Document:

exv4w8

Exhibit 4.8

          SIXTH
SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of February 1,
2010, among RMD NETWORKS, INC. (the “New Guarantor”), a Subsidiary of Inverness Medical
Innovations, Inc. (or its successor) (the “Issuer”), INVERNESS MEDICAL INNOVATIONS, INC., a
Delaware corporation, each of the Guarantors (the “Existing Guarantors”) under the Indenture
referred to below, and U.S. BANK NATIONAL ASSOCIATION, as Trustee under the Indenture referred to
below (the “Trustee”).

WITNESSETH:

          WHEREAS the Issuer has heretofore executed and delivered to the Trustee an Indenture dated as
of May 12, 2009, as amended, supplemented and modified by a First Supplemental Indenture dated as
of May 12, 2009, a Second Supplemental Indenture dated as of June 9, 2009, a Third Supplemental
Indenture dated as of August 4, 2009, a Fourth Supplemental Indenture dated as of September 22,
2009, and a Fifth Supplemental Indenture dated as of November 25, 2009 (as so amended, supplemented
and modified, and as further amended, supplemented or modified to date, the “Indenture”), by and
among the Issuer, the Existing Guarantors and the Trustee, providing for the issuance of 9.00%
Senior Subordinated Notes due 2016 (the “Notes”);

          WHEREAS Section 4.13 of the Indenture provides that under certain circumstances the Issuer is
required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture
pursuant to which the New Guarantor shall unconditionally and irrevocably guarantee all of the
Issuer’s obligations under the Notes pursuant to a guarantee on the terms and conditions set forth
herein; and

          WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Issuer and the Existing
Guarantors are authorized to execute and deliver this Supplemental Indenture;

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Trustee, the
Issuer and the Existing Guarantors mutually covenant and agree for the equal and ratable benefit of
the Holders as follows:

          SECTION 1. Definitions. For all purposes of this Supplemental Indenture, except as
otherwise herein expressly provided or unless the context otherwise requires: (i) the terms and
expressions used herein shall have the same meanings as corresponding terms and expressions used in
the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

          SECTION 2. Agreement to Guarantee. The New Guarantor hereby unconditionally and
irrevocably agrees, jointly and severally with all other Guarantors, to guarantee the Issuer’s
obligations under the Notes and the Indenture on the terms and subject to the conditions set forth
in Article Eleven of the Indenture and to be bound by all other applicable provisions of the
Indenture.

          SECTION 3. Ratification of Indenture; Supplemental Indenture Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and

 

 

all the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

          SECTION 4. Governing Law. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York, but without giving effect to
applicable principles of conflicts of laws to the extent that the application of the laws of
another jurisdiction would be required thereby.

          SECTION 5. Trustee Makes No Representation. The Trustee makes no representation as to
the validity or sufficiency of this Supplemental Indenture.

          SECTION 6. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

          SECTION 7. Effect of Headings. The Section headings herein are for convenience only
and shall not effect the construction thereof.

[Signature Page Follows]

- 2 -

 

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	NEW GUARANTOR:

RMD NETWORKS, INC.,

    as a New Guarantor
 	 
	 
	 	By:  	                  /s/ David A. Teitel
 	 
	 	 	Name: 	David A. Teitel 	 
	 	 	Title: 	Vice President, Finance and Treasurer 	 
	 
	 	ISSUER:

INVERNESS MEDICAL INNOVATIONS, INC.
 	 
	 
	 	By:  	/s/ David A. Teitel
 	 
	 	 	Name: 	David A. Teitel 	 
	 	 	Title: 	Chief Financial Officer and Treasurer 	 
	 

Signature Page to Sixth Supplemental Indenture

 

 

	 	 	 	 	 
	 	EXISTING GUARANTORS:

ALERE HEALTH, LLC

ALERE HEALTHCARE OF ILLINOIS, INC.

ALERE HEALTH IMPROVEMENT COMPANY

ALERE HEALTH SYSTEMS, INC.

ALERE MEDICAL, INC.

ALERE WELLOLOGY, INC.

ALERE WOMEN’S AND CHILDREN’S HEALTH, LLC

AMEDITECH INC.

APPLIED BIOTECH, INC.

BINAX, INC.

BIOSITE INCORPORATED

CHOLESTECH CORPORATION

FIRST CHECK DIAGNOSTICS CORP.

FIRST CHECK ECOM, INC.

FREE & CLEAR, INC.

GENECARE MEDICAL GENETICS CENTER, INC.

HEMOSENSE, INC.

IM US HOLDINGS, LLC

 	 
	 	By:  	/s/ David A. Teitel
 	 
	 	 	Name:  	David A. Teitel 	 
	 	 	Title (respectively):  Vice President and
          
Treasurer; Vice President, Finance; Vice
          
President, Finance; Vice President and
          
Treasurer; Vice President and Treasurer;
          
Vice President, Finance; Vice President,
          
Finance; General Manager; Vice President;
          
Vice President, Finance; Vice President,
          
Finance; Vice President, Finance and Chief
          
Financial Officer; Vice President, Finance;
          
Vice President; Vice President, Finance and
          
Treasurer; Vice President and Treasurer;
          
Treasurer; President 	 
	 

Signature Page to Sixth Supplemental Indenture

 

 

	 	 	 	 	 
	 	EXISTING GUARANTORS (continued):

INNOVACON, INC.

INNOVATIVE MOBILITY, LLC

INSTANT TECHNOLOGIES, INC.

INVERNESS MEDICAL, LLC

INVERNESS MEDICAL — BIOSTAR INC.

INVERNESS MEDICAL INNOVATIONS NORTH AMERICA, INC.

INVERNESS MEDICAL INTERNATIONAL HOLDING CORP.

ISCHEMIA TECHNOLOGIES, INC.

IVC INDUSTRIES, INC.

MATRITECH, INC.

OSTEX INTERNATIONAL, INC.

QUALITY ASSURED SERVICES, INC.

REDWOOD TOXICOLOGY LABORATORY, INC.

RTL HOLDINGS, INC.

SELFCARE TECHNOLOGY, INC.

TAPESTRY MEDICAL, INC.

WAMPOLE LABORATORIES, LLC

ZYCARE, INC.

 	 
	 	By:  	/s/ David A. Teitel
 	 
	 	 	Name:  	David A. Teitel 	 
	 	 	Title (respectively):  Vice President, Finance;
          
Chief Financial Officer; Vice President,
          
Finance; Vice President, Finance; Vice
          
President, Finance; Vice President, Finance;
          
President; Vice President, Finance; Vice
          
President; Vice President, Finance; Vice
          
President, Finance; Chief Financial Officer;
          
Vice President, Finance; Vice President,
          
Finance; Vice President, Finance; Vice
          
President, Finance; Vice President; Chief
          
Financial Officer and Treasurer 	 
	 

Signature Page to Sixth Supplemental Indenture

 

 

	 	 	 	 	 
	 	EXISTING GUARANTORS (continued):

MATRIA OF NEW YORK, INC.
 	 
	 
	 	By:  	/s/ Tom Underwood
 	 
	 	 	Name: 	Tom Underwood 	 
	 	 	Title: 	President 	 
	 

Signature Page to Sixth Supplemental Indenture

 

 

	 	 	 	 	 
	 	TRUSTEE:

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee
 	 
	 
	 	By:  	/s/ Thomas E. Tabor
 	 
	 	 	Name: 	Thomas E. Tabor 	 
	 	 	Title: 	Vice President 	 
	 

Signature Page to Sixth Supplemental IndentureExhibit 10.1

Exhibit 10.1

EXECUTION COPY

 

CREDIT AGREEMENT

dated as of

January 29, 2010,

among

RENTECH ENERGY MIDWEST CORPORATION,

as Borrower,

RENTECH, INC.,

THE LENDERS PARTY HERETO,

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

as Administrative Agent and Collateral Agent

and

CREDIT SUISSE SECURITIES (USA) LLC

as Sole Bookrunner, Sole Syndication Agent and Sole Lead Arranger

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Terms Generally
	 	 	26	 
	SECTION 1.03. Pro Forma Calculations
	 	 	26	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	The Credits
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Commitments
	 	 	26	 
	SECTION 2.02. Loans
	 	 	26	 
	SECTION 2.03. Evidence of Debt; Repayment of Loans
	 	 	27	 
	SECTION 2.04. Fees
	 	 	28	 
	SECTION 2.05. Interest on Loans
	 	 	28	 
	SECTION 2.06. Default Interest
	 	 	28	 
	SECTION 2.07. Conversion and Continuation of Loans
	 	 	29	 
	SECTION 2.08. Repayment of Loans; Termination of Commitments
	 	 	30	 
	SECTION 2.09. Voluntary Prepayment
	 	 	31	 
	SECTION 2.10. Mandatory Prepayments
	 	 	31	 
	SECTION 2.11. Prepayment or Offer to Purchase in Connection with Change in Control
	 	 	33	 
	SECTION 2.12. Pro Rata Treatment
	 	 	33	 
	SECTION 2.13. Sharing of Setoffs
	 	 	33	 
	SECTION 2.14. Payments
	 	 	34	 
	SECTION 2.15. Taxes
	 	 	34	 
	SECTION 2.16. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate
	 	 	35	 
	SECTION 2.17. Reserve Requirements; Change in Circumstances
	 	 	36	 
	SECTION 2.18. Change in Legality
	 	 	37	 
	SECTION 2.19. Breakage
	 	 	38	 
	SECTION 2.20. Alternate Rate of Interest
	 	 	38	 
	SECTION 2.21. Incremental Loans
	 	 	38	 

 

i

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Representations and Warranties
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	40	 
	SECTION 3.02. Authorization
	 	 	40	 
	SECTION 3.03. Enforceability
	 	 	41	 
	SECTION 3.04. Governmental Approvals
	 	 	41	 
	SECTION 3.05. Financial Statements
	 	 	41	 
	SECTION 3.06. No Material Adverse Change
	 	 	42	 
	SECTION 3.07. Title to Properties; Possession Under Leases
	 	 	42	 
	SECTION 3.08. Subsidiaries
	 	 	42	 
	SECTION 3.09. Litigation; Compliance with Laws
	 	 	42	 
	SECTION 3.10. Agreements
	 	 	43	 
	SECTION 3.11. Federal Reserve Regulations
	 	 	43	 
	SECTION 3.12. Investment Company Act
	 	 	43	 
	SECTION 3.13. Use of Proceeds
	 	 	43	 
	SECTION 3.14. Tax Returns
	 	 	43	 
	SECTION 3.15. No Material Misstatements
	 	 	43	 
	SECTION 3.16. Employee Benefit Plans
	 	 	44	 
	SECTION 3.17. Environmental Matters
	 	 	44	 
	SECTION 3.18. Insurance
	 	 	44	 
	SECTION 3.19. Security Documents
	 	 	44	 
	SECTION 3.20. Location of Real Property and Leased Premises
	 	 	45	 
	SECTION 3.21. Labor Matters
	 	 	45	 
	SECTION 3.22. Solvency
	 	 	45	 
	SECTION 3.23. Sanctioned Persons; USA PATRIOT Act
	 	 	46	 
	SECTION 3.24. Management Agreement
	 	 	46	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Conditions of Lending
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Conditions
	 	 	46	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	Affirmative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties
	 	 	49	 
	SECTION 5.02. Insurance
	 	 	49	 

 

ii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	SECTION 5.03. Obligations and Taxes
	 	 	50	 
	SECTION 5.04. Financial Statements, Reports, etc
	 	 	51	 
	SECTION 5.05. Litigation and Other Notices
	 	 	53	 
	SECTION 5.06. Information Regarding Collateral
	 	 	53	 
	SECTION 5.07. Maintaining Records; Access to Properties and Inspections
	 	 	53	 
	SECTION 5.08. Use of Proceeds
	 	 	54	 
	SECTION 5.09. Employee Benefits
	 	 	54	 
	SECTION 5.10. Compliance with Environmental Laws
	 	 	54	 
	SECTION 5.11. Preparation of Environmental Reports
	 	 	54	 
	SECTION 5.12. Further Assurances
	 	 	54	 
	SECTION 5.13. Reserved
	 	 	55	 
	SECTION 5.14. Cash Management
	 	 	55	 
	SECTION 5.15. Senior Indebtedness
	 	 	55	 
	SECTION 5.16. Colorado Mortgage
	 	 	55	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	Negative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.01. Indebtedness
	 	 	56	 
	SECTION 6.02. Liens
	 	 	58	 
	SECTION 6.03. Sale and Lease-Back Transactions
	 	 	60	 
	SECTION 6.04. Investments, Loans and Advances
	 	 	60	 
	SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions
	 	 	63	 
	SECTION 6.06. Restricted Payments; Restrictive Agreements
	 	 	64	 
	SECTION 6.07. Transactions with Affiliates
	 	 	65	 
	SECTION 6.08. Business of Holdings, Borrower and Subsidiary Guarantors
	 	 	65	 
	SECTION 6.09. Other Indebtedness and Agreements
	 	 	66	 
	SECTION 6.10. Capital Expenditures
	 	 	66	 
	SECTION 6.11. Interest Coverage Ratio
	 	 	67	 
	SECTION 6.12. Maximum Leverage Ratio
	 	 	67	 
	SECTION 6.13. Fiscal Year
	 	 	68	 
	SECTION 6.14. Certain Equity Securities; Wholly Owned Subsidiaries
	 	 	68	 
	SECTION 6.15. No Speculative Agreements
	 	 	68	 
	SECTION 6.16. Minimum Liquidity Threshold
	 	 	68	 
	SECTION 6.17. Modification of Management Agreement; Payment of Management Fees
	 	 	68	 

 

iii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	Events of Default
	 	 	 	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	The Administrative Agent and the Collateral Agent
	 	 	 	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.01. Notices; Electronic Communications
	 	 	72	 
	SECTION 9.02. Survival of Agreement
	 	 	74	 
	SECTION 9.03. Binding Effect
	 	 	74	 
	SECTION 9.04. Successors and Assigns
	 	 	75	 
	SECTION 9.05. Expenses; Indemnity
	 	 	78	 
	SECTION 9.06. Right of Setoff
	 	 	79	 
	SECTION 9.07. Applicable Law
	 	 	79	 
	SECTION 9.08. Waivers; Amendment
	 	 	79	 
	SECTION 9.09. Interest Rate Limitation
	 	 	80	 
	SECTION 9.10. Entire Agreement
	 	 	80	 
	SECTION 9.11. WAIVER OF JURY TRIAL
	 	 	80	 
	SECTION 9.12. Severability
	 	 	80	 
	SECTION 9.13. Counterparts
	 	 	80	 
	SECTION 9.14. Headings
	 	 	81	 
	SECTION 9.15. Jurisdiction; Consent to Service of Process
	 	 	81	 
	SECTION 9.16. Confidentiality
	 	 	81	 
	SECTION 9.17. Lender Action
	 	 	82	 
	SECTION 9.18. USA PATRIOT Act Notice
	 	 	82	 
	SECTION 9.19. Diligence
	 	 	82	 
	SECTION 9.20. LEGEND
	 	 	82	 
	SECTION 9.21. Lenders’ Ratification of Certain Matters
	 	 	82	 

 

iv

 

SCHEDULES

	 	 	 	 	 
	Schedule 1.01(a)

	 	—
	 	Existing Permitted Project Guarantees
	Schedule 1.01(b)

	 	—
	 	Subsidiary Guarantors
	Schedule 1.01(c)

	 	—
	 	Mortgaged Property
	Schedule 2.01

	 	—
	 	Lenders and Commitments
	Schedule 3.08

	 	—
	 	Subsidiaries
	Schedule 3.17

	 	—
	 	Environmental Matters
	Schedule 3.18

	 	—
	 	Insurance
	Schedule 3.19(a)

	 	—
	 	UCC Filing Offices
	Schedule 3.19(c)

	 	—
	 	Mortgage Filing Offices
	Schedule 3.20(a)

	 	—
	 	Owned Real Property
	Schedule 3.20(b)

	 	—
	 	Leased Real Property
	Schedule 6.01

	 	—
	 	Existing Indebtedness
	Schedule 6.02

	 	—
	 	Existing Liens
	Schedule 6.04(i)

	 	—
	 	Existing Investments
	Schedule 6.04(j)

	 	—
	 	Existing Non-Cash Permitted Project Investments
	Schedule 9.21

	 	—
	 	Lease Terms

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	—
	 	Form of Assignment and Acceptance
	Exhibit B

	 	—
	 	Form of Borrowing Request
	Exhibit C

	 	—
	 	Form of Guarantee and Collateral Agreement
	Exhibit D

	 	—
	 	Form of Compliance Certificate
	Exhibit E

	 	—
	 	Form of Notice of Conversion and Continuation of Borrowings
	Exhibit F

	 	—
	 	Intercompany Note

 

v

 

CREDIT AGREEMENT dated as of January 29, 2010 (this “Agreement”), among RENTECH ENERGY MIDWEST
CORPORATION, a Delaware corporation (the “Borrower”), RENTECH, INC., a Colorado corporation
(“Holdings”), the Lenders (such term and each other capitalized term used but not defined in this
introductory statement having the meaning given it in Article I), and CREDIT SUISSE AG,
CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, including any successor thereto,
the “Administrative Agent”) and as collateral agent (in such capacity, including any successor
thereto, the “Collateral Agent”) for the Lenders.

The Borrower entered into that certain Amended and Restated Credit Agreement dated as of June
13, 2008 by and among the Borrower, Holdings, certain financial institutions party thereto, as
lenders, Credit Suisse, Cayman Islands Branch, as administrative agent and collateral agent for
such lenders (as amended, modified or supplemented from time to time, the “Existing Credit
Agreement”) pursuant to which the Borrower borrowed term loans from the lenders thereunder.

Concurrently with the execution and delivery of this Agreement, the Borrower shall repay in
full and terminate the Existing Credit Agreement.

The Borrower has requested the Lenders to extend credit in the form of term loans on the
Closing Date, in an aggregate principal amount of $62,500,000. The proceeds of the term loans are
to be used, on the Closing Date, solely (a) to make the Holdings Loan, (b) to repay the obligations
in respect of the Existing Credit Agreement, and (c) to pay Transaction Costs.

The Lenders are willing to extend such credit to the Borrower on the terms and subject to the
conditions set forth herein. Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

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

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

“Acquired Entity” shall have the meaning assigned to such term in Section 6.04(a)(iv).

“Adjusted LIBO Rate” shall mean for any Interest Period, an interest rate per annum equal to
the greater of (a) 2.50% per annum, and (b) the product of (i) the LIBO Rate in effect for such
Interest Period and (ii) Statutory Reserves.

“Administrative Agent” shall have the meaning assigned to such term in the introductory
statement to this Agreement.

“Administrative Agent Fees” shall have the meaning assigned to such term in
Section 2.04(a).

“Administrative Questionnaire” shall mean an Administrative Questionnaire in such form as may
be supplied from time to time by the Administrative Agent.

“Affiliate” shall mean, when used with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common

 

 

 

Control with the Person specified; provided, however, that, for purposes of the definition of
“Eligible Assignee” and Section 6.07, the term “Affiliate” shall also include any Person
that directly or indirectly owns 5% or more of any class of Equity Interests of the Person
specified or that is an officer or director of the Person specified. “Affiliated” shall have the
meaning correlative thereto. No Agent, Lender or Affiliate thereof shall be deemed to be an
“Affiliate” of any Loan Party for purposes of this Agreement.

“Agents” shall have the meaning assigned to such term in Article VIII.

“Agreement Value” means, for each Hedging Agreement, on any date of determination, the maximum
aggregate amount (giving effect to any netting agreements; provided that, for purposes of making
any calculation hereunder during an Insolvency Proceeding, only to the extent such netting
agreements are legally enforceable in such Insolvency Proceeding against the applicable
counterparty obligor thereunder) that Holdings, the Borrower or such Subsidiary would be required
to pay if such Hedging Agreement were terminated on such date.

“Agreement” shall have the meaning assigned to such term in the introductory statement to this
Agreement.

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%, (c) the Adjusted LIBO Rate for an Interest Period of one month on such day (or,
if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%, and
(d) 3.50% per annum; provided, that, for purposes of determining the Alternate Base Rate pursuant
to clause (c) of this sentence, the Adjusted LIBO Rate for any day shall be based on the rate
determined and applied on such day at approximately 11:00 a.m. (London time) by reference to the
British Bankers’ Association Interest Settlement Rates for deposits in Dollars (as set forth by any
service selected by the Administrative Agent that has been nominated by the British Bankers’
Association as an authorized vendor for the purpose of displaying such rates). If the
Administrative Agent shall have determined (which determination shall be conclusive absent manifest
error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including
the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance
with the terms of the definition thereof, the Alternate Base Rate shall be determined without
regard to clause (b) of the preceding sentence until the circumstances giving rise to such
inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or LIBO Rate shall be effective on the effective date of
such change in the Prime Rate or the Federal Funds Effective Rate, as the case may be.

“Applicable ECF Percentage” shall mean, on any date of determination, (a) if, as of the last
day of the fiscal year then ended in respect of which Excess Cash Flow is being calculated, the
Leverage Ratio as of such date is less than 1.00:1.00, the percentage set forth below that
corresponds with the aggregate principal amount of Loans outstanding on such date set forth
opposite such percentage, and (b) if the Leverage Ratio as of such date is greater than or equal to
1.00:1.00, 100%:

	 	 	 	 	 
	Outstanding Aggregate Principal	 	Applicable ECF	 
	Amount of Loans	 	Percentage	 
	Greater than or equal to $50,000,000
	 	 	100	%
	Greater than or equal to $40,000,000 but less than $50,000,000
	 	 	75	%

 

2

 

	 	 	 	 	 
	Outstanding Aggregate Principal	 	Applicable ECF	 
	Amount of Loans	 	Percentage	 
	Less than $40,000,000
	 	 	50	%

“Applicable Margin” shall mean, for any day with respect to any Loan, (a) accruing interest at
the Alternate Base Rate, 9.0% per annum, or (b) accruing interest at the Adjusted LIBO Rate, 10.0%
per annum.

“Applicable Maturity Date” shall mean (i) prior to the payment in full in cash of the
Obligations (other than (a) Obligations in respect of Incremental Loans and (b) contingent
indemnification obligations in respect of which no claim for payment has been asserted by the
Person entitled thereto), the Maturity Date, and (ii) thereafter, if, at any time, any Incremental
Loans or Obligations (other than contingent indemnification obligations in respect of which no
claim for payment has been asserted by the Person entitled thereto) in respect thereof are
outstanding and the related Incremental Loan Commitments have not been terminated, the earliest to
occur of the Incremental Loan Maturity Dates.

“Asset Sale” shall mean the sale, transfer or other disposition (by way of merger, casualty,
condemnation or otherwise) by Holdings, the Borrower or any Subsidiary Guarantor to any Person
other than Holdings, the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of
the Subsidiaries (other than directors’ qualifying shares) or (b) any other assets of the Borrower
or any of the Subsidiary Guarantors (other than (i) inventory, damaged, obsolete or worn out
assets, scrap and Permitted Investments, in each case disposed of in the ordinary course of
business, (ii) dispositions between or among Foreign Subsidiaries that are not Subsidiary
Guarantors, (iii) any sale, transfer or other disposition or series of related sales, transfers or
other dispositions having a value not in excess of $250,000, (iv) any equity contributions (other
than in the form of Disqualified Stock) received from Holdings or any Subsidiary by the Borrower or
any Subsidiary Guarantor, to the extent not prohibited by this Agreement, (v) any sale, transfer or
other disposition of the Colorado Property to a third party that is not an Affiliate of Holdings or
any of its Subsidiaries, but only until such time, if any, as the Colorado Property is required to
be subject to a Mortgage pursuant to Section 5.16), (vi) any sale, transfer or other
disposition by the Borrower to a third party that is not an Affiliate of Holdings or any of its
Subsidiaries of carbon credits or similar allowances generated by equipment provided to the
Borrower by an entity that is not Affiliated with the Borrower as contemplated by the definition of
“Joint Carbon Credit Investment Project”, but only (a) if and to the extent the definitive
documentation between the Borrower and such third party prohibits the Borrower from applying the
Net Cash Proceeds of any such sale, transfer or disposition to prepay the Loans in accordance with
Section 2.10(a), or (b) until such time, if any, as such carbon credits and similar
allowances are required to be subject to a Lien in favor of the Collateral Agent pursuant to
Section 6.02(k), and (vii) any sale, transfer or other disposition by the Borrower of
carbon credits or similar allowances owned by the Borrower to a third party that is not an
Affiliate of Holdings or any of its Subsidiaries and generated in respect of a Joint Carbon Credit
Investment Project for an aggregate amount in excess of the total consideration (whether in the
form of cash or otherwise, but excluding any carbon credits or similar allowances shared with any
other entity as contemplated by the definition of “Joint Carbon Credit Investment Project”) paid or
payable, directly or indirectly, by the Borrower or any of its subsidiaries for the applicable
equipment, and the installation thereof, in connection with such Joint Carbon Credit Investment
Project.

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
and an Eligible Assignee, and accepted by the Administrative Agent, in the form of
Exhibit A or such other form as shall be approved by the Administrative Agent.

“Attributable Indebtedness” shall mean, when used with respect to any Sale and Lease-Back
Transaction, as at the time of determination, the present value (discounted at a rate equivalent to
the

 

3

 

Borrower’s then-current weighted average cost of funds for borrowed money as at the time of
determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental
payments (and substantially similar payments) during the remaining term of the lease included
in any such Sale and Lease-back Transaction.

“Available Cash” shall mean, at any time of determination, an amount equal to (a) 100% of the
Available Excess Cash Flow Amount at such time, minus (b) the sum of Available Cash used
prior to such time to pay cash dividends pursuant to Section 6.06(a)(v), minus
(c) the sum of Available Cash used by the Borrower prior to such time to make loans or advances to
Holdings pursuant to Section 6.04(c)(v), minus (d) without duplication of clauses
(b) and (c), the aggregate amount of Restricted Payments and Investments made in cash on or after
the first date of the first fiscal year (or portion thereof) in which there is an Available Excess
Cash Flow Amount by the Borrower or any Subsidiary Guarantor that is a subsidiary of the Borrower
prior to such time (other than, in the case of this clause (d), (i) the Holdings Loan and (ii) any
Restricted Payments and/or Investments financed with the proceeds of Indebtedness, equity
issuances, casualty proceeds, condemnation proceeds, insurance proceeds or other amounts or
proceeds that would not be included in Consolidated EBITDA, in each case issued, incurred or
received, as applicable, at or prior to such time of determination).

“Available Excess Cash Flow Amount” shall mean, at any time of determination, an amount equal
to (a) the sum of the amounts of Excess Cash Flow for all Excess Cash Flow Periods ending on or
prior to the date of determination, plus (b) the amount of cash common equity contributions
received by the Borrower from Holdings (through Rentech Development Corporation) that are not
concurrently and have not previously been applied or utilized for any other purpose, minus
(c) the sum at the time of determination of the aggregate amount of prepayments required to be made
pursuant to Section 2.10(b) through the time of determination (after giving effect to
Section 2.10(h)); provided that, with respect to amounts contributed to the Borrower
pursuant to clause (b) of this definition, substantially concurrently with the making of such cash
common equity contributions by Holdings, a Financial Officer of Holdings shall deliver a
certificate to the Administrative Agent certifying (i) the date on which such equity contribution
was, or will be, made, (ii) the amount of such equity contribution received, or to be received, by
the Borrower, and (iii) that such equity contribution is being or will be made pursuant to clause
(b) of the definition of “Available Excess Cash Flow Amount” and will be applied in accordance with
the definition of “Available Cash.”

“Barclays Loan” shall mean that certain line of credit in the aggregate maximum principal
amount of $5,000,000 extended to Holdings by Barclays Capital, Inc. (as successor in interest to
Lehman Brothers, Inc.) pursuant to that certain Line of Credit Agreement dated May 7, 2008 between
Holdings and Barclays Capital, Inc.

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

“Borrower” shall have the meaning assigned to such term in the introductory statement to this
Agreement.

“Borrower Materials” shall have the meaning assigned to such term in Section 9.01.

“Borrower Mortgage” shall mean the Real Estate Mortgage, Assignment of Rents, Security
Agreement and UCC Fixture Filing, dated as of the date hereof, made and delivered by the Borrower
to the Administrative Agent and Collateral Agent.

“Borrowing Request” shall mean a request by the Borrower in accordance with the terms of
Section 2.02 and substantially in the form of Exhibit B, or such other form as
shall be approved by the Administrative Agent.

 

4

 

“Breakage Event” shall have the meaning assigned to such term in Section 2.19.

“Business Day” shall mean any day other than a Saturday, Sunday, a day on which banks in New
York City are authorized or required by law to close and, if any Loan accrues interest at the LIBO
Rate, a day on which banks are not open for dealings in Dollar deposits in the London interbank
market.

“Capital Expenditures” shall mean, for any period, (a) the additions to property, plant and
equipment and other capital expenditures of the Borrower and its consolidated subsidiaries that are
(or should be) set forth in a consolidated statement of cash flows of the Borrower for such period
prepared in accordance with GAAP, (b) the total consideration incurred by the Borrower and its
consolidated Subsidiaries pursuant to clause (i) of the proviso to the definition of “Joint Carbon
Credit Investment Project” and (c) Capital Lease Obligations or Synthetic Lease Obligations
incurred by the Borrower and its consolidated subsidiaries during such period, but excluding in
each case any such expenditure made to restore, replace or rebuild property to the condition of
such property immediately prior to any damage, loss, destruction or condemnation of such property,
to the extent such expenditure is made with insurance proceeds, condemnation awards or damage
recovery proceeds relating to any such damage, loss, destruction or condemnation.

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

“Casualty Event Proceeds” shall mean, with respect to any Material Casualty Event, the cash
Insurance Proceeds, condemnation awards and other compensation received by the Borrower from any
Governmental Authority or other Person.

A “Change in Control” shall be deemed to have occurred if (a) any “person” or “group” (within
the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the date hereof)
shall own, directly or indirectly, beneficially or of record, shares representing more than 30% of
the aggregate ordinary voting power represented by the issued and outstanding capital stock of
Holdings, (b) any change in control (or similar event, however denominated) with respect to
Holdings, the Borrower or any Subsidiary Guarantor shall occur under and as defined in any
indenture or agreement in respect of Material Indebtedness to which Holdings, the Borrower or any
Subsidiary Guarantor is a party, (c) Holdings shall cease to directly own, beneficially and of
record, 100% of the issued and outstanding Equity Interests of Rentech Development Corporation, a
Colorado corporation, or (d) Rentech Development Corporation shall cease to directly own,
beneficially and of record, 100% of the issued and outstanding Equity Interests of the Borrower.

“Change in Law” shall mean (a) the adoption of any law, rule or regulation after the date of
this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.17, by any lending office of such
Lender or by such Lender’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the
date of this Agreement.

 

5

 

“Charges” shall have the meaning assigned to such term in Section 9.09.

“Closing Date” shall mean January 29, 2010.

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

“Collateral” shall mean all the “Collateral” as defined in any Security Document and shall
also include the Mortgaged Properties.

“Collateral Agent” shall have the meaning assigned to such term in the introductory statement
to this Agreement.

“Colorado Property” shall mean the real property owned by Holdings located at 12441 E.
37th Avenue, Denver, Colorado 80239, 12401 E. 37th Avenue, Denver, Colorado
80239 and 12411 E. 37th Avenue, Denver, Colorado 80239.

“Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make
Loans hereunder as set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant
to which such Lender assumed its Commitment(s), as applicable, as the same may be (a) reduced from
time to time pursuant to Section 2.08 and (b) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. Unless the context
shall otherwise require, the term “Commitment,” with respect to each Lender, shall include the
Incremental Loan Commitment(s) of such Lender.

“Communications” shall have the meaning assigned to such term in Section 9.01.

“Confidential Information Memorandum” shall mean the Confidential Information Memorandum of
the Borrower dated November 24, 2009.

“Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period
plus (a) without duplication and to the extent deducted in determining such Consolidated
Net Income, the sum of (i) Consolidated Interest Expense for such period, (ii) consolidated income
tax expense for such period, (iii) all amounts attributable to depreciation and amortization for
such period, (iv) any extraordinary non-cash reserves or other extraordinary non-cash charges
(other than (A) the write-down of current assets, and (B) any reserves or charges in respect of
restructuring fees, costs or expenses) (v) the write-off of financing fees capitalized by the
Borrower prior to the Closing Date in respect of financings undertaken by the Borrower and its
subsidiaries prior to the Closing Date in an aggregate amount not in excess of $1,500,000) in each
case, for such period, (vi) any non-cash management fees, as and to the extent permitted under
Section 6.06(a)(iv), for such period, (vii) Transaction Costs and, without duplication,
Existing Credit Agreement Costs paid during such period, and (viii) reasonable fees and expenses
paid during such period in connection with financings and Investments by the Borrower and its
subsidiaries in accordance with this Agreement during such period, to the extent such fees are not
paid, directly or indirectly, to any Person that is an Affiliate of Holdings or any of its
Affiliates, and minus (b) without duplication (i) all cash payments made during such period
on account of any extraordinary non-cash reserves or other extraordinary non-cash charges added to
Consolidated Net Income pursuant to clause (a)(iv) above in a previous period and (ii) to the
extent included in determining such Consolidated Net Income, any extraordinary gains and all
non-cash items of income for such period, all determined on a consolidated basis for the Borrower
and its subsidiaries in accordance with GAAP. For purposes of determining the Interest Coverage
Ratio and the Leverage Ratio, the Consolidated EBITDA of the Borrower and its subsidiaries shall be
deemed to be (i) $(11,329,226) for the fiscal quarter of the

 

6

 

Borrower ended March 31, 2009, (ii)
$53,468,942 for the fiscal quarter of the Borrower ended June 30, 2009, and (iii) $8,628,926 for
the fiscal quarter of the Borrower ended September 30, 2009.

“Consolidated Interest Expense” shall mean, for any period, the sum of (a) the interest
expense (including, without duplication, imputed interest expense in respect of Capital Lease
Obligations, Attributable Indebtedness and Synthetic Lease Obligations) of the Borrower and its
subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, plus
(b) any interest accrued during such period in respect of Indebtedness of the Borrower or any of
its subsidiaries that is required to be capitalized rather than included in consolidated interest
expense for such period in accordance with GAAP (excluding, for the avoidance of doubt, the
amortization of original issue discount in connection with the Loans). For purposes of the
foregoing, interest expense shall be determined after giving effect to any net payments made or
received by the Borrower or any of its subsidiaries with respect to interest rate Hedging
Agreements; provided that, for purposes of making any calculation hereunder during an Insolvency
Proceeding, such net payments shall be given effect only to the extent the underlying netting
agreements are legally enforceable in such Insolvency Proceeding. For purposes of determining the
Interest Coverage Ratio for the period of four consecutive quarters ending March 31, 2010, June 30,
2010 and September 30, 2010, respectively, Consolidated Interest Expense shall be deemed to be
equal to (a) the Consolidated Interest Expense for the fiscal quarter ending March 31, 2010,
multiplied by four, (b) the Consolidated Interest Expense for the two consecutive fiscal quarters
ending June 30, 2010, multiplied by two, and (c) the Consolidated Interest Expense for the three
consecutive fiscal quarters ending September 30, 2010, multiplied by 4/3, respectively.

“Consolidated Net Income” shall mean, for any period, the net income or loss of Borrower and
its subsidiaries for such period determined on a consolidated basis in accordance with GAAP;
provided that there shall be excluded (a) the income of any subsidiary to the extent that the
declaration or payment of dividends or similar distributions by any subsidiary of the Borrower of
that income is not at the time permitted by operation of the terms of its charter or any agreement,
instrument, judgment, decree, statute, rule or governmental regulation applicable to such
subsidiary, (b) the income or loss of any Person accrued prior to the date it becomes a subsidiary
of the Borrower or is merged into or consolidated with Borrower or any of its subsidiaries or the
date that such Person’s assets are acquired by the Borrower or any of its subsidiaries, (c) the
income or loss of any Person in which any other Person (other than Borrower or a Wholly Owned
Subsidiary or any director holding qualifying shares in accordance with applicable law) has a joint
interest, except to the extent of the amount of dividends or other distributions actually paid to
the Borrower or a Wholly Owned Subsidiary that is a Subsidiary Guarantor by such Person during such
period, and (d) any gains or losses attributable to sales of assets out of the ordinary course of
business.

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the ownership of voting
securities, by contract or otherwise, and the terms “Controls,” “Controlling” and “Controlled”
shall have meanings correlative thereto.

“Credit Facility” shall mean the term loan facility provided for by this Agreement.

“CS Lease” shall have the meaning assigned to such term in Section 9.21.

“CS LLC” shall have the meaning assigned to such term in Section 9.21.

“Current Assets” shall mean, at any time, the consolidated current assets (other than cash and
Permitted Investments) of the Borrower and its subsidiaries.

 

7

 

“Current Liabilities” shall mean, at any time, the consolidated current liabilities of the
Borrower and its subsidiaries at such time, but excluding the current portion of any long term
Indebtedness.

“Default” shall mean any event or condition which upon notice, lapse of time or both would
constitute an Event of Default.

“Deposit Account Control Agreements” shall mean those certain cash management agreements, in
form and substance satisfactory to the Collateral Agent, each of which is among one or more of the
Loan Parties, the Collateral Agent, and a depositary bank.

“Disqualified Stock” shall mean any Equity Interest that, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon the happening of
any event (other than a “change of control”), (a) matures (excluding any maturity as the result of
an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in
part, or requires the payment of any cash dividend or any other scheduled payment constituting a
return of capital, in each case at any time on or prior to the first anniversary of the Final
Maturity Date, or (b) is convertible into or exchangeable (unless at the sole option of the issuer
thereof) for (i) debt securities or (ii) any Equity Interest referred to in clause (a) above, in
each case at any time prior to the first anniversary of the Final Maturity Date.

“Dollars” or “$” shall mean lawful money of the United States of America.

“Domestic Subsidiaries” shall mean all Subsidiaries incorporated or organized under the laws
of the United States of America, any State thereof or the District of Columbia (but excluding
Inactive Subsidiaries).

“Eligible Assignee” means (i) a Lender, (ii) an Affiliate of a Lender, (iii) a Related Fund of
a Lender, and (iv) any other Person (other than a natural person) approved by the Administrative
Agent and, unless an Event of Default has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing,
“Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates.

“Engagement Letter” shall mean the Engagement Letter dated November 13, 2009, among the
Borrower, Holdings and the Lead Arranger, as amended by the Amendment to Engagement Letter, dated
January 28, 2010.

“Environmental Laws” shall mean all former, current and future Federal, state, local and
foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees,
judgments, directives, orders (including consent orders), and agreements in each case, relating to
protection of the environment, natural resources, human health and safety or the presence, Release
of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution,
use, treatment, storage, transport, recycling or handling of, or the arrangement for such
activities with respect to, Hazardous Materials.

“Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims,
actions, suits, judgments, orders, fines, penalties, liens, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether contingent
or otherwise, arising out of or relating to (a) compliance or non-compliance with any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous
Materials or (e) any contract,

 

8

 

agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

“Equity Interests” shall mean shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity interests
in any Person, and any option, warrant or other right entitling the holder thereof to purchase or
otherwise acquire any such
equity interest (but, for the avoidance of doubt, not including Indebtedness convertible or
exchangeable into Qualified Capital Stock of Holdings unless and until so converted or exchanged).

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time.

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

“ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived), (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived,
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its
ERISA Affiliates from any Plan or Multiemployer Plan, (e) the receipt by the Borrower or any of its
ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the adoption of any
amendment to a Plan that would require the provision of security pursuant to Section 401(a)(29) of
the Code or Section 307 of ERISA, (g) the receipt by the Borrower or any of its ERISA Affiliates of
any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA
Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA, (h) the occurrence of a “prohibited transaction” with respect to which the
Borrower or any of the Subsidiaries is a “disqualified person” (within the meaning of Section 4975
of the Code) or with respect to which the Borrower or any such Subsidiary could otherwise be
liable, (i) any Foreign Benefit Event or (j) any other event or condition with respect to a Plan or
Multiemployer Plan that could result in liability of the Borrower or any Subsidiary, other than for
benefits payable pursuant to the terms of the Multiemployer Plan or Plan.

“Eurodollar”, when used in reference to any Loan, refers to whether such Loan is bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

“Events of Default” shall have the meaning assigned to such term in Article VII.

“Excess Cash Flow” shall mean, for any fiscal year of the Borrower (or, in the case of the
fiscal year ended September 30, 2010, the portion thereof commencing on the Closing Date and ending
on September 30, 2010), the excess of:

(a) the sum, without duplication, of

(i) Consolidated Net Income for such fiscal year;

 

9

 

(ii) all amounts attributable to depreciation and amortization of the Borrower and
its subsidiaries for such fiscal year;

(iii) non-cash charges, expenses or losses (including any non-cash interest expense) of
the Borrower and its subsidiaries for such fiscal year to the extent deducted from
Consolidated Net Income for such fiscal year and added to net income in the statement of cash flows
for such fiscal year in accordance with GAAP; and

(iv) decreases in Non-Cash Working Capital for such fiscal year, over

(b) the sum, without duplication, of

(i) Capital Expenditures made by the Borrower and its subsidiaries in accordance with
Section 6.10 during such fiscal year, except to the extent financed with the
proceeds of Indebtedness, equity issuances, casualty proceeds, condemnation proceeds or
other proceeds that would not be included in Consolidated Net Income;

(ii) scheduled amortization payments of Loans pursuant to Section 2.08(a) made
during such fiscal year and paid in cash;

(iii) permanent repayments during such fiscal year in respect of Indebtedness (other
than the Loans) and other long-term liabilities of the Borrower and its subsidiaries, in
each case paid in cash during such fiscal year, (A) except to the extent financed with the
proceeds of Indebtedness, equity issuances, casualty proceeds, condemnation proceeds or
other proceeds that would not be included in Consolidated Net Income, and (B) only to the
extent that the Indebtedness and other liabilities so repaid by their terms cannot be
reborrowed, reincurred or redrawn and such payments do not occur in connection with a
refinancing of all or any portion of such Indebtedness or other obligations;

(iv) non-cash gains (including any non-cash interest income) of the Borrower and its
subsidiaries for such fiscal year to the extent added to Consolidated Net Income for such
fiscal year and deducted from net income in the statement of cash flows for such fiscal year
in accordance with GAAP; and

(v) increases in Non-Cash Working Capital for such fiscal year.

“Excess Cash Flow Period” shall mean (i) the period taken as one accounting period from the
Closing Date and ending on September 30, 2010 and (ii) each fiscal year of the Borrower thereafter.

“Excluded Subsidiary” shall mean (i) any Project Holdco, (ii) any Project Entity, or (iii) any
Inactive Subsidiary.

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other
recipient of any payment to be made by or on account of any obligation of the Borrower hereunder,
(a) Taxes imposed on (or measured by) its net income by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable lending office is located, (b)
any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any
other jurisdiction described in clause (a) above and (c) in the case of a Foreign Lender, (i) any
withholding Tax that is imposed on amounts payable to such Foreign Lender (other than an assignee
pursuant to a request by the Borrower

 

10

 

under Section 2.16(a)) at the time such Foreign
Lender becomes a party to this Agreement (or designates a new lending office), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a
new lending office (or assignment), to receive additional amounts from the Borrower with respect to
such withholding Tax pursuant to Section 2.15(a), or (ii) is attributable to such Foreign
Lender’s failure to comply with Section 2.15(e).

“Existing Credit Agreement” shall have the meaning assigned to such term in the introductory
statement to this Agreement.

“Existing Credit Agreement Costs” shall mean, collectively, (i) the amount paid by the
Borrower pursuant to Sections 7(c) and 7(d) of the Third Amendment, and (ii) any Payment Premium
paid or payable by the Borrower pursuant to Section 2.09(c) of the Existing Credit Agreement (for
the avoidance of doubt, after giving effect to the Third Amendment).

“Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers, as published 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 of
the quotations for the day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it.

“Fees” shall mean the Administrative Agent Fees.

“Final Maturity Date” shall mean the later of (i) the Maturity Date and (ii) the latest to
occur of the Incremental Loan Maturity Dates (if any).

“Financial Officer” of any Person shall mean the chief financial officer, principal accounting
officer, treasurer, assistant treasurer or controller of such Person.

“Foreign Benefit Event” shall mean, with respect to any Foreign Pension Plan, (a) the
existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in
excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the
failure to make the required contributions or payments, under any applicable law, on or before the
due date for such contributions or payments, (c) the receipt of a notice by a Governmental
Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a
trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency
of any such Foreign Pension Plan, (d) the incurrence of any liability in excess of $1,000,000 by
Holdings, the Borrower or any Subsidiary under applicable law on account of the complete or partial
termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating
employer therein, or (e) the occurrence of any transaction that is prohibited under any applicable
law and that could reasonably be expected to result in the incurrence of any liability by Holdings,
the Borrower or any of the Subsidiaries, or the imposition on Holdings, the Borrower or any of the
Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any
applicable law, in each case in excess of $1,000,000.

“Foreign Lender” shall mean, for purposes of Section 2.15(e) and the definition of
Excluded Taxes, the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder that is organized under the laws
of a jurisdiction other than that in which the Borrower is located. For purposes of this
definition, the United States of America, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction.

 

11

 

“Foreign Pension Plan” shall mean any benefit plan that under applicable law is required to be
funded through a trust or other funding vehicle other than a trust or funding vehicle maintained
exclusively by a Governmental Authority.

“Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

“GAAP” shall mean United States generally accepted accounting principles applied on a basis
consistent with the financial statements delivered pursuant to Section 4.01(j).

“Governmental Authority” shall mean any Federal, state, local or foreign court or governmental
agency, authority, instrumentality or regulatory body.

“Granting Lender” shall have the meaning assigned to such term in Section 9.04(i).

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

“Guarantee and Collateral Agreement” shall mean the Guarantee and Collateral Agreement,
substantially in the form of Exhibit C, among the Borrower, Holdings, the Subsidiaries
party thereto and the Collateral Agent for the benefit of the Secured Parties.

“Guarantors” shall mean Holdings and the Subsidiary Guarantors.

“Hazardous Materials” shall mean (a) any petroleum products or byproducts and all other
hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical,
material, substance or waste that is prohibited, limited or regulated by or pursuant to any
Environmental Law.

“Hedging Agreement” shall mean any interest rate protection agreement, foreign currency
exchange agreement, commodity price protection agreement or other interest or currency exchange
rate or commodity price hedging arrangement.

“Holdings” shall have the meaning assigned to such term in the introductory statement to this
Agreement.

“Holdings Loan” shall mean (a) a loan made on the Closing Date by the Borrower to Holdings in
cash of not more than $17,608,687.68, and (b) any loan made on an Incremental Loan Closing Date by
the Borrower to Holdings in cash in an amount not to exceed the Net Cash Proceeds of the
Incremental Loans made on that date to the extent such use complies with Section 5.08;
provided that, in each case, (i) such loan is at all times evidenced by a promissory note
constituting an “instrument” (as defined under Article 9 of the Uniform Commercial Code) that is
pledged to the Collateral Agent for the ratable benefit

 

12

 

of the Secured Parties pursuant to the
Guarantee and Collateral Agreement, (ii) such loan shall be unsecured and subordinated to the
Obligations on terms and conditions no less favorable to the Lenders than those contained in the
Intercompany Note, and (iii) such promissory note may not be amended, modified, supplemented,
amended and restated, refinanced or replaced if such amendment, modification, supplement, amendment
and restatement, refinancing or replacement would modify the subordination
terms contained therein or could reasonably be expected to be adverse in any material respect
to the interests of the Collateral Agent or the Lenders.

“Inactive Subsidiary” shall mean any Subsidiary that (a) does not conduct any business
operations, (b) has assets (including Equity Interests) with a book value not in excess of $250,000
and (c) does not have any Indebtedness, or commitments or obligations to incur Indebtedness,
outstanding.

“Incremental Lender” shall mean a Lender with an Incremental Loan Commitment or an outstanding
Incremental Loan.

“Incremental Loan Amount” shall mean, at any time, the excess, if any, of (a) $15,000,000 over
(b) the aggregate amount of all Incremental Loan Commitments established prior to such time
pursuant to Section 2.21.

“Incremental Loan Assumption Agreement” shall mean an Incremental Loan Assumption Agreement
among, and in form and substance reasonably satisfactory to, the Borrower, the Administrative Agent
and one or more Incremental Lenders.

“Incremental Loan Closing Date” shall mean the closing date of any Incremental Loans as set
forth in the applicable Incremental Loan Assumption Agreement.

“Incremental Loan Commitment” shall mean the commitment of any Lender, established pursuant to
Section 2.21, to make Incremental Loans to the Borrower.

“Incremental Loan Maturity Date” shall mean the final maturity date of any Incremental Loan,
as set forth in the applicable Incremental Loan Assumption Agreement.

“Incremental Loan Repayment Dates” shall mean the dates scheduled for the repayment of
principal of any Incremental Loan, as set forth in the applicable Incremental Loan Assumption
Agreement.

“Incremental Loans” shall mean Loans made by one or more Lenders to the Borrower pursuant to
Section 2.01(b). Incremental Loans may be made in the form of additional Loans or, to the
extent permitted by Section 2.21 and provided for in the relevant Incremental Loan
Assumption Agreement, Other Loans.

“Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property or assets purchased
by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price
of property or services (excluding trade accounts payable and accrued obligations incurred in the
ordinary course of business and, in each case, not overdue by more than 179 days), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the obligations secured thereby have been assumed,

 

13

 

(g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
Synthetic Lease Obligations of such Person, (j) net obligations of such Person under any Hedging
Agreements, valued at the Agreement Value thereof, (k) all obligations of such Person to purchase,
redeem, retire, defease or otherwise make any payment in respect of any Equity Interests of such
Person or any other Person or any warrants, rights or options to acquire such Equity Interests,
valued, in the case of redeemable preferred interests, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends, (l) all obligations of such
Person as an account party in respect of letters of credit and (m) all obligations of such Person
in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness
of any partnership in which such Person is a general partner.

“Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

“Information” shall have the meaning assigned to such term in Section 9.16.

“Insolvency Proceeding” shall mean (i) any case, action or proceeding before any court or
other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the
benefit of creditors, formal or informal moratorium, composition, marshaling of assets for
creditors or other, similar arrangement in respect of its creditors generally or any substantial
portion of its creditors, in each case, undertaken under United States federal or state or foreign
applicable laws, including Title 11 of the United States Code.

“Insurance Proceeds” means any proceeds of insurance (excluding, except in the case of a
Material Casualty Event, proceeds of business interruption insurance to the extent such proceeds
constitute compensation for lost earnings), received by or paid to or for the account of any Loan
Party.

“Intercompany Note” means the Promissory Note, dated the date hereof, issued by Holdings in
favor of the Borrower in the form of Exhibit F.

“Interest Coverage Ratio” shall mean, for any period, the ratio of (a) Consolidated EBITDA for
such period to (b) Consolidated Interest Expense for such period.

“Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business Day of
each March, June, September and December, and (b) with respect to any Eurodollar Loan, the last day
of the Interest Period applicable to the Loan of which such Loan is a part and, in the case of a
Eurodollar Loan with an Interest Period of more than three months’ duration, each day that would
have been an Interest Payment Date had successive Interest Periods of three months’ duration been
applicable to such Loan.

“Interest Period” shall mean, with respect to any Eurodollar Loan, the period commencing on
the date of such Loan and ending on the numerically corresponding day (or, if there is no
numerically corresponding day, on the last Business Day) in the calendar month that is 1, 2, 3 or
6 months thereafter, as the Borrower may elect; provided, however, that (a) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, (b) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period)
shall end on the last Business Day of the calendar

 

14

 

month at the end of such Interest Period and (c)
no Interest Period for any Loan shall extend beyond the Maturity Date or, in the case of any
Incremental Loan, the relevant Incremental Loan Maturity Date. Interest shall accrue from and
including the first day of an Interest Period to but excluding the last day of such Interest
Period.

“Investments” shall have the meaning assigned to such term in Section 6.04.

“Joint Carbon Credit Investment Project” shall mean any project, whether in corporate,
partnership or other legal form, undertaken by the Borrower and one or more entities that are not
Affiliated with the Borrower, to install new equipment leased to, or owned by, the Borrower on
property owned by the Borrower for the purpose of reducing regulated or greenhouse gas emissions;
provided that (i) the total consideration (whether in the form of cash or otherwise, but excluding
any carbon credits or similar allowances shared with any such other entity) paid or payable,
directly or indirectly, by the Borrower or any of its subsidiaries for such equipment, and the
installation thereof, shall not exceed, subject to compliance with Section 6.10, $5,000,000
for all Joint Carbon Credit Investment Projects, and (ii) the Borrower shall have the right to
share in carbon credits or similar allowances generated by such equipment as a result of a
reduction in regulated gas or greenhouse gas emissions; provided that, substantially concurrently
with any such payment of consideration (other than any carbon credits or similar allowances shared
with any such other entity), directly or indirectly, by the Borrower or any of its subsidiaries,
the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer of the
Borrower, certifying (x) the date on which such consideration was, or will be, paid, and (y) the
amount (or fair market value, in the case of non-cash consideration) and type of such
consideration.

“Lead Arranger” shall mean Credit Suisse Securities (USA) LLC.

“Lenders” shall mean (a) the Persons listed on Schedule 2.01 (other than any such
Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance), (b) any
Person that has become a party hereto pursuant to an Assignment and Acceptance, and (c) any Person
that has become a party hereto pursuant to an Incremental Loan Assumption Agreement.

“Leverage Ratio” shall mean, on any date, the ratio of (a) Total Debt on such date to (b)
Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or
prior to such date.

“LIBO Rate” shall mean, with respect to any Eurodollar Loan for any Interest Period, the rate
per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the
date that is two Business Days prior to the commencement of such Interest Period by reference to
the British Bankers’ Association Interest Settlement Rates for deposits in Dollars (as set forth by
any service selected by the Administrative Agent that has been nominated by the British Bankers’
Association as an authorized information vendor for the purpose of displaying such rates); provided
that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions
of this definition, the “LIBO Rate” shall be the interest rate per annum determined by the
Administrative Agent to be the average of the rates per annum at which deposits in Dollars are
offered for such Interest Period to major banks in the London interbank market in London, England
by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two
Business Days prior to the beginning of such Interest Period.

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

 

15

 

“Loan Documents” shall mean this Agreement, the Security Documents, each Incremental Loan
Assumption Agreement, the promissory notes, if any, executed and delivered pursuant to
Section 2.03(e), the Intercompany Note and, except for purposes of Section 9.08(b),
the Engagement Letter.

“Loan Parties” shall mean Holdings, the Borrower and the Subsidiary Guarantors.

“Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to
Section 2.01. Unless the context otherwise requires, the term “Loans” shall include any
Incremental Loans.

“Management Agreement” shall mean that certain Management Services Agreement, dated as of
April 26, 2006, by and between the Borrower (as successor to Royster-Clark Nitrogen, Inc.) and
Rentech, Inc., a Colorado corporation.

“Management Fees” shall mean any fees, costs, expenses or other amounts (whether structured as
a fee, an underwriting discount or otherwise) payable, directly or indirectly, to or for the
benefit of Holdings or any of its Subsidiaries (other than the Borrower and any subsidiary of the
Borrower that is a Subsidiary Guarantor) in respect of management, consulting, financial advisory,
financing, underwriting or placement services or other investment banking activities provided by or
on behalf of, Holdings or any its Affiliates to or for the benefit, directly or indirectly, of any
of Holdings’ Affiliates, whether payable, earned or otherwise provided for pursuant to a management
agreement or otherwise.

“Margin Stock” shall have the meaning assigned to such term in Regulation U.

“Market Capitalization” shall mean, with respect to Holdings, as of any date of determination,
the product of (a) the number of issued and outstanding shares of common stock of Holdings on such
date of determination, multiplied by (b) the average closing price per share of common stock of
Holdings for the 30-day period ending on such date of determination, as quoted on Bloomberg’s
interval average screen.

“Material Adverse Effect” shall mean (a) a materially adverse effect on the business, assets,
liabilities, operations, condition (financial or otherwise), operating results or prospects of (x)
Holdings and its Subsidiaries, taken as a whole, or (y) the Borrower individually, (b) a material
impairment of the ability of the Borrower or the other Loan Parties, taken as a whole, to perform
its or their obligations under the Loan Documents, or (c) a material impairment of the rights and
remedies of or benefits available to the Lenders under any Loan Document.

“Material Casualty Event” shall mean any loss of title or any loss of or damage to or any
destruction of, or condemnation or other taking (including by any Governmental Authority) of, any
portion of the Plant, if the portion of the Plant subject to such loss, damage, destruction,
condemnation or other taking is material to the operation, or income-producing capacity, of the
Plant and cannot be repaired, replaced or restored in accordance with applicable laws (including
the Jo Daviess County, Illinois, County Code, Title 8 (Zoning Regulations) and other applicable
zoning and permitting laws) within 180 days following the occurrence of such loss, damage,
destruction, condemnation or other taking (or, if sooner, within 90 days prior to the Applicable
Maturity Date).

“Material Indebtedness” shall mean Indebtedness (other than the Loans) of any one or more of
Holdings, the Borrower or any Subsidiary Guarantor in an individual principal amount exceeding
$2,500,000. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of Holdings, the Borrower or any Subsidiary Guarantor in respect of any Hedging
Agreement at any time shall be the Agreement Value of such Hedging Agreement at such time.

 

16

 

“Maturity Date” shall mean July 29, 2014.

“Maximum Rate” shall have the meaning assigned to such term in Section 9.09.

“Minimum Liquidity Threshold” shall have the meaning set forth in Section 6.16.

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.

“Mortgaged Properties” shall mean, initially, the owned real properties of the Loan Parties
specified on Schedule 1.01(c), and shall include each other parcel of owned real property
and improvements thereto with respect to which a Mortgage is granted pursuant to
Section 5.12 or Section 5.16.

“Mortgages” shall mean the mortgages, deeds of trust, assignments of leases and rents,
modifications and other security documents delivered pursuant to Section 4.01(m) or
pursuant to Section 5.12 or Section 5.16, each in substantially the form of the
Borrower Mortgage (subject to conforming changes to reflect applicable state or local law
requirements).

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

“Natchez Project” shall mean the Project Entity located at 61 Carthage Point, Natchez, MS
39120.

“Net Cash Proceeds” shall mean:

(a) with respect to any Asset Sale, the cash proceeds (including cash proceeds subsequently
received (as and when received) in respect of noncash consideration initially received), net of
(i) selling expenses (including reasonable broker’s fees or commissions, legal fees, transfer and
similar taxes and the Borrower’s good faith estimate of income or other taxes paid or payable in
connection with such sale), (ii) amounts provided as a reserve, in accordance with GAAP, against
any liabilities under any indemnification obligations or purchase price adjustment associated with
such Asset Sale (provided that, to the extent and at the time any such amounts are released from
such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount,
premium or penalty, if any, interest and other amounts on any Indebtedness permitted under
Section 6.01 which is secured by Liens permitted under Section 6.02 on the asset
sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such
Indebtedness assumed by the purchaser of such asset); provided, however, that, if (x) the Borrower
(or, if such Asset Sale is by Holdings, Holdings) shall deliver a certificate of a Financial
Officer to the Administrative Agent at the time of receipt thereof setting forth the Borrower’s (or
Holdings’, as applicable) intent to reinvest such proceeds (A) in the case of an Asset Sale by the
Borrower or any of its subsidiaries, in productive assets of a kind then used or usable in the
business of the Borrower and its subsidiaries (subject, in the case of the Borrower, in lieu of
such permitted reinvestment, to compliance with Section 7(a) or Section 7(b), as applicable, of the
Borrower Mortgage with respect to any Asset Sale, the proceeds of which constitute Condemnation
Proceeds (as defined in the Borrower Mortgage) that are not the result of a Material Casualty
Event), or (B) in the case of any Asset Sale by Holdings or any Subsidiary Guarantor that is not a
subsidiary of the Borrower, in productive assets of a kind then used or usable by any Loan Party,
in each case within the earlier of (i) the day preceding the date on which any payment from such
proceeds would be required to be made to the holders (or any representative, trustee or agent on
behalf thereof) of subordinated Indebtedness of Holdings incurred pursuant to Sections
6.01(a)(v)(A)(y) or Section 6.01(o) and (ii) 270 days of receipt of such proceeds,
(y) no Default or Event of Default shall have occurred and shall be continuing at the time

 

17

 

of such certificate or, unless the applicable Loan Party has then irrevocably committed to a third party to
make such a permitted reinvestment and such commitment is not conditioned on the absence of a
Default or Event of Default, at the proposed time of the application of such proceeds, and (z) so
long as such Asset Sale is not a Material Casualty Event, such proceeds shall not constitute Net
Cash Proceeds except to the extent not so used at the end of such period provided for in clause (x)(B) above, at
which time such proceeds shall be deemed to be Net Cash Proceeds;

(b) with respect to any issuance or incurrence of Indebtedness, the cash proceeds thereof, net
of all taxes and customary fees, commissions, costs and other expenses incurred in connection
therewith; and

(c) with respect to any Insurance Proceeds, the cash proceeds received by or paid to or for
the account of any Loan Party in respect thereof net of all reasonable costs and expenses incurred
by any Loan Party in connection therewith; provided, however, that, if (x) the Borrower (or, if
such Insurance Proceeds are payable to Holdings, Holdings) shall deliver a certificate of a
Financial Officer to the Administrative Agent at the time of receipt thereof setting forth the
Borrower’s (or Holdings’, as applicable) (A) in the case of the receipt of Insurance Proceeds by
the Borrower or any of its subsidiaries, in productive assets of a kind then used or usable in the
business of the Borrower and its subsidiaries (subject, in the case of the Borrower, in lieu of
such permitted reinvestment, to compliance with Section 6(a) or Section 6(b), as applicable, of the
Borrower Mortgage with respect to any Insurance Proceeds of an Insured Casualty (as defined in the
Borrower Mortgage) that are not the result of a Material Casualty Event), or (B) in the case of the
receipt of any Insurance Proceeds by Holdings or any Subsidiary Guarantor that is not a subsidiary
of the Borrower, in productive assets of a kind then used or usable by any Loan Party, in each case
within (i) the day preceding the date on which any payment from such proceeds would be required to
be made to the holders (or any representative, trustee or agent on behalf thereof) of subordinated
Indebtedness of Holdings incurred pursuant to Sections 6.01(a)(v)(A)(y) or Section
6.01(o) and (ii) 270 days of receipt of such proceeds, (y) no Default or Event of Default shall
have occurred and shall be continuing at the time of such certificate or, unless the applicable
Loan Party has then irrevocably committed to a third party to make such a permitted reinvestment
and such commitment is not conditioned on the absence of a Default or Event of Default, at the
proposed time of the application of such proceeds, and (z) so long as such Insurance Proceeds are
not proceeds of a Material Casualty Event, such proceeds shall not constitute Net Cash Proceeds
except to the extent not so used at the end of such period provided for in clause (x)(B) above, at
which time such proceeds shall be deemed to be Net Cash Proceeds.

“Non-Cash Working Capital” shall mean (i) all current assets of the Borrower and its
subsidiaries (other than cash and Permitted Investments), minus (ii) all current
liabilities of the Borrower and its subsidiaries (other than the current portion of the Loans), in
each case determined in accordance with GAAP; provided that Non-Cash Working Capital shall exclude
all intercompany transfers between Holdings and the Borrower that would otherwise be treated as
current assets or current liabilities, in each case of the Borrower and its subsidiaries determined
in accordance with GAAP.

“Obligations” shall mean, collectively, all obligations of the Loan Parties defined as (i)
“Obligations” in the Guarantee and Collateral Agreement and the other Security Documents, and/or
(ii) “Indebtedness Hereby Secured” in the Borrower Mortgage.

“OFAC” shall have the meaning assigned to such term in Section 3.23.

“Other Loans” shall have the meaning assigned to such term in Section 2.21(a).

 

18

 

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

“Participant Register” shall have the meaning assigned to such term in
Section 9.04(f).

“Payment Premium” shall mean at any time with respect to any Loan being prepaid in whole or in
part pursuant to Section 2.09 during any of the periods set forth below an amount equal to
the percentage set forth opposite such period of the aggregate principal amount of such Loan being
prepaid at such time:

	 	 	 	 	 
	Period	 	Percentage	 
	 
	 	 	 	 
	January 29, 2011 to and including January 28, 2012
	 	 	4.00	%
	 
	 	 	 	 
	January 29, 2012 to and including January 28, 2013
	 	 	3.00	%
	 
	 	 	 	 
	January 29, 2013 to and including January 28, 2014
	 	 	1.00	%
	 
	 	 	 	 
	Thereafter
	 	 	0.00	%

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or
any successor thereto.

“Perfection Certificate” shall mean the Perfection Certificate substantially in the form of
Exhibit B to the Guarantee and Collateral Agreement.

“Permitted Acquisition” shall have the meaning assigned to such term in Section
6.04(a)(iv).

“Permitted Amount” shall mean, with respect to any loan or advance by the Borrower to Holdings
pursuant to Section 6.04(c)(v), the then-available Available Cash (for the avoidance of
doubt, after giving effect to any prior or concurrent utilization of Available Cash in accordance
with the definition thereof) so long as (w) no Event of Default or Default shall have occurred and
be continuing or would result therefrom, (x) the aggregate principal amount of Loans then
outstanding is equal to or less than $50,000,000, (y) the Leverage Ratio is less than 1.00 to 1.00,
in each case both prior to and after giving pro forma effect to any such dividend, and (z) the
Borrower is otherwise in pro forma compliance with each of Sections 6.10, 6.11,
6.12 and 6.16.

“Permitted Exchange” shall mean the exchange, including pursuant to Section 3(a)(9) of the
Securities Act of 1933, as amended, or a tender offer, of (a) all or a portion of the 4.00% Senior
Convertible Notes due 2013 of Holdings outstanding on the Closing Date, solely for (b) Qualified
Capital Stock of Holdings (other than fractional share interests which may be paid in cash);
provided that (i) the consummation of such exchange, including the definitive documentation
governing or evidencing such exchange, shall comply with all applicable federal and state
securities laws, including the Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, and the rules and regulations promulgated thereunder, (ii) no consideration other than
Qualified Capital Stock of Holdings shall be payable, directly or indirectly, by Holdings to any
holder of such convertible Notes in respect of such exchange (other than cash paid in respect of
fractional share interests), and (iii) promptly following such exchange, Holdings shall deliver to
the Administrative Agent (x) fully-executed copies of the exchange offer documents and

 

19

 

other
definitive documentation governing or evidencing such exchange, and (y) a certificate, executed by
a Financial Officer of Holdings, certifying that such exchange satisfies each of the requirements
of this definition.

“Permitted Investments” shall mean:

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

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

(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing
within one year from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, the Administrative Agent or any domestic office
of any commercial bank organized under the laws of the United States of America or any State
thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000
and that issues (or the parent of which issues) commercial paper rated at least “Prime-1” (or the
then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P;

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

(e) investments in “money market funds” within the meaning of Rule 2a-7 of the Investment
Company Act of 1940, as amended, substantially all of whose assets are invested in investments of
the type described in clauses (a) through (d) above; and

(f) other short-term investments utilized by Foreign Subsidiaries in accordance with normal
investment practices for cash management in investments of a type analogous to the foregoing.

“Permitted Lease” shall have the meaning assigned to such term in Section 9.21.

“Permitted Project” shall mean any project or venture (including the Rialto Project and the
Natchez Project); provided that:

(a) the applicable Project Entity is engaged solely in the design, development, construction
and operation of one or more facilities that will (i) produce synthetic fuels, chemicals, organic
compounds, or synthesis gas or (ii) export renewable electric power;

(b) (i) the applicable Project Holdco is, or the applicable Project Holdcos are, entitled to
receive returns on their Investments in the applicable Project Entity commensurate with its or
their, as applicable, Investment(s) therein, and (ii) Holdings is entitled to receive 100% of the
total dividends and distributions from the applicable Project Holdco or Project Holdcos;

(c) Holdings has the right to participate, or elect representatives who participate, in the
direction of the affairs of the applicable Project Entity;

 

20

 

(d) no Loan Party (other than Holdings, (x) to the extent otherwise permitted to do so under
this Agreement, and (y) except for Permitted Project Guarantees) (whether upon the occurrence of a
contingency or otherwise), directly or indirectly, (i) has any obligation to make (or makes) an
Investment in, or to transfer, convey or contribute any cash, cash equivalents, rights, assets or
properties to, the applicable Project Holdco(s) or Project Entity, (ii) Guarantees, or is otherwise
liable for, any of the obligations of the applicable Project Holdco(s) or Project Entity, or
(iii) provides any credit support of
any kind (including any undertaking, agreement or instrument that would constitute, or have
the economic effect of, Indebtedness) for, or directly or indirectly Guarantees, or is otherwise
liable for, any Indebtedness or other obligations of the applicable Project Holdco(s) or Project
Entity; and

(e) (i) the Collateral Agent holds a perfected, first priority security interest for the
benefit of the Secured Parties, in (x) all of the Equity Interests held by Holdings in the
applicable Project Holdco(s), and the proceeds thereof, and (y) any dividends, distributions or
other payments (whether in cash, securities or other property) payable to, or for the benefit of,
Holdings, with respect to any Equity Interests in the applicable Project Holdco(s), (ii) the
Collateral Agent shall have received certificates or other instruments, if any, representing all of
the Equity Interests held by Holdings in the applicable Project Holdco(s), together with undated
instruments of transfer satisfactory to the Collateral Agent with respect thereto, duly endorsed in
blank by an effective endorsement, as applicable, and (iii) all documents and instruments,
including any Uniform Commercial Code financing statements and/or assignments of financing
statements, required by applicable law or reasonably requested by the Collateral Agent or the
Required Lenders to be filed, registered or recorded to create, perfect, preserve or protect such
security interest have been filed, registered or recorded or delivered to the Collateral Agent in
appropriate form for filing, registration or recording.

“Permitted Project Guarantees” shall mean (A) any unsecured Guarantee by Holdings in
connection with any Permitted Project that guarantees (i) performance of the improvement,
installation, design, engineering, technology, construction, acquisition, development, completion,
maintenance or operation (including commercial operation) of, or otherwise affects any such act in
respect of, all or any portion of the Permitted Project, (ii) completion of the minimum agreed
equity or other contributions or support by Holdings or the applicable Project Holdco(s) to the
applicable Project Entity, or (iii) the payment of environmental liabilities in respect of the
applicable Permitted Project in excess of insurance and other Project Entity obligations, and
(B) any unsecured Guarantee by Holdings listed on Schedule 1.01(a) with respect to
Permitted Projects identified on the Closing Date; provided that no such Guarantee by Holdings
contemplated by this definition shall be recourse to any other Loan Party or any subsidiary of the
Borrower.

“Permitted Tenant” shall have the meaning assigned to such term in Section 9.21.

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

“Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 307 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Plant” shall mean the property of the Borrower located at 16675 U.S. Route 20 West, East
Dubuque, Illinois 61025.

“Platform” shall have the meaning assigned to such term in Section 9.01.

 

21

 

“Prime Rate” shall mean the rate of interest per annum determined from time to time by Credit
Suisse as its prime rate in effect at its principal office in New York City and notified to the
Borrower. The prime rate is a rate set by Credit Suisse based upon various factors including
Credit Suisse’s costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above, or below such
rate. Each change in the Prime Rate shall be effective as of the opening of business on the date
such change is specified by Credit Suisse as
being effective. The Prime Rate is a reference rate and does not necessarily represent the
lowest or best rate actually available.

“Project Entity” shall mean (i) any joint venture, partnership or other similar arrangement,
whether in corporate, partnership or other legal form, the Equity Interests of which are owned in
part by one or more Project Holdcos and in part by one or more other Persons that are not
Affiliated with Holdings or any Subsidiary, or (ii) any venture or project, whether in corporate,
partnership or other legal form, the Equity Interests of which are owned 100% in the aggregate by
one or more Project Holdcos (including RSFC Land Management, LLC).

“Project Holdco” shall mean any direct Wholly Owned Subsidiary of Holdings acquired or
organized by Holdings solely in connection with the ownership and operation of a Permitted Project,
including RSFC, LLC; provided that, for the avoidance of doubt, none of the Borrower or any of its
subsidiaries shall be a Project Holdco.

“Proposed Act” shall have the meaning assigned to such term in Section 2.15(e).

“Public Lender” shall have the meaning assigned to such term in Section 9.01.

“Purchase Date” shall have the meaning assigned to such term in Section 2.11.

“Qualified Capital Stock” of any Person shall mean any Equity Interest of such Person that is
not Disqualified Stock.

“Register” shall have the meaning assigned to such term in Section 9.04(d).

“Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Related Fund” shall mean, with respect to any Lender that is a fund or commingled investment
vehicle that invests in bank loans, any other fund that invests in bank loans and is managed or
advised by the same investment advisor as such Lender or by an Affiliate of such investment
advisor.

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates
and the respective directors, trustees, officers, employees, agents, advisors and holders of Equity
Interests of such Person and such Person’s Affiliates.

 

22

 

“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or
within or upon any building, structure, facility or fixture.

“Repayment Date” shall have the meaning assigned to such term in Section 2.08(a)(i).

“Required Lenders” shall mean, at any time, Lenders having Loans representing more than 50% of
the sum of all Loans outstanding.

“Responsible Officer” of any Person shall mean any executive officer or Financial Officer of
such Person and any other officer or similar official thereof responsible for the administration of
the obligations of such Person in respect of this Agreement.

“Restricted Indebtedness” shall mean Indebtedness of Holdings, the Borrower or any Subsidiary,
the payment, prepayment, repurchase or defeasance of which is restricted under
Section 6.09(b).

“Restricted Payment” shall mean any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in Holdings, the Borrower or any
Subsidiary Guarantor, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any Equity Interests in Holdings, the Borrower or any Subsidiary
Guarantor.

“Rialto Project” shall mean the Rialto Renewable Energy Center, which shall be located in or
near Rialto, California.

“Sale and Lease-Back Transaction” shall have the meaning assigned to such term in
Section 6.03.

“S&P” shall mean Standard & Poor’s Ratings Service, or any successor thereto.

“Secured Parties” shall have the meaning assigned to such term in the Guarantee and Collateral
Agreement.

“Security Documents” shall mean the Mortgages, the Guarantee and Collateral Agreement and each
of the security agreements, mortgages and other instruments and documents executed and delivered
pursuant to any of the foregoing or pursuant to Section 5.12.

“SPV” shall have the meaning assigned to such term in Section 9.04(i).

“Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board and any other banking authority, domestic or foreign, to
which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting
office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in
Regulation D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency
Liabilities (as defined in Regulation D of the Board) 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. Statutory Reserves shall be
adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

23

 

“subsidiary” shall mean, with respect to any Person (herein referred to as the “parent”), any
corporation, partnership, limited liability company, association or other business entity (a) of
which securities or other ownership interests representing more than 50% of the equity or more than
50% of the ordinary voting power or more than 50% of the general partnership interests are, at the
time any determination is being made, owned, Controlled or held, or (b) that is, at the time any
determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the
parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary” shall mean any subsidiary of Holdings.

“Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule 1.01(b), and each
other Subsidiary that is or becomes a party to the Guarantee and Collateral Agreement.

“Synthetic Lease” shall mean, as to any Person, any lease (including leases that may be
terminated by the lessee at any time) of any property (whether real, personal or mixed) (a) that is
accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or
obtains ownership of the property so leased for U.S. federal income tax purposes, other than any
such lease under which such Person is the lessor.

“Synthetic Lease Obligations” shall mean, as to any Person, an amount equal to the capitalized
amount of the remaining lease payments under any Synthetic Lease that would appear on a balance
sheet of such Person in accordance with GAAP if such obligations were accounted for as Capital
Lease Obligations.

“Synthetic Purchase Agreement” shall mean any swap, derivative or other agreement or
combination of agreements pursuant to which Holdings, the Borrower or any Subsidiary is or may
become obligated to make (a) any payment in connection with a purchase by any third party from a
Person other than Holdings, the Borrower or any Subsidiary of any Equity Interest or Restricted
Indebtedness or (b) any payment (other than on account of a permitted purchase by it of any Equity
Interest or Restricted Indebtedness) the amount of which is determined by reference to the price or
value at any time of any Equity Interest or Restricted Indebtedness; provided that no phantom stock
or similar plan providing for payments only to current or former directors, officers or employees
of Holdings, the Borrower or the Subsidiaries (or to their heirs or estates) shall be deemed to be
a Synthetic Purchase Agreement.

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings, including any fines, penalties, additions to tax or other amounts with
respect thereto, imposed by any Governmental Authority.

“Third Amendment” shall mean the Third Amendment to Amended and Restated Credit Agreement and
Waiver, dated as of December 14, 2009, among Holdings, the Borrower and the lenders and agents
party thereto.

“Total Debt” shall mean, at any time, the aggregate stated balance sheet amount (determined in
accordance with GAAP) of all Indebtedness of the Borrower and its subsidiaries at such time
(excluding Indebtedness of the type described in clause (i), clause (j), clause (k) and clause (l)
of the definition of such term, except, in the case of such clause (l), to the extent of any
unreimbursed drawings thereunder).

“Transaction Costs” shall mean all fees and expenses payable in connection with (a) the
execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a
party and the making of the Loans hereunder, (b) the repayment of all amounts due or outstanding
under or in

 

24

 

respect of, and the termination of, the Existing Credit Agreement, and (c) the making
of the Holdings Loan.

“Transactions” shall mean, collectively, (a) the execution, delivery and performance by the
Loan Parties of the Loan Documents to which they are a party and the making of the Loans hereunder,
(b) the repayment of all amounts due or outstanding under or in respect of, and the termination of,
the Existing Credit Agreement, (c) the making of the Holdings Loan and (d) the payment of
Transaction Costs.

“Type”, when used in respect of any Loan, shall refer to the Rate by reference to which
interest on such Loan is determined. For purposes hereof, the term “Rate” shall mean the Adjusted
LIBO Rate and the Alternate Base Rate.

“Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to
time in the State of New York.

“Unrestricted Cash and Permitted Investments” of any Person, shall mean cash and Permitted
Investments of such Person, (a) that is not, and is not required under GAAP to be, designated as
“restricted” on the financial statements of such Person, (b) that is not contractually required,
and has not been contractually committed by such Person, to be used for a specific purpose (other
than to maintain the Minimum Liquidity Threshold required pursuant to Section 6.16)), (c)
that is not subject to any legal requirement or contractual restriction (including the terms of any
Equity Interests) preventing such cash from being applied to the payment of the Obligations, (d) in
which no Person other than the Collateral Agent has a Lien, (e) that, in the case of cash, is
denominated in Dollars, (f) that, in the case of cash, is held in a deposit account (subject to a
deposit account control agreement in form and substance satisfactory to the Collateral Agent) in
which the Collateral Agent (for the benefit of the Secured Parties) has a first priority security
interest, perfected by “control” (within the meaning of the Uniform Commercial Code), and (g) that,
in the case of Permitted Investments, is held in a securities account (subject to a securities
account control agreement in form and substance satisfactory to the Collateral Agent) in which the
Collateral Agent (for the benefit of the Secured Parties) has a first priority security interest,
perfected by “control” (within the meaning of the Uniform Commercial Code).

“USA PATRIOT Act” shall mean The Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56
(signed into law October 26, 2001)).

“Voting Stock” shall mean, with respect to any Person, any class or classes of Equity
Interests pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors (or the equivalent thereof) of
such Person.

“Wholly Owned Subsidiary” of any Person shall mean a subsidiary of such Person of which
securities (except for directors’ qualifying shares) or other ownership interests representing 100%
of the Equity Interests are, at the time any determination is being made, owned, Controlled or held
by such Person or one or more wholly owned subsidiaries of such Person or by such Person and one or
more wholly owned subsidiaries of such Person. Unless otherwise specified, the term “Wholly Owned
Subsidiary” shall refer to a Subsidiary.

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

“Yield Differential” shall have the meaning assigned to such term in Section 2.21(b).

 

25

 

SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to
both 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”; and the
words “asset” and “property” shall be construed as having 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. All references
herein to “fiscal year” or “fiscal quarter” shall be to the fiscal year or fiscal quarter, as
applicable, of the Borrower, unless otherwise specified. All references herein to Articles,
Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and
Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as
otherwise expressly provided herein, (a) any reference in this Agreement to any Loan Document shall
mean such document as amended, restated, supplemented or otherwise modified from time to time, in
each case, in accordance with the express terms of this Agreement, and (b) all terms of an
accounting or financial nature shall be construed in accordance with GAAP, as in effect from time
to time; provided, however, that if the Borrower notifies the Administrative Agent that the
Borrower wishes to amend any covenant in Article VI or any related definition to eliminate
the effect of any change in GAAP occurring after the date of this Agreement on the operation of
such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish
to amend Article VI or any related definition for such purpose), then the Borrower’s
compliance with such covenant shall be determined on the basis of GAAP in effect immediately before
the relevant change in GAAP became effective, until either such notice is withdrawn or such
covenant is amended in a manner satisfactory to the Borrower and the Required Lenders.

SECTION 1.03. Pro Forma Calculations. All pro forma calculations permitted or
required to be made by Holdings, the Borrower or any Subsidiary pursuant to this Agreement shall
include only those adjustments that would be permitted or required by Regulation S-X under the
Securities Act of 1933, as amended, together with those adjustments that (i) have been certified by
a Financial Officer of the Borrower as having been prepared in good faith based upon reasonable
assumptions and (ii) are based on reasonably detailed written assumptions reasonably acceptable to
the Administrative Agent, except in the case of any Permitted Acquisitions, in which case
reasonably acceptable to the Required Lenders.

ARTICLE II

The Credits

SECTION 2.01. Commitments. (a) Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees, severally and not jointly, to
make a Loan to the Borrower on the Closing Date in a principal amount not to exceed its Commitment
(other than any Incremental Loan Commitment). Amounts paid or prepaid in respect of Loans may not
be reborrowed.

(b) Each Lender having an Incremental Loan Commitment, severally and not jointly, hereby
agrees, subject to the terms and conditions and relying upon the representations and warranties set
forth herein and in the applicable Incremental Loan Assumption Agreement, to make Incremental Loans
to the Borrower, in an aggregate principal amount not to exceed its Incremental Loan Commitment.
Amounts paid or prepaid in respect of Incremental Loans may not be reborrowed.

SECTION 2.02. Loans.

(a) Upon (x) receipt by the Administrative Agent of a Borrowing Request, which in the case of
a Eurodollar Loan to be made on the Closing Date or any Incremental Loan Closing Date, as

 

26

 

applicable, shall be delivered by the Borrower not later than 12:00 (noon), New York City time,
three Business Days before the Closing Date or such Incremental Loan Closing Date, as applicable,
and in the case of an ABR Loan to be made on the Closing Date or any Incremental Loan Closing Date,
as applicable, not later than 12:00 (noon), New York City time, one Business Day before the Closing
Date or such Incremental Loan Closing Date, as applicable, and (y) except in the case of
Incremental Loans, satisfaction of the conditions set forth in Section 4.01, the Loans
shall be made by the Lenders ratably in accordance with their applicable Commitments; provided,
however, that the failure of any Lender to
make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder
(it being understood, however, that no Lender shall be responsible for the failure of any other
Lender to make any Loan required to be made by such other Lender).

(b) Each Lender may at its option make any Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not
affect the obligation of the Borrower to repay such Loan in accordance with the terms of this
Agreement.

(c) Each Lender shall make the Loan to be made by it hereunder on the Closing Date or any
Incremental Loan Closing Date, as applicable, by wire transfer of immediately available funds to
such account in New York City as the Administrative Agent may designate not later than 2:00 p.m.,
New York City time, and the Administrative Agent shall promptly credit the amounts so received to
an account designated by the Borrower in the Borrowing Request.

(d) Unless the Administrative Agent shall have received notice from a Lender prior to the
Closing Date or any Incremental Loan Closing Date, as applicable, that such Lender will not make
available to the Administrative Agent such Lender’s Loan, the Administrative Agent may assume that
such Lender has made such Loan available to the Administrative Agent on the Closing Date or such
Incremental Loan Closing Date, as applicable, in accordance with paragraph (c) above and the
Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such
date a corresponding amount. If the Administrative Agent shall have so made funds available then,
to the extent that such Lender shall not have made such Loan available to the Administrative Agent,
such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on
demand such corresponding amount together with interest thereon, for each day from the date such
amount is made available to the Borrower to but excluding the date such amount is repaid to the
Administrative Agent at (i) in the case of the Borrower, a rate per annum equal to the interest
rate applicable at the time to such Loans and (ii) in the case of such Lender, a rate determined by
the Administrative Agent to represent its cost of overnight or short term funds (which
determination shall be conclusive absent manifest error). If such Lender shall repay to the
Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan for
purposes of this Agreement.

SECTION 2.03. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender the principal amount of
each Loan of such Lender as provided in Section 2.08.

(b) 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 under this Agreement.

(c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Type thereof and, if applicable, the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to become due and payable
from the

 

27

 

Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof.

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

(e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note.
In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to
such Lender and its registered assigns and in a form and substance reasonably acceptable to the
Administrative Agent and the Borrower. Notwithstanding any other provision of this Agreement, in
the event any Lender shall request and receive such a promissory note, the interests represented by
such note shall at all times (including after any assignment of all or part of such interests
pursuant to Section 9.04) be represented by one or more promissory notes payable to the
payee named therein or its registered assigns.

SECTION 2.04. Fees.

(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the
administrative fees set forth in the Engagement Letter at the times and in the amounts specified
therein (the “Administrative Agent Fees”).

(b) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, among the Lenders. Once paid, none of
the Fees shall be refundable under any circumstances.

SECTION 2.05. Interest on Loans.

(a) Subject to the provisions of Section 2.06, the Loans shall bear interest (computed
on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may
be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of
360 days at all other times and calculated from and including the date of such Loans to but
excluding the date of repayment thereof) at a rate per annum equal to, at the Borrower’s election,
(i) the Adjusted LIBO Rate plus the Applicable Margin or (ii) the Alternate Base Rate plus the
Applicable Margin.

(b) Interest on each Loan shall be payable on the Interest Payment Dates except as otherwise
provided in this Agreement. The applicable Alternate Base Rate or Adjusted LIBO Rate for each
Interest Period or day within an Interest Period, as the case may be, shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error.

SECTION 2.06. Default Interest. If (i) the Borrower shall default in the payment of any
principal of or interest on any Loan or any other amount due hereunder or under any other Loan
Document, by acceleration or otherwise, or (ii) if any Event of Default under Article VII
(other than paragraphs (b) or (c) thereunder) has occurred and is continuing and the Required
Lenders so vote, then, in the case of clause (i) above, until such defaulted amount shall have been
paid in full or, in the case of clause (ii) above, from the date such vote has been exercised by
the Required Lenders and for so long as such Event of Default is continuing, to the extent
permitted by law, all amounts outstanding under this Agreement and the other Loan Documents shall
bear interest (after as well as before judgment), payable on demand, (a) in the case of principal,
at the rate otherwise applicable to such Loan pursuant to

 

28

 

Section 2.05 plus 2.00% per annum
and (b) in all other cases, at a rate per annum (computed on the basis of the actual number of days
elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the
Prime Rate and over a year of 360 days at all other times) equal to the rate that would be
applicable to an ABR Loan plus 2.00% per annum.

SECTION 2.07. Conversion and Continuation of Loans.

(a) The Borrower shall have the right at any time upon prior irrevocable notice (in the form
of Exhibit E) to the Administrative Agent (1) not later than 12:00 (noon), New York City
time, one Business Day prior to conversion, to convert any Eurodollar Loan into an ABR Loan,
(2) not later than 12:00 (noon), New York City time, three Business Days prior to conversion or
continuation, to convert any ABR Loan into a Eurodollar Loan or to continue any Eurodollar Loan as
a Eurodollar Loan for an additional Interest Period, and (3) not later than 12:00 (noon), New York
City time, three Business Days prior to conversion, to convert the Interest Period with respect to
any Eurodollar Loan to another permissible Interest Period, subject in each case to the following:

(i) each conversion or continuation shall be made pro rata among the Lenders in
accordance with the respective principal amounts of the Loans;

(ii) if less than all the outstanding principal amount of the Loans shall be converted
or continued, then each resulting Loan shall satisfy the limitations specified in
Section 2.07(b) regarding the maximum number of Eurodollar Loans that may be
outstanding;

(iii) each conversion shall be effected by each Lender and the Administrative Agent by
recording for the account of such Lender the new Loan of such Lender resulting from such
conversion and reducing the Loan (or portion thereof) of such Lender being converted by an
equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof)
being converted shall be paid by the Borrower at the time of conversion;

(iv) if any Eurodollar Loan is converted at a time other than the end of the Interest
Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to the
Lenders pursuant to Section 2.19;

(v) any portion of a Loan maturing or required to be repaid in less than one month may
not be converted into or continued as a Eurodollar Loan;

(vi) any portion of a Eurodollar Loan that cannot be converted into or continued as a
Eurodollar Loan by reason of the immediately preceding clause shall be automatically
converted at the end of the Interest Period in effect for such Loan into an ABR Loan;

(vii) no Interest Period may be selected for any Eurodollar Loan that would end later
than the Maturity Date or, in the case of any Eurodollar Loan that is an Incremental Loan,
the relevant Incremental Loan Maturity Date; and

(viii) after the occurrence and during the continuance of a Default or Event of
Default, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan.

Each notice pursuant to this Section 2.07 shall be irrevocable and shall refer to this
Agreement and specify (1) the identity and amount of the Loan that the Borrower requests be
converted or continued, (2) whether such Loan is to be converted to or continued as a Eurodollar
Loan or an ABR Loan, (3) if such notice requests a conversion, the date of such conversion (which
shall be a Business Day) and (4) if

 

29

 

such Loan is to be converted to or continued as a Eurodollar
Loan, the Interest Period with respect thereto. If no Interest Period is specified in any such
notice with respect to any conversion to or continuation as a Eurodollar Loan, the Borrower shall
be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent
shall promptly advise the Lenders of any notice given pursuant to this Section 2.07 and of
each Lender’s portion of any converted or continued Loan. If the
Borrower shall not have given notice in accordance with this Section 2.07 to continue
any Loan into a subsequent Interest Period (and shall not otherwise have given notice in accordance
with this Section 2.07 to convert such Loan), such Loan shall, at the end of the Interest
Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued
as an ABR Loan.

(b) Subject to Section 2.17, 2.18 and 2.20, the Loans converted or
continued pursuant to Section 2.07(a) shall be comprised entirely of ABR Loans or
Eurodollar Loans as the Borrower may request pursuant to this Section 2.07. ABR Loans and
Eurodollar Loans may be outstanding at the same time; provided, however, that the Borrower shall
not be entitled to request any Loan (or the continuation or conversion thereof) that, if made,
would result in more than five Eurodollar Loans being outstanding hereunder at any time. For
purposes of the foregoing, Eurodollar Loans having different Interest Periods, regardless of
whether they commence on the same date, shall be considered separate Loans.

SECTION 2.08. Repayment of Loans; Termination of Commitments.

(a) (i) The Borrower shall pay to the Administrative Agent, for the account of the Lenders, on
the dates set forth below, or if any such date is not a Business Day, on the next preceding
Business Day (each such date being called a “Repayment Date”), a principal amount of the Loans
(other than Other Loans) (as adjusted from time to time pursuant to Section 2.21(d)) equal
to the percentage of the amount of the Commitments on the Closing Date set forth below for such
date, together in each case with accrued and unpaid interest on the principal amount to be paid to
but excluding the date of such payment:

	 	 	 	 	 
	 	 	Percentage of Amount of the Closing	 
	Repayment Date	 	Date Commitments	 
	 
	March 31, 2010
	 	 	1.875	%
	June 30, 2010
	 	 	1.875	%
	September 30, 2010
	 	 	1.875	%
	December 31, 2010
	 	 	1.875	%
	March 31, 2011
	 	 	1.875	%
	June 30, 2011
	 	 	1.875	%
	September 30, 2011
	 	 	1.875	%
	December 31, 2011
	 	 	1.875	%
	March 31, 2012
	 	 	3.75	%
	June 30, 2012
	 	 	3.75	%
	September 30, 2012
	 	 	3.75	%
	December 31, 2012
	 	 	3.75	%
	March 31, 2013
	 	 	3.75	%
	June 30, 2013
	 	 	3.75	%
	September 30, 2013
	 	 	3.75	%
	December 31, 2013
	 	 	3.75	%
	March 31, 2014
	 	 	3.75	%
	June 30, 2014
	 	 	3.75	%
	Maturity Date
	 	 	47.50	%

 

30

 

(ii) The Borrower shall pay to the Administrative Agent, for the account of the Incremental
Lenders holding Other Loans, on each Incremental Loan Repayment Date, a principal amount of the
Other Loans (as adjusted from time to time pursuant to Sections 2.08(b), 2.09 and
2.10(f)) equal to the amount set forth for such date in the applicable Incremental Loan
Assumption Agreement, together in each case with accrued and unpaid interest on the principal
amount to be paid to but excluding the date of such payment.

(b) To the extent not previously paid, all Loans and Other Loans shall be due and payable on
the Maturity Date and on each Incremental Loan Maturity Date, if any, together with accrued and
unpaid interest on the principal amount to be paid to but excluding the date of payment.

(c) The Commitments (other than any Incremental Loan Commitments, which shall terminate as
provided in the related Incremental Loan Assumption Agreement) shall automatically terminate upon
the making of the Loans on the Closing Date.

SECTION 2.09. Voluntary Prepayment. (a) The Borrower shall have the right at any time and
from time to time to prepay any Loan, in whole or in part, upon at least three Business Days’ prior
written or fax notice (or telephone notice promptly confirmed by written or fax notice) to the
Administrative Agent before 12:00 (noon), New York City time; provided, however, that (i) each
partial prepayment shall be in an amount that is an integral multiple of $1,000,000 and not less
than $2,000,000, and (ii) no voluntary prepayments of any Loans shall be permitted prior to the
first anniversary of the Closing Date.

(b) Voluntary prepayments of Loans shall be applied against the remaining scheduled
installments of principal due in respect of the Loans under Section 2.08(a) as directed by
the Borrower in writing; provided that such voluntary prepayment shall be applied pro rata between
the Loans and the Other Loans.

(c) Each notice of prepayment shall specify the prepayment date and the principal amount of
each Loan (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Borrower to
prepay such Loan by the amount stated therein on the date stated therein; provided, however, that
if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such
notice and/or extend the prepayment date by not more than five Business Days, provided, further,
however, that if Borrower shall revoke or extend the prepayment date, from and including the date
on which such prepayment would have been made until the earlier of (A) such time as such prepayment
is made or (B) the last day of the then applicable Interest Period, the Loans shall accrue interest
at the Alternate Base Rate plus the Applicable Margin. All prepayments under this
Section 2.09 shall be accompanied by (i) accrued and unpaid interest on the principal
amount to be prepaid to but excluding the date of payment, (ii) the applicable Payment Premium and
(iii) any other amounts then due and payable by the Loan Parties (including amounts payable under
Section 2.19) under the Loan Documents.

SECTION 2.10. Mandatory Prepayments. (a) Not later than the fourth Business Day following the
receipt by any Loan Party of Net Cash Proceeds in respect of any Asset Sale, the Borrower shall
apply 100% of the Net Cash Proceeds received by such Loan Party with respect thereto to prepay
outstanding Loans in accordance with Section 2.10(f).

(b) No later than four Business days after the earlier of (i) 90 days after the end of each
fiscal year of the Borrower, commencing with the fiscal year ending on September 30, 2010, and (ii)
two Business Days after the date on which the financial statements with respect to such period are
delivered pursuant to Section 5.04(b), the Borrower shall prepay outstanding Loans in
accordance with Section 2.10(f) in an aggregate principal amount equal to (x) the
Applicable ECF Percentage of Excess Cash

 

31

 

Flow for the fiscal year then ended minus (y) the sum of
(i) the principal amount of voluntary prepayments of Loans under Section 2.09, and (ii) any
Payment Premiums paid with respect to such voluntary prepayments only to the extent not previously
deducted in the calculation of Consolidated EBITDA for such fiscal year or in the determination of
Excess Cash Flow for such fiscal year, in each case paid during such fiscal year but only to the
extent that such prepayments are not financed with the proceeds of Indebtedness, equity issuances,
casualty proceeds, condemnation proceeds or insurance proceeds.

(c) In the event that any Loan Party shall receive Net Cash Proceeds from the issuance or
incurrence of Indebtedness of any Loan Party (other than Indebtedness permitted under
Section 6.01), the Borrower shall, substantially simultaneously with (and in any event not
later than the fourth Business Day next following) the receipt of such Net Cash Proceeds by such
Loan Party, apply an amount equal to 100% of such Net Cash Proceeds to prepay outstanding Loans in
accordance with Section 2.10(f).

(d) In the event that any Loan Party shall receive Net Cash Proceeds in respect of any
Insurance Proceeds, the Borrower shall, substantially simultaneously with (and in any event not
later than the fourth Business Day next following) the receipt of such Net Cash Proceeds by such
Loan Party, apply an amount equal to 100% of such Net Cash Proceeds to prepay outstanding Loans in
accordance with Section 2.10(f).

(e) Subject to the repayment in full, termination or forgiveness of the Barclays Loan, in the
event that any Loan Party or any subsidiary of a Loan Party shall receive net proceeds from the
sale of any “auction rate” securities owned by it, the Borrower shall, substantially simultaneously
with (and in any event not later than the third Business Day next following) the receipt of such
net proceeds by such Loan Party or such subsidiary, apply an amount equal to 100% of such net
proceeds to prepay outstanding Loans in accordance with Section 2.10(f).

(f) Mandatory prepayments of outstanding Loans under this Agreement shall be applied pro rata
between the Loans and the Other Loans and applied pro rata against the remaining scheduled
installments of principal due in respect of the Loans and the Other Loans under
Sections 2.08(a)(i) and 2.08(a)(ii), respectively.

(g) In connection with each prepayment required under this Section 2.10, the Borrower
shall deliver to the Administrative Agent no later than noon (New York City time) at least four
Business Days prior to such prepayment (for further distribution by the Administrative Agent to
each Lender on the date of receipt thereof) a certificate signed by a Financial Officer of the
Borrower, setting forth in reasonable detail the calculation of the amount of such prepayment, and
(ii) a written notice of such prepayment. Each notice of prepayment shall specify the prepayment
date, the Type of each Loan being prepaid and the principal amount of each Loan (or portion
thereof) to be prepaid. All prepayments of Loans under this Section 2.10 shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding
the date of payment.

(h) All repayments pursuant to this Section 2.10 shall be subject to
Section 2.19, but shall otherwise be without premium or penalty.

(i) Notwithstanding the foregoing provisions of this Section 2.10, (i) in the case of
any mandatory prepayment of the Loans, Lenders may waive, by written notice to the Administrative
Agent by no later than two Business Days prior to the date on which such mandatory prepayment would
otherwise be required to be made under this Section 2.10, the right to receive the amount
of such mandatory prepayment of the Loans, and (ii) if any Lender or Lenders elect to waive the
right to receive the amount of such mandatory prepayment, all of the amount that otherwise would
have been applied to

 

32

 

mandatorily prepay the Loans of such Lender or Lenders shall be paid by the
Borrower to the remaining non-waiving Lender or Lenders on a pro rata basis, in accordance with
Section 2.10(j).

(j) In connection with any mandatory prepayments by the Borrower of the Loans pursuant to this
Section 2.10, such prepayments shall be applied on a pro rata basis to the then outstanding
Loans being prepaid irrespective of whether such outstanding Loans are ABR Loans or Eurodollar
Loans; provided that if no Lenders exercise the right to waive a given mandatory prepayment of the
Loans pursuant to this Section 2.10, then, with respect to such mandatory prepayment, the
amount of such mandatory prepayment shall be applied first to Loans that are ABR Loans to the full
extent thereof before application to Loans that are Eurodollar Loans in a manner that minimizes the
amount of any payments required to be made by the Borrower pursuant to Section 2.19.

(k) In addition to any other applicable provisions contained in the Borrower Mortgage, if (i)
any loss of title or any loss of or damage to or any destruction of, or condemnation or other
taking (including by any Governmental Authority) of, any portion of the Plant, occurs and the
portion of the Plant subject to such loss, damage, destruction, condemnation or other taking is
material to the operation, or income-producing capacity, of the Plant, and (ii) the Borrower
reasonably believes such portion of the Plant can be repaired, replaced or restored in accordance
with applicable laws (including the Jo Daviess County, Illinois, County Code, Title 8 (Zoning
Regulations) and other applicable zoning and permitting laws) within 180 days following the
occurrence of such loss, damage, destruction, condemnation or other taking (or, if sooner, within
90 days prior to the Applicable Maturity Date), the Borrower shall deliver to the Administrative
Agent (for further delivery to the Lenders), not later than the 90th day following the occurrence
of such loss, damage, destruction, condemnation or other taking, plans and specifications, and such
other documentation and information as shall be reasonably requested by the Collateral Agent or the
Required Lenders, demonstrating that such portion of the Plant can be repaired, replaced or
restored in compliance with foregoing clause (ii).

SECTION 2.11. Prepayment or Offer to Purchase in Connection with Change in Control. The
Borrower shall notify the Administrative Agent of the occurrence of a Change in Control within one
Business Day thereof, and the Administrative Agent shall promptly thereafter notify the Lenders
thereof. At any time prior to the 30th day following delivery of the notice by the
Agent pursuant to the preceding sentence (the “Purchase Date”), each Lender shall have the right,
by notice to the Borrower and the Administrative Agent, to require the Borrower, on the Purchase
Date, to prepay in full (but not in part) the outstanding principal amount of such Lender’s Loans
at a purchase price equal to 101% of the principal amount thereof, together with accrued and unpaid
interest on the principal amount thereof to but excluding the date of payment, and all other
amounts then due to such Lender (including amounts payable under Section 2.19) under the
Loan Documents.

SECTION 2.12. Pro Rata Treatment. Each Loan, each payment or prepayment of principal of any
Loan, each payment of interest on the Loans and each conversion of any Loan to or continuation of a
Loan as a Loan 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 outstanding Loans). Each Lender agrees
that in computing such Lender’s portion of any Loan to be made hereunder, the Administrative Agent
may, in its discretion, round each Lender’s percentage of such Loan to the next higher or lower
whole Dollar amount.

SECTION 2.13. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise
of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party,
or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable

 

33

 

bankruptcy, insolvency or other similar law or otherwise, or by any other means,
obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the
unpaid principal portion of its Loans shall be proportionately less than the unpaid principal
portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from
such other Lender at face value, and shall promptly pay to such other Lender the purchase price
for, a participation in the Loans of such other Lender, so that the aggregate unpaid principal
amount of the Loans and participations in Loans held by each Lender shall be in the same proportion
to the aggregate unpaid principal amount of all Loans then
outstanding as the principal amount of its Loans prior to such exercise of banker’s lien,
setoff or counterclaim or other event was to the principal amount of all Loans outstanding prior to
such exercise of banker’s lien, setoff or counterclaim or other event; provided, however, that
(i) if any such purchase or purchases or adjustments shall be made pursuant to this
Section 2.13 and the payment giving rise thereto shall thereafter be recovered, such
purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the
purchase price or prices or adjustment restored without interest, and (ii) the provisions of this
Section 2.13 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 to any
assignee or participant pursuant to Section 9.04, other than to Holdings or any of its
Affiliates (as to which the provisions of this Section 2.13 shall apply). The Borrower and
Holdings expressly consent to the foregoing arrangements and agree that any Lender holding a
participation in a Loan deemed to have been so purchased may exercise any and all rights of
banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Loan Parties
to such Lender by reason thereof as fully as if such Lender had made a Loan directly to the
Borrower in the amount of such participation.

SECTION 2.14. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Loan or any Fees or other amounts) hereunder and under any other Loan Document not
later than 12:00 (noon), New York City time, on the date when due in immediately available Dollars,
without setoff, defense or counterclaim. Each such payment shall be made to the Administrative
Agent at its offices at Eleven Madison Avenue, New York, NY 10010. The Administrative Agent shall
promptly distribute to each Lender any payments received by the Administrative Agent on behalf of
such Lender.

(b) Except as otherwise expressly provided herein, whenever any payment (including principal
of or interest on any Loan or any Fees or other amounts) hereunder or under any other Loan Document
shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may
be made on the next succeeding Business Day, and such extension of time shall in such case be
included in the computation of interest or Fees, if applicable.

SECTION 2.15. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower or any other Loan Party hereunder or under any other Loan Document shall be made free and
clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that, if the
Borrower or any other Loan Party shall be required to deduct any Indemnified Taxes or Other Taxes
from such payments, then (i) the sum payable shall be increased as necessary so that after making
all required deductions (including deductions applicable to additional sums payable under this
Section 2.15(a)) the Administrative Agent and each Lender (as the case may be) receives an
amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower
or such Loan Party shall make such deductions and (iii) the Borrower or such Loan Party shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

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

 

34

 

(c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by
the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by
or on account of any obligation of the Borrower or any other Loan Party hereunder or under any
other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 2.15) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender, or by the Administrative
Agent on behalf of itself or a Lender, shall be conclusive absent manifest error.

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

(e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law, such properly completed
and executed documentation prescribed by applicable law (in the case of any withholding tax imposed
under the law of the jurisdiction in which the Borrower is located or any treaty to which such
jurisdiction is a party) or reasonably requested by the Borrower (in the case of any other
withholding tax) as will permit such payments to be made without withholding or at a reduced rate.
If requested by the Borrower, each Foreign Lender shall (and shall cause other Persons acting on
its behalf to) take any action (including entering into an agreement with the Internal Revenue
Service) and comply with any information gathering and reporting requirements, in each case, that
are required to obtain the maximum available exemption from U.S. federal withholding taxes under
Title I of the Foreign Account Tax Compliance Act of 2009 (the “Proposed Act”), if enacted, or
under any other enacted legislation that is substantially similar to Title I of the Proposed Act,
with respect to payments received by or on behalf of such Foreign Lender, provided that, for the
avoidance of doubt, a Foreign Lender’s breach of this sentence shall affect the rights only of the
breaching Foreign Lender, and not the rights of any other Foreign Lender, under Section
2.15(a).

SECTION 2.16. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate.
(a) In the event (i) any Lender delivers a certificate requesting compensation pursuant to
Section 2.17, (ii) any Lender delivers a notice described in Section 2.18,
(iii) the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority on account of any Lender pursuant to Section 2.15, or (iv) any Lender refuses to
consent to any amendment, waiver or other modification of any Loan Document requested by the
Borrower that requires the consent of a greater percentage of the Lenders than the Required Lenders
and such amendment, waiver or other modification is consented to by the Required Lenders, then, in
each case, the Borrower may, at its sole expense and effort (including with respect to the
processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender
and the Administrative Agent, require such Lender to transfer and assign, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all of its
interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume
such assigned obligations and, with respect to clause (iv) above, shall consent to such requested
amendment, waiver or other modification of any Loan Documents (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (w) such assignment shall not conflict
with any law, rule or regulation or order of any court or other Governmental Authority having
jurisdiction, (x) the Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be

 

35

 

withheld or delayed, (y) the Borrower or such
assignee shall have paid to the affected Lender in immediately available funds an amount equal to
the sum of the principal of and interest accrued to the date of such payment on the outstanding
Loans of such Lender plus all Fees and other amounts accrued for the account of such Lender
hereunder with respect thereto (including any amounts under Sections 2.17 and 2.19,
and, if applicable, the Payment Premium pursuant to Section 2.09(c) (with such assignment
being deemed to be a voluntary prepayment for purposes of determining the applicability of
Section 2.09(c), such amount to be payable by the Borrower)) and (z) the Borrower shall
have required each other Lender that delivered a notice pursuant to the same Section, or refused to
consent to the same
amendment, waiver or other modification of any Loan Document, as the Lender being required to
transfer and assign its interests, rights and obligations pursuant to this Section 2.16(a)
to substantially concurrently assign all of its interests, rights and obligations under this
Agreement to an Eligible Assignee; provided further that, if prior to any such transfer and
assignment the circumstances or event that resulted in such Lender’s claim for compensation under
Section 2.17, notice under Section 2.18 or the amounts paid pursuant to
Section 2.15, as the case may be, cease to cause such Lender to suffer increased costs or
reductions in amounts received or receivable or reduction in return on capital, or cease to have
the consequences specified in Section 2.18, or cease to result in amounts being payable
under Section 2.15, as the case may be (including as a result of any action taken by such
Lender pursuant to paragraph (b) below), or if such Lender shall waive its right to claim further
compensation under Section 2.17 in respect of such circumstances or event or shall withdraw
its notice under Section 2.18 or shall waive its right to further payments under
Section 2.15 in respect of such circumstances or event or shall consent to the proposed
amendment, waiver, consent or other modification, as the case may be, then such Lender shall not
thereafter be required to make any such transfer and assignment hereunder. Each Lender hereby
grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an
interest) to execute and deliver, on behalf of such Lender, as assignor, any Assignment and
Acceptance necessary to effectuate any assignment of such Lender’s interests hereunder in the
circumstances contemplated by this Section 2.16(a).

(b) If (i) any Lender shall request compensation under Section 2.17, (ii) any Lender
delivers a notice described in Section 2.18 or (iii) the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority on account of any Lender, pursuant to
Section 2.15, then such Lender shall use reasonable efforts (which shall not require such
Lender to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action
inconsistent with its internal policies or legal or regulatory restrictions or suffer any
disadvantage or burden deemed by it to be significant) (x) to file any certificate or document
reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and
transfer its obligations hereunder to another of its offices, branches or affiliates, if such
filing or assignment would reduce its claims for compensation under Section 2.17 or enable
it to withdraw its notice pursuant to Section 2.18 or would reduce amounts payable pursuant
to Section 2.15, as the case may be, in the future. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such filing or
assignment, delegation and transfer.

SECTION 2.17. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the account
of or credit extended by any Lender (except any such reserve requirement which is reflected in the
Adjusted LIBO Rate) or shall impose on such Lender or the London interbank market any other
condition affecting this Agreement or the Loans made by such Lender or any participation therein,
and the result of any of the foregoing shall be to increase the cost to such Lender of maintaining
any Loan or increase the cost to any Lender of purchasing or maintaining a participation therein or
to reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or otherwise) by an amount deemed by such Lender to be material, then the
Borrower will pay to such Lender upon demand such

 

36

 

additional amount or amounts as will compensate
such Lender for such additional costs incurred or reduction suffered.

(b) If any Lender shall have determined that any Change in Law regarding capital adequacy has
or would have the effect of reducing the rate of return on such Lender’s capital or on the capital
of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made to a
level below that which such Lender or such Lender’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy) by an amount deemed by such Lender to
be material, then from time to time the Borrower shall pay to such Lender such additional amount or amounts
as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as applicable, as specified in paragraph (a) or (b) above shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate delivered by it within 10 days after
its receipt of the same.

(d) Failure or delay on the part of any Lender to demand compensation for any increased costs
or reduction in amounts received or receivable or reduction in return on capital shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower
shall not be under any obligation to compensate any Lender under paragraph (a) or (b) above with
respect to increased costs or reductions with respect to any period prior to the date that is
120 days prior to such request if such Lender knew or could reasonably have been expected to know
of the circumstances giving rise to such increased costs or reductions and of the fact that such
circumstances would result in a claim for increased compensation by reason of such increased costs
or reductions; provided further that the foregoing limitation shall not apply to any increased
costs or reductions arising out of the retroactive application of any Change in Law within such
120-day period. The protection of this Section 2.17 shall be available to each Lender
regardless of any possible contention of the invalidity or inapplicability of the Change in Law
that shall have occurred or been imposed.

SECTION 2.18. Change in Legality. (a) Notwithstanding any other provision of this Agreement,
if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan
or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan,
then, by written notice to the Borrower and to the Administrative Agent:

(i) such Lender may declare that Eurodollar Loans will not thereafter (for the duration
of such unlawfulness) be made by such Lender hereunder (or be continued for additional
Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into
Eurodollar Loans, whereupon any request to convert an ABR Loan to a Eurodollar Loan or to
continue a Eurodollar Loan for an additional Interest Period shall, as to such Lender only,
be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an
additional Interest Period or to convert a Eurodollar Loan into an ABR Loan, as the case may
be), unless such declaration shall be subsequently withdrawn; and

(ii) such Lender may require that all outstanding Eurodollar Loans made by it be
converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically
converted to ABR Loans as of the effective date of such notice as provided in paragraph (b)
below.

 

37

 

In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and
prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that
would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans.

(b) For purposes of this Section 2.18, a notice to the Borrower by any Lender shall be
effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the
Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower.

SECTION 2.19. Breakage. The Borrower shall indemnify each Lender against any loss or expense
that such Lender may sustain or incur as a consequence of (a) any event, other than a default by
such Lender in the performance of its obligations hereunder, which results in (i) such Lender
receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan
prior to the end of the Interest Period in effect therefor or (ii) the conversion of the interest
rate on any Loan from the LIBO Rate to the Alternate Base Rate, or the conversion of the Interest
Period with respect to any Loan, in each case other than on the last day of the Interest Period in
effect therefor (any of the events referred to in this clause (a) being called a “Breakage Event”)
or (b) any default in the making of any payment or prepayment required to be made hereunder. In the
case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably
determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the
subject of such Breakage Event for the period from the date of such Breakage Event to the last day
of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the
amount of interest likely to be realized by such Lender in redeploying the funds released or not
utilized by reason of such Breakage Event for such period. A certificate of any Lender setting
forth any amount or amounts which such Lender is entitled to receive pursuant to this
Section 2.19 shall be delivered to the Borrower and shall be conclusive absent manifest
error.

SECTION 2.20. Alternate Rate of Interest. In the event, and on each occasion, that on the day
two Business Days prior to the commencement of any Interest Period for a Eurodollar Loan the
Administrative Agent shall have determined that Dollar deposits in the principal amounts of such
Eurodollar Loan are not generally available in the London interbank market, or that the rates at
which such Dollar deposits are being offered will not adequately and fairly reflect the cost to the
majority of Lenders of making or maintaining Eurodollar Loans during such Interest Period, or that
reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the Administrative Agent
shall, as soon as practicable thereafter, give written or fax notice of such determination to the
Borrower and the Lenders. In the event of any such determination, until the Administrative Agent
shall have advised the Borrower and the Lenders that the circumstances giving rise to such notice
no longer exist, any request by the Borrower for a Eurodollar Loan pursuant to Section 2.02
or Section 2.07 shall be deemed to be a request for an ABR Loan. Each determination by the
Administrative Agent under this Section 2.20 shall be conclusive absent manifest error.

SECTION 2.21. Incremental Loans. (a) Subject to Section 2.21(c), the Borrower may,
not more than three times after the Closing Date, by written notice to the Administrative Agent
from time to time, request Incremental Loan Commitments in an aggregate amount not to exceed the
Incremental Loan Amount from one or more Incremental Lenders, all of which must be Eligible
Assignees. Such notice shall set forth (i) the amount of the Incremental Loan Commitments being
requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or
such lesser amount equal to the remaining Incremental Loan Amount), (ii) the date on which such
Incremental Loan Commitments are requested to become effective (which shall not be less than
10 Business Days nor more than 60 days after the date of such notice), and (iii) whether such
Incremental Loan Commitments are commitments to

 

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make additional Loans or commitments to make term
loans with terms different from the Loans (“Other Loans”).

(b) The Borrower may seek Incremental Loan Commitments from existing Lenders (each of which
shall be entitled to agree or decline to participate in its sole discretion) and additional banks,
financial institutions and other institutional lenders who will become Incremental Lenders in
connection therewith. The Borrower and each Incremental Lender shall execute and deliver to the
Administrative Agent an Incremental Loan Assumption Agreement and such other documentation as the
Administrative Agent shall reasonably specify to evidence the Incremental Loan Commitment of each
Incremental Lender; provided that if the related Incremental Loans are to be issued with original
issue discount, the applicable Incremental Loan Assumption Agreement shall set forth the amount of
such original issue
discount (which discount shall apply to all such Incremental Loans and Section 9.20
shall be amended to reflect such original issue discount). The terms and provisions of the
Incremental Loans shall be substantially identical to those of the Loans, except as otherwise set
forth in the immediately succeeding sentence. Without the prior written consent of the Required
Lenders, (i) the final maturity date of any Other Loans shall be no earlier than the Maturity Date,
(ii) the average life to maturity of the Other Loans shall be no shorter than the average life to
maturity of the Loans and (iii) if the initial yield on such Other Loans (as determined by the
Administrative Agent to be equal to the sum of (x) the margin above the Adjusted LIBO Rate on such
Other Loans and (y) if the “effective interest rate margin” for such Other Loans as of the date of
incurrence of such Other Loans (which, for purposes of calculating the “effective interest rate
margin” only, shall be determined by the Administrative Agent and deemed to include all upfront or
similar fees or original issue discount (amortized over the life of such Other Loans) payable to
all Lenders providing such Other Loans) exceeds the “effective interest rate margin” then
applicable to existing outstanding Loans (determined on the same basis as provided in the
immediately preceding parenthetical), the Applicable Margins for all then outstanding Loans shall
be increased automatically as of such date by the amount of such excess (the “Yield Differential”).
The Administrative Agent shall promptly notify each Lender as to the effectiveness of each
Incremental Loan Assumption Agreement. Each of the parties hereto hereby agrees that, upon the
effectiveness of any Incremental Loan Assumption Agreement, this Agreement shall be deemed amended
to the extent (but only to the extent) necessary to reflect the existence and terms of the
Incremental Loan Commitment and the Incremental Loans evidenced thereby, and the Administrative
Agent and the Borrower may revise this Agreement to evidence such amendments.

(c) Notwithstanding the foregoing, no Incremental Loan Commitment shall become effective under
this Section 2.21 unless (i) on the date of such effectiveness, the conditions set forth in
paragraphs (b) and (c) of Section 4.01 shall be satisfied (it being agreed that, for
purposes of this clause (i), any reference to the “Closing Date” in any such paragraph of
Section 4.01 or in the lead-in language to Section 4.01 shall be deemed to be a
reference to the applicable “Incremental Loan Closing Date”) and the Administrative Agent shall
have received a certificate to that effect dated such date and executed by a Financial Officer of
the Borrower, (ii) except as otherwise specified or required in the applicable Incremental Loan
Assumption Agreement, the Administrative Agent shall have received (with sufficient copies for each
of the Incremental Lenders) legal opinions, board resolutions, public records and closing
certificates (other than insurance certificates) reasonably requested by the Administrative Agent
and consistent with those delivered on the Closing Date under Section 4.01, (iii) prior to
such effectiveness, if the relevant Incremental Loan Maturity Date (A) is different from the
Maturity Date, or (B) is different from the maturity date of the Loans specified in the Borrower
Mortgage, as then in effect, the Borrower Mortgage shall have been amended (or, if necessary or
reasonably deemed advisable by the Collateral Agent, amended and restated or otherwise modified) to
confirm that the Borrower Mortgage secures the Obligations with respect to such Incremental Loans,
and to reflect the Final Maturity Date, (iv) on or prior to the date of such effectiveness, the
title insurance company (or an agent therefor) that issued, in favor of the Collateral Agent, the
lender’s original title insurance policy in connection with the Loans

 

39

 

made on the Closing Date
shall have issued (or executed and delivered to the Collateral Agent an irrevocable commitment to
issue) in favor of the Collateral Agent, (A) such additional and/or replacement title insurance in
an amount equal to (when combined with the amount of the original title insurance remaining in
place) the aggregate principal amount of the Loans outstanding after giving effect to the proposed
Incremental Loans, and (B) such endorsements, coinsurance and reinsurance as may be reasonably
requested by the Collateral Agent or any Lender (including any Lender that is not an Incremental
Lender), insuring such amended, amended and restated or otherwise modified Borrower Mortgage as a
first lien on the Mortgaged Property (as defined therein), subject to any Liens permitted by
Section 6.02 and otherwise no less favorable to the Lenders than the original title
insurance issued on the Closing Date (with such changes as are necessary to comply with customary
title insurance practices), (v) the aggregate principal amount of the Loans outstanding after
giving effect to the proposed Incremental
Loan Commitments and the corresponding borrowing with respect thereto would not exceed
$50,000,000, and (vi) Consolidated EBITDA for the period of four consecutive fiscal quarters most
recently ended on or prior to the date the proposed Incremental Loan Commitments would be effective
is equal to or greater than $50,000,000.

(d) Each of the parties hereto hereby agrees that the Administrative Agent may, in
consultation with the Borrower, take any and all action as may be reasonably necessary to ensure
that all Incremental Loans (other than Other Loans), when originally made, are included in each
borrowing of outstanding Loans on a pro rata basis. This may be accomplished by requiring each
outstanding Eurodollar borrowing to be converted into an ABR borrowing on the date of each
Incremental Loan, or by allocating a portion of each Incremental Loan to each outstanding
Eurodollar borrowing on a pro rata basis. Any conversion of Eurodollar Loans to ABR Loans required
by the preceding sentence shall be subject to Section 2.19. If any Incremental Loan is to
be allocated to an existing Interest Period for a Eurodollar borrowing, then the interest rate
thereon for such Interest Period and the other economic consequences thereof shall be as set forth
in the applicable Incremental Loan Assumption Agreement. In addition, to the extent any Incremental
Loans are not Other Loans, the scheduled amortization payments under Section 2.08(a)(i)
required to be made after the making of such Incremental Loans shall be ratably increased by the
aggregate principal amount of such Incremental Loans and shall be further increased for all Lenders
on a pro rata basis to the extent necessary to avoid any reduction in the amortization payments to
which the Lenders were entitled before such recalculation.

ARTICLE III

Representations and Warranties

Each of Holdings and the Borrower represents and warrants to the Administrative Agent, the
Collateral Agent and each of the Lenders that:

SECTION 3.01. Organization; Powers. Holdings, the Borrower and each of the Subsidiaries
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, (b) has all requisite power and authority to own its property and assets and to
carry on its business as now conducted and as proposed to be conducted, (c) is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required,
except where the failure so to qualify could not reasonably be expected to result in a Material
Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations
under each of the Loan Documents and each other agreement or instrument contemplated thereby to
which it is or will be a party and, in the case of the Borrower, to borrow hereunder.

SECTION 3.02. Authorization. The Transactions (a) have been duly authorized by all requisite
corporate or other organizational and, if required, stockholder action and (b) will not (i) violate

 

40

 

(A) any provision of law, statute, rule or regulation, or of the certificate or articles of
incorporation or other constitutive documents or by-laws of Holdings, the Borrower or any
Subsidiary, (B) any order of any Governmental Authority or (C) any provision of any indenture,
agreement or other instrument to which Holdings, the Borrower or any Subsidiary is a party or by
which any of them or any of their property is or may be bound, (ii) be in conflict with, result in
a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give
rise to any right to accelerate or to require the prepayment, repurchase or redemption of any
obligation under any such indenture, agreement or other instrument or (iii) result in the creation
or imposition of any Lien upon or with respect to any property or assets now owned or hereafter
acquired by Holdings, the Borrower or any Subsidiary (other than any Lien created hereunder or
under the Security Documents).

SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by Holdings
and the Borrower and constitutes, and each other Loan Document when executed and delivered by each
Loan Party party thereto will constitute, a legal, valid and binding obligation of such Loan Party
enforceable against such Loan Party in accordance with its terms.

SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or
filing with or any other action by any Governmental Authority is or will be required in connection
with the Transactions, except for (a) the filing of Uniform Commercial Code financing statements
and filings with the United States Patent and Trademark Office and the United States Copyright
Office, (b) recordation of the Mortgages, (c) other registrations and filings required for the
perfection of security interests in the Collateral, and (d) such as have been made or obtained and
are in full force and effect.

SECTION 3.05. Financial Statements. (a) Holdings has heretofore furnished to the Lenders (1)
its consolidated balance sheets and related statements of income, stockholder’s equity and cash
flows, (i) as of and for the fiscal year ended September 30, 2007 audited by and accompanied by the
opinion of Ehrhardt Keefe Steiner & Hottman P.C. independent registered public accountants, (ii) as
of and for the fiscal year ended September 30, 2008 (as restated in Holdings’ Annual Report on Form
10-K for the fiscal year ended September 30, 2009) audited by and accompanied by the opinion of
Ehrhardt Keefe Steiner & Hottman P.C. independent registered public accountants, (iii) as of and
for the fiscal year ended September 30, 2009 audited by and accompanied by the opinion of
PricewaterhouseCoopers LLP independent registered public accountants, (iv) as of and for the fiscal
quarters ended December 31, 2008, March 31, 2009 and June 30, 2009, certified by its chief
financial officer, and (v) as of and for each fiscal month commencing with the fiscal month ended
October 31, 2009 and ending 30 days prior to the Closing Date, certified by its chief financial
officer and (2) its unaudited consolidating balance sheets and related statements of income (i) as
of and for the fiscal year ended September 30, 2007, (ii) as of and for the fiscal years ended
September 30, 2008 and September 30, 2009, (iii) as of and for the fiscal quarters ended December
31, 2008, March 31, 2009 and June 30, 2009, certified by its chief financial officer, and (iv) as
of and for each fiscal month commencing with the fiscal month ended October 31, 2009 and ending 30
days prior to the Closing Date, certified by its chief financial officer. Such financial
statements present fairly the financial condition and results of operations and cash flows of
Holdings and its consolidated Subsidiaries as of such dates and for such periods. Such
consolidated balance sheets and the notes thereto disclose all material liabilities, direct or
contingent, of Holdings and its consolidated Subsidiaries as of the dates thereof. Such financial
statements were prepared in accordance with GAAP applied on a consistent basis, subject, in the
case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.

(b) The Borrower has heretofore delivered to the Lenders its unaudited pro forma consolidated
balance sheet and related pro forma statements of income as of and for the 12-month period ending
on as of the last day of the most recently completed four-fiscal quarter period ending at least 30
days prior to the Closing Date, prepared giving effect to the Transactions as if they had occurred,
with

 

41

 

respect to such balance sheet, on such date and, with respect to such statement of income, on
the first day of the 12-month period ending on such date. Such pro forma financial statements have
been prepared in good faith by the Borrower, based on the assumptions used to prepare the pro forma
financial information contained in the Confidential Information Memorandum (which assumptions are
believed by the Borrower on the date thereof and on the Closing Date to be reasonable), are based
on the best information available to the Borrower as of the date of delivery thereof, accurately
reflect all adjustments required to be made to give effect to the Transactions and present fairly
on a pro forma basis the estimated consolidated financial position of the Borrower and its
consolidated subsidiaries as of such date and for such period, assuming that the Transactions had
actually occurred at such date or at the beginning of such period, as the case may be.

SECTION 3.06. No Material Adverse Change. No event, change or condition has occurred that has
had, or could reasonably be expected to have, a material adverse effect on the business, assets,
liabilities, operations, condition (financial or otherwise), operating results or prospects of
Holdings, the Borrower and the Subsidiaries, taken as a whole, since September 30, 2009.

SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of Holdings, the
Borrower and the Subsidiaries has good and marketable title to, or valid leasehold interests in,
all its material properties and assets (including all Mortgaged Property), except for minor defects
in title that do not interfere with its ability to conduct its business as currently conducted or
to utilize such properties and assets for their intended purposes. All such material properties and
assets are free and clear of Liens, other than Liens not prohibited by Section 6.02.

(b) Each of Holdings, the Borrower and the Subsidiaries has complied with all obligations
under all material leases to which it is a party and all such leases are in full force and effect.
Each of Holdings, the Borrower and the Subsidiaries enjoys peaceful and undisturbed possession
under all such material leases.

(c) As of the Closing Date, neither Holdings nor the Borrower has received any notice of, nor
has any knowledge of, any pending or contemplated condemnation proceeding affecting the Mortgaged
Properties or any sale or disposition thereof in lieu of condemnation.

(d) As of the Closing Date, none of Holdings, the Borrower or any of the Subsidiaries is
obligated under any right of first refusal, option or other contractual right to sell, assign or
otherwise dispose of any Mortgaged Property or any interest therein.

SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Closing Date a list of
all Subsidiaries and the percentage ownership interest of Holdings or the Borrower therein. The
shares of capital stock or other ownership interests so indicated on Schedule 3.08 are
fully paid and non-assessable and are owned by Holdings or the Borrower, directly or indirectly,
free and clear of all Liens (other than Liens created under the Security Documents).

SECTION 3.09. Litigation; Compliance with Laws. (a) There are no actions, suits or
proceedings at law or in equity or by or before any Governmental Authority now pending or, to the
knowledge of Holdings or the Borrower, threatened against or affecting Holdings or the Borrower or
any Subsidiary or any business, property or rights of any such Person (i) that involve any Loan
Document or the Transactions or (ii) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect.

 

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(b) None of Holdings, the Borrower or any of the Subsidiaries or any of their respective
material properties or assets is in violation of, nor will the continued operation of their
material properties and assets as currently conducted violate, any law, rule or regulation
(including any zoning, building, Environmental Law, ordinance, code or approval or any building
permits) or any restrictions of record or agreements affecting the Mortgaged Property, or is in
default with respect to any judgment, writ, injunction, decree or order of any Governmental
Authority, where such violation or default could reasonably be expected to result in a Material
Adverse Effect.

SECTION 3.10. Agreements. (a) None of Holdings, the Borrower or any of the Subsidiaries is a
party to any agreement or instrument or subject to any corporate or other organizational
restriction that has resulted or could reasonably be expected to result in a Material Adverse
Effect.

(b) None of Holdings, the Borrower or any of the Subsidiaries is in default in any manner
under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or
any other material agreement or instrument to which it is a party or by which it or any of its
properties or assets are or may be bound, in each case where such default could reasonably be
expected to result in a Material Adverse Effect.

SECTION 3.11. Federal Reserve Regulations. (a) None of Holdings, the Borrower or any of the
Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock.

(b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or
that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T,
U or X.

SECTION 3.12. Investment Company Act. None of Holdings, the Borrower or any Subsidiary is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of
1940.

SECTION 3.13. Use of Proceeds. The Borrower will use the proceeds of the (a) Loans (other
than Incremental Loans) only for the purposes specified in the introductory statement to this
Agreement and (b) use the proceeds of Incremental Loans only (i) to make a loan to Holdings in
accordance with the requirements specified in the definition of “Holdings Loan” and/or to pay cash
dividends in accordance with Section 6.06(a)(vii), and (ii) for general corporate purposes
of the Borrower and its subsidiaries that are Subsidiary Guarantors.

SECTION 3.14. Tax Returns. Each of Holdings, the Borrower and the Subsidiaries has filed or
caused to be filed all Federal, state, local and foreign tax returns or materials required to have
been filed by it and has paid or caused to be paid all taxes due and payable by it and all
assessments received by it, except taxes (i) for which an extension for filing has been obtained by
the applicable Person and (ii) that are being contested in good faith by appropriate proceedings
and for which Holdings, the Borrower or such Subsidiary, as applicable, shall have set aside on its
books adequate reserves.

SECTION 3.15. No Material Misstatements. None of the (a) Confidential Information Memorandum
(including any written supplements thereto furnished by or on behalf of Holdings or the Borrower to
the Administrative Agent prior to the Closing Date) or (b) any other information, reports,
financial statements, exhibits or schedules furnished by or on behalf of Holdings or the Borrower
to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document
or included therein or delivered pursuant thereto, taken as a whole, contained, contains or will
contain any

 

43

 

material misstatement of fact or omitted, omits or will omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were,
are or will be made, not misleading; provided that to the extent any such information, report,
financial statement, exhibit or schedule was based upon or constitutes a forecast or projection,
each of Holdings and the Borrower represents only that it acted in good faith and utilized
reasonable assumptions (based upon accounting principles consistent with the historical audited
financial statements of Holdings) and due care in the preparation of such information, report,
financial statement, exhibit or schedule.

SECTION 3.16. Employee Benefit Plans. (a) Each of the Borrower and its ERISA Affiliates is
in compliance in all material respects with the applicable provisions of ERISA and the Code and the
regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events, could reasonably
be expected to result in material liability of the Borrower or any of its ERISA Affiliates.

(b) None of the Borrower or any of its ERISA Affiliates maintains, contributes to, or is
required to contribute to, a Plan, a Multiemployer Plan or a Foreign Pension Plan.

SECTION 3.17. Environmental Matters. (a) Except as set forth in Schedule 3.17, none
of Holdings, the Borrower or any of the Subsidiaries (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply, in all material respects, with any material
permit, license or other approval required under any Environmental Law, (ii) has become subject to
any material Environmental Liability, (iii) has received notice of any actual or threatened
material Environmental Liability or (iv) knows of any basis for any material Environmental
Liability.

(b) Except as set forth in Schedule 3.17, (i) no real property currently owned, leased
or operated by Holdings, Borrower or any Subsidiary is or, to Holdings’, Borrower’s or any
Subsidiary’s knowledge as of, or at any time after, April 26, 2006, has, during Holdings’,
Borrower’s or any Subsidiary’s ownership, lease or operation thereof, been in material
non-compliance with any applicable Environmental Laws or subject to any material Environmental
Liability and (ii) to Holdings’, Borrower’s or any Subsidiary’s knowledge since April 26, 2006, no
real property formerly owned, leased or operated by Holdings, Borrower or any Subsidiary is or has,
during Holdings’, Borrower’s or any Subsidiary’s ownership, lease or operation thereof, been, in
material non-compliance with any applicable Environmental Laws or subject to any material
Environmental Liability.

(c) None of the matters disclosed on Schedule 3.17, individually or in the aggregate,
has had or could reasonably be expected to result in a Material Adverse Effect.

SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct
description of all insurance maintained by the Borrower or by the Borrower for its Subsidiaries as
of the date hereof and the Closing Date. As of each such date, such insurance is in full force and
effect and all premiums have been duly paid. The Borrower and its Subsidiaries have insurance in
such amounts and covering such risks and liabilities as are in accordance with normal industry
practice.

SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement, upon execution
and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the
Collateral (as defined in the Guarantee and Collateral Agreement) and the proceeds thereof and (i)
when the Pledged Collateral (as defined in the Guarantee and Collateral Agreement) is delivered to
the Collateral Agent, the Lien created under Guarantee and Collateral Agreement shall constitute a
perfected first priority Lien on, and security interest in, all right, title and interest of the
Loan Parties in such Pledged Collateral, in each case prior and superior in right to any other
Person, and (ii) when financing statements in appropriate

 

44

 

form are filed in the offices specified
on Schedule 3.19(a), the Liens created under the Guarantee and Collateral Agreement will
constitute a fully perfected Lien on, and security interest in, all right, title and interest of
the Loan Parties in such Collateral (other than Intellectual Property, as defined in the Guarantee
and Collateral Agreement and other property in which a security interest may not be perfected by
the filing of a financing statement), in each case prior and superior in right to any other Person,
other than with respect to Liens expressly permitted by Section 6.02.

(b) Upon the recordation of the Guarantee and Collateral Agreement (or a short-form security
agreement in form and substance reasonably satisfactory to the Borrower and the Collateral Agent)
with the United States Patent and Trademark Office and the United States Copyright Office, together
with the financing statements in appropriate form filed in the offices specified on
Schedule 3.19(a), the Lien created under the Guarantee and Collateral Agreement shall
constitute a perfected Lien on, and security interest in, all right, title and interest of the Loan
Parties in the Intellectual Property (as defined in the Guarantee and Collateral Agreement) in
which a security interest may be perfected by filing in the United States and its territories and
possessions, in each case prior and superior in right to any other Person (it being understood that
subsequent recordings in the United States Patent and Trademark Office and the United States
Copyright Office may be necessary to perfect a Lien on registered trademarks and patents, trademark
and patent applications and registered copyrights acquired by the Loan Parties after the date
hereof).

(c) The Mortgages, if any, are effective to create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable Lien on all of the Loan
Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds
thereof, and when the Mortgages are filed in the offices specified on Schedule 3.19(c), the
Mortgages shall constitute a perfected Lien on, and security interest in, all right, title and
interest of the Loan Parties in such Mortgaged Property and the proceeds thereof, in each case
prior and superior in right to any other Person, other than with respect to the rights of Persons
pursuant to Liens expressly permitted by Section 6.02.

SECTION 3.20. Location of Real Property and Leased Premises. (a) Schedule 3.20(a)
lists completely and correctly as of the Closing Date all real property owned by the Borrower and
the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries own in fee all the
real property set forth on Schedule 3.20(a).

(b) Schedule 3.20(b) lists completely and correctly as of the Closing Date all real
property leased by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and
the Subsidiaries have valid leases in all the real property set forth on Schedule 3.20(b).

SECTION 3.21. Labor Matters. As of the date hereof and the Closing Date, there are no
strikes, lockouts or slowdowns against Holdings, the Borrower or any Subsidiary pending or, to the
knowledge of Holdings or the Borrower, threatened. The hours worked by and payments made to
employees of Holdings, the Borrower and the Subsidiaries have not been in violation of the Fair
Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such
matters. All payments due from Holdings, the Borrower or any Subsidiary, or for which any claim may
be made against Holdings, the Borrower or any Subsidiary, on account of wages and employee health
and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
Holdings, the Borrower or such Subsidiary. The consummation of the Transactions will not give rise
to any right of termination or right of renegotiation on the part of any union under any collective
bargaining agreement to which Holdings, the Borrower or any Subsidiary is bound.

SECTION 3.22. Solvency. Immediately after the consummation of the Transactions to occur on
the Closing Date and immediately following the making of the Loans on the Closing Date or the

 

45

 

applicable Incremental Loan Closing Date, as the case may be, and after giving effect to the
application of the proceeds of such Loans, (a) the fair value of the assets of the Borrower,
individually, and the Loan Parties, collectively, at a fair valuation, will exceed its or their
debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value
of the property of the Borrower, individually, and the Loan Parties, collectively, will be greater
than the amount that will be required to pay the probable liability of its or their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured; (c) each Loan Party will be able to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (d) the Borrower, individually, and the Loan Parties, collectively, will not have unreasonably
small capital with which to conduct the business in which it is or they are engaged as such
business is now conducted and is proposed to be conducted following the Closing Date or the
applicable Incremental Loan Closing Date, as the case may be.

SECTION 3.23. Sanctioned Persons; USA PATRIOT Act. None of Holdings, the Borrower or any
Subsidiary nor, to the knowledge of the Borrower, any director, officer, agent, employee or
Affiliate of Holdings, the Borrower or any Subsidiary is (i) currently subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”), and the Borrower will not directly or indirectly use the proceeds of the Loans or
otherwise make available such proceeds to any Person, for the purpose of financing the activities
of any Person currently subject to any U.S. sanctions administered by OFAC or (ii) in violation of
the USA PATRIOT Act.

SECTION 3.24. Management Agreement. As of the Closing Date, the Management Agreement has not
been amended, modified, supplemented or replaced.

ARTICLE IV

Conditions of Lending

The obligations of the Lenders to make Loans hereunder are subject to the satisfaction of the
following conditions:

SECTION 4.01. Conditions. On the Closing Date:

(a) The Administrative Agent shall have received a Borrowing Request as required by
Section 2.02(a).

(b) The representations and warranties set forth in Article III and in each other Loan
Document shall be true and correct in all material respects on and as of the Closing Date, except
to the extent such representations and warranties expressly relate to an earlier date (in which
case such representations and warranties shall be true and correct in all material respects as of
such earlier date).

(c) At the time of and immediately after the making of the Loans, no Default or Event of
Default shall have occurred and be continuing.

(d) The Administrative Agent shall have received, on behalf of itself and the Lenders, a
favorable written opinion of (i) Latham & Watkins, LLP, counsel for Holdings and the Borrower, in
form and substance satisfactory to the Administrative Agent, (ii) Holland & Hart LLP, local counsel
for Holdings and the Borrower, in form and substance satisfactory to the Administrative Agent, in
each case, (A) dated the Closing Date, (B) addressed to the Administrative Agent and the Lenders,
and (C) covering such other matters relating to the Loan Documents and the Transactions as the
Administrative Agent shall reasonably request, and (iii) an independent investment bank or
valuation firm dated the Closing

 

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Date, addressed to the Borrower and acceptable to the
Administrative Agent to the effect that the Borrower and its consolidated subsidiaries, after
giving effect to the Transactions and the other transactions contemplated hereby, are solvent, and
Holdings and the Borrower hereby request such counsel and independent investment bank or valuation
firm to deliver such opinions.

(e) All legal matters incident to this Agreement, the Loans and the other Loan Documents shall
be satisfactory to the Lenders and to the Administrative Agent.

(f) The Administrative Agent shall have received (i) a copy of the certificate or articles of
incorporation or articles of organization, as applicable, including all amendments thereto, of each
Loan Party, certified as of a recent date by the Secretary of State of the state of its
organization, and a certificate as to the good standing of each Loan Party as of a recent date,
from such Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of each
Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and complete
copy of the by-laws or operating or limited liability company agreement, as applicable of such Loan
Party as in effect on the Closing Date and at all times since a date prior to the date of the
resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such Person is a party and, in the case of
the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded
or amended and are in full force and effect, (C) that the certificate or articles of incorporation
or the articles of organization, as applicable, of such Loan Party have not been amended since the
date of the last amendment thereto shown on the certificate of good standing furnished pursuant to
clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing any
Loan Document or any other document delivered in connection herewith on behalf of such Loan Party;
(iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary
or Assistant Secretary executing the certificate pursuant to clause (ii) above and (iv) such other
documents as the Lenders or the Administrative Agent may reasonably request.

(g) The Administrative Agent shall have received a certificate, signed by a Financial Officer
of the Borrower, confirming compliance with the conditions precedent set forth in
Sections 4.01(b) and (c), which certification may be made in the Borrowing Request,
and shall be dated the Closing Date or, if such certification is made in the Borrowing Request,
shall be dated the date of the Borrowing Request.

(h) (i) The Administrative Agent shall have received all Fees and other amounts due and
payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or
payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder
or under any other Loan Document, and (ii) Schulte Roth & Zabel LLP, counsel to certain of the
Lenders, shall have received all fees and out-of-pocket expenses incurred by such counsel in
connection with the review and negotiation of the Loan Documents to the extent invoiced in
reasonable detail and in an amount equal to approximately $15,000 in the aggregate, but in no event
to exceed $20,000 in the aggregate.

(i) The Security Documents shall have been duly executed by each Loan Party that is to be a
party thereto and shall be in full force and effect on the Closing Date. The Collateral Agent on
behalf of the Secured Parties shall have a security interest in the Collateral of the type and
priority described in each executed Security Document.

(j) The Lenders shall have received the financial statements and opinion referred to in
Section 3.05, none of which shall demonstrate a material adverse change in the financial
condition of Holdings or the Borrower from (and shall not otherwise be materially inconsistent
with) the financial statements or forecasts previously provided to the Lenders.

 

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(k) At least five Business Days prior to the Closing Date, the Lenders shall have received, to
the extent requested, all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including
the USA PATRIOT Act.

(l) The Collateral Agent shall have received a Perfection Certificate with respect to the Loan
Parties dated on or prior to the Closing Date and duly executed by a Responsible Officer of
Holdings and the Borrower, and shall have received the results of (i) a search of the Uniform
Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states
(or other jurisdictions) of formation of such Persons, (ii) United States Patent and Trademark
Office and United States Copyright
Office searches made with respect to registered patents, trademarks and copyrights registered
in the name of any of the Loan Parties, and (iii) tax and judgment lien searches in the appropriate
office in the state in which the chief executive office of each such Person is located and in the
other jurisdictions in which such Persons maintain or own real or personal property, and in each
case as indicated on such Perfection Certificate, together with copies of the financing statements
(or similar documents) disclosed by such search, and accompanied by evidence satisfactory to the
Collateral Agent that the Liens indicated in any such financing statement (or similar document) or
other search result would be permitted under Section 6.02 or have been or will be
contemporaneously released or terminated.

(m) (i) Each of the Security Documents, in form and substance satisfactory to the Lenders,
relating to each of the Mortgaged Properties shall have been duly executed by the parties thereto
and delivered to the Collateral Agent and shall be in full force and effect, (ii) each of such
Mortgaged Properties shall not be subject to any Lien other than those permitted under Section
6.02, (iii) each of the Mortgages shall have been submitted to a nationally recognized title
insurance company (or an agent therefor) for recording in the recording office as specified on
Schedule 3.19(c) with an irrevocable instruction by the Borrower to record such Mortgages
in accordance with the Collateral Agent’s instructions, and such title insurance company (or such
agent therefor) shall have issued, or executed and delivered to the Collateral Agent an irrevocable
commitment to issue, in favor of the Collateral Agent, a lender’s title insurance policy, in form
and substance acceptable to the Collateral Agent, together with such endorsements, coinsurance and
reinsurance as may be requested by the Collateral Agent and the Lenders, insuring such Mortgages as
a first lien on such Mortgaged Property (subject to any Lien permitted by Section 6.02),
and (iv) the Collateral Agent shall have received such other documents, including, without
limitation, such surveys, abstracts, appraisals and legal opinions required to be furnished
pursuant to the terms of the Mortgages or as reasonably requested by the Collateral Agent or the
Lenders; provided that “no change” affidavits shall be accepted by the Collateral Agent and the
Lenders in lieu of surveys, as applicable.

(n) The Administrative Agent shall have received a copy of, or a certificate as to coverage
under, the insurance policies required by Section 5.02 and the applicable provisions of the
Security Documents, each of which shall be endorsed or otherwise amended to include a customary
lender’s loss payable endorsement and to name the Collateral Agent as additional insured, in form
and substance satisfactory to the Administrative Agent.

(o) All principal, premium, if any, interest, fees and other amounts due or outstanding under
the Existing Credit Agreement shall have been paid in full and all guarantees and security in
support thereof discharged and released, and the Administrative Agent shall have received
reasonably satisfactory evidence thereof. Immediately after giving effect to the Transactions and
the other transactions contemplated hereby, Holdings, the Borrower and the Subsidiary Guarantors
shall have outstanding no Indebtedness or preferred stock other than (a) Indebtedness outstanding
under this Agreement and the Guarantees under the Guarantee and Collateral Agreement, and (b)
Indebtedness set forth on Schedule 6.01.

 

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(p) All requisite Governmental Authorities and third parties shall have approved or consented
to the Transactions and the other transactions contemplated hereby to the extent required, all
applicable appeal periods have expired and there is no litigation, governmental, administrative or
judicial action, actual or threatened in writing, that could reasonably be expected to restrain,
prevent or impose burdensome conditions on the Transactions.

(q) The Minimum Liquidity Threshold shall be at least $30,000,000 after giving pro forma
effect to the Transactions.

ARTICLE V

Affirmative Covenants

Each of Holdings and the Borrower covenants and agrees with each Lender that so long as this
Agreement shall remain in effect and until the principal of and interest on each Loan, all Fees and
all other expenses or amounts payable under any Loan Document shall have been paid in full, unless
the Required Lenders shall otherwise consent in writing, each of Holdings and the Borrower will,
and will cause each of the Subsidiary Guarantors to:

SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties. (a) Do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its legal
existence, except as otherwise expressly permitted under Section 6.05.

(b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in
full force and effect the rights, licenses, permits, franchises, authorizations, patents,
copyrights, trademarks and trade names material to the conduct of its business; maintain and
operate such business in substantially the manner in which it is presently conducted and operated;
comply in all material respects with all applicable laws, rules, regulations and decrees and orders
of any Governmental Authority, whether now in effect or hereafter enacted; and at all times
maintain and preserve all property material to the conduct of such business and keep such property
in good repair, working order and condition and from time to time make, or cause to be made, all
needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in
order that the business carried on in connection therewith may be properly conducted at all times.

SECTION 5.02. Insurance. (a) Keep its insurable properties adequately insured at all times
by financially sound and reputable insurers; maintain such other insurance, to such extent and
against such risks, including fire and other risks insured against by extended coverage, as is
customary with companies in the same or similar businesses operating in the same or similar
locations, including business interruption insurance, public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection with the use
of any properties owned, occupied or controlled by it; and maintain such other insurance as may be
required by law.

(b) Cause all such policies covering any Collateral to be endorsed or otherwise amended to
include a customary lender’s loss payable endorsement no less favorable to the Lenders than the
corresponding endorsement delivered on or prior to the Closing Date (with such changes as are
necessary to comply with customary insurance practices), which endorsement shall provide that, from
and after the Closing Date pursuant to Section 4.01(m), if the insurance carrier shall have
received written notice from the Administrative Agent or the Collateral Agent of the occurrence of
an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Borrower
or the other Loan Parties under such policies directly to the Collateral Agent; cause all such
policies to provide that neither the Borrower, the Administrative Agent, the Collateral Agent nor
any other party shall be a coinsurer thereunder and to

 

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contain such other provisions as the
Administrative Agent or the Collateral Agent may reasonably require from time to time to protect
their interests; deliver original or certified copies of all such policies to the Collateral Agent;
cause each such policy to provide that it shall not be canceled, modified or not renewed (i) by
reason of nonpayment of premium upon not less than 10 days’ prior written notice thereof by the
insurer to the Administrative Agent and the Collateral Agent (giving the Administrative Agent and
the Collateral Agent the right to cure defaults in the payment of premiums) or (ii) for any other
reason upon not less than 30 days’ prior written notice thereof by the insurer to the
Administrative Agent and the Collateral Agent; deliver to the Administrative Agent and the
Collateral Agent, prior to the cancellation, modification or nonrenewal of any such policy of
insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the
Administrative Agent and the Collateral Agent) together with evidence satisfactory to the
Administrative Agent and the Collateral Agent of payment of the premium therefor.

(c) If at any time the area in which the Premises (as defined in the Mortgages) are located is
designated (i) a “flood hazard area” in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount
as the Administrative Agent, the Collateral Agent or the Required Lenders may from time to time
require, and otherwise comply with the National Flood Insurance Program as set forth in the Flood
Disaster Protection Act of 1973, as it may be amended from time to time, or (ii) a “Zone 1” area,
obtain earthquake insurance in such total amount as the Administrative Agent, the Collateral Agent
or the Required Lenders may from time to time require.

(d) With respect to any Mortgaged Property, carry and maintain comprehensive general liability
insurance including the “broad form CGL endorsement” and coverage on an occurrence basis against
claims made for personal injury (including bodily injury, death and property damage) and umbrella
liability insurance against any and all claims, in no event for a combined single limit of less
than that which is customary for companies in the same or similar businesses operating in the same
or similar locations, naming the Collateral Agent as an additional insured, on forms satisfactory
to the Collateral Agent.

(e) Notify the Administrative Agent and the Collateral Agent promptly whenever any separate
insurance concurrent in form or contributing in the event of loss with that required to be
maintained under this Section 5.02 is taken out by any Loan Party; and promptly deliver to
the Administrative Agent and the Collateral Agent a duplicate original copy of such policy or
policies.

SECTION 5.03. Obligations and Taxes. Pay its Indebtedness and other obligations promptly and
in accordance with their terms and pay and discharge promptly when due all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or in respect of its
property, before the same shall become delinquent or in default, as well as all lawful claims for
labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such
properties or any part thereof; provided, however, that such payment and discharge shall not be
required with respect to any such tax, assessment, charge, levy or claim so long as the validity or
amount thereof shall be contested in good faith by appropriate proceedings and the Borrower shall
have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such
contest operates to suspend collection of the contested obligation, tax, assessment or charge and
enforcement of a Lien and, in the case of a Mortgaged Property, there is no risk of forfeiture of
such property.

 

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SECTION 5.04. Financial Statements, Reports, etc. In the case of Holdings and Borrower, as
applicable, furnish to the Administrative Agent, which shall furnish to each Lender:

(a) within 90 days after the end of each fiscal year, its consolidated statements of
stockholders’ equity and cash flows and consolidated and consolidating balance sheet and related
statements of income showing the financial condition of Holdings and its consolidated Subsidiaries
as of the close of such fiscal year and the results of its operations and the operations of such
Subsidiaries during such year, together with comparative figures for the immediately preceding
fiscal year, all audited by PricewaterhouseCoopers LLP or other independent registered public
accountants of recognized national standing and accompanied by an opinion of such accountants
(which opinion shall be without a “going concern” or like qualification or exception and without
any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements fairly present the financial
condition and results of operations of Holdings and its consolidated Subsidiaries on a
consolidated and consolidating basis in accordance with GAAP consistently applied;

(b) within 90 days after the end of each fiscal year, its consolidated and consolidating
balance sheet and related statements of income, stockholders’ equity and cash flows showing the
financial condition of the Borrower and its consolidated subsidiaries as of the close of such
fiscal year and the results of its operations and the operations of such subsidiaries during such
year, together with comparative figures for the immediately preceding fiscal year and adjustments
otherwise reflected in the audited financial statements of Holdings directly related to the
Borrower;

(c) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year, its consolidated statements of stockholders’ equity and cash flows and consolidated and
consolidating balance sheet and related statements of income showing the financial condition of
Holdings and its consolidated Subsidiaries as of the close of such fiscal quarter and the results
of its operations and the operations of such Subsidiaries during such fiscal quarter and the then
elapsed portion of the fiscal year, and, other than with respect to quarterly reports during the
remainder of the first fiscal year after the Closing Date, comparative figures for the same periods
in the immediately preceding fiscal year, all certified by one of its Financial Officers as fairly
presenting the financial condition and results of operations of Holdings and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments;

(d) within 45 days after the end of each of the first three fiscal quarters of each fiscal
year, its consolidated and consolidating balance sheet and related statements of income,
stockholders’ equity and cash flows showing the financial condition of the Borrower and its
consolidated subsidiaries as of the close of such fiscal quarter and the results of its operations
and the operations of such subsidiaries during such fiscal quarter and the then elapsed portion of
the fiscal year, and, other than with respect to quarterly reports during the remainder of the
first fiscal year after the Closing Date, comparative figures for the same periods in the
immediately preceding fiscal year, all certified by one of its Financial Officers as fairly
presenting the financial condition and results of operations of the Borrower and its consolidated
subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments;

(e) within 30 days after the end of the first two fiscal months of each fiscal quarter, its
consolidated balance sheet and related statements of income and cash flows showing the financial
condition of the Borrower and its consolidated subsidiaries during such fiscal month and the then
elapsed portion of the fiscal year, all certified by one of its Financial Officers as fairly
presenting the financial condition and results of operations of the Borrower and its consolidated
subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments;

 

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(f) concurrently with any delivery of financial statements under paragraph (a), (b), (c), (d)
or (e) above, a certificate of a Financial Officer in the form of Exhibit D (i) certifying
that no Event of Default or Default has occurred or, if such an Event of Default or Default has
occurred, specifying the nature and extent thereof and any corrective action taken or proposed to
be taken with respect thereto and (ii) solely with respect to (a), (b), (c) and (d) above, setting
forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating
compliance with the covenants contained in each of Sections 6.10, 6.11,
6.12 and 6.16 and, in the case of a certificate delivered with the financial
statements required by paragraph (b) above, setting forth the Borrower’s calculation of Excess Cash
Flow;

(g) concurrently with any delivery of financial statements under paragraph (a) above, a
certificate of the accounting firm that reported on such statements (which certificate may be
limited to
accounting matters and disclaim responsibility for legal interpretations) certifying that no
Event of Default or Default has occurred with respect to any of Sections 6.10,
6.11, 6.12 and 6.16 or, if such an Event of Default or Default has
occurred, specifying the extent thereof in reasonable detail;

(h) concurrently with any delivery of financial statements under paragraph (b) above, a
certificate of a Financial Officer of the Borrower in the form of Exhibit D certifying that
all Uniform Commercial Code financing statements (including fixture filings, as applicable) or
other appropriate filings recordings or registrations, including all refilings, recordings and
registrations, containing a description of the Article 9 Collateral (as defined in the Guarantee
and Collateral Agreement) have been filed of record in each governmental, municipal or other
appropriate office in each jurisdiction identified pursuant to Section 4.03(a) of the Guarantee and
Collateral Agreement to the extent necessary to protect and perfect the Security Interest (as
defined therein) for a period of not less than 18 months after the date of such certificate (except
as noted therein with respect to any continuation statements to be filed within such period);

(i) within 45 days after the end of each fiscal quarter of the Borrower, the Borrower shall
deliver to the Collateral Agent a certificate of a Financial Officer of the Borrower identifying in
the format of Schedule III to the Guarantee and Collateral Agreement all Intellectual Property (as
defined in the Guarantee and Collateral Agreement) of any Loan Party in existence on the date
thereof and not then listed on such Schedule or previously so identified to the Collateral Agent;

(j) within 90 days after the beginning of each fiscal year of the Borrower, a detailed
consolidated budget for such fiscal year (including a projected consolidated balance sheet and
related statements of projected operations and cash flows as of the end of and for such fiscal year
and setting forth the assumptions used for purposes of preparing such budget) and, promptly when
available, any significant revisions of such budget;

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

(l) promptly after the receipt thereof by Holdings or the Borrower or any of their respective
subsidiaries, a copy of any “management letter” received by any such Person from its certified
public accountants and the management’s response thereto;

 

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(m) promptly after the request by any Lender, all documentation and other information that
such Lender reasonably requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT
Act; and

(n) promptly, from time to time, such other information regarding the operations, business
affairs and financial condition of Holdings, the Borrower or any Subsidiary, or compliance with the
terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request.

SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent and each
Lender prompt written notice of the following:

(a) any Event of Default or Default, specifying the nature and extent thereof and the
corrective action (if any) taken or proposed to be taken with respect thereto;

(b) the filing or commencement of, or any threat or notice of intention of any Person to file
or commence, any action, suit or proceeding, whether at law or in equity or by or before any
Governmental Authority, against the Borrower or any Affiliate thereof that could reasonably be
expected to result in a Material Adverse Effect;

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its ERISA
Affiliates in an aggregate amount exceeding $2,500,000; and

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

SECTION 5.06. Information Regarding Collateral. (a) Furnish to the Administrative Agent
prompt written notice of any change (i) in any Loan Party’s corporate or other organizational name,
(ii) in the jurisdiction of organization or formation of any Loan Party, (iii) in any Loan Party’s
identity or corporate or other organizational structure or (iv) in any Loan Party’s Federal
Taxpayer Identification Number. Holdings and the Borrower agree not to effect or permit any change
referred to in the preceding sentence unless all filings, recordings or registrations have been
made under the Uniform Commercial Code or otherwise that are required in order for the Collateral
Agent to continue at all times following such change to have a valid, legal and perfected security
interest in all the Collateral. Holdings and the Borrower also agree promptly to notify the
Administrative Agent if any material portion of the Collateral is damaged or destroyed.

(b) In the case of the Borrower, each year, at the time of delivery of the annual financial
statements with respect to the preceding fiscal year pursuant to Section 5.04(b), deliver
to the Administrative Agent a certificate of a Financial Officer setting forth the information
required pursuant to Section 2 of the Perfection Certificate or confirming that there has been no
change in such information since the date of the Perfection Certificate delivered on the Closing
Date or the date of the most recent certificate delivered pursuant to this Section 5.06.

SECTION 5.07. Maintaining Records; Access to Properties and Inspections. Keep proper books of
record and account in which full, true and correct entries in conformity with GAAP and all
requirements of law are made of all dealings and transactions in relation to its business and
activities. Each Loan Party will, and will cause each of its subsidiaries to, permit any
representatives designated by the Administrative Agent or any Lender to visit and inspect the
financial records and the properties of such Person at reasonable times and as often as reasonably
requested and to make extracts from and

 

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copies of such financial records, and permit any
representatives designated by the Administrative Agent or any Lender to discuss the affairs,
finances and condition of such Person with the officers thereof and independent accountants
therefor.

SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and Incremental Loans only for
the purposes specified in Section 3.13.

SECTION 5.09. Employee Benefits. (a) Comply in all material respects with the applicable
provisions of ERISA and the Code and the laws applicable to any Foreign Pension Plan and
(b) furnish to the Administrative Agent as soon as possible after, and in any event within ten days
after any responsible officer of Holdings, the Borrower or any ERISA Affiliate knows or has reason
to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could
reasonably be expected to result in liability of Holdings, the Borrower or any ERISA Affiliate in
an aggregate amount exceeding
$2,500,000, a statement of a Financial Officer of Holdings or the Borrower setting forth
details as to such ERISA Event and the action, if any, that Holdings or the Borrower proposes to
take with respect thereto.

SECTION 5.10. Compliance with Environmental Laws. Comply, and cause all lessees and other
Persons occupying its properties to comply, in all material respects, with all Environmental Laws
applicable to its operations and properties; obtain, renew and comply with all terms and conditions
of all material environmental permits necessary for its operations and properties; and as promptly
as commercially reasonable, including with respect to any current or former operations or
properties, address and resolve any actual or threatened Environmental Liability, including by
conducting remedial action, in accordance with Environmental Laws; provided, however, that none of
Holdings, the Borrower or any Subsidiary shall be required to undertake any remedial action
required by Environmental Laws to the extent that its obligation to do so is being contested in
good faith and by proper proceedings and appropriate reserves are being maintained with respect to
such circumstances in accordance with GAAP.

SECTION 5.11. Preparation of Environmental Reports. Promptly notify the Administrative Agent
in writing of a Default caused by reason of a breach of Section 3.17 or
Section 5.10 and share with Administrative Agent all data, information and reports
generated or prepared in connection therewith. If a Default caused by reason of a breach of
Section 3.17 or Section 5.10 shall have occurred and be continuing for more than
20 days without Holdings, the Borrower or any Subsidiary commencing activities reasonably likely to
cure such Default, at the written request of the Required Lenders through the Administrative Agent,
(a) provide to the Lenders within 45 days after such request, at the expense of the Loan Parties,
an environmental site assessment report, including where appropriate, any soil and or groundwater
sampling, regarding the matters which are the subject of such Default prepared by an environmental
consulting firm reasonably acceptable to the Administrative Agent and indicating compliance or
non-compliance with Environmental Law, the presence or absence of Hazardous Materials, proposed
compliance or remedial action for responding to any environmental concerns described therein and
the estimated cost of any such compliance or remedial action and (b) promptly undertake such
proposed compliance or remedial action.

SECTION 5.12. Further Assurances. Execute any and all further documents, financing
statements, agreements and instruments, and take all further action (including filing Uniform
Commercial Code and other financing statements, mortgages and deeds of trust) that may be required
under applicable law, or that the Required Lenders, the Administrative Agent or the Collateral
Agent may reasonably request, in order to effectuate the transactions contemplated by the Loan
Documents and in order to grant, preserve, protect and perfect the validity and first priority of
the security interests created or intended to be created by the Security Documents. Holdings will
cause any subsequently acquired or organized Domestic Subsidiary (and, to the extent no adverse tax
consequences to Holdings or the Borrower would result therefrom, Foreign Subsidiary) (but, in each
case, excluding any Excluded Subsidiary) to become a

 

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Loan Party by executing the Guarantee and
Collateral Agreement and each applicable Security Document in favor of the Collateral Agent. In
addition, from time to time, Holdings and the Borrower will, at Borrower’s cost and expense,
promptly secure the Obligations by pledging or creating, or causing to be pledged or created,
perfected security interests with respect to such of its assets and properties as the
Administrative Agent or the Required Lenders shall designate (it being understood that it is the
intent of the parties that the Obligations shall be secured by substantially all the assets of the
Loan Parties (including real and other properties acquired subsequent to the Closing Date, but
excluding (i) leased real properties, (ii) real property owned by Rentech Energy Technology Center,
LLC)) and (iii) to the extent provided in the Guarantee and Collateral Agreement, Equity Interests
in any Project Entity. Such security interests and Liens will be created under the Security
Documents and other security agreements, mortgages, deeds of trust and other instruments and
documents (x) substantially in the form of such mortgages, deeds of trust and other instruments and
documents delivered on the Closing Date (with such conforming changes as are required under
applicable state or local law), or (y) if no such instruments or
documents were delivered on the Closing Date, substantially consistent with those mortgages,
deeds of trust and other instruments that were delivered on the Closing Date, and Holdings and the
Borrower shall deliver or cause to be delivered to the Lenders all such instruments and documents
(including legal opinions, title insurance policies and lien searches) as the Collateral Agent or
the Required Lenders shall reasonably request to evidence compliance with this
Section 5.12. Holdings and the Borrower agree to provide such evidence as the Collateral
Agent shall reasonably request as to the perfection and priority status of each such security
interest and Lien. In furtherance of the foregoing, the Borrower will give prompt notice to the
Administrative Agent of the acquisition by it or any Guarantor of any real property (or any
interest in real property) having a value in excess of $1,000,000.

SECTION 5.13. Reserved.

SECTION 5.14. Cash Management. In supplement to Section 4.04(b) in the Guarantee and
Collateral Agreement, without the prior written consent of the Collateral Agent, the Borrower may
not, and will not cause or permit any Loan Party to, (i) add or replace a depositary bank or
Deposit Account (as such term is defined in the Guarantee and Collateral Agreement), (ii) allow any
deposit account or any “zero balance checking” accounts, other than Deposit Accounts subject to
Deposit Account Control Agreements and accounts that are maintained solely for employee flex
spending amounts and payroll amounts, to maintain a balance in excess of zero Dollars for a period
in excess of one Business Day or (iii) change any sweep instructions existing as of the Closing
Date for any bank account, including any Deposit Account.

SECTION 5.15. Senior Indebtedness. If any Loan Party incurs, creates, assumes or permits to
exist any Indebtedness that is subordinated in right of payment to the Obligations (or any portion
thereof), the Obligations shall constitute “Senior Debt” and “Designated Senior Debt” (or the
equivalents thereof) under and as defined in the definitive documentation governing or evidencing
such subordinated Indebtedness.

SECTION 5.16. Colorado Mortgage. If the Colorado Property is not sold by Holdings on or
before June 30, 2010, cause the Colorado Property to be subject to a Mortgage on or before July 31,
2010, pursuant to which the Collateral Agent shall hold a first priority perfected security
interest in the Colorado Property, subject, as to priority, only to Liens permitted under
Section 6.02; provided that (i) the Colorado Property shall not be required to be subject
to such Mortgage for so long as Bank of Denver has a mortgage on the Colorado Property, and (ii)
Holdings, the Borrower and the Subsidiary Guarantors shall cause such Bank of Denver mortgage to be
terminated within ten days following the date on which the Indebtedness owed by Holdings to Bank of
Denver is repaid in full and the commitments (if any) in respect thereof are terminated.

 

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ARTICLE VI

Negative Covenants

Each of Holdings and the Borrower covenants and agrees with each Lender that, so long as this
Agreement shall remain in effect and until the principal of and interest on each Loan, all Fees and
all other expenses or amounts payable under any Loan Document have been paid in full, unless the
Required Lenders shall otherwise consent in writing, neither Holdings nor the Borrower will, nor
will they cause or permit any of the Subsidiary Guarantors to:

SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness,
except:

(a) Indebtedness existing on the Closing Date and set forth in Schedule 6.01
and any extensions, refinancings, renewals or replacements of such Indebtedness to the
extent (i) the principal amount of such Indebtedness is not increased (other than by the
amount of premiums and reasonable and customary fees paid in connection therewith), (ii)
neither the final maturity nor the weighted average life to maturity of such Indebtedness is
decreased, (iii) such Indebtedness, if subordinated to the Obligations, remains so
subordinated on terms no less favorable to the Lenders and satisfies the requirements of
Section 5.15, (iv) all of the continuing obligors in respect of such Indebtedness
were obligors prior to the Closing Date, and (v) in the case of any extension, refinancing,
renewal or replacement of convertible Indebtedness of Holdings, such Indebtedness (A) does
not provide for any scheduled amortization, other scheduled payments of principal or
mandatory prepayment, repurchase or redemption requirements (other than mandatory
prepayment, repurchase or redemption requirements triggered (x) if such Indebtedness
consists of convertible Indebtedness of Holdings, upon the occurrence of a “change of
control,” or (y) if such Indebtedness consists of Indebtedness of Holdings that satisfies
the criteria specified in clauses (i) through (iv) of Section 6.01(o), upon the
occurrence of a “change of control” or an “asset sale”) that apply prior to the
366th day following the Final Maturity Date, and (B) shall consist of either (x)
convertible Indebtedness of Holdings that is convertible only into Equity Interests of
Holdings, or (y) Indebtedness of Holdings that satisfies each of the criteria specified in
clauses (i) through (iv) of Section 6.01(o);

(b) Indebtedness created hereunder and under the other Loan Documents;

(c) intercompany Indebtedness to the extent permitted by Section 6.04(c);

(d) Indebtedness incurred to finance the acquisition, construction or improvement of
any fixed or capital assets, and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount thereof; provided that
(i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement, (ii) the aggregate principal amount of
Indebtedness permitted by this Section 6.01(d), when combined with the aggregate
principal amount of all Capital Lease Obligations incurred pursuant to
Section 6.01(e), shall not exceed $2,000,000 at any time outstanding, and (iii) the
aggregate principal amount of Indebtedness of the Borrower or any subsidiary of the Borrower
that is a Subsidiary Guarantor permitted by this Section 6.01(d), when combined with
the aggregate principal amount of all Capital Lease Obligations incurred by the Borrower or
any subsidiary of the Borrower that is a Subsidiary Guarantor pursuant to
Section 6.01(e), shall not exceed $1,000,000 at any time outstanding;

 

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(e) Capital Lease Obligations in an aggregate principal amount, when combined with the
aggregate principal amount of all Indebtedness incurred pursuant to Section 6.01(d),
not in excess of $2,000,000 at any time outstanding; provided that the aggregate principal
amount of Capital Lease Obligations incurred by the Borrower or any subsidiary of the
Borrower that is a Subsidiary Guarantor, when combined with the aggregate principal amount
of all Indebtedness incurred by the Borrower or any subsidiary of the Borrower that is a
Subsidiary Guarantor pursuant to Section 6.01(d), shall not exceed $1,000,000 at any
time outstanding;

(f) Indebtedness under performance bonds or with respect to workers’ compensation
claims, in each case incurred in the ordinary course of business;

(g) Indebtedness of any Person that becomes a Subsidiary Guarantor after the date
hereof; provided that (i) such Indebtedness exists at the time such Person becomes a
Subsidiary and is not created in contemplation of or in connection with such Person becoming
a Subsidiary, (ii) immediately before and after such Person becomes a Subsidiary, no Default
or Event of Default shall have occurred and be continuing and (iii) the aggregate principal
amount of Indebtedness permitted by this Section 6.01(g) shall not exceed $1,500,000
at any time outstanding;

(h) other Indebtedness in an aggregate principal amount not exceeding $2,000,000 at any
time outstanding (of which an aggregate principal amount thereof not in excess of $250,000
at any time outstanding may be secured Indebtedness); provided that the aggregate principal
amount of Indebtedness incurred by the Borrower or any subsidiary of the Borrower that is a
Subsidiary Guarantor pursuant to this Section 6.01(h) shall not exceed $1,000,000 at
any time outstanding;

(i) Indebtedness of the Borrower incurred under clause (j) of the definition of
“Indebtedness” in the ordinary course under (A) Hedging Agreements or forward purchase
contracts with respect to natural gas to be delivered to the Borrower for use in ordinary
course production within 60 days from the effective date of the applicable Hedging
Agreements or forward purchase contracts, and (B) the greater of (x) Hedging Agreements or
forward purchase contracts with respect to production to match prepaid sales of fertilizer
products and (y) Hedging Agreements or forward purchase contracts in value of up to
$20,000,000 with respect to volumes to satisfy up to 67% of maximum production capacity for
a 4-month period and with respect to the delivery of natural gas to the Borrower within the
following 7 month period;

(j) unsecured convertible Indebtedness issued by Holdings from time to time (other than
any such Indebtedness that is convertible, directly or indirectly, into Disqualified Stock);
provided that (i) the aggregate principal amount of such Indebtedness on the date of
issuance thereof, plus the aggregate principal amount of Indebtedness issued by
Holdings pursuant to Section 6.01(o) does not exceed an amount equal to 25.0% of
Holdings’ Market Capitalization determined on the date that is 30 days prior to the issuance
thereof, (ii) all such convertible Indebtedness shall be convertible into Equity Interests
of Holdings only, and (iii) such convertible Indebtedness does not provide for any scheduled
amortization, other scheduled payments of principal or mandatory prepayment, repurchase or
redemption requirements (other than mandatory prepayment, repurchase or redemption
requirements triggered upon the occurrence of a “change of control”) that apply prior to the
366th day following the Final Maturity Date;

(k) unsecured Indebtedness pursuant to clause (j) of the definition of “Indebtedness”
arising under unsecured Hedging Agreements that are not speculative in nature and are
related to income derived from foreign operations of Holdings, the Borrower or any
Subsidiary Guarantor

 

57

 

or otherwise related to purchases from foreign suppliers; provided that
to the extent such Indebtedness constitutes “Obligations” under and as defined in clause (d)
of the definition of “Obligations” in the Guarantee and Collateral Agreement, such
Indebtedness may be secured to the extent provided therein;

(l) Indebtedness in respect of loans from a Governmental Authority in connection with
economic development or incentive or alternative energy programs in an aggregate principal
amount not in excess of $5,000,000 at any time outstanding; provided that the principal
amount of Indebtedness of the Borrower or any subsidiary of the Borrower that is a
Subsidiary Guarantor in respect of such loans shall not exceed $2,500,000 in the aggregate
at any time outstanding;

(m) the Holdings Loan;

(n) unsecured Indebtedness in respect of obligations of Holdings to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Equity Interests (other than
Disqualified Stock) of Holdings or any warrants, rights or options to acquire such Equity
Interests; and

(o) unsecured Indebtedness of Holdings in an aggregate principal amount not in excess
of $10,000,000 that (i) is subordinated to the Obligations on terms customary at the time
for subordinated mezzanine debt securities, (ii) matures after, and does not provide for any
scheduled amortization, other scheduled payments of principal or mandatory prepayment,
repurchase or redemption requirements (other than mandatory prepayment, repurchase or
redemption requirements triggered upon the occurrence of a “change of control” or an “asset
sale”) that apply, prior to the 366th day following the Final Maturity Date,
(iii) has terms and conditions (other than subordination terms), taken as a whole, that are
not materially less favorable to Holdings than the terms and conditions customary at the
time for subordinated mezzanine debt securities, and (iv) has interest rate terms on then
prevailing-market terms for subordinated mezzanine debt securities.

SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or
assets (including Equity Interests or other securities of any Person, including the Borrower or any
Subsidiary Guarantor) now owned or hereafter acquired by it or on any income or revenues or rights
in respect of any thereof, except:

(a) Liens on property or assets existing on the Closing Date and set forth in
Schedule 6.02; provided that such Liens shall (i) secure only those obligations
which they secure on the date hereof and extensions, refinancings, renewals and replacements
thereof permitted hereunder, and (ii) not encumber any property other than the property
subject thereto on the Closing Date;

(b) any Lien created under the Loan Documents;

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

 

58

 

(d) Liens for taxes not yet delinquent or which are being contested in compliance with
Section 5.03;

(e) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like
Liens arising in the ordinary course of business and securing obligations that are not due
and payable or which are being contested in compliance with Section 5.03;

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

(g) deposits to secure the performance of bids, trade contracts (other than for
Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

(h) zoning restrictions, easements, rights-of-way, restrictions on use of real property
and other similar encumbrances incurred in the ordinary course of business which, in the
aggregate, are not substantial in amount and do not materially detract from the value of the
property subject thereto or interfere with the ordinary conduct of the business of Holdings,
the Borrower or any Subsidiaries;

(i) purchase money security interests in real property, improvements thereto or
equipment hereafter acquired (or, in the case of improvements, constructed); provided that
(i) such security interests secure Indebtedness permitted by Section 6.01(d),
(ii) such security interests are incurred, and the Indebtedness secured thereby is created,
within 90 days after such acquisition (or construction), (iii) the Indebtedness secured
thereby does not exceed the lesser of the cost or the fair market value of such real
property, improvements or equipment at the time of such acquisition (or construction) and
(iv) such security interests do not apply to any other property or assets of Holdings, the
Borrower or any Subsidiary Guarantor;

(j) judgment Liens securing judgments not constituting an Event of Default under clause
(i) of Article VII;

(k) Liens granted by the Borrower in favor of any third party that is not an Affiliate
of the Borrower that provides equipment to the Borrower as contemplated by the definition of
“Joint Carbon Credit Investment Project”; provided that (i) such Liens apply only to the
equipment so provided and any carbon credits or similar allowances generated by such
equipment as a result of a reduction in regulated gas or greenhouse gas emissions, (ii) the
fair market value of the equipment subject to such Liens shall not exceed $5,000,000 for all
Joint Carbon Credit Investment Projects, and (iii) no other Person (other than the
Collateral Agent for the ratable benefit of the Secured Parties) shall have a Lien on such
equipment, carbon credits or similar allowances other than non-consensual Liens permitted
under Section 6.02 that arise by operation of law; provided, further, that the
Collateral Agent shall be granted a Lien (for the ratable benefit of the Secured Parties)
(A) on such equipment, carbon credits and allowances to the extent permitted under the
definitive documentation between the Borrower and such third party governing the applicable
Joint Carbon Credit Investment Project, and (B) on any such equipment, carbon credits and
allowances owned by the Borrower, from and after such time as such third party has earned
the return on its investment in the equipment provided for in such definitive documentation
between the Borrower and such third party; and

 

59

 

(l) other Liens securing liabilities hereunder in an aggregate amount not to exceed
$1,000,000 at any time outstanding; provided that any secured Indebtedness incurred by the
Loan Parties in reliance on Section 6.01(h) shall be deemed to reduce
dollar-for-dollar the amount of the liabilities permitted to be secured by Liens under this
Section 6.02(l) by the amount of such secured Indebtedness.

SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or
indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used
or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease
such property or other property which it intends to use for substantially the same purpose or
purposes as the property being sold or transferred (a “Sale and Lease-Back Transaction”) unless
(a) the sale or transfer of such property
is permitted by Section 6.05 (assuming, for purposes of this Section 6.03,
that such sale or transfer is an Asset Sale under Section 6.05(b)), (b) any Capital Lease
Obligations and, without duplication, Attributable Indebtedness (assuming, for purposes of this
Section 6.03, that Attributable Indebtedness is Indebtedness under Section 6.01)
arising in connection therewith are permitted by Section 6.01, (c) any Liens arising in
connection therewith are permitted by Section 6.02, and (d) the Attributable Indebtedness
arising in connection therewith does not exceed $1,000,000 at any time outstanding.

SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire any Equity
Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or
advances to, or make or permit to exist any investment or any other interest in, any other Person
(collectively, “Investments”), except:

(a) (i) (A) Investments by Holdings, the Borrower and any Subsidiary Guarantor existing on
the Closing Date in the Equity Interests (other than Disqualified Stock) of the Borrower and the
Subsidiaries, (B) additional Investments (including by way of capital contribution) by Holdings or
any Subsidiary Guarantor that is not a subsidiary of the Borrower in the Equity Interests (other
than Disqualified Stock) of the Borrower and any other Subsidiary Guarantor, and (C) Investments
(including by way of capital contribution) by the Borrower in the Equity Interests (other than
Disqualified Stock) of any Subsidiary Guarantor that is a subsidiary of the Borrower; provided that
(1) any Equity Interests held by a Loan Party shall be pledged pursuant to the Guarantee and
Collateral Agreement (subject to any limitations applicable to the pledging of Equity Interests
referred to therein), and (2) no Investments may be made by the Borrower in any Subsidiary unless
the Borrower shall maintain the Minimum Liquidity Threshold after giving effect to such Investment;

(ii) additional Investments (including by way of capital contribution) by Holdings, the
Borrower and any Subsidiary Guarantor in the Equity Interests (other than Disqualified Stock) of
Subsidiaries that are not Loan Parties; provided that (1) any such Equity Interests held by a Loan
Party shall be pledged pursuant to the Guarantee and Collateral Agreement (subject to any
limitations applicable to the pledging of Equity Interests referred to therein), (2) the aggregate
amount of Investments made by Loan Parties pursuant to this Section 6.04(a)(ii) (together with the
aggregate amount of Investments made pursuant to Section 6.04(c)(iv)) (determined without
regard to any write-downs or write-offs of such Investments) shall not in the aggregate exceed
$500,000 at any time outstanding, and (3) no Investments may be made by the Borrower in any
Subsidiary unless the Borrower shall maintain the Minimum Liquidity Threshold after giving effect
to such Investment;

(iii) additional Investments by Holdings, the Borrower and any Subsidiary Guarantor so long as
the aggregate amount invested, loaned or advanced pursuant to this clause (a)(iii) (determined
without regard to any write-downs or write-offs of such Investments, loans and advances) does not
exceed, in the aggregate, (x) (A) in the case of Investments by the Borrower or any subsidiary of
the Borrower that is a Subsidiary Guarantor, $500,000 in the aggregate, or (B) in the case of
Investments by

 

60

 

Holdings or any Subsidiary Guarantor that is not a subsidiary of the Borrower,
$2,500,000 in the aggregate, plus (y) any return of capital paid to the applicable investor
hereunder on any Investment previously made pursuant to this clause (a)(iii) and not concurrently
or otherwise utilized or distributed by such investor minus (z) the aggregate amount of Investments
made pursuant to Section 6.04(a)(ii) and loans or advances made pursuant to Section
6.04(c)(iv); provided that no Investments may be made by the Borrower or any Subsidiary in
Holdings pursuant to this Section 6.04(a)(iii); provided further that any Investments made
pursuant to this Section 6.04(a)(iii) that consist of the acquisition of an Acquired Entity
shall satisfy the requirements of the proviso to Section 6.04(a)(iv) (other than clause
(z)(C) thereof);

(iv) Holdings, the Borrower or any Subsidiary Guarantor may acquire all or substantially all
the assets of a Person or line of business of such Person, or not less than 100% of the
Equity Interests (other than directors’ qualifying shares) of a Person (referred to herein as
the “Acquired Entity”); provided that:

(x) such acquisition was not preceded by an unsolicited tender offer for such Equity
Interests by, or proxy contest initiated by, Holdings, the Borrower or any Subsidiary;

(y) the Acquired Entity shall be in a similar line of business as that of Holdings, the
Borrower and the Subsidiary Guarantors as conducted during the current and most recent
calendar year; and

(z) at the time of such transaction (A) both before and after giving effect thereto, no
Default or Event of Default shall have occurred and be continuing; (B) the Borrower would be
in compliance with the covenants set forth in (x) Section 6.16 and (y)
Sections 6.10, 6.11, and 6.12 as of the most recently completed
period of four consecutive fiscal quarters ending prior to such transaction for which the
financial statements and certificates required by Section 5.04(a), (b),
(c), (d) or 5.04(e), as the case may be, and 5.04(g) have
been delivered or for which comparable financial statements have been filed with the
Securities and Exchange Commission, after giving pro forma effect to such transaction
(including any other transaction described in this Section 6.04(a)(iv) occurring
after such period) as if such transaction had occurred as of the first day of such period;
(C) the total consideration (excluding consideration consisting of the issuance by Holdings
of Equity Interests (other than Disqualified Stock) in Holdings or the proceeds thereof and
not concurrently or otherwise utilized or distributed by Holdings) paid in connection with
such acquisition and any other acquisitions pursuant to this Section 6.04(a)(iv)
(including any Indebtedness of the Acquired Entity that is assumed by Holdings, the
Borrower, or any Subsidiary Guarantor following such acquisition and any payments following
such acquisition pursuant to earn-out provisions or similar obligations) shall not in the
aggregate exceed (i) in the case of Permitted Acquisitions made by the Borrower or any
subsidiary of the Borrower that is a Subsidiary Guarantor, $500,000 in the aggregate, or
(ii) in the case of Permitted Acquisitions made by Holdings or any Subsidiary Guarantor that
is not a subsidiary of the Borrower, $2,000,000 in the aggregate; (D) the Borrower and the
Subsidiary Guarantors shall not assume any Indebtedness of an Acquired Entity that is
acquired by Holdings; (E) Holdings or the Borrower shall have delivered a certificate of a
Financial Officer, certifying as to the foregoing and containing reasonably detailed
calculations in support thereof, in form and substance satisfactory to the Required Lenders;
and (F) Holdings or the Borrower shall comply, and shall cause the Acquired Entity to
comply, with the applicable provisions of Section 5.12 and the Security Documents
(any acquisition of an Acquired Entity meeting all the criteria of this
Section 6.04(a)(iv) being referred to herein as a “Permitted Acquisition”);

(b) Permitted Investments;

 

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(c) (i) loans or advances made by Holdings or any Subsidiary Guarantor that is not a
subsidiary of the Borrower to the Borrower or any Subsidiary Guarantor; (ii) loan or advances made
by any Subsidiary Guarantor that is not a subsidiary of the Borrower to Holdings or any other
Subsidiary Guarantor; (iii) loans or advances made by the Borrower to any Subsidiary Guarantor that
is a subsidiary of the Borrower; (iv) loans or advances made by a Loan Party to a Subsidiary that
is not a Loan Party or by the Borrower or a Subsidiary Guarantor that is a subsidiary of the
Borrower to Holdings or a Subsidiary Guarantor that is not a subsidiary of the Borrower in an
aggregate principal amount not to exceed $500,000 at any time outstanding minus the
aggregate amount of Investments made pursuant to Section 6.04(a)(ii); and (v) loans or
advances made by the Borrower to Holdings in an aggregate principal amount not to exceed the
Permitted Amount at any time outstanding; provided that, in the case of each of clauses (i) through
(v) above, (A) any such loans and advances made by a Loan Party shall be
evidenced by a promissory note that is an “instrument” (as defined under Article 9 of the
Uniform Commercial Code) pledged to the Collateral Agent for the ratable benefit of the Secured
Parties pursuant to the Guarantee and Collateral Agreement, (B) such loans and advances shall be
unsecured and subordinated to the Obligations, if any, of the obligor, which subordination language
shall be in form and substance satisfactory to the Administrative Agent in its sole discretion, and
(C) no such loan or advance may be made by the Borrower to Holdings or any Subsidiary unless the
Borrower shall maintain the Minimum Liquidity Threshold after giving effect to such loan or
advance;

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

(e) Holdings, the Borrower and any Subsidiary Guarantor may make loans and advances in the
ordinary course of business to their respective employees so long as the aggregate principal amount
thereof at any time outstanding (determined without regard to any write-downs or write-offs of such
loans and advances) shall not exceed $100,000;

(f) Holdings, the Borrower and any Subsidiary Guarantor may enter into Hedging Agreements that
are not speculative in nature and are related to income derived from foreign operations of Holdings
the Borrower or any Subsidiary Guarantor or otherwise related to purchases from foreign suppliers;

(g) Holdings, the Borrower and any Subsidiary Guarantor may make or own Investments consisting
of any non-cash proceeds received in compliance with Section 6.05(b) by Holdings, the
Borrower or any Subsidiary Guarantor in connection with Asset Sales permitted under Section
6.05(b);

(h) Investments (x) made with the proceeds of issuances of Equity Interests in Holdings (other
than Disqualified Stock) by Holdings, and (y) the consideration for which consists of the issuance
by Holdings of Equity Interests (other than Disqualified Stock) in Holdings;

(i) Investments existing on the date hereof and set forth on Schedule 6.04(i);

(j) (A) Investments by Holdings in any Project Holdco for further Investment in whole by such
Project Holdco within 45 days after receipt thereof by such Project Holdco in Permitted Projects,
including for the purpose of developing and maintaining the property and any facilities or fixtures
on the property related to such Permitted Projects; provided, however, that (1) any such
Investments by Holdings financed with the issuance by Holdings of Equity Interests or the proceeds
thereof shall not be subject to such 45-day Investment requirement, and (2) any such Investments
shall not, in an aggregate outstanding amount for all Project Holdcos, exceed in any fiscal year
the sum of (i) $10,000,000, (ii) the

 

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aggregate amount of non-cash Investments consisting of
contracts, studies, reports and surveys, originated, generated or developed by Holdings, or by work
performed by employees of Holdings, in each case valued on the basis of the capitalized cost of
work undertaken or performed by Holdings relating to a Permitted Project, to the extent allocated
by Holdings to a Permitted Project in an aggregate amount not to exceed $3,000,000, (iii) the
aggregate amount of non-cash Investments consisting of capitalized interest in respect of the Loans
and convertible Indebtedness of Holdings permitted under Section 6.01 allocated to such
Permitted Project, (iv) the aggregate amount of all cash dividends, distributions and other cash
payments actually received by Holdings from Investments made pursuant to this Section
6.04(j) and not concurrently or otherwise utilized or distributed by Holdings, (v) the
aggregate amount of non-cash Investments by Holdings consisting solely of intellectual property
licenses granted by Holdings to the applicable Project Entity, and (vi) the amount of Investments
made by Holdings in one or more Project Holdcos consisting of the issuance of Equity Interests
(other than
Disqualified Stock) in Holdings or the proceeds thereof; provided, further, that in the event
Holdings does not expend such $10,000,000 in any fiscal year, it may carry forward to the
immediately succeeding fiscal year the unutilized portion (all Investments permitted under this
Section 6.04(j) shall first be applied to reduce the then applicable Investment amount
permitted under this Section 6.04(j) for such succeeding fiscal year and then to reduce the
carry-forward from the previous fiscal year, if any), and (B) Investments set forth on Schedule
6.04(j) consisting of non-cash assets (other than Equity Interests) existing on the Closing
Date in an aggregate stated balance sheet amount (determined in accordance with GAAP) not in excess
of $5,500,000 contributed by Holdings as a capital contribution (other than in the form of
Disqualified Stock) to a Project Holdco, for use by such Project Holdco or the applicable Project
Entity in connection with a Permitted Project;

(k) Joint Carbon Credit Investment Projects; and

(l) the Holdings Loan.

SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. (a) Merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it,
or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions), all or substantially all of the Plant, all or substantially all the assets (whether
now owned or hereafter acquired) of the Borrower or less than all the Equity Interests of any
Subsidiary Guarantor, or purchase, lease or otherwise acquire (in one transaction or a series of
transactions) all or any substantial part of the assets of any other Person, except that:

(i) Holdings, the Borrower and any Subsidiary may purchase and sell inventory in the
ordinary course of business;

(ii) if at the time thereof and immediately after giving effect thereto no Event of
Default or Default shall have occurred and be continuing (x) any solvent Wholly Owned
Subsidiary of Holdings (other than the Borrower) may merge into Holdings or the Borrower in
a transaction in which Holdings or the Borrower is the surviving corporation, (y) any
solvent Wholly Owned Subsidiary may merge into or consolidate with any other solvent Wholly
Owned Subsidiary in a transaction in which the surviving entity is a Wholly Owned Subsidiary
and no Person other than the Borrower or a Wholly Owned Subsidiary receives any
consideration (provided that if any party to any such transaction is (A) a Loan Party, the
surviving entity of such transaction shall be a Loan Party, and (B) the Borrower, the
surviving entity of such transaction shall be the Borrower) and (z) Holdings, the Borrower
and the Subsidiary Guarantors may make Permitted Acquisitions; and

 

63

 

(iii) acquisitions (in one transaction or a series of transactions) of all or any
substantial part of the assets of any other Person made pursuant to Sections
6.04(a)(iii), 6.04(a)(iv), and 6.04(j).

(b) Make any Asset Sale not otherwise prohibited under paragraph (a) above unless (i) such
Asset Sale is for consideration at least 85% of which is cash, (ii) such consideration is at least
equal to the fair market value of the assets being sold, transferred, or disposed of and (iii) the
fair market value of all assets sold, transferred, or disposed of pursuant to this paragraph (b)
shall not exceed $1,000,000 in any fiscal year (other than Asset Sales pursuant to clause (vii) of
the definition of that term).

SECTION 6.06. Restricted Payments; Restrictive Agreements. (a) Declare or make, directly or
indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase Agreement);
provided, however, that:

(i) (x) any Wholly Owned Subsidiary of the Borrower, and (y) any Subsidiary (other than
the Borrower and any of its subsidiaries), in each case may declare and pay dividends or
make other distributions ratably to its equity holders;

(ii) so long as no Default or Event of Default shall have occurred and be continuing or
would result therefrom, the Borrower may, or the Borrower and the Subsidiaries may make
distributions to Holdings so that Holdings may, repurchase its Equity Interests owned by
employees of Holdings, the Borrower or the Subsidiaries or make payments to employees of
Holdings, the Borrower or the Subsidiaries upon termination of employment in connection with
the exercise of stock options, stock appreciation rights or similar equity incentives or
equity based incentives pursuant to management incentive plans or in connection with the
death or disability of such employees in an aggregate amount not to exceed $250,000 in any
fiscal year;

(iii) so long as no Default or Event of Default shall have occurred and be continuing
or would result therefrom, the Borrower and its Subsidiaries may make cash Restricted
Payments to Holdings (w) in an amount not to exceed $250,000 in any fiscal year, to the
extent necessary to pay general corporate and overhead expenses incurred by Holdings in the
ordinary course of business, and (x) in an amount necessary to pay the Tax liabilities of
Holdings directly attributable to (or arising as a result of) the operations of the Borrower
and its subsidiaries; provided, however, that, with respect to clauses (w) and (x), (A) the
amount of such dividends shall not exceed the amount that the Borrower and its subsidiaries
would be required to pay in respect of Federal, State, local and foreign taxes were the
Borrower and its subsidiaries to pay such taxes as stand-alone taxpayers and (B) all
Restricted Payments made to Holdings pursuant to this clause (iii) are used by Holdings
solely for the purposes specified herein within 20 days of the receipt thereof;

(iv) so long as no Event of Default or Default shall have occurred and be continuing or
would result therefrom, the Borrower may pay the fees payable under the Management Agreement
(as in effect on the Closing Date) in an aggregate amount not to exceed $2,500,000 on an
annual basis; provided that (x) such fees may be paid in cash only if (A) the aggregate
principal amount of Loans then outstanding is equal to or less than $50,000,000, (B) the
Leverage Ratio is less than 1.00 to 1.00, in each case both prior to and after giving pro
forma effect to any such payment, and (C) the Borrower is otherwise in pro forma compliance
with each of Sections 6.10, 6.11, 6.12 and 6.16, and (y) if
each of the tests set forth in foregoing clause (x) is not satisfied, such fees may be
payable only by a non-cash transfer of intercompany receivables from Holdings to Borrower in
lieu of such cash payments;

 

64

 

(v) the Borrower may pay cash dividends to Rentech Development Corporation, a Colorado
corporation, for further distribution to Holdings, from then-available Available Cash (for
the avoidance of doubt, after giving effect to any prior or concurrent utilization of
Available Cash in accordance with the definition thereof) so long as (w) no Event of Default
or Default shall have occurred and be continuing or would result therefrom, (x) the
aggregate principal amount of Loans then outstanding is equal to or less than $50,000,000,
(y) the Leverage Ratio is less than 1.00 to 1.00, in each case both prior to and after
giving pro forma effect to any such dividend, and (z) the Borrower is otherwise in pro forma
compliance with each of Sections 6.10, 6.11, 6.12 and 6.16;

(vi) Holdings may, upon conversion of any convertible Indebtedness of Holdings
permitted under Section 6.01(a) or 6.01(j), make cash payments in lieu of
issuance of fractional Equity Interests in respect thereof; and

(vii) the Borrower may pay cash dividends to Rentech Development Corporation, a
Colorado corporation, for further distribution to Holdings, from the Net Cash Proceeds of
Incremental Loans (less the Net Cash Proceeds of such Incremental Loans to the extent used
or to be used to make a Holdings Loan) to the extent such use complies with Section
5.08.

For the avoidance of doubt, subject to Sections 6.01 and 6.09, the foregoing will
not prohibit any payment of principal or interest by Holdings in respect of convertible
Indebtedness of Holdings permitted under Section 6.01(j).

(b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon the ability of (i) the ability of Holdings, the Borrower or
any Subsidiary Guarantor to create, incur or permit to exist any Lien upon any of its property to
secure the Obligations or any Subsidiary Guarantor to pay dividends or other distributions with
respect to any of its Equity Interests, or to make or repay loans or advances to the Borrower or
any Subsidiary Guarantor or to Guarantee the Obligations; provided that (A) the foregoing shall not
apply to restrictions and conditions imposed by law or by any Loan Document, (B) the foregoing
shall not apply to customary restrictions and conditions contained in agreements relating to the
sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (C) the foregoing shall not
apply to restrictions and conditions imposed on any Foreign Subsidiary by the terms of any
Indebtedness of such Foreign Subsidiary permitted to be incurred hereunder, (D) clause (i) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to
secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to
the property or assets securing such Indebtedness and (E) clause (i) of the foregoing shall not
apply to customary provisions in leases and other contracts restricting the assignment thereof.

SECTION 6.07. Transactions with Affiliates. Except for transactions between or among Loan
Parties (other than transactions between the Borrower and Holdings, except to the extent such
transactions are otherwise expressly permitted under this Agreement) and the Management Agreement
(as in effect on the Closing Date), sell or transfer any property or assets to, or purchase or
acquire any property or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except that Holdings, the Borrower or any Subsidiary Guarantor may engage in any of the
foregoing transactions at prices and on terms and conditions not less favorable to Holdings, the
Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third
parties.

SECTION 6.08. Business of Holdings, Borrower and Subsidiary Guarantors. Engage at any time in
any business or business activity other than the business currently conducted by it and business
activities reasonably incidental or related thereto.

 

65

 

SECTION 6.09. Other Indebtedness and Agreements. (a) Permit (i) any waiver, supplement,
modification, amendment, termination or release of any indenture, instrument or agreement pursuant
to which any Material Indebtedness of Holdings, the Borrower or any of the Subsidiary Guarantors is
outstanding if the effect of such waiver, supplement, modification, amendment, termination or
release would materially increase the obligations of the obligor or confer additional material
rights on the holder of such Indebtedness in a manner adverse to Holdings, the Borrower, any of the
Subsidiary Guarantors or the Lenders or (ii) any waiver, supplement, modification or amendment of
its certificate of incorporation, by-laws, operating, management or partnership agreement or other
organizational
documents, to the extent any such waiver, supplement, modification or amendment would be
adverse to the Lenders in any material respect.

(b) (i) Other than regular scheduled payments and mandatory payments of principal and
interest as and when due (to the extent not prohibited by applicable subordination provisions),
make any distribution, whether in cash, property, securities or a combination thereof, in respect
of, or pay, or commit to pay, or directly or indirectly (including pursuant to any Synthetic
Purchase Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set apart
any sum for the aforesaid purposes, any Indebtedness except (A) the payment of the Indebtedness
created hereunder or intercompany Indebtedness owing to any Loan Party, (B) refinancings of
Indebtedness permitted by Section 6.01(a) (including by way of exchange, tender or
otherwise), (C) the exchange of Holdings’ 4.00% Senior Convertible Notes due 2013 outstanding on
the Closing Date pursuant to one or more Permitted Exchanges, and (D) the payment of secured
Indebtedness permitted under Section 6.01 that becomes due as a result of the voluntary
sale or transfer of the property or assets securing such Indebtedness so long as the Liens securing
such Indebtedness are permitted under Section 6.02, or (ii) pay in cash any amount in
respect of any Indebtedness or preferred Equity Interests that may at the obligor’s option be paid
in kind or in other securities, except as permitted by Section 6.06(a)(vi).

For the avoidance of doubt, this Section 6.09(b) does not restrict the conversion of
convertible Indebtedness of Holdings permitted under Section 6.01 into Equity Interests of
Holdings.

SECTION 6.10. Capital Expenditures. Permit the aggregate amount of Capital Expenditures made
by the Borrower and its subsidiaries for the period set forth below to exceed the amount set forth
in the table below opposite such period:

	 	 	 	 	 
	Measurement Period	 	Maximum Capital Expenditures	 
	 
	 	 	 	 
	January 1, 2010 through September 30, 2010
	 	$6.0 million
	October 1, 2010 through September 30, 2011
	 	$23.0 million
	October 1, 2011 through September 30, 2012
	 	$9.0 million
	October 1, 2012 through September 30, 2013
	 	$6.0 million
	October 1, 2013 through Maturity Date
	 	$8.0 million

; provided, however, in the event the Borrower does not expend the maximum Capital Expenditure
amount set forth above in any applicable measurement period, the Borrower may carry forward to the
immediately succeeding applicable measurement period the unutilized portion; provided, further,
however, that for the avoidance of doubt, any Investments made by the Borrower and its subsidiaries
in reliance on Section 6.04(k) in any measurement period set forth above shall be deemed to
reduce dollar-for-dollar the amount of the maximum Capital Expenditures permitted to be expended
under this Section 6.10 for such measurement period by the amount of such Investments
without duplication of any amount included in clause (b) of the definition of Capital Expenditures.
All Capital Expenditures shall first be applied to reduce the then applicable maximum Capital
Expenditures amount and then to reduce the carry-forward from the previous applicable measurement
period, if any.

 

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SECTION 6.11. Interest Coverage Ratio. Borrower shall not permit the Interest Coverage Ratio
of the Borrower and its subsidiaries for any period of four consecutive fiscal quarters, in each
case taken as one accounting period, as of the last day of any fiscal quarter ending on the date
set forth below to be less than the ratio set forth opposite such date below:

	 	 	 	 	 
	Date	 	Ratio	 
	 
	 	 	 	 
	March 31, 2010
	 	 	3.15 to 1.00	 
	June 30, 2010
	 	 	3.15 to 1.00	 
	September 30, 2010
	 	 	3.35 to 1.00	 
	December 31, 2010
	 	 	4.50 to 1.00	 
	March 31, 2011
	 	 	5.50 to 1.00	 
	June 30, 2011
	 	 	6.00 to 1.00	 
	September 30, 2011
	 	 	6.00 to 1.00	 
	December 31, 2011
	 	 	6.00 to 1.00	 
	March 31, 2012
	 	 	6.00 to 1.00	 
	June 30, 2012
	 	 	6.00 to 1.00	 
	September 30, 2012
	 	 	6.00 to 1.00	 
	December 31, 2012
	 	 	6.00 to 1.00	 
	March 31, 2013
	 	 	6.00 to 1.00	 
	June 30, 2013
	 	 	6.00 to 1.00	 
	September 30, 2013
	 	 	6.00 to 1.00	 
	December 31, 2013
	 	 	6.00 to 1.00	 
	March 31, 2014
	 	 	6.00 to 1.00	 
	June 30, 2014
	 	 	6.00 to 1.00	 

SECTION 6.12. Maximum Leverage Ratio. Permit the Leverage Ratio of the Borrower and its
subsidiaries as of the last day of the period of four consecutive fiscal quarters ending on the
date set forth below to be greater than the ratio set forth opposite such date below:

	 	 	 	 	 
	Date	 	Ratio	 
	 
	 	 	 	 
	March 31, 2010
	 	 	2.45 to 1.00	 
	June 30, 2010
	 	 	2.45 to 1.00	 
	September 30, 2010
	 	 	2.30 to 1.00	 
	December 31, 2010
	 	 	1.15 to 1.00	 
	March 31, 2011
	 	 	1.00 to 1.00	 
	June 30, 2011
	 	 	1.00 to 1.00	 
	September 30, 2011
	 	 	1.00 to 1.00	 
	December 31, 2011
	 	 	1.00 to 1.00	 
	March 31, 2012
	 	 	1.00 to 1.00	 
	June 30, 2012
	 	 	1.00 to 1.00	 
	September 30, 2012
	 	 	1.00 to 1.00	 
	December 31, 2012
	 	 	1.00 to 1.00	 
	March 31, 2013
	 	 	1.00 to 1.00	 
	June 30, 2013
	 	 	1.00 to 1.00	 
	September 30, 2013
	 	 	1.00 to 1.00	 
	December 31, 2013
	 	 	1.00 to 1.00	 
	March 31, 2014
	 	 	1.00 to 1.00	 
	June 30, 2014
	 	 	1.00 to 1.00	 

 

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SECTION 6.13. Fiscal Year. With respect to Holdings and the Borrower, change their fiscal
year-end to a date other than September 30.

SECTION 6.14. Certain Equity Securities; Wholly Owned Subsidiaries. Issue any Equity Interest
that is not Qualified Capital Stock, or cause or permit any subsidiary of the Borrower not to be a
Wholly Owned Subsidiary of the Borrower.

SECTION 6.15. No Speculative Agreements. None of Holdings, the Borrower or any Subsidiary
Guarantor may enter into Hedging Agreements that are (i) speculative in nature, or (ii) not
consistent with prudent business practices.

SECTION 6.16. Minimum Liquidity Threshold. At all times after the Closing Date the Borrower
shall maintain an amount of Unrestricted Cash and Permitted Investments (minus the amount of
Investments received by the Borrower from Holdings or any Subsidiary (other than a subsidiary of
the Borrower) within 90 days prior to the date of determination) on any day including the Maturity
Date of at least $7,500,000 (the “Minimum Liquidity Threshold”); provided however that, solely
during the months of January through and including March of any fiscal year, the Minimum Liquidity
Threshold for the Borrower shall be $5,000,000.

SECTION 6.17. Modification of Management Agreement; Payment of Management Fees. Directly or
indirectly, (i) amend, modify or supplement, or agree to amend, modify or supplement, any provision
of the Management Agreement as such agreement was in effect on April 26, 2006, or (ii) pay, agree
to pay, or suffer to exist any agreement to pay, any Management Fees, except, as and to the extent
permitted under Section 6.06(a)(iv), for the management fees payable to Holdings by the
Borrower pursuant to the Management Agreement, as such agreement was in effect on April 26, 2006.

ARTICLE VII

Events of Default

In case of the happening of any of the following events (“Events of Default”):

(a) any representation or warranty made or deemed made in or in connection with any Loan
Document hereunder, or any representation, warranty, statement or information contained in any
report, certificate, financial statement or other instrument furnished in connection with or
pursuant to any Loan Document, shall prove to have been false or misleading in any material respect
when so made, deemed made or furnished;

(b) default shall be made in the payment of any principal of any Loan when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment
thereof or by acceleration thereof or otherwise;

(c) default shall be made in the payment of any interest on any Loan or any Fee or any other
amount (other than an amount referred to in paragraph (b) above) due under any Loan Document, when
and as the same shall become due and payable, and such default shall continue unremedied for a
period of three Business Days;

(d) default shall be made in the due observance or performance by Holdings, the Borrower or
any Subsidiary Guarantor of any covenant, condition or agreement contained in
Section 5.01(a), 5.02, 5.05, 5.08, 5.16 or in
Article VI;

 

68

 

(e) default shall be made in the due observance or performance by Holdings, the Borrower or
any Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than
those specified in paragraph (b), (c) or (d) above) and such default shall continue unremedied for
a period of 30 days after the earlier of (i) notice thereof from the Administrative Agent to the
Borrower (which notice shall also be given at the request of any Lender) or (ii) knowledge thereof
of Holdings or the Borrower;

(f) (i) Holdings, the Borrower or any Subsidiary Guarantor shall fail to pay any principal or
interest, regardless of amount, due in respect of any Material Indebtedness, when and as the same
shall become due and payable, or (ii) any other event or condition occurs that results in any
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity in each case which is not cured or waived; provided that this clause (ii)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Indebtedness;

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in
a court of competent jurisdiction seeking (i) relief in respect of Holdings, the Borrower or any
Subsidiary (other than an Inactive Subsidiary), or of a substantial part of the property or assets
of Holdings, the Borrower or a Subsidiary (other than an Inactive Subsidiary), under Title 11 of
the United States Code, as now constituted or hereafter amended, or any other Federal, state or
foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any
Subsidiary (other than an Inactive Subsidiary) or for a substantial part of the property or assets
of Holdings, the Borrower or a Subsidiary or (iii) the winding-up or liquidation of Holdings, the
Borrower or any Subsidiary (other than an Inactive Subsidiary); and such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the
foregoing shall be entered;

(h) Holdings, the Borrower or any Subsidiary (other than an Inactive Subsidiary) shall
(i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the
United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign
bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to
contest in a timely and appropriate manner, any proceeding or the filing of any petition described
in paragraph (g) above, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any
Subsidiary (other than an Inactive Subsidiary) or for a substantial part of the property or assets
of Holdings, the Borrower or any Subsidiary (other than an Inactive Subsidiary), (iv) file an
answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing
its inability or fail generally to pay its debts as they become due or (vii) take any action for
the purpose of effecting any of the foregoing;

(i) one or more judgments shall be rendered against Holdings, the Borrower, any Subsidiary or
any combination thereof and the same shall remain undischarged for a period of 30 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to levy upon assets or properties of Holdings, the Borrower or any Subsidiary to
enforce any such judgment and such judgment either (i) is for the payment of money in an aggregate
amount in excess of $2,500,000 or (ii) is for injunctive relief and could reasonably be expected to
result in a Material Adverse Effect;

 

69

 

(j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other such ERISA Events, could reasonably be expected to result in
liability of the Borrower and its ERISA Affiliates in an aggregate amount exceeding $2,500,000;

(k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to
be in full force and effect (other than in accordance with its terms), or any Guarantor shall deny
in writing that it has any further liability under the Guarantee and Collateral Agreement (other
than as a result of the discharge of such Guarantor in accordance with the terms of the Loan
Documents); or

(l) any security interest purported to be created by any Security Document shall cease to be,
or shall be asserted by the Borrower or any other Loan Party not to be, a valid, perfected, first
priority (except as otherwise expressly provided in this Agreement or such Security Document)
security interest in the securities, assets or properties covered thereby except for any Lien
pertaining to Collateral that individually or in the aggregate is (i) of a de minimis value in
relation to the outstanding Obligations, or (ii) not material to the businesses or operations of
the Loan Parties, taken as a whole;

then, and in every such event (other than an event with respect to Holdings or the Borrower
described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to
the Borrower, declare the Loans then outstanding to be forthwith due and payable in whole or in
part, whereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall become forthwith due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding; and in any event with respect to Holdings or the Borrower described in
paragraph (g) or (h) above, the principal of the Loans then outstanding, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall automatically become due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding.

ARTICLE VIII

The Administrative Agent and the Collateral Agent

Each Lender hereby irrevocably appoints the Administrative Agent and the Collateral Agent (for
purposes of this Article VIII, the Administrative Agent and the Collateral Agent are
referred to collectively as the “Agents”) its agent and authorizes the Agents to take such actions
on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental thereto. Without
limiting the generality of the foregoing, the Agents are hereby expressly authorized to (i) execute
any and all documents (including releases) with respect to the Collateral and the rights of the
Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of
this Agreement and the Security Documents and (ii) negotiate, enforce or the settle any claim,
action or proceeding affecting the Lenders in their capacity as such, at the direction of the
Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

The institution serving as the Administrative Agent and/or the Collateral Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not an Agent, and such bank and its Affiliates may accept
deposits from, lend

 

70

 

money to and generally engage in any kind of business with Holdings, the
Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder.

Neither Agent shall have any duties or obligations except those expressly set forth in the
Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b)
neither Agent shall have any duty to take any discretionary action or exercise any
discretionary powers including under any Loan Documents, except discretionary rights and powers
expressly contemplated hereby or by any other Loan Document that such Agent is instructed in
writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 9.08), and (c) except as
expressly set forth in the Loan Documents, neither Agent shall have any duty to disclose, nor shall
it be liable for the failure to disclose, any information relating to Holdings, the Borrower or any
of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent
and/or Collateral Agent or any of its Affiliates in any capacity. Neither Agent shall be liable for
any action taken or not taken by it with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 9.08) or in the absence of its own gross negligence or willful
misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until written
notice thereof is given to such Agent by Holdings, the Borrower or a Lender, and neither Agent
shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm
receipt of items expressly required to be delivered to such Agent.

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

Each Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by it, including any Construction Monitor (as defined in the
Borrower Mortgage). Each Agent and any such sub-agent may perform any and all its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties
of each Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the Loans as well as activities as Agent. Without limitation of any other
provision of this Agreement, each Agent shall be entitled to consult with and rely conclusively
upon, and shall not incur any liability for relying upon, the advice of any Construction Monitor.

Subject to the appointment and acceptance of a successor Agent as provided below, either Agent
may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the
Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor.
If no successor shall have been so appointed by the Required Lenders and shall have accepted such

 

71

 

appointment within 30 days after the retiring Agent gives notice of its resignation, then the
retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be a bank with
an office in New York, New York, or an Affiliate of any such bank. If no successor Agent has been
appointed pursuant to the immediately preceding sentence by the 30th day after the date
such notice of resignation was given by such Agent, such Agent’s resignation shall become effective
and the Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or
under any other Loan Document until such time, if
any, as the Required Lenders appoint a successor Administrative Agent and/or Collateral Agent,
as the case may be. Upon the acceptance of its appointment as Agent hereunder by a successor, such
successor shall succeed to and become vested with all the rights, powers, privileges and duties of
the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After an
Agent’s resignation hereunder, the provisions of this Article VIII and Section 9.05
shall continue in effect for the benefit of such retiring Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while acting as Agent.

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

Notwithstanding any other provision of this Agreement or any provision of any other Loan
Document, each of the Lead Arranger and the Syndication Agent are named as such for recognition
purposes only, and in their respective capacities as such shall have no duties, responsibilities or
liabilities with respect to this Agreement or any other Loan Document; it being understood and
agreed that each of the Lead Arranger and the Syndication Agent shall be entitled to all
indemnification and reimbursement rights in favor of the Agents provided herein and in the other
Loan Documents. Without limitation of the foregoing, neither the Lead Arranger nor the Syndication
Agent in their respective capacities as such shall, by reason of this Agreement or any other Loan
Document, have any fiduciary relationship in respect of any Lender, Loan Party or any other Person.

ARTICLE IX

Miscellaneous

SECTION 9.01. Notices; Electronic Communications. 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 fax, as follows:

(a) if to the Borrower or Holdings, to it at 10877 Wilshire Blvd., Suite 710 LA, CA 90024,
Attention of General Counsel (Fax No. 310-208-7165), Email: cmorris@rentk.com;

(b) if to the Administrative Agent, to Credit Suisse AG, Cayman Islands Branch, Agency
Manager, One Madison Avenue, New York, NY 10010, Fax No. 212-322-2291, Email:
agency.loanops@credit-suisse.com; and

(c) if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or
in the Assignment and Acceptance pursuant to which such Lender shall have become a party hereto.

 

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All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered
by hand or overnight courier service or sent by fax or on the date five Business Days after
dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed
(properly addressed) to such party as provided in this Section 9.01 or in accordance with
the latest unrevoked direction from such party given
in accordance with this Section 9.01. As agreed to among Holdings, the Borrower, the
Administrative Agent and the applicable Lenders from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable Person
provided from time to time by such Person.

The Borrower hereby agrees, unless directed otherwise by the Administrative Agent or unless
the electronic mail address referred to below has not been provided by the Administrative Agent to
the Borrower, that it will, or will cause the Subsidiaries to, provide to the Administrative Agent
all information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to the Loan Documents or to the Lenders under Article V, including
all notices, requests, financial statements, financial and other reports, certificates and other
information materials, but excluding any such communication that (i) relates to the payment of any
principal or other amount due under this Agreement prior to the scheduled date therefor, (ii)
provides notice of any Default or Event of Default under this Agreement or any other Loan Document
or (iii) is required to be delivered to satisfy any condition precedent to the effectiveness of
this Agreement (all such non-excluded communications being referred to herein collectively as
“Communications”), by transmitting the Communications in an electronic/soft medium that is properly
identified in a format acceptable to the Administrative Agent to an electronic mail address as
directed by the Administrative Agent. In addition, the Borrower agrees, and agrees to cause the
Subsidiaries, to continue to provide the Communications to the Administrative Agent or the Lenders,
as the case may be, in the manner specified in the Loan Documents but only to the extent requested
by the Administrative Agent.

The Borrower hereby acknowledges that (a) the Administrative Agent will make available to the
Lenders materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or another
similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side”
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to
the Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower
shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrower or its
securities for purposes of United States federal and state securities laws (provided, however, that
to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 9.16); (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated as “Public Investor;” and (z) the
Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not marked as “Public Investor.”
Notwithstanding the foregoing, the following Borrower Materials shall be marked “PUBLIC”, unless
the Borrower notifies the Administrative Agent promptly that any such document contains material
non-public information: (1) the Loan Documents and (2) notification of changes in the terms of the
Credit Facility or the Loans.

Each Public Lender agrees to cause at least one individual at or on behalf of such Public
Lender to at all times have selected the “Private Side Information” or similar designation on the
content declaration screen of the Platform in order to enable such Public Lender or its delegate,
in accordance

 

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with such Public Lender’s compliance procedures and applicable law, including United
States Federal and state securities laws, to make reference to Communications that are not made
available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Borrower or its securities for purposes of
United States Federal or state securities laws.

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY
OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY
OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE
COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS
RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE
ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER
OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN
TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S
TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH
PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY
FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

The Administrative Agent agrees that the receipt of the Communications by the Administrative
Agent at its e-mail address set forth above shall constitute effective delivery of the
Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees
that receipt of notice to it (as provided in the next sentence) specifying that the Communications
have been posted to the Platform shall constitute effective delivery of the Communications to such
Lender for purposes of the Loan Documents. Each Lender agrees to notify the Administrative Agent
in writing (including by electronic communication) from time to time of such Lender’s e-mail
address to which the foregoing notice may be sent by electronic transmission and that the foregoing
notice may be sent to such e-mail address. Nothing herein shall prejudice the right of the
Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan
Document in any other manner specified in such Loan Document.

SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Borrower or Holdings herein and in the certificates or other instruments
prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Lenders and shall survive the making by the
Lenders of the Loans, regardless of any investigation made by the Lenders or on their behalf, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is
outstanding and unpaid. The provisions of Sections 2.15, 2.17, 2.19 and
9.05 shall remain operative and in full force and effect regardless of the expiration of
the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment
of any of the Loans, the invalidity or unenforceability of any term or provision of this Agreement
or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent,
the Collateral Agent or any Lender.

SECTION 9.03. Binding Effect. This Agreement shall become effective when it shall have been
executed by the Borrower, Holdings and the Administrative Agent and when the Administrative

 

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Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto.

SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of
such party; and all covenants, promises and agreements by or on behalf of the Borrower,
Holdings, the Administrative Agent, the Collateral Agent or the Lenders that are contained in this
Agreement shall bind and inure to the benefit of their respective successors and assigns.

(b) Each Lender may assign to one or more Eligible Assignees all or a portion of its
interests, rights and obligations under this Agreement (including all or a portion of its
Commitment(s) and the Loans at the time owing to it), with the prior written consent of the
Administrative Agent and, so long as no Event of Default shall have occurred and is continuing, the
prior written consent of the Borrower (not to be unreasonably withheld or delayed); provided,
however, that (i) the amount of the Commitment(s) or the Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Acceptance with respect to such
assignment is delivered to the Administrative Agent) shall be in an integral multiple of, and not
less than, $1,000,000 (or, if less, the entire remaining amount of such Lender’s Loans); provided
that simultaneous assignments by two or more Related Funds shall be combined for purposes of
determining whether the minimum assignment requirement is met, (ii) the parties to each assignment
shall (A) execute and deliver to the Administrative Agent an Assignment and Acceptance via an
electronic settlement system acceptable to the Administrative Agent or (B) if previously agreed
with the Administrative Agent, manually execute and deliver to the Administrative Agent an
Assignment and Acceptance, and, in each case, shall pay to the Administrative Agent a processing
and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the
Administrative Agent), and (iii) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire (in which the assignee shall designate one or
more credit contacts to whom all syndicate-level information (which may contain material non-public
information about 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) and all applicable tax
forms. Upon acceptance and recording pursuant to Section 9.04(e), from and after the
effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have
the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from
its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all
or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.15 (provided, for the avoidance of doubt, that such Lender continues to comply
with Section 2.15(e)), 2.17, 2.19 and 9.05, as well as to any Fees,
if any, accrued for its account and not yet paid).

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder
and the assignee thereunder shall be deemed to confirm to and agree with each other and the other
parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial
owner of the interest being assigned thereby free and clear of any adverse claim and the
outstanding balances of its Loans, without giving effect to assignments thereof which have not
become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in
(i) above, such assigning Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with this
Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any other Loan Document or any other instrument or document furnished pursuant
hereto, or the financial condition of

 

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the Borrower or any Subsidiary or the performance or
observance by the Borrower or any Subsidiary of any of its obligations under this Agreement, any
other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such
assignee represents and warrants that it is legally authorized to enter into such Assignment and
Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together
with copies of the most recent financial statements referred to in
Section 3.05(a) or delivered pursuant to Section 5.04 and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter
into such Assignment and Acceptance; (v) such assignee will independently and without reliance upon
the Administrative Agent, the Collateral Agent, such assigning Lender 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 this Agreement; (vi) such assignee
appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as
agent on its behalf and to exercise such powers under this Agreement as are delegated to the
Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with
such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all the obligations which by the terms of this Agreement are
required to be performed by it as a Lender.

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

(e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance executed
by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the
assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) above, if applicable, and the written consent of the
Administrative Agent and, if required, the Borrower to such assignment and any applicable tax
forms, the Administrative Agent shall promptly (i) accept such Assignment and Acceptance and
(ii) record the information contained therein in the Register. No assignment shall be effective
unless it has been recorded in the Register as provided in this paragraph (e).

(f) Each Lender may without the consent of the Borrower or the Administrative Agent sell
participations to one or more banks or other Persons in all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans
owing to it); provided, however, that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations, (iii) the participating banks or other Persons shall be
entitled to the benefit of the cost protection provisions contained in Sections 2.15, 2.17
and 2.19 to the same extent as if they were Lenders (but, with respect to any particular
participant, to no greater extent than the Lender that sold the participation to such participant)
and (iv) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower
relating to the Loans and to approve any amendment, modification or waiver of any provision of this
Agreement (other than amendments, modifications or waivers decreasing any fees payable to such
participating bank or Person hereunder or the amount of principal of or the rate at which interest
is payable on the Loans in which such participating bank or Person has an interest, extending any
scheduled principal payment date

 

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or date fixed for the payment of interest on the Loans in which
such participating bank or Person has an interest or releasing any Guarantor (other than in
connection with the sale of a Guarantor in a transaction permitted by Section 6.05) or all
or substantially all of the Collateral). Each Lender shall maintain at one of its offices a
register for the recordation of the names and addresses of its participants, and the amount and
terms of its participations; provided that no Lender shall be required to disclose or share the
information contained in such register with the Borrower or any other Person, except as
required by applicable law (the “Participant Register”).

(g) Any Lender or participant may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Section 9.04, disclose to the
assignee or participant or proposed assignee or participant any information relating to the
Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such
disclosure of information designated by the Borrower as confidential, each such assignee or
participant or proposed assignee or participant shall execute an agreement whereby such assignee or
participant shall agree (subject to customary exceptions) to preserve the confidentiality of such
confidential information on terms no less restrictive than those applicable to the Lenders pursuant
to Section 9.16.

(h) Any Lender may at any time assign all or any portion of its rights under this Agreement to
secure extensions of credit to such Lender or in support of obligations owed by such Lender;
provided that no such assignment shall release a Lender from any of its obligations hereunder or
substitute any such assignee for such Lender as a party hereto.

(i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option
to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be
obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise
such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall
be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV
hereunder shall utilize the Commitment(s) of the Granting Lender to the same extent, and as if,
such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be
liable for any indemnity or similar payment obligation under this Agreement (all liability for
which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto
hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the
date that is one year and one day after the payment in full of all outstanding commercial paper or
other senior indebtedness of any SPV, it will not institute against, or join any other Person in
instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under the laws of the United States or any State thereof. In addition,
notwithstanding anything to the contrary contained in this Section 9.04, any SPV may
(i) with notice to, but without the prior written consent of, the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in
any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and
Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV
to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any
non-public information relating to its Loans to any rating agency, commercial paper dealer or
provider of any surety, guarantee or credit or liquidity enhancement to such SPV.

(j) Neither Holdings nor the Borrower shall assign or delegate any of its rights or duties
hereunder without the prior written consent of the Administrative Agent, and each Lender, and any
attempted assignment without such consent shall be null and void.

 

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SECTION 9.05. Expenses; Indemnity. (a) The Borrower and Holdings agree, jointly and
severally, to pay all out-of-pocket expenses incurred by the Administrative Agent and the
Collateral Agent in connection with the syndication of the Credit Facility, the Loans and the
preparation and administration of this Agreement and the other Loan Documents or in connection with
any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions hereby or
thereby contemplated shall be consummated) or incurred by the Administrative Agent, the
Collateral Agent or any Lender in connection with the enforcement or protection of its rights in
connection with this Agreement and the other Loan Documents or in connection with the Loans made
hereunder, including the fees, charges and disbursements of Proskauer Rose, LLP, counsel for the
Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or
protection, the fees, charges and disbursements of any other counsel for the Administrative Agent,
the Collateral Agent or any Lender.

(b) The Borrower and Holdings agree, jointly and severally, to indemnify the Administrative
Agent, the Collateral Agent, the Lead Arranger, each Lender and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related costs and
expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted
against any Indemnitee arising out of, in any way connected with, or as a result of (i) the
execution or delivery of this Agreement or any other Loan Document or any agreement or instrument
contemplated thereby, the performance by the parties thereto of their respective obligations
thereunder or the consummation of the Transactions and the other transactions contemplated thereby
(including the syndication of the Credit Facility), (ii) the use of the proceeds of the Loans,
(iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether
or not any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a
third party or by the Borrower, any other Loan Party or any of their respective Affiliates), or
(iv) any actual or alleged presence or Release of Hazardous Materials on any property currently or
formerly owned or operated by the Borrower or any of the Subsidiaries, or any Environmental
Liability related in any way to Holdings, the Borrower or the Subsidiaries; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted primarily from the gross negligence, bad faith or
willful misconduct of such Indemnitee.

(c) To the extent that Holdings and the Borrower fail to pay any amount required to be paid by
them to the Administrative Agent or the Collateral Agent under Section 9.05(a) or
9.05(b), each Lender severally agrees to pay to the Administrative Agent or the Collateral
Agent, as the case may be, such Lender’s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as
the case may be, was incurred by or asserted against the Administrative Agent or the Collateral
Agent, in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be
determined based upon its share of the sum of the outstanding Loans at the time.

(d) To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert,
and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions any Loan or the use of the proceeds thereof.

(e) The provisions of this Section 9.05 shall remain operative and in full force and
effect regardless of the expiration of the term of this Agreement, the consummation of the
transactions contemplated hereby, the repayment of any of the Loans, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of

 

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the Administrative Agent, the Collateral Agent or any Lender.
All amounts due under this Section 9.05 shall be payable on written demand therefor.

SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender is hereby authorized at any time and from time to time, except to the extent
prohibited 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 indebtedness at any time owing by such
Lender to or for the credit or the account of the Borrower or Holdings against any of and all the
obligations of the Borrower or Holdings now or hereafter existing under this Agreement and other
Loan Documents held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement or such other Loan Document and although such obligations may be
unmatured. The rights of each Lender under this Section 9.06 are in addition to other
rights and remedies (including other rights of setoff) which such Lender may have.

SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS
EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, the
Collateral Agent or any Lender in exercising any power or right hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the Administrative Agent, the Collateral Agent and the Lenders hereunder and
under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document
or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. No
notice or demand on the Borrower or Holdings in any case shall entitle the Borrower or Holdings to
any other or further notice or demand in similar or other circumstances.

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower, Holdings and the
Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount
of, or extend the maturity of or any scheduled principal payment date or date for the payment of
any interest on any Loan, or waive or excuse any such payment or any part thereof, or decrease the
rate of interest on any Loan, in each case without the prior written consent of each Lender
directly adversely affected thereby, (ii) decrease or extend the date for payment of any Fees of
any Lender without the prior written consent of such Lender, (iii) amend or modify the pro rata
requirements of Section 2.12, the provisions of Section 9.04(j) or the provisions
of this Section 9.08 or release any Guarantor (other than in connection with the sale of a
Guarantor in a transaction permitted by Section 6.05) or all or substantially all of the
Collateral, without the prior written consent of each Lender, (iv) modify the protections afforded
to an SPV pursuant to the provisions of Section 9.04(i) without the written consent of such
SPV, (v) increase the Commitment of any Lender without the written consent of such Lender (it being
understood that no amendment, modification, termination, waiver or consent with respect to any
condition precedent, covenant or Default (or any definition used, respectively, therein) shall
constitute an increase in the Commitment of any Lender for purposes of this clause (v)), or
(vi) reduce the percentage contained in the definition of the term “Required Lenders” without the
prior written consent of each Lender; provided further that no such agreement shall amend, modify
or otherwise affect the rights or duties of the

 

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Administrative Agent or the Collateral Agent
hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent or the Collateral Agent.

SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if
at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan or participation in accordance with
applicable law, the rate of interest payable in respect of such Loan or participation hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in respect of such Loan or
participation but were not payable as a result of the operation of this Section 9.09 shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or
participations or periods shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender.

SECTION 9.10. Entire Agreement. This Agreement, the Engagement Letter and the other Loan
Documents constitute the entire contract between the parties relative to the subject matter hereof.
Any other previous agreement among the parties with respect to the subject matter hereof is
superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the
other Loan Documents, expressed or implied, is intended to confer upon any Person (other than the
parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Collateral Agent and the Lenders) any rights, remedies, obligations or liabilities under or by
reason of this Agreement or the other Loan Documents.

SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 9.11.

SECTION 9.12. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and
therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

SECTION 9.13. Counterparts. 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, and shall become effective as
provided in Section 9.03. Delivery of an executed signature page to this Agreement by
facsimile transmission or

 

80

 

other electronic means shall be as effective as delivery of a manually
signed counterpart of this Agreement.

SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) Each of Holdings and the
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
non-exclusive jurisdiction of any New York State court or Federal court of the United States of
America sitting in New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such Federal court. Each
of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or the other Loan Documents against the Borrower, Holdings or their
respective properties in the courts of any jurisdiction.

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

(c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of
any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority or quasi-regulatory authority (such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or
under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its
rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the
same as those of this Section 9.16, to (i) any actual or prospective assignee of or
participant in any of its rights or obligations under this Agreement and the other Loan Documents
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower or any Subsidiary or any of their respective obligations,
(f) with the consent of the Borrower or (g) to the extent such Information becomes publicly
available other than as a result of a breach of this Section 9.16. For the purposes of
this Section 9.16, “Information” shall mean all information received from the Borrower or
Holdings and related to the Borrower or Holdings or their business, other than any such information
that was available to the Administrative Agent, the Collateral Agent or any Lender on a
nonconfidential basis prior to its disclosure by the Borrower or Holdings;

 

81

 

provided that, in the
case of Information received from the Borrower or Holdings after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section 9.16 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 its own confidential
information.

SECTION 9.17. Lender Action. Each Lender agrees that it shall not take or institute any
actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party or
any other obligor under any of the Loan Documents (including the exercise of any right of setoff,
rights on account of any banker’s lien or similar claim or other rights of self-help), or institute
any actions or proceedings, or otherwise commence any remedial procedures, with respect to any
Collateral or any other property of any such Loan Party, unless expressly provided for herein or in
any other Loan Document, without the prior written consent of the Administrative Agent. The
provisions of this Section 9.17 are for the sole benefit of the Lenders and shall not
afford any right to, or constitute a defense available to, any Loan Party.

SECTION 9.18. USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies Holdings and the Borrower that pursuant to the
requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that
identifies Holdings and the Borrower, which information includes the name and address of Holdings
and the Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify Holdings and the Borrower in accordance with the USA PATRIOT Act.

SECTION 9.19. Diligence. Notwithstanding that certain documents, agreements and information
have been provided electronically by or on behalf of the Borrower to any of the Agents, the Lenders
and their respective counsel, no such documents, agreements or information shall be considered
disclosed under this Agreement or any other Loan Document unless such documents, agreements and
information are set forth in the Schedules to this Agreement as of the Closing Date. Furthermore,
access by any Agent or Lender or their respective counsel or advisors to any data room containing
such documents, agreements or information shall not be deemed a waiver by any such Person of the
foregoing statement.

SECTION 9.20. LEGEND. THE LOANS HAVE BEEN ISSUED, AND ANY INCREMENTAL LOANS MAY BE ISSUED,
WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE,
AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY OF THESE LOANS (INCLUDING
INCREMENTAL LOANS FOLLOWING THE ISSUANCE THEREOF) MAY BE OBTAINED BY WRITING TO THE ADMINISTRATIVE
AGENT AT THE ADDRESS SET FORTH IN SECTION 9.01. EACH LOAN MADE BY A LENDER HEREUNDER ON
THE CLOSING DATE WAS SUBJECT TO AN ORIGINAL ISSUE DISCOUNT SUCH THAT SUCH LOAN RESULTED IN
AGGREGATE PROCEEDS TO THE BORROWER IN AN AMOUNT EQUAL TO 97.0% OF SUCH LENDER’S COMMITMENT.

SECTION 9.21. Lenders’ Ratification of Certain Matters. The Lenders hereby ratify the
Collateral Agent’s consent, given pursuant to Sections 2(g) and 2(i) of the Borrower Mortgage, to
(i) the execution and delivery by the Borrower, as landlord, and one of (A) American Carbonation
Corporation, (B) Air Liquide, (C) A+ Distribution, Inc., or (D) another third party approved by the
Collateral Agent in its reasonable discretion, as tenant (the “Permitted Tenant”), of an operating
lease (the “Permitted Lease”) of a portion of the Premises (as defined in the Borrower Mortgage),
for the use by the Permitted Tenant for, among other things, the purchase of carbon dioxide from
the Borrower and the conversion of such carbon dioxide into dry ice or liquid, and otherwise on
terms not materially different from those set

 

82

 

forth in Schedule 9.21, (ii) the execution
and delivery by the Borrower, as landlord, and Community Synergies LLC, as tenant (“CS LLC”) of an
operating lease (the “CS Lease”) of a portion of the Premises for the use by the Permitted Tenant
for, among other things, the purchase of carbon dioxide from the
Borrower and the use of such carbon dioxide to grow algae in CS LLC’s proprietary algae
photobioreactors to be located on the leased portion of the Premises, and otherwise on terms not
materially different from those set forth in Schedule 9.21; and (iii) the Borrower seeking,
and obtaining, a rezoning classification for the Premises that would permit the Borrower to conduct
its operations on the Premises as of right rather than as a permitted nonconforming use under
applicable laws.

[Remainder of page intentionally left blank.]

 

83

 

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

	 	 	 	 	 
	 	RENTECH ENERGY MIDWEST CORPORATION

 	 
	 	By:  	/s/ Dan
J. Cohrs	 
	 	 	Name:  	Dan
J. Cohrs 	 
	 	 	Title:  	Vice
President and Treasurer 	 
	 
	 	RENTECH INC.

 	 
	 	By:  	/s/ Dan
J. Cohrs	 
	 	 	Name:  	Dan
J. Cohrs 	 
	 	 	Title:  	Chief
Financial Officer, Executive Vice President and Treasurer 	 

 

S-1

 

	 	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually
and as Administrative Agent and Collateral Agent

 	 
	 	By:  	/s/ Mikhail
Faybusovich	 
	 	 	Name:  	Mikhail
Faybusovich 	 
	 	 	Title:  	Vice
President 	 
	 	 	 
	 	By:  	/s/ Kevin
Buddhdew	 
	 	 	Name:  	Kevin
Buddhdew 	 
	 	 	Title:  	Associate 	 

 

S-2

 

	 	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as a Lender

 	 
	 	By:  	/s/ Mikhail
Faybusovich	 
	 	 	Name:  	Mikhail
Faybusovich 	 
	 	 	Title:  	Vice
President 	 
	 	 	 
	 	By:  	/s/ Kevin
Buddhdew	 
	 	 	Name:  	Kevin
Buddhdew 	 
	 	 	Title:  	Associate 	 

 

S-3

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