Document:

exv10w7

Exhibit 10.7

FORM OF

TAX SHARING AGREEMENT

BY AND BETWEEN

MEMORIAL RESOURCE DEVELOPMENT LLC

AND

MEMORIAL PRODUCTION PARTNERS LP

______________ ___, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE I Definitions	 	 	1	 
	 
	 	1.1	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II Preparation and Filing of Tax Returns	 	 	3	 
	 
	 	2.1	 	Manner of Filing	 	 	3	 
	 
	 	2.2	 	Franchise Tax Taxable Period	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III Allocation of Taxes	 	 	4	 
	 
	 	3.1	 	Liability of the Partnership Group for Combined Taxes	 	 	4	 
	 
	 	3.2	 	Partnership Group Combined Tax Liability	 	 	4	 
	 
	 	3.3	 	Preparation and Delivery of Pro Forma Tax Returns	 	 	5	 
	 
	 	3.4	 	Payment of Tax	 	 	5	 
	 
	 	3.5	 	Subsequent Changes in Treatment of Tax Items	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV Control of Tax Proceedings; Cooperation and Exchange of Information	 	 	5	 
	 
	 	4.1	 	Control of Proceedings	 	 	5	 
	 
	 	4.2	 	Cooperation and Exchange of Information	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V Warranties and Representations; Payment Obligations	 	 	6	 
	 
	 	5.1	 	Warranties and Representations Relating to Actions of MRD and the Partnership	 	 	6	 
	 
	 	5.2	 	Calculation of Payment Obligations	 	 	7	 
	 
	 	5.3	 	Prompt Performance	 	 	7	 
	 
	 	5.4	 	Interest	 	 	7	 
	 
	 	5.5	 	Tax Records	 	 	7	 
	 
	 	5.6	 	Continuing Covenants	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI Miscellaneous Provisions	 	 	8	 
	 
	 	6.1	 	Notice	 	 	8	 
	 
	 	6.2	 	Required Payments	 	 	8	 
	 
	 	6.3	 	Injunctions	 	 	8	 
	 
	 	6.4	 	Further Assurances	 	 	9	 
	 
	 	6.5	 	Parties in Interest	 	 	9	 
	 
	 	6.6	 	Setoff	 	 	9	 
	 
	 	6.7	 	Change of Law	 	 	9	 
	 
	 	6.8	 	Termination and Survival	 	 	9	 
	 
	 	6.9	 	Amendments; No Waivers	 	 	9	 
	 
	 	6.10	 	Governing Law and Interpretation	 	 	9	 
	 
	 	6.11	 	Resolution of Certain Disputes	 	 	10	 
	 
	 	6.12	 	Confidentiality	 	 	10	 
	 
	 	6.13	 	Costs, Expenses and Attorneys’ Fees	 	 	10	 
	 
	 	6.14	 	Counterparts	 	 	11	 
	 
	 	6.15	 	Severability	 	 	11	 
	 
	 	6.16	 	Entire Agreement	 	 	11	 

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	 	 	 	 	 	 	Page
	 
	 	6.17	 	Assignment	 	 	11	 
	 
	 	6.18	 	Fair Meaning	 	 	11	 
	 
	 	6.19	 	Titles and Headings	 	 	11	 
	 
	 	6.20	 	Construction	 	 	11	 

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TAX SHARING AGREEMENT

BY AND BETWEEN

MEMORIAL RESOURCE DEVELOPMENT LLC AND

MEMORIAL PRODUCTION PARTNERS LP

     This Tax Sharing Agreement (the “Agreement”), dated this ___________ day of_____________,
2011, is by and between Memorial Resource Development LLC, a Delaware limited liability company
(“MRD”), and Memorial Production Partners LP, a Delaware limited partnership (the “Partnership”).

RECITALS

     WHEREAS, MRD is the parent of a group of partnerships and limited liability companies;

     WHEREAS, the Partnership Group (as defined below) includes various entities that may be
required to join with MRD in the filing of a consolidated, combined or unitary state tax return;

     WHEREAS, the Parties (as defined below) wish to set forth the general principles under which
they will allocate and share various Taxes (as defined below) and related liabilities;

     WHEREAS, MRD, on behalf of itself and its present and future subsidiaries (including Memorial
Production Partners GP LLC) other than the Partnership Group (“MRD Group”), and the Partnership, on
behalf of itself and its present and future subsidiaries (the “Partnership Group”), are entering
into this Agreement to provide for the allocation among the MRD Group and the Partnership Group of
all responsibilities, liabilities and benefits relating to any Tax for which a Combined Return (as
defined below) is filed for a taxable period including or beginning on or after the Effective Date
(as defined below) and to provide for certain other matters;

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereby agree as follows:

ARTICLE I

Definitions

     1.1 Definitions. The following terms shall have the following meanings (such meanings to be
equally applicable to both the singular and the plural forms of the terms defined):

     “Accounting Referee” is defined in Section 6.11.

     “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto, as in
effect for the taxable period in question.

     “Combined Group” means a group of corporations or other entities that files a Combined Return.

     “Combined Return” means any Tax Return (other than a Tax Return for U.S. federal income taxes)
filed on a consolidated, combined (including nexus combination, worldwide

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combination, domestic combination, line of business combination or any other form of
combination) or unitary basis that includes activities of any member of the MRD Group and any
member of the Partnership Group.

     “Effective Date” means 7:00 a.m., Central time, on _____________, 2011.

     “Final Determination” means the final resolution of any Tax (or other matter) for a taxable
period, including related interest or penalties, that, under applicable law, is not subject to
further appeal, review or modification through proceedings or otherwise, including (a) by the
expiration of a statute of limitations or a period for the filing of claims for refunds, amending
Tax Returns, appealing from adverse determinations or recovering any refund (including by offset),
(b) by a decision, judgment, decree or other order by a court of competent jurisdiction, which has
become final and unappealable, (c) by a closing agreement, an accepted offer in compromise or a
comparable agreement under laws of the particular Tax Authority, (d) by execution of a form under
the laws of a Tax Authority that is comparable to an Internal Revenue Service Form 870 or 870-AD
(excluding, however, with respect to a particular Tax Item for a particular taxable period any such
form that reserves (whether by its terms or by operation of law) the right of the taxpayer to file
a claim for refund and/or the right of the Tax Authority to assert a further deficiency with
respect to such Tax Item for such period) or (e) by any allowance of a refund or credit, but only
after the expiration of all periods during which such refund may be adjusted.

     “MRD Group” is defined in the Recitals.

     “Notice” is defined in Section 6.1.

     “Partnership Group” is defined in the Recitals.

     “Partnership Group Combined Tax Liability” means, with respect to any Tax, the Partnership
Group’s liability for such Tax owed with respect to a Combined Return for a taxable period, as
determined under Section 3.2.

     “Partnership Group Deposit” is defined in Section 3.4.

     “Partnership Group Members” means those entities included in the Partnership Group.

     “Partnership Group Pro Forma Combined Return” means a pro forma Combined Return or other
schedule prepared pursuant to Section 3.2.

     “Party” means each of MRD and the Partnership, and solely for purposes of this definition,
“MRD” includes the MRD Group and the “Partnership” includes the Partnership Group. Each of MRD and
the Partnership shall cause the MRD Group and the Partnership Group, respectively, to comply with
this Agreement.

     “Tax Attribute” means a Tax Item of a member of the Partnership Group reflected on a Combined
Return that is comparable to one or more of the following attributes with respect to a U.S. federal
income tax consolidated tax return: a net operating loss, a net capital loss, an unused investment
credit, an unused foreign tax credit, an excess charitable contribution, a U.S. federal

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minimum tax credit or a U.S. federal general business credit (but not tax basis or earnings
and profits).

     “Tax Authority” means a domestic governmental authority (other than the United States) or any
subdivision, agency, commission or authority thereof or any quasi-governmental or private body
having jurisdiction over the assessment, determination, collection or imposition of any Tax
(excluding the U.S. Internal Revenue Service).

     “Tax Controversy” means any audit, examination, dispute, suit, action, litigation or other
judicial or administrative proceeding initiated by MRD or the Partnership or any Tax Authority.

     “Tax Item” means any item of income, gain, loss, deduction or credit, or other item reflected
on a Tax Return or any Tax Attribute.

     “Tax Return” means any return, report, certificate, form or similar statement or document
(including any related or supporting information or schedule attached thereto and any information
return, amended Tax Return, claim for refund or declaration of estimated tax) required to be
supplied to, or filed with, a Tax Authority in connection with the determination, assessment or
collection of any Tax or the administration of any laws, regulations or administrative requirements
relating to any Tax.

     “Taxes” means all forms of taxation, whenever created or imposed, and whether imposed by a
domestic, local, municipal, governmental, state, federation or other body, but excluding taxes
imposed by the United States, and without limiting the generality of the foregoing, shall include
net income, alternative or add-on minimum, gross income, sales, use, ad valorem, gross receipts,
value added, franchise, profits, license, transfer, recording, withholding, payroll, employment,
excise, severance, stamp, occupation, premium, property, windfall profit, custom duty or other tax,
governmental fee or like assessment or charge of any kind whatsoever, together with any related
interest, penalties or other additions to tax, or additional amounts imposed by any such Tax
Authority.

     Any term used but not capitalized herein that is defined in the Code or in the Treasury
Regulations thereunder shall, to the extent required by the context of the provision at issue, have
the meaning assigned to it in the Code or such regulation.

ARTICLE II

Preparation and Filing of Tax Returns

     2.1 Manner of Filing.

          (a) For periods that include the Effective Date and periods after the Effective Date, MRD
shall have the sole and exclusive responsibility for the preparation and filing of, and shall
prepare and file, all Combined Returns or cause to be prepared and filed all Combined Returns. MRD
shall be authorized to take any and all action necessary or incidental to the preparation and
filing of a Combined Return (i) making elections and adopting accounting methods, (ii) filing all
extensions of time, including extensions of time for payment of tax, (iii) filing claims for refund
or credit or (iv) giving waivers or bonds.

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          (b) For periods that include the Effective Date and periods after the Effective Date, the
Partnership Group shall have the sole and exclusive responsibility for the preparation and filing
of, and shall prepare and file or cause to be prepared and filed, all Tax Returns of the
Partnership Group Members that are not Combined Returns.

          (c) MRD shall have sole discretion to include, or cause to be included, in a Combined Return
for any Tax any member of the Partnership Group for which inclusion in such Combined Return is
elective; provided, however, that the Partnership Group Combined Tax Liability for any period shall
not exceed the aggregate of (i) each such elective Partnership Group Member’s liability for such
Tax for such period, computed as if such Partnership Group Member were not included in such
Combined Return and (ii) the Partnership Group Combined Tax Liability calculated for the
Partnership Group Members for which inclusion is not elective. MRD shall provide pro forma Tax
Returns pursuant to Section 3.5 to support the calculation of the amount of any decrease
in the Partnership Group Combined Tax Liability pursuant to this Section 2.1(c).

     2.2 Franchise Tax Taxable Period. References to “taxable period” for any franchise or other
doing business Tax shall mean the taxable period during which the income, operations, assets or
capital comprising the base of such Tax is measured, regardless of whether the right to do business
for another taxable period is obtained by the payment of such franchise Tax.

ARTICLE III

Allocation of Taxes

     3.1 Liability of the Partnership Group for Combined Taxes. For each Tax for each taxable
period that includes or begins on or after the Effective Date and for which a Combined Return is
filed, the Partnership Group Members included in such Combined Return shall be liable to MRD for an
amount equal to the Partnership Group Combined Tax Liability in respect of such Tax.

     3.2 Partnership Group Combined Tax Liability. With respect to each Tax for each taxable
period that includes or begins on or after the Effective Date and for which a member of the
Partnership Group is included in a Combined Return, the Partnership Group Combined Tax Liability
for such Tax for such taxable period shall be the Tax for such taxable period as determined on a
Partnership Group Pro Forma Combined Return prepared:

          (a) by including only the Tax Items of the members of the Partnership Group that are included
in the Combined Return and computing the liability of the Partnership Group Members for such Tax as
if such Partnership Group Members were included in a separate consolidated, combined or unitary
group;

          (b) except as provided in Section 3.2(e), using all elections, accounting methods and
conventions used on the Combined Return for such period;

          (c) applying the Tax rate in effect for the Combined Return of the Combined Group for such
taxable period;

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          (d) assuming that the Partnership Group elects not to carry back any net operating losses and

          (e) assuming that the Partnership Group’s utilization of any Tax Attribute carryforward or
carryback is limited to the Tax Attributes of the Partnership Group that would be available if the
Partnership Group Combined Tax Liability for each taxable period ending after [          ],
2011 were determined in accordance with this Section 3.2.

     3.3 Preparation and Delivery of Pro Forma Tax Returns. Not later than 90 days following the
date on which a Combined Return is filed with the appropriate Tax Authority, MRD shall prepare and
deliver to the Partnership the related Partnership Group Pro Forma Combined Return calculating the
Partnership Group Combined Tax Liability attributable to the period covered by such filed Combined
Return.

     3.4 Payment of Tax. MRD shall timely pay (or shall cause to be timely paid) any Tax reflected
on a Combined Return and hold the Partnership harmless for all liability for such Tax. In the event
MRD is required to make an estimated payment or deposit of any Tax of any Combined Group which
includes any member of the Partnership Group, MRD shall calculate the portion, if any, of such
estimated payment or deposit attributable to the Partnership Group using a methodology similar to
that described in Section 3.2 (the “Partnership Group Deposit”) and shall present such
calculation to the Partnership. Within 5 days thereafter, the Partnership shall pay the
Partnership Group Deposit to MRD. Within 30 days after delivery by MRD of a Partnership Group Pro
Forma Combined Return to the Partnership calculating the Partnership Group Combined Tax Liability
with respect to a Combined Return, the Partnership shall pay to MRD such Partnership Group Combined
Tax Liability less the amount of any Partnership Group Deposit relating to the same Combined
Return.

     3.5 Subsequent Changes in Treatment of Tax Items. With respect to any Combined Return for any
taxable period beginning on or after the Effective Date, in the event of a change in the treatment
of any Tax Item of any member of a Combined Group as a result of a Final Determination, within 30
days following such Final Determination (a) MRD shall calculate the change, if any, to the
Partnership Group Combined Tax Liability resulting from such change, (b) MRD shall pay any decrease
in the Partnership Group Combined Tax Liability to the Partnership and (c) the Partnership shall
pay any increase in the Partnership Group Combined Tax Liability to MRD.

ARTICLE IV

Control of Tax Proceedings; Cooperation and Exchange of Information

     4.1 Control of
Proceedings. Except as provided in this Article IV, MRD shall have
full responsibility and discretion in handling, settling or contesting any Tax Controversy
involving a Tax Return for which it has filing responsibility under this Agreement as well as all
Tax Returns for all taxable periods ending before the Effective Date. The Partnership shall have
full responsibility and discretion in handling, settling or contesting any Tax Controversy
involving a Tax Return for which it has filing responsibility under this Agreement. Except as
otherwise provided in this Article IV, any costs incurred in handling, settling or
contesting any Tax Controversy shall be borne by the Party having full responsibility and
discretion thereof.

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     4.2 Cooperation and Exchange of Information.

          (a) Each Party shall cooperate fully at such time and to the extent reasonably requested by
any other Party in connection with the preparation and filing of any Tax Return or claim for
refund, or the conduct of any audit, dispute, proceeding, suit or action concerning any issues or
other matters considered in this Agreement. Such cooperation shall include the following: (i) the
retention and provision on demand of Tax Returns, books, records (including those concerning
ownership and Tax basis of property which a Party may possess), documentation or other information
relating to the Tax Returns, including accompanying schedules, related workpapers and documents
relating to rulings or other determinations by Taxing Authorities, until the expiration of the
applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof);
(ii) the provision of additional information, including an explanation of material provided under
clause (i) of this Section 4.2(a), to the extent such information is necessary or
reasonably helpful in connection with the foregoing; (iii) the execution of any document that may
be necessary or reasonably helpful in connection with the filing of a Tax Return by MRD, the
Partnership or of their respective subsidiaries, or in connection with any audit, dispute,
proceeding, suit or action; and (iv) such Party’s commercially reasonable efforts to obtain any
documentation from a governmental authority or a third party that may be necessary or reasonably
helpful in connection with any of the foregoing.

          (b) Each Party shall make its employees and facilities available on a reasonable and mutually
convenient basis in connection with any of the foregoing matters.

          (c) If any Party fails to provide any information requested pursuant to Section 4.2
within a reasonable period, as determined in good faith by the Party requesting the information,
then the requesting Party shall have the right to engage a public accounting firm to gather such
information, provided that 30 days’ prior written notice is given to the unresponsive Party. If the
unresponsive Party fails to provide the requested information within 30 days of receipt of such
notice, then such unresponsive Party shall permit the requesting Party’s public accounting firm
full access to all appropriate records or other information as reasonably necessary to comply with
this Section 4.2 and shall reimburse the requesting Party or pay directly all costs
connected with the requesting Party’s engagement of the public accounting firm.

ARTICLE V

Warranties and Representations; Payment Obligations

     5.1 Warranties and Representations Relating to Actions of MRD and the Partnership. Each of
MRD and the Partnership warrants and represents to the other that, on the date hereof:

          (a) in the case of MRD, it is a limited liability company duly organized, validly existing and
in good standing under the laws of the State of Delaware and has all requisite power to carry out
the transactions contemplated by this Agreement;

          (b) in the case of the Partnership, it is a limited partnership duly organized, validly
existing and in good standing under the laws of the State of Delaware and has all requisite power
to carry out the transactions contemplated by this Agreement;

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          (c) it has duly and validly taken all action necessary to authorize the execution, delivery
and performance of this Agreement and the consummation of the transactions contemplated hereby;

          (d) this Agreement has been duly executed and delivered by it and constitutes its legal, valid
and binding obligation enforceable in accordance with its terms subject, as to the enforcement of
remedies, to (i) applicable bankruptcy, reorganization, insolvency, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally from time to time in effect and (ii)
general principles of equity, whether enforcement is sought in a proceeding at law or in equity and

          (e) the execution and delivery of this Agreement, the consummation of the transactions
contemplated hereby or the compliance with any of the provisions herein will not (i) conflict with
or result in a breach of any provision of its certificate of incorporation, by-laws, certificate of
limited partnership, limited partnership agreement or general partnership agreement, as the case
may be, (ii) breach, violate or result in a default under any of the terms of any agreement or
other instrument or obligation to which it is a party or by which it or any of its properties or
assets may be bound or (iii) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to it or affecting any of its properties or assets.

     5.2 Calculation of Payment Obligations. Except as otherwise provided under this Agreement, to
the extent that the payor Party has a payment obligation to the payee Party pursuant to this
Agreement, the payee Party shall provide the payor Party with its calculation of the amount of such
obligation. The documentation of such calculation shall provide sufficient detail to permit the
payor Party to reasonably understand the calculation. All payment obligations shall be made to the
payee Party or to the appropriate Tax Authority as specified by the payee Party within 30 days
after delivery by the payee Party to the payor Party of written notice of a payment obligation. Any
disputes with respect to payment obligations shall be resolved in accordance with Section
6.11.

     5.3 Prompt Performance. All actions required to be taken by any Party under this Agreement
shall be performed within the time prescribed for performance in this Agreement or if no period is
prescribed, such actions shall be performed promptly.

     5.4 Interest. Payments pursuant to this Agreement that are not made within the period
prescribed therefor in this Agreement shall bear interest (compounded daily) from and including the
date immediately following the last date of such period through and including the date of payment
at a rate equal to the U.S. federal short-term rate or rates established pursuant to Section 6621
of the Code for the period during which such payment is due but unpaid.

     5.5 Tax Records. The Parties hereby agree to retain and provide on proper demand by any Tax
Authority (subject to any applicable privileges) the books, records, documentation and other
information relating to any Tax Return until the later of (a) the expiration of the applicable
statute of limitations (giving effect to any extension, waiver or mitigation thereof), (b) the date
specified in an applicable records retention agreement entered into with a Tax Authority, (c) a
Final Determination made with respect to such Tax Return and (d) the final resolution of any claim
made under this Agreement for which such information is relevant.

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     5.6 Continuing Covenants. Each Party agrees (a) not to take any action reasonably expected to
result in a new or changed Tax Item that is detrimental to any other Party and (b) to take any
action reasonably requested by any other Party that would reasonably be expected to result in a new
or changed Tax Item that produces a benefit or avoids a detriment to such other Party; provided
that such action does not result in any additional cost not fully compensated for by the requesting
Party. The Parties hereby acknowledge that the preceding sentence is not intended to limit, and
therefore shall not apply to, the rights of the Parties with respect to matters otherwise covered
by this Agreement.

ARTICLE VI

Miscellaneous Provisions

     6.1 Notice. Any notice, demand, claim or other communication required or permitted to be
given under this Agreement (a “Notice”) shall be in writing and may be personally served provided a
receipt is obtained therefor, or may be sent by certified mail return receipt requested postage
prepaid, to the Parties at the following addresses (or at such other address as one Party may
specify by notice to any other Party):

	 	 	 	 	 	 	 

	 	 	To MRD:
	 
	 	 	 	 	 	 
	 	 	 	 	[1401 McKinney Street, Suite 1025]
	 	 	 	 	Houston, TX 77010
	 

	 	 	 	Attention:
	 	Chief Executive Officer
	 

	 	 	 	Telephone:
	 	[                    ]
	 

	 	 	 	Facsimile:
	 	[                    ]
	 
	 	 	 	 	 	 
	 	 	To the Partnership:
	 
	 	 	 	 	 	 
	 	 	 	 	[1401 McKinney Street, Suite 1025]
	 	 	 	 	Houston, TX 77010
	 

	 	 	 	Attention:
	 	Chief Executive Officer
	 

	 	 	 	Telephone:
	 	[                    ]
	 

	 	 	 	Facsimile:
	 	[                    ]

     A Notice which is delivered personally shall be deemed given as of the date specified on the
written receipt therefor. A Notice mailed as provided herein shall be deemed given on the third
business day following the date so mailed. Notification of a change of address may be given by any
Party to another in the manner provided in this Section 6.1 for providing a Notice.

     6.2 Required Payments. Unless otherwise provided in this Agreement, any payment of Tax
required shall be due within 30 days of a Final Determination of the amount of such Tax.

     6.3 Injunctions. The Parties acknowledge that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with its specific
terms or were otherwise breached. The Parties hereto shall be entitled to an injunction or
injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions of this Agreement in any court having jurisdiction, such remedy being in
addition to any other remedy to which they may be entitled at law or in equity.

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     6.4 Further Assurances. Subject to the provisions hereof, the Parties hereto shall make,
execute, acknowledge and deliver such other instruments and documents, and take all such other
actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to
consummate the transactions contemplated hereby. Subject to the provisions hereof, each of the
Parties shall, in connection with entering into this Agreement, perform its obligations hereunder
and take any and all actions relating hereto, comply with all applicable laws, regulations, orders
and decrees, obtain all required consents and approvals and make all required filings with any
governmental agency, other regulatory or administrative agency, commission or similar authority and
promptly provide the other Parties with all such information as such Parties may reasonably request
in order to be able to comply with the provisions of this sentence.

     6.5 Parties in Interest. Except as herein otherwise specifically provided, nothing in this
Agreement expressed or implied is intended to confer any right or benefit upon any person, firm or
corporation other than the Parties and their respective successors and permitted assigns.

     6.6 Setoff. Except
as provided by Section 2.1(c), all payments to be made under this
Agreement shall be made without setoff, counterclaim or withholding, all of which are expressly
waived.

     6.7 Change of Law. If, due to any change in applicable law or regulations or the
interpretation thereof by any court of law or other governing body having jurisdiction subsequent
to the date of this Agreement, performance of any provision of this Agreement or any transaction
contemplated hereby shall become impracticable or impossible, the Parties hereto shall use their
best efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such provision.

     6.8 Termination and Survival. Notwithstanding anything in this Agreement to the contrary,
this Agreement shall remain in effect and its provisions shall survive for the full period of all
applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) or
until otherwise agreed to in writing by MRD and the Partnership, or their successors.

     6.9 Amendments; No Waivers.

          (a) Any provision of this Agreement may be amended or waived if, and only if, such amendment
or waiver is in writing and signed, in the case of an amendment, by MRD and the Partnership, or in
the case of a waiver, by the Party against whom the waiver is to be effective.

          (b) No failure or delay by any Party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege.

     6.10 Governing Law and Interpretation. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware applicable to agreements made and to be performed
in the State of Delaware, without giving effect to conflicts of laws principles thereof.

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     6.11 Resolution of Certain Disputes. Any disagreement between the Parties with respect to any
matter that is the subject of this Agreement, including any disagreement with respect to any
calculation or other determinations by MRD hereunder, which is not resolved by mutual agreement of
the Parties, shall be resolved by a nationally recognized independent accounting firm chosen by and
mutually acceptable to the Parties hereto (an “Accounting Referee”). Such Accounting Referee shall
be chosen by the Parties within 15 business days from the date on which one Party serves written
notice on another Party requesting the appointment of an Accounting Referee, provided that such
notice specifically describes the calculations to be considered and resolved by the Accounting
Referee. In the event the Parties cannot agree on the selection of an Accounting Referee, then the
Accounting Referee shall be any office or branch of the public accounting firm of KPMG LLP. The
Accounting Referee shall resolve any such disagreements as specified in the notice within 30 days
of appointment; provided, however, that no Party shall be required to deliver any document or take
any other action pursuant to this Section 6.11 if it determines that such action would
result in the waiver of any legal privilege or any detriment to its business. Any resolution of an
issue submitted to the Accounting Referee shall be final and binding on the Parties hereto without
further recourse. The Parties shall share the costs and fees of the Accounting Referee equally.

     6.12 Confidentiality. Except to the extent required to protect a Party’s interests in a Tax
Controversy, each Party shall hold and shall cause its consultants and advisors to hold in strict
confidence, unless compelled to disclose by judicial or administrative process or, in the opinion
of its counsel, by other requirements of law, all information (other than any such information
relating solely to the business or affairs of such Party) concerning another Party or its
representatives pursuant to this Agreement (except to the extent that such information can be shown
to have been (a) previously known by the Party to which it was furnished, (b) in the public domain
through no fault of such Party or (c) later lawfully acquired from other sources by the Party to
which it was furnished), and each Party shall not release or disclose such information to any other
person, except its auditors, attorneys, financial advisors, bankers and other consultants and
advisors who shall be advised of the provisions of this Agreement. Each Party shall be deemed to
have satisfied its obligation to hold confidential information concerning or supplied by another
Party if it exercises the same care as it takes to preserve confidentiality for its own similar
information.

     6.13 Costs, Expenses and Attorneys’ Fees. Except as expressly set forth in this Agreement,
each Party shall bear its own costs and expenses incurred pursuant to this Agreement. In the event
a Party to this Agreement brings an action or proceeding for the breach or enforcement of this
Agreement, the prevailing party in such action, proceeding or appeal, whether or not such action,
proceeding or appeal proceeds to final judgment, shall be entitled to recover as an element of its
costs, and not as damages, such reasonable attorneys’ fees as may be awarded in the action,
proceeding or appeal in addition to whatever other relief the prevailing party may be entitled.
For purposes of this Section 6.13, the “prevailing party” shall be the Party who is
entitled to recover its costs; a Party not entitled to recover its costs shall not recover
attorneys’ fees. No sum for attorneys’ fees shall be counted in calculating the amount of the
judgment for purposes of determining whether a Party is entitled to recover its costs or attorneys’
fees.

10

 

     6.14 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same
instrument.

     6.15 Severability. The Parties hereby agree that, if any provision of this Agreement should
be adjudicated to be invalid or unenforceable, such provision shall be deemed deleted herefrom with
respect, and only with respect, to the operation of such provision in the particular jurisdiction
in which such adjudication was made, and only to the extent of the invalidity, and any such
invalidity or unenforceability in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. All other remaining provisions of this
Agreement shall remain in full force and effect for the particular jurisdiction and all other
jurisdictions.

     6.16 Entire Agreement.

          (a) This Agreement contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all other agreements, whether or not written, in respect of
any Tax between the MRD Group and the Partnership Group.

          (b) In the event of any conflict or inconsistency between the provisions of this Agreement and
the provisions of any other agreement between the MRD Group and the Partnership Group, the
provisions of this Agreement shall take precedence and to such extent shall be deemed to supersede
such conflicting provisions under the other agreement.

     6.17 Assignment. This Agreement is being entered into by MRD and the Partnership on behalf of
themselves and each member of the MRD Group and the Partnership Group. This Agreement shall
constitute a direct obligation of each such member and shall be deemed to have been readopted and
affirmed on behalf of any entity that becomes a member of the MRD Group or the Partnership Group in
the future. Each of MRD and the Partnership hereby guarantee the performance of all actions,
agreements and obligations provided for under this Agreement of each member of the MRD Group and
the Partnership Group, respectively. Each of MRD and the Partnership shall, upon the written
request of the other, cause any of their respective group members to formally execute this
Agreement. This Agreement shall be binding upon, and shall inure to the benefit of, the successors,
assigns and persons controlling any of the entities bound hereby for so long as such successors,
assigns or controlling persons are members of the MRD Group or the Partnership Group or their
successors and assigns.

     6.18 Fair Meaning. This Agreement shall be construed in accordance with its fair meaning and
shall not be construed strictly against the drafter.

     6.19 Titles and Headings. Titles and headings to sections herein are inserted for the
convenience of reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

     6.20 Construction. Whenever required by the context, as used in this Agreement (a) the
singular number shall include the plural, the plural shall include the singular; (b) all words
herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter
genders; (c) references to any Section, subsection and other subdivision refer to the

11

 

corresponding Sections, Articles, subsections and other subdivisions of this Agreement unless
expressly provided otherwise; (d) references in any Section, Article or definition to any clause
means such clause of such Section, Article or definition; (e) “herein”, “hereunder,” “hereof,”
“hereto” and words of similar import are references to this Agreement as a whole and not to any
particular provision of this Agreement; (f) the word “including” (in its various forms) is deemed
to be followed by “without limitation”; (g) references to “days” are to calendar days; and (h) all
references to money refer to the lawful currency of the United States.

[The next page is the signature page.]

12

 

     IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the
day and year first above written.

	 	 	 	 	 

	 	 	MEMORIAL RESOURCE DEVELOPMENT LLC
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	MEMORIAL PRODUCTION PARTNERS LP
	 
	 	 	 	 
	 

	 	By:
	 	Memorial Production Partners GP LLC, its general partner
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:exv10w1

Exhibit 10.1

EXECUTION VERSION

5-Year $2.5 Billion

CREDIT AGREEMENT

among

BAKER HUGHES INCORPORATED,

as Borrower,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

CITIBANK, N.A.,

and

BANK OF AMERICA, N.A.,

as Syndication Agents,

THE ROYAL BANK OF SCOTLAND plc,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

and DNB NOR BANK ASA,

as Documentation Agents,

and

THE LENDERS IDENTIFIED HEREIN,

DATED AS OF SEPTEMBER 13, 2011

J.P. MORGAN SECURITIES LLC,

CITIGROUP GLOBAL MARKETS INC.,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

RBS SECURITIES INC.,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

and DNB NOR MARKETS, INC.,

as Co-Lead Arrangers and Joint Bookrunners

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Interpretive Provisions
	 	 	16	 
	Section 1.03 Accounting Terms/Calculation of Financial Covenants
	 	 	17	 
	Section 1.04 Time
	 	 	17	 
	Section 1.05 References to Agreements and Requirement of Laws
	 	 	17	 
	 
	 	 	 	 
	ARTICLE II COMMITMENTS AND LOANS
	 	 	18	 
	Section 2.01 Loans
	 	 	18	 
	Section 2.02 Method of Borrowing for Loans
	 	 	18	 
	Section 2.03 Funding of Loans
	 	 	18	 
	Section 2.04 Continuations and Conversions
	 	 	19	 
	Section 2.05 Minimum Amounts
	 	 	19	 
	Section 2.06 Notes
	 	 	19	 
	Section 2.07 Reduction of Committed Amount
	 	 	19	 
	Section 2.08 Mitigation of Obligations; Replacement of Lenders
	 	 	20	 
	Section 2.09 Defaulting Lenders
	 	 	20	 
	Section 2.10 Incremental Facilities
	 	 	21	 
	 
	 	 	 	 
	ARTICLE III PAYMENTS
	 	 	22	 
	Section 3.01 Interest
	 	 	22	 
	Section 3.02 Prepayments
	 	 	23	 
	Section 3.03 Payment in Full at Maturity
	 	 	23	 
	Section 3.04 Fees
	 	 	23	 
	Section 3.05 Payments Generally
	 	 	24	 
	Section 3.06 Computations of Interest and Fees
	 	 	25	 
	Section 3.07 Evidence of Debt
	 	 	26	 
	Section 3.08 Pro Rata Treatment
	 	 	27	 
	Section 3.09 Sharing of Payments
	 	 	27	 
	 
	 	 	 	 
	ARTICLE IV TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	28	 
	Section 4.01 Taxes
	 	 	28	 
	Section 4.02 Illegality
	 	 	30	 
	Section 4.03 Inability to Determine Eurodollar Rate
	 	 	31	 
	Section 4.04 Increased Cost and Reduced Return; Capital Adequacy
	 	 	31	 
	Section 4.05 Funding Losses
	 	 	32	 
	Section 4.06 Requests for Compensation
	 	 	32	 
	Section 4.07 Survival
	 	 	32	 
	 
	 	 	 	 
	ARTICLE V CONDITIONS PRECEDENT
	 	 	32	 
	Section 5.01 Closing Conditions
	 	 	32	 
	Section 5.02 Conditions to Loans
	 	 	34	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	 	 	35	 
	Section 6.01 Organization and Good Standing
	 	 	35	 
	Section 6.02 Due Authorization
	 	 	35	 
	Section 6.03 No Conflicts
	 	 	35	 
	Section 6.04 Consents
	 	 	35	 
	Section 6.05 Enforceable Obligations
	 	 	36	 
	Section 6.06 Financial Condition
	 	 	36	 
	Section 6.07 No Default
	 	 	36	 
	Section 6.08 Litigation
	 	 	36	 
	Section 6.09 Taxes
	 	 	36	 
	Section 6.10 Compliance with Law
	 	 	36	 
	Section 6.11 ERISA
	 	 	37	 
	Section 6.12 Use of Proceeds; Margin Stock
	 	 	37	 
	Section 6.13 Government Regulation
	 	 	38	 
	Section 6.14 Solvency
	 	 	38	 
	Section 6.15 Disclosure
	 	 	38	 
	Section 6.16 Environmental Matters
	 	 	38	 
	Section 6.17 Insurance
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VII AFFIRMATIVE COVENANTS
	 	 	39	 
	Section 7.01 Information Covenants
	 	 	39	 
	Section 7.02 [Reserved]
	 	 	41	 
	Section 7.03 Preservation of Existence and Franchises
	 	 	41	 
	Section 7.04 Books and Records
	 	 	41	 
	Section 7.05 Compliance with Law
	 	 	41	 
	Section 7.06 Payment of Taxes and Other Indebtedness
	 	 	41	 
	Section 7.07 Insurance
	 	 	41	 
	Section 7.08 Use of Proceeds
	 	 	42	 
	Section 7.09 Audits/Inspections
	 	 	42	 
	 
	 	 	 	 
	ARTICLE VIII NEGATIVE COVENANTS
	 	 	42	 
	Section 8.01 Nature of Business
	 	 	42	 
	Section 8.02 Fundamental Changes
	 	 	42	 
	Section 8.03 Affiliate Transactions
	 	 	43	 
	Section 8.04 Liens
	 	 	43	 
	Section 8.05 Burdensome Agreements
	 	 	44	 
	Section 8.06 Subsidiary Indebtedness
	 	 	44	 
	 
	 	 	 	 
	ARTICLE IX EVENTS OF DEFAULT
	 	 	45	 
	Section 9.01 Events of Default
	 	 	45	 
	Section 9.02 Acceleration; Remedies
	 	 	47	 
	Section 9.03 Allocation of Payments After Event of Default
	 	 	48	 
	 
	 	 	 	 
	ARTICLE X AGENCY PROVISIONS
	 	 	49	 
	Section 10.01 Appointment and Authorization of the Administrative Agent
	 	 	49	 
	Section 10.02 Delegation of Duties
	 	 	49	 
	Section 10.03 Liability Of Agents
	 	 	50	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 10.04 Reliance by Administrative Agent
	 	 	50	 
	Section 10.05 Notice of Default
	 	 	51	 
	Section 10.06 Credit Decision; Disclosure of Information by the Administrative Agent
	 	 	51	 
	Section 10.07 Indemnification of the Administrative Agent
	 	 	51	 
	Section 10.08 Administrative Agent in its Individual Capacity
	 	 	52	 
	Section 10.09 Successor Administrative Agent
	 	 	52	 
	Section 10.10 Administrative Agent May File Proofs of Claim
	 	 	53	 
	Section 10.11 Other Agents, Arrangers and Managers
	 	 	53	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	54	 
	Section 11.01 Notices and Other Communications; Facsimile Copies
	 	 	54	 
	Section 11.02 Right of Set-Off
	 	 	56	 
	Section 11.03 Benefit of Agreement
	 	 	56	 
	Section 11.04 No Waiver; Remedies Cumulative
	 	 	59	 
	Section 11.05 Attorney Costs, Expenses, Taxes and Indemnification by Borrower
	 	 	59	 
	Section 11.06 Amendments, Waivers and Consents
	 	 	61	 
	Section 11.07 Counterparts
	 	 	62	 
	Section 11.08 Survival of Indemnification and Representations and Warranties
	 	 	62	 
	Section 11.09 Governing Law; Venue
	 	 	62	 
	Section 11.10 Waiver of Jury Trial; Waiver of Consequential and Punitive Damages
	 	 	63	 
	Section 11.11 Severability
	 	 	63	 
	Section 11.12 Further Assurances
	 	 	63	 
	Section 11.13 Entirety
	 	 	63	 
	Section 11.14 Binding Effect; Continuing Agreement
	 	 	63	 
	Section 11.15 Confidentiality
	 	 	64	 
	Section 11.16 Entire Agreement
	 	 	65	 
	Section 11.17 USA Patriot Act Notice
	 	 	65	 
	Section 11.18 No Adverse Interpretation of Other Agreements
	 	 	65	 
	Section 11.19 No Fiduciary Duty
	 	 	65	 

EXHIBITS

	 	 	 

	Exhibit 2.02

	 	Form of Notice of Borrowing
	Exhibit 2.04

	 	Form of Notice of Continuation/Conversion
	Exhibit 2.06

	 	Form of Note
	Exhibit 2.10(a)

	 	Form of Increased Facility Activation Notice
	Exhibit 2.10(b)

	 	Form of New Lender Supplement
	Exhibit 7.01(c)

	 	Form of Officer’s Certificate
	Exhibit 11.03(b)

	 	Form of Assignment and Assumption

SCHEDULES

	 	 	 

	Schedule 1.01(a)

	 	Commitments/Pro Rata Shares
	Schedule 1.01(b)

	 	Significant Subsidiaries
	Schedule 8.06

	 	Subsidiary Indebtedness

iii

 

5-YEAR $2.5 BILLION CREDIT AGREEMENT

     THIS 5-YEAR $2.5 BILLION CREDIT AGREEMENT (this “Credit Agreement”), dated as of
September 13, 2011, is entered into among Baker Hughes Incorporated, a Delaware corporation (the
“Borrower”), the Lenders (as defined below), JPMorgan Chase Bank, N.A., as Administrative
Agent for the Lenders (the “Administrative Agent”), Citibank, N.A. and Bank of America,
N.A., as Syndication Agents for the Lenders (the “Syndication Agents”), and The Royal Bank
of Scotland plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and DnB NOR Bank ASA, as Documentation
Agents for the Lenders (the “Documentation Agents”).

RECITALS

     WHEREAS, the Borrower has requested that the Lenders provide a revolving credit facility in an
aggregate amount up to $2.5 Billion; and

     WHEREAS, the Lenders have agreed to provide the requested $2.5 Billion revolving credit
facility upon and subject to the terms and conditions set forth herein.

     NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     Section 1.01 Definitions.

     As used herein, the following terms shall have the meanings herein specified unless the
context otherwise requires. Defined terms herein shall include in the singular number the plural
and in the plural the singular:

     “Act” has the meaning set forth in Section 11.17.

     “Adjusted Eurodollar Rate” means the Eurodollar Rate plus the Applicable Margin for
Eurodollar Loans.

     “Administrative Agent” means JPMorgan or any successor administrative agent appointed
pursuant to Section 10.09.

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth in Section 11.01, or such other address or account as the
Administrative Agent may from time to time notify to the Borrower and the Lenders.

     “Administrative Fees” has the meaning set forth in Section 3.04(b).

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

1

 

     “Affiliate” of any Person means (a) any other Person which directly, or indirectly
through one or more intermediaries, controls such Person or (b) any other Person which directly, or
indirectly through one or more intermediaries, is controlled by or is under common control with
such Person. As used herein, the term “control” means 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.

     “Agent-Related Persons” means the Administrative Agent, together with its Affiliates,
and the officers, directors, employees, agents and attorneys-in-fact of the Administrative Agent
and its Affiliates.

     “Applicable Margin” means, for any day, with respect to any Base Rate Loan or
Eurodollar Loan, as the case may be, the rate per annum set forth in the Pricing Grid below based
upon the Debt Rating then in effect:

	 	 	 	 	 	 	 	 	 
	Debt Rating	 	 	 	 
	(S&P/Moody’s)	 	Eurodollar Margin	 	Base Rate Margin
	Category 1

≥AA-/Aa3

	 	 	0.625	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 
	Category 2

A+/A1

	 	 	0.750	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 
	Category 3

A/A2

	 	 	0.875	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 
	Category 4

A-/A3

	 	 	1.000	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 
	Category 5

≤BBB+/Baa1

	 	 	1.125	%	 	 	0.125	%

The Applicable Margin will be based on the highest Debt Rating. If S&P or Moody’s does not have a
Debt Rating in effect, then such rating agency not having a Debt Rating in effect shall be deemed
to have established a Debt Rating in Category 5. If the Debt Ratings established or deemed to have
been established fall within different Categories, the Applicable Margin shall be based on the
higher of the Debt Ratings, unless one of the Debt Ratings is two or more Categories lower than the
other, in which case the Applicable Margin shall be determined by reference to the Category next
below that of the higher of the Debt Ratings. Each change in the Applicable Margin (other than as
a result of a change in the rating system of such rating agency) shall be effective as of the date
on which a Debt Rating change is first publically announced by the applicable rating agency, and
such change shall apply during the period commencing on the effective date of such change and end
on the date immediately preceding the effective date of the next such change.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

2

 

     “Arranger” means J.P. Morgan Securities LLC, in its capacities as a co-lead arranger
and joint book runner of the facility contemplated by this Credit Agreement.

     “Assignment and Assumption” means an Assignment and Assumption substantially in the
form of Exhibit 11.03(b).

     “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as
amended, modified, succeeded or replaced from time to time.

     “Base Rate” means, on each day, the Applicable Margin for Base Rate Loans plus a
fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b)
the rate of interest in effect for such day as publicly announced from time to time by the
Administrative Agent as its “prime rate,” and (c) the Eurodollar Rate for a one-month deposit
commencing that day plus 1%. The “prime rate” is a rate set by the Administrative Agent based upon
various factors including the Lender’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 announced rate. Any change in such rate announced by the Administrative Agent
shall take effect at the opening of business on the day specified in the public announcement of
such change.

     “Base Rate Loan” means a Loan which bears interest based on the Base Rate.

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

     “Borrower Obligations” means, without duplication, all of the obligations of the
Borrower to the Lenders, whenever arising, under this Credit Agreement, the Notes or any of the
other Credit Documents.

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurodollar Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

     “Business Day” means any day other than a Saturday, a Sunday, or other day on which
commercial banks are authorized to close under the laws of, or are in fact closed in New York, New
York and, if different, the state where the Administrative Agent’s Office is located and, if such
day relates to any Eurodollar Loans, means any such day on which dealings in Dollar deposits are
conducted by and between banks in the London interbank market.

     “Businesses” has the meaning set forth in Section 6.16.

     “Capital Stock” means (a) in the case of a corporation, all classes of capital stock
of such corporation, (b) in the case of a partnership, partnership interests (whether general or
limited), (c) in the case of a limited liability company, membership interests and (d) any other
interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of the assets of, the issuing Person, including, in each case, all
warrants, rights or options to purchase any of the foregoing.

3

 

     “Change in Law” means, with respect to any Requirement of Law, (a) the adoption of any
law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or
regulation after the date of this Agreement or in the interpretation or application thereof by any
Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, 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; provided, notwithstanding anything herein to
the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements or directives thereunder or issued in connection therewith, and
(ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in
each case by deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

     “Change of Control” means, with respect to any Person, an event or series of events by
which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire (such
right, an “option right”), whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of 35% or more of the equity securities of such Person
entitled to vote for members of the board of directors or equivalent governing body of such Person
on a fully-diluted basis (and taking into account all such securities that such person or group has
the right to acquire pursuant to any option right); or

     (b) during any period of 24 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of such Person cease to be composed of individuals (i)
who were members of that board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii) whose election or nomination to that
board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a member of that board or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the board of directors).

     “Closing Date” means the date hereof.

4

 

     “Code” means the Internal Revenue Code of 1986, and the rules and regulations
promulgated thereunder, as amended, modified, replaced or succeeded from time to time.

     “Commitment” means, with respect to each Lender, the commitment of such Lender to make
its Pro Rata Share of Loans to the Borrower in an aggregate amount up to the amount set forth in
Schedule 1.01(a), as it may be adjusted from time to time pursuant to (i) an assignment in
accordance with Section 11.03(b), (ii) a reduction in the Committed Amount pursuant to Section 2.07
or (iii) an increase in the Commited Amount pursuant to Section 2.10, and “Commitments”
means the aggregate of each such Commitment.

     “Commitment Fee Rate” means the rate per annum for Commitment Fees, corresponding to
the Debt Rating in effect from time to time as described below:

	 	 	 	 	 
	Debt Rating	 	 
	(S&P/Moody’s)	 	Commitment Fee Rate
	Category 1

≥AA-/Aa3

	 	 	0.06	%
	 
	 	 	 	 
	Category 2

A+/A1

	 	 	0.08	%
	 
	 	 	 	 
	Category 3

A/A2

	 	 	0.10	%
	 
	 	 	 	 
	Category 4

A-/A3

	 	 	0.125	%
	 
	 	 	 	 
	Category 5

≤BBB+/Baa1

	 	 	0.175	%

     The Commitment Fee Rate will be based on the highest Debt Rating. If S&P or Moody’s does not
have a Debt Rating in effect, then such rating agency not having a Debt Rating in effect shall be
deemed to have established a Debt Rating in Category 5. If the Debt Ratings established or deemed
to have been established fall within different Categories, the Commitment Fee Rate shall be based
on the higher of the Debt Ratings, unless one of the Debt Ratings is two or more Categories lower
than the other, in which case the Commitment Fee Rate shall be determined by reference to the
Category next below that of the higher of the Debt Ratings. Each change in the Commitment Fee Rate
(other than as a result of a change in the rating system of such rating agency) shall be effective
as of the date on which a Debt Rating change is first publically announced by the applicable rating
agency, and such change shall apply during the period commencing on the effective date of such
change and end on the date immediately preceding the effective date of the next such change.

     “Commitment Fees” has the meaning set forth in Section 3.04(a).

5

 

     “Committed Amount” means Two Billion Five Hundred Million Dollars ($2,500,000,000), as
such amount may be otherwise reduced in accordance with Section 2.07 or increased in accordance
with Section 2.10.

     “Compensation Period” has the meaning set forth in Section 3.05(c).

     “Contingent Obligations” means, with respect to any Person, without duplication, any
obligations (other than endorsements in the ordinary course of business of negotiable instruments
for deposit or collection) guaranteeing any Indebtedness of any other Person in any manner, whether
direct or indirect, and including without limitation any obligation, whether or not contingent, (a)
to purchase any such Indebtedness or other obligation or any property constituting security
therefor, (b) to advance or provide funds or other support for the payment or purchase of such
Indebtedness or obligation or to maintain working capital, solvency or other balance sheet
condition of such other Person (including, without limitation, maintenance agreements, take or pay
arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder
of Indebtedness of such other Person, (c) to lease or purchase property, securities or services
primarily for the purpose of assuring the owner of such Indebtedness or (d) to otherwise assure or
hold harmless the owner of such Indebtedness or obligation against loss in respect thereof. The
amount of any Contingent Obligation hereunder shall (subject to any limitations set forth therein)
be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount,
if larger) of the Indebtedness in respect of which such Contingent Obligation is made.

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

     “Credit Agreement” has the meaning set forth in the Preamble hereof.

     “Credit Documents” means this Credit Agreement, the Notes, any Notice of Borrowing,
any Notice of Continuation/Conversion and all other related agreements and documents issued or
delivered hereunder or thereunder or pursuant hereto or thereto.

     “Credit Exposure” has the meaning set forth in the definition of “Required Lenders.”

     “Debt Rating” means the long-term senior unsecured, non-credit enhanced publicly held
debt rating of the Borrower from S&P and Moody’s.

     “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

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

6

 

     “Default Rate” means an interest rate equal to two percent (2%) plus the rate that
otherwise would be applicable (or if no rate is applicable, the Base Rate plus two percent (2%) per
annum).

     “Defaulting Lender” means any Lender, as reasonably determined by the Administrative
Agent, that has (a) failed to fund any portion of its Loans within three Business Days of the date
required to be funded by it hereunder, (b) notified the Borrower, the Administrative Agent, or any
Lender in writing that it does not intend to comply with any of its funding obligations under this
Credit Agreement or has made a public statement to the effect that it does not intend to comply
with its funding obligations under this Credit Agreement, (c) failed, within five Business Days
after request by the Administrative Agent, to confirm that it will comply with the terms of this
Credit Agreement relating to its obligations to fund prospective Loans, (d) otherwise failed to pay
over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within three Business Days of the date when due, unless the subject of a good-faith
dispute, or (e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced
in any such proceeding or appointment or has a parent company that has become the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian
appointed for it, or has consented to, approved of or acquiesced in any such proceeding or
appointment; provided that (i) if a Lender would be a “Defaulting Lender” (A) solely by reason of
events relating to a parent company of such Lender or solely because a Governmental Authority has
been appointed as receiver, conservator, trustee or custodian for such Lender, in each case as
described in clause (e) above, or (B) solely by reason of the ownership or control by a
Governmental Authority of a parent company of such Lender, the Administrative Agent may in the case
of sub-clause (A) above and shall in the case of sub-clause (B) above, in its reasonable
discretion, determine that such Lender is not a “Defaulting Lender” if and for so long as the
Administrative Agent is satisfied that such Lender will continue to perform its funding obligations
hereunder and (ii) the Administrative Agent may, by notice to the Borrower and the Lenders, declare
that a Defaulting Lender is no longer a “Defaulting Lender” if the Administrative Agent determines,
in its reasonable discretion, that the circumstances that resulted in such Lender becoming a
“Defaulting Lender” no longer apply.

     “Dollars” and “$” means dollars in lawful currency of the United States of
America.

     “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other Person approved by the Borrower (such approval not to be unreasonably
withheld or delayed); provided that (i) the Borrower’s consent is not required during the
existence and continuation of an Event of Default, (ii) approval by the Borrower shall be deemed
given if no objection is received by the assigning Lender and the Administrative Agent from the
Borrower within five Business Days after notice of such proposed assignment has been delivered to
the Borrower and (iii) neither the Borrower nor any Subsidiary or Affiliate of the Borrower shall
qualify as an Eligible Assignee.

     “Environmental Laws” means any legal requirement of any Governmental Authority
pertaining to (a) the protection of health, safety and the indoor or outdoor environment, (b) the
conservation, management, or use of natural resources and wildlife, (c) the protection or use of
surface water and groundwater, (d) the management, manufacture, possession, presence, use,

7

 

generation, transportation, treatment, storage, disposal, release, threatened release,
abatement, removal, remediation or handling of, or exposure to, any hazardous or toxic substance or
material or (e) pollution (including any release to land surface water and groundwater) and
includes, without limitation, the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 USC 9601 et
seq., Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976
and Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et seq., Federal Water Pollution
Control Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq., Clean Air Act of 1966,
as amended, 42 USC 7401 et seq., Toxic Substances Control Act of 1976, 15 USC 2601 et seq.,
Hazardous Materials Transportation Act, 49 USC App. 1801 et seq., Occupational Safety and Health
Act of 1970, as amended, 29 USC 651 et seq., Oil Pollution Act of 1990, 33 USC 2701 et seq.,
Emergency Planning and Community Right-to-Know Act of 1986, 42 USC 11001 et seq., National
Environmental Policy Act of 1969, 42 USC 4321 et seq., Safe Drinking Water Act of 1974, as amended,
42 USC 300(f) et seq., any analogous implementing or successor law, and any amendment, rule,
regulation, order, or directive issued thereunder.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same
may be in effect from time to time. References to sections of ERISA shall be construed also to
refer to any successor sections.

     “ERISA Affiliate” means an entity, whether or not incorporated, which is under common
control with the Borrower or any of its Subsidiaries within the meaning of Section 4001(a)(14) of
ERISA, or is a member of a group which includes the Borrower or any of its Subsidiaries and which
is treated as a single employer under Sections 414(b), (c), (m), or (o) of the Code.

     “ERISA Event” has the meaning set forth in Section 9.01(g).

     “Eurodollar Base Rate” means, for any Interest Period:

     (a) the rate per annum equal to the rate determined by the Administrative Agent to be the
offered rate that appears on the page of the Reuters Screen LIBOR01 Page (or any successor thereto)
that displays an average British Bankers Association Interest Settlement Rate for deposits in
Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to
the first day of such Interest Period; or

     (b) if the rate referenced in the preceding clause (a) does not appear on such page or service
or such page or service shall not be available, the rate per annum equal to the rate determined by
the Administrative Agent to be the offered rate on such other page or other service that displays
an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of
such Interest Period; or

8

 

     (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate
per annum determined by the Administrative Agent as the rate of interest at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate
amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to
such Interest Period would be offered by the Administrative Agent’s London branch to major banks in
the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time)
two Business Days prior to the first day of such Interest Period.

     “Eurodollar Loan” means a Loan bearing interest at the Adjusted Eurodollar Rate.

     “Eurodollar Rate” means, with respect to any Eurodollar Loan, for the Interest Period
applicable thereto, a rate per annum determined pursuant to the following formula:

	 	 	 	 	 	 	 

	Eurodollar Rate

	 	=
	 	Eurodollar Base Rate
 

	 	 
	 

	 	 	 	1 — Eurodollar Reserve Percentage	 	 

     “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day applicable to the Administrative Agent under regulations issued from time to time by the Board
of Governors of the Federal Reserve System of the United States for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve requirement) with
respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The
Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the
effective date of any change in the Eurodollar Reserve Percentage.

     “Event of Default” has the meaning set forth in Section 9.01.

     “Existing Credit Agreements” means collectively (a) that certain 3-year $1.2 billion
credit agreement among the Borrower, JPMorgan, as administrative agent and the other agents and
financial institutions party thereto and (b) that certain 5-year $500.0 million credit agreement
among the Borrower, JPMorgan, as administrative agent and the other agents and financial
institutions party thereto.

     “Federal Funds Rate” means for any day the rate per annum (rounded upward to the
nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate charged to the
Administrative Agent on such day on such transactions as determined by the Administrative Agent.

9

 

     “Fee Letter” means that certain letter agreement, dated as of July __, 2011, among the
Borrower, JPMorgan and the Arranger, as amended, modified, supplemented or restated from time to
time.

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

     “Foreign Lender” has the meaning set forth in Section 4.01(e).

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

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

     “Granting Lender” has the meaning specified in Section 11.03(g).

     “Increased Facility Activation Notice” a notice substantially in the form of Exhibit
2.10(a).

     “Increased Facility Closing Date” any Business Day designated as such in an Increased
Facility Activation Notice.

     “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money (excluding from this clause (a) and clause (b) below intraday over
advances and overnight overdrafts; provided that, such obligations are not outstanding for more
than two (2) Business Days), (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar instruments, or upon which interest payments are customarily made, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to
property purchased by such Person to the extent of the value of such property (other than customary
reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business), (d) all obligations, other than intercompany items, of such Person issued or
assumed as the deferred purchase price of property or services purchased by such Person which would
appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of others secured by
(or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on, or payable out of the proceeds of production from, property owned or
acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all
Contingent Obligations of such Person, (g) the

10

 

principal portion of all obligations of such Person under (i) capital lease obligations and
(ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing product of such Person where such transaction is considered borrowed
money indebtedness for tax purposes but is classified as an operating lease in accordance with
GAAP, and after giving effect in any of the foregoing in this clause (g) to any third-party
indemnification, (h) all obligations of such Person with respect to Redeemable Preferred Stock, (i)
the Swap Termination Value (including both debit and credit values) in respect of any Swap Contract
of such Person and (j) the maximum amount of all bid, performance and standby letters of credit
issued or bankers’ acceptances facilities created for the account of such Person and, without
duplication, all drafts drawn thereunder (to the extent unreimbursed). The Indebtedness of any
Person shall include the Indebtedness of any partnership or unincorporated joint venture for which
such Person is legally obligated.

     “Indemnified Liabilities” has the meaning set forth in Section 11.05(b).

     “Indemnitees” has the meaning set forth in Section 11.05(b).

     “Information” has the meaning set forth in Section 11.15.

     “Interest Payment Date” means (a) as to Base Rate Loans, the last day of each fiscal
quarter of the Borrower and the Maturity Date and (b) as to Eurodollar Loans, the last day of each
applicable Interest Period and the Maturity Date and, in addition, where the applicable Interest
Period for a Eurodollar Loan is greater than three months, then also on the last day of each
three-month period during such Interest Period. If an Interest Payment Date falls on a date which
is not a Business Day, such Interest Payment Date shall be deemed to be the next succeeding
Business Day, except that in the case of Eurodollar Loans where the next succeeding Business Day
falls in the next succeeding calendar month, then on the next preceding Business Day.

     “Interest Period” means, as to Eurodollar Loans, a period of one, two, three or six
months’ duration, as the Borrower may elect, commencing, in each case, on the date of the borrowing
(including continuations and conversions of Eurodollar Loans); provided, however,
(a) if any Interest Period would end on a day which is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day (except that where the next succeeding
Business Day falls in the next succeeding calendar month, then on the next preceding Business Day),
(b) no Interest Period shall extend beyond the Maturity Date and (c) where an Interest Period
begins on a day for which there is no numerically corresponding day in the calendar month in which
the Interest Period is to end, such Interest Period shall end on the last Business Day of such
calendar month.

     “JPMorgan” means JPMorgan Chase Bank, N.A. and its successors.

     “Lender” means any of the Persons identified as a “Lender” on the signature pages
hereto, and any Eligible Assignee which may become a Lender by way of assignment in accordance with
the terms hereof, together with their successors and permitted assigns.

11

 

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of
any kind (including any agreement to give any of the foregoing, any conditional sale or other title
retention agreement, any financing or similar statement or notice filed under the Uniform
Commercial Code as adopted and in effect in the relevant jurisdiction or other similar recording or
notice statute, and any lease in the nature thereof).

     “Loans” means the loans made by the Lenders to the Borrower pursuant to Section 2.01.

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

     “Material Adverse Effect” means an event or condition that constitutes or would
reasonably be expected to result in a material adverse effect on (a) the business, assets,
operations or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as a
whole, (b) the ability of the Borrower to perform its obligations under this Credit Agreement or
(c) the validity or enforceability of, or the rights and remedies of the Administrative Agent or
the Lenders under, this Credit Agreement.

     “Material Subsidiary” means any Subsidiary of the Borrower (a) with a net book value
in excess of $100,000,000, calculated as of the end of the most recent fiscal quarter or (b) whose
revenues for the immediately preceding twelve month period exceeded $100,000,000.

     “Maturity Date” means September 13, 2016.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Multiemployer Plan” means a Plan covered by Title IV of ERISA which is a
multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA.

     “Multiple Employer Plan” means a Plan covered by Title IV of ERISA, other than a
Multiemployer Plan, to which the Borrower or any ERISA Affiliate and at least one employer other
than the Borrower or any ERISA Affiliate are contributing sponsors.

     “Net Worth” means, as of any date, all of the shareholders’ equity or net worth
(excluding, for the avoidance of doubt, Redeemable Preferred Stock) of the Borrower and its
Subsidiaries, on a consolidated basis, as determined in accordance with GAAP.

     “New Lender” has the meaning set forth in Section 2.10(b).

     “New Lender Supplement” has the meaning set forth in Section 2.10(b).

     “Notes” means the promissory notes of the Borrower in favor of each of the Lenders
evidencing the Loans and substantially in the form of Exhibit 2.06, as such promissory notes may be
amended, modified, supplemented or replaced from time to time.

12

 

     “Notice of Borrowing” means a request by the Borrower for a Loan in the form of
Exhibit 2.02.

     “Notice of Continuation/Conversion” means a request by the Borrower for the
continuation or conversion of a Loan in the form of Exhibit 2.04.

     “Other Taxes” has the meaning set forth in Section 4.01(b).

     “Participant” has the meaning set forth in Section 11.03(d).

     “Participation Interest” means the purchase by a Lender of a participation in Loans as
provided in Section 3.09.

     “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle
A of Title IV of ERISA and any successor thereto.

     “Person” means any individual, partnership, joint venture, firm, corporation,
association, trust, limited liability company or other enterprise (whether or not incorporated), or
any government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is
either (i) maintained by a member of the Controlled Group for employees of a member of the
Controlled Group or (ii) maintained pursuant to a collective bargaining agreement or any other
arrangement under which more than one employer makes contributions and to which a member of the
Controlled Group is then making or accruing an obligation to make contributions or with respect to
which a member of the Controlled Group has any liability, contingent or otherwise.

     “Properties” has the meaning set forth in Section 6.16.

     “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of
the Commitment of such Lender at such time to make Loans to the Borrower pursuant to Sections 2.01
hereof and the denominator of which is the amount of the Committed Amount at such time;
provided that if the Commitments have been terminated pursuant to Section 9.02 or
otherwise, then such Pro Rata Share of each such Lender shall be determined based on such Lender’s
percentage ownership of the principal amount of outstanding Loans. The initial Pro Rata Share of
each Lender is set forth opposite the name of such Lender on Schedule 1.01(a) or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

     “Redeemable Preferred Stock” of any Person means any preferred stock issued by such
Person which is at any time prior to the Maturity Date either (a) mandatorily redeemable (by
sinking fund or similar payment or otherwise) or (b) redeemable at the option of the holder
thereof.

     “Regulation U or X” means Regulation U or X, respectively, of the Board of Governors
of the Federal Reserve System of the United States as from time to time in effect and any successor
to all or a portion thereof.

13

 

     “Reportable Event” means a “reportable event” as defined in Section 4043 of ERISA with
respect to which the notice requirements to the PBGC have not been waived.

     “Required Lenders” means Lenders whose aggregate Credit Exposure (as hereinafter
defined) constitutes more than 50% of the Credit Exposure of all Lenders at such time; provided,
however, that if any Lender shall be a Defaulting Lender at such time then there shall be excluded
from the determination of Required Lenders the aggregate principal amount of Credit Exposure of
such Lender at such time. For purposes of the preceding sentence, the term “Credit
Exposure” as applied to each Lender shall mean (i) at any time prior to the termination of the
Commitments, the Pro Rata Share of such Lender of the Committed Amount multiplied by the Committed
Amount and (ii) at any time after the termination of the Commitments, the principal balance of the
outstanding Loans and Participation Interests of such Lender.

     “Requirement of Law” means, with respect to any Person, the organizational documents
of such Person and any law applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject or otherwise pertaining to any or all of the
transactions contemplated by this Credit Agreement and the other Credit Documents.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other equity interest or of
any option, warrant or other right to acquire any such capital stock or other equity interest.

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

     “SEC” means the Securities and Exchange Commission or any successor thereto.

     “Significant Subsidiary” shall mean a Subsidiary of the Borrower (a) with total assets
(excluding intercompany advance receivables) that are in excess of ten percent (10%) of Total
Assets or (b) whose revenues (excluding intercompany sales) for the immediately preceding twelve
month period exceeded five percent (5%) of Total Consolidated Revenue, in each case calculated as
of the end of the most recent fiscal quarter. The Significant Subsidiaries as of the Closing Date
are set forth on Schedule 1.01(b) hereto.

     “Single Employer Plan” means any Plan which is covered by Title IV of ERISA and
adopted solely by the Borrower, by an ERISA Affiliate or by a group consisting of the Borrower and
one or more ERISA Affiliates.

     “Solvent” means, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business, (b) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay
as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a
business or a transaction, and is not about to engage in a business or a transaction, for which
such

14

 

Person’s assets would constitute unreasonably small capital after giving due consideration to
the prevailing practice in the industry in which such Person is engaged or is to engage and (d) the
book value of the assets of such Person as set forth on such Person’s balance sheet is greater than
the total amount of liabilities, including, without limitation, contingent liabilities, of such
Person. In computing the amount of contingent liabilities at any time, it is intended that such
liabilities will be computed as the amount which, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.

     “SPC” has the meaning set forth in Section 11.03(g).

     “Subsidiary” means, as to any Person, any corporation, partnership, association, joint
venture, limited liability company or other entity more than 50% of whose Voting Stock
(irrespective of whether or not at the time, any such Voting Stock shall have or might have voting
power by reason of the happening of any contingency) is at the time owned by such Person directly
or indirectly through Subsidiaries.

     “Swap Contract” means (a) any and all interest rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or not any such
transaction is governed by or subject to any master agreement, and (b) any and all transactions of
any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) (including both debit and credit values) determined in accordance therewith,
such termination value(s), and (b) for any date prior to the date referenced in clause (a), the
amount(s) determined as the mark-to-market value(s) (including both debit and credit values) for
such Swap Contracts, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or
any Affiliate of a Lender).

     “Taxes” has the meaning set forth in Section 4.01.

     “Termination Event” means (a) with respect to any Single Employer Plan, the occurrence
of a Reportable Event or the substantial cessation of operations (within the meaning of Section

15

 

4062(e) of ERISA), (b) the withdrawal of the Borrower or any ERISA Affiliate from a Multiple
Employer Plan during a plan year in which it was a substantial employer (as such term is defined in
Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan, (c) the distribution
of a notice of intent to terminate a Single Employer Plan in a distress termination (within the
meaning of Section 4041(c) of ERISA) pursuant to Section 4041(a)(2) of ERISA, (d) the institution
of proceedings to terminate or the actual termination of a Single Employer Plan by the PBGC under
Section 4042 of ERISA, (e) any event or condition which would constitute grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer
Plan, or (f) the complete or partial withdrawal of the Borrower or any ERISA Affiliate from a
Multiemployer Plan or the termination of a Multiemployer Plan.

     “Total Assets” means all assets of the Borrower and its Subsidiaries as shown on its
most recent quarterly consolidated balance sheet, as determined in accordance with GAAP.

     “Total Consolidated Revenue” shall mean consolidated revenue of the Borrower and its
Subsidiaries as of the end of a fiscal quarter for the immediately prior four quarter period.

     “Type” means, with respect to any Loan, its character as a Base Rate Loan or a
Eurodollar Loan.

     “Unused Commitment” means, for any day from the Closing Date to the Maturity Date, the
amount by which the then Committed Amount on such day exceeds the aggregate principal amount of all
Loans outstanding on such day.

     “Voting Stock” means (a) with respect to a corporation, all classes of the Capital
Stock of such corporation then outstanding and normally entitled to vote in the election of
directors and (b) with respect to a partnership, association, joint venture, limited liability
company, real estate investment or other trust or other entity, all Capital Stock of such entity
entitled to exercise voting power or management control.

     “Wholly Owned Subsidiary” means any Subsidiary if all of the Capital Stock of such
Subsidiary (other than directors’ qualifying shares and Required Minority Shares, in each case only
to the extent required by applicable law) is owned by the Borrower directly or through other Wholly
Owned Subsidiaries. “Required Minority Shares” means Capital Stock of a Subsidiary
organized under the laws of jurisdiction other than the United States or any Governmental Authority
thereof that is required by the applicable laws and regulations of such foreign jurisdiction to be
owned by the government of such foreign Jurisdiction or individual or corporate citizens of such
foreign jurisdiction in order for such Subsidiary to transaction business in such foreign
jurisdiction.

     Section 1.02 Interpretive Provisions.

          (a) For purposes of computation of periods of time hereunder, the word “from” means “from and
including,” the words “to” and “until” each mean “to but excluding” and the word “through” means
“to and including.”

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          (b) References in this Credit Agreement to “Articles”, “Sections”, “Schedules” or “Exhibits”
shall be to Articles, Sections, Schedules or Exhibits of or to this Credit Agreement unless
otherwise specifically provided.

          (c) The term “including” is by way of example and not limitation.

          (d) The term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced, whether
in physical or electronic form.

          (e) The headings of the Sections and subsections hereof are provided for convenience only and
shall not in any way affect the meaning or construction of any provision of this Credit Agreement.

     Section 1.03 Accounting Terms/Calculation of Financial Covenants.

          (a) Except as otherwise expressly provided herein, all accounting terms used herein shall be
interpreted, and all financial statements and certificates and reports as to financial matters
required to be delivered to the Lenders hereunder shall be prepared in accordance with GAAP applied
on a consistent basis. All calculations made for the purposes of determining compliance with this
Credit Agreement shall (except as otherwise expressly provided herein) be made by application of
GAAP applied on a basis consistent with the most recent annual or quarterly financial statements
delivered pursuant to Section 7.01 (or, prior to the delivery of the first financial statements
pursuant to Section 7.01, consistent with the financial statements described in Section 5.01(d));
provided, however, if (i) the Borrower shall object to determining such compliance
on such basis at the time of delivery of such financial statements due to any change in GAAP or the
rules promulgated with respect thereto or (ii) the Lenders shall so object in writing within 30
days after delivery of such financial statements, then such calculations shall be made on a basis
consistent with the most recent financial statements delivered by the Borrower to the Lenders as to
which no such objection shall have been made.

          (b) All financial covenant ratios shall be calculated by carrying the result to one more place
than the number of places by which such ratio is expressed and rounding the result up or down to
the nearest number (and rounding up if there is no nearest number).

     Section 1.04 Time.

     All references to time herein shall be references to Eastern Standard Time or Eastern Daylight
Time, as then in effect, unless specified otherwise.

     Section 1.05 References to Agreements and Requirement of Laws.

     Unless otherwise expressly provided herein: (a) references to organization documents,
agreements (including the Credit Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, extensions, supplements and other modifications
thereto, but only to the extent that such amendments, restatements, extensions, supplements and
other modifications are not prohibited by any Credit Document and

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(b) references to any Requirement of Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Requirement of Law.

ARTICLE II

COMMITMENTS AND LOANS

     Section 2.01 Loans.

     Subject to the terms and conditions set forth herein, each Lender severally agrees to make
revolving loans (each a “Loan” and collectively the “Loans”), in Dollars, to the
Borrower, at any time and from time to time, during the period from and including the Closing Date
to but not including the Maturity Date (or such earlier date if the Commitments have been
terminated as provided herein); provided, however, that after giving effect to any
Borrowing (a) the aggregate principal amount of outstanding Loans shall not exceed the Committed
Amount and (b) with respect to each individual Lender, the aggregate principal amount of
outstanding Loans of such Lender shall not exceed the amount of such Lender’s Pro Rata Share of the
Committed Amount. Subject to the terms of this Credit Agreement, the Borrower may borrow, repay
and reborrow Loans. Loans may be Base Rate Loans or Eurodollar Loans, as the Borrower may elect,
subject to the terms set forth below.

     Section 2.02 Method of Borrowing for Loans

     By no later than 9:00 a.m. (a) on the date of the requested Borrowing of Loans that will be
Base Rate Loans and (b) three Business Days prior to the date of the requested Borrowing of Loans
that will be Eurodollar Loans, the Borrower shall telephone the Administrative Agent (and in the
case of a requested Base Rate Loan, the Administrative Agent shall notify the Lenders no later than
9:30 a.m.) as well as submit a written Notice of Borrowing in the form of Exhibit 2.02 to
the Administrative Agent setting forth (i) the amount requested, (ii) the date of the requested
Borrowing, (iii) the Type of Loan, (iv) with respect to Loans that will be Eurodollar Loans, the
Interest Period applicable thereto, and (v) certification that the Borrower has complied in all
respects with Section 5.02. If the Borrower shall fail to specify (A) an Interest Period, in the
case of a Eurodollar Loan, then such Eurodollar Loan shall be deemed to have an Interest Period of
one month or (B) the Type of Loan requested, then such Loan shall be deemed to be a Base Rate Loan.
All Loans made on the Closing Date shall be Base Rate Loans. Thereafter, all or any portion of
the Loans may be converted into Eurodollar Loans in accordance with the terms of Section 2.04.

     Section 2.03 Funding of Loans.

     Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the
Lenders as to the terms thereof. Each Lender shall make its Pro Rata Share of the requested Loans
available to the Administrative Agent in Dollars and in immediately available funds at the
Administrative Agent’s Office not later than 12:00 noon on the Business Day specified in the
applicable Notice of Borrowing. Upon satisfaction of the conditions set forth in Section 5.02, the
amount of the requested Loans will then be made available to the Borrower by the Administrative
Agent either by (a) crediting the account of the Borrower on the books of the Administrative Agent
with the amount of such funds or (b) wire transfer of such funds, in each

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case in accordance with instructions provided to (and reasonably acceptable to) the
Administrative Agent by the Borrower.

     Section 2.04 Continuations and Conversions.

     Subject to the terms below, the Borrower shall have the option, on any Business Day prior to
the Maturity Date, to continue existing Eurodollar Loans for a subsequent Interest Period, to
convert Base Rate Loans into Eurodollar Loans or to convert Eurodollar Loans into Base Rate Loans.
By no later than 10:00 a.m. (a) on the date of the requested conversion of a Eurodollar Loan to a
Base Rate Loan and (b) three Business Days prior to the date of the requested continuation of a
Eurodollar Loan or conversion of a Base Rate Loan to a Eurodollar Loan, the Borrower shall provide
telephonic notice to the Administrative Agent, followed promptly by a written Notice of
Continuation/Conversion in the form of Exhibit 2.04, setting forth whether the Borrower
wishes to continue or convert such Loans. Notwithstanding anything herein to the contrary, (i)
except as provided in Section 4.02, Eurodollar Loans may only be continued or converted into Base
Rate Loans on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may not
be continued nor may Base Rate Loans be converted into Eurodollar Loans during the existence and
continuation of an Event of Default and (iii) any request to continue a Eurodollar Loan that fails
to comply with the terms hereof or any failure to request a continuation of a Eurodollar Loan at
the end of an Interest Period (and assuming the Borrower has not delivered a notice of prepayment
pursuant to Section 3.02(a)) shall be deemed a request to convert such Eurodollar Loan to a Base
Rate Loan on the last day of the applicable Interest Period.

     Section 2.05 Minimum Amounts.

     Each request for a Loan or a conversion or continuation hereunder shall be subject to the
following requirements: (a) each Eurodollar Loan shall be in a minimum amount of $5,000,000 (and in
integral multiples of $1,000,000 in excess thereof), (b) each Base Rate Loan shall be in a minimum
amount of the lesser of $1,000,000 (and in integral multiples of $100,000 in excess thereof) or the
remaining amount available to be borrowed and (c) no more than ten Eurodollar Loans shall be
outstanding hereunder at any one time. For the purposes of this Section 2.05, all Eurodollar Loans
with the same Interest Periods that begin and end on the same date shall be considered as one
Eurodollar Loan, but Eurodollar Loans with different Interest Periods, even if they begin on the
same date, shall be considered separate Eurodollar Loans.

     Section 2.06 Notes.

     If requested by a Lender, the Loans made by each Lender shall be evidenced by a duly executed
Note payable to such Lender in substantially the form of Exhibit 2.06.

     Section 2.07 Reduction of Committed Amount

     The Borrower shall have the right, upon notice to the Administrative Agent, to permanently
terminate or reduce the aggregate unused amount of the Committed Amount at any time and from time
to time; provided that (a) such notice must be received by the Administrative Agent not
later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (b) each
partial reduction shall be in an aggregate amount at least equal to $5,000,000 and in

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integral multiples of $1,000,000 above such amount and (c) no reduction shall be made which
would reduce the Committed Amount to an amount less than the aggregate principal amount of the
outstanding Loans. Any reduction in (or termination of) the Committed Amount shall be permanent
and may not be reinstated. The Committed Amount will be reduced to zero on the Maturity Date.

     Section 2.08 Mitigation of Obligations; Replacement of Lenders.

          (a) If any Lender requests compensation under Section 4.04, or if the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 4.01, then such Lender shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section
4.04 or Section 4.01, as the case may be, in the future and (ii) would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

          (b) If (i) any Lender requests compensation under Section 4.04, (ii) the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 4.01, (iii) any Lender becomes a Defaulting Lender, (iv) any Lender has
not approved a proposed waiver, consent or amendment requested by the Borrower by the date
specified by the Borrower (or gives the Borrower or the Administrative Agent written notice prior
to such specified date of its intention not to do so), which has been approved by the Required
Lenders, but requires the approval of all Lenders, or (v) if any Lender delivers a notice to the
Borrower or the Administrative Agent pursuant to Section 4.02, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 11.03), all its interests, rights and obligations under this Credit Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (x) if such assignee is not already a Lender hereunder, the
Borrower shall have received the prior written consent of the Administrative Agent, which consent
shall not unreasonably be withheld or delayed, (y) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts,
including amounts due under Section 4.05) and (z) in the case of any such assignment resulting from
a claim for compensation under Section 4.04 or payments required to be made pursuant to Section
4.01, such assignment will result in a reduction in such compensation or payments. A Lender shall
not be required to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply.

     Section 2.09 Defaulting Lenders.

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     Notwithstanding any provision of this Credit Agreement to the contrary, if any Lender becomes
a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a
Defaulting Lender:

          (a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender pursuant to Section 3.04(a);

          (b) the Commitment and Credit Exposure of such Defaulting Lender shall not be included in
determining whether all Lenders or the Required Lenders have taken or may take any action hereunder
(including any consent to any amendment or waiver pursuant to Section 11.06), provided that any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender
which affects such Defaulting Lender differently than other affected Lenders shall require the
consent of such Defaulting Lender; provided further that the Commitment of a Defaulting Lender may
not be increased and the Maturity Date as it applies to a Defaulting Lender may not be extended, in
each case without the consent of such Defaulting Lender; and

          (c) for the avoidance of doubt, the Borrower shall retain and reserve its other rights and
remedies respecting each Defaulting Lender.

     Section 2.10 Incremental Facilities.

          (a) The Borrower and any one or more Lenders (including New Lenders) may from time to time
agree that each Lender shall (i) in the case of any existing Lender, increase the amount of such
Lender’s Commitment or (ii) in the case of any New Lender, make a new Commitment by executing and
delivering to the Administrative Agents an Increased Facility Activation Notice specifying (A) the
amount of such increase in Commitment (in the case of any existing Lender) or new Commitment (in
the case of any New Lender) and (B) the Increased Facility Closing Date. Notwithstanding the
foregoing, (i) without the consent of the Required Lenders, the aggregate amount of increases in
Commitments and new Commitments of all Lenders (including New Lenders) obtained after the Closing
Date pursuant to this paragraph shall not exceed Five Hundred Million Dollars ($500,000,000) and
(ii) without the consent of the Administrative Agent, (x) the aggregate amount of all increases in
Commitments and new Commitments for all Lenders (including New Lenders) effected on any Increased
Facility Closing Date pursuant to this paragraph shall be in a minimum amount of at least One
Hundred Million Dollars ($100,000,000) and (y) no more than four (4) Increased Facility Closing
Dates may be selected by the Borrower after the Closing Date; provided that both at the
time of any such request and at the open of business on any Increased Facility Closing Date, both
before and immediately after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing; provided, further, if, on any Increased Facility
Closing Date, any Loans have been funded, then the Borrower shall be responsible to pay any
breakage fees or costs in connection with the reallocation of such outstanding Loans. No Lender
shall have any obligation to participate in any increase described in this paragraph unless it
agrees to do so in its sole discretion.

          (b) Any additional bank, financial institution or other entity which, with the consent of the
Borrower and the Administrative Agent (which consent shall not be unreasonably

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withheld), elects to become a “Lender” under this Credit Agreement in connection with any
transaction described in Section 2.10(a) shall execute a New Lender Supplement (each, a “New
Lender Supplement”), substantially in the form of Exhibit 2.10(b), whereupon, effective
as of the open of business on the related Increased Facility Closing Date, such bank, financial
institution or other entity (a “New Lender”) shall become a Lender for all purposes and to
the same extent as if originally a party hereto and shall be bound by and entitled to the benefits
of this Credit Agreement.

          (c) As of the open of business on any Increased Facility Closing Date, (i) the increased or
new Commitment of each Lender as specified in the related Increased Facility Activation Notice
shall become effective; (ii) the Administrative Agent shall adjust (and shall be deemed to have
adjusted) Schedule 1.01(a) accordingly; and (iii) the Committed Amount shall be increased by the
aggregate amount of all new Commitments (in the case of any existing Lenders) as specified on such
Incremental Facility Activation Notice. Unless otherwise agreed by the Administrative Agent, on
each Increased Facility Closing Date, if any Loans have been funded and remain outstanding on such
date, the Borrower shall borrow Loans under the increased Commitments of existing Lenders whose
resulting Pro Rata Share has increased and under the new Commitments of any New Lenders, and shall
apply the proceeds thereof to repay any then outstanding Loans of existing Lenders whose resulting
Pro Rata Share has decreased (to the extent necessary to ensure the Loans are outstanding pro rata
with the respective Commitments and whether or not participating in the increased Commitment
Amount), all as determined by reference to the amount of each Type of Loan which would then have
been outstanding from each such Lender if (i) each such Type had been borrowed immediately after
the open of business on such Increased Facility Closing Date and (ii) the aggregate amount of each
such Type requested to be so borrowed had been proportionately funded by all Lenders in accordance
with their respective Pro Rata Share based on their Commitments as in effect immediately after the
open of business on the Increased Facility Closing Date. The Eurodollar Base Rate applicable to
any Eurodollar Loan borrowed pursuant to the preceding sentence shall equal the Eurodollar Base
Rate then applicable to the Eurodollar Loans of the other Lenders (or, until the expiration of the
then-current Interest Period, such other rate as shall be agreed upon between the Borrower and the
relevant Lender).

ARTICLE III

PAYMENTS

     Section 3.01 Interest.

          (a) Interest Rate.

               (i) All Base Rate Loans shall accrue interest at the Base Rate.

               (ii) Each Eurodollar Loan shall accrue interest at the Adjusted Eurodollar Rate applicable to
such Eurodollar Loan.

          (b) Default Rate of Interest. Upon the occurrence, and during the continuation, of an
Event of Default, the principal of and, to the extent permitted by law, interest

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on the Loans and any other amounts owing hereunder or under the other Credit Documents shall
bear interest, payable on demand, at a per annum rate equal to the Default Rate.

          (c) Interest Payments. Interest on Loans shall be due and payable in arrears on each
Interest Payment Date.

     Section 3.02 Prepayments.

          (a) Voluntary Prepayments. The Borrower shall have the right, upon notice to the
Administrative Agent, to prepay the Loans in whole or in part from time to time without premium or
penalty; provided, however, that (i) such notice must be received by the
Administrative Agent not later than 11:00 a.m. (A) three Business Days’ prior to any date of
prepayment of Eurodollar Loans and (B) on the date of prepayment of Base Rate Loans, (ii) each such
partial prepayment of Eurodollar Loans shall be in the minimum principal amount of $5,000,000 and
integral multiples of $1,000,000 and (iii) each such partial prepayment of Base Rate Loans shall be
in the minimum principal amount of $1,000,000 and integral multiples of $100,000 or, in the case of
clauses (ii) and (iii), if less than such minimum amounts, the entire principal amount thereof then
outstanding. Amounts prepaid pursuant to this Section 3.02(a) shall be applied as the Borrower may
elect based on the Lenders’ Pro Rata Shares; provided, however, if the Borrower fails to specify,
such prepayment shall be applied by the Administrative Agent, subject to Section 3.08, in such
manner as it deems reasonably appropriate.

          (b) Mandatory Prepayments. If at any time the aggregate principal amount of Loans
outstanding exceeds the Committed Amount, the Borrower shall immediately make a principal payment
to the Administrative Agent in a manner and in an amount to be in compliance with Section 2.01 and
as directed by the Administrative Agent.

          (c) Application of Prepayments. All prepayments pursuant to Section 3.02 shall be (i)
unless otherwise directed by the Borrower pursuant to Section 3.02(a), applied first to Base Rate
Loans and second to Eurodollar Loans in direct order of Interest Period maturities (applied
first against those soonest to mature), (ii) subject to Section 4.05 and (iii) accompanied by the
interest on the principal amount prepaid through the date of prepayment.

     Section 3.03 Payment in Full at Maturity.

     On the Maturity Date, the Borrower unconditionally promises to pay in full, and there shall
become due and payable in full, the entire outstanding principal balance of all Loans, together
with accrued but unpaid interest and all fees and other sums then owing under the Credit Documents,
including, without limitation, all Borrower Obligations then owing, unless accelerated sooner
pursuant to Section 9.02; provided that if the Maturity Date is not a Business Day, then such
principal, interest, fees and other sums shall be due and payable in full on the next preceding
Business Day.

     Section 3.04 Fees.

          (a) Commitment Fees. The Borrower shall pay to the Administrative Agent, for the pro
rata benefit of each Lender based on its Pro Rata Share of the Committed Amount, a

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per annum fee equal to the Commitment Fee Rate for each day during the period of determination
multiplied by the Unused Commitment for each such day (the “Commitment Fees”). The
Commitment Fees shall commence to accrue on the Closing Date and shall be due and payable in
arrears on the last Business Day of each fiscal quarter of the Borrower (as well as on the Maturity
Date and on any date that the Committed Amount is reduced) for the fiscal quarter (or portion
thereof) then ending, beginning with the first of such dates to occur after the Closing Date.

          (b) Administrative Fees. The Borrower agrees to pay to the Administrative Agent, for
its own account, an annual fee as agreed to between the Borrower and the Administrative Agent (the
“Administrative Fees”) in the Fee Letter.

     Section 3.05 Payments Generally.

          (a) No Deductions; Place and Time of Payments. All payments to be made by the
Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or
setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall
be made to the Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds
not later than 1:00 p.m. on the date specified herein. Except as contemplated by Section 3.05(f),
the Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to
such Lender’s Lending Office. All payments received by the Administrative Agent after 1:00 p.m.
shall be deemed received on the next succeeding Business Day and any applicable interest or fee
shall continue to accrue.

          (b) Payment Dates. Subject to the definition of “Interest Period,” if any
payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

          (c) Advances by Administrative Agent. Unless the Borrower or any Lender has notified
the Administrative Agent, prior to the time any payment is required to be made by it to the
Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make
such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may
be, has timely made such payment and may (but shall not be so required to), in reliance thereon,
make available a corresponding amount to the Person entitled thereto. If and to the extent that
such payment was not in fact made to the Administrative Agent in Dollars and in immediately
available funds, then:

               (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay
to the Administrative Agent the portion of such assumed payment that was made available to such
Lender in Dollars and in immediately available funds, together with interest thereon in respect of
each day from and including the date such amount was made available by the Administrative Agent to
such Lender to the date such amount is repaid to the Administrative Agent in immediately available
funds at the Federal Funds Rate from time to time in effect; and

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               (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to
the Administrative Agent the amount thereof in Dollars and in immediately available funds, together
with interest thereon for the period from the date such amount was made available by the
Administrative Agent to the Borrower to the date such amount is recovered by the Administrative
Agent (the “Compensation Period”) at a rate per annum equal to the Federal Funds Rate from
time to time in effect. If such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Loan included in the applicable Borrowing. If such Lender
does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the
Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay such
amount to the Administrative Agent, together with interest thereon for the Compensation Period at a
rate per annum equal to the rate of interest applicable to such Borrowing. Nothing herein shall be
deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any
rights which the Administrative Agent or the Borrower may have against any Lender as a result of
any default by such Lender hereunder.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing
under this subsection (c) shall be conclusive, absent manifest error.

          (d) Several Obligations. The obligations of the Lenders hereunder to make Loans and
to fund or purchase Participation Interests are several and not joint. The failure of any Lender
to make any Loan or to fund or purchase any Participation Interest on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its Loan or fund its
Participation Interest.

          (e) Funding Offices. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

          (f) Defaulting Lender. If any Lender shall fail to make any payment required to be
made by it pursuant to Section 3.05(c) or Section 3.09, then the Administrative Agent may, in its
discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received
by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations
under such Sections until all such unsatisfied obligations are fully paid.

     Section 3.06 Computations of Interest and Fees.

          (a) Calculation of Interest. Except for Base Rate Loans on which interest shall be
computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the
case may be, all computations of interest and fees hereunder shall be made on the basis of the
actual number of days elapsed over a year of 360 days. Interest shall accrue from and including
the Closing Date or from the first date of Borrowing (or from any continuation or conversion
thereof) to but excluding the last day occurring in the period for which such interest is payable.

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          (b) Usury. It is the intent of the Lenders and the Borrower to conform to and
contract in strict compliance with applicable usury law from time to time in effect. All
agreements between the Lenders and the Borrower are hereby limited by the provisions of this
paragraph which shall override and control all such agreements, whether now existing or hereafter
arising and whether written or oral. In no way, nor in any event or contingency (including but not
limited to prepayment or acceleration of the maturity date of the Borrower Obligations), shall the
interest taken, reserved, contracted for, charged, or received under this Credit Agreement, under
the Notes or otherwise, exceed the maximum non-usurious amount permissible under applicable law.
If, from any possible construction of any of the Credit Documents or any other document, interest
would otherwise be payable in excess of the maximum non-usurious amount, any such construction
shall be subject to the provisions of this paragraph and interest owing pursuant to such documents
shall be automatically reduced to the maximum non-usurious amount permitted under applicable law,
without the necessity of execution of any amendment or new document. If any Lender shall ever
receive anything of value which is characterized as interest on the Loans under applicable law and
which would, apart from this provision, be in excess of the maximum lawful amount, an amount equal
to the amount which would have been excessive interest shall, without penalty, be applied to the
reduction of the principal amount owing on the Loans and not to the payment of interest, or
refunded to the Borrower or the other payor thereof if and to the extent such amount which would
have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment
of the Loans or any other Indebtedness evidenced by any of the Credit Documents does not include
the right to receive any interest which has not otherwise accrued on the date of such demand, and
the Lenders do not intend to charge or receive any unearned interest in the event of such demand.
All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the
extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term (including any renewal or extension) of the Loans so that the amount of interest
on account of the Loans does not exceed the maximum non-usurious amount permitted by applicable
law.

     Section 3.07 Evidence of Debt.

     The Loans made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or
records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest
error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments
thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the
Borrower Obligations. In the event of any conflict between the accounts and records maintained by
any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto. In the event of any conflict
between the accounts and records maintained by the Administrative Agent and the accounts and
records of any Lender in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error.

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     Section 3.08 Pro Rata Treatment.

     Except to the extent otherwise provided herein, each Borrowing, each payment or prepayment of
principal of any Loan, each payment of interest, each payment of fees (other than Administrative
Fees paid to the Administrative Agent for its own account), each conversion or continuation of any
Loans and each reduction in the Committed Amount, shall be allocated pro rata among the relevant
Lenders in accordance with their Pro Rata Shares; provided that, if any Lender shall have failed to
pay its Pro Rata Share of any Loan or purchase or fund its Participation Interest, then any amount
to which such Lender would otherwise be entitled pursuant to this Section 3.08 shall instead be
payable to the Administrative Agent until the share of such Loan or such Participation Interest not
purchased or funded by such Lender has been purchased or funded unless such Lender’s obligations
are the subject of a good faith dispute. In the event any principal, interest, fee or other amount
paid to any Lender pursuant to this Credit Agreement or any other Credit Document is rescinded or
must otherwise be returned by the Administrative Agent, (a) such principal, interest, fee or other
amount that had been satisfied by such payment shall be revived, reinstated and continued in full
force and effect as if such payment had not occurred and (b) such Lender shall, upon the request of
the Administrative Agent, repay to the Administrative Agent the amount so paid to such Lender, with
interest for the period commencing on the date such payment is returned by the Administrative Agent
until the date the Administrative Agent receives such repayment at a rate per annum equal to the
Federal Funds Rate if repaid within two Business Days after such request and thereafter the Base
Rate.

     Section 3.09 Sharing of Payments.

     The Lenders agree among themselves that, except to the extent otherwise provided herein, in
the event that any Lender shall obtain payment in respect of any Loan or any other obligation owing
to such Lender under this Credit Agreement through the exercise of a right of setoff, banker’s lien
or counterclaim, or pursuant to a secured claim under Section 506 of the Bankruptcy Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable Debtor Relief Law or other similar law or otherwise, or by any other means, in
excess of its Pro Rata Share of such payment as provided for in this Credit Agreement, such Lender
shall promptly pay in cash or purchase from the other Lenders a participation in such Loans and
other obligations in such amounts, and make such other adjustments from time to time, as shall be
equitable to the end that all Lenders share such payment in accordance with their Pro Rata Shares.
The Lenders further agree among themselves that if payment to a Lender obtained by such Lender
through the exercise of a right of setoff, banker’s lien, counterclaim or other event as aforesaid
shall be rescinded or must otherwise be returned, each Lender which shall have shared the benefit
of such payment shall, by payment in cash or a repurchase of a participation theretofore sold,
return its share of that benefit (together with its share of any accrued interest payable with
respect thereto) to each Lender whose payment shall have been rescinded or otherwise returned. The
Borrower agrees that (a) any Lender so purchasing such a participation may, to the fullest extent
permitted by law, exercise all rights of payment, including setoff, banker’s lien or counterclaim,
with respect to such participation as fully as if such Lender were a holder of such Loan or other
obligation in the amount of such participation and (b) the Borrower Obligations that have been
satisfied by a payment that has been rescinded or otherwise returned shall be revived, reinstated
and continued in full force and effect as if such payment had not occurred. Except as otherwise
expressly

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provided in this Credit Agreement, if any Lender or the Administrative Agent shall fail to
remit to any other Lender or the Administrative Agent an amount payable by such Lender or the
Administrative Agent to such other Lender or the Administrative Agent pursuant to this Credit
Agreement on the date when such amount is due, such payments shall be made together with interest
thereon for each date from the date such amount is due until the date such amount is paid to the
Administrative Agent or such other Lender at a rate per annum equal to the Federal Funds Rate. If
under any applicable Debtor Relief Law or other similar law, any Lender receives a secured claim in
lieu of a setoff to which this Section 3.09 applies, such Lender shall, to the extent practicable,
exercise its rights in respect of such secured claim in a manner consistent with the rights of the
Lenders under this Section 3.09 to share in the benefits of any recovery on such secured claim.

ARTICLE IV

TAXES, YIELD PROTECTION AND ILLEGALITY

     Section 4.01 Taxes.

          (a) Any and all payments by the Borrower to or for the account of the Lenders under any Credit
Document shall be made free and clear of and without deduction for any and all present or future
taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and
all liabilities with respect thereto, excluding (i) income or franchise taxes (including
margin taxes) imposed on (or measured by) its gross or net income by the United States of America,
or by the jurisdiction under the Requirements of Law of which such recipient is organized or in
which its principal office is located or, in which it is otherwise deemed to be engaged in a trade
or business for Tax purposes or, in the case of any Lender, in which its applicable lending office
is located, and (ii) any branch profits taxes imposed by the United States of America or any
similar tax imposed by any other jurisdiction (all such non-excluded taxes, duties, levies,
imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being
hereinafter referred to as “Taxes”). If the Borrower shall be required by any laws to
deduct any Taxes or Other Taxes from or in respect of any sum payable under any Credit Document to
a Lender, (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), such
Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted
to the relevant taxation authority or other authority in accordance with applicable laws, and (iv)
the Borrower shall make commercially reasonable efforts to obtain a governmental receipt within the
time frame customary for the relevant taxing authority, and shall furnish to such Lender the
original or a certified copy of such receipt within 30 days of receiving such receipt.

          (b) In addition, the Borrower agrees to pay any and all present or future stamp, court or
documentary taxes and any other excise or property taxes or charges or similar levies which arise
from any payment made under any Credit Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Credit Document (hereinafter
referred to as “Other Taxes”).

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          (c) The Borrower agrees to indemnify each Lender for (i) the full amount of Taxes and Other
Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts
payable under this Section) paid by each Lender, (ii) amounts payable under Section 4.01(a) and
(iii) any liability (including additions to tax, penalties, interest and expenses) arising
therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under
this subsection (c) shall be made within 30 days after the date a Lender makes a demand therefor.

          (d) Each payment hereunder or under any other Credit Document by or on behalf of the Borrower
shall be made by a payor that is a United States person. For purposes of this subsection (d), the
term “United States person” shall have the meanings specified in Section 7701 of the Code.

          (e) Each Lender that is a foreign corporation, foreign partnership or foreign trust within the
meaning of the Code (“Foreign Lender”) shall deliver to the Administrative Agent, prior to
receipt of any payment subject to withholding under the Code, two duly signed completed copies of
either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it
to an exemption from, or reduction of, withholding tax on all payments to be made to such Foreign
Lender by the Borrower pursuant to this Credit Agreement), as appropriate, or IRS Form W-8ECI or
any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrower
pursuant to this Credit Agreement) or such other evidence satisfactory to the Borrower and the
Administrative Agent that such Foreign Lender is entitled to an exemption from, or reduction of,
United States withholding tax. Thereafter and from time to time, each such Foreign Lender shall
(i) promptly submit to the Administrative Agent such additional duly completed and signed copies of
one of such forms (or such successor forms as shall be adopted from time to time by the relevant
United States taxing authorities), as appropriate, as may reasonably be requested by the Borrower
or the Administrative Agent and then be available under then current United States laws and
regulations to avoid, or such evidence as is satisfactory to the Borrower and the Administrative
Agent of any available exemption from or reduction of, United States withholding taxes in respect
of all payments to be made to such Foreign Lender by the Borrower pursuant to this Credit
Agreement, (ii) promptly notify the Administrative Agent of any change in circumstances which would
modify or render invalid any claimed exemption or reduction, and (iii) take such steps as shall not
be materially disadvantageous to it, in the reasonable judgment of such Foreign Lender, and as may
be reasonably necessary (including the re-designation of its Lending Office) to avoid any
Requirement of Law that the Borrower make any deduction or withholding for taxes from amounts
payable to such Foreign Lender. If the forms or other evidence provided by such Foreign Lender at
the time such Foreign Lender first becomes a party to this Credit Agreement indicate a United
States interest withholding tax rate in excess of zero, withholding tax at such rate shall be
considered excluded from Taxes; provided, however, that, if at the date of any assignment pursuant
to which a Lender becomes a party to this Credit Agreement, the assignor Lender was entitled to
payments under Section 4.01(a) in respect of United States withholding tax with respect to interest
paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding
taxes that may be imposed in the future or other amounts otherwise includable in Taxes) United
States withholding tax, if any, applicable with respect to the assignee Lender on such date. If
such Foreign Lender fails to deliver the above forms or other evidence,

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then the Administrative Agent may withhold from any interest payment to such Foreign Lender an
amount equal to the applicable withholding tax imposed by Sections 1441 and 1442 of the Code,
without reduction. If any Governmental Authority asserts that the Administrative Agent did not
properly withhold any tax or other amount from payments made in respect of such Foreign Lender,
such Foreign Lender shall indemnify the Administrative Agent therefor, including all penalties and
interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent
under this Section 4.01(e), and costs and expenses (including the reasonable fees and expenses of
legal counsel) of the Administrative Agent. For any period with respect to which a Lender has
failed to provide the Borrower with the above forms or other evidence (other than if such failure
is due to a change in the applicable Requirement of Law, or in the interpretation or application
thereof, occurring after the date on which such form or other evidence originally was required to
be provided or if such form or other evidence otherwise is not required), such Foreign Lender shall
not be entitled to indemnification under subsection (a) or (c) of this Section 4.01 with respect to
Taxes imposed by the United States by reason of such failure; provided, however, that should a
Lender become subject to Taxes because of its failure to deliver such form or other evidence
required hereunder, the Borrower shall take such steps as such Foreign Lender shall reasonably
request to assist such Foreign Lender in recovering such Taxes. The obligations of the Lenders
under this Section 4.01(e) shall survive the payment of all Borrower Obligations and the
resignation or replacement of the Administrative Agent.

          (f) In the event that an additional payment is made under this Section 4.01 for the account of
any Lender and such Lender, in its reasonable judgment, determines that it has finally and
irrevocably received or been granted a credit against or release or remission for, or repayment of,
any tax paid or payable by it in respect of or calculated with reference to the deduction or
withholding giving rise to such payment, such Lender shall, to the extent that it determines that
it can do so without prejudice to the retention of the amount of such credit, relief, remission or
repayment, pay to the Borrower such amount as such Lender shall, in its reasonable judgment, have
determined to be attributable to such deduction or withholding and which will leave such Lender
(after such payment) in no worse position than it would have been in if the Borrower had not been
required to make such deduction or withholding. Nothing herein contained shall interfere with the
right of a Lender to arrange its tax affairs in whatever manner it thinks fit nor oblige any Lender
to claim any tax credit or to disclose any information relating to its tax affairs or any
computations in respect thereof or require any Lender to do anything that would prejudice its
ability to benefit from any other credits, reliefs, remissions or repayments to which it may be
entitled.

     Section 4.02 Illegality.

     If a Lender determines that any Requirement of Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for such Lender or its Lending Office to
make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon
the Eurodollar Rate, then, on notice thereof by such Lender to the Borrower, any obligation of such
Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate
Loans shall be suspended until such Lender notifies the Borrower that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon
demand from such Lender, prepay or, if applicable, convert all applicable

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Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted. Each Lender agrees to designate a different
Lending Office if such designation will avoid the need for such notice and will not, in the good
faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

     Section 4.03 Inability to Determine Eurodollar Rate.

     If the Administrative Agent determines that for any reason adequate and reasonable means do
not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect
to a proposed Eurodollar Rate Loan, or that the Eurodollar Base Rate for any requested Interest
Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the
cost to the Lenders of funding such Loan, the Administrative Agent will promptly so notify the
Borrower. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans
shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such
notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of a Eurodollar Rate Loan or, failing that, will be deemed to have converted such
request into a request for a Borrowing of a Base Rate Loan in the amount specified therein.

     Section 4.04 Increased Cost and Reduced Return; Capital Adequacy.

          (a) If a Lender determines that as a result of any Change in Law, or such Lender’s compliance
therewith, there shall be any increase in the cost to such Lender of agreeing to make or making,
funding or maintaining Eurodollar Rate Loans, or a reduction in the amount received or receivable
by such Lender in connection with any of the foregoing (excluding for purposes of this subsection
(a) any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to
which Section 4.01 shall govern), (ii) changes in the basis of taxation of overall net income or
overall gross income by the United States or any foreign jurisdiction or any political subdivision
of either thereof under the laws of which such Lender is organized or has its Lending Office, and
(iii) reserve requirements utilized in the determination of the Eurodollar Rate), then from time to
time upon demand of such Lender and upon presentment of written documentation (in the form of a
detailed calculation and explanation), the Borrower shall pay to such Lender such additional
amounts as will compensate such Lender for such increased cost or reduction, provided such
increased cost or reduction is related solely to Borrowings under this Credit Agreement.

          (b) If a Lender determines that any Change in Law regarding capital adequacy, or compliance by
such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the
capital of such Lender or any Person controlling such Lender as a consequence of such Lender’s
obligations hereunder (taking into consideration its policies with respect to capital adequacy and
such Lender’s desired return on capital), then from time to time upon demand of such Lender, the
Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such
reduction.

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     Section 4.05 Funding Losses.

     Upon demand of any Lender from time to time, the Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of:

          (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise); or

          (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to borrow, continue, convert or prepay any Loan other than a Base Rate Loan on the date or in
the amount notified by the Borrower,

including any loss, cost or expense (other than loss of the Applicable Margin) arising from the
liquidation or reemployment of funds obtained by such Lender to maintain such Loan or from fees
payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay
any customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to a Lender under this Section 4.05,
such Lender shall be deemed to have funded each Eurodollar Rate Loan at the Eurodollar Base Rate
used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in
the London interbank eurodollar market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Loan was in fact so funded.

     Section 4.06 Requests for Compensation.

     A certificate of a Lender claiming compensation under this Article IV and setting forth the
additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of
manifest error. In determining such amount, a Lender may use any reasonable averaging and
attribution methods.

     Section 4.07 Survival.

     All of the Borrower’s obligations under this Article IV shall survive termination of the
Commitments and repayment of all other Borrower Obligations hereunder.

ARTICLE V

CONDITIONS PRECEDENT

     Section 5.01 Closing Conditions.

     The obligation of the Lenders to enter into this Credit Agreement is subject to satisfaction
(or waiver) on the Closing Date of the following conditions precedent:

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          (a) Executed Credit Documents. Receipt by the Administrative Agent of duly executed
copies of this Credit Agreement, the Notes in favor of each Lender requesting a Note, and all other
Credit Documents, each in form and substance acceptable to the Lenders.

          (b) Corporate Documents. Receipt by the Administrative Agent of the following:

          (i) Charter Documents. Copies of the articles of incorporation or other
charter documents of the Borrower certified to be true and complete as of a recent date by
the appropriate Governmental Authority of the state or other jurisdiction of its
incorporation and certified by a secretary or assistant secretary of the Borrower to be true
and correct as of the Closing Date.

          (ii) Bylaws. A copy of the bylaws of the Borrower certified by a secretary or
assistant secretary of the Borrower to be true and correct as of the Closing Date.

          (iii) Resolutions. Copies of resolutions of the board of directors of the
Borrower approving the transactions contemplated by this Credit Agreement and authorizing
certain officers of the Borrower to negotiate, execute and deliver the Credit Documents,
certified by a secretary or assistant secretary of the Borrower to be true and correct and
in full force and effect as of the Closing Date.

          (iv) Incumbency. An incumbency certificate of the Borrower certified by a
secretary or assistant secretary of the Borrower to be true and correct as of the Closing
Date.

          (v) Good Standing. Copies of certificates of good standing, existence or their
equivalent with respect to the Borrower, certified as of a recent date by the appropriate
Governmental Authority of the state of its incorporation.

          (c) Opinions of Counsel. Receipt by the Administrative Agent of such opinions from
legal counsel to the Borrower, addressed to the Lenders, dated as of the Closing Date, and covering
matters that customarily are addressed in connection with the transactions contemplated by this
Credit Agreement, in form and substance reasonably satisfactory to the Administrative Agent.

          (d) Financial Statements. Receipt by the Administrative Agent of a copy of (i) the
annual consolidated financial statements (including balance sheets, income statements and cash flow
statements) of the Borrower and its Subsidiaries for fiscal years 2009 and 2010, audited by
independent public accountants of recognized national standing and (ii) such other financial
information regarding the Borrower as the Administrative Agent may reasonably request.

          (e) Fees and Expenses. Payment by the Borrower of all fees and expenses invoiced by,
and owed by it to, the Administrative Agent, the Syndication Agents or any Lender.

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          (f) Litigation. There shall be no material actions, suits, investigations or legal,
equitable, arbitration or administrative proceedings pending or, to the knowledge of the Borrower,
threatened against the Borrower which have not been disclosed in the Borrower’s reports filed with
the SEC and which would have or would reasonably be expected to have a Material Adverse Effect.

          (g) Material Adverse Effect. Since December 31, 2010, there has occurred no Material
Adverse Effect.

          (h) Officer’s Certificate. The Administrative Agent shall have received a certificate
or certificates executed by a Financial Officer as of the Closing Date stating that (i) the
Borrower is in compliance in all material respects with all existing material financial
obligations, (ii) no action, suit, investigation or proceeding is pending or, to such Financial
Officer’s knowledge, threatened in any court or before any arbitrator or governmental
instrumentality that purports to affect the Borrower or any transaction contemplated by the Credit
Documents, if such action, suit, investigation or proceeding would have or would reasonably be
expected to have a Material Adverse Effect, (iii) the financial statements and information
delivered to the Lenders on or before the Closing Date were prepared in good faith and in
accordance with GAAP except to the extent of items that are immaterial in the aggregate and except
that the quarterly financial statements are unaudited and are subject to year-end adjustments, and
(iv) immediately after giving effect to this Credit Agreement, the other Credit Documents and all
the transactions contemplated therein to occur on such date, (A) no Default or Event of Default
exists, (B) all representations and warranties contained herein and in the other Credit Documents
are true and correct in all material respects on and as of the date made and (C) the Borrower is
Solvent.

          (i) Termination of Existing Credit Agreements. Evidence that the Borrower has
terminated the commitments and paid all amounts then due and owing under the Existing Credit
Agreements.

          (j) Other. Receipt by the Lenders of such other documents, instruments, agreements or
information as reasonably requested by any Lender.

     Section 5.02 Conditions to Loans.

     The Lenders shall not be obligated to make a Loan unless:

          (a) Notice of Borrowing. The Borrower shall have timely delivered a duly executed and
completed Notice of Borrowing in conformance with all the terms and conditions of this Credit
Agreement.

          (b) Representations and Warranties. The representations and warranties of the
Borrower set forth in this Credit Agreement (other than those set forth in Section 6.08) and all
other Credit Documents shall be true and correct on and as of the date of such Loan.

          (c) No Default. No Default or Event of Default shall exist or be continuing either
prior to or after giving effect to such Loan.

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          (d) Availability. Immediately after giving effect to the making of such Loan, the
aggregate amount of Loans outstanding shall not exceed the Committed Amount.

     The delivery of each Notice of Borrowing shall constitute a representation and warranty by the
Borrower of the correctness of the matters specified in subsections (b), (c) and (d) above.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

     The Borrower hereby represents and warrants to the Lenders that:

     Section 6.01  Organization and Good Standing.

     The Borrower (a) is a corporation, duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (b) is duly qualified and in good standing as a
foreign entity authorized to do business in every other jurisdiction where the failure to so
qualify would have a Material Adverse Effect and (c) has the requisite power and authority to own
its properties and to carry on its business as now conducted and as proposed to be conducted.

     Section 6.02 Due Authorization.

     The Borrower (a) has the requisite power and authority to execute, deliver and perform this
Credit Agreement and the other Credit Documents and to incur the obligations herein and therein
provided for and (b) has been authorized by all necessary action to execute, deliver and perform
this Credit Agreement and the other Credit Documents.

     Section 6.03 No Conflicts.

     Neither the execution and delivery of this Credit Agreement and the other Credit Documents,
nor the consummation of the transactions contemplated herein and therein, nor performance of and
compliance with the terms and provisions hereof and thereof by the Borrower will (a) violate or
conflict with any provision of its organizational documents, (b) violate, contravene or conflict
with any Requirement of Law or any law, regulation (including without limitation, Regulation U and
Regulation X), order, writ, judgment, injunction, decree or permit applicable to it, (c) violate,
contravene or conflict with contractual provisions of, or cause an event of default under, any
indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to
which it is a party or by which it may be bound, the violation of which would constitute a Material
Adverse Effect or (d) result in or require the creation of any Lien upon or with respect to its
properties.

     Section 6.04 Consents.

     No consent, approval, authorization or order of, or filing, registration or qualification
with, any court or Governmental Authority or third party is required in connection with the
execution, delivery or performance of this Credit Agreement or any of the other Credit Documents
that has not been obtained or made.

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     Section 6.05 Enforceable Obligations.

     This Credit Agreement and the other Credit Documents have been duly executed and delivered and
constitute the legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their respective terms, except as may be limited by Debtor Relief Laws
or similar laws affecting creditors’ rights generally or by general equitable principles.

     Section 6.06 Financial Condition.

     The financial statements delivered to the Lenders pursuant to Section 5.01(d) and pursuant to
Sections 7.01(a) and (b): (a) have been prepared in accordance with GAAP except to the extent of
items that are immaterial in the aggregate and except that the quarterly financial statements are
unaudited and are subject to year-end adjustments and have fewer footnotes than annual statements
and (b) present fairly in all material respects the financial condition, results of operations and
cash flows of the Borrower and its Subsidiaries as of such date and for such periods. No opinion
provided with respect to the Borrower’s financial statements pursuant to Section 7.01 (or as to any
prior annual financial statements) has been withdrawn.

     Section 6.07 No Default.

     No Default or Event of Default presently exists and is continuing.

     Section 6.08  Litigation.

     As of the Closing Date, except as disclosed in the Borrower’s SEC filings or otherwise
disclosed in writing to the Lenders, there are no actions, suits, investigations or legal,
equitable, arbitration or administrative proceedings pending or, to the knowledge of the Borrower,
threatened against the Borrower which would have or would reasonably be expected to have a Material
Adverse Effect.

     Section 6.09 Taxes.

     The Borrower has filed, or caused to be filed, all material tax returns (federal, state, local
and foreign) required to be filed and paid all amounts of taxes shown thereon to be due (including
interest and penalties) and has paid all other taxes, fees, assessments and other governmental
charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing
by it, except for such taxes which are not yet delinquent or that are being contested in good faith
and by proper proceedings, and against which adequate reserves are being maintained in accordance
with GAAP.

     Section 6.10 Compliance with Law.

     Except as disclosed in the Borrower’s SEC filings or otherwise disclosed in writing to the
Lenders, the Borrower is in compliance with all laws, rules, regulations, orders and decrees
applicable to it or to its properties, unless such failure to comply has not had or would not
reasonably be expected to have a Material Adverse Effect.

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     Section 6.11 ERISA.

     Except as would not result or reasonably be expected to result in a Material Adverse Effect:

          (a) During the five-year period prior to the date on which this representation is made or
deemed made: (i) no Termination Event has occurred, and, to the best knowledge of the Borrower, no
event or condition has occurred or exists as a result of which any Termination Event would be
reasonably expected to occur; (ii) no “accumulated funding deficiency,” as such term is defined in
Section 302 of ERISA and Section 412 of the Code, whether or not waived, has occurred with respect
to any Single Employer Plan; (iii) each Plan has been maintained, operated, and funded in material
compliance with its terms and the provisions of ERISA, the Code, and any other applicable federal
or state laws; and (iv) no Lien in favor of the PBGC or a Plan has arisen or is reasonably likely
to arise on account of any Plan.

          (b) The aggregate actuarial present value of all accumulated plan benefits of all Single
Employer Plans (determined utilizing the assumptions used for purposes of Statement of Financial
Accounting Standards No. 35) did not, as of the most recent valuation dates reflected in the
Borrower’s annual financial statements contained in the Borrower’s most recent Form 10-K, exceed
the aggregate fair market value of the assets of all such Single Employer Plans, except as
disclosed in the Borrower’s financial statements.

          (c) Neither the Borrower nor any ERISA Affiliate has incurred, or, to the best knowledge of
the Borrower, is reasonably expected to incur, any withdrawal liability under ERISA to any
Multiemployer Plan or Multiple Employer Plan. Neither the Borrower nor any ERISA Affiliate has
received any notification that any Multiemployer Plan is in reorganization (within the meaning of
Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been
terminated (within the meaning of Title IV of ERISA).

          (d) No prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of
the Code) or breach of fiduciary responsibility has occurred with respect to a Plan which has
subjected or would be reasonably likely to subject the Borrower or any ERISA Affiliate to any
liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under
any agreement or other instrument pursuant to which the Borrower or any ERISA Affiliate has agreed
or is required to indemnify any person against any such liability.

          (e) The aggregate actuarial present value of all accumulated post-retirement benefit
obligations of the Borrower and the ERISA Affiliates (determined utilizing the assumptions used for
purposes of Statement of Financial Accounting Standards No. 106) under Plans which are welfare
benefit plans (as defined in Section 3(1) of ERISA), as of the most recent valuation dates
reflected in the Borrower’s annual financial statements contained in the Borrower’s most recent
form 10-K, are reflected on such financial statements in accordance with Statement of Financial
Accounting Standards No. 106.

     Section 6.12 Use of Proceeds; Margin Stock.

     The proceeds of the Loans hereunder will be used solely for the purposes specified in Section
7.08. The Borrower is not incurring the Indebtedness evidenced by the Notes hereunder

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for the purpose, directly or indirectly, of purchasing or carrying Margin Stock, except the
Borrower may purchase its common stock, if after giving effect to such purchases, such Indebtedness
would not violate any Requirement of Law. Neither the Borrower nor any of its Subsidiaries is
engaged principally, or as one of its important activities, in the business of extending credit for
the purpose of purchasing or carrying Margin Stock.

     Section 6.13 Government Regulation.

     The Borrower is not an “investment company” registered or required to be registered under the
Investment Company Act of 1940, as amended, or controlled by such a company.

     Section 6.14 Solvency.

     The Borrower is and, after the consummation of the transactions contemplated by this Credit
Agreement, will be Solvent.

     Section 6.15 Disclosure.

     Neither this Credit Agreement nor any financial statements delivered to the Lenders nor any
other document, certificate or statement furnished to the Lenders by or on behalf of the Borrower
in connection with the transactions contemplated hereby contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained therein
or herein, in light of the circumstances under which they were made, taken as a whole, not
misleading.

     Section 6.16 Environmental Matters.

     Except as would not result or reasonably be expected to result in a Material Adverse Effect:
(a) each of the properties of the Borrower (the “Properties”) and all operations at the
Properties are in substantial compliance with all applicable Environmental Laws, (b) there is no
undocumented or unreported violation of any Environmental Law with respect to the Properties or the
businesses operated by the Borrower (the “Businesses”) that the Borrower is aware of, and
(c) there are no conditions relating to the Businesses or Properties that have given rise to or
would reasonably be expected to give rise to a liability under any applicable Environmental Laws.

     Section 6.17 Insurance.

     The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies, in such amounts (after giving effect to any self-insurance
compatible with the following standards), with such deductibles and covering such risks as are
customarily carried by companies engaged in similar businesses and owning similar properties in
localities where the Borrower or the applicable Subsidiary operates.

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ARTICLE VII

AFFIRMATIVE COVENANTS

     The Borrower hereby covenants and agrees that so long as this Credit Agreement or any other
Credit Document is in effect and until the Loans, together with interest, fees and other
obligations hereunder (other than contingent indemnification or expense reimbursement obligations),
have been paid in full and all the Commitments shall have terminated:

     Section 7.01 Information Covenants.

     The Borrower will furnish, or cause to be furnished, to the Administrative Agent, which in
turn shall distribute promptly to the Lenders:

          (a) Annual Financial Statements. As soon as available, and in any event within 60
days after the close of each fiscal year of the Borrower, a consolidated balance sheet, income
statement and statement of cash flows of the Borrower and its Subsidiaries, as of the end of such
fiscal year, setting forth in comparative form figures for the preceding fiscal year, all such
financial information described above to be in reasonable form and detail and, in each case,
audited by independent certified public accountants of recognized national standing reasonably
acceptable to the Lenders and whose opinion shall be furnished to the Lenders, and shall be to the
effect that such financial statements have been prepared in accordance with GAAP (except to the
extent of items that are immaterial in the aggregate and except for changes with which such
accountants concur) and shall not be limited as to the scope of the audit or qualified in any
respect. Notwithstanding the above, it is understood and agreed that delivery of the Borrower’s
applicable Form 10-K shall satisfy the requirements of this Section 7.01(a).

          (b) Quarterly Financial Statements. As soon as available, and in any event within 45
days after the close of each fiscal quarter of the Borrower (other than the fourth fiscal quarter),
a consolidated balance sheet, income statement and statement of cash flows of the Borrower and its
Subsidiaries as of the end of such fiscal quarter, in each case setting forth in comparative form
figures for the corresponding period of the preceding fiscal year, all such financial information
described above to be in reasonable form and detail and reasonably acceptable to the Lenders, and,
in each case, accompanied by a certificate of a Financial Officer of the Borrower to the effect
that such quarterly financial statements fairly present in all material respects the financial
condition of such Person and have been prepared in accordance with GAAP (except to the extent of
items that are immaterial in the aggregate), subject to changes resulting from audit and normal
year-end audit adjustments. Notwithstanding the above, it is understood and agreed that delivery
of the Borrower’s applicable Form 10-Q shall satisfy the requirements of this Section 7.01(b).

          (c) Officer’s Certificate. Within 60 days of the end of each fiscal year and within
45 days of the end of each fiscal quarter (other than the fourth fiscal quarter), a certificate of
a Financial Officer substantially in the form of Exhibit 7.01(c): (i) stating that no
Default or Event of Default exists, or if any Default or Event of Default does exist, specifying
the nature and extent thereof and what action the Borrower proposes to take with respect thereto;
and (ii) notifying the Administrative Agent of the posting of any documents referred to in Section
7.01(a) and (b).

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          (d) Electronic Delivery Permitted. Documents required to be delivered pursuant to
Section 7.01(a) and (b) (to the extent such documents are filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the
Internet at www.bakerhughes.com; (ii) on which such documents are posted on the Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or sponsored by the Administrative Agent); or
(iii) filed with the SEC. Notwithstanding anything contained in this Section 7.01(d), in every
instance the Borrower shall be required to provide paper copies of the compliance certificate
required by Section 7.01(c) to the Administrative Agent. Except for such compliance certificates,
the Administrative Agent shall have no obligation to maintain copies of the documents referred to
in Sections 7.01(a) and (b), and in any event the Administrative Agent shall have no obligation to
request the delivery of the documents referred to in Section 7.01(a), (b) or (c).

          (e) Notices. Upon the Borrower’s obtaining knowledge thereof, the Borrower will give
written notice to the Administrative Agent within five Business Days of (i) the occurrence of a
Default or Event of Default, specifying the nature and extent thereof and what action the Borrower
proposes to take with respect thereto, (ii) any change in the Debt Rating and (iii) the occurrence
of any of the following with respect to the Borrower (A) the pendency or commencement of any
litigation, arbitration or governmental proceeding against the Borrower which, if adversely
determined, would have or would reasonably be expected to have a Material Adverse Effect or (B) the
institution of any proceedings against the Borrower with respect to, or the receipt of notice by
such Person of potential liability or responsibility for violation or alleged violation of, any
federal, state or local law, rule or regulation (including, without limitation, any Environmental
Law), the violation of which constitutes a Material Adverse Effect. The Borrower will immediately
give written notice to the Administrative Agent of any change in the fiscal year of the Borrower.

          (f) ERISA. Upon the Borrower or any ERISA Affiliate obtaining knowledge thereof, the
Borrower will give written notice to the Administrative Agent promptly (and in any event within
five Business Days) of any of the following which would result in or reasonably would be expected
to result in a Material Adverse Effect: (i) any event or condition, including, but not limited to,
any Reportable Event, that constitutes, or would be reasonably expected to lead to, a Termination
Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or
otherwise of any withdrawal liability assessed against the Borrower or any of its ERISA Affiliates,
or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within
the meaning of Title IV of ERISA); or (iii) the failure to make full payment on or before the due
date (including extensions) thereof of all amounts which the Borrower or any of its Subsidiaries or
ERISA Affiliates is required to contribute to each Plan pursuant to its terms and as required to
meet the minimum funding standard set forth in ERISA and the Code with respect thereto; in each
case together with a description of any such event or condition or a copy of any such notice and a
statement by an officer of the Borrower briefly setting forth the details regarding such event,
condition, or notice, and the action, if any, which has been or is being taken or is proposed to be
taken with respect thereto.

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          (g) Other Information. With reasonable promptness upon any such request, such other
information regarding the business, properties or financial condition of the Borrower as any Lender
may reasonably request.

     Section 7.02 [Reserved].

     Section 7.03 Preservation of Existence and Franchises.

          (a) The Borrower will do all things necessary to preserve and keep in full force and effect
its existence and rights, franchises and authority.

          (b) The Borrower will, and will cause its Subsidiaries to, generally maintain its properties
in good condition and not waste or otherwise permit such properties to deteriorate, reasonable wear
and tear excepted.

     Section 7.04 Books and Records.

     The Borrower will, and will cause its Subsidiaries to, keep complete and accurate books and
records of its transactions, in all material respects, in accordance with good accounting practices
on the basis of GAAP (including the establishment and maintenance of appropriate reserves).

     Section 7.05 Compliance with Law.

     The Borrower will, and will cause its Subsidiaries to, comply with all Requirements of Law and
all other laws (including, without limitation, all Environmental Laws and ERISA laws), rules,
regulations (including without limitation, Regulation U and Regulation X), and orders, and all
applicable restrictions imposed by all Governmental Authorities, applicable to it and its
properties, if the failure to comply would have or would reasonably be expected to have a Material
Adverse Effect or would violate any restrictions on its ability to incur or assume Indebtedness.

     Section 7.06 Payment of Taxes and Other Indebtedness.

     The Borrower will, and will cause its Subsidiaries to, pay, settle or discharge (a) all taxes,
assessments and governmental charges or levies imposed upon it, or upon its income or profits, or
upon any of its properties, before they shall become delinquent, (b) all lawful claims (including
claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien upon any of
its properties, and (c) all of its other Indebtedness as it shall become due (to the extent such
repayment is not otherwise prohibited by this Credit Agreement); provided, however,
that the Borrower shall not be required to pay any such tax, assessment, charge, levy, claim or
Indebtedness which is being contested in good faith by appropriate proceedings and as to which
adequate reserves therefor have been established in accordance with GAAP, unless the failure to
make any such payment would have or would be reasonably expected to have a Material Adverse Effect.

     Section 7.07 Insurance.

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     The Borrower will, and will cause its Subsidiaries to, at all times maintain in full force and
effect insurance (including worker’s compensation insurance and general liability insurance) in
such amounts, covering such risks and liabilities and with such deductibles or self-insurance
retentions as are in accordance with normal industry practice.

     Section 7.08 Use of Proceeds.

     The proceeds of the Loans may be used for general corporate purposes of the Borrower and its
respective subsidiaries.

     Section 7.09 Audits/Inspections.

     Upon reasonable notice and during normal business hours, at the reasonable request of any
Lender, the Borrower will, and will cause its Subsidiaries to, permit representatives appointed by
the Administrative Agent, including, without limitation, independent accountants, agents,
attorneys, and appraisers to visit and inspect the Borrower’s and its Subsidiaries’ property,
including its books and records, its accounts receivable and inventory, the Borrower’s and its
Subsidiaries’ facilities and its other business assets, and to make photocopies or photographs
thereof and to write down and record any information such representative obtains and shall permit
the Administrative Agent or its representatives to investigate and verify the accuracy of
information provided to the Administrative Agent and to discuss all such matters with the officers,
employees and representatives of the Borrower and its Subsidiaries; provided, that an
officer or authorized agent of the Borrower and its Subsidiaries shall be present during any such
discussions between the officers, employees or representatives of the Borrower and its Subsidiaries
and the representatives of the Administrative Agent, and provided further that any such nonpublic
information obtained by any Person during such audit or inspection shall be treated as confidential
information in accordance with the disclosure standards set forth in Section 11.15. Any
information obtained by the Administrative Agent shall be made available to any Lender upon such
Lender’s request.

ARTICLE VIII

NEGATIVE COVENANTS

     The Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect
and until the Loans, together with interest, fees and other obligations hereunder (other than
contingent indemnification or expense reimbursement obligations), have been paid in full and all
the Commitments shall have terminated:

     Section 8.01 Nature of Business.

     The Borrower will not, nor will it permit its Subsidiaries to, materially alter the character
of its business from that conducted as of the Closing Date.

     Section 8.02 Fundamental Changes.

     The Borrower will not, nor will it permit its Significant Subsidiaries to (i) enter into any
transaction of merger; (ii) consolidate, liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution); or (iii) sell all or substantially all of its assets; provided that,
so long

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as no Event of Default shall exist or be caused thereby, a Person may be merged or
consolidated with or into or sell all or substantially all of its assets to the Borrower or one of
its Significant Subsidiaries so long as (a) the Borrower or a Significant Subsidiary is the
surviving entity and (b) if the transaction is between the Borrower and one of its Significant
Subsidiaries, the Borrower is the surviving entity.

     Section 8.03 Affiliate Transactions.

     Other than transactions between or among any of the Borrower or any Wholly Owned Subsidiaries
of the Borrower, the Borrower will not, nor will it permit its Subsidiaries to, enter into any
transaction or series of transactions, whether or not in the ordinary course of business, with any
Affiliate other than on terms and conditions substantially as favorable as would be obtainable in a
comparable arm’s-length transaction with a Person other than an Affiliate.

     Section 8.04 Liens.

     The Borrower will not, nor will it permit its Subsidiaries to, contract, create, incur, assume
or permit to exist any Lien with respect to any of its property or assets of any kind (whether real
or personal, tangible or intangible), whether now owned or hereafter acquired, securing any
Indebtedness other than the following:

          (a) Liens securing Borrower Obligations;

          (b) Liens for taxes not yet due or Liens for taxes being contested in good faith by
appropriate proceedings for which adequate reserves determined in accordance with GAAP have been
established (and as to which the property subject to any such Lien is not yet subject to
foreclosure, sale or loss on account thereof);

          (c) Liens in respect of property imposed by law arising in the ordinary course of business
such as materialmen’s, mechanics’, warehousemen’s, carrier’s, landlords’ and other nonconsensual
statutory Liens which are not yet due and payable, which have been in existence less than 90 days
or which are being contested in good faith by appropriate proceedings for which adequate reserves
determined in accordance with GAAP have been established (and as to which the property subject to
any such Lien is not yet subject to foreclosure, sale or loss on account thereof);

          (d) pledges or deposits made in the ordinary course of business to secure payment of worker’s
compensation insurance, unemployment insurance, pensions or social security programs;

          (e) Liens arising from good faith deposits in connection with or to secure performance of
tenders, bids, leases, government contracts, performance and return-of-money bonds and other
similar obligations incurred in the ordinary course of business (other than obligations in respect
of the payment of borrowed money);

          (f) Liens arising from good faith deposits in connection with or to secure performance of
statutory obligations and surety and appeal bonds;

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          (g) easements, rights-of-way, restrictions (including zoning restrictions), minor defects or
irregularities in title and other similar charges or encumbrances not, in any material respect,
impairing the use of the encumbered property for its intended purposes;

          (h) judgment Liens that would not constitute an Event of Default;

          (i) Liens arising by virtue of any statutory or common law provision relating to banker’s
liens, rights of setoff or similar rights as to deposit accounts or other funds maintained with a
creditor depository institution;

          (j) any Lien on any property or assets acquired from a corporation or other entity which is
merged with or into the Borrower or its Subsidiaries in accordance with Section 8.02, and is not
created in anticipation of any such transaction (unless such Lien is created to secure or provide
for the payment of any part of the purchase price of such corporation or other entity);

          (k) any Lien on any property or assets existing at the time of acquisition of such property or
assets by the Borrower and which is not created in anticipation of such acquisition (unless such
Lien was created to secure or provide for the payment of any part of the purchase price of such
property or assets);

          (l) any Lien on Margin Stock;

          (m) other Liens not previously described in the foregoing clauses (a) through (l) to the
extent such Liens do not secure Indebtedness exceeding fifteen percent (15%) of Net Worth in the
aggregate; and

          (n) any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Liens referred to in the foregoing clauses (a) through
(m), for amounts not exceeding the principal amount of the Indebtedness secured by the Lien so
extended, renewed or replaced, provided that such extension, renewal or replacement Lien is limited
to all or a part of the same property or assets that were covered by the Lien extended, renewed or
replaced (plus improvements on such property or assets).

     Section 8.05 Burdensome Agreements.

     Neither the Borrower nor any of its Subsidiaries shall enter into any contractual obligation
(other than this Credit Agreement or any other Credit Document) that materially limits the ability
(i) of any Subsidiary to make Restricted Payments to the Borrower or to otherwise transfer property
to the Borrower, (ii) of any Subsidiary to guarantee the Indebtedness of the Borrower or (iii) of
the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of
such Person.

     Section 8.06 Subsidiary Indebtedness.

     The Borrower will not permit any of its Subsidiaries to, contract, create, incur, assume or
permit to exist any Indebtedness, other than:

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          (a) Indebtedness in respect of current accounts payable and accrued expenses incurred in the
ordinary course of business;

          (b) Indebtedness owing by a Subsidiary of the Borrower to the Borrower or another Subsidiary
of the Borrower;

          (c) purchase money Indebtedness to finance the purchase of fixed assets (including equipment);
provided that (i) such Indebtedness when incurred shall not exceed the purchase price of
the asset(s) financed; and (ii) no such Indebtedness shall be refinanced for a principal amount in
excess of the principal balance outstanding thereon at the time of such refinancing;

          (d) Indebtedness evidenced by any Swap Contract entered into in the ordinary course of
business and not for speculative purposes;

          (e) Indebtedness incurred after the Closing Date in connection with the acquisition of a
Person or Property as long as such Indebtedness existed prior to such acquisition and was not
created in anticipation thereof;

          (f) Indebtedness existing on the Closing Date as set forth on Schedule 8.06; and

          (g) any other Indebtedness in a principal amount not to exceed fifteen percent (15%) of Net
Worth in the aggregate, at any one time outstanding.

ARTICLE IX

EVENTS OF DEFAULT

     Section 9.01 Events of Default.

     An Event of Default shall exist upon the occurrence of any of the following specified events
(each an “Event of Default”):

          (a) Payment. The Borrower shall: (i) subject to sub-clause (ii) of this clause (a),
default in the payment when due of any principal of any of the Loans, (ii) default in the payment
when due of any principal of any of the Loans and (A) such default is due to an event the result of
which is an impairment of the financial markets that makes it impossible for the Borrower to timely
transfer funds over an interbank transfer mechanism in order to make such payment when due and (B)
such default shall continue for three or more Business Days; or (iii) default, and such default
shall continue for three or more Business Days, in the payment when due of any interest on the
Loans or of any fees or other amounts owing hereunder, under any of the other Credit Documents or
in connection herewith or therewith.

          (b) Representations. Any representation, warranty or statement made or deemed to be
made by the Borrower herein, in any of the other Credit Documents, or in any statement or
certificate delivered or required to be delivered pursuant hereto or thereto shall prove untrue in
any material respect on the date as of which it was deemed to have been made.

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          (c) Covenants. The Borrower shall:

     (i) default in the due performance or observance of any term, covenant or
agreement contained in Sections 7.01(e)(i), 7.03(a), 7.04, 7.05, 7.08 or Article
VIII, inclusive; or

          (ii) default in the due performance or observance by it of any term, covenant or
agreement contained in Section 7.01 (other than Section 7.01(e)(i)) and such default shall
continue unremedied for a period of five Business Days after the earlier of the Borrower
becoming aware of such default or notice thereof given by the Administrative Agent or any
Lender; or

          (iii) default in the due performance or observance by it of any term, covenant or
agreement (other than those referred to in subsections (a), (b), (c)(i), or (c)(ii) of this
Section 9.01) contained in this Credit Agreement or any other Credit Document and such
default shall continue unremedied for a period of at least 30 days after the earlier of the
Borrower becoming aware of such default or notice thereof given by the Administrative Agent
or any Lender.

          (d) Bankruptcy, etc. The occurrence of any of the following with respect to the
Borrower or any of its Material Subsidiaries (i) a court or governmental agency having jurisdiction
in the premises shall enter a decree or order for relief in respect of the Borrower or any such
Material Subsidiary in an involuntary case under any applicable Debtor Relief Law now or hereafter
in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Borrower or any such Material Subsidiary or for any substantial part of its
property or ordering the winding up or liquidation of its affairs; or (ii) an involuntary case
under any applicable Debtor Relief Law now or hereafter in effect is commenced against the Borrower
or any such Material Subsidiary and such petition remains unstayed and in effect for a period of 60
consecutive days; or (iii) the Borrower or any such Material Subsidiary shall commence a voluntary
case under any applicable Debtor Relief Law now or hereafter in effect, or consent to the entry of
an order for relief in an involuntary case under any such law, or consent to the appointment or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person or any substantial part of its property or make any general assignment for
the benefit of creditors; or (iv) the Borrower or any such Material Subsidiary shall admit in
writing its inability to pay its debts generally as they become due or any action shall be taken by
any Person in furtherance of any of the aforesaid purposes.

          (e) Defaults under Other Agreements. With respect to any Indebtedness of the Borrower
or any of its Subsidiaries (other than Indebtedness outstanding under this Credit Agreement) in
excess of $100,000,000 in the aggregate (A) the Borrower or any such Subsidiary shall (i) default
in any payment (beyond the applicable grace period with respect thereto, if any) with respect to
such Indebtedness, or (ii) default (after giving effect to any applicable grace period) in the
observance or performance of any covenant or agreement relating to such Indebtedness or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event or
condition shall occur or condition exist, the effect of which default or other event or condition
is to cause or permit the holder or the holders of such Indebtedness

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(or any trustee or agent on behalf of such holders) to cause (determined without regard to
whether any notice or lapse of time is required) such Indebtedness to become due prior to its
stated maturity; or (B) such Indebtedness shall be declared due and payable, or required to be
prepaid other than by a regularly scheduled required prepayment prior to the stated maturity
thereof; or (C) such Indebtedness shall mature and remain unpaid. With respect to (A)(i) above, if
an impairment of the financial markets makes it impossible for the Borrower to timely transfer
funds over an interbank transfer mechanism in order to make the applicable payments when due, then
no default shall exist until the failure to make such payments shall have continued for three or
more Business Days beyond the date due (after giving effect to any applicable grace period).

          (f) Judgments. One or more judgments, orders, or decrees shall be entered against the
Borrower or any of its Subsidiaries involving a liability of $100,000,000 or more, in the
aggregate, (to the extent not paid or covered by insurance provided by a carrier who has
acknowledged coverage) and such judgments, orders or decrees shall be final and unappealable and
shall not have been paid, vacated, satisfied, discharged, or stayed or bonded pending appeal within
60 days from the entry thereof; provided that if such judgment, order or decree provides
for periodic payments over time then the Borrower or such Subsidiary shall have a grace period of
30 days with respect to each such periodic payment but only so long as no lien attaches during such
period.

          (g) ERISA. The occurrence of any ERISA Event (as defined below) that, when taken
together with all other ERISA Events that have occurred, would have or would be reasonably expected
to have a Material Adverse Effect: (i) any “accumulated funding deficiency,” as such term is
defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, shall exist
with respect to any Plan, or any lien shall arise on the assets of the Borrower or any ERISA
Affiliate in favor of the PBGC or a Plan; (ii) a Termination Event shall occur with respect to a
Single Employer Plan which is likely to result in the termination of such Plan in a distress
termination under Section 4041(c) of ERISA or by the PBGC under Section 4042 of ERISA; (iii) the
Borrower or any ERISA Affiliate shall incur any liability in connection with a withdrawal from,
reorganization of (within the meaning of Section 4241 of ERISA), or insolvency (within the meaning
of Section 4245 of ERISA) of a Multiemployer Plan or Multiple Employer Plan; or (iv) any prohibited
transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of
fiduciary responsibility shall occur which would be reasonably expected to subject the Borrower or
any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section
4975 of the Code, or under any agreement or other instrument pursuant to which the Borrower or any
ERISA Affiliate has agreed or is required to indemnify any person against any such liability (each
of (i) through (iv) an “ERISA Event”).

          (h) Change of Control. There shall occur a Change of Control.

     Section 9.02 Acceleration; Remedies.

     Upon the occurrence of an Event of Default, and at any time thereafter unless and until such
Event of Default has been waived by the Lenders or the Required Lenders, as applicable, the
Administrative Agent may, or upon the request and direction of the Required Lenders shall, by
written notice to the Borrower, take any of the following actions without prejudice to the

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rights of the Administrative Agent or any Lender to enforce its claims against the Borrower,
except as otherwise specifically provided for herein:

          (a) Termination of Commitments. Declare the Commitments terminated, whereupon the
Commitments shall be immediately terminated.

          (b) Acceleration of Loans. Declare the unpaid amount of all Borrower Obligations to
be due whereupon the same shall be immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower.

          (c) Enforcement of Rights. Enforce any and all rights and interests created and
existing under the Credit Documents, including, without limitation, all rights of set-off.

Notwithstanding the foregoing, if an Event of Default specified in Section 9.01(e) shall occur,
then the Commitments shall automatically terminate and all Loans, all accrued interest in respect
thereof, all accrued and unpaid fees and other Borrower Obligations owing to the Administrative
Agent and the Lenders hereunder shall immediately become due and payable without the giving of any
notice or other action by the Administrative Agent or the Lenders, which notice or other action is
expressly waived by the Borrower.

Notwithstanding the fact that enforcement powers reside primarily with the Administrative Agent,
each Lender has, to the extent permitted by any Requirement of Law, a separate right of payment and
shall be considered a separate “creditor” holding a separate “claim” within the meaning of Section
101(5) of the Bankruptcy Code or any other Debtor Relief Law.

     Section 9.03 Allocation of Payments After Event of Default.

     Notwithstanding any other provisions of this Credit Agreement, but subject to Section 3.05(f),
after the occurrence of an Event of Default and the exercise of remedies by the Administrative
Agent or the Lenders pursuant to Section 9.02 (or after the Commitments shall automatically
terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit
Documents shall automatically become due and payable in accordance with the terms of such Section),
all amounts collected or received by the Administrative Agent or any Lender on account of amounts
outstanding under any of the Credit Documents shall be paid over or delivered as follows:

     FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including,
without limitation, reasonable attorneys’ fees) of the Administrative Agent or any of the
Lenders in connection with enforcing its rights under the Credit Documents ratably among
them in proportion to the amounts described in this clause “FIRST” payable to them;

     SECOND, to payment of any fees owed to the Administrative Agent or any of the Lenders
ratably among them in proportion to the amounts described in this clause “SECOND” payable to
them;

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     THIRD, to the payment of all accrued interest payable to the Lenders hereunder ratably
among them in proportion to the amounts described in this clause “THIRD” payable to them;

     FOURTH, to the payment of the outstanding principal amount of the Loans ratably among
them in proportion to the amounts described in this clause “FOURTH” payable to them;

     FIFTH, to all other obligations which shall have become due and payable under the
Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above ratably
among the holders of the Borrower Obligations in proportion to the amounts described in this
clause “FIFTH” payable to them; and

     SIXTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to
receive such surplus.

In carrying out the foregoing, amounts received shall be applied in the numerical order provided
until exhausted prior to application to the next succeeding category.

ARTICLE X

AGENCY PROVISIONS

     Section 10.01 Appointment and Authorization of the Administrative Agent.

     Each Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent to
take such action on its behalf under the provisions of this Credit Agreement and each other Credit
Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Credit Agreement or any other Credit Document, together with such powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere
herein or in any other Credit Document, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have
or be deemed to have any fiduciary relationship with any Lender or participant, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Credit Agreement or any other Credit Document or otherwise exist against the Administrative Agent.
Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and
in the other Credit Documents with reference to the Administrative Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Requirement of Law. Instead, such term is used merely as a matter of market custom, and
is intended to create or reflect only an administrative relationship between independent
contracting parties.

     Section 10.02 Delegation of Duties.

     The Administrative Agent may execute any of its duties under this Credit Agreement or any
other Credit Document by or through agents, employees or attorneys-in-fact and shall be entitled to
advice of counsel and other consultants or experts concerning all matters pertaining to such
duties. The Administrative Agent shall not be responsible for the negligence or misconduct

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of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct.

     Section 10.03 Liability Of Agents.

     No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any
of them under or in connection with this Credit Agreement or any other Credit Document or the
transactions contemplated hereby (except for its own gross negligence or willful misconduct in
connection with its duties expressly set forth herein), or (b) be responsible in any manner to any
Lender or participant for any recital, statement, representation or warranty made by the Borrower
or any officer thereof, contained herein or in any other Credit Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Credit Agreement or any other Credit
Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Credit
Agreement or any other Credit Document, or for any failure of the Borrower or any other party to
any Credit Document to perform its obligations hereunder or thereunder. No Agent-Related Person
shall be under any obligation to any Lender or participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Credit
Agreement or any other Credit Document, or to inspect the properties, books or records of the
Borrower or any Affiliate thereof.

     Section 10.04 Reliance by Administrative Agent.

          (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to the Borrower), independent accountants and other experts
selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing
or refusing to take any action under any Credit Document unless it shall first receive such advice
or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall
first be indemnified to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Credit Agreement or any other Credit Document in accordance with a request or consent of
the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any
instance) and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders.

          (b) For purposes of determining compliance with the conditions specified in Section 5.01, each
Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

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     Section 10.05 Notice of Default.

     The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default, except with respect to defaults in the payment of principal,
interest and fees required to be paid to the Administrative Agent for the account of the Lenders,
unless the Administrative Agent shall have received written notice from a Lender or the Borrower
referring to this Credit Agreement, describing such Default or Event of Default and stating that
such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its
receipt of any such notice. The Administrative Agent shall take such action with respect to such
Default or Event of Default as may be directed by the Required Lenders in accordance with Article
IX; provided, however, that unless and until the Administrative Agent has received
any such direction, the Administrative Agent may (but shall not be obligated to) take such action,
or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable or in the best interest of the Lenders.

     Section 10.06 Credit Decision; Disclosure of Information by the Administrative Agent.

     Each Lender acknowledges that no Agent-Related Person has made any representation or warranty
to it, and that no act by the Administrative Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of the Borrower or any Affiliate thereof,
shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Lender as to any matter, including whether Agent-Related Persons have disclosed material
information in their possession. Each Lender represents to the Administrative Agent that it has,
independently and without reliance upon any Agent-Related Person and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness of
the Borrower and its Subsidiaries, and all applicable bank or other regulatory Requirement of Laws
relating to the transactions contemplated hereby, and made its own decision to enter into this
Credit Agreement and to extend credit to the Borrower hereunder. Each Lender also represents that
it will, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this Credit Agreement and
the other Credit Documents, and to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrower. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent herein, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of the Borrower or any of its Affiliates which may come into the possession of
any Agent-Related Person.

     Section 10.07 Indemnification of the Administrative Agent.

     Whether or not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of
the Borrower and without limiting the obligation of the Borrower to do so), on a pro rata basis,
and hold harmless each Agent-Related Person from and against any and all

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Indemnified Liabilities incurred by it; provided, however, that no Lender
shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities to the extent determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful
misconduct; provided further, however, that no action taken in accordance
with the directions of the Required Lenders shall be deemed to constitute gross negligence or
willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender
shall reimburse the Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including, without limitation, the reasonable fees and expenses of legal
counsel) incurred by the Administrative Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Credit Agreement, any other Credit Document, or any document contemplated by or referred to
herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on
behalf of the Borrower. The undertaking in this Section shall survive termination of the
Commitments, the payment of all Borrower Obligations and the resignation of the Administrative
Agent.

     Section 10.08 Administrative Agent in its Individual Capacity.

     JPMorgan and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with the Borrower and its Affiliates as
though JPMorgan were not the Administrative Agent hereunder and without notice to or consent of the
Lenders. The Lenders acknowledge that, pursuant to such activities, JPMorgan or its Affiliates may
receive information regarding the Borrower or its Affiliates (including information that may be
subject to confidentiality obligations in favor of the Borrower or such Affiliate) and acknowledge
that JPMorgan shall be under no obligation to provide such information to them. With respect to
its Loans, JPMorgan shall have the same rights and powers under this Credit Agreement as any other
Lender and may exercise such rights and powers as though it were not the Administrative Agent, and
the terms “Lender” and “Lenders” include JPMorgan in its individual capacity.

     Section 10.09 Successor Administrative Agent.

     The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the
Lenders. If the Administrative Agent resigns under this Credit Agreement, the Required Lenders
shall appoint from among the Lenders a successor administrative agent for the Lenders, which
successor administrative agent shall be consented to by the Borrower at all times other than during
the existence of an Event of Default (which consent of the Borrower shall not be unreasonably
withheld or delayed). If no successor administrative agent is appointed prior to the effective
date of the resignation of the retiring Administrative Agent, the retiring Administrative Agent may
appoint, after consulting with the Lenders and the Borrower, a successor administrative agent from
among the Lenders. Upon the acceptance of its appointment as successor administrative agent
hereunder, the Person acting as such successor administrative agent shall succeed to all the
rights, powers and duties of the retiring Administrative Agent, and the term “Administrative Agent”
shall mean such successor administrative agent, and the retiring Administrative Agent’s
appointment, powers and duties as Administrative Agent shall be

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terminated without any other or further act or deed on the part of the resigning
Administrative Agent or any other Lender. After the Administrative Agent’s resignation hereunder
as Administrative Agent, the provisions of this Article X and Section 11.05 shall continue to inure
to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative
Agent under this Credit Agreement. If no successor administrative agent has accepted appointment
as Administrative Agent by the date which is 30 days following the retiring Administrative Agent’s
notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon
become effective and the Lenders shall perform all of the duties of the Administrative Agent
hereunder until such time, if any, as the Required Lenders appoint a successor administrative agent
as provided for above.

     Section 10.10 Administrative Agent May File Proofs of Claim.

     In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Borrower, the Administrative
Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

          (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Borrower Obligations that are owing and unpaid and to
file such other documents as may be necessary or advisable in order to have the claims of the
Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Administrative Agent and their
respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Sections 3.04 and 11.05) allowed in such judicial proceeding; and

          (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 3.04 and
11.05).

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Borrower Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

     Section 10.11 Other Agents, Arrangers and Managers.

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     None of the Lenders or other Persons identified on the facing page or signature pages of this
Credit Agreement as a “co-syndication agent,” “documentation agent,” “sole book manager,” or “sole
lead arranger” shall have any right, power, obligation, liability, responsibility or duty under
this Credit Agreement other than, in the case of such Lenders, those applicable to all Lenders as
such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall
have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in
deciding to enter into this Credit Agreement or in taking or not taking action hereunder.

ARTICLE XI

MISCELLANEOUS

     Section 11.01 Notices and Other Communications; Facsimile Copies.

          (a) General. Unless otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including by facsimile transmission).
All such written notices shall be mailed, faxed or delivered to the address, facsimile number or
(subject to subsection (c) below) electronic mail address as follows:

	 	(i)	 	if to the Borrower, to it at:

Baker Hughes Incorporated

2929 Allen Parkway, Suite 2100

Houston, TX 77019-2118

Attn: Jan Kees van Gaalen, Vice President & Treasurer

Telephone: 44.207.616.8204 (London)

Email: JanKees.vanGaalen@bakerhughes.com

	 	(ii)	 	if to the Administrative Agent, to it at

JPMorgan Chase Bank, N.A.

1111 Fannin Street, Floor 10

Houston, TX 77002

Attn: Regina Harmon

Telephone: 713-750-2355

Facsimile: 713-427-6307

Email: regina.m.harmon@chase.com

with a copy to:

JPMorgan Chase Bank, N.A.

712 Main Street, 12th Floor Central

Houston, TX 77002

Attn: Marshall Trenckmann

Telephone: 713-216-6031

Facsimile: 713-216-8870

Email: marshall.j.trenckmann@jpmchase.com

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

or; in any such case, to such other address, facsimile number or electronic mail address as shall
be designated by such party in a notice to the other party. All notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the telephone number
specified for notices to the applicable party in the previous sentence, or to such other telephone
number as shall be designated by such party in a notice to the other party in the previous sentence
(or, in the case of any Lender other than the Administrative Agent, in its Administrative
Questionnaire), or to such other telephone number as shall be designated by such party in a notice
to the other party. All such notices and other communications shall be deemed to be given or made
upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B)
if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if
delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered
by electronic mail (which form of delivery is subject to the provisions of subsection (c) below),
when delivered on a Business Day (and if not delivered on a Business Day, then the next succeeding
Business Day); provided, however, that notices and other communications to the Administrative Agent
pursuant to Article II shall not be effective until actually received by such Person. In no event
shall a voicemail message be effective as a notice, communication or confirmation hereunder.

          (b) Effectiveness of Facsimile Documents and Signatures. Credit Documents may be
transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures
shall, subject to applicable law, have the same force and effect as manually-signed originals and
shall be binding on the Borrower and the Lenders. The Administrative Agent may also require that
any such documents and signatures be confirmed by a manually-signed original thereof;
provided, however, that the failure to request or deliver the same shall not limit
the effectiveness of any facsimile document or signature.

          (c) Limited Use of Electronic Mail. Electronic mail and Internet and intranet
websites may be used only to distribute routine communications, such as financial statements and
other information, and to distribute Credit Documents for execution by the parties thereto, and may
not be used for any other purpose, including Article II notices.

          (d) Reliance by Administrative Agent and Lenders. The Administrative Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic notices)
purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender,
their Affiliates, and their respective officers, directors, employees, agents and attorneys-in-fact
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower, except that the Borrower shall not be
obligated to indemnify any Person under the provisions of this subsection (d) where such losses,
costs, expenses and liabilities are the result of such Person’s willful misconduct or gross
negligence. All telephonic notices to and other communications with the

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Administrative Agent may be recorded by the Administrative Agent, and the Borrower hereby
consents to such recording.

     Section 11.02 Right of Set-Off.

     In addition to any rights now or hereafter granted under applicable law or otherwise, and not
by way of limitation of any such rights, upon the occurrence of an Event of Default and the
commencement of remedies described in Section 9.02, each Lender, to the extent permitted by law, is
authorized at any time and from time to time, without presentment, demand, protest or other notice
of any kind (all of which rights being hereby expressly waived), to set-off and to appropriate and
apply any and all deposits (general or special) and any other indebtedness at any time held or
owing by each Lender (including, without limitation, branches, agencies or Affiliates of such
Lender wherever located) to or for the credit or the account of the Borrower against obligations
and liabilities of the Borrower to the Lenders hereunder, under the Notes, the other Credit
Documents or otherwise, irrespective of whether the Administrative Agent or the Lenders shall have
made any demand hereunder and although such obligations, liabilities or claims, or any of them, may
be contingent or unmatured, and any such set-off shall be deemed to have been made immediately upon
the occurrence of an Event of Default even though such charge is made or entered on the books of
such Lender subsequent thereto. The Borrower hereby agrees that any Person purchasing a
participation in the Loans and Commitments hereunder pursuant to Sections 3.09 or 11.03(e) may
exercise all rights of set-off with respect to its Participation Interest as fully as if such
Person were a Lender hereunder.

     Section 11.03 Benefit of Agreement.

          (a) The provisions of this Credit Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (g) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Credit
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Credit
Agreement.

          (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Credit Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it); provided that (i) except in the case of
an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at
the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund with respect to a Lender, the aggregate amount of the Commitment

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(which for this purpose includes Loans outstanding thereunder) subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $15,000,000 and after giving effect to any
such assignment, the assigning Lender shall have Commitments and Loans outstanding aggregating at
least $10,000,000, in each case unless otherwise agreed by the Administrative Agent and, so long as
no Event of Default has occurred and is continuing, the Borrower; (ii) each partial assignment
shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Credit Agreement with respect to the Loans or the Commitment assigned; (iii)
any assignment of a Commitment must be approved by the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower (each such consent not to be
unreasonably withheld or delayed), unless the Person that is the proposed assignee is itself a
Lender or an Affiliate of a Lender (whether or not the proposed assignee would otherwise qualify as
an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee
of $3,500. Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date specified in each Assignment and
Assumption, the Eligible Assignee thereunder shall be a party to this Credit Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations
of a Lender under this Credit Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Credit Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Credit Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of Sections 4.01, 4.04, 4.05,
and 11.05(b) with respect to facts and circumstances occurring prior to the effective date of such
assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the
assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Credit
Agreement that does not comply with this subsection shall be treated for purposes of this Credit
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section.

          (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at the Administrative Agent’s Office located in Houston, Texas a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts 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 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 Credit Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower and any Lender, at any reasonable time
and from time to time upon reasonable prior notice.

          (d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person or the
Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Credit

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Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Credit Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Credit Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Credit Agreement and to approve any amendment, modification or waiver of any
provision of this Credit Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, waiver
or other modification described in the first proviso to Section 11.06 that directly affects such
Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 4.01, 4.04 and 4.05 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.
To the extent permitted by any Requirement of Law, each Participant also shall be entitled to the
benefits of Section 3.08 as though it were a Lender, provided such Participant agrees to be
subject to Section 3.09 as though it were a Lender.

          (e) A Participant shall not be entitled to receive any greater payment under Section 4.01,
4.04 or 4.05 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 4.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 4.01(e) as though it were a Lender.

          (f) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Credit Agreement (including under its Note, if any) to secure obligations of
such Lender, including any pledge or assignment to secure obligations to a federal reserve or
central bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto.

          (g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time
to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the
option to provide all or any part of any Loan that such Granting Lender would otherwise be
obligated to make pursuant to this Credit Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such
option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (A)
neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or
expenses or otherwise increase or change the obligations of the Borrower under this Credit
Agreement (including its obligations under Sections 4.01, 4.04 and 4.05), (B) no SPC shall be
liable for any indemnity or similar payment obligation under this Credit Agreement for which a
Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval
of any amendment, waiver or other modification of any

58

 

provision of any Credit Document, remain the lender of record hereunder. The making of a Loan
by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as
if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each party
hereto hereby agrees (which agreement shall survive the termination of this Credit 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 debt of any SPC, it will not institute against, or join any other
Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or
liquidation proceeding under the Requirements of Law of the United States or any State thereof.
Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but
without prior written consent of the Borrower and the Administrative Agent and without paying any
processing fee therefor, assign all or any portion of its right to receive payment with respect to
any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public
information relating to its funding of Loans to any rating agency, commercial paper dealer or
provider of any surety or guarantee or credit or liquidity enhancement to such SPC.

          (h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may
create a security interest in all or any portion of the Loans owing to it and the Note, if any,
held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as
security for such obligations or securities, provided that unless and until such trustee
actually becomes a Lender in compliance with the other provisions of this Section 11.03, (i) no
such pledge shall release the pledging Lender from any of its obligations under the Credit
Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender
under the Credit Documents even though such trustee may have acquired ownership rights with respect
to the pledged interest through foreclosure or otherwise.

     Section 11.04 No Waiver; Remedies Cumulative.

     No failure or delay on the part of the Administrative Agent or any Lender in exercising any
right, power (including, without limitation, any power of attorney) or privilege hereunder or under
any other Credit Document and no course of dealing between the Borrower, the Administrative Agent
or any Lender shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Credit Document preclude any other or
further exercise thereof or the exercise of any other right, power or privilege hereunder or
thereunder. The rights and remedies provided herein are cumulative and not exclusive of any rights
or remedies which the Administrative Agent or any Lender would otherwise have. No notice to or
demand on the Borrower in any case shall entitle the Borrower to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of the Administrative
Agent or any Lender to any other or further action in any circumstances without notice or demand.

     Section 11.05 Attorney Costs, Expenses, Taxes and Indemnification by Borrower.

          (a) The Borrower agrees (i) to pay or reimburse the Administrative Agent and the Arranger,
subject to agreed limitations, for all reasonable out-of-pocket costs and expenses incurred in
connection with the development, preparation, negotiation and execution of this Credit Agreement
and the other Credit Documents and any amendment, waiver, consent or other

59

 

modification of the provisions hereof and thereof (whether or not the transactions
contemplated hereby or thereby are consummated), and the consummation and administration of the
transactions contemplated hereby and thereby, including all reasonable fees and expenses of legal
counsel, and (ii) to pay or reimburse the Administrative Agent and each Lender for all costs and
expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any
rights or remedies under this Credit Agreement or the other Credit Documents (including all such
costs and expenses incurred during any “workout” or restructuring in respect of the Borrower
Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law),
including all reasonable fees and expenses of legal counsel. The foregoing costs and expenses
shall include all search, filing, recording, and appraisal charges and fees and taxes related
thereto, and other out-of-pocket expenses incurred by the Administrative Agent and the Arranger and
the cost of independent public accountants and other outside experts retained by the Administrative
Agent, the Arranger or any Lender. Other than costs and expenses payable in connection with the
closing of the transactions contemplated by this Credit Agreement pursuant to Section 11.05(a)
(which shall be payable on the Closing Date unless otherwise agreed by the Administrative Agent and
the Arranger), all amounts due under this Section 11.05 shall be payable within ten Business Days
after demand therefor. The agreements in this Section shall survive the termination of the
Commitments and repayment of all other Borrower Obligations.

          (b) Whether or not the transactions contemplated hereby are consummated, the Borrower shall
indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates,
directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including
the reasonable fees and expenses of legal counsel) of any kind or nature whatsoever which may at
any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to
or arising out of or in connection with (i) the execution, delivery, enforcement, performance or
administration of any Credit Document or any other agreement, letter or instrument delivered in
connection with the transactions contemplated thereby or the consummation of the transactions
contemplated thereby, (ii) any Commitment, Loan or the use or proposed use of the proceeds
therefrom, (iii) any actual or alleged presence or release of hazardous substances on or from any
property currently or formerly owned or operated by the Borrower, any of its Subsidiaries, or any
environmental claim related in any way to the Borrower or any of its Subsidiaries, or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or
proceeding) and regardless of whether any Indemnitee is a party thereto or whether any of the
foregoing are brought by the Borrower or any of its Subsidiaries (all the foregoing, collectively,
the “Indemnified Liabilities”), in all cases, whether or not caused by or arising, in whole
or in part, out of the negligence of the Indemnitee; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements
arise from the gross negligence or willful misconduct of such Indemnitee or constitute a violation
of law or breach in bad faith of such Indemnitee’s obligations under this Credit Agreement.
Neither the Borrower nor any Indemnitee shall be liable for any damages arising from the use by
others of any information or other materials

60

 

obtained through IntraLinks or other similar information transmission systems in connection
with this Credit Agreement, nor shall the Borrower, any of its Affiliates or any Indemnitee have
any liability for any indirect, punitive, special, incidental or consequential damages relating to
this Credit Agreement or any other Credit Document or arising out of its activities in connection
herewith or therewith (whether before or after the Closing Date). All amounts due under this
Section 11.05 shall be payable within ten Business Days after demand therefor. The agreements in
this Section shall survive the resignation of the Administrative Agent, the replacement of any
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the
other Borrower Obligations.

     Section 11.06 Amendments, Waivers and Consents.

     Neither this Credit Agreement nor any other Credit Document nor any of the terms hereof or
thereof may be amended, changed, waived, discharged or terminated (other than to effect an increase
in the Commitment Amount and corresponding changes to Schedule 1.01(a) in accordance with Section
2.10) unless such amendment, change, waiver, discharge or termination is in writing and signed by
the Required Lenders and the Borrower; provided that, except as provided in Section
2.09(b), no such amendment, change, waiver, discharge or termination shall, without the consent of
each Lender directly affected thereby:

          (a) extend the Maturity Date;

          (b) reduce the rate or extend the time of payment of interest (other than as a result of
waiving the applicability of any post-default increase in interest rates) on the Loans or fees
hereunder or specify a method for establishing the Applicable Margin pursuant to the fourth
sentence of the definition;

          (c) reduce or waive the principal amount of any Loan or extend the time of payment thereof;

          (d) increase or extend the Commitment of a Lender (it being understood and agreed that a
waiver of any Default or Event of Default or a waiver of any mandatory reduction in the Commitments
shall not constitute a change in the terms of any Commitment of any Lender);

          (e) release the Borrower from its obligations or consent to the assignment or transfer by the
Borrower of any of its rights and obligations under (or in respect of) the Credit Documents;

          (f) amend, modify or waive any provision of this Section 11.06 or Sections 2.09(b), 3.08,
3.09, 9.01(a), 11.02, 11.03 or 11.05; or

          (g) reduce any percentage specified in, or otherwise modify, the definition of Required
Lenders.

     Notwithstanding the above, (i) no provision of Section 2.09 or Section 3.04(b) may be amended
or modified without the consent of the Administrative Agent; and (ii) no provision of this Credit
Agreement or any other Credit Document that addresses the rights or obligations of

61

 

the Administrative Agent (including, without limitation, Article X) may be amended or modified
without prior written consent of the Administrative Agent.

     Notwithstanding the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, (A) each Lender is entitled to vote as such Lender sees fit on
any reorganization plan that affects the Borrower Obligations, and each Lender acknowledges that
the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions
set forth herein and (B) the Required Lenders may consent to allow the Borrower to use cash
collateral in the context of a bankruptcy or insolvency proceeding.

     Section 11.07 Counterparts.

     This Credit Agreement may be executed in any number of counterparts, each of which where so
executed and delivered shall be an original, but all of which shall constitute one and the same
instrument.

     Section 11.08 Survival of Indemnification and Representations and Warranties.

          (a) Survival of Indemnification. All indemnities set forth herein shall survive the
execution and delivery of this Credit Agreement, the making of the Loans, the repayment of the
Loans and the other Borrower Obligations and the termination of the Commitments hereunder.

          (b) Survival of Representations and Warranties. All representations and warranties
made hereunder and in any other Credit Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative
Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any
Lender may have had notice or knowledge of any Default or Event of Default at the time of any
Loans, and shall continue in full force and effect as long as any Commitment remains in effect or
any Loan or any other Borrower Obligation hereunder shall remain unpaid or unsatisfied.

     Section 11.09 Governing Law; Venue.

          (a) THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Credit
Agreement or any other Credit Document may be brought in the courts of the State of New York, or of
the United States District Court sitting in New York City, New York, and, by execution and delivery
of this Credit Agreement, the Borrower hereby irrevocably accepts for itself and in respect of its
property, generally and unconditionally, the jurisdiction of such courts. The Borrower further
irrevocably consents to the service of process out of any of the aforementioned courts in any such
action or proceeding by the mailing of copies thereof by registered or certified mail, postage
prepaid, to it at the address for notices pursuant to Section 11.01, such service to become
effective 30 days

62

 

after such mailing. Nothing herein shall affect the right of the Administrative Agent or any
Lender to serve process in any other manner permitted by law or to commence legal proceedings or to
otherwise proceed against the Borrower in any other jurisdiction.

          (b) The Borrower hereby irrevocably waives any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection
with this Credit Agreement or any other Credit Document in the courts referred to in subsection (a)
hereof and hereby further irrevocably waives and agrees not to plead or claim in any such court
that any such action or proceeding brought in any such court has been brought in an inconvenient
forum.

     Section 11.10 Waiver of Jury Trial; Waiver of Consequential and Punitive Damages.

     EACH OF THE PARTIES TO THIS CREDIT AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT,
ANY OF THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. Each of the
parties to this Credit Agreement agrees not to assert any claim against any other party to this
Credit Agreement, any of such party’s Affiliates or any of its directors, officers, employees,
attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive
damages arising out of or otherwise relating to any of the transactions contemplated herein.

     Section 11.11 Severability.

     If any provision of any of the Credit Documents is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in
full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

     Section 11.12 Further Assurances.

     The Borrower agrees, upon the request of the Administrative Agent, to promptly take such
actions, as reasonably requested, as are necessary to carry out the intent of this Credit Agreement
and the other Credit Documents.

     Section 11.13 Entirety.

     This Credit Agreement together with the other Credit Documents represent the entire agreement
of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or
written, if any, including any commitment letters or correspondence relating to the Credit
Documents or the transactions contemplated herein and therein.

     Section 11.14 Binding Effect; Continuing Agreement.

          (a) This Credit Agreement shall become effective at such time as all of the conditions set
forth in Section 5.01 have been satisfied or waived in the sole discretion of the Lenders and it
shall have been executed by the Borrower, the Administrative Agent and the

63

 

Lenders, and thereafter this Credit Agreement shall be binding upon and inure to the benefit
of the Borrower, the Administrative Agent, the Lenders and their respective successors and assigns.

          (b) This Credit Agreement shall be a continuing agreement and shall remain in full force and
effect until all Loans, interest, fees and other Borrower Obligations (other than contingent
indemnification or expense reimbursement obligations) have been paid in full and the Commitments
have terminated. Upon termination, the Borrower shall have no further obligations (other than the
indemnification provisions that survive) under the Credit Documents; provided that should any
payment, in whole or in part, of the Borrower Obligations be rescinded or otherwise required to be
restored or returned by the Lenders, whether as a result of any proceedings in bankruptcy or
reorganization or otherwise, then the Credit Documents shall automatically be reinstated and all
amounts required to be restored or returned and all costs and expenses incurred by the
Administrative Agent and any Lender in connection therewith shall be deemed included as part of the
Borrower Obligations.

     Section 11.15 Confidentiality.

     Each of the Administrative 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’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent requested by any regulatory authority or self-regulatory body; (c)
to the extent required by applicable laws or regulations or by any subpoena or similar legal
process; (d) to any other party to this Credit Agreement; (e) only to the extent necessary in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating
to this Credit Agreement or the enforcement of rights hereunder; (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights
or obligations under this Credit Agreement or (ii) any direct or indirect contractual counterparty
or prospective counterparty (or such contractual counterparty’s or prospective counterparty’s
professional advisor) to any credit derivative transaction relating to obligations of the Borrower;
(g) with the consent of the Borrower; (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the
Borrower; or to the National Association of Insurance Commissioners or any other similar
organization. In addition, the Administrative Agent and the Lenders may disclose the existence of
this Credit Agreement and information about this Credit Agreement to market data collectors,
similar service providers to the lending industry, and service providers to the Administrative
Agent and the Lenders in connection with the administration and management of this Credit
Agreement, the other Credit Documents, the Commitments and the Loans. For the purposes of this
Section, “Information” means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case
of information received from the Borrower after the date hereof, such information is clearly
identified in writing at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be

64

 

considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

     Section 11.16 Entire Agreement.

     THIS WRITTEN CREDIT AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     Section 11.17 USA Patriot Act Notice.

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

     Section 11.18 No Adverse Interpretation of Other Agreements.

     This Credit Agreement may not be used to interpret another indenture, loan, security or debt
agreement of the Borrower or any Subsidiary thereof. No such indenture, loan, security or debt
agreement may be used to interpret this Credit Agreement.

     Section 11.19 No Fiduciary Duty.

     Each of the Administrative Agent, each Lender and their Affiliates (collectively, solely for
purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of
the Borrower. The Borrower agrees that nothing in the Credit Documents or otherwise will be deemed
to create an advisory, fiduciary or agency relationship or fiduciary or other similar duty between
the Lenders and the Borrower, its stockholders or its Affiliates. The Borrower acknowledges and
agrees that (i) the transactions contemplated by the Credit Documents are arm’s-length commercial
transactions between the Lenders, on the one hand, and the Borrower, on the other, (ii) in
connection therewith and with the process leading to such transaction each of the Lenders is acting
solely as a principal and not the agent or fiduciary of the Borrower, its management, stockholders,
creditors or any other person, (iii) no Lender has assumed an advisory or fiduciary responsibility
in favor of the Borrower with respect to the transactions contemplated hereby or the process
leading thereto (irrespective of whether any Lender or any of its Affiliates has advised or is
currently advising the Borrower on other matters) or any other obligation to the Borrower except
the obligations expressly set forth in the Credit Documents and (iv) the Borrower has consulted its
own legal and financial advisors to the extent it deemed appropriate. The Borrower further
acknowledges and agrees that it is responsible for making its own independent judgment with respect
to such transactions and the process leading thereto. The Borrower agrees that it will not claim
that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to the Borrower, in connection with such transaction or the process leading thereto.

65

 

     Each of the parties hereto has caused a counterpart of this Credit Agreement to be duly
executed and delivered as of the date first above written.

	 	 	 	 	 
	 	BAKER HUGHES INCORPORATED

 	 
	 	By:  	/s/ Peter A. Ragauss
 	 
	 	 	Name:  	Peter A. Ragauss 	 
	 	 	Title:  	Senior Vice President &

Chief Financial Officer 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Marshall Trenckmann
 	 
	 	 	Name:  	MARSHALL TRENCKMANN 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.,

as a Syndication Agent

 	 
	 	By:  	/s/
Andrew Sidford
 	 
	 	 	Name:  	Andrew Sidford 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as a Syndication Agent

 	 
	 	By:  	/s/  Shelley A. McGregor
 	 
	 	 	Name:  	Shelley A. McGregor 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc,

as a Documentation Agent

 	 
	 	By:  	/s/ Todd Vaubel
 	 
	 	 	Name:  	Todd Vaubel 	 
	 	 	Title:  	Authorised Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a
Documentation Agent

 	 
	 	By:  	/s/ William S. Rogers
 	 
	 	 	Name:  	William S. Rogers 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	DNB NOR BANK ASA,

as a Documentation Agent

 	 
	 	By:  	/s/ Giacomo Landi
 	 
	 	 	Name:  	Giacomo Landi 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Henrik Asland
 	 
	 	 	Name:  	Henrik Asland 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Marshall Trenckmann
 	 
	 	 	Name:  	MARSHALL TRENCKMANN 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as a Lender

 	 
	 	By:  	/s/ Shelley A. McGregor
 	 
	 	 	Name:  	Shelley A. McGregor 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Andrew Sidford
 	 
	 	 	Name:  	Andrew Sidford 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc,

as a Lender

 	 
	 	By:  	/s/
Todd Vausa 	 
	 	 	Name:  	Todd Vausa 	 
	 	 	Title:  	Authorised Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as a Lender

 	 
	 	By:  	/s/ Maria Ferradas
 	 
	 	 	Name:  	MARIA FERRADAS 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	DNB NOR BANK ASA,

as a Lender

 	 
	 	By:  	/s/ Giacomo Landi
 	 
	 	 	Name:  	Giacomo Landi 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                                            /s/ Henrik Asland
 	 
	 	 	Name:  	Henrik Asland 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as a Lender

 	 
	 	By:  	/s/ Michael J. Mozer
 	 
	 	 	Name:  	Michael J. Mozer 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Ming K. Chu
 	 
	 	 	Name:  	Ming K. Chu 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Virginia Cosenza
 	 
	 	 	Name:  	Virginia Cosenza 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	GOLDMAN SACHS BANK USA,

as a Lender

 	 
	 	By:  	/s/ Mark Walton
 	 
	 	 	Name:  	Mark Walton 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Mercedes Ahumada
 	 
	 	 	Name:  	Mercedes Ahumada 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA,

as a Lender

 	 
	 	By:  	/s/ Jay T. Sartain
 	 
	 	 	Name:  	Jay T. Sartain 	 
	 	 	Title:  	Authority Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	STANDARD CHARTERED BANK,

as a Lender

 	 
	 	By:  	/s/ James P. Hughes
 	 
	 	 	Name:  	James P. Hughes A2386 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	  	/s/ ANDREW Y. NG
 	 
	 	 	  	ANDREW Y. NG 	 
	 	 	  	DIRECTOR

STANDARD CHARTEAED BANK NY	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

as a Lender

 	 
	 	By:  	/s/
Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director Banking Products Services, US 	 
	 
	 	 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director Banking Products Services, US 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	US BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ John Prigge
 	 
	 	 	Name:  	John Prigge 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Robert Cordes
 	 
	 	 	Name:  	Robert Cordes 	 
	 	 	Title:  	Sr. Portfolio Manager 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	ABU DHABI INTERNATIONAL BANK,

as a Lender

 	 
	 	By:  	/s/
David J. Young
 	 
	 	 	Name:  	David J. Young 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Pamela Sigda
 	 
	 	 	Name:  	Pamela Sigda 	 
	 	 	Title:  	Sr. Vice President 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,

as a Lender

 	 
	 	By:  	/s/ Michael Oka
 	 
	 	 	Name:  	MICHAEL OKA 	 
	 	 	Title:  	EXECUTIVE DIRECTOR 	 
	 
	 	 	 
	 	By:  	                                              /s/ Guilherme Gobbo
 	 
	 	 	Name:  	Guilherme Gobbo 	 
	 	 	Title:  	Vice president

 Global Corporate Banking 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	COMMERZBANK AG, NEW YORK AND GRAND

 CAYMAN BRANCHES, as a Lender

 	 
	 	By:  	/s/
Matthew Havens
 	 
	 	 	Name:  	Matthew Havens 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Sandy Bau
 	 
	 	 	Name:  	Sandy Bau 	 
	 	 	Title:  	Associate 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	MORGAN STANLEY BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Sherrese Clarke
 	 
	 	 	Name:  	Sherrese Clarke 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY,

as a Lender

 	 
	 	By:  	/s/
Keith L. Burson
 	 
	 	 	Name:  	KEITH L. BURSON 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

Signature Page to Credit Agreement

 

 

	 	 	 	 	 
	 	UNICREDIT BANK AG, NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Ken Hamilton
 	 
	 	 	Name:  	KEN HAMILTON  	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	 	 
	 	By:  	
/s/ Humberto Serrano
 	 
	 	 	Name:  	Humberto Serrano 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Credit Agreement

 

 

EXHIBIT 2.02

FORM OF

NOTICE OF BORROWING

	 	 	 

	TO:

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	 	 
	RE:

	 	5-year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders and Agents
identified therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the
“Administrative Agent”) (as amended or otherwise modified from time to time, the
“Credit Agreement”)
	 
	 	 
	DATE:

	 	_____________, 201_

	1.	 	This Notice of Borrowing is made pursuant to the terms of Section 2.02 of the Credit
Agreement. All capitalized terms used herein unless otherwise defined shall have the meanings
set forth in the Credit Agreement.

	2.	 	Please be advised that the Borrower is requesting Loans in the amount of $___________ to be
funded on ___________, 201_ at the interest rate option set forth in paragraph 3 below.

	3.	 	The interest rate option applicable to the requested Loans shall be:

	 	 	 	 	 	 	 

	 

	 	a.
	 	_________
	 	the Base Rate
	 
	 	 	 	 	 	 
	 

	 	b.
	 	_________
	 	the Adjusted Eurodollar Rate for an Interest Period of:
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	_________ one month
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	_________ two months
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	_________ three months
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	_________ six months

	4.	 	Unless notification to the contrary is received by the Administrative Agent prior to the date
on which funds are to be advanced, as of the date on which Loans are to be advanced, all
representations and warranties contained in the Credit Agreement and in the other Credit
Documents, other than Section 6.08 of the Credit Agreement, will be true and correct in all
material respects.
	 
	5.	 	Unless notification to the contrary is received by the Administrative Agent prior to the date
on which funds are to be advanced, as of the date on which funds are to be advanced, no
Default or Event of Default will have occurred and be continuing or will be caused by this
Notice of Borrowing.

 

 

	6.	 	Subsequent to the funding of the requested Loans, the aggregate amount of Loans outstanding
will be $_____________ which is less than or equal to the Committed Amount.

     The Borrower has caused this Notice of Borrowing to be executed and delivered and the
certification and warranties contained herein to be made as of the date first above written.

	 	 	 	 	 
	 	BAKER HUGHES INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT 2.04

FORM OF NOTICE OF CONTINUATION/CONVERSION

	 	 	 

	TO:

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	 	 
	RE:

	 	5-Year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders and Agents
identified therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the
“Administrative Agent”) (as amended or otherwise modified from time to time, the
“Credit Agreement”)
	 
	 	 
	DATE:

	 	_____________, 201_

	1.	 	This Notice of Continuation/Conversion is made pursuant to the terms of Section 2.04 of the
Credit Agreement. All capitalized terms used herein unless otherwise defined shall have the
meanings set forth in the Credit Agreement.

	2.	 	Please be advised that the Borrower is requesting that the outstanding Loan, in the amount of
$___________, currently accruing interest at ______________, and scheduled to mature on
___________, 201_, be continued or converted at the interest rate option set forth in
paragraph 3 below.

	3.	 	The interest rate option applicable to the continuation or conversion of the Loan shall be:

	 	 	 	 	 	 	 

	 

	 	a.
	 	_________
	 	the Base Rate
	 
	 	 	 	 	 	 
	 

	 	b.
	 	_________
	 	the Adjusted Eurodollar Rate for an Interest Period of:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	_________ one month
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	_________ two months
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	_________ three months
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	_________ six months

     The Borrower has caused this Notice of Continuation/Conversion to be executed and delivered
and the certification and warranties contained herein to be made as of the date first above
written.

	 	 	 	 	 
	 	BAKER HUGHES INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT 2.06

FORM OF

NOTE

___________, 201__

     FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
____________________ or registered assigns (the “Lender”), in accordance with the provisions of the
Credit Agreement (as hereinafter defined), the principal amount of each Loan from time to time made
by the Lender to the Borrower under that certain 5-Year $2.5 Billion Credit Agreement, dated as of
September 13, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein
defined), among the Borrower, the Agents and the Lenders from time to time party thereto, and
JPMorgan Chase Bank, N.A., as Administrative Agent.

     The Borrower unconditionally promises to pay interest on the unpaid principal amount of each
Loan from the date of such Loan until such principal amount is paid in full, at such interest rates
and at such times as provided in the Credit Agreement. All payments of principal and interest
shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the per
annum rate set forth in the Credit Agreement.

     This Note is one of the Notes referred to in the Credit Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified in
the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable all as provided in the Credit Agreement. Loans made by
the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in
the ordinary course of business. The Lender may also attach schedules to this Note and endorse
thereon the date, amount and maturity of its Loans and payments with respect thereto.

     The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

 

     IN WITNESS WHEREOF, the Borrower has caused this Note to be executed as of the date first
above written.

	 	 	 	 	 
	 	BAKER HUGHES INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT 2.10(a)

FORM OF INCREASED FACILITY ACTIVATION NOTICE

	To:	 	 JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	RE:	 	 5-Year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders and Agents
identified therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the
“Administrative Agent”) (as amended or otherwise modified from time to time, the
“Credit Agreement”) (All capitalized terms used herein unless otherwise defined shall
have the meanings set forth in the Credit Agreement)
	 
	DATE:	 	 _____________, 201_

     This notice is an Increased Facility Activation Notice referred to in the Credit Agreement,
and the Borrower and each of the Lenders or New Lenders party hereto hereby notify you that:

	1.	 	Each Lender party hereto agrees to increase the amount of its Commitment, effective as of the
open of business on the Increased Facility Closing Date, by the amount set forth opposite such
Lender’s name on the signature pages hereof under the caption “New Commitment Amount”, with
such Lender’s resulting aggregate Commitment, effective as of such time, set forth under the
caption “Resulting Commitment Amount”.
	 
	2.	 	Each proposed New Lender party hereto proposes to become a Lender, effective as of the open
of business on the Increased Facility Closing Date, and agrees to make a Commitment, effective
as of the open of business on the Increased Facility Closing Date, in the amount set forth
opposite such New Lender’s name on the signature pages hereof under the caption “New
Commitment Amount”, with such New Lender’s resulting aggregate Commitment, effective as of
such time, set forth under the caption “Resulting Commitment Amount”.
	 
	3.	 	The Increased Facility Closing Date is ________________.

	 	 	 	 	 
	 	BAKER HUGHES INCORPORATED

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 	 	 

	New Commitment Amount	 	[NAME OF [NEW] LENDER]	 	 
	 
	 	 	 	 	 	 
	$[__________________]

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	Resulting Commitment Amount

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	$[__________________]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	New Commitment Amount	 	[NAME OF [NEW] LENDER]	 	 
	 
	 	 	 	 	 	 
	$[__________________]

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	Resulting Commitment Amount

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	$[__________________]
	 	 	 	 	 	 

CONSENTED TO:

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT 2.10(b)

FORM OF NEW LENDER SUPPLEMENT

          SUPPLEMENT, dated as of _______ ___, 201 _, delivered pursuant to Section 2.10(b) of the
5-Year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders and Agents identified
therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the “Administrative Agent”)
(as amended or otherwise modified from time to time, the “Credit Agreement”). Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement.

W I T N
E S S E T H:

          WHEREAS, the Credit Agreement provides in Section 2.10(b) thereof that, in connection
with the delivery of an Increased Facility Activation Notice, effective as of the open of business
on the related Increased Facility Closing Date, any bank, financial institution or other entity may
become a party to the Credit Agreement with the consent of the Borrower and the Administrative
Agent (which consent shall not be unreasonably withheld) by executing and delivering to the
Borrower and the Administrative Agent a supplement to the Credit Agreement in substantially the
form of this Supplement; and

          WHEREAS, the undersigned is a party to that certain Increased Facility Activation Notice,
dated as of _____________, 201_ and specifying an Increased Facility Closing Date of _____________,
201_ and, in connection therewith, now desires, effective as of the open of business on the
Increased Facility Closing Date, to become a party to the Credit Agreement;

          NOW, THEREFORE, the undersigned hereby agrees as follows:

     1. The undersigned agrees, effective as of the open of business on the Increased Facility
Closing Date, to be bound by the provisions of the Credit Agreement, and agrees that it shall,
effective as of the open of business on the Increased Facility Closing Date, become a Lender for
all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a
Commitment of $_________.

     2. The undersigned (a) represents and warrants that it is legally authorized to enter into
this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with
copies of the financial statements most recently delivered pursuant to Sections 7.01 and (b)
thereof and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Supplement; (c) agrees that it has made and will,
independently and without reliance upon the Administrative Agent or any other Lender and

 

 

based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit Agreement or any
instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Credit Agreement or any instrument or document furnished pursuant hereto or
thereto as are delegated to the Administrative Agent by the terms thereof, together with such
powers as are incidental thereto; and (e) agrees that, effective as of the open of business on the
Increased Facility Closing Date, it will be bound by the provisions of the Credit Agreement and
will perform in accordance with its terms all the obligations which by the terms of the Credit
Agreement are required to be performed by it as a Lender including, without limitation, if it is
organized under the laws of a jurisdiction outside the United States, its obligation pursuant to
Section 4.01(e) of the Credit Agreement.

     3. The undersigned’s address for notices for the purposes of the Credit Agreement is as
follows:

_________________________

(Address)

_________________________

(Attention)

_________________________

(Telecopy)

_________________________

(Telephone)

[Remainder of page left blank intentionally.]

 

 

          IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered by
a duly authorized officer on the date first above written.

	 	 	 	 	 
	 	[NEW LENDER]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BAKER HUGHES INCORPORATED,

as Borrower

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

EXHIBIT 7.01(c)

FORM OF OFFICER’S CERTIFICATE

	TO:	 	 JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 
	RE:	 	 5-Year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among Baker Hughes
Incorporated, a Delaware corporation (the “Borrower”), the Lenders and Agents
identified therein, and JPMorgan Chase Bank, N.A. as Administrative Agent (the
“Administrative Agent”) (as amended or otherwise modified from time to time, the
“Credit Agreement”)
	 
	DATE:	 	 _____________, 201__

     Pursuant to the terms of the Credit Agreement, I, ____________________________, the
____________________ of the Borrower, hereby certify as follows (all capitalized terms used below
shall have the meanings set forth in the Credit Agreement):

     a. No Default or Event of Default exists under the Credit Agreement as of the last day
of the fiscal [quarter] [year] referenced in paragraph a. above, except as indicated on a
separate page attached hereto, which also sets forth an explanation of the action taken or
proposed to be taken by the Borrower with respect thereto.

     b. The quarterly/annual financial statements for the fiscal period cited above, fairly
present in all material respects the financial condition of the Borrower and its
Subsidiaries and have been prepared in accordance with GAAP (in the case of any quarterly
financial statements, subject to changes resulting from normal year-end audit adjustments).

     IN WITNESS WHEREOF, the undersigned has hereunto set his name as of this ___ day of
______________, 201__.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	[NAME] 	 
	 	 	Title:  	[TITLE] 	 

 

 

EXHIBIT 11.03(b)

FORM OF ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective
Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including without limitation any letters
of credit and guarantees included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

	 	 	 	 	 	 	 	 	 

	1.
	 	Assignor:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	2.
	 	Assignee:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 	 	 	 	 	 	 
	3.	 	Borrower:	 	Baker Hughes Incorporated
	 
	 	 	 	 	 	 	 	 
	4.	 	Administrative Agent:	 	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
	 
	 	 	 	 	 	 	 	 
	5.	 	Credit Agreement:	 	5-Year $2.5 Billion Credit Agreement, dated as of September 13, 2011, among
Baker Hughes Incorporated, a Delaware corporation (the “Borrower”), the Lenders
and
Agents identified therein, and JPMorgan Chase Bank, N.A. as Administrative
Agent (the “Administrative Agent”) (as amended or otherwise modified from time
to time, the “Credit Agreement”)
	 
	 	 	 	 	 	 	 	 
	6.
	 	Assigned Interest:	 	 	 	 	 	 

 

			
	1	 	Select as applicable.

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	Percentage Assigned	 
	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	of	 
	Facility Assigned	 	for all Lenders*	 	 	Assigned*	 	 	Commitment/Loans	 
	Revolving Facility
	 	$	 	 	 	$	 	 	 	 	%	 

[7. Trade Date: _____________________, 201_]2

Effective Date: ___________ __, 201_ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	*	 	Amount to be adjusted by the counterparties to take into
account any payments or prepayments made between the Trade Date and the
Effective Date.
	 
	2	 	To be completed if the Assignor and the Assignee intend that
the minimum assignment amount is to be determined as of the Trade Date.

 

 

Consented to and Accepted:

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Consented to (if applicable):

	 	 	 	 	 
	 	

BAKER HUGHES INCORPORATED

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Credit Document.

          1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such
other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, and (v) if it is a “foreign corporation, partnership or
trust” within the meaning of the Code, attached to the Assignment and Assumption is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Credit Documents are required to
be performed by it as a Lender.

          2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

 

          3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

 

Schedule 1.01(a)

COMMITMENTS AND PRO RATA SHARES

	 	 	 	 	 	 	 	 	 
	Lender	 	Pro Rata Share	 	 	Commitment	 
	JPMorgan Chase Bank, N.A.
	 	 	7.17	%	 	$	179,166,666.67	 
	Bank of America, N.A.
	 	 	7.17	%	 	$	179,166,666.67	 
	Citibank, N.A.
	 	 	7.17	%	 	$	179,166,666.67	 
	The Royal Bank of Scotland plc
	 	 	7.17	%	 	$	179,166,666.67	 
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	 	7.17	%	 	$	179,166,666.67	 
	DnB NOR Bank ASA
	 	 	7.17	%	 	$	179,166,666.67	 
	Barclays Bank PLC
	 	 	5.00	%	 	$	125,000,000.00	 
	Deutsche Bank AG New York Branch
	 	 	5.00	%	 	$	125,000,000.00	 
	Goldman Sachs Bank USA
	 	 	5.00	%	 	$	125,000,000.00	 
	HSBC Bank USA, National Association
	 	 	5.00	%	 	$	125,000,000.00	 
	Royal Bank of Canada
	 	 	5.00	%	 	$	125,000,000.00	 
	Standard Chartered Bank
	 	 	5.00	%	 	$	125,000,000.00	 
	UBS Loan Finance LLC
	 	 	5.00	%	 	$	125,000,000.00	 
	US Bank National Association
	 	 	5.00	%	 	$	125,000,000.00	 
	Wells Fargo Bank, N.A.
	 	 	5.00	%	 	$	125,000,000.00	 
	Abu Dhabi International Bank
	 	 	2.00	%	 	$	50,000,000.00	 
	Banco Bilbao Vizcaya Argentaria, S.A.
	 	 	2.00	%	 	$	50,000,000.00	 
	Commerzbank AG, New York and Grand
	 	 	2.00	%	 	$	50,000,000.00	 
	Cayman Branches
	 	 	 	 	 	 	 	 
	Morgan Stanley Bank, N.A.
	 	 	2.00	%	 	$	50,000,000.00	 
	The Northern Trust Company
	 	 	2.00	%	 	$	50,000,000.00	 
	UniCredit Bank AG, New York Branch
	 	 	2.00	%	 	$	50,000,000.00	 
	 
	 	 	 	 	 	 	 	 
	Total:
	 	 	100.00	%	 	$	2,500,000,000.00	 

 

 

Schedule 1.01(b)

SIGNIFICANT SUBSIDIARIES

Baker Hughes Canada Company

Baker Hughes Canada Holdings B.V.

Baker Hughes Denmark Aps

Baker Hughes EHHC, Inc.

Baker Hughes EHO Limited

Baker Hughes Finance International S.r.l.

Baker Hughes Financing Company

Baker Hughes Finance Holdings GmbH

Baker Hughes Holdings I B.V.

Baker Hughes International Branches, Inc.

Baker Hughes International Coöperatief U.A.

Baker Hughes INTEQ GmbH

Baker Hughes Limited

Baker Hughes Luxembourg Holdings S.C.A.

Baker Hughes Luxembourg S.a.r.l.

Baker Hughes Malta Holdings Limited

Baker Hughes Nederland Holdings B.V.

Baker Hughes Norge A/S

Baker Hughes Oilfield Operations, Inc.

Baker Hughes Treasury Services GmbH

Baker Hughes (Deutschland) Holding GmbH

Baker Hughes (Netherland) B.V.

Baker Oilfield Nigeria Limited

 

 

Baker Petrolite Corporation

BH International Holdings C.V.

BH Nederland 3 C.V.

BJ General Holdings SECS LLC

BJ Service International, Inc.

BJS Holdings 1 SNC

BJS Holdings 2 SNC

Oilfield Tool Leasing

RH Holdings 5 C.V.

Western Atlas, Inc.

 

 

Schedule 8.06

SUBSIDIARY INDEBTEDNESS

	 	 	 	 	 
	 	 	As of June 30, 2011	 
	 	 	(Thousands $)	 
	Western Atlas Inc.
	 	$	414,203	 
	BJ Services International Sarl Luxembourg
	 	 	10,104	 
	BJ Services de Venezuela LLC
	 	 	10,959	 
	Baker Hughes Russia Inc.
	 	 	6,788	 
	Baker Hughes Beijing Trading
	 	 	4,610	 
	Baker Hughes do Brasil
	 	 	15,167	 
	Baker Hughes Venezuela S.R.L
	 	 	11,579	 
	Subtotal
	 	$	473,410	 
	Contingent Obligations of Indebtedness
	 	 	864,026	 
	Total
	 	$	1,337,436

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]