
Lender shall not (without the consent of the Administrative Agent), and shall not be obligated
to, provide such Participant with information such Participant would not be entitled to receive
in accordance with Section 12.1(ii)(C) were such participation an assignment. Subject to
paragraph (iii)(B) of this Section, the Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.1, 3.2, 3.4 and 3.5 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to paragraph (ii) of this Section. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section
11.1 as though it were a Lender, provided such Participant agrees to be subject to Section 11.2
as though it were a Lender. Notwithstanding anything to the contrary in this Agreement or any
agreement or instrument pursuant to which a Lender sells a participation to the Borrower, all
Commitments, Loans and all other rights subject to such participation to the Borrower shall be
deemed canceled for all purposes under this Agreement, including without limitation with
respect to Section 8.2 and Section 6.19, but, in the case of a participation of any Revolving
Credit Commitment, such cancellation shall be subject to the making of cash collateralization
arrangements reasonably satisfactory to the applicable LC Issuer and the Swing Line Lender with
respect to Letters of Credit and Swing Line Loans outstanding at the time of such participation
which are subject to such participation.

     (B) A Participant shall not be entitled to receive any greater payment
under Section 3.1, 3.2, 3.4 or 3.5 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant. A
Participant shall not be entitled to the benefits of Section 3.5 unless the Borrower
is notified of the participation sold to such Participant and such Participant agrees,
for the benefit of the Borrower, to comply with Section 3.5(iv) or (v), as
applicable, as though it were a Lender.

     (C) Each Lender having sold a participation in its rights or Obligations
under this Agreement, acting for this purpose as an agent of the Borrower, shall
maintain a register for the recordation of the names and addresses of such
Participants and the rights, interests or obligations of such Participants in any
Obligation, in any Commitment and in any right to receive any payments
hereunder.

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

117

 

     Section 12.2
Dissemination of Information. The Borrower authorizes each Lender to
disclose to any Participant, actual or proposed assignee of an interest in the Obligations or Loan
Documents (each a “Transferee”) and any prospective Transferee any and all information in
such Lender’s possession concerning the creditworthiness of Holdco and its Subsidiaries, including
without limitation any information contained in any financial statements delivered pursuant to
Section 6.1 hereof; provided that each Transferee and prospective Transferee agrees to be
bound by Section 9.9 of this Agreement.

     Section 12.3 Tax Treatment. If any interest in any Loan Document is transferred to
any Transferee, the transferor Lender shall cause such Transferee, concurrently with the
effectiveness of such transfer, to comply with the provisions of Section 3.5(iv) or (v), as
applicable.

ARTICLE XIII

NOTICES

     Section 13.1
Notices; Effectiveness; Electronic Communication.

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

     (A) if to the Borrower, to it at c/o MoneyGram International, Inc., 1550
Utica Avenue South, MS 2010, Minneapolis, MN 55416-5312, Attention of:
Teresa H. Johnson (Facsimile Number (952) 591-3859);

     with a copy to (which shall not constitute notice):

Mr. Scott Jaeckel 
Thomas H. Lee Partners, L.P. 
100 Federal
Street, 35th Floor 
Boston, Massachusetts 02110 
(Fax No.
(617) 227-3514) 
Email: sjaeckel@thlee.com

and

Angela L. Fontana, Esq. 
Weil, Gotshal & Manges LLP 
200 Crescent
Court, Suite 300 
Dallas, Texas 75201-6950 
(Fax No. (214)
746-7777) 
Email: angela.fontana@weil.com

     (B) if to the Administrative Agent, to it at JPMorgan Chase Bank,
N.A., 10 S. Dearborn Street, Floor 7, Chicago, IL 60603-2003, Mail Code: IL1-

118

 

0010, Attention of: Claudia A. Kech (Facsimile Number (312) 385-7096), with a copy to JPMorgan
Chase Bank, N.A., 111 East Wisconsin Avenue, Floor 16, Milwaukee, WI 53202-4815, Mail Code:
WI1-2042, Attention of: Brian L. Grossman (Facsimile Number (414) 977-6777);

     (C) if to the LC Issuer, to it at JPMorgan Chase Bank, N.A., 10 S.
Dearborn Street, Floor 7, Chicago, IL 60603-2003, Mail Code: IL1-0010,
Attention of: Claudia A. Kech (Facsimile Number (312) 385-7096);

     (D) if to a Lender, to it at its address or telecopier number set forth in
its Administrative Questionnaire provided to the Administrative Agent.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices delivered through electronic communications to the extent provided in
paragraph (ii) below, shall be effective as provided in said paragraph (ii).

     (ii) Electronic Communications. Notices and other communications to the Lenders may
be delivered or furnished by electronic communication (including e-mail and internet or intranet
websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined
by the Administrative Agent, provided that the foregoing shall not apply to notices to any
Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication and, in the case of
notice of Default or Unmatured Default, shall permit notification only by Intralinks or a similar
website. The Administrative Agent or the Borrower may, in its respective discretion, agree to
accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it or as it otherwise determines, provided that such determination
or approval may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not given during the normal business hours of the recipient, such notice or
communication shall be deemed to have been given at the opening of business on the next Business
Day for the recipient, and (ii) notices or communications posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor.

119

 

     (iii)
Change of Address, Etc. Any party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to the other
parties hereto.

ARTICLE XIV

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION

     Section 14.1
Counterparts; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
Except as provided in Article IV, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this
Agreement.

     Section 14.2 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any assignment and assumption agreement shall be deemed
to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, or any other state laws based on the Uniform Electronic Transactions Act.

ARTICLE XV

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

     Section 15.1 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A
CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 15.2 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW
YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND
THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR
THAT SUCH COURT IS

120

 

AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER OR ANY
LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY
JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY
LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT
SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     Section 15.3 WAIVER OF JURY TRIAL. THE BORROWER, THE
ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, EACH LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN
TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN
DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

[signature pages follow]

121

 

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

	 	 	 	 	 
	 	MONEYGRAM INTERNATIONAL, INC.

MONEYGRAM PAYMENT SYSTEMS 
WORLDWIDE, INC.

 	 
	 	By:  	/s/
 	 
	 	 	Its:  	 Executive Vice President and Chief Financial Officer 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHSE BANK, N.A., 

Individually, as Administrative Agent, 

Collateral Agent, LC Issuer and Swing Line
 Lender

 	 
	 	By:  	/s/
 	 
	 	 	Its: Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	CHASE LINCOLN FIRST COMMERCIAL CORPORATION, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Its: Managing Director 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	Bank of America N.A., as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Senior Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	Keybank National Association, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Senior Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION 
as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Karen Paris  	 
	 	 	Title:  	Senior Vice President 	 
	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION 
as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Steve Gibson  	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	BNP Paribas, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Managing Director 	 
	 	 	 	 
	 	By:  	 /s/
 	 
	 	 	Title: Managing Director 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	Citicorp, USA, Inc., as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	Blake Wright  	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	 /s/
 	 
	 	 	Name:  	Joseph Philbin  	 
	 	 	Title:  	Director 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	The Royal Bank of Scotland plc, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Senior Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
 	 
	 
	 	By:  	/s/
 	 
	 	 	Title: Senior Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	Wachovia Bank, National Association, as a Lender
 	 
	 
	 	By:  	/s/
 	 
	 	 	Helen F. Wessling  	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY, 
as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Senior Vice President 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	Societe Generale, as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Nigel Elvey  	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	SunTrust Bank, Inc., as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: Director 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	MEGA INTERNATIONAL COMMERCIAL BANK
SILICON VALLEY BRANCH 
 as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Title: SVP & General Manager 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

	 	 	 	 	 
	 	GoldenTree Capital Opportunities LP, 

By: GoldenTree Asset Management, LP 

as a Lender

 	 
	 	By:  	/s/
 	 
	 	 	Its: Director — Bank Debt 	 
	 	 	 	 
	 

Signature Page to MoneyGram Second Amended and Restated Credit Agreement

 

 

Schedule 1

Scheduled Restricted Investments/Specified Securities

See Attached.

 

 

Schedule 1 1

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Par Value	 	Par Value	 	Investor Value	 	Investor Value
	Category	 	CUSIP	 	(12/31/2007) (a)	 	(1/31/2008) (a)	 	(12/31) (a)	 	(1/31) (a)
	 	 	 
	C-1
	 	 	 	 	 	 	 	 	 	 
	FHLB 4 3/09 C 4/04
	 	3133X4VF5	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	FHLB 4 3/26/09 C 4/04
	 	3133X4Q87	 	 	 	 	 	 	 	 
	FHLB 4.02 12/10 C 9/03
	 	31339X4E1	 	 	 	 	 	 	 	 
	FHLB 6.125 12/29/14
	 	3133XLGV9	 	 	 	 	 	 	 	 
	FHLB 6.32 06/17
	 	3133XLGE7	 	 	 	 	 	 	 	 
	FHLMC 4.1 12/10
	 	3128X1FX0	 	 	 	 	 	 	 	 
	FHLMC 4.5 13
	 	3134A4SA3	 	 	 	 	 	 	 	 
	FHLMC 4.95 5/13 C 5/04
	 	3128X1CT2	 	 	 	 	 	 	 	 
	FNMA 0 07/05/14
	 	TT3169600	 	 	 	 	 	 	 	 
	FNMA 5 2/13 C 5/04
	 	3136F3AJ5	 	 	 	 	 	 	 	 
	FNMA 5.15 1/13 C 1/05
	 	3136F2B56	 	 	 	 	 	 	 	 
	FNMA 6 03/20/17
	 	3136F8GW9	 	 	 	 	 	 	 	 
	FNMA 6.25 08/15/16
	 	3136F7U88	 	 	 	 	 	 	 	 
	FHR 2006 ZB
	 	3133TBQM5	 	 	 	 	 	 	 	 
	FHR 2018 Z
	 	3133TCJ74	 	 	 	 	 	 	 	 
	FHR 2080 Z
	 	3133TG3U1	 	 	 	 	 	 	 	 
	FHR 2211 ZA
	 	3133TNEQ3	 	 	 	 	 	 	 	 
	FHR 2336 TB
	 	3133986U8	 	 	 	 	 	 	 	 
	FHR 2391 XG
	 	31339LYF1	 	 	 	 	 	 	 	 
	FHR 2466 DG
	 	31392MM74	 	 	 	 	 	 	 	 
	FHR 2482 EJ
	 	31392PQU2	 	 	 	 	 	 	 	 
	FHR 2484 VB
	 	31392PRK3	 	 	 	 	 	 	 	 
	FHR 2532 A
	 	31393FNV4	 	 	 	 	 	 	 	 
	FHR 2539 TC
	 	31393FXA9	 	 	 	 	 	 	 	 
	FHR 2564 QC
	 	31393LNU3	 	 	 	 	 	 	 	 
	FHR 2574 PC
	 	31393L2N2	 	 	 	 	 	 	 	 
	FHR 2603 JP
	 	31393PST2	 	 	 	 	 	 	 	 
	FHR 2641 KC
	 	31393WV63	 	 	 	 	 	 	 	 
	FHR 2656 AC
	 	31394HR86	 	 	 	 	 	 	 	 
	FHR 2675 PB
	 	31394J4P9	 	 	 	 	 	 	 	 
	FHR 2691 LD
	 	31394LDU3	 	 	 	 	 	 	 	 
	FHR 2740 PC
	 	31394P3P6	 	 	 	 	 	 	 	 
	FHR 2793 GC
	 	31394YG99	 	 	 	 	 	 	 	 
	FHR 2793 GC
	 	31394YG99	 	 	 	 	 	 	 	 
	FHR 2807 JA
	 	31395AM44	 	 	 	 	 	 	 	 
	FHR 2878 QD
	 	31395GKM3	 	 	 	 	 	 	 	 
	FHR 3014 DW
	 	31395XAD7	 	 	 	 	 	 	 	 
	FN 725341
	 	31402CZE5	 	 	 	 	 	 	 	 
	FNR 02-77 QE
	 	31392F4E4	 	 	 	 	 	 	 	 
	FNR 1997-12 KB
	 	31359NE64	 	 	 	 	 	 	 	 
	FNR 1999-33 ZA
	 	31359WKG5	 	 	 	 	 	 	 	 
	FNR 2001-23 PG
	 	31359S4D9	 	 	 	 	 	 	 	 
	FNR 2001-31 VB
	 	313920CB4	 	 	 	 	 	 	 	 
	FNR 2001-63 TB
	 	31392AUH9	 	 	 	 	 	 	 	 
	FNR 2002-55 VL
	 	31392EFY1	 	 	 	 	 	 	 	 
	FNR 2003-41 PM
	 	31393BD51	 	 	 	 	 	 	 	 
	FNR 2003-97 WC
	 	31393TNL6	 	 	 	 	 	 	 	 
	FNR 2005-53 MB
	 	31394DH60	 	 	 	 	 	 	 	 
	FNR 2005-58 CW
	 	31394EDC9	 	 	 	 	 	 	 	 
	FNR 2007-10 VA
	 	31396PNB3	 	 	 	 	 	 	 	 
	GNR 1998-24 Z
	 	3837H1B42	 	 	 	 	 	 	 	 
	GNR 2000-26 PD
	 	3837H4B79	 	 	 	 	 	 	 	 
	GNR 2002-67 VB
	 	38373VQX1	 	 	 	 	 	 	 	 
	FHR 49 G
	 	31340YRU5	 	 	 	 	 	 	 	 
	FFCB 5 3/14 C 6/04
	 	31331TWT4	 	 	 	 	 	 	 	 
	FHLMC 4.25 3/10 C 9/04
	 	3128X2ZL2	 	 	 	 	 	 	 	 
	FHLMC 5 3/13 C 9/04
	 	3128X2C52	 	 	 	 	 	 	 	 
	FHLMC 5.25 2/14 C 2/05
	 	3128X2QV0	 	 	 	 	 	 	 	 
	FNMA 4.01 8/09 C 8/04
	 	3136F5CC3	 	 	 	 	 	 	 	 
	FNMA 4.27 1/09 C 4/04
	 	3136F4W83	 	 	 	 	 	 	 	 
	FNMA 4.3 3/10 C 6/04
	 	3136F5HH7	 	 	 	 	 	 	 	 
	FNMA 4.6 9/10 C 12/04
	 	3136F6EW5	 	 	 	 	 	 	 	 
	FNMA 5 2/12 C 5/04
	 	3136F45M2	 	 	 	 	 	 	 	 
	FNMA 5 8/11 C 5/04
	 	3136F46A7	 	 	 	 	 	 	 	 
	FNMA 5.25 1/13 C 7/03
	 	3136F2J90	 	 	 	 	 	 	 	 
	FNMA 5.25% 1/13 C 4/04
	 	3136F2P77	 	 	 	 	 	 	 	 
	FNMA 5.5 11/14 2/05
	 	3136F6MW6	 	 	 	 	 	 	 	 
	 	 	 
	Total C-1
	 	 	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	 	 	 
	Investor Value/Par Value
	 	 	 	 	 	 	 	[ * ]	 	[ * ]

 

			
	(a)	 	Par Values ($) and Investor Values ($) for illustrative purposes only
	 
	1	 	The appearance of [ * ] denotes confidential information that has
been omitted from this Exhibit and filed separately with the SEC pursuant to a
confidential treatment request under Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

 

Schedule 1 1

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Par Value	 	Par Value	 	Investor Value	 	Investor Value
	Category	 	CUSIP	 	(12/31/2007) (a)	 	(1/31/2008) (a)	 	(12/31) (a)	 	(1/31) (a)
	 	 	 
	C-2
	 	 	 	 	 	 	 	 	 	 
	ACCDO V C
	 	00388EAC5	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	ACCDO V D
	 	00388EAD3	 	 	 	 	 	 	 	 
	ACCDO 10A C
	 	00389KAD8	 	 	 	 	 	 	 	 
	ACCOA 2007-1A A2
	 	00389UAC8	 	 	 	 	 	 	 	 
	ANDY 2007-1A A2
	 	034050AD6	 	 	 	 	 	 	 	 
	ANDY 2007-1A B
	 	034050AE4	 	 	 	 	 	 	 	 
	AYRES 2005-1A C
	 	05473WAJ5	 	 	 	 	 	 	 	 
	CCRK 2006-1A A3
	 	164553AD1	 	 	 	 	 	 	 	 
	CCRK 2007-2A A2
	 	164554AC1	 	 	 	 	 	 	 	 
	CRONA 2007-1A B
	 	219655AH0	 	 	 	 	 	 	 	 
	FORTS 2006-2A A2
	 	34957YAC1	 	 	 	 	 	 	 	 
	FORTS 2006-2A B
	 	34957YAD9	 	 	 	 	 	 	 	 
	GLCR 2006-4A C
	 	37638NAD3	 	 	 	 	 	 	 	 
	GSCSF 2007-1RA A1LC
	 	3622MTAC4	 	 	 	 	 	 	 	 
	HLCDO 2006-1A A2
	 	40536UAB8	 	 	 	 	 	 	 	 
	INDE4 4A C
	 	453433AF1	 	 	 	 	 	 	 	 
	INDE7 7A B
	 	45377MAG6	 	 	 	 	 	 	 	 
	LEXN 2006-2A D
	 	52902WAF6	 	 	 	 	 	 	 	 
	MID 01-1A A1L
	 	59541FAB4	 	 	 	 	 	 	 	 
	NEPTN 2004-1A A3L
	 	640699AD6	 	 	 	 	 	 	 	 
	NEPTN 2007-5A A2L
	 	64069WAD5	 	 	 	 	 	 	 	 
	ORCHD 03-1A B
	 	68571SAC8	 	 	 	 	 	 	 	 
	ORCHD 03-1A C1
	 	68571SAD6	 	 	 	 	 	 	 	 
	PSCBO 1A A1L
	 	74438VAA6	 	 	 	 	 	 	 	 
	PSCBO 1A A1
	 	74438VAB4	 	 	 	 	 	 	 	 
	PYXIS 2007-1A B
	 	74732XAD9	 	 	 	 	 	 	 	 
	SAYB 2001-1A A
	 	805659AA7	 	 	 	 	 	 	 	 
	SHERW 2006-3A A1J
	 	82442VAB1	 	 	 	 	 	 	 	 
	SOLST 1A A
	 	83436UAA1	 	 	 	 	 	 	 	 
	STAK 2006-2A 4
	 	85234AAE6	 	 	 	 	 	 	 	 
	TABS 2007-7A A1J
	 	872159AB4	 	 	 	 	 	 	 	 
	VERT 2007-1A A1J
	 	92534YAC1	 	 	 	 	 	 	 	 
	VERT 2007-1A A2
	 	92534YAE7	 	 	 	 	 	 	 	 
	NORTH 2001-3A
	 	25153HAA2	 	 	 	 	 	 	 	 
	COOKS 2007-9A A
	 	2163P2AA0	 	 	 	 	 	 	 	 
	GSCSF 2006-1A B
	 	3622X0AC5	 	 	 	 	 	 	 	 
	IXION 2006-9A 12
	 	46601WAJ4	 	 	 	 	 	 	 	 
	LCERT 2006-1A B
	 	50547QAC1	 	 	 	 	 	 	 	 
	LEXN 2007-3A E
	 	52902YAN5	 	 	 	 	 	 	 	 
	MILL REEF 05-1
	 	600008AC0	 	 	 	 	 	 	 	 
	SALISBURY 05-14
	 	795267AG8	 	 	 	 	 	 	 	 
	SALISBURY 06-1
	 	79526EAK4	 	 	 	 	 	 	 	 
	SALISBURY 06-16
	 	79526FAA3	 	 	 	 	 	 	 	 
	SKYBOX 05-1A C
	 	83083GAE0	 	 	 	 	 	 	 	 
	AYRESOME CDO I PREF
	 	05473U209	 	 	 	 	 	 	 	 
	DUKEF 2005-HG1A SUB
	 	264412AA5	 	 	 	 	 	 	 	 
	MILL REEF PREF
	 	27020EAA6	 	 	 	 	 	 	 	 
	OPUS 2006-1A SUB
	 	68402DAA0	 	 	 	 	 	 	 	 
	SHERW 2006-3A SUB
	 	82442TAA8	 	 	 	 	 	 	 	 
	STILLWATER PREF
	 	860721208	 	 	 	 	 	 	 	 
	TABS 2005-2A SUB
	 	87337LAF1	 	 	 	 	 	 	 	 
	GSTAR 05-5A IN
	 	362905AA9	 	 	 	 	 	 	 	 
	NEPTN 2004-1A SUB
	 	64069QAA4	 	 	 	 	 	 	 	 
	MID 2001-1A
	 	59541BAC1	 	 	 	 	 	 	 	 
	LOGAN 05-1 C
	 	42702MBA1	 	 	 	 	 	 	 	 
	COOKS 2007-18A A
	 	21638PAA8	 	 	 	 	 	 	 	 
	THOM 2006-1A C
	 	874008AE5	 	 	 	 	 	 	 	 
	CENTS 2006-1A A3
	 	156323AJ6	 	 	 	 	 	 	 	 
	CENTS 2006-1A B
	 	156323AL1	 	 	 	 	 	 	 	 
	CLSVF 2007-3A A3
	 	18272FAD1	 	 	 	 	 	 	 	 
	EIGHT 2007-1A A3
	 	28248EAG7	 	 	 	 	 	 	 	 
	MARSC 2007-1A A3
	 	571656AC1	 	 	 	 	 	 	 	 
	PTPLS 2007-1A A2
	 	730594AC2	 	 	 	 	 	 	 	 
	SQRD 2007-1A A2A
	 	85223XAC3	 	 	 	 	 	 	 	 
	TRIC 2005-4A A3L
	 	89608VAD2	 	 	 	 	 	 	 	 
	TRIC 2006-6A A2L
	 	89609AAD7	 	 	 	 	 	 	 	 
	TWOLF 2007-1A A2
	 	88714PAF3	 	 	 	 	 	 	 	 
	ZING 6A B1
	 	98885LAE7	 	 	 	 	 	 	 	 
	 	 	 
	Total C-2
	 	 	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	 	 	 
	Investor Value/Par Value
	 	 	 	 	 	 	 	[ * ]	 	[ * ]

 

			
	(a)	 	Par Values ($) and Investor Values ($) for illustrative purposes only
	 
	1	 	[ * ] Please refer to the footnote on page 1 of Schedule 1.

 

 

Schedule 1 1

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Par Value	 	Par Value	 	Investor Value	 	Investor Value
	Category	 	CUSIP	 	(12/31/2007) (a)	 	(1/31/2008) (a)	 	(12/31) (a)	 	(1/31) (a)
	 	 	 
	C-3
	 	 	 	 	 	 	 	 	 	 
	TABERNA 05-2A D
	 	87330UAJ0	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	TABERNA PFD
	 	87330L200	 	 	 	 	 	 	 	 
	TAF 1A B1
	 	89675YAC6	 	 	 	 	 	 	 	 
	CMLTI 2006-WF1 M2
	 	17307G4N5	 	 	 	 	 	 	 	 
	CMLTI 2006-WF2 M1
	 	17309BAF4	 	 	 	 	 	 	 	 
	SHARP 05-HE4N N
	 	820018BV0	 	 	 	 	 	 	 	 
	RAMC 2007-2 M3
	 	75970QAM2	 	 	 	 	 	 	 	 
	MLMI 2005-HE2 M2
	 	59020US55	 	 	 	 	 	 	 	 
	FFML 04-FF10 M5
	 	32027NMN8	 	 	 	 	 	 	 	 
	SVHE 2005-OPT3 M6
	 	83611MGZ5	 	 	 	 	 	 	 	 
	ACE 2004-HE3 B
	 	004421JB0	 	 	 	 	 	 	 	 
	SACO 2005-9 M4
	 	785778MR9	 	 	 	 	 	 	 	 
	GPMF 2005-HE4 M8
	 	39538WDQ8	 	 	 	 	 	 	 	 
	QUEST 2006-X1 M1
	 	748351AT0	 	 	 	 	 	 	 	 
	CONHE 1997-1 M2
	 	21075WEG6	 	 	 	 	 	 	 	 
	SASC 2004-18H B2
	 	86359BF48	 	 	 	 	 	 	 	 
	SASC 2000-5 B5
	 	8635722E2	 	 	 	 	 	 	 	 
	SASC 2001-9 B4
	 	86358REH6	 	 	 	 	 	 	 	 
	OCMBS 99-R1 AP
	 	675748BR7	 	 	 	 	 	 	 	 
	RAST 2006-A7CB B1
	 	76113NAU7	 	 	 	 	 	 	 	 
	SIMSBURY CLO
	 	829192BC6	 	 	 	 	 	 	 	 
	STANFIELD CLO
	 	85430NAA8	 	 	 	 	 	 	 	 
	LONGHORN 2000-1
	 	543044200	 	 	 	 	 	 	 	 
	ANCHORAGE FIN SUB-TR IV
	 	033302209	 	 	 	 	 	 	 	 
	NORTH CASTLE CUST TR VIII
	 	65831M208	 	 	 	 	 	 	 	 
	SUTTON CAPITAL TRUST III
	 	86943W207	 	 	 	 	 	 	 	 
	TIERS 2001-6
	 	88652RAA4	 	 	 	 	 	 	 	 
	US BANK PIPER JAFFREY TRUST
	 	USBPJT	 	 	 	 	 	 	 	 
	 	 	 
	Total C-3
	 	 	 	[ * ]	 	[ * ]	 	[ * ]	 	[ * ]
	 	 	 
	Investor Value/Par Value
	 	 	 	 	 	 	 	[ * ]	 	[ * ]

 

			
	(a)	 	Par Values ($) and Investor Values ($) for illustrative purposes only
	 
	1	 	[ * ] Please refer to the footnote on page 1 of Schedule 1.

 

 

Schedule 2.22 1

Outstanding Letters of Credit

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Out-	 	 	 	 	 	 
	 	 	 	 	Standing	 	 	 	Bank	 	Expiration
	Beneficiary	 	Issue Date	 	Amount	 	Bank Name	 	Reference
No.	 	Date
	[*]

	 	10/8/2004
	 	$	596,000	 	 	JPMorgan
	 	[*]
	 	4/30/2009
	 
	[*]

	 	4/18/2006
	 	$	690,000	 	 	JPMorgan
	 	[*]
	 	4/30/2008
	 
	[*]

	 	10/8/2004
	 	$	100,000	 	 	JPMorgan
	 	[*]
	 	4/30/2009
	 
	[*]

	 	10/8/2004
	 	$	840,000	 	 	JPMorgan
	 	[*]
	 	4/30/2009
	 
	[*]

	 	8/25/2007
	 	$	20,000	 	 	JPMorgan
	 	[*]
	 	4/30/2009
	 
	[*]

	 	10/8/2004
	 	$	610,000	 	 	JPMorgan
	 	[*]
	 	4/30/2009
	 
	[*]

	 	9/11/2007
	 	$	1,700,000	 	 	JPMorgan
	 	[*]
	 	9/30/2008

 

			
	1	 	The appearance of [ * ] denotes confidential information that has been omitted from
this Exhibit and filed separately with the SEC pursuant to a confidential treatment request under
Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

Schedule 5.8

Subsidiaries

	 	 	 	 	 	 	 	 	 
	 	 	Material	 	 	 	 	 	 
	 	 	Domestic	 	 	 	 	 	Ownership
	Entity	 	Subsidiary	 	Jurisdiction	 	Owner	 	Interest
	MoneyGram Payment Systems Worldwide, Inc.
	 	Yes	 	Delaware	 	MoneyGram International, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems, Inc.
	 	Yes	 	Delaware	 	MoneyGram Payment Systems Worldwide, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Investments, LLC
	 	Yes	 	Delaware	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	Hematite Trust
	 	No	 	Delaware	 	MoneyGram Investments, LLC	 	100%
	 
	 	 	 	 	 	 	 	 
	Monazite Trust
	 	No	 	Delaware	 	MoneyGram Investments, LLC	 	100%
	 
	 	 	 	 	 	 	 	 
	Long Lake Partners, LLC
	 	No	 	Delaware	 	MoneyGram Investments, LLC	 	100%
	 
	 	 	 	 	 	 	 	 
	Ferrum Trust
	 	No	 	Delaware	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	FSMC, Inc.
	 	Yes	 	Minnesota	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram France S.A.
	 	No	 	France	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram International Holdings Limited
	 	No	 	United Kingdom	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram International Limited
	 	No	 	United Kingdom	 	MoneyGram International Holdings Limited	 	100%
	 
	 	 	 	 	 	 	 	 
	MIL Overseas Limited
	 	No	 	United Kingdom	 	MoneyGram International Limited	 	100%

3

 

	 	 	 	 	 	 	 	 	 
	 	 	Material	 	 	 	 	 	 
	 	 	Domestic	 	 	 	 	 	Ownership
	Entity	 	Subsidiary	 	Jurisdiction	 	Owner	 	Interest
	MoneyGram Overseas (Pty) Limited
	 	No	 	South Africa	 	MIL Overseas Limited	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram India Private Ltd.
	 	No	 	India	 	MIL Overseas Limited	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram of New York, LLC
	 	Yes	 	Delaware	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems Canada, Inc.
	 	No	 	Ontario	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems Italy S.r.l.
	 	No	 	Italy	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	PropertyBridge, Inc.
	 	Yes	 	Delaware	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	Travelers Express Company (P.R.), Inc.
	 	No	 	Puerto Rico	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	Tsavorite Trust
	 	No	 	Delaware	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	GBP Holdings, Inc.
	 	No	 	Minnesota	 	MoneyGram Payment Systems, Inc.	 	100%
	 
	 	 	 	 	 	 	 	 
	MIL Overseas Nigeria Limited
	 	No	 	Nigeria	 	MIL Overseas Limited	 	100%

4

 

Schedule 5.13

Ownership of Properties

None.

5

 

Schedule 6.11 1

Existing Indebtedness

Intercompany loan between [ * ] and [ * ] with an outstanding principal balance of [ * ] (no
interest).

Intercompany loan between [ * ] and [ * ] with an outstanding principal balance of [ * ] and
accrued interest of [ * ] as of February 29, 2008.

[ * ] LOC which supports Guarantee given by [ * ] in 2000 for the benefit of [ * ], required by [ *
] to do business in [ * ]. The amount is [ * ].

Capital commitment of [ * ] to [ * ] for the benefit of [ * ] in the amount of [ * ].

Liability for deferred purchase price pursuant to the Agreement and Plan of Merger dated September
12, 2007, by and among MPSI, PropertyBridge, Inc., Project Oscar Acquisition, Inc. and
Shareholders’ Representative. The maximum amount of the earn-out is $10 million dollars.

Unfunded commitments to provide funds in four Limited Partnership Investments, not to exceed
$1,500,000.

Until the occurrence of the Effective Date, that certain $150,000,000 364-day Credit Agreement
dated as of November 15, 2007, as amended, by and among Holdco, JPMorgan Chase Bank, N.A. as
administrative agent and the lenders party thereto.

Guarantee given by MPSI on behalf of PropertyBridge for the benefit of First National Bank of Omaha
dated October 1, 2007.

 

			
	1	 	The appearance of [ * ] denotes confidential information that has been omitted from
this Exhibit and filed separately with the SEC pursuant to a confidential treatment request under
Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

Schedule 6.13

Investment Write-Downs

	 	 	 
	Description	 	CUSIP
	SHARP 05-HE4N N
	 	820018BV0
	DUKEF 2005-HG1A SUB
	 	264412AA5
	DUKEF 2005-HG1A SUB
	 	264412AA5
	ACE 2004-HE3 B
	 	004421JB0
	TAF 1A B1
	 	89675YAC6
	ANDY 2007-1A A2
	 	034050AD6
	ANDY 2007-1A B
	 	034050AE4
	CCRK 2006-1A A3
	 	164553AD1
	CCRK 2007-2A A2
	 	164554AC1
	CLSVF 2007-3A A3
	 	18272FAD1
	CRONA 2007-1A B
	 	219655AH0
	GLCR 2006-4A C
	 	37638NAD3
	GSCSF 2006-1A B
	 	3622X0AC5
	HLCDO 2006-1A A2
	 	40536UAB8
	INDE4 4A C
	 	453433AF1
	IXION 2006-9A 12
	 	46601WAJ4
	LEXN 2006-2A D
	 	52902WAF6
	LEXN 2007-3A E
	 	52902YAN5
	NEPTN 2004-1A A3L
	 	640699AD6
	NEPTN 2007-5A A2L
	 	64069WAD5
	ORCHD 03-1A C1
	 	68571SAD6
	PTPLS 2007-1A A2
	 	730594AC2
	PYXIS 2007-1A B
	 	74732XAD9
	SHERW 2006-3A A1J
	 	82442VAB1
	THOM 2006-1A C
	 	874008AE5
	TWOLF 2007-1A A2
	 	88714PAF3
	CENTS 2006-1A A3
	 	156323AJ6
	CENTS 2006-1A B
	 	156323AL1
	COOKS 2007-9A A
	 	2163P2AA0
	EIGHT 2007-1A A3
	 	28248EAG7
	FORTS 2006-2A A2
	 	34957YAC1
	FORTS 2006-2A B
	 	34957YAD9
	GSCSF 2007-1RA A1LC
	 	3622MTAC4
	INDE7 7A B
	 	45377MAG6
	LCERT 2006-1A B
	 	50547QAC1
	MARSC 2007-1A A3
	 	571656AC1
	SACO 2005-9 M4
	 	785778MR9
	SHERW 2006-3A SUB
	 	82442TAA8
	SQRD 2007-1A A2A
	 	85223XAC3
	STAK 2006-2A 4
	 	85234AAE6
	SALISBURY 06-1
	 	79526EAK4

7

 

	 	 	 
	Description	 	CUSIP
	SALISBURY 06-16
	 	79526FAA3
	ORCHD 03-1A B
	 	68571SAC8
	AYRESOME CDO I PREF
	 	05473U209
	NEPTN 2004-1A SUB
	 	64069QAA4
	OPUS 2006-1A SUB
	 	68402DAA0
	LONGHORN 2000-1
	 	543044200

8

 

Schedule 6.14(viii)

Existing Investments

None.

9

 

Schedule 6.14(xx)

Certain Acquisitions

Potential
Super Agent Acquisitions

	 	 	 	 	 	 	 	 	 
	Acquiring	 	 	 	Target’s	 	Assumption	 	 
	Entity	 	Target	 	Jurisdiction	 	of Debt	 	Consideration
	MoneyGram Payment Systems, Inc.

	 	Cambios Sol S.A.
	 	Spain
	 	No
	 	Cash
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems, Inc.

	 	MoneyCard World Express, S.A.
	 	Spain
	 	No
	 	Cash
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems, Inc.

	 	Blue Dolphin
	 	Belgium
	 	No
	 	Cash
	 
	 	 	 	 	 	 	 	 
	MoneyGram Payment Systems, Inc.

	 	Raphael’s Bank
	 	France
	 	No
	 	Cash

10

 

Schedule 6.15

Existing Liens

MoneyGram Payment Systems Inc. (“MPSI”), as Seller/Debtor, and Citicorp North America, Inc.
(“Citi”), as Purchaser/Secured Party, have entered into a Receivables Purchase and Sale Agreement,
dated September 8, 1997, whereby Purchaser/Secured Party will acquire from time to time the
receivables of the Seller/Debtor. MPSI is in receipt of a letter from
Citi dated March 7, 2008
confirming the termination of the Agreement and acknowledging that all outstanding amounts due
under the Facility have been paid. By this letter, Citi authorized the filing of termination
statements for the UCC-1 financing statements that have been filed with respect to the facility. A
termination statement is being filed to terminate the UCC-1.

UCC Financing Statement No. 60066506 naming MPSI as Debtor and Hematite Trust c/o Branch Banking
and Trust Company as Secured Party was filed in Delaware on 01/06/06 covering certain collateral,
in connection with the sale of certain accounts from MPSI, whereby MPSI sold to Buyer all of its
right, title and interest to all receivables and their proceeds.

UCC Financing Statement No. 60066514 naming MPSI as Debtor and Tsavorite Trust c/o US Bank National
Association was filed in Delaware on 01/06/06 covering certain collateral, in connection with the
sale of certain accounts from MPSI, whereby MPSI sold to Buyer all of its right, title and interest
to all receivables and their proceeds. This Financing Statement was amended on 12/21/07 (Amendment
No. 74917323)

UCC Financing Statement No. 60066548 naming MPSI as Debtor and Ferrum Trust c/o Allfirst Financial
Center National Association as Secured Party was filed in Delaware on 01/06/06 covering certain
collateral, in connection with the sale of certain accounts from MPSI, whereby MPSI sold to the
Buyer all of its right, title and interest to all receivables and all of their proceeds.

UCC Financing Statement No. 60066621 naming MPSI as Debtor and Monazite Trust c/o The Huntington
National Bank as Secured Party was filed in Delaware on 01/06/06 covering certain collateral, in
connection with the sale of certain accounts from MPSI, whereby MPSI sold to Buyer all of its
right, title and interest to all receivables and their proceeds.

11

 

Schedule 6.16

Existing Affiliate Transactions

None.

12

 

EXHIBIT A

AMENDED AND RESTATED REVOLVING CREDIT NOTE

March ____,
2008

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the
“Borrower”), promises to pay to the order of _______ (the
“Lender”) the aggregate unpaid principal amount
of all Revolving Loans made or continued by the Lender to the Borrower (or assumed by the Borrower)
pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at
the office of JPMorgan Chase Bank, N.A., in Chicago, Illinois (or as otherwise specified pursuant
to the Agreement), as Administrative Agent, together with interest on the unpaid principal amount
hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the
principal of and accrued and unpaid interest on the Revolving Loans in full on the Facility
Termination Date and shall make such mandatory payments as are required to be made under the terms
of Article II of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Revolving Loan
and the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Second
Amended and Restated Credit Agreement dated as of March ____, 2008 (which, as it may be amended,
restated, amended and restated, supplemented, renewed, extended or modified and in effect from time
to time, is herein called the “Agreement”), by and among the Borrower, MoneyGram International,
Inc., the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as
Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and
conditions governing this Note, including the amount hereof and the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. This Note is secured and
guaranteed pursuant to the Guaranty and the Collateral Documents, as more specifically described in
the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

	 	 	 	 	 
	MONEYGRAM
PAYMENT SYSTEMS WORLDWIDE, INC.

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO REVOLVING CREDIT NOTE

OF                                         ,

DATED MARCH                     , 2008

	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	 	 	Amount of	 	of Interest	 	Amount	 	Unpaid
	Date	 	Loan	 	Period	 	Paid	 	Balance
	 
	 	 	 	 	 	 	 	 	 

A-2

 

EXHIBIT
B-1

TERM A NOTE

March
____, 2008

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the
“Borrower”), promises to pay to the order of _______ (the
“Lender”) the aggregate unpaid principal amount
of all Term A Loans made or continued by the Lender to MoneyGram International, Inc. and assumed by
the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately
available funds at the office of JPMorgan Chase Bank, N.A., in Chicago, Illinois (or as otherwise
specified pursuant to the Agreement), as Administrative Agent, together with interest on the unpaid
principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower
shall pay the principal of and accrued and unpaid interest on the Term A Loans in full on the
Facility Termination Date and shall make such mandatory payments as are required to be made under
the terms of Article II of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Term A Loan and
the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Second
Amended and Restated Credit Agreement dated as of March ______, 2008 (which, as it may be
amended, restated, amended and restated, supplemented, renewed, extended or modified and in effect
from time to time, is herein called the “Agreement”), by and among the Borrower, MoneyGram
International, Inc., the lenders party thereto, including the Lender, and JPMorgan Chase Bank,
N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the
terms and conditions governing this Note, including the amount hereof and the terms and conditions
under which this Note may be prepaid or its maturity date accelerated. This Note is secured and
guaranteed pursuant to the Guaranty and the Collateral Documents, as more specifically described in
the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

	 	 	 	 	 
	MONEYGRAM
PAYMENT SYSTEMS WORLDWIDE, INC.

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

SCHEDULE OF LOANS AND PAYMENTS OF

 PRINCIPAL TO TERM A NOTE

OF                                         ,

DATED MARCH                     , 2008

	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	 	 	Amount of	 	of Interest	 	Amount	 	Unpaid
	Date	 	Loan	 	Period	 	Paid	 	Balance
	 
	 	 	 	 	 	 	 	 	 

B-1 -2

 

EXHIBIT B-2

TERM B NOTE

March
____, 2008

     MoneyGram
Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”),
promises to pay to the order of                (the “Lender”) the aggregate unpaid principal amount of all Term B
Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter
defined), in immediately available funds at the office of JPMorgan Chase Bank, N.A., in Chicago,
Illinois (or as otherwise specified pursuant to the Agreement), as Administrative Agent, together
with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the
Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Term B
Loans in full on the Facility Termination Date and shall make such mandatory payments as are
required to be made under the terms of Article II of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Term B Loan and
the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Second
Amended and Restated Credit Agreement dated as of March ___, 2008 (which, as it may be amended,
restated, amended and restated, supplemented, renewed, extended or modified and in effect from time
to time, is herein called the “Agreement”), by and among the Borrower, MoneyGram International,
Inc., the lenders party thereto, including the Lender, and JPMorgan Chase Bank, N.A., as
Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and
conditions governing this Note, including the amount hereof and the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. This Note is secured and
guaranteed pursuant to the Guaranty and the Collateral Documents, as more specifically described in
the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

	 	 	 	 	 
	MONEYGRAM
PAYMENT SYSTEMS WORLDWIDE, INC.

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO TERM B NOTE

OF                                         ,

DATED MARCH                     , 2008

	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	 	 	Amount of	 	of Interest	 	Amount	 	Unpaid
	Date	 	Loan	 	Period	 	Paid	 	Balance
	 
	 	 	 	 	 	 	 	 	 

B-2 -2

 

 

EXHIBIT C

SWING LINE NOTE

March ___, 2008

     MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”),
promises to pay to the order of ____ (the “Lender”) the aggregate unpaid principal amount of all Swing
Line Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as
hereinafter defined), in immediately available funds at the office of JPMorgan Chase Bank, N.A., in
Chicago, Illinois (or as otherwise specified pursuant to the Agreement), as Administrative Agent,
together with interest on the unpaid principal amount hereof at the rates and on the dates set
forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on
the Swing Line Loans as set forth in the Agreement, with any then outstanding principal of or
interest on the Swing Line Loans made by the Lender being payable in full on the Facility
Termination Date and shall make such mandatory payments as are required to be made under the terms
of Article II of the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Swing Line Loan
and the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Second Amended and Restated Credit Agreement dated as of March ___, 2008 (which, as it may
be amended, restated, amended and restated, supplemented, renewed, extended or modified and in
effect from time to time, is herein called the “Agreement”) by and among the Borrower, MoneyGram
International, Inc., the lenders party thereto, including the Lender, and JPMorgan Chase Bank,
N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the
terms and conditions governing this Note, including the amount hereof and the terms and conditions
under which this Note may be prepaid or its maturity date accelerated. This Note is secured and
guaranteed pursuant to the Guaranty and the Collateral Documents, as more specifically described in
the Agreement, and reference is made thereto for a statement of the terms and provisions thereof.
Capitalized terms used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO SWING LINE NOTE

OF                                         ,

DATED MARCH                     , 2008

	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	Date	 	Amount of 

Loan	 	of Interest 

Period	 	Amount 

Paid	 	Unpaid 

Balance
	 
	 	 	 	 	 	 	 	 	 

C-2

 

EXHIBIT D

ASSIGNMENT AND ASSUMPTION AGREEMENT

     This Assignment and Assumption Agreement (the “Assignment and Assumption”) is dated
as of the Effective Date set forth below and is entered into by and between [Insert name of
Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Second Amended and Restated
Credit Agreement identified below (as amended, restated, amended and restated, supplemented,
renewed, extended or otherwise modified from time to time, the
“Credit Agreement”), receipt of a
copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a
part of this Assignment and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any letters of credit,
guarantees, and swing line loans included in such facilities) and (ii) to the extent permitted to
be assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by the Assignor.

	 	 	 
	1. Assignor:
	 	 
	 

	 	   

	 
	 	 
	2. Assignee:
	 	 
	 
	 	   

	 

	 	  [and is an Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 
	3. Borrower:

	 	  MoneyGrarn Payment Systems Worldwide, Inc.
	 
	 	 
	4. Administrative Agent:

	  JPMorgan Chase Bank, N.A., as the Administrative Agent under
the Credit Agreement

 

			
	1	 	Select as applicable.

1

 

	 	 	 
	5. Credit Agreement:

	 	The $600,000,000 Second Amended and Restated Credit Agreement dated as of March ___, 2008 among MoneyGram
Payment Systems Worldwide, Inc., MoneyGram International, Inc., the Lenders party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent

D-2

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	Percentage of	 
	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	Commitment/Loans	 
	Facility Assigned2	 	for all Lenders	 	 	Assigned	 	 	Assigned3	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 

Effective
Date:
                    
                    , 20                      [TO BE INSERTED BY ADMINISTRATIVE
AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire
in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about Holdco and its Affiliates, the
Loan Parties and their related parties or their respective securities) will be made available and
who may receive such information in accordance with the Assignee’s compliance procedures and
applicable laws, including Federal and state securities laws.

By its acceptance of this Assignment, the Assignee hereby agrees to be bound by the terms and
provisions of the Intercreditor Agreement and to comply (and cause any Affiliate thereof which is
the holder of any First Priority Obligation (as defined in the Intercreditor Agreement) to comply)
with such terms and provisions.

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 

  Title:

ASSIGNEE

[NAME OF ASSIGNEE]

 

			
	2	 	Fill in the appropriate terminology for the types of facilities under the Credit
Agreement that are being
assigned under this Assignment (i.e. “Revolving Credit Commitment,” “Term A Loan”, “Term B Loan”).
	 
	3	 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.

D-3

 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 

D-4

 

	 	 	 	 	 

	 	 	 
	[Consented to and]4 Accepted:

	 	 
	 
	 	 
	JPMorgan Chase Bank, N.A., as 

    Administrative Agent
	 	 
	 
	 	 
	By                                                             
	 	 
	      Title:
	 	 
	 
	 	 
	[Consented to:]5
	 	 
	 
	 	 
	[NAME OF RELEVANT PARTY]
	 	 
	 
	 	 
	By                                                             
	 	 
	      Title:
	 	 

 

			
	4	 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.
	 
	5	 	To be added only if the consent of the Borrower and/or the LC Issuer is required by the terms of the
Credit Agreement.

D-5

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Documents, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of Holdco, the Borrower, any of its Subsidiaries or Affiliates or any other Person
obligated in respect of any of the Loan Documents or (iv) the performance or observance by Holdco,
the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any of the Loan Documents.

     1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a
copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, and (v) attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to Section 3.5 of the Credit Agreement, duly completed and
executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on
the Administrative Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

1

 

     3. General Provisions. This Assignment and Assumption shall be binding upon, and inure
to the benefit of, the parties hereto and their respective successors and assigns. This Assignment
and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the internal laws of the State of New York, but giving effect to Federal laws
applicable to national banks.

2

 

EXHIBIT E

COMPLIANCE CERTIFICATE

			
	To:	 	The Lenders party to the

Second Amended and Restated Credit Agreement described below

     This Compliance Certificate is furnished pursuant to Section 6.1(v) of that certain
Second Amended and Restated Credit Agreement dated as of March      , 2008 (as amended, restated,
amended and restated, modified, renewed or extended from time to time, the “Agreement”)
among MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation (the “Borrower”),
the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the
Lenders. Unless otherwise defined herein, capitalized terms used in this Compliance
Certificate have the meanings ascribed thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1. I am a duly elected Financial Officer of the Borrower;

     2. I have reviewed the terms of the Agreement and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and conditions of Holdco, the Borrower
and its Subsidiaries during the accounting period covered by the attached financial statements;

     3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of,
the existence of any condition or event which constitutes a Default or Unmatured Default as of the
date of this Certificate, except as set forth below; and

     4. Schedule I attached hereto sets forth financial data and computations evidencing the
Borrower’s compliance with the covenants set forth in Sections 6.19.1, 6.19.2 and
6.20 of the Agreement, all of which data and computations are to the best of my knowledge
true, complete and correct.

     5. Attached hereto as Schedule II are the [quarterly] [monthly] financial statements required
to be delivered pursuant to Section 6.1(ii) or (iii) of the Agreement, which
financial statements fairly present, in all material respects, the consolidated financial
condition of the Borrower and its consolidated Subsidiaries (or the Borrower individually, as
applicable) (subject to normal year-end adjustments and the absence of footnotes) and which have
been prepared in reasonable detail.

     Described below are the exceptions, if any, to paragraph 3, listing in detail the nature of
the condition or event, the period during which it has existed and the action which the Borrower
has taken, is taking, or proposes to take with respect to each such condition or event:

      

      

      

      

1

 

     The foregoing certifications, together with the computations set forth in Schedule I hereto
and the financial statements delivered with this Certificate in support hereof, are made and
delivered this       day of                     ,      .

By:                                                             

Name:                                                             

Title:                                                             

E-2

 

SCHEDULE I TO COMPLIANCE CERTIFICATE

Compliance as of [                    ,      ] with

Provisions of Sections 6.19.1, 6.19.2 and 6.20 of

the Agreement

[attached]

E-3

 

SCHEDULE II TO COMPLIANCE CERTIFICATE

[Quarterly] [Monthly] Financial Statements

 [attached]

E-4

 

EXHIBIT F

FORM OF INTERCREDITOR AGREEMENT

(See Attached)

1

 

EXECUTION VERSION

INTERCREDITOR AGREEMENT

     Intercreditor Agreement (this “Agreement”) dated as of March 25, 2008 among JPMorgan Chase
Bank, N.A., as Collateral Agent (in such capacity, with its successors and assigns, the “First
Priority Representative”) for the First Priority Secured Parties (as defined below), Deutsche Bank
Trust Company Americas, as Trustee and Collateral Agent (in such capacities, with its successors
and assigns, the “Second Priority Representative”) for the Second Priority Secured Parties (as
defined below), MoneyGram Payment Systems Worldwide, inc., a Delaware corporation, as borrower (the
“Borrower”), the Guarantors (as defined below) and each of the other Loan Parties (as defined
below) party hereto.

     WHEREAS, the Borrower, MoneyGram International, Inc. (“Holdco”), the First Priority
Representative and certain financial institutions are parties to a $600,000,000 Second Amended and
Restated Credit Agreement dated as of March 25, 2008 (as in effect on the date hereof, the
“Existing First Priority Agreement”), pursuant to which such financial institutions have agreed to
make loans and extend other financial accommodations to the Borrower; and

     WHEREAS, the Borrower, the Guarantors and the Second Priority Representative are parties to an
Indenture dated as of dated as of March 25, 2008 (as in effect on the date hereof, the “Existing
Second Priority Agreement”), pursuant to which certain financial institutions are the holders of
secured notes; and

     WHEREAS, the Borrower and the other Loan Parties have agreed to (a) grant to the First
Priority Representative security interests in the Common Collateral as security for payment and
performance of the First Priority Obligations, and (b) grant to the Second Priority Representative
junior security interests in the Common Collateral as security for payment and performance of the
Second Priority Obligations; and

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and
other good and valuable consideration, the existence and sufficiency of which is expressly
recognized by all of the parties hereto, the parties agree as follows:

     SECTION 1. Definitions.

     (a) The following terms, as used herein, have the following meanings:

     “Affiliate” means, with respect to any Person, any Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person. For purpose of this
definition, “control” means the possession of either (a) the power to vote, or the Beneficial
Ownership of, 10% or more of the voting stock of such Person or (b) the power to direct or cause
the direction of the management and policies of such Person, whether by contract or otherwise;
provided, that, in no event shall GSMP and their subsidiaries and other Persons engaged primarily
in the investment of mezzanine securities that directly or indirectly are controlled by, or under
common control with, the same investment adviser as GSMP (“GS Mezzanine Entities”) by virtue of
their

 

 

affiliation with affiliates other than GS Mezzanine Entities be deemed to control Holdco or any of
its Subsidiaries).

     “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended
from time to time.

     “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act.

     “Business Day” means any calendar day other than a Legal Holiday.

     “Common Collateral” means all assets that are both First Priority Collateral and Second
Priority Collateral.

     “Enforcement Action” means, with respect to the First Priority Obligations or the Second
Priority Obligations, the exercise of any rights and remedies with respect to any Common Collateral
securing such obligations or the commencement or prosecution of enforcement of any of the rights
and remedies under, as applicable, the First Priority Documents or the Second Priority Documents,
or applicable law, including without limitation the exercise of any rights of set off or recoupment
and any rights of a judgment creditor with respect to any Common Collateral, and the exercise of
any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable
jurisdiction or under the Bankruptcy Code.

     “Existing First Priority Agreement” has the meaning set forth in the first WHEREAS
clause of this Agreement.

     “Existing Second Priority Agreement” has the meaning set forth in the second WHEREAS clause of
this Agreement.

     “First Priority Agreement” means (i) the Existing First Priority Agreement, as amended,
supplemented, restated, amended and restated or otherwise modified from time to time, and (ii) any
other credit agreement, loan agreement, note agreement, promissory note, indenture or other
agreement or instrument evidencing or governing the terms of any indebtedness or other financial
accommodation that has been incurred to extend, replace, refinance, refund or restate in whole or
in part the indebtedness and other obligations outstanding under the Existing First Priority
Agreement or any other agreement or instrument referred to in this clause (ii), including any DIP
Financing agreement, unless such agreement or instrument expressly provides that it is not intended
to be and is not a First Priority Agreement hereunder. Any reference to the First Priority
Agreement hereunder shall be deemed a reference to any First Priority Agreement then extant.

     “First Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
First Priority Secured Party as security for any First Priority Obligation.

2

 

     “First Priority Documents” means the First Priority Agreement or any other document executed
in connection therewith granting any interest in or rights to the First Priority Representative or
the First Priority Lenders in and to the First Priority Collateral.

     “First Priority Lenders” means the “Lenders” as defined in the First Priority Agreement, or
any Persons that are designated under the First Priority Agreement as the “First Priority Lenders”
for purposes of this Agreement.

     “First Priority Lien” means any Lien created by the First Priority Security Documents.

     “First Priority Obligations” means (i) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the First
Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including
without limitation any Post-Petition Interest) with respect to any letter of credit or similar
instruments issued pursuant to the First Priority Agreement, (iii) all Hedging Obligations of any
Loan Party and (iv) all reasonable and customary fees, expenses and other amounts payable from time
to time pursuant to the First Priority Documents as determined by the First Priority Representative
in its discretion taking into account market and economic conditions the time such fees, expenses
and other amounts are incurred, in each case whether or not allowed or allowable in an Insolvency
Proceeding; provided that the First Priority Obligations shall not be an amount in excess of the
Maximum First Priority Obligations Amount. To the extent any payment with respect to any First
Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security,
enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a
preference in any respect, set aside or required to be paid to a debtor in possession, any Second
Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally
intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations
of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be
reinstated and outstanding as if such payment had not occurred.

     “First Priority Obligations Payment Date” means the first date on which (i) the First Priority
Obligations (other than those that constitute Unasserted Contingent Obligations) have been
indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms
of the First Priority Documents), (ii) all commitments to extend credit under the First Priority
Documents have been terminated and (iii) there are no outstanding letters of credit or similar
instruments issued under the First Priority Documents (other than such as have been cash
collateralized or defeased in accordance with the terms of the First Priority Documents). Upon the
written request by the Second Priority Representative and/or the Borrower, the First Priority
Representative shall promptly deliver a written notice to the Second Priority Representative
stating that (to the extent such events have occurred) the events described in clauses (i), (ii)
and (iii) have occurred to the satisfaction of the First Priority Secured Parties.

     “First Priority Representative” has the meaning set forth in the introductory paragraph
hereof.

3

 

     “First Priority Required Lenders” means the “Required Lenders” as defined in the First
Priority Agreement.

     “First Priority Secured Parties” means the holders of the First Priority
Obligations.

     “First Priority Security Documents” means the “Collateral Documents” as defined in the First
Priority Agreement, and any other documents that are designated under the First Priority Agreement
as “First Priority Security Documents” for purposes of this Agreement.

     “GSMP” means GSMP V Onshore US, Ltd., GSMP V Offshore US, Ltd. and GSMP V Institutional US,
Ltd.

     “Guarantors” has the meaning set forth in the First Priority Agreement.

     “Hedging Obligations” means, with respect to any Loan Party, any obligations of such Loan
Party owed to any First Priority Lender (or any Affiliate thereof or any Person who was a First
Priority Lender or an Affiliate thereof at the time of the applicable transaction) in respect of
any Rate Management Transaction (as defined in the Existing First Priority Agreement), including
without limitation Rate Management Transactions existing prior to the date hereof.

     “Holdco” has the meaning set forth in the first WHEREAS clause of this Agreement.

     “Insolvency Proceeding” means any proceeding in respect of bankruptcy, liquidation,
reorganization, insolvency, winding up, receivership, dissolution or assignment for the benefit of
creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar
federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the State
of New York or at a place of payment are authorized by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such
payment for the intervening period.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
encumbrance or preference, priority or other security agreement of any kind or nature whatsoever
(including, without limitation, the interest of a vendor or lessor under any conditional sale,
Capitalized Lease (as defined in the First Priority Agreement) or other title retention agreement).
For the purposes hereof, none of the following shall be deemed to be Liens: (i) setoff rights or
statutory liens arising in the ordinary course of business, (ii) restrictive contractual
obligations with respect to assets comprising the Payment Instruments Funding Amounts or Payment
Service Obligations (as defined in the First Priority Agreement), provided that such contractual
obligations are no more

4

 

restrictive in nature than those in effect on the Effective Date, (iii) Liens purported to be
created under Repurchase Agreements (as defined in the First Priority Agreement), provided that
such Liens do not extend to any assets other than those that are the subject of such Repurchase
Agreements, (iv) ordinary course of business contractual obligations with clearing banks relative
to clearing accounts or (v) operating leases.

     “Loan Party” means the Borrower, each of the Guarantors and any other Person (other than the
First Priority Representative and the Second Priority Representative) that has executed or may
from time to time execute a First Priority Security Document and a Second Priority Security
Document.

     “Maximum First Priority Obligations Amount” means the sum of (a) $700 million, plus
(b)(i) all Hedging Obligations of any Loan Party and (ii) all interest, fees, expenses and other
amounts payable from time to time pursuant to the First Priority Documents, in each case whether or
not allowed or allowable in an Insolvency Proceeding.

     “Person” means any person, individual, sole proprietorship, partnership, joint venture,
corporation, limited liability company, unincorporated organization, association, institution,
entity, party, including any government and any political subdivision, agency or instrumentality
thereof.

     “Post-Petition Interest” means any interest or entitlement to fees or expenses that accrues
after the commencement of any Insolvency Proceeding, whether or not allowed or allowable in any
such Insolvency Proceeding.

     “Required Holder” has the meaning set forth in the Existing Second Priority
Agreement.

     “Second Priority Agreement” means (i) the Existing Second Priority Agreement, as amended,
supplemented, restated, amended and restated or otherwise modified from time to time in accordance
with Section 6(c), and (ii) any other credit agreement, loan agreement, note agreement,
promissory note, indenture, or other agreement or instrument evidencing or governing the terms of
any indebtedness or other financial accommodation that has been incurred to extend, replace,
refinance or refund in whole or in part the indebtedness and other obligations outstanding under
the Existing Second Priority Agreement or other agreement or instrument referred to in this clause
(ii) in accordance with Section 6(c), unless such agreement or instrument expressly
provides that it is not intended to be and is not a Second Priority Agreement hereunder. Any
reference to the Second Priority Agreement hereunder shall be deemed a reference to any Second
Priority Agreement then extant.

     “Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
Second Priority Secured Party as security for any Second Priority Obligation.

5

 

     “Second Priority Documents” means each Second Priority Agreement and each Second Priority
Security Document.

     “Second Priority Enforcement Date” means the date which is 180 days after the First Priority
Representative’s receipt of written notice from the Second Priority Representative of the
occurrence of an Event of Default (under and as defined in the Second Priority Agreement);
provided that the Second Priority Enforcement Date shall be stayed and deemed not to have
occurred for so long as (i) the First Priority Representative has commenced and is diligently
pursuing an Enforcement Action against, or diligently attempting to vacate any stay of enforcement
of their Liens on, all or a material portion of the Common Collateral, (ii) the Event of Default
referenced in the written notice from the Second Priority Representative is waived or (iii) an
Insolvency Proceeding is commenced by or against the Borrower; provided that the foregoing
clause (iii) shall not prohibit the filing of an involuntary proceeding under the Bankruptcy Code
by a Second Priority Secured Party to the extent otherwise permitted pursuant to Sections
3.1 and 3.7.

     “Second Priority Holders” means the “Holders” as defined in the Second Priority
Agreement, or any Persons that are designated under the Second Priority Agreement as the
“Second Priority Holders” for purposes of this Agreement.

     “Second Priority Lien” means any Lien created by the Second Priority Security Documents.

     “Second Priority Obligations” means (i) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Second
Priority Agreement, and (ii) all fees, expenses and other amounts payable from time to time
pursuant to the Second Priority Documents, in each case whether or not allowed or allowable in an
Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation
(whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of
setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set
aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver
or similar Person, then the obligation or part thereof originally intended to be satisfied shall,
for the purposes of this Agreement and the rights and obligations of the First Priority Secured
Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if
such payment had not occurred.

     “Second Priority Representative” has the meaning set forth in the introductory paragraph
hereof.

     “Second Priority Secured Party” means the Second Priority Representative and any Second
Priority Holders.

     “Second Priority Security Documents” means the “Security Documents” as defined in the Second
Priority Agreement and any documents that are designated under the Second Priority Agreement as
“Second Priority Security Documents” for purposes of this Agreement.

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     “Secured Parties” means the First Priority Secured Parties and the Second Priority
Secured Parties.

     “Unasserted Contingent Obligations” shall mean, at any time, First Priority Obligations for
taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (i) the
principal of, and interest and premium (if any) on, and fees and expenses relating to, any First
Priority Obligation and (ii) contingent reimbursement obligations in respect of amounts that may be
drawn under outstanding letters of credit) in respect of which no assertion of liability (whether
oral or written) and no claim or demand for payment (whether oral or written) has been made (and,
in the case of First Priority Obligations for indemnification, no notice for indemnification has
been issued by the indemnitee) at such time.

     “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to
time in the State of New York.

     (b) Rules of Construction.

     Unless the context otherwise requires:

     (i) a term has the meaning assigned to it;

     (ii) an accounting term not otherwise defined has the meaning assigned to
it; and shall be construed, in accordance with GAAP;

     (iii) “or” is not exclusive;

     (iv) words in the singular include the plural, and in the plural include the
singular;

     (v) “will” shall be interpreted to express a command;

     (vi) the word “including” means “including without limitation”;

     (vii) any reference to any Person shall be construed to include such Person’s
successors and permitted assigns; and

     (viii) for purposes of computation of periods of time hereunder, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding.”

     SECTION 2. Lien Priorities.

     2.1
Subordination of Liens. (a) Any and all Liens now existing or hereafter
created or arising in favor of any Second Priority Secured Party securing the Second Priority
Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation
or otherwise are expressly junior in priority, operation and effect to any and all Liens now
existing or hereafter created or arising in favor of the First Priority

7

 

Secured Parties securing the First Priority Obligations, notwithstanding (i) anything to the
contrary contained in any agreement or filing to which any Second Priority Secured Party may now or
hereafter be a party, and regardless of the time, order or method of grant, attachment, recording
or perfection of any financing statements or other security interests, assignments, pledges, deeds,
mortgages and other liens, charges or encumbrances or any defect or deficiency or alleged defect or
deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any
applicable law or any First Priority Document or Second Priority Document or any other circumstance
whatsoever and (iii) the fact that any such Liens in favor of any First Priority Secured Party
securing any of the First Priority Obligations are (x) subordinated to any Lien securing any
obligation of any Loan Party other than the Second Priority Obligations or (y) otherwise
subordinated, voided, avoided, invalidated or lapsed.

     (b) No First Priority Secured Party or Second Priority Secured Party shall object to or
contest, or support any other Person in contesting or objecting to, in any proceeding (including
without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or
enforceability of any security interest in the Common Collateral granted to the other.
Notwithstanding any failure by any First Priority Secured Party or Second Priority Secured Party to
perfect its security interests in the Common Collateral or any avoidance, invalidation or
subordination by any third party or court of competent jurisdiction of the security interests in
the Common Collateral granted to the First Priority Secured Parties or the Second Priority Secured
Parties, the priority and rights as between the First Priority Secured Parties and the Second
Priority Secured Parties with respect to the Common Collateral shall be as set forth herein.

     2.2 No Payment Subordination. The subordination of all Liens on the Common Collateral
securing the Second Priority Obligations to all Liens on the Common Collateral securing any First
Priority Obligations is with respect to only the priority of the Liens held by or on behalf of the
First Priority Secured Parties and shall not constitute a subordination of the Second Priority
Obligations to the First Priority Obligations. Except as provided in Sections 2.1,
4.1 and 5.5, nothing contained in this Agreement is intended to subordinate any debt
claim by a Second Priority Secured Party to a debt claim by a First Priority Secured Party. All
debt claims of the First Priority Secured Parties and Second Priority Secured Parties are intended
to be  pari passu.

     2.3 Nature of First Priority Obligations. The Second Priority Representative on behalf
of itself and the other Second Priority Secured Parties acknowledges that a portion of the First
Priority Obligations are revolving in nature and that the amount thereof that may be outstanding at
any time or from time to time may be increased or reduced and subsequently reborrowed, and that the
terms of the First Priority Obligations may be modified, extended or amended from time to time, and
that the aggregate amount of the First Priority Obligations may be increased, replaced or
refinanced, in each event, without notice to or consent by the Second Priority Secured Parties and
without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall
not be altered or otherwise affected by any such amendment, modification, supplement, extension,
repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of

8

 

either the First Priority Obligations or the Second Priority Obligations, or any portion thereof.

     2.4
Agreements Regarding Actions to Perfect Liens. (a) The Second Priority
Representative on behalf of itself and the other Second Priority Secured Parties agrees that UCC-1
financing statements, patent, trademark or copyright filings or other filings or recordings filed
or recorded by or on behalf of the Second Priority Representative shall be in form reasonably
satisfactory to the First Priority Representative.

     (b) The Second Priority Representative agrees on behalf of itself and the other Second
Priority Secured Parties that all mortgages, deeds of trust, deeds and similar instruments
(collectively, “mortgages”) now or thereafter filed, or acquired by operation of law or by
assignment against real property in favor of or for the benefit of the Second Priority
Representative shall be in form reasonably satisfactory to the First Priority Representative and
shall contain the following notation: “The lien created by this mortgage on the property described
herein is junior and subordinate to the lien on such property created by any mortgage, deed of
trust or similar instrument now or hereafter granted to JPMorgan Chase Bank, N. A., and its
successors and assigns, in such property, in accordance with the provisions of the Intercreditor
Agreement dated as of March 25, 2008 among JPMorgan Chase Bank, N.A., as Collateral Agent; Deutsche
Bank Trust Company Americas, as Trustee and Collateral Agent; and MoneyGram Payment Systems
Worldwide, Inc., as amended from time to time.”

     (c) The First Priority Representative hereby acknowledges that, to the extent that it holds,
or a third party holds on its behalf, physical possession of or “control” (as defined in the
Uniform Commercial Code) over Common Collateral pursuant to the First Priority Documents, such
possession or control is also for the benefit of the Second Priority Representative and the other
Second Priority Secured Parties solely to the extent required to perfect their security interest in
such Common Collateral. Nothing in the preceding sentence shall be construed to impose any duty on
the First Priority Representative (or any third party acting on its behalf) with respect to such
Common Collateral or provide the Second Priority Representative or any other Second Priority
Secured Party with any rights with respect to such Common Collateral beyond those specified in this
Agreement and the Second Priority Security Documents, provided that subsequent to the occurrence of
the First Priority Obligations Payment Date, the First Priority Representative shall (x) deliver to
the Second Priority Representative, at the Borrower’s sole reasonable cost and expense, the Common
Collateral in its possession or control together with any necessary endorsements to the extent
required by the Second Priority Documents or (y) direct and deliver such Common Collateral as a
court of competent jurisdiction otherwise directs, and provided further that the provisions
of this Agreement are intended solely to govern the respective Lien priorities as between the First
Priority Secured Parties and the Second Priority Secured Parties and shall not impose on the First
Priority Secured Parties any obligations in respect of the disposition of any Common Collateral (or
any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor
of any other Person that is not a Secured Party.

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     2.5 Similar Liens and Agreements. The parties hereto agree that it is their intention
that the First Priority Collateral and the Second Priority Collateral shall be identical. In
furtherance of the foregoing, the parties hereto agree, subject to the other provisions of this
Agreement:

     (a) upon request by the First Priority Representative or the Second Priority Representative,
to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to
time in order to determine the specific items included in the First Priority Collateral and the
Second Priority Collateral and the steps taken to perfect their respective Liens and the identity
of the respective parties obligated under the First Priority Documents and the Second Priority
Documents; and

     (b) that the documents and agreements creating or evidencing the First Priority Collateral and
the Second Priority Collateral and guarantees for the First Priority Obligations and the Second
Priority Obligations shall be in all material respects the same forms of documents other than (i)
with respect to the first priority and the second priority nature of the security interests created
thereunder and (ii) as provided in Section 2.6.

     (c) So long as the First Priority Obligations Payment Date has not occurred, if any Second
Priority Secured Party shall acquire or hold any new Lien on any assets of any Loan Party securing
any Second Priority Obligation which assets are not also subject to the first-priority Lien of the
First Priority Representative under the First Priority Documents, then the Second Priority
Representative, will, without the need for any further consent of any other Second Priority Secured
Party, notwithstanding anything to the contrary in any other Second Priority Document, hold such
Lien for the benefit of the First Lien Representative. To the extent that the foregoing provisions
are not complied with for any reason, without limiting any other rights and remedies available to
the First Priority Secured Parties, the Second Priority Representative and the other Second
Priority Secured Parties agree that any amounts received by or distributed to any of them pursuant
to or as a result of Liens granted in contravention of this Section 2.5(c) shall be subject to
Section 4.1.

     2.6
Bailee for Perfection. (a) The First Priority Representative agrees to hold that
part of the Common Collateral that is in its possession or control (or in the possession or control
of its agents or bailees) to the extent that possession or control thereof is taken to perfect a
Lien thereon under the Uniform Commercial Code or other applicable law as collateral agent for the
First Priority Secured Parties and as bailee for the Second Priority Representative (such bailment
being intended, among other things, to satisfy the requirements of
Sections 8-106(d)(3),
8-301(a)(2) and 9-313(c) of the Uniform Commercial Code) and any assignee solely for the purpose of
perfecting the security interest granted under the First Priority Documents and the Second Priority
Documents, respectively, subject to the terms and conditions of this Section 2.6. Solely
with respect to any deposit accounts under the control (within the meaning of Section 9-104 of the
UCC) of the First Priority Representative, the First Priority Representative agrees to also hold
control over such deposit accounts as agent for the Second Priority Representative.

     (b) The First Priority Representative shall have no obligation whatsoever to the First
Priority Secured Parties, the Second Priority Representative or any Second Priority Secured Party
to ensure that the Common Collateral is genuine or owned by any

10

 

of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in
this Section 2.6. The duties or responsibilities of the First Priority Representative under
this Section 2.6 shall be limited solely to holding the Common Collateral as agent and
bailee in accordance with this Section 2.6 and delivering the Common Collateral upon a
discharge of First Priority Obligations as provided in paragraph (d) below.

     (c) The First Priority Representative acting pursuant to this Section 2.6 shall not
have by reason of the First Priority Security Documents, the Second Priority Security Documents,
this Agreement or any other document a fiduciary relationship in respect of the First Priority
Secured Parties, the Second Priority Representative or any Second Priority Secured Party.

     (d) Upon the discharge of First Priority Obligations under the First Priority Documents to
which the First Priority Representative is a party, the First Priority Representative shall
promptly deliver, at Borrower’s sole reasonable cost and expense, the remaining Common Collateral
(if any) in its possession or control together with any necessary endorsements, first, to the
Second Priority Representative to the extent Second Priority Obligations remain outstanding, and
second, to the Borrower to the extent no First Priority Obligations or Second Priority Obligations
remain outstanding (in each case, so as to allow such Person to obtain control of such Common
Collateral). Upon such discharge of First Priority Obligations, the First Priority Representative
further agrees to take all other action reasonably requested by the Second Priority Representative
in connection with the Second Priority Representative obtaining a first priority interest in the
Common Collateral or as a court of competent jurisdiction may otherwise direct.

     SECTION 3. Enforcement Rights.

     3.1 Exclusive Enforcement. (a) Until the First Priority Obligations Payment Date
has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan
Party, the First Priority Secured Parties shall have the exclusive right to take and continue any
Enforcement Action with respect to the Common Collateral, without any consultation with or consent
of any Second Priority Secured Party. Upon the occurrence and during the continuance of a default
or an event of default under the First Priority Documents, the First Priority Representative and
the other First Priority Secured Parties may take and continue any Enforcement Action with respect
to the First Priority Obligations and the Common Collateral in such order and manner as they may
determine in their sole discretion subject only to any express limitation on taking such
Enforcement Action contained in the First Priority Documents. Except as specifically provided in
this Section 3.1 or 3.7 below, notwithstanding any rights or remedies available to a Second
Priority Secured Party under any of the Second Priority Security Documents, applicable law or
otherwise, no Second Priority Secured Party shall, directly or indirectly, take any Enforcement
Action; provided that, upon the occurrence and continuance of the Second Priority Enforcement Date
the Second Priority Secured Parties may take any Enforcement Action subject to the other terms of
this Agreement;

     (b) The First Priority Representative shall respond to all reasonable written requests
from the Second Priority Representative to provide written statements as to the

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status of any Enforcement Action taken by the First Priority Representative. The Second Priority
Representative shall respond to all reasonable written requests from the First Priority
Representative to provide written statements as to the status of any Enforcement Action taken by
the Second Priority Representative. Notwithstanding the occurrence and continuance of the Second
Priority Enforcement Date, in no event shall any Second Priority Secured Parties commence or
continue any Enforcement Action if an Insolvency Proceeding has been commenced by or against any
Loan Party and is continuing; provided that the foregoing shall not prohibit the filing of
an involuntary proceeding under the Bankruptcy Code by a Second Priority Secured Party to the
extent otherwise permitted pursuant to Sections 3.1 and 3.7;

     (c) The Second Priority Representative hereby acknowledges and agrees that the rights and
remedies of the First Priority Representative and First Priority Secured Parties under the First
Priority Documents are independent rights and remedies and that no covenant, agreement or
restriction contained in the Second Priority Security Documents or any other Second Priority
Document (other than this Agreement) shall be deemed to restrict the manner in which the First
Priority Representative and any of the First Priority Secured Parties exercise (or elect not to
exercise) such rights and remedies, it being understood that notwithstanding the foregoing, the
Second Priority Representative and the Second Priority Secured Parties shall, except as expressly
provided in this Agreement, have the right to enforce their rights and remedies under the Second
Priority Documents, and the First Priority Representative hereby acknowledges and agrees that the
rights and remedies of the Second Priority Representative and the Second Priority Secured Parties
under the Second Priority Documents are independent rights and remedies and that no covenant,
agreement or restriction contained in the First Priority Security Documents or the other First
Priority Documents (other than this Agreement) shall be deemed to restrict the manner in which the
Second Priority Representative and any of the Second Priority Secured Parties exercise (or elect
not to exercise) such rights and remedies, it is understood that notwithstanding the foregoing, the
First Priority Representative and the First Priority Secured Parties shall have the right to
enforce their rights and remedies under the First Priority Documents.

     (d) Nothing in this Agreement shall be construed to in any way limit or impair the right of
any First Priority Secured Party or any Second Priority Secured Party to join (but not control) any
Enforcement Action initiated by any other person against the Common Collateral, so long as it does
not delay or interfere in any material respect with the exercise by such other person of its rights
as provided in this Agreement. The foregoing shall not be construed as limiting or otherwise
impairing the right of the First Priority Representative to control any Enforcement Action.

     3.2 Standstill and Waivers. The Second Priority Representative, on behalf of
itself and the other Second Priority Secured Parties, agrees that, until the First Priority
Obligations Payment Date has occurred, subject to the proviso set
forth in Section 5.1:

     (i) they will not take or cause to be taken any action, the purpose or effect of
which is to make any Lien in respect of any Second Priority Obligation pari passu with or
senior to, or to give any Second Priority Secured Party any

12

 

preference or priority relative to, the Liens with respect to the First Priority Obligations
or the First Priority Secured Parties with respect to any of the Common Collateral;

     (ii) subject to Section 4.2, they will not oppose, object to, interfere with,
hinder or delay, in any manner, whether by judicial proceedings (including without limitation the
filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer
or other disposition of the Common Collateral by the First Priority Representative or any other
First Priority Secured Party or any other Enforcement Action taken by or on behalf of the First
Priority Representative or any other First Priority Secured Party;

     (iii) they have no right to (x) direct either the First Priority Representative or any
other First Priority Secured Party to exercise any right, remedy or power with respect to the
Common Collateral or pursuant to the First Priority Documents or (y) consent or object to the
exercise by the First Priority Representative or any other First Priority Secured Party of any
right, remedy or power with respect to the Common Collateral or pursuant to the First Priority
Documents or to the timing or manner in which any such right is exercised or not exercised (or, to
the extent they may have any such right described in this clause (iii), whether as a junior lien
creditor or otherwise, they hereby irrevocably waive such right);

     (iv) they will not institute any suit or other proceeding or assert in any suit,
Insolvency Proceeding or other proceeding any claim against either First Priority Representative or
any other First Priority Secured Party seeking damages from or other relief by way of specific
performance, instructions or otherwise, with respect to, and neither the First Priority
Representative nor any other First Priority Secured Party shall be liable for, any action taken or
omitted to be taken by the First Priority Representative or any other First Priority Secured Party
with respect to the Common Collateral or pursuant to the First Priority Documents;

     (v) they will not make any judicial or nonjudicial claim or demand or commence any
judicial or nonjudicial proceedings against any Loan Party or any of its subsidiaries or affiliates
under or with respect to any Second Priority Security Document seeking payment or damages from or
other relief by way of specific performance, instructions or otherwise under or with respect to any
Second Priority Security Document except for Enforcement Actions permitted hereby (other than
filing a proof of claim) or exercise any right, remedy or power under or with respect to, or
otherwise take any action to enforce, other than filing a proof of claim, any Second Priority
Security Document;

     (vi) they will not commence judicial or nonjudicial foreclosure proceedings with respect
to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt
any action to take possession of any Common Collateral, exercise any right, remedy or power with
respect to, or

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otherwise take any action to enforce their interest in or realize upon, the Common
Collateral or pursuant to the Second Priority Security Documents; and

     (vii) they will not seek, and hereby waive any right, to have the Common
Collateral or any part thereof marshaled upon any foreclosure or other disposition of the
Common Collateral.

     3.3 Judgment Creditors. In the event that any Second Priority Secured Party becomes a
judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights
as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for
all purposes (including in relation to the First Priority Liens and the First Priority Obligations)
to the same extent as all other Liens securing the Second Priority Obligations (created pursuant to
the Second Priority Security Documents) subject to this Agreement.

     3.4 Cooperation. The Second Priority Representative, on behalf of itself and the other
Second Priority Secured Parties, agrees that each of them shall take such actions as the First
Priority Representative shall reasonably request in writing in connection with the exercise by the
First Priority Secured Parties of their rights set forth herein.

     3.5 No Additional Rights For the Borrower Hereunder. Except as provided in
Section 3.6, if any First Priority Secured Party or Second Priority Secured Party shall
enforce its rights or remedies in violation of the terms of this Agreement, the Borrower shall not
be entitled to use such violation as a defense to any action by any First Priority Secured Party or
Second Priority Secured Party, nor to assert such violation as a counterclaim or basis for set off
or recoupment against any First Priority Secured Party or Second Priority Secured Party.

     3.6 Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to
this Agreement, commences or participates in any action or proceeding against the Borrower or the
Common Collateral, the Borrower, only with the prior written consent of the First Priority Secured
Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any
First Priority Secured Party may intervene and interpose such defense or plea in its or their name
or in the name of the Borrower.

     (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way
take, attempt to or threaten to take any action with respect to the Common Collateral (including,
without limitation, any attempt to realize upon or enforce any remedy with respect to this
Agreement), or fail to take any action required by this Agreement, any First Priority Secured Party
(in its or their own name or in the name of the Borrower) or the Borrower, only with the prior
written consent of the First Priority Representative, may obtain relief against such Second
Priority Secured Party by injunction, specific performance and/or other appropriate equitable
relief, it being understood and agreed by the Second Priority Representative on behalf of each
Second Priority Secured Party that (i) the First Priority Secured Parties’ damages from its actions
may at that time be difficult to ascertain and may be irreparable, and (ii) each Second Priority
Secured Party waives any defense that the Borrower and/or the First Priority

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Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages.

     3.7 Permitted Actions and other Agreements. The Second Priority Representative
(acting at the written direction of the majority of Second Priority Holders) and/or the Second
Priority Secured Parties:

     (a) may, but shall not be obligated to, take any action as they deem necessary (subject to
Section 2.1), including to file any proof of claim or other filing or to make any argument
or motion, in order to create, perfect or preserve their Lien on all or any portion of the Common
Collateral;

     (b) shall be entitled to file any necessary responsive or defensive pleadings in opposition to
any motion, claim, adversary proceeding or other pleading made by any Person objecting to or
otherwise seeking the disallowance of the claims of the Second Priority Secured Parties, including
without limitation any claims secured by the Common Collateral, if any, in each case not in
contravention of the express provisions of this Agreement;

     (c) may purchase any Common Collateral at any private or judicial foreclosure sale of such
Common Collateral initiated by any Secured Party or at any Section 363 hearing (i) by an all cash
bid or (ii) by a credit bid pursuant to Section 363(k) of the Bankruptcy Code if, in addition to
such credit bid, such bid includes cash consideration payable to the First Priority Parties equal
to the First Priority Obligations;

     (d) shall be entitled to file a claim, proof of claim or statement of interest with respect
to the Second Priority Obligations in any Insolvency Proceeding; and

     (e) except as provided in Sections 3.1, 3.2, 5.1, 5.2,
5.5, 5.6 and 5.9, may exercise rights and remedies as unsecured creditors
against the Borrower and any other Loan Party, including without limitation filing any pleadings,
objection, motions or agreement which assert right or interests of unsecured creditors, excluding,
prior to the Second Priority Enforcement Date, the right to file an involuntary proceeding under
the Bankruptcy Code, and including the right to file an involuntary proceeding under the Bankruptcy
Code after the occurrence of the Second Priority Enforcement Date (unless the Second Priority
Enforcement Date is deemed not to have occurred pursuant to the definition thereof).

     3.8 Option to Purchase.

     (a) The First Priority Representative agrees that it will use commercially reasonable
efforts to give the Second Priority Representative written notice (the “Enforcement Notice”) at
least two Business Days prior to commencing any Enforcement Action with respect to a material
portion of the Common Collateral following the acceleration of the First Priority Obligations. Any
Second Priority Secured Party constituting not less than the Required Holders (the “Purchasing
Parties”) shall have the option to purchase all, but not less than all, of the First Priority
Obligations from the First Priority Secured Parties following delivery of irrevocable written
notice

15

 

(the “Purchase Notice”) by the Second Priority Representative on behalf of the Purchasing Parties
to the First Priority Representative no later than 25 Business Days after (i) commencement of any
Enforcement Action with respect to a material portion of the Common Collateral following the
acceleration of the First Priority Obligations or (ii) the commencement of an Insolvency Proceeding
by or against the Borrower. If the Second Priority Representative on behalf of the Purchasing
Parties so delivers the Purchase Notice, the First Priority Representative shall terminate any
existing Enforcement Actions and shall not take any further Enforcement Actions, provided, that the
Purchase (as defined below) shall have been consummated on the date specified in the Purchase
Notice in accordance with this Section 3.8.

     (b) On the date specified by the Second Priority Representative on behalf of the Purchasing
Parties in the Purchase Notice (which shall be a Business Day not less than five Business Days, nor
more than 20 Business Days, after receipt by the First Priority Representative of the Purchase
Notice), the First Priority Secured Parties shall, subject to any required approval of any court or
other governmental authority then in effect, sell to the Purchasing Parties, and the Purchasing
Parties shall purchase (the “Purchase”) from the First Priority Secured Parties, the First Priority
Obligations; provided, that the First Priority Obligations purchased shall not include any
rights of First Priority Secured Parties with respect to indemnification and other obligations of
the Loan Parties under the First Priority Documents that are expressly stated to survive the
termination of the First Priority Documents (the “Surviving Obligations”).

     (c) Without limiting the obligations of the Loan Parties under the First Priority Documents to
the First Priority Secured Parties with respect to the Surviving Obligations (which shall not be
transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties
shall pay to the First Priority Secured Parties as the purchase price (the “Purchase Price”)
therefor the full amount of all First Priority Obligations then outstanding and unpaid (including
principal, interest, fees, premiums, breakage costs, attorneys’ fees and expenses), and, in the
case of any Hedging Obligations, the amount that would be payable by the relevant Loan Party
thereunder if it were to terminate such Hedging Obligations on the date of the Purchase or, if not
terminated, an amount determined by the relevant First Priority Secured Party to be necessary to
collateralize its credit risk arising out of such Hedging Obligations, (ii) furnish cash collateral
(the “Cash Collateral”) to the First Priority Secured Parties in such amounts as the relevant First
Priority Secured Parties determine is reasonably necessary to secure such First Priority Secured
Parties in connection with any outstanding letters of credit (not to exceed 105% of the aggregate
undrawn face amount of such letters of credit), (iii) agree to reimburse the First Priority Secured
Parties for any loss, cost, damage or expense (including attorneys’ fees and expenses) in
connection with any fees, costs or expenses related to any checks or other payments provisionally
credited to the First Priority Obligations and/or as to which the First Priority Secured Parties
have not yet received final payment and (iv) agree, after written request from the First Priority
Representative, to reimburse the First Priority Secured Parties in respect of indemnification
obligations of the Loan Parties under the First Priority Documents as to matters or circumstances
known to the Purchasing Parties at the time of the Purchase which could reasonably be expected to
result in any loss, cost, damage or expense to any

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of the First Priority Secured Parties, provided that, in no event shall any Purchasing
Party have any liability for such amounts in excess of proceeds of Common Collateral received by
the Purchasing Parties.

     (d) The Purchase Price and Cash Collateral shall be remitted by wire transfer in immediately
available funds to such account of the First Priority Representative as it shall designate to the
Purchasing Parties. The First Priority Representative shall, promptly following its receipt
thereof, distribute the amounts received by it in respect of the Purchase Price to the First
Priority Secured Parties in accordance with the First Priority Agreement. Interest shall be
calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the
Purchasing Parties to the account designated by the First Priority Representative are received in
such account prior to 12:00 Noon, New York City time, and interest shall be calculated to and
including such day if the amounts so paid by the Purchasing Parties to the account designated by
the First Priority Representative are received in such account later than 12:00 Noon, New York City
time.

     (e) The Purchase shall be made without representation or warranty of any kind by the First
Priority Secured Parties as to the First Priority Obligations, the Common Collateral or otherwise
and without recourse to the First Priority Secured Parties, except that the First Priority Secured
Parties shall represent and warrant: (i) the amount of the First Priority Obligations being
purchased, (ii) that the First Priority Secured Parties own the First Priority Obligations free and
clear of any liens or encumbrances and (iii) that the First Priority Secured Parties have the right
to assign the First Priority Obligations and the assignment is duly authorized.

     3.9 Obligations Following Discharge of First Priority Obligations. Following the
First Priority Obligations Payment Date, the First Priority Representative, on behalf of itself and
the First Priority Secured Parties, agrees that it will not take any action that would hinder any
exercise of remedies undertaken by the Second Priority Representative and the Second Priority
Secured Parties, or any of them, under the Second Priority Documents, including any public or
private sale, lease, exchange, transfer, or other disposition of the Common Collateral, whether by
foreclosure or otherwise. Following the First Priority Obligations Payment Date, the First Priority
Representative, on behalf of itself and the First Priority Secured Parties, hereby waives any and
all rights it may have as a lien creditor or otherwise to contest, protest, object to, interfere
with the manner in which the Second Priority Representative or any of the Second Priority Secured
Parties seeks to enforce the Liens in any portion of the Common Collateral (it being understood and
agreed that the terms of this Agreement shall govern with respect to the Common Collateral even if
any portion of the Liens securing the Second Priority Obligations are avoided, disallowed, set
aside or otherwise invalidated in any judicial proceeding or otherwise). If the First Priority
Obligations Payment Date has occurred, whether or not any Insolvency Proceeding has been commenced
by or against the Borrower or any other Loan Party, any Common Collateral or proceeds thereof
received by the First Priority Representative or any First Priority Secured Parties in
contravention of this Agreement shall be segregated and held in trust and forthwith paid over to
the Second Priority

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Representative for the benefit of the Second Priority Secured Parties in the same form as received,
with any necessary or reasonably requested endorsements or as a court of competent jurisdiction may
otherwise direct.

     SECTION 4. Application Of Proceeds Of Common Collateral; Dispositions And Releases Of Common
Collateral; Inspection and Insurance.

     4.1
Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral
(including without limitation any interest earned thereon) resulting from the sale, collection or
other disposition of Common Collateral in connection with or resulting from any Enforcement Action,
and whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows: first to
the First Priority Representative for application to the First Priority Obligations in accordance
with the terms of the First Priority Documents, until the First Priority Obligations Payment Date
has occurred and thereafter, to the Second Priority Representative for application in accordance
with the Second Priority Documents. Until the occurrence of the First Priority Obligations Payment
Date, any Common Collateral, including without limitation any such Common Collateral constituting
proceeds, that may be received by any Second Priority Secured Party in violation of this Agreement
shall be segregated and held in trust and promptly paid over to the First Priority Representative,
for the benefit of the First Priority Secured Parties, in the same form as received, with any
necessary endorsements, and each Second Priority Secured Party hereby authorizes the First Priority
Representative to make any such endorsements as agent for the Second Priority Representative (which
authorization, being coupled with an interest, is irrevocable).

     4.2 Releases of Second Priority Lien. (a) Upon any release, sale or disposition of
Common Collateral that results in the release of the First Priority Lien on any Common Collateral
and (i) is permitted pursuant to the terms of the Second Priority Documents, (ii) results from any
Enforcement Action taken by the First Priority Secured Parties or (iii) occurs pursuant to a sale
under section 363 of the Bankruptcy Code, the Second Priority Lien on such Common Collateral
(excluding any portion of the proceeds of such Common Collateral remaining after the First Priority
Obligations Payment Date occurs) shall be automatically and unconditionally released with no
further consent or action of any Person.

     (b) The Second Priority Representative shall promptly execute and deliver such release
documents and instruments and shall take such further actions, at the expense of the Borrower, as
the First Priority Representative shall reasonably request in writing to evidence any release of
the Second Priority Lien described in paragraph (a). The Second Priority Representative hereby
appoints the First Priority Representative and any officer or duly authorized person of the First
Priority Representative, with full power of substitution, as its true and lawful attorney in fact
with full irrevocable power of attorney in the place and stead of the Second Priority
Representative and in the name of the Second Priority Representative or in the First Priority
Representative’s own name, from time to time, in the First Priority Representative’s sole
discretion, for the purposes of carrying out the terms of this paragraph, to take any and all
appropriate action and to execute and deliver any and all documents and instruments as may be
necessary or

18

 

desirable to accomplish the purposes of this paragraph, including, without limitation, any
financing statements, endorsements, assignments, releases or other documents or instruments of
transfer (which appointment, being coupled with an interest, is irrevocable).

     4.3 Inspection Rights and Insurance. (a) Subject to Section 4.2 and any express
limitations contained in the First Priority Documents, any First Priority Secured Party and its
representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the
Common Collateral, and the First Priority Representative may advertise and conduct public auctions
or private sales of the Common Collateral, in each case without notice to, the involvement of or
interference by any Second Priority Secured Party or liability to any Second Priority Secured
Party.

     (b) Until the First Priority Obligations Payment Date has occurred, the First Priority
Representative will have the sole and exclusive right (i) to adjust or settle any insurance policy
or claim covering the Common Collateral in the event of any loss thereunder and (ii) to approve any
award granted in any condemnation or similar proceeding affecting the Common Collateral.

     SECTION 5. Insolvency Proceedings.

     5.1 Filing of Motions. Except as provided in Section 5.4, solely with respect
to seeking adequate protection, until the First Priority Obligations Payment Date has occurred, the
Second Priority Representative agrees on behalf of itself and the other Second Priority Secured
Parties that no Second Priority Secured Party shall, in or in connection with any Insolvency
Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any
nature, or otherwise take any action whatsoever, in each case in respect of any of the Common
Collateral, including, without limitation, with respect to the determination of any Liens or claims
held by the First Priority Representative (including the validity and enforceability thereof) or
any other First Priority Secured Party or the value of any claims of such parties under Section
506(a) of the Bankruptcy Code or otherwise; provided that the Second Priority
Representative may file a proof of claim in an Insolvency Proceeding, subject to the limitations
contained in this Agreement and only if consistent with the terms and the limitations on the Second
Priority Representative imposed hereby.

     5.2 Financing Matters. If any Loan Party becomes subject to any Insolvency Proceeding,
and if the First Priority Representative or the First Priority Secured Parties desire to consent
(or not object) to the use of cash collateral under the Bankruptcy Code or to provide financing to
any Loan Party under the Bankruptcy Code (including, without limitation, financing including a
priming Lien under Section 364(d) of the Bankruptcy Code) or to consent (or not object) to the
provision of such financing to any Loan Party by any third party (“DIP Financing”), then the Second
Priority Representative agrees, on behalf of itself and the other Second Priority Secured Parties,
that each Second Priority Secured Party (i) will be deemed to have consented to, will raise no
objection to, nor support any other Person objecting to, the use of such cash collateral or to such
DIP Financing, (ii) will not request or accept adequate protection or any other relief in

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connection with the use of such cash collateral or such DIP Financing except as set forth in
paragraph 5.4 below, (iii) will subordinate (and will be deemed hereunder to have subordinated) the
Second Priority Liens (x) to such DIP Financing on the same terms as the First Priority Liens are
subordinated thereto (and such subordination will not alter in any manner the terms of this
Agreement), (y) to any adequate protection provided to the First Priority Secured Parties and (z)
to any “carve-out” agreed to by the First Priority Representative or the First Priority Secured
Parties, and (iv) agrees that notice received two (2) calendar days prior to the entry of an order
approving such usage of cash collateral or approving such financing shall be adequate notice;
provided, however that the Second Priority Second Parties may object to a DIP Financing (i)
on the basis that they are not receiving adequate protection permitted under paragraph 5.4 below,
(ii) to the extent the outstanding principal amount of the DIP Financing and the principal amount
of the other First Priority Obligations exceed the Maximum First Priority Obligations Amount or
(iii) if they do not retain a Lien on the Common Collateral or the proceeds thereof at the same
priority as existed prior to the commencement of such Insolvency Proceeding subject to any priming
Lien in such DIP Financing and the priority of the First Priority Liens provided hereunder. No
Second Priority Secured Party shall propose or support any third party who proposes any DIP
Financing without the express written consent of the First Priority Representative, which consent
may be withheld in the sole discretion of the First Priority Representative.

     5.3 Relief From the Automatic Stay. The Second Priority Representative agrees, on
behalf of itself and the other Second Priority Secured Parties, that none of them will seek relief
from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in
derogation thereof, in each case in respect of any Common Collateral, without the prior written
consent of the First Priority Representative.

     5.4 Adequate Protection. The Second Priority Representative, on behalf of itself and
the other Second Priority Secured Parties, agrees that none of them shall object, contest, or
support any other Person objecting to or contesting, (i) any request by the First Priority
Representative or the First Priority Secured Parties for adequate protection or (ii) any objection
by the First Priority Representative or any other First Priority Secured Parties to any motion,
relief, action or proceeding based on a claim of a lack of adequate protection or (iii) the payment
of interest, fees, expenses or other amounts to the First Priority Representative or any other
First Priority Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise.
Notwithstanding anything contained in this Section and in Section 5.2, in any Insolvency
Proceeding, (x) if the First Priority Secured Parties (or any subset thereof) are granted adequate
protection in the form of additional collateral or superpriority claims in connection with any DIP
Financing or use of cash collateral, and the First Priority Secured Parties do not object to the
adequate protection being provided to them, then the Second Priority Representative, on behalf of
itself and any of the Second Priority Secured Parties, may seek or accept adequate protection
solely in the form of (A) a replacement Lien on such additional collateral, subordinated to the
Liens securing the First Priority Obligations and such DIP Financing on the same basis as the other
Liens securing the Second Priority Obligations are so subordinated to the First Priority
Obligations under this Agreement, (B) accrual (but not current payment) of interest on the Second
Priority Secured Obligations, and (C) payment of reasonable

20

 

professional fees and expenses of the Second Priority Representative, and (y) in the event the
Second Priority Representative, on behalf of itself and the Second Priority Secured Parties, seeks
or requests adequate protection and such adequate protection is granted in the form of additional
collateral, then the Second Priority Representative, on behalf of itself or any of the Second
Priority Secured Parties, agrees that the First Priority Representative shall also be granted a
senior Lien on such additional collateral as security for the First Priority Obligations and any
such DIP Financing and that any Lien on such additional collateral securing the Second Priority
Obligations shall be subordinated to the Liens on such collateral securing the First Priority
Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens
granted to the First Priority Secured Parties as adequate protection, with such subordination to be
on the same terms that the other Liens securing the Second Priority Obligations are subordinated to
such First Priority Obligations under this Agreement.

     5.5
Avoidance Issues. (a) If any First Priority Secured Party is required in any
Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any
Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason,
including without limitation because it was found to be a fraudulent or preferential transfer, any
amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of
set-off or otherwise, then the First Priority Obligations shall be reinstated to the extent of such
Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority
Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been
terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and
such prior termination shall not diminish, release, discharge, impair or otherwise affect the
obligations of the parties hereto. The Second Priority Secured Parties agree that none of them
shall be entitled to benefit from any avoidance action affecting or otherwise relating to any
distribution or allocation made in accordance with this Agreement, whether by preference or
otherwise, it being understood and agreed that the benefit of such avoidance action otherwise
allocable to them shall instead be allocated and turned over for application in accordance with the
priorities set forth in this Agreement.

     5.6 Asset Dispositions in an Insolvency Proceeding. Neither the Second Priority
Representative nor any other Second Priority Secured Party shall, in an Insolvency Proceeding or
otherwise, oppose any sale or disposition of any assets of any Loan Party that is supported by the
First Priority Required Lenders, and the Second Priority Representative and each other Second
Priority Required Lenders will be deemed to have consented under Section 363 of the Bankruptcy Code
(and otherwise) to any sale supported by the First Priority Secured Parties and to have released
their Liens in such assets.

     5.7 Separate Grants of Security and Separate Classification. Each Second Priority
Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the First Priority
Security Documents and the Second Priority Security Documents constitute two separate and distinct
grants of Liens and (ii) because of, among other things, their differing rights in the Common
Collateral, the Second Priority Obligations

21

 

are fundamentally different from the First Priority Obligations and must be separately classified
in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further
effectuate the intent of the parties as provided in the immediately preceding sentence, if it is
held that the claims of the First Priority Secured Parties and Second Priority Secured Parties in
respect of the Common Collateral constitute only one secured claim (rather than separate classes of
senior and junior secured claims), then the Second Priority Secured Parties hereby acknowledge and
agree that all distributions shall be made as if there were separate classes of senior and junior
secured claims against the Loan Parties in respect of the Common Collateral (with the effect being
that, to the extent that the aggregate value of the Common Collateral is sufficient (for this
purpose ignoring all claims held by the Second Priority Secured Parties), the First Priority
Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect
of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition
Interest before any distribution is made in respect of the claims held by the Second Priority
Secured Parties, with the Second Priority Secured Parties hereby acknowledging and agreeing to rum
over to the First Priority Secured Parties amounts otherwise received or receivable by them to the
extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of
reducing the claim or recovery of the Second Priority Secured Parties).

     5.8 No Waivers of Rights of First Priority Secured Parties. Subject to Section 2.1(b), nothing contained herein shall prohibit or in any way limit the First Priority
Representative or any other First Priority Secured Party from objecting in any Insolvency
Proceeding or otherwise to any action taken by any Second Priority Secured Party, including the
seeking by any Second Priority Secured Party of adequate protection or the asserting by any Second
Priority Secured Party of any of its rights and remedies under the Second Priority Documents or
otherwise.

     5.9 Plans of Reorganization. The Second Priority Secured Parties may propose, vote on,
file and prosecute, object to, and make other filings with regard to, any plan of reorganization,
unless such action would directly or indirectly result in a violation of this Agreement, whether
directly by any Second Priority Secured Party or as a result of confirmation of such plan.

     5.10 Other Matters. (a) To the extent that the Second Priority Representative or any
Second Priority Secured Party has or acquires rights under Section 363 or Section 364 of the
Bankruptcy Code with respect to any of the Common Collateral, the Second Priority Representative
agrees, on behalf of itself and the other Second Priority Secured Parties not to assert any of such
rights without the prior written consent of the First Priority Representative; provided that if
requested in writing by the First Priority Representative, the Second Priority Representative shall
timely exercise such rights in the manner requested by the First Priority Representative, including
any rights to payments in respect of such rights.

     5.11 Effectiveness in Insolvency Proceedings. This Agreement, which the parties
hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the
Bankruptcy Code, shall be effective before, during and after the

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commencement of an Insolvency Proceeding. All references in this Agreement to any Loan Party
shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such
Loan Party in any Insolvency Proceeding.

     SECTION 6. Second Priority Documents and First Priority Documents.

     (a) Each Loan Party and the Second Priority Representative, on behalf of itself and the Second
Priority Secured Parties, agrees that it shall not at any time execute or deliver any amendment or
other modification to any of the Second Priority Documents inconsistent with or in violation of
this Agreement.

     (b) The First Priority Obligations may be amended, waived, increased, extended, renewed,
replaced, refinanced or secured with additional collateral (provided that both the First Priority
Liens and the Second Priority Liens shall attach to such additional collateral) without affecting
the lien priorities of the First Priority Liens and the Second Priority Liens, subject to the
covenants in the First Priority Documents and the Second Priority Documents; provided that no such
amendment, waiver, increase, extension, renewal, replacement or refinancing shall increase the
principal amount of the First Priority Obligations to an amount in excess of the Maximum First
Priority Obligations Amount.

     (c) Until the First Priority Obligations Payment Date has occurred, and notwithstanding
anything to the contrary contained in the Second Priority Documents, the Second Priority Secured
Parties shall not, without the prior written consent of the First Priority Representative, agree to
any amendment, restatement, modification, supplement, substitution, renewal or replacement of or to
any or all of the Second Priority Documents to (i) shorten the maturity of the Second Priority
Obligations to be sooner than 91 days following the scheduled maturity date of the First Priority
Obligations under the Existing First Priority Agreement or (ii) impose any amortization payments of
principal in respect of the Second Priority Obligations and/or add any additional mandatory
principal prepayments (or offers to prepay) the Second Priority Obligations, in each case, prior to
the scheduled maturity date of the First Priority Obligations under the Existing First Priority
Agreement.

     SECTION 7. Reliance; Waivers; etc.

     7.1 Reliance. The First Priority Documents are deemed to have been executed and
delivered, and all extensions of credit thereunder are deemed to have been made or incurred, in
reliance upon this Agreement. The Second Priority Representative, on behalf of itself and the
Second Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on
this Agreement by the First Priority Secured Parties. The Second Priority Documents are deemed to
have been executed and delivered and all extensions of credit thereunder are deemed to have been
made or incurred, in reliance upon this Agreement. The First Priority Representative, on behalf of
itself and First Priority Secured Parties, expressly waives all notices of the acceptance of and
reliance by the Second Priority Representative and the Second Priority Secured Parties.

23

 

     7.2 No Warranties or Liability. The Second Priority Representative and the First
Priority Representative acknowledge and agree that neither has made any express or implied
representation or warranty with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any First Priority Document or any Second Priority Document.
Except as otherwise provided in this Agreement, the Second Priority Representative and the First
Priority Representative will be entitled to manage and supervise their respective extensions of
credit to any Loan Party in accordance with law and their usual practices, modified from time to
time as they deem appropriate.

     7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of such party or any other
party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the
First Priority Documents or the Second Priority Documents.

     SECTION 8. Obligations Unconditional.

     8.1 First Priority Obligations Unconditional. All rights of the First Priority
Representative hereunder, and all agreements and obligations of the Second Priority Representative,
the Borrower and the other Loan Parties (to the extent applicable) hereunder, shall remain in full
force and effect irrespective of:

     (i) any lack of validity or enforceability of any First Priority
Document;

     (ii) any change in the time, place or manner of payment of, or in any other term
of, all or any portion of the First Priority Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of any First Priority Document;

     (iii) prior to the First Priority Obligations Payment Date, any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Common Collateral or
any other collateral, or any release, amendment, waiver or other modification, whether by
course of conduct or otherwise, or any refinancing, replacement, refunding or restatement
of all or any portion of the First Priority Obligations or any guarantee or guaranty
thereof; or

     (iv) prior to the First Priority Obligations Payment Date, any other
circumstances that otherwise might constitute a defense available to, or a discharge of,
any Loan Party in respect of the First Priority Obligations, or of any of the Second
Priority Representative, or any Loan Party, to the extent applicable, in respect of this
Agreement.

     8.2 Second Priority Obligations Unconditional. All rights and interests of the Second
Priority Representative under this Agreement, and all agreements and obligations of the First
Priority Representative, the Loan Parties, to the extent applicable, hereunder, shall remain in
full force and effect irrespective of:

24

 

     (i) any lack of validity or enforceability of any Second Priority
Document;

     (ii) any change in the time, place or manner of payment of, or in any other term
of, all or any portion of the Second Priority Obligations, or any amendment, waiver or
other modification, whether by course of conduct or otherwise, or any refinancing,
replacement, refunding or restatement of any Second Priority Document;

     (iii) any exchange, release, voiding, avoidance or non-perfection of any security
interest in any Common Collateral, or any release, amendment, waiver or other modification,
whether by course of conduct or otherwise, or any refinancing, replacement, refunding or
restatement of all or any portion of the Second Priority Obligations or any guarantee or
guaranty thereof; or

     (iv) any other circumstances that otherwise might constitute a defense available
to, or a discharge of, any Loan Party in respect of the Second Priority Obligations, or of
any of the First Priority Representative or any other Loan Party, to the extent applicable,
in respect of this Agreement.

     SECTION 9. Miscellaneous.

     9.1 Conflicts. In the event of any conflict between the provisions of this Agreement
and the provisions of any First Priority Document or any Second Priority Document, the provisions
of this Agreement shall govern.

     9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective,
and shall not be revocable by any party hereto, until the First Priority Obligation Payment Date
shall have occurred. This is a continuing agreement and the First Priority Secured Parties and the
Second Priority Secured Parties may continue, at any time and without notice to the other parties
hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness
to, or for the benefit of, the Borrower or any other Loan Party on the faith hereof.

     9.3 Amendments; Waivers. No amendment or modification of any of the provisions of this
Agreement shall be effective unless the same shall be in writing and signed by the First Priority
Representative and the Second Priority Representative and, in the case of amendments or
modifications of Sections 3.5, 3.6, 3.8, 5.2, 5.4,
6, 9.3, 9.5 or 9.6 that directly adversely affect the rights or
duties of any Loan Party, such Loan Party.

     9.4 Information Concerning Financial Condition of the Borrower and the other Loan
Parties. Each of the Second Priority Representative and the First Priority Representative
hereby assume responsibility for keeping itself informed of the financial condition of the Borrower
and each of the other Loan Parties and all other circumstances bearing upon the risk of nonpayment
of the First Priority Obligations or the Second Priority Obligations. The Second Priority
Representative and the First Priority Representative hereby agree that no party shall have any duty
to advise any other party of information known to it regarding such condition or any such
circumstances. In the event

25

 

the Second Priority Representative or the First Priority Representative, in its sole discretion,
undertakes at any time or from time to time to provide any information to any other party to this
Agreement, it shall be under no obligation (A) to provide any such information to such other party
or any other party on any subsequent occasion, (B) to undertake any investigation not a part of its
regular business routine, or (C) to disclose any other information.

     9.5 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW
AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK ARE GOVERNED BY THE LAWS OF SUCH JURISDICTION.

     9.6 SUBMISSION TO JURISDICTION; WAIVERS. (A) EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF
ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

     (B) ALL PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT
THEY MAY LEGALLY AND EFFECTIVELY DO SO (X) ANY OBJECTION THEY MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN
ANY COURT REFERRED TO IN PARAGRAPH (A) OF THIS SECTION AND (Y) THE DEFENSE OF AN INCONVENIENT FORUM
TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.

     (C) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 9.7. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

26

 

     9.7 Notices. Unless otherwise specifically provided herein, any notice or other
communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, or sent by overnight express courier service or United States mail and shall be
deemed to have been given when delivered in person or by courier service, upon receipt of a
telecopy or five (5) days after deposit in the United States mail (certified, with postage prepaid
and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice
of a change thereof is delivered as provided in this Section) shall be as set forth below each
party’s name on the signature pages hereof, or, as to each party, at such other address as may be
designated by such party in a written notice to all of the other parties.

     9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and each of the First Priority Secured Parties and Second
Priority Secured Parties and their respective successors and assigns, and nothing herein is
intended, or shall be construed to give, any other Person any right, remedy or claim under, to or
in respect of this Agreement or any Common Collateral. All references to any Loan Party shall
include any Loan Party as debtor-in-possession and any receiver or trustee for such Loan Party in
any Insolvency Proceeding.

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

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

     9.11 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall
become effective when it shall have been executed by each party hereto.

     9.12 Second Priority Representative Actions. Whenever reference is made in this
Agreement to any action by, consent, designation, specification, requirement or approval of,
notice, request or other communication from, or other direction given or action to be undertaken or
to be (or not to be) suffered or omitted by the Second Priority Representative or to any election,
decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of
discretion, rights or remedies to be made (or not to be made) by the Second Priority Representative, it is understood that in all cases the Second Priority Representative shall be fully justified in
failing or refusing to take any such action under this Agreement if it shall not have received such
advice or

27

 

concurrence of the Required Holders, as it deems appropriate. This provision is intended solely for
the benefit of the Second Priority Representative and its successors and permitted assigns and is
not intended to and will not entitle the other parties hereto to any defense, claim or
counterclaim, or confer any rights or benefits on any party hereto, or impose any obligation on the
First Priority Representative or any of the other First Priority Secured Parties to inquire as to
the advice or concurrence of the Required Holders received by the Second Priority Representative
prior to relying on the authority of the Second Priority Representative to take any action
permitted hereunder.

     9.13 USA Patriot Act. The Borrower acknowledges that in accordance with Section 326
of the USA Patriot Act Deutsche Bank Trust Company Americas, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship
or opens an account. The Borrower agrees that it will provide Deutsche Bank Trust Company Americas
with such information as it may request in order for Deutsche Bank Trust Company Americas to
satisfy the requirements of the USA Patriot Act.

28

 

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

	 	 	 	 	 
	 

	 	JPMorgan Chase Bank, N.A., as First Priority
Representative for and on behalf of the First
Priority Secured Parties	 	 
	 
	 	 	 	 
	 

	 	By:  

Name:
Sabir A. Hashm
	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	 

	 	Address for Notices:	 	 
	 
	 	 	 	 
	 

	 	Attn: 
 

	 	 
	 

	 	Telecopy No.: 
 

	 	 
	 
	 	 	 	 
	 

	 	With a copy to:	 	 
	 
	 	 	 	 
	 

	 	Attn: 
 

	 	 
	 

	 	Telecopy No.: 
 

	 	 

[Intercreditor Agreement Signature Page]

 

 

	 	 	 	 	 
	 

	 	Deutsche Bank Trust Company Americas, as Second Priority
Representative for
and on behalf of the Second Priority Secured Parties	 	 
	 
	 	 	 	 
	 

	 	By: Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 
	 

	 	By:  

Name:
Cynthia J. Powell
	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	 

	 	By:  

Name:
David Contino
	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	 

	 	Address for Notices:	 	 
	 
	 	 	 	 
	 

	 	Deutsche Bank Trust Company Americas	 	 
	 

	 	Trust & Securities Services	 	 
	 

	 	60 Wall Street, MS2710	 	 
	 

	 	New York, NY 10005	 	 
	 

	 	Attn: Deal Manager — Corporate Team	 	 
	 
	 	 	 	 
	 

	 	With a copy to:	 	 
	 
	 	 	 	 
	 

	 	Deutsche Bank Trust Company Americas	 	 
	 

	 	c/o Deutsche Bank Trust Company	 	 
	 

	 	Trust & Securities Services	 	 
	 

	 	25 DeForest Avenue, MS SUM 01-0105	 	 
	 

	 	Summit, NJ 07901	 	 
	 

	 	Attn: Deal Manager — Corporate Team	 	 

[Intercreditor Agreement Signature Page]

 

 

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

 	 
	 	By:  	
 	 
	 	Title: EVP & CFO  	 
	 	 	 	 
	 

Signature Page to MoneyGram Intercreditor Agreement

 

 

	 	 	 	 	 
	 

	 	MONEYGRAM INTERNATIONAL, INC.	 	 
	 
	 	 	 	 
	 

	 	MONEYGRAM PAYMENT SYSTEMS, INC.	 	 
	 
	 	 	 	 
	 

	 	MONEYGRAM INVESTMENTS, LLC	 	 
	 
	 	 	 	 
	 

	 	FSMC, INC.	 	 
	 
	 	 	 	 
	 

	 	PROPERTYBRIDGE, INC.	 	 
	 
	 	 	 	 
	 

	 	MONEYGRAM OF NEW YORK, LLC, 
By: MONEYGRAM PAYMENT SYSTEMS,
INC., 

its Sole Member	 	 
	 
	 	 	 	 
	 

	 	By:  

Title:
President and CEO
	 	 

Signature Page to MoneyGram Intercreditor Agreement

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