Document:

Exhibit 10.1

 

 

 

 

$150,000,000

 

CREDIT AND GUARANTEE AGREEMENT

 

among

 

SIRVA WORLDWIDE, INC.,

a Debtor and Debtor-in-Possession, as Borrower,

 

SIRVA, INC.,

a Debtor and Debtor-in-Possession, as a
Guarantor,

 

THE OTHER GUARANTORS NAMED HEREIN, 

Each a Debtor and Debtor-in-Possession

 

and

 

THE SEVERAL LENDERS

FROM TIME TO TIME PARTIES HERETO, and

 

JPMORGAN CHASE BANK, N.A.,

as administrative agent

 

Dated as of February 6, 2008

 

 

 

 

J.P. MORGAN SECURITIES INC., as

as sole lead arranger and sole bookrunner

 

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  SECTION 1.   DEFINITIONS

  	
  2

  
	
   

  	
  1.1.

  	
  Defined
  Terms

  	
  2

  
	
   

  	
  1.2.

  	
  Other
  Definitional Provisions

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.   AMOUNT
  AND TERMS OF COMMITMENTS

  	
  23

  
	
   

  	
  2.1.

  	
  Revolving
  Credit Commitments

  	
  23

  
	
   

  	
  2.2.

  	
  Procedure
  for Revolving Credit Borrowing

  	
  24

  
	
   

  	
  2.3.

  	
  Termination
  or Reduction of Revolving Credit Commitments

  	
  24

  
	
   

  	
  2.4.

  	
  Term
  Loans

  	
  25

  
	
   

  	
  2.5.

  	
  Term
  Notes

  	
  25

  
	
   

  	
  2.6.

  	
  Procedure
  for Term Loan Borrowing

  	
  25

  
	
   

  	
  2.7.

  	
  Repayment
  of Loans

  	
  25

  
	
   

  	
  2.8.

  	
  Priority
  and Liens

  	
  26

  
	
   

  	
  2.9.

  	
  Payment
  of Obligations

  	
  28

  
	
   

  	
  2.10.

  	
  No
  Discharge; Survival of Claims

  	
  28

  
	
   

  	
  2.11.

  	
  Conversion
  to Exit Facility Agreement

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.   LETTERS
  OF CREDIT

  	
  29

  
	
   

  	
  3.1.

  	
  L/C
  Commitment

  	
  29

  
	
   

  	
  3.2.

  	
  Procedure
  for Issuance of Letters of Credit

  	
  30

  
	
   

  	
  3.3.

  	
  Fees,
  Commissions and Other Charges

  	
  31

  
	
   

  	
  3.4.

  	
  L/C
  Participations

  	
  31

  
	
   

  	
  3.5.

  	
  Reimbursement
  Obligation of the Borrower

  	
  32

  
	
   

  	
  3.6.

  	
  Obligations
  Absolute

  	
  33

  
	
   

  	
  3.7.

  	
  Letter
  of Credit Payments

  	
  34

  
	
   

  	
  3.8.

  	
  Application

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.   GENERAL
  PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

  	
  34

  
	
   

  	
  4.1.

  	
  Interest
  Rates and Payment Dates

  	
  34

  
	
   

  	
  4.2.

  	
  Conversion
  and Continuation Options

  	
  35

  
	
   

  	
  4.3.

  	
  Minimum
  Amounts of Sets

  	
  35

  
	
   

  	
  4.4.

  	
  Optional
  and Mandatory Prepayments and Commitment Reductions

  	
  35

  
	
   

  	
  4.5.

  	
  Commitment
  Fees; Administrative Agent’s Fee; Other Fees

  	
  37

  
	
   

  	
  4.6.

  	
  Computation
  of Interest and Fees

  	
  37

  
	
   

  	
  4.7.

  	
  Inability
  to Determine Interest Rate

  	
  38

  
	
   

  	
  4.8.

  	
  Pro
  Rata Treatment and Payments

  	
  38

  
	
   

  	
  4.9.

  	
  Illegality

  	
  41

  
	
   

  	
  4.10.

  	
  Requirements
  of Law

  	
  41

  
	
   

  	
  4.11.

  	
  Taxes

  	
  42

  
	
   

  	
  4.12.

  	
  Indemnity

  	
  47

  
	
   

  	
  4.13.

  	
  Certain
  Rules Relating to the Payment of Additional Amounts

  	
  47

  

 

i

 

	
   

  	
  Page

  
	
   

  	
   

  
	
   

  	
  4.14.

  	
  Controls
  on Prepayment if Aggregate Outstanding Revolving Credit Exceeds Aggregate
  Revolving Credit Commitments

  	
  49

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.   REPRESENTATIONS
  AND WARRANTIES

  	
  50

  
	
   

  	
  5.1.

  	
  Financial
  Condition

  	
  50

  
	
   

  	
  5.2.

  	
  No
  Change

  	
  51

  
	
   

  	
  5.3.

  	
  Corporate
  Existence; Compliance with Law

  	
  51

  
	
   

  	
  5.4.

  	
  Corporate
  Power; Authorization; Enforceable Obligations

  	
  51

  
	
   

  	
  5.5.

  	
  No
  Legal Bar

  	
  52

  
	
   

  	
  5.6.

  	
  No
  Material Litigation

  	
  52

  
	
   

  	
  5.7.

  	
  No
  Default

  	
  52

  
	
   

  	
  5.8.

  	
  Ownership
  of Property; Liens

  	
  52

  
	
   

  	
  5.9.

  	
  Intellectual
  Property

  	
  53

  
	
   

  	
  5.10.

  	
  Taxes

  	
  53

  
	
   

  	
  5.11.

  	
  Federal
  Regulations

  	
  53

  
	
   

  	
  5.12.

  	
  ERISA

  	
  54

  
	
   

  	
  5.13.

  	
  Investment
  Company Act; Other Regulations

  	
  54

  
	
   

  	
  5.14.

  	
  Subsidiaries

  	
  54

  
	
   

  	
  5.15.

  	
  Environmental
  Matters

  	
  54

  
	
   

  	
  5.16.

  	
  No
  Material Misstatements

  	
  55

  
	
   

  	
  5.17.

  	
  Labor
  Matters

  	
  56

  
	
   

  	
  5.18.

  	
  The
  Orders

  	
  56

  
	
   

  	
  5.19.

  	
  Use
  of Proceeds

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.   CONDITIONS
  PRECEDENT

  	
  56

  
	
   

  	
  6.1.

  	
  Conditions
  to Initial Extension of Credit

  	
  56

  
	
   

  	
  6.2.

  	
  Conditions
  to Each Other Extension of Credit

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.   AFFIRMATIVE
  COVENANTS

  	
  61

  
	
   

  	
  7.1.

  	
  Financial
  Statements

  	
  61

  
	
   

  	
  7.2.

  	
  Certificates;
  Other Information

  	
  62

  
	
   

  	
  7.3.

  	
  Payment
  of Obligations

  	
  63

  
	
   

  	
  7.4.

  	
  Conduct
  of Business and Maintenance of Existence

  	
  63

  
	
   

  	
  7.5.

  	
  Maintenance
  of Property; Insurance

  	
  64

  
	
   

  	
  7.6.

  	
  Inspection
  of Property; Books and Records; Discussions

  	
  64

  
	
   

  	
  7.7.

  	
  Notices

  	
  64

  
	
   

  	
  7.8.

  	
  Environmental
  Laws

  	
  66

  
	
   

  	
  7.9.

  	
  Tax
  Shelter Regulations

  	
  67

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.   NEGATIVE
  COVENANTS

  	
  67

  
	
   

  	
  8.1.

  	
  Minimum
  EBITDA

  	
  67

  
	
   

  	
  8.2.

  	
  Limitation
  on Indebtedness

  	
  67

  
	
   

  	
  8.3.

  	
  Limitation
  on Liens

  	
  69

  
	
   

  	
  8.4.

  	
  Limitation
  on Guarantee Obligations

  	
  71

  
	
   

  	
  8.5.

  	
  Limitation
  on Fundamental Changes

  	
  73

  
	
   

  	
  8.6.

  	
  Limitation
  on Sale of Assets

  	
  73

  
	
   

  	
  8.7.

  	
  Limitation
  on Loans and Dividends to Holding

  	
  75

  

 

ii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
   

  	
  8.8.

  	
  Limitation on Capital
  Expenditures

  	
  76

  
	
   

  	
  8.9.

  	
  Limitation on
  Investments, Loans and Advances

  	
  76

  
	
   

  	
  8.10.

  	
  Limitations on Certain
  Acquisitions

  	
  78

  
	
   

  	
  8.11.

  	
  Limitation on
  Transactions with Affiliates

  	
  78

  
	
   

  	
  8.12.

  	
  Limitation on Sales and
  Leasebacks

  	
  79

  
	
   

  	
  8.13.

  	
  Limitation on Changes
  in Fiscal Year

  	
  79

  
	
   

  	
  8.14.

  	
  Limitation on Lines of
  Business; Creation of Subsidiaries

  	
  79

  
	
   

  	
  8.15.

  	
  Limitation on Synthetic
  Purchase Agreements

  	
  80

  
	
   

  	
  8.16.

  	
  Limitation on
  Modifications of Tax Sharing Agreement

  	
  80

  
	
   

  	
  8.17.

  	
  Limitations on Currency
  and Commodity Hedging Transactions

  	
  80

  
	
   

  	
  8.18.

  	
  Chapter 11 Claims

  	
  80

  
	
   

  	
  8.19.

  	
  Use of Proceeds

  	
  80

  
	
   

  	
  8.20.

  	
  Reorganization Plan

  	
  80

  
	
   

  	
  8.21.

  	
  Covenants of Holding
  Companies

  	
  81

  
	
   

  	
  8.22.

  	
  Limitation on Negative
  Pledge Clauses

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.   EVENTS
  OF DEFAULT

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.   THE
  Administrative Agent

  	
  86

  
	
   

  	
  10.1.

  	
  Appointment

  	
  86

  
	
   

  	
  10.2.

  	
  Delegation of Duties

  	
  86

  
	
   

  	
  10.3.

  	
  Exculpatory Provisions

  	
  87

  
	
   

  	
  10.4.

  	
  Reliance by
  Administrative Agent

  	
  87

  
	
   

  	
  10.5.

  	
  Notice of Default

  	
  88

  
	
   

  	
  10.6.

  	
  Acknowledgements and
  Representations by Lenders

  	
  88

  
	
   

  	
  10.7.

  	
  Indemnification

  	
  88

  
	
   

  	
  10.8.

  	
  Administrative Agent in
  its Individual Capacity

  	
  89

  
	
   

  	
  10.9.

  	
  Successor
  Administrative Agent

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.   GUARANTEE

  	
  90

  
	
   

  	
  11.1.

  	
  Guarantee

  	
  90

  
	
   

  	
  11.2.

  	
  Right of Contribution

  	
  90

  
	
   

  	
  11.3.

  	
  No Subrogation

  	
  91

  
	
   

  	
  11.4.

  	
  Amendments, etc. with
  respect to the Obligations

  	
  91

  
	
   

  	
  11.5.

  	
  Guarantee Absolute and
  Unconditional

  	
  91

  
	
   

  	
  11.6.

  	
  Reinstatement

  	
  92

  
	
   

  	
  11.7.

  	
  Payments

  	
  92

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.   REMEDIES;
  APPLICATION OF PROCEEDS

  	
  92

  
	
   

  	
  12.1.

  	
  Remedies; Obtaining the
  Collateral Upon Default

  	
  92

  
	
   

  	
  12.2.

  	
  Remedies; Disposition
  of the Collateral

  	
  93

  
	
   

  	
  12.3.

  	
  Application of Proceeds

  	
  94

  
	
   

  	
  12.4.

  	
  WAIVER OF CLAIMS

  	
  95

  
	
   

  	
  12.5.

  	
  Remedies Cumulative

  	
  95

  
	
   

  	
  12.6.

  	
  Discontinuance of
  Proceedings

  	
  96

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.   MISCELLANEOUS

  	
  96

  

 

iii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
   

  	
  13.1.

  	
  Amendments and Waivers

  	
  96

  
	
   

  	
  13.2.

  	
  Notices

  	
  98

  
	
   

  	
  13.3.

  	
  No Waiver; Cumulative
  Remedies

  	
  99

  
	
   

  	
  13.4.

  	
  Survival of
  Representations and Warranties

  	
  99

  
	
   

  	
  13.5.

  	
  Payment of Expenses and
  Taxes

  	
  99

  
	
   

  	
  13.6.

  	
  Successors and Assigns;
  Participations and Assignments

  	
  100

  
	
   

  	
  13.7.

  	
  Adjustments; Set-off

  	
  104

  
	
   

  	
  13.8.

  	
  Counterparts

  	
  105

  
	
   

  	
  13.9.

  	
  Severability

  	
  105

  
	
   

  	
  13.10.

  	
  Integration

  	
  105

  
	
   

  	
  13.11.

  	
  GOVERNING LAW

  	
  106

  
	
   

  	
  13.12.

  	
  Submission To
  Jurisdiction; Waivers

  	
  106

  
	
   

  	
  13.13.

  	
  Absence of Prejudice to
  the Pre-petition Lenders with Respect to Matters Before the Bankruptcy Court

  	
  106

  
	
   

  	
  13.14.

  	
  Judgment

  	
  107

  
	
   

  	
  13.15.

  	
  Acknowledgements

  	
  107

  
	
   

  	
  13.16.

  	
  WAIVER
  OF JURY TRIAL

  	
  107

  
	
   

  	
  13.17.

  	
  Confidentiality

  	
  108

  

 

iv

 

	
   SCHEDULES

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A

  	
   

  	
  Notices

  
	
   

  	
  B

  	
   

  	
  List
  of Guarantors

  
	
   

  	
  C

  	
   

  	
  Existing
  Letters of Credit

  
	
   

  	
  D

  	
   

  	
  Designated
  Foreign Currencies

  
	
   

  	
  5.2

  	
   

  	
  Material
  Adverse Effect Disclosure

  
	
   

  	
  5.4

  	
   

  	
  Consents
  Required

  
	
   

  	
  5.6

  	
   

  	
  Litigation

  
	
   

  	
  5.8

  	
   

  	
  Real
  Property

  
	
   

  	
  5.9

  	
   

  	
  Intellectual
  Property Claims

  
	
   

  	
  5.15

  	
   

  	
  Subsidiaries

  
	
   

  	
  6.1(d)

  	
   

  	
  Lien
  Searches

  
	
   

  	
  8.2(d)

  	
   

  	
  Permitted
  Indebtedness

  
	
   

  	
  8.3(j)

  	
   

  	
  Permitted
  Liens

  
	
   

  	
  8.4(a)

  	
   

  	
  Permitted
  Guarantee Obligations

  
	
   

  	
  8.9(c)

  	
   

  	
  Permitted
  Investments

  
	
   

  	
  8.11(v)

  	
   

  	
  Permitted
  Transactions with Affiliates

  
	
   

  	
   

  	
   

  	
   

  
	
   EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A-1

  	
   

  	
  Form of
  Revolving Credit Note

  
	
   

  	
  A-2

  	
   

  	
  Form of
  Term Note

  
	
   

  	
  B

  	
   

  	
  Form of
  Interim Order

  
	
   

  	
  C

  	
   

  	
  Exit
  Facility Term Sheet

  
	
   

  	
  D-1

  	
   

  	
  Form of
  Opinion of Kirkland & Ellis LLP, Special Counsel to the Loan Parties

  
	
   

  	
  D-2

  	
   

  	
  Form of
  Opinion of Eryk J. Spytek, In-house Counsel to the Loan Parties

  
	
   

  	
  E

  	
   

  	
  Form of
  U.S. Tax Compliance Certificate

  
	
   

  	
  F

  	
   

  	
  Form of
  Assignment and Acceptance

  
	
   

  	
  G

  	
   

  	
  Assumption
  Agreement

  
	
   

  	
  H

  	
   

  	
  Form of
  Borrowing Certificate

  
	
   

  	
  I

  	
   

  	
  Form of
  Closing Certificate

  

 

v

 

CREDIT
AND GUARANTEE AGREEMENT (the “Agreement”), dated as of February 6,
2008, among (i) SIRVA WORLDWIDE, INC., a Delaware corporation (the “Borrower”),
which is a debtor and debtor-in-possession in a case pending under Chapter 11
of the Bankruptcy Code, (ii) SIRVA, INC., a Delaware corporation (“Holding”),
and each of the direct and indirect domestic Subsidiaries of Holding designated
as a Guarantor on Schedule B hereto (such Subsidiaries, collectively with
Holding, the “Guarantors” and together with the Borrower and Holding,
the “Debtors” and each a “Debtor”), each of which Guarantors is a
debtor and a debtor-in-possession in a case pending under Chapter 11 of the
Bankruptcy Code (the cases of the Borrower and the Guarantors, each a “Case”
and, collectively, the “Cases”), (iii) the several banks and other
financial institutions from time to time parties to this Agreement (as further
defined in subsection 1.1, the “Lenders”), and (iv) JPMORGAN CHASE
BANK, N.A., (“JPMCB”), as administrative agent for the Lenders hereunder
(in such capacity, the “Administrative Agent”).

 

INTRODUCTORY STATEMENT:

 

On February 5, 2008 (the “Petition Date”), the Debtors
filed voluntary petitions with the Bankruptcy Court (such term and other
capitalized terms used in this Introductory Statement being used with the
meanings given to such terms in subsection 1.1) initiating the Cases and have
continued in the possession of their assets and in the management of their
businesses pursuant to Bankruptcy Code Sections 1107 and 1108.

 

Pursuant to this Agreement and the Orders, the Lenders are making
available to the Borrower a $150,000,000 debtor-in-possession facility
consisting of (i) a term loan in an aggregate principal amount not to
exceed $65,000,000, and (ii) a revolving loan in an aggregate principal
amount not to exceed $85,000,000, including a letter of credit facility in an
aggregate principal amount not to exceed $60,000,000 (in each case, subject to
mandatory and optional reductions in accordance with subsection 4.4), all of
the Borrower’s obligations under which are guaranteed by the Guarantors, and
that is automatically convertible to an exit facility upon the satisfaction (or
waiver) of certain conditions, all of the Borrower’s obligations under each of
which are guaranteed by the Guarantors.

 

The proceeds of the Loans and the Letters of Credit will be used to
repay certain indebtedness outstanding on the Petition Date and to provide
working capital for, and for other general corporate purposes of, the Loan
Parties, in all cases subject to the terms of this Agreement and the Orders.

 

To provide guarantees for the repayment of the Loans, the reimbursement
of any draft drawn under the Letters of Credit and the payment of the other
Obligations of the Debtors hereunder and under the other Loan Documents, the
Debtors are providing to the Administrative Agent and the Lenders, pursuant to
this Agreement and the Orders, the following (each as more fully described
herein):

 

(a)           a guarantee from each of the
Guarantors of the due and punctual payment and performance of the Obligations
of the Borrower hereunder and under the Notes;

 

 

(b)           with respect to the Obligations of
the Loan Parties hereunder, an allowed administrative expense claim entitled to
the benefits of Bankruptcy Code Section 364(c)(1) in each of the
Cases, having a superpriority over any and all administrative expenses of the
kind specified in Bankruptcy Code Sections 503(b) or 507(b);

 

(c)           pursuant to Bankruptcy Code Section 364(c)(2) a
perfected first priority (subject to permitted exceptions) lien on all present
and after-acquired property of the Debtors not subject to a lien on the
Petition Date;

 

(d)           pursuant to Bankruptcy Code Section 364(c)(3) a
perfected junior lien on, and security interest in, all present and after-acquired
property of the Debtors that is otherwise subject to a valid and perfected lien
on the Petition Date (other than to secure the Prepetition Credit Facility
Obligations) or a valid lien perfected (but not granted) after the Petition
Date to the extent such post-Petition Date perfection in respect of a
pre-Petition Date claim is expressly permitted under the Bankruptcy Code; and

 

(e)           pursuant to Bankruptcy Code Section 364(d)(1) a
perfected first priority (subject to permitted exceptions), senior priming lien
on (x) all present and after-acquired property of the Debtors that is
subject to a lien on the Petition Date to secure the Prepetition Credit
Facility Obligations and (y) all present and after-acquired assets that
are presently subject to liens that are junior to the liens that secure the
Prepetition Credit Facility Obligations.

 

All of the claims and the Liens granted hereunder and pursuant to the
Orders in the Cases to the Administrative Agent and the Lenders shall be
subject to the Carve Out and the Permitted Liens, but in each case only to the
extent provided in subsection 2.8 and the Orders.

 

Accordingly, the parties hereto hereby agree as follows:

 

SECTION 1.   DEFINITIONS

 

1.1.          Defined Terms.  As
used in this Agreement, the following terms shall have the following meanings:

 

“ABR”:  for any day, a
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
the greater of (a) the Prime Rate in effect on such day and (b) the
Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.  For purposes hereof:  “Prime Rate” shall mean the rate of
interest per annum publicly announced from time to time by JPMCB as its prime
rate in effect at its principal office in New York City (the Prime Rate not
being intended to be the lowest rate of interest charged by JPMCB in connection
with extensions of credit to debtors); and “Federal Funds Effective Rate”
shall mean, for any day, the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by
federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for
any day which is a Business Day, the average of the quotations for the day of
such transactions received by the Administrative Agent from three federal funds
brokers of recognized standing selected by it. 
Any change in the ABR due to a change in the Prime Rate or the Federal
Funds Effective Rate

 

2

 

shall
be effective as of the opening of business on the effective day of such change
in the Prime Rate or the Federal Funds Effective Rate, respectively.

 

“ABR Loans”:  Loans the
rate of interest applicable to which is based upon the ABR.

 

“Acceleration”:  as
defined in subsection 9(e).

 

“Accounts”:  as defined in
the Uniform Commercial Code as in effect in the State of New York from time to
time; and, with respect to the Borrower and its Subsidiaries, all such Accounts
of such Persons, whether now existing or existing in the future, including,
without limitation, (a) all accounts receivable of such Person (whether or
not specifically listed on schedules furnished to the Administrative Agent),
including, without limitation, all accounts created by or arising from all of
such Person’s sales of goods or rendition of services made under any of its
trade names, or through any of its divisions, (b) all unpaid rights of
such Person (including rescission, replevin, reclamation and stopping in transit)
relating to the foregoing or arising therefrom, (c) all rights to any
goods represented by any of the foregoing, including, without limitation,
returned or repossessed goods, (d) all reserves and credit balances held
by such Person with respect to any such accounts receivable of any obligors, (e) all
letters of credit, guarantees or collateral for any of the foregoing and (f) all
insurance policies or rights relating to any of the foregoing.

 

“Administrative Agent”: 
as defined in the Preamble hereto.

 

“Affiliate”:  as to any
Person, any other Person (other than a Subsidiary) which, directly or
indirectly, is in control of, is controlled by, or is under common control
with, such Person.  For purposes of this
definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 20% or more of the securities having ordinary voting
power for the election of directors of such Person or (b) direct or cause
the direction of the management and policies of such Person, whether by contract
or otherwise.

 

“Aggregate Outstanding Revolving Credit”:  as to any Revolving Credit Lender at any
time, an amount equal to the sum of (a) the aggregate principal amount of
all Revolving Credit Loans made by such Revolving Credit Lender then outstanding
and (b) such Revolving Credit Lender’s Revolving Credit Commitment
Percentage of the L/C Obligations then outstanding.

 

“Agreement”:  this Credit
Agreement, as amended, supplemented, waived or otherwise modified from time to
time.

 

“Applicable Margin”:  as
applied to any given type of Loans, (a) with respect to ABR Loans, 5.5%
per annum and (b) with respect to Eurodollar Loans, 6.5% per annum.

 

“Application”:  an
application, in such form as the Issuing Lender may specify from time to time,
requesting the Issuing Lender to open a Letter of Credit.

 

“Approved Fund”:  as
defined in subsection 13.6(b).

 

3

 

“Asset Sale”:  any sale,
issuance, conveyance, transfer, lease or other disposition (a “Disposition”)
by the Borrower or any of its Subsidiaries, in one or a series of related
transactions, of any real or personal, tangible or intangible, property
(including, without limitation, Capital Stock) of the Borrower or such
Subsidiary to any Person (other than to the Borrower or any of its Wholly Owned
Subsidiaries) which yields gross proceeds to the Borrower or any of its
Subsidiaries (valued at the initial principal amount thereof in the case of
non-cash proceeds consisting of notes or other debt securities and valued at
fair market value in the case of other non-cash proceeds) in excess of
$250,000, provided that the term Asset Sale shall not include any
Disposition by any Insurance Subsidiary of its property in the ordinary course
of conducting its insurance business.

 

“Alternative Financing” as defined in Section 2.11.

 

“Assignee”:  as defined in
subsection 13.6(b).

 

“Assignment and Acceptance”: 
an Assignment and Acceptance, substantially in the form of Exhibit F.

 

“Assumption Agreement”: 
the supplement to the Guarantee substantially in the form of Exhibit G
attached hereto.

 

“Available Revolving Credit Commitment”:  as to any Revolving Credit Lender at any
time, an amount equal to the excess, if any, of (a) the amount of such
Revolving Credit Lender’s Revolving Credit Commitment at such time over (b) the
sum of (i) the aggregate unpaid principal amount at such time of all
Revolving Credit Loans made by such Revolving Credit Lender, and (ii) an
amount equal to such Revolving Credit Lender’s Revolving Credit Commitment
Percentage of the outstanding L/C Obligations at such time; collectively, as to
all the Lenders, the “Available Revolving Credit Commitments”.

 

“Bankruptcy Code”:  the
Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and
codified as 11 U.S.C. §§101 et  seq.

 

“Bankruptcy Court”:  the
United States Bankruptcy Court for the Southern District of New York, or any
other court having jurisdiction over the Cases from time to time.

 

“Board”:  the Board of
Governors of the Federal Reserve System.

 

“Borrower”:  as defined in
the Preamble hereto.

 

“Borrowing Date”:  any
Business Day specified in a notice pursuant to subsection 2.2, 2.6 or 3.2
as a date on which the Borrower requests the Lenders to make Loans hereunder or
the Issuing Lender to issue Letters of Credit hereunder.

 

“Budget”:  the cash flow
projections of the Loan Parties, showing anticipated cash receipts and
disbursements on a rolling thirteen- week basis for the period from the
Petition Date through July 31, 2008 (with any period outside of the 13
week period

 

4

 

reflected
in a monthly summary), in a form reasonably satisfactory to the Administrative
Agent and as thereafter updated in accordance with subsection 6.1(p).

 

 “Business Day”:  a day other than a Saturday, Sunday or other
day on which commercial banks in New York, New York are authorized or required
by law to close, except that, when used in connection with a Eurodollar Loan, “Business
Day” shall mean any Business Day on which dealings in Dollars between banks may
be carried on in London, England and New York, New York.

 

“Capital Expenditures”: 
with respect to any Person for any period, the sum of the aggregate of
all expenditures by such Person and its consolidated Subsidiaries during such
period (exclusive of expenditures made for Investments permitted by
subsection 8.9) which, in accordance with GAAP, are or should be included
in “capital expenditures” and are reflected in the consolidated statement of
cash flows of such Person for such period.

 

“Capital Stock”:  any and
all shares, interests, participations or other equivalents (however designated)
of capital stock of a corporation, any and all equivalent ownership interests
in a Person (other than a corporation) and any and all warrants or options to
purchase any of the foregoing.

 

“Carve Out”:  the meaning
set forth in subsection 2.8(a).

 

“Cases”:  the meaning set
forth in the preamble to this Agreement.

 

“Cash Collateral”:  the
meaning set forth in Section 363(a) of the Bankruptcy Code.

 

“Cash Equivalents”:  (a) securities
issued or fully guaranteed or insured by the United States Government or any
agency or instrumentality thereof, (b) time deposits, certificates of
deposit or bankers’ acceptances of (i) any Lender or (ii) any
commercial bank having capital and surplus in excess of $500,000,000 and the
commercial paper of the holding company of which is rated at least A-2 or the
equivalent thereof by Standard & Poor’s Ratings Group (a division of
The McGraw Hill Companies Inc.) or any successor rating agency (“S&P”)
or at least P-2 or the equivalent thereof by Moody’s Investors Service, Inc.
or any successor rating agency (“Moody’s”) (or if at such time neither
is issuing ratings, then a comparable rating of such other nationally
recognized rating agency as shall be approved by the Administrative Agent in
its reasonable judgment), (c) commercial paper rated at least A-2 or the
equivalent thereof by S&P or at least P-2 or the equivalent thereof by
Moody’s (or if at such time neither is issuing ratings, then a comparable
rating of such other nationally recognized rating agency as shall be approved
by the Administrative Agent in its reasonable judgment), (d) investments
in money market funds complying with the risk limiting conditions of Rule 2a-7
or any successor rule of the Securities and Exchange Commission under the
Investment Company Act, and (e) investments similar to any of the
foregoing denominated in foreign currencies approved by the board of directors
of the Borrower, in each case provided in clauses (a), (b), (c) and (e) above
only, maturing within twelve months after the date of acquisition.

 

5

 

“Cash Management Banks”: the collective reference to National
City Bank, LaSalle Bank and Harris Bank.

 

“Change of Control”:  (a) the
acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or group (within the meaning of the Securities Exchange Act of 1934
and the rules of the Securities and Exchange Commission thereunder as in
effect on the date hereof) of shares representing more than 50% of the
aggregate ordinary voting power represented by the issued and outstanding
capital stock of Holding, or (b) the occupation of a majority of the seats
(other than vacant seats) on the Board of Directors of Holding by Persons who
were neither (i) nominated by the Board of Directors of Holding nor (ii) appointed
by directors so nominated.

 

“Closing Date”:  the date
on which all the conditions precedent set forth in subsection 6.1 shall be
satisfied or waived, which date is February 6, 2008.

 

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

 

“Collateral”:  all
property of the Loan Parties, now owned or hereafter acquired, as more
particularly described in the Orders.

 

“Commercial Letter of Credit”: 
as defined in subsection 3.1(a).

 

“Commitment”:  as to any
Lender, the sum of the Term Loan Commitment and the Revolving Credit Commitment
of such Lender.

 

“Commonly Controlled Entity”: 
an entity, whether or not incorporated, which is under common control
with the Borrower within the meaning of Section 4001 of ERISA or is part
of a group which includes the Borrower and which is treated as a single
employer under Section 414 of the Code.

 

“Conduit Lender”:  any
special purpose corporation organized and administered by any Lender for the
purpose of making Loans otherwise required to be made by such Lender and
designated by such Lender in a written instrument delivered to the
Administrative Agent (a copy of which shall be provided by the Administrative
Agent to the Borrower on request); provided that the designation by any
Lender of a Conduit Lender shall not relieve the designating Lender of any of
its obligations under this Agreement, including, without limitation, its
obligation to fund a Loan if, for any reason, its Conduit Lender fails to fund
any such Loan, and the designating Lender (and not the Conduit Lender) shall
have the sole right and responsibility to deliver all consents and waivers required
or requested under this Agreement with respect to its Conduit Lender, and provided,
further, that no Conduit Lender shall (a) be entitled to receive
any greater amount pursuant to any provision of this Agreement, including
without limitation subsection 4.10, 4.11, 4.12 or 13.5, than the designating
Lender would have been entitled to receive in respect of the extensions of
credit made by such Conduit Lender if such designating Lender had not
designated such Conduit Lender hereunder, (b) be deemed to have any Term
Loan Commitment or Revolving Credit Commitment or (c) be designated if
such designation would otherwise increase the costs of any Facility to the
Borrower.

 

6

 

“Confirmation Order”:  an
order of the Bankruptcy Court confirming the Reorganization Plan.

 

“Consolidated Net Income”: 
for any period, net income of Holding and its consolidated Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP.

 

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

 

“Conversion Date”:  the
date upon which the conditions to effectiveness of the Exit Facility Agreement
set forth therein shall have been satisfied or waived.

 

“CRS Holding”:  SIRVA
Relocation, LLC, a Delaware limited liability company and Wholly Owned
Subsidiary of the Borrower.

 

“Debtors”:  as defined in
the Preamble.

 

“Default”:  any of the
events specified in Section 9, whether or not any requirement for the
giving of notice (other than, in the case of subsection 9(e), a Default
Notice), the lapse of time, or both, or any other condition specified in Section 9,
has been satisfied.

 

“Default Notice”:  as
defined in subsection 9(e).

 

“Designated Foreign Currencies”: 
the currencies set forth on Schedule D and any other available and
freely convertible foreign currency selected by the Borrower and approved by
the Administrative Agent and all of the Revolving Credit Lenders in accordance
with subsection 13.1(b).

 

“Disclosure Statement”: 
the Disclosure Statement, dated as of January 28, 2008, distributed
to certain holders of claims (as defined in Section 101(5) of the
Bankruptcy Code) against the Debtors.

 

“Disinterested Director”: 
as defined in subsection 8.11.

 

“Disposition”:  as defined
in the definition of the term “Asset Sale” in this subsection 1.1.

 

“Dollar Equivalent”:  with
respect to any amount in respect of any Letter of Credit denominated in any
Designated Foreign Currency, at any date of determination thereof, an amount in
Dollars equivalent to such amount calculated on the basis of the Spot Rate of
Exchange.

 

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

 

7

 

“Domestic Subsidiary”: 
any Subsidiary of the Borrower which is not a Foreign Subsidiary.

 

“EBITDA”:  for any period,
Consolidated Net Income for such period adjusted to exclude the following items
(without duplication) of income or expense to the extent that such items are
included in the calculation of Consolidated Net Income: (a) interest
expense, net (excluding any interest expense or interest income included
in operating income or loss), (b) total income tax expense, (c) depreciation
expense (d) the expense associated with amortization of intangible and
other assets (including amortization or other expense recognition of any costs
associated with asset write-ups in accordance with APB Nos. 16 and 17) (e) income
and/or loss from discontinued operations, (f) gains and/or losses on the
sale of assets (excluding the sale of operating assets in the normal course of
business), (g) gains/losses from the extinguishment of liabilities, (h) non-cash
long-term asset impairment charges, and (i) up to $13,000,000 of fees,
costs and expenses related to the restructuring efforts of the Borrower and its
Subsidiaries, including the Cases. For the purposes of calculating EBITDA for
any month (each such month, a “Reference Period”), if at any time during
such Reference Period the  Borrower or
any of its Subsidiaries shall have made any Material Disposition, the EBITDA
for such Reference Period shall be reduced by an amount equal to the EBITDA (if
positive) attributable to the property that is the subject of such Material
Disposition for such Reference Period or increased by an amount equal to the
EBITDA (if negative) attributable thereto for such Reference Period. As used in
this definition, “Material Disposition” means any Disposition of
property or series of related Dispositions of property that (x) constitutes
assets comprising all or substantially all of an operating unit of a business
or constitutes all or substantially all of the common stock of a Person and (y) yields
gross proceeds to the Borrower or any of its Subsidiaries in excess of
$1,000,000.

 

“Effective Date”: as defined in the Reorganization Plan.

 

“Employee Relocation Business”: 
the business of providing relocation services including home sale and
purchase assistance, management of tenant responsibilities and other services
to corporations that assist employees in their relocation needs, and other
business related thereto.

 

“Environmental Costs”: 
any and all costs or expenses (including, without limitation, attorney’s
and consultant’s fees, investigation and laboratory fees, response costs, court
costs and litigation expenses, fines, penalties, damages, settlement payments,
judgments and awards), of whatever kind or nature, known or unknown, contingent
or otherwise, arising out of, or in any way relating to, any violation of,
noncompliance with or liability under any Environmental Laws or any orders,
requirements, demands, or investigations of any person related to any
Environmental Laws.  Environmental Costs
include any and all of the foregoing, without regard to whether they arise out
of or are related to any past, pending or threatened proceeding of any kind.

 

“Environmental Laws”:  any
and all foreign, Federal, state, local or municipal laws, rules, orders,
regulations, statutes, ordinances, codes, decrees, requirements of any

 

8

 

Governmental
Authority properly promulgated and having the force and effect of law or other
Requirements of Law (including, without limitation, common law) regulating,
relating to or imposing liability or standards of conduct concerning protection
of human health or the environment, as now or at any relevant time hereafter
are or at any relevant time have been, in effect.

 

“Environmental Permits”: any and all permits, licenses,
registrations, notifications, exemptions and any other authorization required
under any Environmental Law.

 

“ERC”:  Executive
Relocation Corporation, a Michigan corporation.

 

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

 

“Eurocurrency Reserve Requirements”:  for any day as applied to a Eurodollar Loan,
the aggregate (without duplication) of the rates (expressed as a decimal
fraction) of reserve requirements in effect on such day (including, without
limitation, basic, supplemental, marginal and emergency reserves under any
regulations of the Board or other Governmental Authority having jurisdiction
with respect thereto) dealing with reserve requirements prescribed for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board) maintained by a member bank of the Federal Reserve
System.

 

“Eurodollar Base Rate”: 
with respect to each day during each Interest Period pertaining to a
Eurodollar Loan, the rate per annum determined by the Administrative Agent to
be the arithmetic mean (rounded to the nearest 1/100th of 1%) of the offered
rates for deposits in Dollars with a term comparable to such Interest Period
that appears on the Telerate British Bankers Assoc. Interest Settlement Rates Page (as
defined below) at approximately 11:00 A.M., London time, on the second
full Business Day preceding the first day of such Interest Period; provided,
however, that if there shall at any time no longer exist a Telerate
British Bankers Assoc. Interest Settlement Rates Page, “Eurodollar Base Rate”
shall mean, with respect to each day during each Interest Period pertaining to
a Eurodollar Loan, the rate per annum equal to the rate at which JPMCB is
offered deposits in Dollars at or about 10:00 A.M., New York City time,
two Business Days prior to the beginning of such Interest Period in the
interbank eurodollar market where the eurodollar and foreign currency and
exchange operations are then being conducted for delivery on the first day of
such Interest Period for the number of days comprised therein and in an amount
comparable to the amount of its Eurodollar Loan to be outstanding during such
Interest Period.  “Telerate British
Bankers Assoc. Interest Settlement Rates Page” shall mean the display
designated as Page 3750 (or such other page on which any Designated
Foreign Currency then appears) on the Telerate System (or such other page as
may replace such page on such service for the purpose of displaying the
rates at which Dollar deposits are offered by leading banks in the London
interbank deposit market).

 

9

 

“Eurodollar Loans”:  Loans the rate of interest applicable to
which is based upon the Eurodollar Rate.

 

“Eurodollar Rate”:  with respect to each day during each Interest
Period pertaining to a Eurodollar Loan, a rate per annum determined for such
day in accordance with the following formula (rounded upward to the nearest
1/100th of 1%):

 

	
  Eurodollar Base Rate

  
	
  1.00 - Eurocurrency Reserve Requirements

  

 

“Event of Default”:  any of the events specified in Section 9,
provided that any requirement for the giving of notice, the lapse of
time, or both, or any other condition, has been satisfied.

 

“Exchange Act”:  the Securities Exchange Act of 1934, as
amended from time to time.

 

“Existing Issuing Lender”:  JPMorgan Chase Bank, N.A., in its capacity as
issuer of the Existing Letters of Credit.

 

“Existing Letters of Credit”:  the letters of credit described on Schedule C
outstanding as of the Petition Date and issued under the Prepetition Credit
Facility.

 

“Exit Facility Agreement”:  the Credit and Guarantee Agreement having
terms substantially as those set forth in the term sheet attached hereto as Exhibit C,
as such agreement becomes effective pursuant to subsection 2.11, as amended,
supplemented or otherwise modified from time to time with the consent of the
Administrative Agent.

 

“Extension of Credit”:  as to any Lender, the making of a Loan by
such Lender or the issuance of, or participation in, a Letter of Credit by such
Lender.

 

“Facility”:  each of (a) the Term Loan Commitments
and the Term Loans made thereunder, and (b) the Revolving Credit
Commitments and the Extensions of Credit made thereunder.

 

“Federal Funds Effective Rate”:  as defined in the definition of the term “ABR”
in this subsection 1.1.

 

“Final Order”:  an order of the Bankruptcy Court entered in
the Cases, in substantially the form of the Interim Order, with such
modifications thereto as are reasonably satisfactory to the Administrative
Agent.

 

“Financing Lease”:  any lease of property, real or personal, the
obligations of the lessee in respect of which are required in accordance with
GAAP to be capitalized on a balance sheet of the lessee.

 

10

 

“Foreign Backstop Letters of Credit”:  any Standby Letter of Credit issued to any
Person for the account of the Borrower to provide credit support for
Indebtedness of any Foreign Subsidiary to such Person which is permitted under
subsection 8.2.

 

“Foreign Subsidiary”:  any Subsidiary of the Borrower which is
organized and existing under the laws of any jurisdiction outside of the United
States of America or that is a Foreign Subsidiary Holdco.

 

“Foreign Subsidiary Holdco”:  North American International Holding
Corporation, a Delaware corporation, and any other Subsidiary of the Borrower
that has no material assets other than securities of one or more Foreign
Subsidiaries, and other assets relating to an ownership interest in any such
securities or Subsidiaries.

 

“Former Plan”:  any employee benefit plan in respect of which
the Borrower or a Commonly Controlled Entity has engaged in a transaction
described in Section 4069 or Section 4212(c) of ERISA.

 

“GAAP”:  with respect to the covenants contained in
subsections 8.1 and 8.8 and all defined terms relating thereto, generally
accepted accounting principles in the United States of America in effect on the
Closing Date, and, for all other purposes under this Agreement, generally
accepted accounting principles in the United States of America in effect from
time to time.

 

“Governmental Authority”:  any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to
government, including, without limitation, the European Union.

 

“Guarantee Obligation”:  as to any Person (the “guaranteeing person”),
any obligation of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any letter of credit) to induce
the creation of which the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in
effect guaranteeing any Indebtedness, leases, dividends or other obligations
(the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without
limitation, any such obligation of the guaranteeing person, whether or not
contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or
supply funds (A) for the purchase or payment of any such primary
obligation or (B) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (iii) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the owner of any
such primary obligation against loss in respect thereof; provided, however,
that the term Guarantee Obligation shall not include (x) endorsements of
instruments for deposit or collection in the ordinary course of business or (y) the
obligations of any Insurance Subsidiary pursuant to insurance policies issued
by such Insurance Subsidiary in the 

 

11

 

ordinary
course of its insurance business.  The
amount of any Guarantee Obligation of any guaranteeing person shall be deemed
to be the lower of (a) an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Guarantee Obligation
is made and (b) the maximum amount for which such guaranteeing person may
be liable pursuant to the terms of the instrument embodying such Guarantee
Obligation, unless such primary obligation and the maximum amount for which
such guaranteeing person may be liable are not stated or determinable, in which
case the amount of such Guarantee Obligation shall be such guaranteeing person’s
maximum reasonably anticipated liability in respect thereof as determined by
the Borrower in good faith.

 

“Guarantees”:  the collective reference to the guarantees
hereby delivered to the Administrative Agent (a copy of which will be provided
to each Lender) or delivered pursuant to an executed Assumption Agreement
guaranteeing the obligations and liabilities of the Borrower hereunder, under
any Permitted Hedging Arrangement entered into with any Lender or any affiliate
thereof, under any cash management services provided by any Lender or any
affiliate thereof, under any Notes and/or under any of the other Loan
Documents.

 

“Guarantors”:  as defined in the Preamble.

 

“Holding”:  as defined in the Preamble hereto.

 

“Holding Companies”:  the collective reference to Holding, CMS
Holding, LLC and RS Acquisition Holding, LLC.

 

“Indebtedness”:  of any Person at any date, (a) all
indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services  (other
than trade liabilities incurred in the ordinary course of business and payable
in accordance with customary practices), (b) any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar
instrument, (c) all obligations of such Person under Financing Leases, (d) all
obligations of such Person in respect of bankers’ acceptances issued or created
for the account of such Person, (e) for purposes of subsection 8.2
and subsection 9(e) only, all obligations of such Person in respect
of interest rate protection agreements, interest rate futures, interest rate
options, interest rate caps and any other interest rate hedge arrangements and (f) all
indebtedness or obligations of the types referred to in the preceding clauses (a) through
(e) to the extent secured by any Lien on any property owned by such Person
even though such Person has not assumed or otherwise become liable for the
payment thereof. Notwithstanding the foregoing, in no event shall “Indebtedness”
include (i) obligations of CRS Holding, SRHL, any of their respective
Subsidiaries or any other Subsidiary of the Borrower primarily engaged in the
Employee Relocation Business to make payments under or with respect to mortgage
notes payable in the ordinary course of business in connection with the
provision of relocation services or (ii) such mortgage notes

 

“Insolvency”:  with respect to any Multiemployer Plan, the
condition that such Plan is insolvent within the meaning of Section 4245
of ERISA.

 

12

 

“Insolvent”:  pertaining to a condition of Insolvency.

 

“Insurance Subsidiaries”:  the collective reference to any Subsidiaries
of the Borrower engaged solely in the business of underwriting insurance or
reinsurance and related activities.

 

“Intellectual Property”:  as defined in subsection 5.9.

 

“Interest Payment Date”:  (a) as to any ABR Loan, the last day of
each month to occur while such Loan is outstanding, and the final maturity date
of such Loan, (b) as to any Eurodollar Loan having an Interest Period of
three months or less, (i) each day which is one month, or a whole multiple
thereof, after the first day of such Interest Period and (ii) the last day
of such Interest Period.

 

“Interest Period”:  with respect to any Eurodollar Loan:

 

(a)           initially, the period commencing on the
borrowing or conversion date, as the case may be, with respect to such
Eurodollar Loan and ending one or three 
months thereafter, as selected by the Borrower in its notice of borrowing
or notice of conversion, as the case may be, given with respect thereto; and

 

(b)           thereafter, each period commencing on the
last day of the next preceding Interest Period applicable to such Eurodollar
Loan and ending one or three months thereafter, as selected by the Borrower by
irrevocable notice to the Administrative Agent not less than three Business
Days prior to the last day of the then current Interest Period with respect
thereto;

 

provided that all of the foregoing provisions
relating to Interest Periods are subject to the following:

 

(i)            if any Interest Period would otherwise end
on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless the result of such extension would be
to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;

 

(ii)           (A) in the case of the Revolving Credit
Loans, any Interest Period that would otherwise extend beyond the Termination
Date shall (for all purposes other than subsection 4.12) end on the
Termination Date and (B) in the case of the Term Loans, any Interest
Period that would otherwise extend beyond the Maturity Date shall (for all
purposes other than subsection 4.12) end on the Maturity Date;

 

(iii)          any Interest Period that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period)
shall end on the last Business Day of a calendar month; and

 

13

 

(iv)          the Borrower shall select Interest Periods so
as not to require a scheduled payment of any Eurodollar Loan during an Interest
Period for such Loan.

 

“Interest Rate Protection Agreement”:  any interest rate protection agreement,
interest rate future, interest rate option, interest rate cap or collar or
other interest rate hedge arrangement and with (a) any Lender or any
affiliate of any Lender or any such lender, or (b) any financial
institution reasonably acceptable to the Administrative Agent, to or under
which the Borrower or any of its Subsidiaries is or becomes a party or a
beneficiary.

 

“Interim Order”:  an order of the Bankruptcy Court entered in
the Cases granting interim approval of the transactions contemplated by this
Agreement and the other Loan Documents and granting the Liens and Superpriority
Claims described in the Introductory Statement in favor of the Administrative
Agent and the Lenders, substantially in the form of Exhibit B hereto, or
otherwise in form and substance reasonably satisfactory to the Administrative
Agent.

 

“Inventory”:  as defined in the Uniform Commercial Code as
in effect in the State of New York from time to time; and, with respect to the Borrower
and its Subsidiaries, all such Inventory of the Borrower and such Subsidiaries,
including, without limitation:  (a) all
goods, wares and merchandise held for sale or lease and (b) all goods
returned or repossessed by the Borrower or such Subsidiaries.

 

“Investment Company Act”:  the Investment Company Act of 1940, as
amended from time to time.

 

“Investments”:  as defined in subsection 8.9.

 

“Issuing Lender”:  the Administrative Agent or any affiliate
thereof, in its capacity as issuer of any Letter of Credit.

 

“JPMCB”:  JPMorgan Chase Bank, N.A.

 

“JPMorgan”:  J.P. Morgan Securities Inc.

 

“L/C Fee Payment Date”:  with respect to any Letter of Credit, the
last day of each month to occur after the date of issuance thereof to and
including the first such day to occur on or after the date of expiry thereof.

 

“L/C Obligations”:  at any time, an amount equal to the sum of (a) the
aggregate then undrawn and unexpired amount of the then outstanding Letters of
Credit (including, without limitation, in the case of outstanding Letters of
Credit in any Designated Foreign Currency, the Dollar Equivalent of the
aggregate then undrawn and unexpired amount thereof) and (b) the aggregate
amount of drawings under Letters of Credit which have not then been reimbursed
pursuant to subsection 3.5(a) (including, without limitation, in the
case of Letters of Credit in any Designated Foreign Currency, the Dollar
Equivalent of the unreimbursed aggregate amount of drawings thereunder, to the
extent that such amount has not been converted into Dollars in accordance with
subsection 3.5(a)).

 

14

 

“L/C Participants”:  the collective reference to all the Revolving
Credit Lenders other than the Issuing Lender.

 

“Lenders”:  the several banks and other financial
institutions from time to time parties to this Agreement.

 

“Letters of Credit”:  as defined in subsection 3.1(a).

 

“Lien”:  any mortgage, pledge, hypothecation,
assignment, security deposit arrangement, encumbrance, lien (statutory or
other), charge or other security interest or any preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention
agreement and any Financing Lease having substantially the same economic effect
as any of the foregoing).

 

“Loan”:  a Revolving Credit Loan or a Term Loan, as
the context shall require; collectively, the “Loans”.

 

“Loan Documents”:  this Agreement, any Notes, and the Applications,
each as amended, supplemented, waived or otherwise modified from time to time.

 

“Loan Parties”:  the Borrower, Holding, the other Guarantors
and each other Subsidiary of Holding that is a party to a Loan Document;
individually, a “Loan Party”.

 

“Local Agents”:  those independently owned local moving and
storage companies that have entered into certain contractual arrangements with
the Borrower or any of its Subsidiaries to provide customers with local sales,
packing or warehousing services and/or a portion of the hauling services
required to support the operations of the Borrower and its Subsidiaries, or any
combination of such services.

 

“Material Adverse Effect”:  a material adverse effect on (a) the
business, operations, assets or financial condition of the Borrower and its
Subsidiaries, taken as a whole, or of Holding and its Subsidiaries, taken as a
whole, or (b) the validity or enforceability of this Agreement or any of
the other Loan Documents, taken as a whole, or (c) the rights and remedies
of the Administrative Agent and the Lenders under the Loan Documents, taken as
a whole.

 

“Materials of Environmental Concern”:  any gasoline or petroleum (including, without
limitation, crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances or materials or wastes defined or regulated as
such in or under or which may give rise to liability under any applicable
Environmental Law, including, without limitation, asbestos, polychlorinated
biphenyls and urea-formaldehyde insulation.

 

“Material Subsidiary”:  the collective reference to any Subsidiary of
the Borrower that had (a) total revenues of more than $1,000,000 during
the most recently completed period of four consecutive fiscal quarters of the
Borrower or (b) total assets of more than $500,000 as of the last day of
such period.

 

15

 

“Maturity Date”:  June 30, 2008.

 

“Moody’s”:  as defined in the definition of “Cash
Equivalents” in this subsection 1.1.

 

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

 

“Net Cash Proceeds”:  with respect to any Asset Sale, any Recovery
Event, the issuance of any debt securities or any borrowings by the Borrower or
any of its Subsidiaries (other than issuances and borrowings permitted pursuant
to subsection 8.2, except as otherwise specified), an amount equal to the
gross proceeds in cash and Cash Equivalents of such Asset Sale, Recovery Event,
issuance or borrowing, net of (a) reasonable attorneys’ fees, accountants’
fees, brokerage, consultant and other customary fees, underwriting commissions
and other reasonable fees and expenses actually incurred in connection with
such Asset Sale, Recovery Event, issuance or borrowing, (b) taxes paid or
reasonably estimated to be payable as a result thereof, (c) appropriate
amounts provided or to be provided by the Borrower or any of its Subsidiaries
as a reserve, in accordance with GAAP, with respect to any liabilities
associated with such Asset Sale or Recovery Event and retained by the Borrower
or any such Subsidiary after such Asset Sale or Recovery Event and other
appropriate amounts to be used by the Borrower or any of its Subsidiaries to
discharge or pay on a current basis any other liabilities associated with such
Asset Sale or Recovery Event and (d) in the case of a sale, Recovery Event
of or involving an asset subject to a Lien securing any Indebtedness, payments
made and installment payments required to be made to repay such Indebtedness,
including, without limitation, payments in respect of principal, interest and
prepayment premiums and penalties.

 

“Non-Excluded Taxes”:  as defined in subsection 4.11.

 

“Notes”:  the collective reference to the Revolving
Credit Notes and the Term Notes.

 

“Obligations”:  (a) the principal of and interest on the
Loans and the Notes and the Letters of Credit outstanding, and (b) the
fees and all other present and future, fixed or contingent, obligations and
liabilities (monetary or otherwise) of the Loan Parties to the Lenders, each
Issuing Lender and the Administrative Agent under the Loan Documents, including
without limitation, all costs and expenses payable pursuant to subsection 13.5,
(c) the obligations and liabilities of the Borrower under any Permitted
Hedging Arrangement entered into by the Borrower and any Lender or affiliate
thereof, and (d) the obligations and liabilities of the Borrower under any
cash management services provided by any Lender or affiliate thereof.

 

“Orders”:  the collective reference to the Interim Order
and the Final Order.

 

“Owner/Operators”:  individuals who are retained by the Borrower
or any of its Subsidiaries as independent contractors and who own and drive
their own tractors on behalf of the Borrower or any of its Subsidiaries.

 

16

 

“Participants”:  as defined in subsection 13.6(c).

 

“PBGC”:  the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA (or any successor
thereto).

 

“Permitted Hedging Arrangement”:  as defined in subsection 8.17.

 

“Permitted Liens”:  Liens permitted by subsection 8.3.

 

“Person”:  an individual, partnership, corporation,
limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other
entity of whatever nature.

 

“Petition Date”:  as defined in the Introductory Statement.

 

“Plan”:  at a particular time, any employee benefit
plan which is covered by ERISA and in respect of which the Borrower or a
Commonly Controlled Entity is an “employer” as defined in Section 3(5) of
ERISA.

 

“Prepetition Credit Facility”:  the Credit Agreement, dated as of December 1,
2003, as amended  through the Petition
Date, among the Borrower, the foreign subsidiary borrowers party thereto, the
Prepetition Credit Facility Lender, the Prepetition Credit Facility Agent and
the other agents party thereto.

 

“Prepetition Credit Facility Agent”:  JPMorgan Chase Bank, N.A., in its capacity as
administrative agent under the Prepetition Credit Facility.

 

“Prepetition Credit Facility Lenders”:  the several banks and other financial
institutions and entities from time to time parties to the Prepetition Credit
Facility.

 

“Prepetition Credit Facility Obligations”:  all of the Loan Parties’ obligations incurred
under, pursuant to or in connection with the Prepetition Credit Facility and
all of the collateral and ancillary documents executed and delivered in
connection therewith.

 

“Prepetition Secured Parties”:  the Prepetition Credit Facility Agent and the
Prepetition Credit Facility Lenders.

 

“Prime Rate”:  as defined in the definition of the term “ABR”
in this subsection 1.1.

 

“Pro Forma Balance Sheet”:  as defined in subsection 5.1(b).

 

“Prohibited Claim”:  any action or objection with respect to (a) claims
of the Prepetition Secured Parties against the Loan Parties or the Liens which
secure the Prepetition Credit Facility Obligations, (b) the Superpriority
Claims or Liens granted to the Administrative Agent and the Lenders pursuant to
subsections 2.8(a), (b), or (c) the Superpriority Claims or Liens granted
to the Prepetition Secured Parties pursuant to subsection 2.8(c).

 

17

 

“Recovery Event”:  any settlement of or payment in respect of
any property or casualty insurance claim or any condemnation proceeding
relating to any asset of the Borrower or any of its Subsidiaries giving rise to
Net Cash Proceeds to the Borrower or such Subsidiary, as the case may be, in
excess of $250,000, to the extent that such settlement or payment does not
constitute reimbursement or compensation for amounts previously paid or to be
paid by the Borrower or any of its Subsidiaries in respect of any loss,
casualty or condemnation.

 

“Register”:  as defined in subsection 13.6(b).

 

“Regulation D”:  Regulation D of the Board as in effect from
time to time.

 

“Regulation T”:  Regulation T of the Board as in effect from
time to time.

 

“Regulation U”:  Regulation U of the Board as in effect from
time to time.

 

“Regulation X”:  Regulation X of the Board as in effect from
time to time.

 

“Reimbursement Obligations”:  the obligation of the Borrower to reimburse
the Issuing Lender pursuant to subsection 3.5(a) for amounts drawn
under Letters of Credit.

 

“Reinvested Amount”:  with respect to any Recovery Event, that
portion of the Net Cash Proceeds thereof as shall, according to a certificate
of a Responsible Officer of the Borrower delivered to the Administrative Agent
within 30 days of such Recovery Event, be used to repair or replace the asset
that was the subject of such Recovery Event within 180 days of the receipt of
such Net Cash Proceeds with respect to any such Recovery Event; provided
that (a) any Net Cash Proceeds of such Recovery Event shall be immediately
(i) deposited in a cash collateral account established at JPMCB to be held
as collateral in favor of the Administrative Agent for the benefit of the
Lenders on terms reasonably satisfactory to the Administrative Agent and shall
remain on deposit in such cash collateral account until such certificate of a
Responsible Officer is delivered to the Administrative Agent or (ii) used
to make a prepayment of the Revolving Credit Loans in accordance with
subsection 4.4(a); provided that, notwithstanding anything in this
Agreement to the contrary, the Borrower may not request any Extension of Credit
under the Revolving Credit Commitments that would reduce the aggregate amount
of the Available Revolving Credit Commitments to an amount that is less than
the amount of any such prepayment until such certificate of a Responsible
Officer is delivered to the Administrative Agent and (b) any Net Cash
Proceeds not so reinvested by the date required pursuant to the terms of this
definition shall be utilized on such day to prepay the Loans pursuant to
subsection 4.4(c).

 

“Relocation SPV Financing”:  means the financing of (a) purchases of
residential properties, fixtures and related assets (including the funding of
the full purchase price of such residential properties, fixtures and assets (including
the pay-off of any existing mortgage thereon), (b) the funding of advances
to employees of customers in respect of the equity value of residential
properties, fixtures and assets of such employees), and (c) other ordinary
course Employee Relocation Business activities of CRS Holding, SRHL, ERC, any
of their respective Subsidiaries or any other Subsidiary of the Borrower

 

18

 

engaged in the
Employee Relocation Business, in each case by a special-purpose Subsidiary of
Holding that is not a Subsidiary of the Borrower or an unaffiliated third party
(the “Relocation SPV”), provided that (a) the lender of any
Indebtedness of any borrower or obligor with respect to such financing shall
not have any recourse to Holding or any Loan Party for payment of such
Indebtedness, (b) such Indebtedness shall not be secured by any property
or assets of Holding or any Loan Party other than property or assets the
Disposition of which is permitted under clause (x) of subsection 8.6(a) and
(c) such financing shall be upon terms and pursuant to documentation (as
amended, supplemented, extended, renewed or replaced from time to time) in form
and substance reasonably satisfactory to the Administrative Agent, as evidenced
by its written approval thereof (such approval not to be unreasonably
withheld).

 

“Reorganization”:  with respect to any Multiemployer Plan, the
condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

 

“Reorganization Plan”:  the Debtors’ Joint Plan of Reorganization
under chapter 11 of the Bankruptcy Code, substantially in the form attached to
the Disclosure Statement, together with changes thereto acceptable to the
Administrative Agent.

 

“Reportable Event”:  any of the events set forth in Section 4043(c) of
ERISA, other than those events as to which the thirty day notice period is
waived pursuant to the Regulations promulgated under Section 4043 of
ERISA.

 

“Required Lenders”:  at any time, Lenders the Total Credit
Percentages of which aggregate greater than 50%.

 

“Requirement of Law”:  as to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of
such Person, and any law, statute, ordinance, code, decree, treaty, rule or
regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its
material property or to which such Person or any of its material property is
subject, including, without limitation, laws, ordinances and regulations
pertaining to zoning, occupancy and subdivision of real properties; provided
that the foregoing shall not apply to any non-binding recommendation of any
Governmental Authority.

 

“Responsible Officer”:  as to any Person, any of the following
officers of such Person:  (a) the
chief executive officer or the president of such Person and, with respect to
financial matters, the chief financial officer, chief restructuring officer,
the treasurer or the controller of such Person, (b) any vice president of
such Person or, with respect to financial matters, any assistant treasurer or
assistant controller of such Person, who has been designated in writing to the
Administrative Agent as a Responsible Officer by such chief executive officer
or president of such Person or, with respect to financial matters, such chief
financial officer of such Person, (c) with respect to subsection 7.7
and without limiting the foregoing, the general counsel of such Person and (d) with
respect to ERISA matters, the senior vice president - human resources (or
substantial equivalent) of such Person.

 

19

 

“Revolving Credit Commitment”:  as to any Revolving Credit Lender, its
obligation to make Revolving Credit Loans to, and/or issue or participate in
Letters of Credit issued on behalf of, the Borrower in an aggregate amount not
to exceed at any one time outstanding the amount agreed to by the Borrower, the
Administrative Agent and such Lender, or, in the case of any Lender that is an
Assignee, the amount of the assigning Lender’s Revolving Credit Commitment
assigned to such Assignee pursuant to subsection 13.6(b) (in each
case as such amount may be adjusted from time to time as provided herein);
collectively, as to all the Revolving Credit Lenders, the “Revolving Credit
Commitments”.  The original amount of
the aggregate Revolving Credit Commitments of the Revolving Credit Lenders is
$85,000,000.

 

“Revolving Credit Commitment Percentage”:  as to any Revolving Credit Lender, the
percentage of the aggregate Revolving Credit Commitments constituted by its
Revolving Credit Commitment (or, if the Revolving Credit Commitments have
terminated or expired, the percentage which (a) the sum of (i) such
Lender’s then outstanding Revolving Credit Loans plus (ii) such Lender’s
interests in the aggregate L/C Obligations then outstanding then constitutes of
(b) the sum of (i) the aggregate Revolving Credit Loans of all the
Revolving Credit Lenders then outstanding plus (ii) the aggregate L/C
Obligations then outstanding).

 

“Revolving Credit Commitment Period”:  the period from and including the Closing
Date to but not including the Termination Date, or such earlier date as the
Revolving Credit Commitments shall terminate as provided herein.

 

“Revolving Credit Lender”:  any Lender having a Revolving Credit
Commitment hereunder and/or a Revolving Credit Loan outstanding hereunder.

 

“Revolving Credit Loans”:  as defined in subsection 2.1(a).

 

“Revolving Credit Note”:  as defined in subsection 2.1(c).

 

“S&P”:  as defined in the definition of “Cash
Equivalents” in this subsection 1.1.

 

“Securities Act”:  the Securities Act of 1933, as amended from
time to time.

 

“Securitization” as defined in Section 2.11.

 

“Set”: 
the collective reference to Eurodollar Loans, the then current Interest
Periods with respect to all of which begin on the same date and end on the same
later date (whether or not such Loans shall originally have been made on the
same day).

 

“Single Employer Plan”:  any Plan which is covered by Title IV of
ERISA, but which is not a Multiemployer Plan.

 

“Spot Rate of Exchange”:  with respect to any Designated Foreign
Currency, at any date of determination thereof, the spot rate of exchange in
London that appears on the display page applicable to such Designated
Foreign Currency on the Telerate System (or such other page as may replace
such page for the purpose of displaying the spot rate of

 

20

 

exchange in
London); provided that if there shall at any time no longer exist such a
page, the spot rate of exchange shall be determined by reference to another
similar rate publishing service selected by the Administrative Agent and, if no
such similar rate publishing service is available, by reference to the
published rate of the Administrative Agent in effect at such date for similar
commercial transactions.

 

“SRHL”:  SIRVA Relocation Holdings Limited, a company
organized under the laws of England and Wales.

 

“Standby Letter of Credit”:  as defined in subsection 3.1(a).

 

“Sterling”:  British pounds sterling.

 

“Subsidiary”:  as to any Person, a corporation, partnership,
limited liability company or other entity (a) of which shares of stock or
other ownership interests having ordinary voting power (other than stock or
such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or
other managers of such corporation, partnership, limited liability company or
other entity are at the time owned by such Person, or (b) the management
of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person and, in the case of this clause (b),
which is treated as a consolidated subsidiary for accounting purposes.  Unless otherwise qualified, all references to
a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a
Subsidiary or Subsidiaries of the Borrower.

 

“Superpriority Claim”:  a claim against any Loan Party in any of the
Cases which is an administrative expense claim having priority over any or all
administrative expenses of the kind specified in Sections 503(b) or 507(b) of
the Bankruptcy Code, including a claim pursuant to Section 364(c)(1) of
the Bankruptcy Code.

 

“Synthetic Purchase Agreement”:  any agreement pursuant to which the Borrower
or any of its Subsidiaries is or may become obligated to make any payment
(except as otherwise permitted by this Agreement) to any third party (other
than the Borrower or any of its Subsidiaries) in connection with the purchase
or the notional purchase by such third party or any Affiliate thereof from a
Person other than the Borrower or any of its Subsidiaries of any Capital Stock
of Holding.

 

“Tax Sharing Agreement”:  the Tax Sharing Agreement, dated as of December 1,
2003, among Holding, the Borrower and certain other Subsidiaries of Holding, in
form and substance reasonably satisfactory to the Administrative Agent, as
amended through the date hereof and as the same may be further amended,
supplemented or otherwise modified from time to time in accordance with
subsection 8.16.

 

“Term Loan Commitment”:  as to any Lender, the obligation of such
Lender, if any, to make a Term Loan to the Borrower hereunder in a principal
amount not to exceed the amount agreed to by the Borrower, the Administrative
Agent and such Lender.  The original
aggregate amount of the Term Loan Commitments is $65,000,000.

 

21

 

“Term Loan Lender”:  each Lender which has a Term Loan Commitment
or which has a Term Loan outstanding hereunder.

 

“Term Loan Percentage”:  as to any Term Loan Lender at any time, the
percentage which such Lender’s Term Loan Commitment constitutes of the
aggregate Term Loan Commitment (or, at any time after the Closing Date, the
percentage which such Lender’s Term Loans then outstanding constitutes of the
aggregate principal amount of Term Loans then outstanding).

 

“Term Loans”:  as defined in subsection 2.4 hereof.

 

“Term Note”:  as defined in subsection 2.5 hereof.

 

“Termination Date”:  the earliest to occur of (a) the
Maturity Date, (b) 30 days after entry of the Interim Order if the Final
Order has not been entered prior thereto, (c) the acceleration of the
Loans and the termination of the Commitments in accordance with the terms
hereof and (d) if the Conversion Date does not occur simultaneously
therewith, the Effective Date.

 

“Total Credit Percentage”:  as to any Lender at any time, the percentage
of the aggregate Revolving Credit Commitments (or, in the case of the
termination or expiration of the Revolving Credit Commitments, the Aggregate
Outstanding Revolving Credit of the Lenders) and aggregate outstanding Term
Loans of the Lenders, then constituted by such Lender’s Revolving Credit
Commitment (or, in the case of the termination or expiration of the Revolving
Credit Commitments, such Lender’s Aggregate Outstanding Revolving Credit) and
outstanding Term Loans.

 

“Transferee”:  any Participant or Assignee.

 

“Type”:  as to any Loan, its nature as an ABR Loan or
a Eurodollar Loan.

 

“Underfunding”:  the excess of the present value of all
accrued benefits under a Plan (based on those assumptions used to fund such
Plan), determined as of the most recent annual valuation date, over the value
of the assets of such Plan allocable to such accrued benefits.

 

“Uniform Customs”:  the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce
Publication No. 500, as the same may be amended from time to time.

 

“U.S. Tax Compliance Certificate”:  as defined in subsection 4.11(b).

 

“Wholly Owned Subsidiary”:  as to any Person, any Subsidiary of such
Person of which such Person owns, directly or indirectly through one or more
Wholly Owned Subsidiaries, all of the Capital Stock of such Subsidiary other
than directors qualifying shares or shares held by nominees.

 

22

 

1.2.          Other
Definitional Provisions  (a) 
Unless otherwise specified therein, all terms defined in this Agreement shall
have the defined meanings when used in any Notes, any other Loan Document or
any certificate or other document made or delivered pursuant hereto.

 

(b)           As
used herein and in any Notes and any other Loan Document, and any certificate
or other document made or delivered pursuant hereto or thereto, accounting
terms relating to the Borrower and its Subsidiaries not defined in
subsection 1.1 and accounting terms partly defined in subsection 1.1,
to the extent not defined, shall have the respective meanings given to them
under GAAP.

 

(c)           The
words “hereof”, “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section, subsection, Schedule and Exhibit references
are to this Agreement unless otherwise specified.  The phrase “the date hereof” and phrases of
similar import when used in this Agreement shall refer to February 6,
2008.

 

(d)           The
meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

 

SECTION 2.   AMOUNT AND TERMS OF COMMITMENTS

 

2.1.          Revolving
Credit Commitments  (a)  Subject
to the terms and conditions hereof, each Revolving Credit Lender severally
agrees to make revolving credit loans (“Revolving Credit Loans”) to the
Borrower from time to time during the Revolving Credit Commitment Period in an
aggregate principal amount at any one time outstanding which, when added to
such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the
then outstanding L/C Obligations, does not exceed the amount of such Lender’s
Revolving Credit Commitment then in effect. 
During the Revolving Credit Commitment Period the Borrower may use the
Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans
in whole or in part, and reborrowing, all in accordance with the terms and
conditions hereof.

 

(b)           The
Revolving Credit Loans shall be made in Dollars and may from time to time be (i) Eurodollar
Loans, (ii) ABR Loans or (iii) a combination thereof, as determined
by the Borrower and notified to the Administrative Agent in accordance with
subsections 2.2 and 4.2, provided that no Revolving Credit Loan shall be
made as a Eurodollar Loan after the day that is one month prior to the
Termination Date.

 

(c)           The
Borrower agrees that, upon the request to the Administrative Agent by any
Revolving Credit Lender made on or prior to the Closing Date or in connection
with any assignment pursuant to subsection 13.6(b), in order to evidence
such Lender’s Revolving Credit Loans the Borrower will execute and deliver to
such Lender a promissory note substantially in the form of Exhibit A-1,
with appropriate insertions as to payee, date and principal amount (each, as
amended, supplemented, replaced or otherwise modified from time to time, a “Revolving
Credit Note”), payable to the order of such Lender and in a principal
amount equal to the aggregate unpaid principal amount of all Revolving Credit
Loans made by such Lender to the Borrower. 
Each Revolving Credit Note shall (i) be dated the Closing Date, (ii) be
stated to

 

23

 

mature on the Termination Date and (iii) provide for the payment
of interest in accordance with subsection 4.1.

 

2.2.          Procedure
for Revolving Credit Borrowing  The
Borrower may borrow under the Revolving Credit Commitments during the Revolving
Credit Commitment Period on any Business Day, provided that the Borrower
shall give the Administrative Agent irrevocable notice (which notice must be
received by the Administrative Agent prior to (a) 12:30 P.M., New
York City time, at least three Business Days prior to the requested Borrowing
Date, if all or any part of the requested Revolving Credit Loans are to be
initially Eurodollar Loans or (b) 12:30 P.M., New York City time, at
least one Business Day prior to  the
requested Borrowing Date, otherwise) specifying (i) the amount to be
borrowed, (ii) the requested Borrowing Date, (iii) whether the
borrowing is to be of Eurodollar Loans, ABR Loans or a combination thereof and (iv) if
the borrowing is to be entirely or partly of Eurodollar Loans, the respective
amounts of each such Type of Loan, the respective lengths of the initial
Interest Periods therefor.  Each
borrowing under the Revolving Credit Commitments shall be in an amount equal to
(x) in the case of ABR Loans, except any ABR Loan to be used solely to pay
a like amount of outstanding Reimbursement Obligations, $2,000,000 or a whole
multiple of $1,000,000 in excess thereof (or, if the then Available Revolving
Credit Commitments are (A) less than $2,000,000, $1,000,000 or a whole
multiple thereof or (B) less than $1,000,000, such lesser amount) and (y) in
the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in
excess thereof.  Upon receipt of any such
notice from the Borrower, the Administrative Agent shall promptly notify each
Revolving Credit Lender thereof.  Subject
to the satisfaction of the conditions precedent specified in
subsection 6.2, each Revolving Credit Lender will make the amount of its pro rata share of each borrowing of Revolving
Credit Loans available to the Administrative Agent for the account of the
Borrower at the office of the Administrative Agent specified in
subsection 13.2 prior to 12:30 P.M., New York City time, or at such
other office of the Administrative Agent or at such other time as to which the
Administrative Agent shall notify such Revolving Credit Lender and the Borrower
reasonably in advance of the Borrowing Date with respect thereto, on the
Borrowing Date requested by the Borrower in Dollars and in funds immediately
available to the Administrative Agent. 
Such borrowing will then be made available to the Borrower by the
Administrative Agent crediting the account of the Borrower on the books of such
office with the aggregate of the amounts made available to the Administrative
Agent by the Revolving Credit Lenders and in like funds as received by the
Administrative Agent.

 

2.3.          Termination
or Reduction of Revolving Credit Commitments  The Borrower shall have the right, upon not
less than three Business Days’ notice to the Administrative Agent (which will
promptly notify the Lenders thereof), to terminate the Revolving Credit
Commitments or, from time to time, to reduce the amount of the Revolving Credit
Commitments; provided that no such termination or reduction shall be
permitted if, after giving effect thereto and to any prepayments of the
Revolving Credit Loans made on the effective date thereof, the aggregate
principal amount of the Revolving Credit Loans then outstanding, when added to
the then outstanding L/C Obligations, would exceed the Revolving Credit
Commitments then in effect.  Any such
reduction shall be in an amount equal to $1,000,000 or a whole multiple of
$1,000,000 in excess thereof and shall reduce permanently the Revolving Credit
Commitments then in effect.

 

24

 

2.4.          Term Loans.  Subject to the terms and conditions hereof,
each Term Loan Lender severally agrees to make a term loan (collectively, the “Term
Loans”) to the Borrower on the Closing Date in a principal amount not to
exceed the amount of such Lender’s Term Loan Commitment agreed to by the
Borrower, the Administrative Agent and such Lender. The Term Loans may from
time to time be (x) Eurodollar Loans, (y) ABR Loans or (z) a
combination thereof, as determined by the Borrower and notified to the
Administrative Agent in accordance with subsections 2.6 and 4.2.

 

2.5.          Term Notes.  The Borrower agrees that, upon the request to
the Administrative Agent by any Term Loan Lender, in order to evidence such
Lender’s Term Loan, the Borrower will execute and deliver to such Lender a
promissory note substantially in the form of Exhibit A-2 (each, as
amended, supplemented, replaced or otherwise modified from time to time, a “Term
Note”), with appropriate insertions therein as to payee, date and principal
amount, payable to the order of such Term Loan Lender and in a principal amount
equal to the lesser of (a) the amount set of such Lender’s Term Loan
Commitment and (b) the unpaid principal amount of the Term Loans made by
such Term Loan Lender to the Borrower. 
Each Term Note shall (i) be dated the Closing Date, (ii) be
payable as provided in subsection 2.7(a) and (iii) provide for the
payment of interest in accordance with subsection 4.1.

 

2.6.          Procedure for
Term Loan Borrowing.  The Borrower
shall give the Administrative Agent irrevocable notice (which notice must be
received by the Administrative Agent prior to 12:30 P.M., New York City
time), at least (a) three Business Days prior to the Closing Date if all
or any part of the Term Loans are to be initially Eurodollar Loans or (b) one
Business Day prior to the Closing Date, in all other cases, requesting that the
Term Loan Lenders make the Term Loans on the Closing Date and specifying (i) the
amount to be borrowed, (ii) whether the Term Loans are to be initially
Eurodollar Loans, ABR Loans or a combination thereof and (iii) if the Term
Loans are to be entirely or partly Eurodollar Loans, the respective amounts of
each such Type of Loan and the respective lengths of the initial Interest
Periods therefor.  Upon receipt of such
notice the Administrative Agent shall promptly notify each Term Loan Lender
thereof.  Each Term Loan Lender will make
the amount of its pro  rata share of the Term Loans available to
the Administrative Agent for the account of the Borrower at the office of the
Administrative Agent specified in subsection 13.2 prior to 12:30 P.M., New
York City time, on the Closing Date in Dollars and in funds immediately
available to the Administrative Agent. 
The Administrative Agent shall on such date credit the account of the
Borrower on the books of such office of the Administrative Agent with the
aggregate of the amounts made available to the Administrative Agent by the Term
Loan Lenders and in like funds as received by the Administrative Agent.

 

2.7.          Repayment of
Loans.  (a)  The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of (i) each
Revolving Credit Lender, the then unpaid principal amount of each Revolving
Credit Loan of such Lender, on the Termination Date (or such earlier date on
which the Revolving Credit Loans become due and payable pursuant to Section 9);
and (ii) each Term Loan Lender, the then unpaid principal amount of the
Term Loans of such Lender, on the Termination Date (or such earlier date on
which the Term Loans become due and payable pursuant to Section 9).  The Borrower hereby further agrees to pay
interest on the unpaid principal amount of the Loans from time to time
outstanding from the date hereof until payment in full thereof at the rates per
annum, and on the dates, set forth in subsection 4.1.

 

25

 

(b)           Each Lender shall
maintain in accordance with its usual practice an account or accounts
evidencing indebtedness of the Borrower to such Lender resulting from each Loan
of such Lender from time to time, including, without limitation, the amounts of
principal and interest payable and paid to such Lender from time to time under
this Agreement.

 

(c)           The Administrative
Agent shall maintain the Register pursuant to subsection 13.6(b), and a
subaccount therein for each Lender, in which shall be recorded (i) the
amount of each Loan made hereunder, the Type thereof and each Interest Period,
if any, applicable thereto, (ii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) both the amount of any sum received by the
Administrative Agent hereunder from the Borrower and each Lender’s share
thereof.

 

(d)           The entries made in
the Register and the accounts of each Lender maintained pursuant to
subsection 2.7(b) shall, to the extent permitted by applicable law,
be prima  facie evidence of the existence and amounts of the
obligations of the Borrower therein recorded; provided, however,
that the failure of any Lender or the Administrative Agent to maintain the
Register or any such account, or any error therein, shall not in any manner
affect the obligation of the Borrower to repay (with applicable interest) the
Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement.

 

2.8.          Priority and
Liens.  (a)  The Loan Parties
hereby covenant, represent and warrant that, upon entry of the Interim Order
(and the Final Order, as applicable), the Obligations of the Loan Parties
hereunder and under the other Loan Documents, (i) pursuant to Section 364(c)(1) of
the Bankruptcy Code, shall at all times constitute allowed Superpriority
Claims, (ii) pursuant to Section 364(c)(2) of the Bankruptcy
Code, shall be secured by a perfected first priority Lien on all Collateral,
including without limitation, all cash maintained in any Cash Collateral
account for Letters of Credit and any direct investments of the funds contained
therein, that is otherwise not encumbered by a valid and perfected Lien as of
the Petition Date, (iii) pursuant to Section 364(c)(3) of the
Bankruptcy Code, shall be secured by a perfected junior Lien upon all
Collateral that is subject to valid, perfected and non-avoidable Liens in
existence on the Petition Date or valid Liens perfected (other than to secure
the Prepetition Credit Facility Obligations) (but not granted) thereafter to
the extent such post-Petition Date perfection in respect of a pre-Petition Date
claim is expressly permitted under the Bankruptcy Code, and (iv) pursuant
to Section 364(d)(1) of the Bankruptcy Code, shall be secured by a
perfected first priority priming Lien upon all Collateral (x) that is
subject to a valid Lien or security interest in effect on the Petition Date to
secure the Prepetition Credit Facility Obligations, (y) that is subject to
a Lien granted after the Petition Date to provide adequate protection in
respect of the Prepetition Credit Facility Obligations or (z) that is
presently subject to a valid Lien in effect on the Petition Date that is junior
to the Liens that secure the Prepetition Credit Facility Obligations, subject
and subordinate in each case with respect to subclauses (i) through (iv) above,
only to the Carve Out, provided that (i) following the Termination Date
amounts in any Letter of Credit Cash Collateral account shall not be subject to
the Carve Out and (ii) in the event of a liquidation of the Debtors’
estates the amount of the Carve Out shall be funded into a segregated account
prior to the making of the distributions. 
For purposes hereof, the “Carve Out” shall mean (A) all fees
required to be paid to the Clerk of the Bankruptcy Court and to the Office of
the United States Trustee under section 1930(a) of title 28 of the United
States Code, (B) fees and expenses 

 

26

 

incurred by a trustee under section 726(b) of the Bankruptcy Code,
and (C) following receipt of notice by the Administrative Agent after the
occurrence and during the continuance of an Event of Default, the payment of
accrued and unpaid professional fees and expenses incurred by the Debtors and
any statutory committee appointed in the Cases and allowed by the Court, in an
aggregate amount not exceeding $5 million (plus all unpaid professional fees and
expenses allowed by the Bankruptcy Court that were incurred prior to the giving
of notice by the Administrative Agent of the occurrence of such Event of
Default), provided that (x) the Carve Out shall not be available to pay
any such professional fees and expenses incurred in connection with the
initiation or prosecution of any Prohibited Claims or the initiation or
prosecution of any claims, causes of action, adversary proceedings or other
litigation against the Administrative Agent, the Lenders, the Prepetition
Credit Facility Lenders or the Prepetition Credit Facility Agent and (y) so
long as an Event of Default shall not have occurred and be continuing, the
Carve Out shall not be reduced by the payment of fees and expenses allowed by
Bankrupty Court and payable under Sections 328, 330 and 331 of the Bankruptcy
Code. Notwithstanding anything herein to the contrary, the Carve Out shall not
be used to commence or prosecute (but up to $50,000 may be used to investigate)
any Prohibited Claim.

 

(b)           As to all Collateral,
including without limitation, all cash, Cash Equivalents and real property the
title to which is held by any Loan Party, or the possession of which is held by
any Loan Party in the form of a leasehold interest, each Loan Party hereby
assigns and conveys as security, grants a security interest in, hypothecates,
mortgages, pledges and sets over unto the Administrative Agent all of the
right, title and interest of the Borrower and such Guarantor in all of such
Collateral, including without limitation, all cash, Cash Equivalents and owned
real property and in all such leasehold interests, together in each case with
all of the right, title and interest of the Borrower and such Guarantor in and
to all buildings, improvements, and fixtures related thereto, any lease or
sublease thereof, all general intangibles relating thereto (except for any “intent
to use” trademark applications for which a statement of use has not been filed
and accepted by the U.S. Patent and Trademark Office, solely to the extent that
the grant of a Lien or security interest in such applications would result in
cancellation or voiding of same) and all proceeds thereof.  The Borrower and each Guarantor acknowledges
that, pursuant to the Orders, the Liens granted in favor of the Administrative
Agent (on behalf of the Lenders) in all of the Collateral shall be perfected
without the recordation of any Uniform Commercial Code financing statements,
notices of Lien or other instruments of mortgage or assignment.  The Borrower and each Guarantor further
agrees that (a) the Administrative Agent shall have the rights and
remedies set forth in Section 12 in respect of the Collateral and (b) if
requested by the Administrative Agent, the Borrower and each of the Guarantors
shall enter into separate security agreements, pledge agreements and fee and
leasehold mortgages with respect to such Collateral on terms reasonably
satisfactory to the Administrative Agent.

 

(c)           Each Loan Party
acknowledges and agrees that the Prepetition Secured Parties shall receive (a) as
adequate protection for, and to the extent of, any diminution in the value of
the Prepetition Secured Parties’ respective interests in their collateral
whether resulting from the imposition of the automatic stay, the priming
described in subsection 2.8(a) above, the use of the Prepetition Secured
Parties’ cash collateral or the use, sale, lease, depreciation, decline in
market price or other diminution in value of the Prepetition Secured Parties’
collateral (i) on the first Business Day of each calendar month beginning
with March 1, 2008, the monthly payment of an amount calculated at the
Eurodollar Rate plus 350 basis points on all amounts 

 

27

 

outstanding under the Prepetition Credit Facility for the preceding
month, (ii) a Superpriority Claim junior only to the Superpriority Claim
granted to (A) the Administrative Agent and the Lenders and (B) the
Cash Management Banks; and (iii) a replacement Lien on the Collateral
having a priority immediately junior to the priming and other Liens granted in
favor of (A) the Administrative Agent and the Lenders hereunder and under
the other Loan Documents and (B) the Cash Management Banks; the Orders
(subject and subordinate, in the case of clauses (ii) and (iii) above,
to the Carve Out and valid and perfected Liens which are senior (after giving
effect to the Orders) to the Liens granted to the Administrative Agent and the
Lenders pursuant to the Orders and (b) as further adequate protection, the
payment on a current basis of the reasonable fees and expenses (including, but
not limited to, the reasonable fees and disbursements of one counsel and
third-party consultants, including financial consultants, appraisers and
auditors) incurred by the agents under the Prepetition Credit Facility
(including any unpaid prepetition fees and expenses) and the continuation of
the payment on a current basis of the administration and letter of credit fees,
if any, that are provided for thereunder.

 

2.9.          Payment of
Obligations.  Upon the maturity
(whether by acceleration or otherwise) of any of the Obligations under this
Agreement or any of the other Loan Documents, the Lenders shall be entitled to
immediate payment of such Obligations without further application to or order
of the Bankruptcy Court.

 

2.10.        No Discharge;
Survival of Claims.  The Borrower and
each Guarantor agrees that to the extent its Obligations hereunder are not
satisfied in full, (a) its Obligations arising hereunder shall not be
discharged by the entry of a Confirmation Order (and each Loan Party, pursuant
to Section 1141(d)(4) of the Bankruptcy Code, hereby waives any such
discharge) and (b) the Superpriority Claim granted to the Administrative
Agent and the Lenders pursuant to the Orders and described in subsection 2.8
and the Liens granted to the Administrative Agent pursuant to the Orders and
described in subsection 2.8 shall not be affected in any manner by the entry of
a Confirmation Order.

 

2.11.        Conversion to Exit
Facility Agreement.  Upon (a) the
Administrative Agent’s satisfaction that Holding and its Subsidiaries, as
applicable, shall have made arrangements satisfactory to the Administrative
Agent (i) that either (A) the Relocation SPV Financing with LaSalle
Bank, N.A. as agent for the receivables purchase program maintained through
SIRVA Relocation Credit, LLC as the same may have been modified prior to the
Petition Date (including, without limitation, an amendment to terminate the
tranche B commitment thereunder) (the “Securitization”), shall be in
effect or (B) an alternative Relocation SPV Financing or other source of
liquidity, in each case, replacing the Securitization (the “Alternative
Financing”) shall be in effect, pursuant to terms in form and substance
satisfactory to the Administrative Agent, and (ii) for the operation of
the Loan Parties cash management system with the Cash Management Banks (or
replacement institutions) following the Effective Date, (b) the delivery
by the Borrower to the Administrative of a certificate of a Responsible Officer
of the Borrower stating that, on and as of the date of the conversion of the
facilities provided for herein into the facilities provided for in the Exit
Facility Agreement, (x) each of the representations and warranties made by
any Loan Party pursuant to this Agreement or any other Loan Document (or in any
amendment, modification or supplement hereto or thereto) to which it is a
party, and each of the representations and warranties contained in any
certificate furnished at any time by or on behalf of any Loan Party pursuant to
this Agreement or any other Loan 

 

28

 

Document, shall be true and correct in all material respects on and as
of such date as if made on and as of such date, except to the extent that such
representations and warranties relate to a particular date, in which case such
representations and warranties were true and correct in all material respects
on and as of such earlier date, and (y) no Default or Event of Default
shall have occurred and be continuing on such date or after giving effect to
the conversion to be made on such date, and (c) the satisfaction or waiver
of the other conditions precedent to effectiveness set forth in the Exit
Facility Agreement, then automatically and without any further consent or
action required by the Administrative Agent or any Lender:

 

(i)          the
Borrower, in its capacity as reorganized SIRVA Worldwide, Inc., Holding,
in its capacity as a reorganized Debtor, and each Guarantor, in its capacity as
a reorganized Debtor, to the extent such Person is required under the Exit
Facility Agreement to continue to be a guarantor thereunder, shall assume all
obligations in respect of the Loans hereunder and all other monetary
obligations in respect hereof,

 

(ii)         each
Loan hereunder shall be continued as a Loan under the Exit Facility Agreement,

 

(iii)        each
Lender hereunder shall be a Lender under the Exit Facility Agreement and

 

(iv)        this
Agreement shall terminate and be superseded and replaced by, and deemed amended
and restated in its entirety in the form of, the Exit Facility Agreement (with
such changes and insertions reasonably satisfactory to the Administrative Agent
and the Borrower thereto incorporated as necessary to make such technical
changes necessary to effectuate the intent of this subsection 2.11), and the
Commitments hereunder shall terminate.

 

Notwithstanding the foregoing, all obligations of the Borrower and the
Guarantors to the Administrative Agent, the Issuing Lender, and the Lenders
under this Agreement and any other Loan Document (except the Exit Facility
Agreement) which are expressly stated in this Agreement or such other Loan
Document as surviving such agreement’s termination shall, as so specified,
survive without prejudice and remain in full force and effect.  Each of the Loan Parties, the Administrative
Agent, the Lenders and the Issuing Lender shall take such actions and execute
and deliver such agreements, instruments or other documents as the
Administrative Agent may reasonably request to give effect to the provisions of
this subsection 2.11.

 

SECTION 3.   LETTERS OF
CREDIT

 

3.1.          L/C Commitment.  (a)           Prior
to the Closing Date, the Existing Issuing Lender has issued the Existing
Letters of Credit which, from and after the Closing Date, shall, subject to the
terms and conditions hereof, constitute Letters of Credit hereunder. Subject to
the terms and conditions hereof, the Issuing Lender, in reliance on the
agreements of the other Revolving Credit Lenders set forth in
subsection 3.4(a), agrees to issue letters of credit (the letters of
credit issued on and after the Closing Date pursuant to this Section 3,
together with the Existing Letters of Credit, collectively, the “Letters of
Credit”) for the account of the Borrower on any Business Day during the
Revolving Credit Commitment Period in such form as may be 

 

29

 

approved from time to time by the Issuing Lender; provided that
the Issuing Lender shall not issue any Letter of Credit if, after giving effect
to such issuance, (i) the sum of the Letters of Credit (other than Foreign
Backstop Letters of Credit) and the Dollar Equivalent of the then outstanding
L/C Obligations in respect of any Foreign Backstop Letters of Credit would
exceed $60,000,000 (it being understood and agreed that the Administrative
Agent shall calculate the Dollar Equivalent of the then outstanding L/C
Obligations in respect of any Foreign Backstop Letters of Credit on the date on
which the Borrower has requested that the Issuing Lender issue a Letter of
Credit for purposes of determining compliance with this clause (i)) or (ii) the
Aggregate Outstanding Revolving Credit of all the Revolving Credit Lenders
would exceed the Revolving Credit Commitments of all the Revolving Credit
Lenders then in effect.  Each Letter of
Credit shall (i) be denominated in Dollars or, in the case of Foreign
Backstop Letters of Credit, in Dollars or any Designated Foreign Currency and
shall be either (A) a standby letter of credit issued to support
obligations of the Borrower or any of its Subsidiaries, contingent or
otherwise, which finance the working capital and business needs of the Borrower
and its Subsidiaries incurred in the ordinary course of business (a “Standby
Letter of Credit”), or (B) a commercial letter of credit in respect of
the purchase of goods or services by the Borrower or any of its Subsidiaries in
the ordinary course of business (a “Commercial Letter of Credit”), (ii) expire
no later than five days prior to the Termination Date and (iii) unless otherwise
agreed by the Administrative Agent, expire no later than 365 days after its
date of issuance in the case of Standby Letters of Credit, and 180 days after
its date of issuance in the case of Commercial Letters of Credit.

 

(b)           Each Letter of
Credit shall be subject to the Uniform Customs and, to the extent not
inconsistent therewith, the laws of the State of New York.

 

(c)           The Issuing Lender
shall not at any time issue any Letter of Credit hereunder if such issuance
would conflict with, or cause the Issuing Lender or any L/C Participant to
exceed any limits imposed by, any applicable Requirement of Law.

 

3.2.          Procedure for
Issuance of Letters of Credit.  The
Borrower may from time to time request that the Issuing Lender issue a Letter
of Credit by delivering to the Issuing Lender, at its address for notices
specified herein, an Application therefor, completed to the reasonable
satisfaction of the Issuing Lender, and such other certificates, documents and
other papers and information as the Issuing Lender may reasonably request.  Upon receipt of any Application, the Issuing
Lender will process such Application and the certificates, documents and other
papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall promptly issue the Letter of Credit
requested thereby (but in no event shall the Issuing Lender be required to
issue any Letter of Credit earlier than three Business Days after its receipt
of the Application therefor and all such other certificates, documents and
other papers and information relating thereto) by issuing the original of such
Letter of Credit to the beneficiary thereof or as otherwise may be agreed by
the Issuing Lender and the Borrower.  The
Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower
promptly following the issuance thereof. 
The Issuing Lender shall promptly furnish to the Administrative Agent,
which shall in turn promptly furnish to the Lenders, notice of the issuance of
each Letter of Credit (including the amount thereof).

 

30

 

3.3.          Fees, Commissions
and Other Charges.  (a)  The
Borrower shall pay to the Administrative Agent, for the account of the Issuing
Lender and the L/C Participants, a letter of credit commission with respect to
each Letter of Credit issued for the account of the Borrower, computed for the
period from and including the date of issuance of such Letter of Credit to the
expiration date of such Letter of Credit (the “L/C Period”), computed at
a rate per annum equal to the Applicable Margin then in effect for Eurodollar
Loans that are Revolving Credit Loans, calculated on the basis of a 365- (or
366-, as the case may be) day year, of the aggregate amount available to be
drawn under such Letter of Credit, payable for the L/C Period monthly (without
duplication) in arrears on each L/C Fee Payment Date with respect to such
Letter of Credit and (if applicable) on the Termination Date or such earlier
date as the Revolving Credit Commitments shall terminate as provided
herein.  Such commission shall be payable
to the Administrative Agent for the account of the Revolving Credit Lenders to
be shared ratably among them in accordance with their respective Revolving
Credit Commitment Percentages.  The
Borrower shall also pay to the Administrative Agent, for the account of the
Issuing Lender, a fee equal to 1/4 of 1% per annum of the aggregate amount
available to be drawn under such Letter of Credit, payable for the L/C Period
monthly (without duplication) in arrears on each L/C Fee Payment Date with
respect to such Letter of Credit and (if applicable) on the Termination Date or
such other date as the Revolving Credit Commitments shall terminate.  Such commissions and fees shall be
nonrefundable.  Such fees and commissions
shall be payable in Dollars, notwithstanding that a Letter of Credit may be
denominated in any Designated Foreign Currency. 
In respect of a Letter of Credit denominated in any Designated Foreign
Currency, such fees and commissions shall be converted into Dollars at the Spot
Rate of Exchange on the date on which they are paid (or, if such date is not a
Business Day, at the Spot Rate of Exchange on the Business Day next preceding
such date).

 

(b)           In addition to the
foregoing commissions and fees, the Borrower shall pay or reimburse the Issuing
Lender for such normal and customary costs and expenses as are incurred or
charged by the Issuing Lender in issuing, effecting payment under, amending or
otherwise administering any Letter of Credit issued by such Issuing Lender.

 

(c)           The Administrative
Agent shall, promptly following its receipt thereof, distribute to the Issuing
Lender and the L/C Participants all commissions and fees received by the
Administrative Agent for their respective accounts pursuant to this subsection.

 

3.4.          L/C
Participations.  (a)  The
Issuing Lender irrevocably agrees to grant and hereby grants to each L/C
Participant, and, to induce the Issuing Lender to issue Letters of Credit
hereunder, each L/C Participant irrevocably agrees to accept and purchase and
hereby accepts and purchases from the Issuing Lender, on the terms and
conditions hereinafter stated, for such L/C Participant’s own account and risk
an undivided interest equal to such L/C Participant’s Revolving Credit
Commitment Percentage (determined on the date of issuance of the relevant
Letter of Credit) in the Issuing Lender’s obligations and rights under each
Letter of Credit issued or continued hereunder and the amount of each draft
paid by the Issuing Lender thereunder. 
Each L/C Participant unconditionally and irrevocably agrees with the
Issuing Lender that, if a draft is paid under any Letter of Credit for which
the Issuing Lender is not reimbursed in full by the Borrower in respect of such
Letter of Credit in accordance with subsection 3.5(a), such L/C
Participant shall pay to the Issuing Lender upon demand (which demand, in the
case of any demand made in respect of any draft under a Letter of Credit
denominated in any Designated 

 

31

 

Foreign Currency, shall not be made prior to the date that the amount
of such draft shall be converted into Dollars in accordance with
subsection 3.5(a)) at the Issuing Lender’s address for notices specified
herein an amount equal to such L/C Participant’s Revolving Credit Commitment
Percentage of the amount of such draft, or any part thereof, which is not so
reimbursed; provided that nothing in this paragraph shall relieve the
Issuing Lender of any liability resulting from the gross negligence or willful
misconduct of the Issuing Lender, or otherwise affect any defense or other
right that any L/C Participant may have as a result of such gross negligence or
willful misconduct.

 

(b)           If any amount
required to be paid by any L/C Participant to the Issuing Lender on demand by
the Issuing Lender pursuant to subsection 3.4(a) in respect of any
unreimbursed portion of any payment made by the Issuing Lender under any Letter
of Credit is paid to the Issuing Lender within three Business Days after the
date such demand is made, such L/C Participant shall pay to the Issuing Lender
on demand an amount equal to the product of (i) such amount, times (ii) the
daily average Federal Funds Effective Rate during the period from and including
the date such payment is required to the date on which such payment is
immediately available to the Issuing Lender, times (iii) a fraction the
numerator of which is the number of days that elapse during such period and the
denominator of which is 360.  If any such
amount required to be paid by any L/C Participant pursuant to
subsection 3.4(a) is not in fact made available to the Issuing Lender
by such L/C Participant within three Business Days after the date such payment
is due, the Issuing Lender shall be entitled to recover from such L/C
Participant, on demand, such amount with interest thereon calculated from such
due date at the rate per annum applicable to ABR Loans that are Revolving
Credit Loans.  A certificate of the Issuing
Lender submitted to any L/C Participant with respect to any amounts owing under
this subsection (which shall include calculations of any such amounts in
reasonable detail) shall be conclusive in the absence of manifest error.

 

(c)           Whenever, at any
time after the Issuing Lender has made payment under any Letter of Credit and
has received from any L/C Participant its pro
rata share of such payment in accordance with subsection 3.4(a), the
Issuing Lender receives any payment related to such Letter of Credit (whether
directly from the Borrower in respect of such Letter of Credit or otherwise),
or any payment of interest on account thereof, the Issuing Lender will, if such
payment is received prior to 1:00 P.M., New York City time, on a Business
Day, distribute to such L/C Participant its pro  rata share
thereof prior to the end of such Business Day and otherwise the Issuing Lender
will distribute such payment on the next succeeding Business Day; provided,
however, that in the event that any such payment received by the Issuing
Lender shall be required to be returned by the Issuing Lender, such L/C
Participant shall return to the Issuing Lender the portion thereof previously
distributed by the Issuing Lender to it.

 

3.5.          Reimbursement
Obligation of the Borrower.  (a) 
The Borrower agrees to reimburse the Issuing Lender, upon receipt by the
Borrower of notice from the Issuing Lender of the date and amount of a draft
presented under any Letter of Credit and paid by the Issuing Lender, for the
amount of such draft so paid and any taxes, fees, charges or other costs or
expenses reasonably incurred by the Issuing Lender in connection with such
payment.  Each such payment shall be made
to the Issuing Lender, at its address for notices specified herein in the
currency in which such Letter of Credit is denominated (except that, in the
case of any Letter of Credit denominated in any Designated Foreign Currency, in
the event that such payment is not 

 

32

 

made to the Issuing Lender within three Business Days of the date of
receipt by the Borrower of such notice, upon notice by the Issuing Lender to
the Borrower, such payment shall be made in Dollars, in an amount equal to the
Dollar Equivalent of the amount of such payment converted on the date of such
notice into Dollars at the Spot Rate of Exchange on such date) and in
immediately available funds, on the date on which the Borrower receives such
notice, if received prior to 11:00 A.M., New York City time, on a Business
Day and otherwise on the next succeeding Business Day.  Any conversion by the Issuing Lender of any
payment to be made in respect of any Letter of Credit denominated in any
Designated Foreign Currency into Dollars in accordance with this
subsection 3.5(a) shall be conclusive and binding upon the Borrower
and the Revolving Credit Lenders in the absence of manifest error; provided
that upon the request of the Borrower or any Revolving Credit Lender, the
Issuing Lender shall provide to the Borrower or Revolving Credit Lender a
certificate including reasonably detailed information as to the calculation of
such conversion.

 

(b)           Interest shall be
payable on any and all amounts remaining unpaid by the Borrower under this
subsection (i) from the date the draft presented under the affected
Letter of Credit is paid to the date on which the Borrower is required to pay
such amounts pursuant to paragraph (a) above at the rate which would then
be payable on any outstanding ABR Loans that are Revolving Credit Loans and (ii) thereafter
until payment in full at the rate which would be payable on any outstanding ABR
Loans that are Revolving Credit Loans which were then overdue.

 

3.6.          Obligations
Absolute.  (a)  Each of the
Borrower’s obligations under this Section 3 shall be absolute and
unconditional under any and all circumstances and irrespective of any set-off,
counterclaim or defense to payment which the Borrower may have or have had
against the Issuing Lender, any L/C Participant or any beneficiary of a Letter
of Credit, provided that this paragraph shall not relieve the Issuing
Lender or any L/C Participant of any liability resulting from the gross
negligence or willful misconduct of the Issuing Lender or such L/C Participant,
or otherwise affect any defense or other right that the Borrower may have as a
result of any such gross negligence or willful misconduct.

 

(b)           The Borrower also
agrees with the Issuing Lender that the Issuing Lender and the L/C Participants
shall not be responsible for, and the Borrower’s Reimbursement Obligations
under subsection 3.5(a) shall not be affected by, among other things,
the validity or genuineness of documents or of any endorsements thereon, even
though such documents shall in fact prove to be invalid, fraudulent or forged,
or any dispute between or among the Borrower and any beneficiary of any Letter
of Credit or any other party to which such Letter of Credit may be transferred
or any claims whatsoever of the Borrower against any beneficiary of such Letter
of Credit or any such transferee, provided that this paragraph shall not
relieve the Issuing Lender or any L/C Participant of any liability resulting
from the gross negligence or willful misconduct of the Issuing Lender or such
L/C Participant, or otherwise affect any defense or other right that the
Borrower may have as a result of any such gross negligence or willful
misconduct.

 

(c)           Neither the Issuing
Lender nor any L/C Participant shall be liable for any error, omission,
interruption or delay in transmission, dispatch or delivery of any message or
advice, however transmitted, in connection with any Letter of Credit, except
for errors or omissions caused by such Person’s gross negligence or willful
misconduct.

 

33

 

(d)           The Borrower agrees
that any action taken or omitted by the Issuing Lender under or in connection
with any Letter of Credit or the related drafts or documents, if done in the
absence of gross negligence or willful misconduct and in accordance with the
standards of care specified in the Uniform Commercial Code of the State of New
York, shall be binding on the Borrower and shall not result in any liability of
the Issuing Lender or any L/C Participant to the Borrower.

 

3.7.          Letter of Credit
Payments.  If any draft shall be
presented for payment under any Letter of Credit, the Issuing Lender shall
promptly notify the Borrower of the date and amount thereof.  The responsibility of the Issuing Lender to
the Borrower in respect of any Letter of Credit in connection with any draft
presented for payment under such Letter of Credit shall, in addition to any
payment obligation expressly provided for in such Letter of Credit, be limited
to determining that the documents (including each draft) delivered under such
Letter of Credit in connection with such presentment are in conformity with
such Letter of Credit, provided that this paragraph shall not relieve
the Issuing Lender of any liability resulting from the gross negligence or
willful misconduct of the Issuing Lender, or otherwise affect any defense or
other right that the Borrower may have as a result of any such gross negligence
or willful misconduct.

 

3.8.          Application.  To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions
of this Section 3, the provisions of this Section 3 shall apply.

 

SECTION 4.   GENERAL
PROVISIONS APPLICABLE TO

LOANS AND LETTERS OF CREDIT

 

4.1.          Interest Rates
and Payment Dates.  (a)  Each
Eurodollar Loan shall bear interest for each day during each Interest Period
with respect thereto at a rate per annum equal to the Eurodollar Rate
determined for such day plus the Applicable Margin in effect for such day.

 

(b)           Each ABR Loan shall
bear interest for each day that it is outstanding at a rate per annum equal to
the ABR for such day plus the Applicable Margin in effect for such day.

 

(c)           If any Event of
Default shall have occurred and be continuing, all outstanding Loans and other
Obligations under the Loan Documents shall bear interest at a rate per annum
which is (i) in the case of the Loans, the rate that would otherwise be
applicable thereto pursuant to the relevant foregoing provisions of this
subsection plus 2.00%, (ii) in the case interest, the rate that would
be otherwise applicable to principal of the related Loan pursuant to the
relevant foregoing provisions of this subsection (other than clause (i) above)
plus 2.00% and (iii) in the case of, fees, commissions or other amounts,
the rate described in paragraph (b) of this subsection for ABR Loans
that are Revolving Credit Loans plus 2.00%, in each case from the date of such
non-payment until such amount is paid in full (as well after as before
judgment).

 

(d)           Interest shall be
payable in arrears on each Interest Payment Date, provided that interest
accruing pursuant to paragraph (c) of this subsection shall be payable
from time to time on demand.

 

(e)           It is the intention
of the parties hereto to comply strictly with applicable usury laws;
accordingly, it is stipulated and agreed that the aggregate of all amounts
which 

 

34

 

constitute interest under applicable usury laws, whether contracted
for, charged, taken, reserved, or received, in connection with the indebtedness
evidenced by this Agreement or any Notes, or any other document relating or
referring hereto or thereto, now or hereafter existing, shall never exceed
under any circumstance whatsoever the maximum amount of interest allowed by
applicable usury laws.

 

4.2.          Conversion
and Continuation Options.  (a) 
The Borrower may elect from time to time to convert outstanding Term Loans and
Revolving Credit Loans from Eurodollar Loans to ABR Loans by giving the
Administrative Agent at least two Business Days’ prior irrevocable notice of
such election, provided that any such conversion of Eurodollar Loans may
only be made on the last day of an Interest Period with respect thereto.  The Borrower may elect from time to time to
convert outstanding Term Loans and Revolving Credit Loans from ABR Loans to
Eurodollar Loans by giving the Administrative Agent at least three Business
Days’ prior irrevocable notice of such election.  Any such notice of conversion to Eurodollar
Loans shall specify the length of the initial Interest Period or Interest
Periods therefor.  Upon receipt of any
such notice the Administrative Agent shall promptly notify each affected Lender
thereof.  All or any part of outstanding
Eurodollar Loans and ABR Loans may be converted as provided herein, provided
that (i) (unless the Required Lenders otherwise consent) no Loan may be
converted into a Eurodollar Loan when any Default or Event of Default has
occurred and is continuing and, in the case of any Default, the Administrative
Agent has given notice to the Borrower that no such conversions may be made and
(ii) no Loan may be converted into a Eurodollar Loan after the date that
is one month prior to the Maturity Date.

 

(b)           Any
Eurodollar Loan may be continued as such upon the expiration of the then
current Interest Period with respect thereto by the Borrower giving notice to
the Administrative Agent of the length of the next Interest Period to be
applicable to such Loan, determined in accordance with the applicable
provisions of the term “Interest Period” set forth in subsection 1.1, provided
that no Eurodollar Loan may be continued as such (i) (unless the Required
Lenders otherwise consent) when any Default or Event of Default has occurred
and is continuing and, in the case of any Default, the Administrative Agent has
given notice to the Borrower that no such continuations may be made or (ii) after
the date that is one month prior to the Maturity Date, and provided, further,
that in the case of Eurodollar Loans made or outstanding in Dollars, if the
Borrower shall fail to give any required notice as described above in this
paragraph or if such continuation is not permitted pursuant to the preceding
proviso such Eurodollar Loans shall be automatically converted to ABR Loans on
the last day of such then expiring Interest Period.  Upon receipt of any such notice of
continuation pursuant to this subsection 4.2(b), the Administrative Agent
shall promptly notify each affected Lender thereof.

 

4.3.          Minimum Amounts
of Sets.  All borrowings, conversions
and continuations of Loans hereunder and all selections of Interest Periods
hereunder shall be in such amounts and be made pursuant to such elections so
that, after giving effect thereto, the aggregate principal amount of the
Eurodollar Loans comprising each Set shall be equal to $5,000,000, or a whole
multiple of $1,000,000 in excess thereof, and so that there shall not be more
than 5 Sets at any one time outstanding.

 

4.4.          Optional and
Mandatory Prepayments and Commitment Reductions.  (a)  The Borrower may at any time and
from time to time prepay the Loans in whole or in part, 

 

35

 

subject to subsection 4.12, without premium or penalty, upon at
least three Business Days’ irrevocable notice by the Borrower to the
Administrative Agent (in the case of Eurodollar Loans) or at least one Business
Day’s irrevocable notice by the Borrower to the Administrative Agent (in the
case of ABR Loans), specifying, in the case of any prepayment of Loans, the
date and amount of prepayment and whether the prepayment is (i) of Term
Loans or Revolving Credit Loans, or a combination thereof, and (ii) of
Eurodollar Loans, ABR Loans or a combination thereof, and, in each case if a
combination thereof, the principal amount allocable to each.  Upon the receipt of any such notice the
Administrative Agent shall promptly notify each affected Lender thereof.  If any such notice is given, the amount
specified in such notice shall be due and payable on the date specified
therein, together with (if a Eurodollar Loan is prepaid other than at the end
of the Interest Period applicable thereto) any amounts payable pursuant to
subsection 4.12 and, in the case of prepayments of the Term Loans only,
accrued interest to such date on the amount prepaid.  Partial prepayments of the Revolving Credit
Loans pursuant to this subsection shall (unless the Borrower otherwise
directs) be applied, first, to payment of the Revolving Credit Loans
then outstanding, second, to payment of any Reimbursement Obligations
then outstanding and, last, to cash collateralize any outstanding L/C
Obligation on terms reasonably satisfactory to the Administrative Agent.  Partial prepayments pursuant to this
subsection 4.4(a) shall be in an aggregate principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof, provided
that, notwithstanding the foregoing, any Loan may be prepaid in its entirety.

 

(b)           Except as otherwise
provided in subsection 4.14, if, at any time during the Revolving Credit
Commitment Period, the Aggregate Outstanding Revolving Credit with respect to
all of the Revolving Credit Lenders exceeds the aggregate Revolving Credit
Commitments then in effect, the Borrower shall, without notice or demand,
immediately repay the Revolving Credit Loans in an aggregate principal amount
equal to such excess together with interest accrued to the date of such payment
or prepayment and any amounts payable under subsection 4.12.  To the extent that after giving effect to any
prepayment of the Loans required by the preceding sentence, such Aggregate
Outstanding Revolving Credit exceeds the aggregate Revolving Credit Commitments
then in effect, the Borrower shall, without notice or demand, immediately cash
collateralize the then outstanding L/C Obligations in an amount equal to such
excess upon terms reasonably satisfactory to the Administrative Agent.

 

(c)           If on or after the
Closing Date:

 

(i)          the
Borrower or any of its Subsidiaries shall make an Asset Sale (other than
pursuant to clause (i), (ii), (iii), (iv), (v), (ix) or (x) of
subsection 8.6(a)), or

 

(ii)         a
Recovery Event occurs,

 

then, in each case, the Borrower shall prepay, in accordance with
subsection 4.4(d), the Loans and cash collateralize the L/C Obligations in
an amount equal to 100% of the Net Cash Proceeds thereof minus any
Reinvested Amount, in each such case with such prepayment to be made on the
Business Day following the date of receipt of any such Net Cash Proceeds
(except that, if any such Net Cash Proceeds are eligible to be reinvested in
accordance with the definition of the term “Reinvested Amount” in
subsection 1.1 and the Borrower has not elected to reinvest such proceeds,
such prepayment to be made on the earlier of (1) the date on which the
certificate of a 

 

36

 

Responsible Officer of the Borrower to such effect is delivered to the
Administrative Agent in accordance with such definition and (2) the last
day of the period within which a certificate setting forth such election is
required to be delivered in accordance with such definition).  Nothing in this paragraph (c) shall
limit the rights of the Administrative Agent and the Lenders set forth in Section 9.

 

(d)           Prepayments pursuant
to subsection 4.4(c) shall be applied, first, to prepay Term Loans
then outstanding, second, to prepay Revolving Credit Loans then
outstanding, third, to pay any Reimbursement Obligations then
outstanding and, last, to cash collateralize any outstanding L/C
Obligations on terms reasonably satisfactory to the Administrative Agent.

 

(e)           Amounts prepaid on
account of Term Loans pursuant to subsection 4.4(a) or 4.4(c) may
not be reborrowed.

 

(f)            The Revolving
Credit Commitments shall be permanently reduced by the amount of all
prepayments of Revolving Credit Loans, payments of Reimbursement Obligations
and cash collateralizations of L/C Obligations, in each case, made under subsection
4.4(b) or 4.4(c).

 

4.5.          Commitment Fees;
Administrative Agent’s Fee; Other Fees. 
(a)  The Borrower agrees to pay to the Administrative Agent, for
the account of each Revolving Credit Lender, a commitment fee for the period
from and including the first day of the Revolving Credit Commitment Period to
the Termination Date, computed at the rate of 0.50% per annum on the average
daily amount of the Available Revolving Credit Commitment of such Revolving
Credit Lender during the period for which payment is made, payable monthly in
arrears on the last day of each month and on the Termination Date or such
earlier date as the Revolving Credit Commitments shall terminate as provided
herein, commencing on March 1, 2008.

 

(b)           The Borrower agrees
to pay to the Administrative Agent any fees in the amounts and on the dates
previously agreed to in writing by the Borrower and the Administrative Agent in
connection with this Agreement.

 

4.6.          Computation of
Interest and Fees.  (a) 
Interest (other than interest based on the Prime Rate) shall be calculated on
the basis of a 360-day year for the actual days elapsed; and commitment fees
and interest based on the Prime Rate shall be calculated on the basis of a 365-
(or 366-, as the case may be) day year for the actual days elapsed.  The Administrative Agent shall as soon as
practicable notify the Borrower and the affected Lenders of each determination
of a Eurodollar Rate.  Any change in the
interest rate on a Loan resulting from a change in the ABR or the Eurocurrency
Reserve Requirements shall become effective as of the opening of business on
the day on which such change becomes effective. 
The Administrative Agent shall as soon as practicable notify the
Borrower and the affected Lenders of the effective date and the amount of each
such change in interest rate.

 

(b)           Each determination
of an interest rate by the Administrative Agent pursuant to any provision of
this Agreement shall be conclusive and binding on the Borrower and the Lenders
in the absence of manifest error.  The
Administrative Agent shall, at the request of the Borrower or any Lender,
deliver to the Borrower or such Lender a statement showing in 

 

37

 

reasonable detail the calculations used by the Administrative Agent in
determining any interest rate pursuant to subsection 4.1, excluding any
Eurodollar Base Rate which is based upon the Telerate British Bankers Assoc.
Interest Settlement Rates Page and any ABR which is based upon the Prime
Rate.

 

4.7.          Inability to Determine
Interest Rate.  If prior to the first
day of any Interest Period, the Administrative Agent shall have determined
(which determination shall be conclusive and binding upon the Borrower) that,
by reason of circumstances affecting the relevant market, adequate and
reasonable means do not exist for ascertaining the Eurodollar Rate for such
Interest Period, the Administrative Agent shall give telecopy or telephonic
notice thereof to the Borrower and the Lenders as soon as practicable
thereafter.  If such notice is given (a) any
Eurodollar Loans requested to be made on the first day of such Interest Period
shall be made as ABR Loans and (b) any Loans that were to have been
converted on the first day of such Interest Period to or continued as
Eurodollar Loans shall be converted to or continued as ABR Loans.  If any such repayment occurs on a day which
is not the last day of the then current Interest Period with respect to such
Eurodollar Loan, the Borrower shall pay to each of the Revolving Credit Lenders
such amounts, if any, as may be required pursuant to subsection 4.12.  Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Loans shall be made or continued as
such, nor shall the Borrower have the right to convert ABR Loans to Eurodollar
Loans.

 

4.8.          Pro Rata
Treatment and Payments.   (a) 
Each borrowing of Revolving Credit Loans by the Borrower from the Revolving
Credit Lenders hereunder shall be made, each payment by the Borrower on account
of any commitment fee in respect of the Revolving Credit Commitments hereunder
shall be allocated by the Administrative Agent, and any reduction of the
Revolving Credit Commitments of the Revolving Credit Lenders shall be allocated
by the Administrative Agent, in each case, pro rata according to the relevant
Revolving Credit Commitment Percentages of the Revolving Credit Lenders.  Each payment (including each prepayment) by
the Borrower on account of principal of and interest on any Revolving Credit
Loans shall be allocated by the Administrative Agent pro rata according to the
respective outstanding principal amounts of such Revolving Credit Loans then
held by the Revolving Credit Lenders. 
Each payment (including each prepayment) by the Borrower on account of
principal of and interest on any Term Loans shall be allocated by the
Administrative Agent pro rata according to the respective outstanding principal
amounts of the Term Loans then held by the Term Loan Lenders.  All payments (including prepayments) to be
made by the Borrower hereunder, whether on account of principal, interest,
fees, Reimbursement Obligations or otherwise, shall be made without set-off or
counterclaim or, except as permitted under subsection 4.11, other deduction and
shall be made prior to 1:00 P.M., New York City time, on the due date
thereof to the Administrative Agent, for the account of the Lenders holding the
relevant Loans or the L/C Participants, as the case may be, at the
Administrative Agent’s office specified in subsection 13.2, in Dollars or,
in the case of L/C Obligations in any Designated Foreign Currency, such
Designated Foreign Currency and, whether in Dollars or any Designated Foreign
Currency, in immediately available funds. 
Payments received by the Administrative Agent after such time shall be
deemed to have been received on the next Business Day.  The Administrative Agent shall distribute
such payments to such Lenders, if any such payment is received prior to 1:00 P.M.,
New York City time, on a Business Day, in like funds as received prior to the
end of such Business Day and otherwise the Administrative Agent shall
distribute such payment to such Lenders on the next succeeding Business
Day.  If any payment hereunder (other
than payments 

 

38

 

on the Eurodollar Loans) becomes due and payable on a day other than a
Business Day, the maturity of such payment shall be extended to the next
succeeding Business Day, and, with respect to payments of principal, interest
thereon shall be payable at the then applicable rate during such
extension.  If any payment on a
Eurodollar Loan becomes due and payable on a day other than a Business Day, the
maturity of such payment shall be extended to the next succeeding Business Day
(and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension) unless the result of such
extension would be to extend such payment into another calendar month, in which
event such payment shall be made on the immediately preceding Business Day.

 

(b)           Unless the
Administrative Agent shall have been notified in writing by any Revolving
Credit Lender prior to a borrowing that such Revolving Credit Lender will not
make the amount that would constitute its Revolving Credit Commitment Percentage
of such borrowing available to the Administrative Agent, the Administrative
Agent may assume that such Revolving Credit Lender is making such amount
available to the Administrative Agent, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower in respect of
such borrowing a corresponding amount. 
If such amount is not made available to the Administrative Agent by the
required time on the Borrowing Date therefor, such Revolving Credit Lender
shall pay to the Administrative Agent, on demand, such amount with interest
thereon at a rate equal to the daily average Federal Funds Effective Rate for
the period until such Revolving Credit Lender makes such amount immediately
available to the Administrative Agent.  A
certificate of the Administrative Agent submitted to any Revolving Credit
Lender with respect to any amounts owing under this subsection shall be
conclusive in the absence of manifest error. 
If such Revolving Credit Lender’s Revolving Credit Commitment Percentage
of such borrowing is not made available to the Administrative Agent by such
Revolving Credit Lender within three Business Days of such Borrowing Date, the
Administrative Agent shall notify the Borrower of the failure of such Revolving
Credit Lender to make such amount available to the Administrative Agent and the
Administrative Agent shall also be entitled to recover such amount with
interest thereon at the rate per annum applicable to ABR Loans hereunder, on
demand, from the Borrower.

 

(c)           Notwithstanding
anything contained in this Agreement:

 

(i)          If
at any time a Revolving Credit Lender shall not make a Revolving Credit Loan
required to be made by it hereunder (any such Lender, a “Defaulting Lender”),
the Borrower shall have the right to seek one or more Persons reasonably
satisfactory to the Administrative Agent and the Borrower to each become a
substitute Revolving Credit Lender and assume all or part of the Revolving
Credit Commitment of such Defaulting Lender. 
In such event, the Borrower, the Administrative Agent and any such
substitute Revolving Credit Lender shall execute and deliver, and such
Defaulting Lender shall thereupon be deemed to have executed and delivered, an
appropriately completed Assignment and Acceptance to effect such substitution.

 

(ii)         In
determining the Required Lenders, any Lender that at the time is a Defaulting
Lender (and the Loans and Revolving Credit Commitment of such Defaulting
Lender) shall be excluded and disregarded. 
No commitment fee shall accrue

 

39

 

for the account of a Defaulting Lender so
long as such Lender shall be a Defaulting Lender.

 

(iii)        If
at any time the Borrower shall be required to make any payment under any Loan
Document to or for the account of a Defaulting Lender, then the Borrower, so
long as it is then permitted to borrow Revolving Credit Loans hereunder, may
set off and otherwise apply its obligation to make such payment against the
obligation of such Defaulting Lender to make such Loan with respect to which
there has been a Default. In such event, the amount so set off and otherwise
applied shall be deemed to constitute a Revolving Credit Loan by such
Defaulting Lender made on the date of such set-off and included within any
borrowing of Revolving Credit Loans as the Administrative Agent may reasonably
determine.

 

(iv)        If,
with respect to any Defaulting Lender, which for the purposes of this
subsection 4.8(c)(iv), shall include any Revolving Credit Lender (i) that
has commenced any case, proceeding or other action (A) under any existing
or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its
debts, or (B) has sought appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part
of its assets, or having made a general assignment for the benefit of its
creditors; or (ii) with respect to which there shall be commenced against
such Defaulting Lender any case, proceeding or other action of a nature referred
to in clause (i) above which (A) results in the entry of an order for
relief or any such adjudication or appointment or (B) remains undismissed,
undischarged, unstayed or unbonded for a period of 60 days; or (iii) there
shall be commenced against such Defaulting Lender any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or
similar process against all or any substantial part of its assets which results
in the entry of an order for any such relief which shall not have been vacated,
discharged, stayed or bonded pending appeal within 60 days from the entry
thereof; or (iv) any Defaulting Lender shall take any corporate action in
furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any
Defaulting Lender shall be generally unable to, or shall admit in writing its
general inability to, pay its debts as they become due; the Borrower shall be
required to pay any amount under any Loan Document to or for the account of
such Defaulting Lender, then the Borrower, so long as it is then permitted to
borrow Revolving Credit Loans hereunder, may satisfy such payment obligation by
paying such amount to the Administrative Agent, to be (to the extent permitted
by applicable law and to the extent not utilized by the Administrative Agent to
satisfy obligations of the Defaulting Lender owing to it) held by the
Administrative Agent in escrow pursuant to its standard terms (including as to
the earning of interest), and applied (together with any accrued interest) by
it from time to time to make any Revolving Credit Loans or other payments as
and when required to be made by such Defaulting Lender hereunder.

 

40

 

4.9.          Illegality.  Notwithstanding any other provision herein,
if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof occurring after the Closing Date shall
make it unlawful for any Lender to make or maintain any Eurodollar Loans (a) such
Lender shall promptly give written notice of such circumstances to the Borrower
and the Administrative Agent (which notice shall be withdrawn whenever such
circumstances no longer exist), (b) the commitment of such Lender
hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and
convert an ABR Loan to a Eurodollar Loan shall forthwith be cancelled and,
until such time as it shall no longer be unlawful for such Lender to make or maintain
Eurodollar Loans, such Lender shall then have a commitment only to make an ABR
Loan when a is requested and (c) such Lender’s Loans then outstanding as
Eurodollar Loans, if any, shall be converted automatically to ABR Loans on the
respective last days of the then current Interest Periods with respect to such
Loans or within such earlier period as required by law. If any such conversion
or prepayment of a Eurodollar Loan occurs on a day which is not the  last day of the then current Interest Period
with respect thereto, the Borrower shall pay to such Lender such amounts, if
any, as may be required pursuant to subsection 4.12.

 

4.10.        Requirements
of Law.  (a)  If the adoption of
or any change in any Requirement of Law or in the interpretation or application
thereof applicable to any Lender, or compliance by any Lender with any request
or directive (whether or not having the force of law) from any central bank or
other Governmental Authority, in each case made subsequent to the Closing Date
(or, if later, the date on which such Lender becomes a Lender):

 

(i)          shall
subject such Lender to any tax of any kind whatsoever with respect to any
Letter of Credit, any Application or any Eurodollar Loans made or maintained by
it or its obligation to make or maintain Eurodollar Loans, or change the basis
of taxation of payments to such Lender in respect thereof (except for
Non-Excluded Taxes covered by subsection 4.11 (including Non-Excluded
Taxes imposed solely by reason of any failure of such Lender to comply with its
obligations (if any) under subsection 4.11(b) or 4.11(c) or with
respect to fees paid under this Agreement) and changes in taxes measured by or
imposed upon the overall net income, or franchise taxes, or taxes measured by
or imposed upon overall capital or net worth, or branch taxes (in the case of
such capital, net worth or branch taxes, imposed in lieu of such net income
tax), of such Lender or its applicable lending office, branch, or any affiliate
thereof);

 

(ii)         shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan
or similar requirement against assets held by, deposits or other liabilities in
or for the account of, advances, loans or other extensions of credit by, or any
other acquisition of funds by, any office of such Lender which is not otherwise
included in the determination of the Eurodollar Rate hereunder; or

 

(iii)        shall
impose on such Lender any other condition (excluding any tax of any kind
whatsoever);

 

and the result of any of the foregoing is to increase the cost to such
Lender, by an amount which such Lender deems to be material, of making,
converting into, continuing or maintaining Eurodollar Loans or issuing or
participating in Letters of Credit or to reduce any amount receivable hereunder
in respect thereof, then, in any such case, upon notice to the Borrower from

 

41

 

such Lender, through the Administrative Agent, in accordance herewith,
the Borrower shall promptly pay such Lender, upon its demand, any additional
amounts necessary to compensate such Lender for such increased cost or reduced
amount receivable with respect to such Eurodollar Loans or Letters of Credit, provided
that, in any such case, the Borrower may elect to convert the Eurodollar Loans
made by such Lender hereunder to ABR Loans by giving the Administrative Agent
at least one Business Day’s notice of such election, in which case the Borrower
shall promptly pay to such Lender, upon demand, without duplication, amounts
theretofor required to be paid to such Lender pursuant to this
subsection 4.10(a) and such amounts, if any, as may be  required pursuant to subsection 4.12. If
any Lender becomes entitled to claim any additional amounts pursuant to this
subsection, it shall provide prompt notice thereof to the Borrower, through the
Administrative Agent, certifying (x) that one of the events described in
this paragraph (a) has occurred and describing in reasonable detail the
nature of such event, (y) as to the increased cost or reduced amount
resulting from such event and (z) as to the additional amount demanded by
such Lender and a reasonably detailed explanation of the calculation thereof. Such
a certificate as to any additional amounts payable pursuant to this
subsection submitted by such Lender, through the Administrative Agent, to
the Borrower shall be conclusive in the absence of manifest error. This
covenant shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.

 

(b)           If
any Lender shall have determined that the adoption of or any change in any
Requirement of Law regarding capital adequacy or in the interpretation or
application thereof or compliance by such Lender or any corporation controlling
such Lender with any request or directive regarding capital adequacy (whether
or not having the force of law) from any Governmental Authority, in each case,
made subsequent to the Closing Date (or, if later, the date on which such
Lender becomes a Lender), does or shall have the effect of reducing the rate of
return on such Lender’s or such corporation’s capital as a consequence of such
Lender’s obligations hereunder or under or in respect of any Letter of Credit
to a level below that which such Lender or such corporation could have achieved
but for such change or compliance (taking into consideration such Lender’s or
such corporation’s policies with respect to capital adequacy) by an amount
deemed by such Lender to be material, then from time to time, within ten
Business Days after submission by such Lender to the Borrower (with a copy to
the Administrative Agent) of a written request therefor certifying (x) that
one of the events described in this paragraph (b) has occurred and
describing in reasonable detail the nature of such event, (y) as to the
reduction of the rate of return on capital resulting from such event and (z) as
to the additional amount or amounts demanded by such Lender or corporation and
a reasonably detailed explanation of the calculation thereof, the Borrower
shall pay to such Lender such additional amount or amounts as will compensate
such Lender or corporation for such reduction. Such a certificate as to any
additional amounts payable pursuant to this subsection submitted by such
Lender, through the Administrative Agent, to the Borrower shall be conclusive
in the absence of manifest error. This covenant shall survive the termination
of this Agreement and the payment of the Loans and all other amounts payable
hereunder.

 

4.11.        Taxes.
 (a)  Except as provided below in
this subsection, all payments made by the Borrower under this Agreement and any
Notes shall be made free and clear of, and without deduction or withholding for
or on account of, any present or future income, stamp or other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any Governmental Authority,
excluding taxes

 

42

 

measured by or imposed upon the overall net income (including net
income taxes imposed by means of a backup withholding tax) of any Lender or its
applicable lending office, or any branch or affiliate thereof, and all
franchise  taxes, branch taxes, taxes on
doing business or taxes measured by or imposed upon the overall capital or net
worth of any Lender or its applicable lending office, or any branch or
affiliate thereof, in each case imposed: 
(i) by the jurisdiction under the laws of which such Lender,
applicable lending office, branch or affiliate is organized or is located, or
in which its principal executive office is located, or any nation within which
such jurisdiction is located or any political subdivision thereof; or (ii) by
reason of any connection between the jurisdiction imposing such tax and such
Lender, applicable lending office, branch or affiliate other than a connection
arising solely from such Lender having executed, delivered or performed its
obligations under, or received payment under or enforced, this Agreement or any
Notes. If any such non-excluded taxes, levies, imposts, duties, charges, fees,
deductions or withholdings (“Non-Excluded Taxes”) are required to be
withheld from any amounts payable to the Administrative Agent or any Lender
hereunder or under any Notes, the amounts so payable to the Administrative
Agent or such Lender shall be increased to the extent necessary to yield to the
Administrative Agent or such Lender (after payment of all Non-Excluded Taxes)
interest or any such other amounts payable hereunder at the rates or in the amounts
specified in this Agreement, provided, however, that the Borrower
shall be entitled to deduct and withhold any Non-Excluded Taxes and shall not
be required to increase any such amounts payable to any Lender, (x) if
such Lender fails to comply with the requirements of paragraph (b) or (c) of
this subsection or (y) with respect to any Non-Excluded Taxes imposed
in connection with the payment of any fees paid under this Agreement unless
such Non-Excluded Taxes are imposed as a result of a change in treaty, law or
regulation that occurred after such Lender becomes a Lender hereunder (or, if
such Lender is a foreign intermediary or flow-through entity for U.S. federal
income tax purposes, after the relevant beneficiary or member of such Lender
became such a beneficiary or member, if later). Whenever any Non-Excluded Taxes
are payable by the Borrower, as promptly as possible thereafter the Borrower
shall send to the Administrative Agent for its own account or for the account
of such Lender, as the case may be, a certified copy of an original official
receipt received by the Borrower showing payment thereof. If the Borrower fails
to pay any Non-Excluded Taxes when due to the appropriate taxing authority or
fails to remit to the Administrative Agent the required receipts or other
required documentary evidence, the Borrower shall indemnify the Administrative
Agent and the Lenders for any incremental taxes, interest or penalties that may
become payable by the Administrative Agent or any Lender as a result of any such
failure. The agreements in this subsection 4.11 shall survive the
termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

 

(b)                                 Each
Lender that is not incorporated under the laws of the United States of America
or a state thereof shall:

 

(X)          on
or before the date of any payment by the Borrower under this Agreement or any
Notes to such Lender, deliver to the Borrower and the Administrative Agent (A) two
duly completed copies of United States Internal Revenue Service Form W-8BEN
(certifying that it is a resident of the applicable country within the meaning
of the income tax treaty between the United States and that country) or Form W-8ECI,
or successor applicable form, as the case may be, certifying that it is entitled
 to receive all payments under this
Agreement and

 

43

 

any Notes without deduction or withholding of
any United States federal income taxes and (B) such other forms,
documentation or certifications, as the case may be, certifying that it is
entitled to an exemption from United States backup withholding tax with respect
to payments under this Agreement and any Notes;

 

(i)            deliver to the Borrower and the
Administrative Agent two further copies of any such form or certification on or
before the date that any such form or certification expires or becomes obsolete
and after the occurrence of any event requiring a change in the most recent
form or certificate previously delivered by it to the Borrower; and

 

(ii)           obtain such extensions of time for
filing and completing such forms or certifications as may reasonably be
requested by the Borrower or the Administrative Agent; or

 

(Y)           in
the case of any such Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of
the Code,

 

(i)            represent to the Borrower (for the
benefit of the Borrower and the Administrative Agent) that it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code;

 

(ii)           agree to furnish to the Borrower on
or before the date of any payment by the Borrower, with a copy to the
Administrative Agent, (A) two certificates substantially in the form of Exhibit E
(any such certificate a “U.S. Tax Compliance Certificate”) and (B) two
accurate and complete original signed copies of Internal Revenue Service Form W-8BEN,
or successor applicable form certifying to such Lender’s legal entitlement at
the date of such certificate to an exemption from U.S. withholding tax under
the provisions of Section 871(h) or Section 881(c) of the
Code with respect to payments to be made under this Agreement and any Notes
(and to deliver to the Borrower and the Administrative Agent two further copies
of such form or certificate on or before the date it expires or becomes
obsolete and after the occurrence of any event requiring a change in the most
recently provided form or certificate and, if necessary, obtain any extensions
of time reasonably requested by the Borrower or the Administrative Agent for
filing and completing such forms or certificates); and

 

(iii)          agree, to the extent legally entitled
to do so, upon reasonable request by the Borrower, to provide to the Borrower
(for the benefit of the Borrower and the Administrative Agent) such other forms
as may be reasonably required in order to establish the legal entitlement of
such Lender to an exemption from withholding with respect to payments under
this Agreement and any Notes, provided that in determining the  reasonableness of a request under this clause (iii) such
Lender shall be entitled to consider the cost (to the extent unreimbursed by
the Borrower) which would be imposed on such Lender of complying with such
request; or

 

44

 

(Z)           in
the case of any such Lender that is a foreign intermediary or flow-through
entity for U.S. federal income tax purposes,

 

(i)            on
or before the date of any payment by the Borrower under this Agreement or any
Notes to such Lender, deliver to the Borrower and the Administrative Agent two
accurate and complete original signed copies of United States Internal Revenue
Service Form W-8IMY; and

 

(A)                              with
respect to each beneficiary or member of such Lender that is a bank within the
meaning of Section 881(c)(3)(A) of the Code, on or before the date of
any payment by the Borrower under this Agreement or any Notes to such Lender,
also deliver to the Borrower and the Administrative Agent  (I) two duly completed copies of United
States Internal Revenue Service Form W-8BEN (certifying that such
beneficiary or member is a resident of the applicable country within the
meaning of the income tax treaty between the United States and that country), Form W-8ECI
or Form W-9, or successor applicable form, as the case may be, in each
case certifying that each such beneficiary or member is entitled to receive all
payments under this Agreement and any Notes without deduction or withholding of
any United States federal income taxes and (II) such other forms,
documentation or certifications, as the case may be, certifying that each such
beneficiary or member is entitled to an exemption from United States backup
withholding tax with respect to all payments under this Agreement and any
Notes; and

 

(B)                                with
respect to each beneficiary or member of such Lender that is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (I) represent
to the Borrower (for the benefit of the Borrower and the Administrative Agent)
that such beneficiary or member is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, and (II) also deliver to the Borrower and the Administrative
Agent on or before the date of any payment by the Borrower under this Agreement
or any Notes to such Lender, (x) two accurate and complete original signed
copies of Internal Revenue Service Form W-9, or successor applicable form,
certifying that each such beneficiary or  member is entitled to receive all payments
under this Agreement and any Notes without deduction or withholding of any
United States federal income taxes, or (y) two U.S. Tax Compliance
Certificates from each beneficiary or member and two accurate and complete
original signed copies of Internal Revenue Service Form W-8BEN, or
successor applicable form, certifying to such beneficiary’s or member’s legal
entitlement at the date of such certificate to an exemption from U.S. withholding
tax under the provisions of Section 871(h) or Section 881(c) of
the Code 

 

45

 

with respect to payments to be made under
this Agreement and any Notes;

 

(ii)           deliver
to the Borrower and the Administrative Agent two further copies of any such
forms, certificates or certifications referred to above on or before the date
any such form, certificate or certification expires or becomes obsolete, or any
beneficiary or member changes, and after the occurrence of any event requiring
a change in the most recently provided form, certificate or certification and,
obtain such extensions of time reasonably requested by the Borrower or the
Administrative Agent for filing and completing such forms, certificates or certifications;
and

 

(iii)          agree,
to the extent legally entitled to do so, upon reasonable request by the
Borrower, to provide to the Borrower (for the benefit of the Borrower and the
Administrative Agent) such other forms as may be reasonably required in order
to establish the legal entitlement of such Lender (or beneficiary or member) to
an exemption from withholding with respect to payments under this Agreement and
any Notes, provided that in determining the reasonableness of a request
under this clause (iii) such Lender shall be entitled to consider the cost
(to the extent unreimbursed by the Borrower) which would be imposed on such
Lender (or beneficiary or member) of complying with such request;

 

unless in any such case any change in treaty, law or regulation has
occurred after the date such Person becomes a Lender hereunder (or a
beneficiary or member in the circumstances described in clause (Z) above,
if later) which renders all such forms inapplicable or which would prevent such
Lender (or such beneficiary or member) from duly completing and delivering any
such form with respect to it and such Lender so advises the Borrower and the
Administrative Agent.

 

(c)           Each
Lender shall, upon request by the Borrower, deliver to the Borrower or the
applicable governmental or taxing authority, as the case may be, any form or
certificate required in order that any payment by the Borrower under this
Agreement or any Notes to such Lender may be made free and clear of, and
without deduction or withholding for or on account of any Non-Excluded Taxes
(or to allow any such deduction or withholding to be at a reduced rate) imposed
on such payment under  the laws of any
jurisdiction located outside the United States, provided that such Lender is
legally entitled to complete, execute and deliver such form or certificate and
such completion, execution or submission would not materially prejudice the
legal position of such Lender.

 

(d)           Each
Person that shall become a Lender or a Participant pursuant to
subsection 13.6 shall, upon the effectiveness of the related transfer, be
required to provide all of the forms, certifications and statements required
pursuant to this subsection, provided that, in the case of a
Participant, the obligations of such Participant pursuant to paragraph (b) or
(c) of this subsection shall be determined as if such Participant were a
Lender except that such Participant shall furnish all such required forms,
certifications and statements to the Lender from which the related
participation shall have been purchased.

 

46

 

4.12.        Indemnity.
 The Borrower agrees to indemnify each
Lender and to hold each Lender harmless from any loss or expense which such
Lender may sustain or incur (other than through such Lender’s bad faith, gross
negligence or willful misconduct) as a consequence of (a) default by the
Borrower in making a borrowing of, conversion into or continuation of
Eurodollar Loans after the Borrower has given a notice requesting the same in
accordance with the provisions of this Agreement, (b) default by the
Borrower in making any prepayment or conversion of Eurodollar Loans after the
Borrower has given a notice thereof in accordance with the provisions of this
Agreement or (c) the making of a payment of Eurodollar Loans or the
conversion of Eurodollar Loans on a day which is not the last day of an
Interest Period with respect thereto. Such indemnification may include an
amount equal to the excess, if any, of (i) the amount of interest which
would have accrued on the amount so prepaid, or converted, or not so borrowed,
converted or continued, for the period from the date of such prepayment or
conversion or of such failure to borrow, convert or continue to the last day of
the applicable Interest Period (or, in the case of a failure to borrow, convert
or continue, the Interest Period that would have commenced on the date of such
failure) in each case at the applicable rate of interest for such Eurodollar
Loans provided for herein (excluding, however, the Applicable Margin included
therein, if any) over (ii) the amount of interest (as reasonably
determined by such Lender) which would have accrued to such Lender on such
amount by placing such amount on deposit for a comparable period with leading
banks in the interbank eurodollar market. If any Lender becomes entitled to
claim any amounts under the indemnity contained in this subsection 4.12,
it shall provide prompt notice thereof to the Borrower, through the
Administrative Agent, certifying (x) that one of the events described in
clause (a), (b) or (c) has occurred and describing in reasonable
detail the nature of such event, (y) as to the loss or expense sustained
or incurred by such Lender as a consequence thereof and (z) as to the
amount for which such Lender seeks indemnification hereunder and a reasonably
detailed explanation of the calculation thereof. Such a certificate as to any
indemnification pursuant to this subsection submitted by such Lender,
through the Administrative Agent, to the Borrower shall be conclusive in the
absence of manifest error. This covenant shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder.

 

4.13.        Certain Rules Relating to the
Payment of Additional Amounts .   (a)    Upon
the request, and at the expense, of the Borrower, each Lender to which the
Borrower is required to pay any additional amount pursuant to
subsection 4.10 or 4.11, and any Participant in respect of whose
participation such payment is required, shall reasonably afford the Borrower
the opportunity to contest, and reasonably cooperate with the Borrower in
contesting, the imposition of any Non-Excluded Tax giving rise to such payment;
provided that (i) such Lender shall not be required to afford the
Borrower the opportunity to so contest unless the Borrower shall have confirmed
in writing to such Lender its obligation to pay such amounts pursuant to this
Agreement and (ii) the Borrower shall reimburse such Lender for its
reasonable attorneys’ and accountants’ fees and disbursements incurred in so
cooperating with the Borrower in contesting the imposition of such Non-Excluded
Tax; provided, however, that notwithstanding the foregoing no
Lender shall be required to afford the Borrower the opportunity to contest, or
cooperate with the Borrower in contesting, the imposition of any Non-Excluded
Taxes, if such Lender in its sole discretion in good faith determines that to
do so would have an adverse effect on it.

 

47

 

(b)           If
a Lender changes its applicable lending office (other than pursuant to
paragraph (c) below) and the effect of such change, as of the date of such
change, would be to cause the Borrower to become obligated to pay any
additional amount under subsection 4.10 or 4.11, the Borrower shall not be
obligated to pay such additional amount.

 

(c)           If
a condition or an event occurs which would, or would upon the passage of time
or giving of notice, result in the payment of any additional amount to any
Lender by the Borrower pursuant to subsection 4.10 or 4.11, such Lender
shall promptly notify the Borrower and the Administrative Agent and shall take
such steps as may reasonably be available to it to mitigate the effects of such
condition or event (which shall include efforts to rebook the Loans held by
such Lender at another lending office, or through another branch or an
affiliate, of such Lender); provided that such Lender shall not be
required to take any step that, in its reasonable judgment, would be materially
disadvantageous to its business or operations or would require it to incur
additional costs (unless the Borrower agrees to reimburse such Lender for the
reasonable incremental out-of-pocket costs thereof).

 

(d)           If
the Borrower shall become obligated to pay additional amounts pursuant to
subsection 4.10 or 4.11 and any affected Lender shall not have promptly
taken steps necessary to avoid the need for payments under subsection 4.10
or 4.11, the Borrower shall have the right, for so long as such obligation remains,
(i) with the assistance of the Administrative Agent, to seek one or more
substitute Lenders reasonably satisfactory to the Administrative Agent and the
Borrower to purchase the affected Loan, in whole or in part, at an aggregate
price no less than such Loan’s principal amount plus accrued interest, and
assume the affected obligations under this Agreement, or (ii) upon at
least four Business Days’ irrevocable notice to the Administrative Agent, to
prepay the affected Loan, in whole or in part, subject to subsection 4.12,
without premium or penalty. In the case of the substitution of a Lender,  the Borrower, the Administrative Agent, the
affected Lender, and any substitute Lender shall execute and deliver an
appropriately completed Assignment and Acceptance pursuant to
subsection 13.6(b) to effect the assignment of rights to, and the
assumption of obligations by, the substitute Lender; provided that any
fees required to be paid by subsection 13.6(b) in connection with
such assignment shall be paid by the Borrower or the substitute Lender. In the
case of a prepayment of an affected Loan, the amount specified in the notice
shall be due and payable on the date specified therein, together with any
accrued interest to such date on the amount prepaid. In the case of each of the
substitution of a Lender and of the prepayment of an affected Loan, the
Borrower shall first pay the affected Lender any additional amounts owing under
subsections 4.10 and 4.11 (as well as any commitment fees and other amounts
then due and owing to such Lender, including, without limitation, any amounts
under subsection 4.13) prior to such substitution or prepayment.

 

(e)           For
purposes of subsections 4.10 and 4.11, a change in treaty, law, rule or
regulation shall not include the ratification or entry into force of (i) the
protocol amending the income tax treaty between the Netherlands and the United
States, signed October 15, 1995, and (ii) the income tax treaty
between Italy and the United States, signed August 25, 1999.

 

(f)            If
the Administrative Agent or any Lender receives a refund directly attributable
to taxes for which the Borrower has made additional payments pursuant to
subsection 4.10(a) or 4.11(a), the Administrative Agent or such
Lender, as the case may be, shall promptly pay such refund (together with any
interest with respect thereto received from the

 

48

 

 relevant taxing authority) to
the Borrower, provided, however, that the Borrower agrees
promptly to return such refund (together with any interest with respect thereto
due to the relevant taxing authority) (free of all Non-Excluded Taxes) to the
Administrative Agent or the applicable Lender, as the case may be, upon receipt
of a notice that such refund is required to be repaid to the relevant taxing
authority.

 

(g)           The
obligations of a Lender or Participant under this subsection 4.13 shall
survive the termination of this Agreement and the payment of the Loans and all
amounts payable hereunder.

 

4.14.        Controls
on Prepayment if Aggregate Outstanding Revolving Credit Exceeds Aggregate
Revolving Credit Commitments.    (a)   The Borrower will implement and
maintain internal controls to monitor the borrowings and repayments of Loans by
the Borrower and the issuance of and drawings under Letters of Credit, with the
object of preventing any request for an Extension of Credit that would result
in the Aggregate Outstanding Revolving Credit with respect to all of the
Revolving Credit Lenders being in excess of the aggregate Revolving Credit
Commitments then in effect and of promptly identifying any circumstance where,
by reason of changes in exchange rates, the Aggregate Outstanding Revolving
Credit with respect to all of the Revolving Credit Lenders exceeds the
aggregate Revolving Credit Commitments then in effect. In the event that at any
time the Borrower determines that the Aggregate Outstanding Revolving Credit
with respect to all of the Revolving Credit  Lenders exceeds the aggregate Revolving Credit
Commitments then in effect by more than 3%, the Borrower will, as soon as
practicable but in any event within three Business Days of making such
determination, first, make such repayments or prepayments of Loans
(together with interest accrued to the date of such repayment or prepayment), second,
pay any Reimbursement Obligations then outstanding and, third, cash
collateralize any outstanding L/C Obligations on terms reasonably satisfactory
to the Administrative Agent, as shall be necessary to cause the Aggregate
Outstanding Revolving Credit with respect to all of the Revolving Credit
Lenders to no longer exceed the aggregate Revolving Credit Commitments then in
effect. If any such repayment or prepayment of a Eurodollar Loan pursuant to
this subsection occurs on a day which is not the last day of the then current
Interest Period with respect thereto, the Borrower shall pay to the Revolving
Credit Lenders such amounts, if any, as may be required pursuant to
subsection 4.12.

 

(b)           In
the event that on any date the Administrative Agent calculates that the Aggregate
Outstanding Revolving Credit with respect to all of the Revolving Credit
Lenders exceeds the aggregate Revolving Credit Commitments then in effect by
more than 3%, the Administrative Agent will give notice to such effect to the
Borrower and the Lenders. Following receipt of any such notice, the Borrower
will, as soon as practicable but in any event within three Business Days of
receipt of such notice, first, make such repayments or prepayments of
Loans (together with interest accrued to the date of such repayment or
prepayment), second, pay any Reimbursement Obligations then outstanding
and, third, cash collateralize any outstanding L/C Obligations on terms
reasonably satisfactory to the Administrative Agent as shall be necessary to
cause the Aggregate Outstanding Revolving Credit with respect to all of the
Revolving Credit Lenders to no longer exceed the aggregate Revolving Credit
Commitments then in effect. If any such repayment or prepayment of a Eurodollar
Loan pursuant to this subsection occurs on a day which is not the last day
of the then current Interest Period with respect thereto, the Borrower

 

49

 

shall pay to the Revolving Credit Lenders such amounts, if any, as may
be required pursuant to subsection 4.12.

 

SECTION 5.   REPRESENTATIONS
AND WARRANTIES

 

To induce the Administrative Agent and each
Lender to make the Extensions of Credit requested to be made by it on the
Closing Date and on each Borrowing Date thereafter, each Loan Party hereby
represents and warrants, on the Closing Date, and on every Borrowing Date
thereafter, to the Administrative Agent and each Lender that:

 

5.1.          Financial
Condition.   (a)  The audited
consolidated balance sheets of each of Holding and the Borrower as of December 31,
2004, December 31, 2005 and December 31, 2006 and the audited
consolidated statements of income and cash flows of each of Holding and the
Borrower for the fiscal years ended on such dates, reported on by and
accompanied by unqualified reports from, in the years ending December 31,
2004 and December 31, 2005, PricewaterhouseCoopers LLP, and in the year
ending December 31, 2006, Ernst &  Young LLP, present fairly, in all material
respects, the consolidated financial condition as at such date, and the consolidated
results of operations and consolidated cash flows for the respective fiscal
years then ended, of Holding and its consolidated Subsidiaries and of the
Borrower and its consolidated Subsidiaries, as applicable. The unaudited
consolidated balance sheet of each of Holding the Borrower as at September 30,
2007, and the related unaudited consolidated statements of income and cash
flows for the nine-month period ended on such date, present fairly, in all
material respects, the consolidated financial condition as at such date, and
the consolidated results of operations and consolidated cash flows for the
nine-month period then ended, of Holding and its consolidated Subsidiaries and
of the Borrower and its consolidated Subsidiaries, as applicable (subject to the
omission of notes and to normal year-end audit and other adjustments). All such
financial statements, including the related schedules and notes thereto, have
been prepared in accordance with GAAP consistently applied throughout the
periods covered thereby (except as approved by a Responsible Officer of the
Borrower or Holding, as applicable, and disclosed in any such schedules and
notes, and subject to the omission of notes from such unaudited financial
statements). Except as has been disclosed in writing to the Lenders on or prior
to the Closing Date, during the period from December 31, 2006 to and
including the Closing Date, there has been no sale, transfer or other
disposition by Holding or its Subsidiaries of any material part of the business
or property of Holding and its consolidated Subsidiaries, taken as a whole, or
of the Borrower and its consolidated Subsidiaries, taken as a whole, and no
purchase or other acquisition by any of them of any business or property
(including any Capital Stock of any other Person) material in relation to the
consolidated financial condition of Holding and its consolidated Subsidiaries,
taken as a whole, or of the Borrower and its consolidated Subsidiaries, taken
as a whole, in each case, which is not reflected in the foregoing financial
statements or in the notes thereto.

 

(b)           The
pro forma balance sheet of the Borrower and its consolidated Subsidiaries (the “Pro
Forma Balance Sheet”), a copy of which has heretofore been furnished to
each Lender, is the balance sheet of the Borrower and its consolidated
Subsidiaries as of September 30, 2007, adjusted to give effect (as if such
events had occurred on such date) to (i) the making of the Extensions of
Credit to be made on the Closing Date and the application of the proceeds
thereof as contemplated hereby, and (ii) the payment/credit of actual or
estimated fees,

 

50

 

expenses, financing costs and tax payments/credits related to the
transactions contemplated hereby and thereby. The Pro Forma Balance Sheet was
prepared in accordance with Article 11 (Pro Forma Financial Information)
of Regulation S-X under the Securities Act.

 

5.2.          No
Change.   Since December 31, 2006, except as and to
the extent disclosed on Schedule 5.2, (a) there has been no development or
event relating to or affecting any Loan Party which has had or would be
reasonably expected to have a Material Adverse Effect (after giving effect to
the transactions described in clauses (i) and (ii) of
subsection 5.1(b)), other than (i) changes effected by the
Reorganization Plan, (ii) any events leading up to the filing of the Cases
disclosed in the Borrower’s public filings made prior to the date hereof, and (iii) those
events which customarily occur following the commencement of a  proceeding under Chapter 11 of the Bankruptcy
Code and other events ancillary thereto, and (b) no dividends or other
distributions have been declared, paid or made upon the Capital Stock of the
Borrower, nor has any of the Capital Stock of the Borrower been redeemed,
retired, purchased or otherwise acquired for value by Holding or the Borrower
or any of their respective Subsidiaries.

 

5.3.          Corporate
Existence; Compliance with Law.  Each
Loan Party (a) is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation, (b) subject
to the entry by the Bankruptcy Court of the Interim Order (or the Final Order,
as applicable), has the corporate power and authority, and the legal right, to
own and operate its property, to lease the property it operates as lessee and
to conduct the business in which it is currently engaged, except to the extent
that the failure to have such legal right would not be reasonably expected to
have a Material Adverse Effect, (c) subject to the entry by the Bankruptcy
Court of the Interim Order (or the Final Order, as applicable), is duly
qualified as a foreign corporation or limited liability company and in good
standing under the laws of each jurisdiction where its ownership, lease or
operation of property or the conduct of its business requires such
qualification, other than in such jurisdictions where the failure to be so
qualified and in good standing would not be reasonably expected to have a
Material Adverse Effect, and (d) is in compliance with all Requirements of
Law, except to the extent that the failure to comply therewith would not, in
the aggregate, be reasonably expected to have a Material Adverse Effect.

 

5.4.          Corporate
Power; Authorization; Enforceable Obligations.   Upon
entry by the Bankruptcy Court of the Interim Order (or Final Order, as
applicable), each Loan Party has the corporate power and authority, and the
legal right, to make, deliver and perform the Loan Documents to which it is a
party and, in the case of the Borrower, to obtain Extensions of Credit
hereunder, and each such Person has taken all necessary corporate action to
authorize the execution, delivery and performance of the Loan Documents to
which it is a party and, in the case of the Borrower, to authorize the
Extensions of Credit to it, if any, on the terms and conditions of this
Agreement, any Notes and the Applications. No consent or authorization of,
filing with, notice to or other similar act by or in respect of, any
Governmental Authority or any other Person is required to be obtained or made
by or on behalf of any Loan Party in connection with the execution, delivery,
performance, validity or enforceability of the Loan Documents to which it is a
party or, in the case of each the Borrower, with the Extensions of Credit to
it, if any, hereunder, except for (a) consents, authorizations, notices
and filings described in Schedule 5.4, all of which have been obtained or made
prior to the Closing Date, (b) filings pursuant to the

 

51

 

Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et
seq.), in respect of Accounts and contracts of the Borrower and its
Subsidiaries, the obligor in respect of which is the United States of America
or any department, agency or instrumentality thereof and (c) consents,
authorizations, notices and filings which the failure to obtain or make would
not reasonably be expected to have a Material Adverse Effect. Upon entry by the
Bankruptcy Court of the Interim Order (or Final Order, as applicable), this
Agreement has been duly executed and delivered by the Borrower, and  each other Loan Document to which any Loan
Party is a party has been or will be duly executed and delivered on behalf of
such Person. Upon entry by the Bankruptcy Court of the Interim Order (or Final
Order, as applicable), this Agreement constitutes a legal, valid and binding
obligation of the Borrower in accordance with its terms and the Interim Order
(or the Final Order, as applicable), and upon entry by the Bankruptcy Court of
the Interim Order (or Final Order, as applicable), each other Loan Document to
which any Loan Party is a party as executed and delivered does constitute, or
when executed and delivered will constitute, a legal, valid and binding
obligation of such Loan Party, enforceable against such Person in accordance
with its terms and the Interim Order (or the Final Order, as applicable).

 

5.5.          No
Legal Bar.   The execution, delivery and performance of the
Loan Documents by any Loan Party, the Extensions of Credit hereunder and the
use of the proceeds thereof (a) will not violate any Requirement of Law or
Contractual Obligation of any Loan Party entered into on or after the Petition
Date in any respect that would reasonably be expected to have a Material
Adverse Effect and (b) will not result in, or require, the creation or
imposition of any Lien (other than the Liens permitted by subsection 8.3) on
any of its properties or revenues pursuant to any such Requirement of Law or
Contractual Obligation.

 

5.6.          No
Material Litigation.   Other than disclosed on Schedule 5.6 hereto,
no litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower or
Holding, threatened by or against any Loan Party or against any of their
respective properties or revenues, (a) which is so pending or threatened
at any time on or prior to the Closing Date and relates to any of the Loan
Documents or any of the transactions contemplated hereby or thereby or (b) which
would be reasonably expected to have a Material Adverse Effect.

 

5.7.          No
Default.    Neither Holding nor any of its Subsidiaries is
in violation of any Requirement of Law or is in default under or with respect
to any of its Contractual Obligations in any respect which would be reasonably
expected to have a Material Adverse Effect, other than contractual defaults
that arose as a result of the commencement of the Cases. No Default or Event of
Default has occurred and is continuing.

 

5.8.          Ownership
of Property; Liens.    (a)  Each of the Borrower and its
Subsidiaries has good record and marketable title in fee simple to, or a valid
leasehold interest in, all its material real property (excluding any
residential real estate acquired by CRS Holding, SIRVA Global Relocation, Inc.
and ERC  as part of any of their Employee Relocation Business (“Residential
Properties”)), and good title to, or a valid leasehold interest in, all its
other material property (excluding Residential Properties), and none of such
property is subject to any Lien, except for Permitted Liens. Other than
Residential Properties, the properties listed on Part I of  Schedule 5.8 constitute all the material
United States real properties owned in fee by the Borrower and its Subsidiaries
as of the Closing Date and the properties listed on Part II of 

 

52

 

Schedule 5.8 constitute all of the material United States real
properties leased by the Borrower and its Subsidiaries as of the Closing Date.

 

(b)           There
are no Liens of any nature whatsoever on any assets of any Loan Party other
than: (i) Liens (A) in favor of the Prepetition Secured Parties
pursuant to, or in connection with, the Prepetition Credit Facility and (B) granted
pursuant to the Orders and this Agreement; (ii) other Liens in existence
on the Petition Date as reflected on Schedule 8.3(j); and (iii) other
Permitted Liens. Schedule 8.3(j) hereto is a complete and correct list of
all Liens in existence as of the Closing Date; no other Liens, to the knowledge
of the Borrower or Holding, have been granted by any Loan Party securing
Indebtedness or other obligations of any Person (other than the Liens securing
the Prepetition Credit Facility Obligations) and covering any property of any
Loan Party such that the principal amount of all Indebtedness and other
obligations secured by such Liens exceeds $500,000. The aggregate Indebtedness
or other obligations secured (or that may be secured) by each such Lien is
correctly described in Schedule 8.2(d). No Loan Party is party to any contract,
agreement, lease or instrument entered into after the Petition Date the
performance of which, either unconditionally or upon the happening of an event,
will result in or require the creation of a Lien on any assets of such Loan
Party in violation of this Agreement.

 

5.9.          Intellectual
Property.  Each of the Borrower and
each of its Subsidiaries owns, or has the legal right to use, all United States
patents, patent applications, trademarks, trademark applications, trade names,
copyrights, technology, know-how, and processes necessary for each of them to
conduct its business as currently conducted (the “Intellectual Property”)
except for those the failure to own or have such legal right to use would not
be reasonably expected to have a Material Adverse Effect. Except as provided on
Schedule 5.9, no claim has been asserted and is pending by any Person
challenging or questioning the use of any such Intellectual Property or the
validity or effectiveness of any such Intellectual Property, nor does the
Borrower know of any such claim, and, to the knowledge of the Borrower, the use
of such Intellectual Property by the Borrower and its Subsidiaries does not
infringe on the rights of any Person, except for such claims and infringements
which, in the aggregate, would not be reasonably expected to have a Material
Adverse Effect.

 

5.10.        Taxes.
 To the knowledge of the Borrower or
Holding, each of the Borrower, each of its Subsidiaries and each other Loan
Party has filed or caused to be filed all United States federal income tax
returns and all other material tax returns which are required to be filed and
has paid (a) all taxes shown to be due and payable on such returns and (b) all
taxes shown to be due and payable on any assessments of which it has received
notice made against it or any of its property and all other taxes, fees or
other charges imposed on it or any of its property by any Governmental
Authority (other than any (i) taxes, fees or other charges with respect to
which the failure to pay, in the aggregate, would not have a  Material Adverse Effect or (ii) taxes,
fees or other charges the amount or validity of which are currently being
contested in good faith by appropriate proceedings diligently conducted and
with respect to which reserves in conformity with GAAP have been provided on
the books of the Borrower, its Subsidiaries or such other Loan Party, as the
case may be); and no tax Lien has been filed, and no claim is being asserted,
with respect to any such tax, fee or other charge.

 

5.11.        Federal
Regulations.  No part of the proceeds
of any Extensions of Credit will be used for any purpose which violates the
provisions of the Regulations of the Board,

 

53

 

including without limitation, Regulation T, Regulation U or Regulation
X of the Board. If requested by any Lender or the Administrative Agent, the
Borrower will furnish to the Administrative Agent and each Lender a statement
to the foregoing effect in conformity with the requirements of FR Form G-3
or FR Form U-1, referred to in said Regulation U.

 

5.12.        ERISA.
 None of the following events or
conditions have occurred, except as, either individually or in the aggregate,
would not have and are not reasonably likely to result in a Material Adverse
Effect:  (a) a Reportable Event; (b) an
“accumulated funding deficiency” (within the meaning of Section 412 of the
Code or Section 302 of ERISA); (c) any noncompliance with the
applicable provisions of ERISA or the Code; (d) a termination of a Single
Employer Plan (other than a standard termination pursuant to Section 4041(b) of
ERISA); (e) a Lien on the property of the Borrower, its Subsidiaries or
any other Loan Party in favor of the PBGC or a Plan; (f) any Underfunding
with respect to any Single Employer Plan; (g) a complete or partial
withdrawal from any Multiemployer Plan by Holding, the Borrower or any Commonly
Controlled Entity; (h) any liability of the Borrower or any Commonly
Controlled Entity under ERISA if Holding, the Borrower or any such Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as
of the annual valuation date most closely preceding the date on which this
representation is made or deemed made; (i) the Reorganization or
Insolvency of any Multiemployer Plan; and (j) any transaction that
resulted or could reasonably be expected to result in any liability to the
Borrower or any Commonly Controlled Entity under Section 4069 of ERISA or Section 4212(c) of
ERISA.

 

5.13.        Investment
Company Act; Other Regulations.  Neither
the Borrower nor Holding is an “investment company”, or a company “controlled”
by an “investment company”, within the meaning of the Investment Company Act. The
Borrower is not subject to regulation under any Federal or State statute or
regulation (other than Regulation X of the Board) which limits its ability to
incur Indebtedness as contemplated hereby.

 

5.14.        Subsidiaries.   Schedule
5.15 sets forth all the Subsidiaries of Holding at the Closing Date, the jurisdiction
of their incorporation and the direct or indirect ownership interest of Holding
therein.

 

5.15.        Environmental
Matters.   Other than exceptions to any of the following
that would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect:

 

(a)           The
Borrower and its Subsidiaries:  (i) are,
and within the period of all applicable statutes of limitation have been, in
compliance with all applicable Environmental Laws; (ii) hold all
Environmental Permits (each of which is in full force and effect) required for
any of their current operations or for any property owned, leased, or otherwise
operated by any of them and reasonably expect to timely obtain without material
expense all such Environmental Permits required for planned operations; (iii) are,
and within the period of all applicable statutes of limitation have been, in
compliance with all of their Environmental Permits; and (iv) have no
reasonable basis to believe that:  (x) any
of their Environmental Permits will not be, or will entail material expense to
be, timely renewed or complied with; (y) any additional Environmental
Permits that may be required of any of them will not be, or will entail
material expense to be, timely
granted

 

54

 

or complied with; or (z) that compliance with any Environmental
Law that is applicable to any of them will not be, or will entail material
expense to be, timely attained and maintained.

 

(b)   Materials of Environmental
Concern have not been transported, disposed of, emitted, discharged, or
otherwise released or threatened to be released, to or at any real property
presently or formerly owned, leased or operated by the Borrower or any of its
Subsidiaries or at any other location, which would reasonably be expected to (i) give
rise to liability of the Borrower or any of its Subsidiaries under any
applicable Environmental Law, or (ii) interfere with the planned or
continued operations of the Borrower or any of its Subsidiaries, or (iii) impair
the fair saleable value of any real property owned or leased by the Borrower or
any of its Subsidiaries.

 

(c)   There is no judicial,
administrative, or arbitral proceeding (including any notice of violation or
alleged violation) under any Environmental Law to which the Borrower or any of
its Subsidiaries is, or to the knowledge of the Borrower or any of its
Subsidiaries will be, named as a party that is pending or, to the knowledge of
the Borrower or any of its Subsidiaries, threatened.

 

(d)   Neither the Borrower nor any
of its Subsidiaries has received any written request for information, or been
notified that it is a potentially responsible party, under the federal
Comprehensive Environmental Response, Compensation, and Liability Act or any
similar Environmental Law, or received any other written request for
information with respect to releases or threatened releases or any Materials of
Environmental Concern.

 

(e)   Neither the Borrower nor any
of its Subsidiaries has entered into or agreed to any consent decree, order, or
settlement or other agreement, nor is subject to any judgment, decree, or order
or other agreement, in any judicial, administrative, arbitral, or other forum,
relating to compliance with or liability under any Environmental Law.

 

(f)    Neither the Borrower nor any
of its Subsidiaries has assumed or retained, by contract or, to its knowledge,
operation of law, any known or suspected liabilities of any kind, fixed or
contingent, as a result of any violation or breach of applicable Environmental
Law or with respect to any contamination by any Materials of Environmental
Concern.

 

5.16.        No Material Misstatements.  The written information, reports, financial
statements, exhibits and schedules furnished by or on behalf of Holding, the
Borrower, or any other Loan Party to the Administrative Agent, the Lenders or
the Bankruptcy Court in connection with the negotiation of any Loan Document or
included therein or delivered pursuant thereto, taken as a whole, did not
contain as of the Closing Date any material misstatement of fact and did not
omit to state as of the Closing Date any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not materially misleading in their presentation of the Borrower and its
Subsidiaries taken as a whole, or of Holding and its Subsidiaries taken as a
whole.  It is understood that (a) no
representation or warranty is made concerning the forecasts, estimates, pro
forma information, projections and

 

55

 

statements as to
anticipated future performance or conditions, and the assumptions on which they
were based, contained in any such information, reports, financial statements,
exhibits or schedules, except that as of the date such forecasts, estimates, pro
forma information, projections and statements were generated,
(i) such forecasts, estimates, pro  forma information,
projections and  statements were based on the good faith
assumptions of the management of the Borrower and (ii) such assumptions
were believed by such management to be reasonable and (b) such forecasts,
estimates, pro  forma information and statements, and the
assumptions on which they were based, may or may not prove to be correct.

 

5.17.        Labor Matters.  There are no strikes pending or, to the
knowledge of the Borrower, reasonably expected to be commenced against the
Borrower or any of its Subsidiaries which, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect.  The hours worked and payments made to
employees of the Borrower and each of its Subsidiaries have not been in
violation of any applicable laws, rules or regulations, except where such
violations would not reasonably be expected to have a Material Adverse Effect.

 

5.18.        The Orders.  As of the date of the making of any Extension
of Credit hereunder, the Interim Order or the Final Order, as applicable, has
been entered and has not been stayed, amended, vacated, reversed, rescinded or
otherwise modified in any respect (except in accordance with the terms hereof).

 

5.19.        Use of Proceeds.   The proceeds of the Loans and the Letters of
Credit shall be used (a) for working capital and other general corporate
purposes of the Loan Parties (including without limitation, “Chapter 11 expenses”
(or “administrative costs reflecting Chapter 11 expenses”)), (b) to make
the adequate protection payments to, or for the benefit of, the Prepetition
Secured Parties, in accordance with subsection 2.8 and the Interim Order (or
the Final Order, as applicable) and (c) on the Closing Date, or as soon as
possible thereafter, to repay in full the 2008 Revolving Loans, the 2008
Swingline Loans, the 2008 Reimbursement Obligations and the New Term Loans
under (and as defined in) the Prepetition Credit Facility (including without
limitation, all accrued interest, fees, prepayment fees, and expenses with
respect thereto).

 

SECTION 6.   CONDITIONS
PRECEDENT

 

6.1.          Conditions to Initial Extension of
Credit.  This Agreement, including,
without limitation, the agreement of each Lender to make the initial Extension
of Credit requested to be made by it, shall become effective on the date on
which the following conditions precedent shall have been satisfied or waived:

 

(a)           Loan Documents.  The Administrative Agent shall have received
this Agreement, executed and delivered by a duly authorized officer of the
Borrower and each of the Guarantors, with a copy for each Lender.

 

(b)           Capitalization and Structure of
Holding and its Subsidiaries.  The
Administrative Agent shall have received a true, complete and accurate
organizational chart of Holding and its Subsidiaries.

 

(c)           Consents, Licenses and Approvals.  The Administrative Agent shall have received
a certificate of a Responsible Officer of the Borrower stating that all consents,

 

56

 

authorizations,
notices and filings referred to in Schedule 5.4 are in full force and effect or
have the status described therein, and the Administrative Agent shall have
received evidence thereof reasonably satisfactory to it.

 

(d)           Lien Searches.  The Administrative Agent shall have received
the results of a recent search by a Person reasonably satisfactory to the
Administrative Agent, of the Uniform Commercial Code, judgment and tax lien
filings which have been filed with respect to personal property of the Loan
Parties in any of the jurisdictions set forth in Schedule 6.1(d), and the
results of such search shall not reveal any Liens other than Permitted Liens.

 

(e)           Legal Opinions.  The Administrative Agent shall have received
the following executed legal opinions:

 

(i)          the
executed legal opinion of Kirkland & Ellis LLP, special counsel to
each of the Borrower and the other Loan Parties, substantially in the form of Exhibit D-1;
and

 

(ii)         the
executed legal opinion of Eryk J. Spytek, counsel to each of the Borrower and
the other Loan Parties, substantially in the form of Exhibit D-2.

 

(f)            Closing Certificate.  The Administrative Agent shall have received
a certificate from each Loan Party, dated the Closing Date, substantially in
the form of Exhibit I, with appropriate insertions and attachments.

 

(g)           Fees.  The Administrative Agent and the Lenders
shall have received all fees and expenses required to be paid or delivered by
the Borrower to them on or prior to the Closing Date, including, without
limitation, the fees referred to in subsection 4.5.

 

(h)           Borrowing Certificate.  The Administrative Agent shall have received
a certificate of the Borrower, dated the Closing Date, substantially in the
form of Exhibit H, with appropriate insertions and attachments, reasonably
satisfactory in form and substance to the Administrative Agent, executed by a
Responsible Officer and the Secretary or any Assistant Secretary of the
Borrower.

 

(i)            Corporate Proceedings.  The Administrative Agent shall have received
a copy of the resolutions, in form and substance reasonably satisfactory to the
Administrative Agent, of the board of directors of each Loan Party authorizing,
as applicable, (i) the commencement of the Cases, the execution, delivery
and performance of this Agreement, any Notes and the other Loan Documents to
which it is or will be a party as of the Closing Date and(ii) the
Extensions of Credit to such Loan Party (if any) contemplated hereunder,
certified by the Secretary or an Assistant Secretary of such Loan Party as of
the Closing Date, which certificate shall be in form and substance reasonably
satisfactory to the Administrative Agent and shall state that the resolutions
thereby certified have not been amended, modified (except as any later such
resolution may modify any earlier such resolution), revoked or rescinded and
are in full force and effect.

 

(j)            Incumbency Certificates.  The Administrative Agent shall have received
a certificate of each Loan Party, dated the Closing Date, as to the incumbency
and signature of the

 

57

 

officers
of such Loan Party executing any Loan Document, reasonably satisfactory in form
and substance to the Administrative Agent, executed by a Responsible Officer
and the Secretary or any Assistant Secretary of such Loan Party.

 

(k)           Governing Documents.  The Administrative Agent shall have received
copies of the certificate or articles of incorporation and by-laws (or other
similar governing documents serving the same purpose) of each Loan Party,
certified as of the Closing Date as complete and correct copies thereof by the
Secretary or an Assistant Secretary of such Loan Party, as applicable.

 

(l)            No Material Adverse Effect.  Since December 31, 2006, there shall not
have occurred a Material Adverse Effect (other than events leading up to and
resulting from the filing of the Cases).

 

(m)          No Material Litigation.  Other than as listed on Schedule 5.6, no
litigation, proceeding, investigation, injunction or restraining order shall be
pending, entered or threatened that would reasonably be expected to have a
Material Adverse Effect or a material adverse effect on the transactions
contemplated hereby.

 

(n)           Interim Order.  At the time of the making of the initial
Extension of Credit, and in any event no later than five days after the
Petition Date, the Administrative Agent shall have received a copy of the
Interim Order approving the Loan Documents and granting the Superpriority Claim
status and Liens described in subsections 2.8 and 2.9 and finding that the
Lenders are extending credit to the Borrower in good faith within the meaning
of Section 364(e) of the Bankruptcy Code, which Interim Order shall (i) have
been entered with the consent or non-objection of a majority (as determined by
the Administrative Agent) of the lending institutions party to the Prepetition
Credit Facility and on such prior notice to such parties (including without
limitation, the Prepetition Secured Parties) as may be reasonably satisfactory
to the Administrative Agent, (ii) be in form and substance reasonably
satisfactory to the Administrative Agent, (iii) authorize extensions of
credit in amounts not in excess of $100,000,000 (iv) authorize the use of
Cash Collateral under the Prepetition Credit Facility and provide for adequate
protection in favor of the Prepetition Secured Parties as set forth in
subsection 2.8(c), (v) contain customary provisions regarding challenges
to the prepetition claims and liens of the Prepetition Secured Parties, Section 506(c) of
the Bankruptcy Code and other matters, (vi) approve the payment by the
Borrower of all Fees, (vii) approve repayment in full of the 2008
Revolving Loans, the 2008 Swingline Loans, the 2008 Reimbursement Obligations
and the New Term Loans under the Prepetition Credit Facility, (viii) be in
full force and effect and (ix) not have been stayed, reversed, vacated,
rescinded, modified or amended in any respect and, if the Interim Order is the
subject of a pending appeal in any respect, none of the making of such
Extension of Credit, the grant of Liens and Superpriority Claims pursuant to
subsection 2.8 or 2.9 or the performance by the Loan Parties of any of their
respective obligations hereunder or under the other Loan Documents or under any
other instrument or agreement referred to herein shall be the subject of a
presently effective stay pending appeal.

 

(o)           First Day Motion/Orders.  All motions and orders submitted to the
Bankruptcy Court on or about the Petition Date shall be in form and substance
reasonably satisfactory to the Administrative Agent, and the Administrative
Agent shall be reasonably

 

58

 

satisfied
with any Cash Collateral arrangements applicable to any material pre-Petition
Date secured obligations of the Loan Parties.

 

(p)           Projections/Budget.  The Borrower shall have delivered to the
Administrative Agent and the Lenders (i) a detailed consolidated budget
for the nine-month period ending September 30, 2008 (including a projected
consolidated balance sheet of the Borrower and its Subsidiaries as of the end
of such nine-month period, the related consolidated statements of projected
cash flow, projected changes in financial position and projected income and a
description of the underlying assumptions applicable thereto) (collectively,
the “Projections”), and (ii) the Budget in form and substance
reasonably satisfactory to the Administrative Agent which, in each case, shall
be accompanied by a certificate of a Responsible Officer stating that such
Projections or Budget, as applicable, are based upon good faith estimates and
assumptions believed by management of the Borrower to be reasonable at the time
made and that such Responsible Officer has not had reason to believe that such
Projections or Budget, as applicable, in light of such assumptions are
incorrect or misleading in any material respect.

 

(q)           Chief Restructuring Officer.  The Borrower shall have designated a Chief
Restructuring Officer acceptable to the Administrative Agent and the Lenders to
implement the restructuring pursuant to the Reorganization Plan.

 

(r)            Filing of Reorganization Plan and
Disclosure Statement.  (i) The
Reorganization Plan and the Disclosure Statement shall have been filed with the
Bankruptcy Court at the time of the commencement of the Cases, (ii) the
Administrative Agent shall be satisfied that all holders of claims or interests
against the Borrower and Holding entitled to vote on the Reorganization Plan
shall have received a copy of the Reorganization Plan and Disclosure Statement
and (iii) the Borrower and Holding shall have received sufficient votes
from such holders of claims and interests to enable the Reorganization Plan to
be confirmed pursuant to Section 1129 of the Bankruptcy Code.  The Reorganization Plan shall have been
accepted by the class consisting of lenders under the Prepetition Credit
Facility.

 

(s)           Continuation of Relocation SPV
Financings and Cash Management. Holding and its Subsidiaries, as
applicable, shall have made arrangements satisfactory to the Administrative
Agent (i) that the Securitization (as the same may have been modified
prior to the Petition Date) or the Alternative Financing shall be in effect and
(ii) for the operation of the Loan Parties cash management system with the
Cash Management Banks (or replacement institutions) through the Cases and
following the Effective Date.

 

The
making of the initial Extensions of Credit by the Lenders hereunder shall
conclusively be deemed to constitute an acknowledgement by the Administrative
Agent and each Lender that each of the conditions precedent set forth in this
subsection 6.1 shall have been satisfied in accordance with its respective
terms or shall have been irrevocably waived by such Person.

 

6.2.          Conditions to Each Other Extension
of Credit.  The agreement of each
Lender to make any Extension of Credit requested to be made by it on any date
(including,

 

59

 

without
limitation, the initial Extension of Credit) is subject to the satisfaction or
waiver of the following conditions precedent:

 

(a)           Representations and Warranties.  Each of the representations and warranties
made by any Loan Party pursuant to this Agreement or any other Loan Document
(or in any amendment, modification or supplement hereto or thereto) to which it
is a party, and each of the representations and warranties contained in any
certificate furnished at any time by or on behalf of any Loan Party pursuant to
this Agreement or any other Loan Document, shall, except to the extent that
they relate to a particular date, be true and correct in all material respects
on and as of such date as if made on and as of such date.

 

(b)           No Default.  No Default or Event of Default shall have
occurred and be continuing on such date or after giving effect to the
Extensions of Credit requested to be made on such date.

 

(c)           Letter of Credit Application.  With respect to the issuance of any Letter of
Credit, the Issuing Lender shall have received an Application, completed to its
satisfaction, and such other certificates, documents and other papers and
information as the Issuing Lender may reasonably request.

 

(d)           Bankruptcy Court Approval.  The Interim Order shall be in full force and
effect and shall not have been stayed, reversed, vacated, rescinded, modified
or amended in any respect; provided that at the time of the making of any Loan
or the issuance of any Letter of Credit the aggregate amount of either of
which, when added to the sum of the principal amount of all Loans then outstanding
and the Letters of Credit outstanding, would exceed the amount authorized by
the Interim Order (collectively, the “Additional Credit”), the
Administrative Agent and each of the Lenders shall have received a certified
copy of the Final Order which, in any event, shall have been entered by the
Bankruptcy Court no later than 30 days after the entry of the Interim Order and
at the time of the extension of any Additional Credit the Final Order shall be
in full force and effect, and shall not have been vacated, stayed, reversed,
modified or amended in any respect without the prior written consent of the
Administrative Agent, the Required Lenders and the Prepetition Credit Facility
Agent; and if either the Interim Order or the Final Order is the subject of a
pending appeal in any respect, none of the making of such Extensions of Credit,
the grant of Liens and Superpriority Claims pursuant to subsection 2.8 or 2.9
or the performance by the Borrower or any Guarantor of any of their respective
obligations under any of the Loan Documents shall be the subject of a presently
effective stay pending appeal.

 

Each
borrowing by and Letter of Credit issued on behalf of the Borrower hereunder
shall constitute a representation and warranty by the Borrower as of the date of
such borrowing or such issuance that the conditions contained in this
subsection 6.2 have been satisfied.

 

60

 

SECTION 7.   

AFFIRMATIVE COVENANTS

 

Each
Loan Party hereby agrees that, from and after the Closing Date and so long as
the Revolving Credit Commitments remain in effect, and thereafter until payment
in full of the Loans, all Reimbursement Obligations and any other amount then
due and owing to any Lender or the Administrative Agent hereunder and under any
Note and termination or expiration of all Letters of Credit, such Loan Party
shall and (except in the case of delivery of financial information, reports and
notices) the Borrower shall cause each of its Subsidiaries to:

 

7.1.          Financial Statements.  Furnish to the Administrative Agent for
delivery to each Lender (and the Administrative Agent agrees to make and so
deliver such copies):

 

(a)           as
soon as available, but in any event not later than the 90th day
following the end of each fiscal year of Holding ending on or after December 31,
2007, a copy of the audited consolidated balance sheet of Holding and its
consolidated Subsidiaries as at the end of such year and the related audited
consolidated statements of income and of cash flows for such year, setting
forth in each case in comparative form the figures for and as of the end of the
previous year, reported on by Ernst & Young LLP or other independent
certified public accountants of nationally recognized standing reasonably
satisfactory to the Administrative Agent (it being agreed that the furnishing
of Holding’s Annual Report on Form 10-K for such year, as filed with the
Securities and Exchange Commission, will satisfy the Borrower’s obligation
under this subsection 7.1(a) with respect to such year);

 

(b)           as
soon as available, but in any event not later than the 45th day
following the end of each of the first three quarterly periods of each fiscal
year of Holding, the unaudited consolidated balance sheet of Holding and its
consolidated Subsidiaries as at the end of such quarter and the related
unaudited consolidated statements of income and of cash flows of Holding and
its consolidated Subsidiaries for such quarter and the portion of the fiscal
year through the end of such quarter, setting forth in each case in comparative
form the figures for the corresponding period of the previous fiscal year,
certified by a Responsible Officer of Holding as being fairly stated in all
material respects (subject to normal year end audit, the absence of footnotes,
and other adjustments) (it being agreed that the furnishing of Holding’s
Quarterly Report on Form 10-Q for such quarter, as filed with the
Securities and Exchange Commission, will satisfy the Borrower’s obligations
under this subsection 7.1(b) with respect to such quarter);

 

(c)           as
soon as available, but in any event not later than the 90th day
following the end of each fiscal year of the Borrower ending on or after December 31,
2007, a copy of the audited consolidated balance sheet of the Borrower and its
consolidated Subsidiaries as at the end of such year and the related audited
consolidated statements of income and of cash flows for such year, setting
forth in each case in comparative form the figures for and as of the end of the
previous year, reported on by Ernst & Young LLP or other independent
certified public accountants of nationally recognized standing reasonably
satisfactory to the Administrative Agent; and

 

61

 

(d)           as
soon as available, but in any event not later than the 45th day
following the end of each of the first three quarterly periods of each fiscal
year of the Borrower, the unaudited consolidated balance sheet of the Borrower
and its consolidated Subsidiaries as at the end of such quarter and the related
unaudited consolidated statements of income and of cash flows of the Borrower
and its consolidated Subsidiaries for such quarter and the portion of the
fiscal year through the end of such quarter, setting forth in each case in
comparative form the figures for the corresponding period of the previous
fiscal year, certified by a Responsible Officer of the Borrower as being fairly
stated in all material respects (subject to normal year end audit, the absence
of footnotes, and other adjustments);

 

all
such financial statements delivered pursuant to subsection 7.1(a), (b), (c) or
(d) to be (and, in the case of financial statements delivered pursuant to
subsection 7.1(d) shall be certified by a Responsible Officer of the
Borrower as being) complete and correct in all material respects in conformity
with GAAP and to be (and, in the case of financial statements delivered
pursuant to subsection 7.1(d) shall be certified by a Responsible
Officer of the Borrower as being) prepared in reasonable detail in accordance
with GAAP applied consistently throughout the periods reflected therein and
with prior periods that began on or after the Closing Date (except as approved
by such accountants or officer, as the case may be, and disclosed therein, and
except, in the case of the financial statements delivered pursuant to
subsection 7.1(b) or (d), for the absence of certain notes).

 

7.2.          Certificates; Other Information.  Furnish to the Administrative Agent for
delivery to each Lender (and the Administrative Agent agrees to make and so
deliver such copies):

 

(a)   concurrently
with the delivery of the financial statements referred to in
subsection 7.1(c), a certificate of the independent certified public
accountants reporting on such financial statements stating that in making the
audit necessary therefor no knowledge was obtained of any Default or Event of
Default insofar as the same relates to any financial accounting matters covered
by their audit, except as specified in such certificate;

 

(b)   concurrently
with the delivery of the financial statements referred to in subsections
7.1(c), 7.1(d) and 7.2(d), a certificate signed by a Responsible Officer
of the Borrower, (i) stating that, to the best of each such Responsible
Officer’s knowledge, each of the Borrower and its Subsidiaries during such
period has observed or performed all of its covenants and other agreements, and
satisfied every condition, contained in this Agreement or the other Loan
Documents to which it is a party to be observed, performed or satisfied by it,
and that such Responsible Officer has obtained no knowledge of any Default or
Event of Default, except, in each case, as specified in such certificate, and (ii) when
tested setting forth the calculations required to determine (A) compliance
with the covenant set forth in subsection 8.1 (in the case of a
certificate furnished with the financial statements referred to in subsections
7.1(c) and (d)) and (B) compliance with the covenant set forth in
subsection 8.8 (in the case of a certificate furnished with the financial
statements referred to in subsection 7.1(c));

 

62

 

(c)   promptly,
such additional financial and other information as any Lender may from time to
time reasonably request;

 

(d)   not later
than 30 days after the end of each fiscal month which is not also at the end of
a fiscal quarter, the unaudited consolidated balance sheet and the unaudited
consolidated statement of income and of cash flows of each of the Borrower and
its consolidated Subsidiaries and Holding and its consolidated Subsidiaries for
such fiscal month, together with a comparison to the Budget for the period
through the end of such month, certified by a Responsible Officer as being
fairly stated in all material respects (subject to normal month-end,
quarter-end and year-end audit adjustments and the absence of footnotes); and

 

(e)   as soon
as available, but in any event by the Wednesday of each week, a forecast for
the succeeding 13-week period of the projected consolidated cash flows of the
Loan Parties, taken as a whole; and

 

(f)    to the
Administrative Agent and counsel to the Administrative Agent, at least one day
prior to such filing or distribution, copies of all pleadings, motions,
applications, judicial information, financial information and other documents
to be filed by or on behalf of the Borrower or any of the Guarantors with the
Bankruptcy Court or the United States Trustee in the Cases, or to be
distributed by or on behalf of the Borrower or any of the Guarantors to any
official committee appointed in the Cases (other than (a) pleadings,
motions applications or other filings which would reasonably expected to be
immaterial to the Administrative Agent and the Lenders or (b) emergency
pleadings, motions or other filings where, despite such Debtor’s best efforts,
such one-day notice is impracticable).

 

7.3.          Payment of Obligations.  Except in accordance with the Bankruptcy Code
or by an applicable order of the Bankruptcy Court, pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may
be, (a) all its material obligations of whatever nature that constitute
administrative expenses under Section 503(b) of the Bankruptcy Code
in the Cases, except, so long as no material property (other than money for
such obligation and the interest or penalty accruing thereon) of any Loan Party
is in danger of being lost or forfeited as a result thereof, no such obligation
need be paid if the amount or validity thereof is currently being contested in
good faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the Loan Parties and (b) all
obligations arising prepetition required to be paid postpetition but prior to
confirmation of the Reorganization Plan by order of the Bankruptcy Court that
has been entered with the consent of (or non-objection by) the Administrative
Agent.

 

7.4.          Conduct of Business and Maintenance
of Existence.  Continue to engage in
business of the same general type as conducted by the Borrower, its
Subsidiaries and the other Loan Parties, as applicable, on the Closing Date,
taken as a whole, and preserve, renew and keep in full force and effect its
corporate existence and take all reasonable action to maintain all rights, privileges
and franchises necessary or desirable in the normal conduct of the business of
the Borrower, its Subsidiaries and the other Loan Parties, taken as a whole,
except as otherwise expressly permitted pursuant to subsection 8.5, provided
that the Borrower, its Subsidiaries and

 

63

 

the other Loan Parties
shall not be required to maintain any such rights, privileges or franchises, if
the failure to do so would not reasonably be expected to have a Material Adverse
Effect; and, subject to the effect of the Cases, comply with all Contractual
Obligations and Requirements of Law except to the extent that failure to comply
therewith, in the aggregate, would not reasonably be expected to have a
Material Adverse Effect.

 

7.5.          Maintenance of Property; Insurance.  Keep all property useful and necessary in the
business of the Borrower, its Subsidiaries and the other Loan Parties, taken as
a whole, in good working order and condition; maintain with financially sound
and reputable insurance companies insurance on all property material to the
business of the Borrower, its Subsidiaries and the other Loan Parties, taken as
a whole, in at least such amounts and against at least such risks (but
including in any event public liability, product liability and business
interruption) as are usually insured against in the same general area by
companies engaged in the same or a similar business; and furnish to the
Administrative Agent, upon written request, information in reasonable detail as
to the insurance carried, together with certificates of insurance and other
evidence of such insurance, if any, naming the Administrative Agent as an
additional insured and/or loss payee.

 

7.6.          Inspection of Property; Books and
Records; Discussions.  (a)  Keep
proper books of records and account in which full, complete and correct entries
in conformity with GAAP and all material Requirements of Law shall be made of
all dealings and transactions in relation to its business and activities; and
permit representatives of any Lender to visit and inspect any of its properties
and examine and, to the extent reasonable, make abstracts from any of its books
and records and to discuss the business, operations, properties and financial
and other condition of the Borrower, its Subsidiaries and the other Loan
Parties with officers and employees of the Borrower, its Subsidiaries and the
other Loan Parties and with its independent certified public accountants, in
each case at any reasonable time, upon reasonable notice, and as often as may
reasonably be desired.

 

(b)           If a Default or Event of Default
shall have occurred and be continuing, the Borrower shall reimburse the
Administrative Agent for any reasonable fees and expenses of third parties
incurred in connection with any appraisal of the Borrower’s or any of its
Subsidiaries’ real property reasonably requested in writing by the Required
Lenders.

 

7.7.          Notices.  Promptly give notice to the Administrative
Agent and each Lender of:

 

(a)   as soon
as possible after a Responsible Officer of the Borrower or Holding knows or
reasonably should know thereof, the occurrence of any Default or Event of
Default;

 

(b)   as soon
as possible after a Responsible Officer of the Borrower or Holding knows or
reasonably should know thereof, any (i) default or event of default under
any post-Petition Date Contractual Obligation of the Borrower, any of its
Subsidiaries or any other Loan Party, other than as previously disclosed in
writing to the Lenders, or (ii) post-Petition Date litigation, investigation
or proceeding which may exist at any time between the Borrower, any of its
Subsidiaries or any other Loan Party and any Governmental

 

64

 

Authority, which in either case, if not cured or if adversely
determined, as the case may be, would reasonably be expected to have a Material
Adverse Effect;

 

(c)   as soon
as possible after a Responsible Officer of the Borrower or Holding knows or
reasonably should know thereof, any litigation or proceeding affecting the
Borrower, any of its Subsidiaries or any other Loan Party in which the amount
involved (not covered by insurance) is $500,000 or more or in which injunctive
or similar relief is sought that would reasonably be expected to have a
Material Adverse Effect;

 

(d)   the
following events, as soon as possible and in any event within 30 days after a
Responsible Officer of the Borrower knows or reasonably should know
thereof:  (i) the occurrence or
expected occurrence of any Reportable Event with respect to any Single Employer
Plan (other than a Reportable Event described in Section 4043(c)(9) of
ERISA), a failure to make any required contribution to a Single Employer Plan
or Multiemployer Plan, the creation of any Lien on the property of the
Borrower, any of its Subsidiaries or any other Loan Party in favor of the PBGC
or a Plan or any withdrawal from, or the termination, Reorganization or
Insolvency of, any Multiemployer Plan; (ii) the existence of an
Underfunding under a Single Employer Plan that exceeds 10% of the value of the
assets of such Single Employer Plan, determined as of the most recent annual
valuation date of such Single Employer Plan on the basis of the actuarial
assumptions used to determine the funding requirements of such Single Employer
Plan as of such date; (iii) the institution of proceedings or the taking
of any other formal action by the PBGC, the Borrower or any Commonly Controlled
Entity or any Multiemployer Plan with respect to the withdrawal from, or the
termination, Reorganization or Insolvency of, any Single Employer Plan or
Multiemployer Plan; or (iv) the occurrence or expected occurrence of any
event or condition under which the Borrower or any Commonly Controlled Entity
has incurred or could incur any liability under Section 4069 or 4212(c) of
ERISA, provided that no such notice will be required under clause (i) through
(iv) above unless the event giving rise to such notice, when aggregated
with all other such events under clause (i) through (iv) above, could
reasonably be expected to result in liability to the Borrower or its
Subsidiaries in amount that would exceed $5,000,000;

 

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

 

(f)    as soon
as possible after a Responsible Officer of the Borrower or Holding knows or
reasonably should know thereof, any material adverse change in the business,
operations, property, condition (financial or otherwise) or prospects of the
Borrower and its Subsidiaries taken as a whole, or Holding and its Subsidiaries
taken as a whole; and

 

65

 

(g)   as soon
as possible after a Responsible Officer of the Borrower knows or reasonably
should know thereof, and except in each case as would not reasonably be
expected to result in a Material Adverse Effect, (i) any release or
discharge by the Borrower or any of its Subsidiaries of any Materials of
Environmental Concern required to be reported under applicable Environmental
Laws to any Governmental Authority; (ii) any condition, circumstance,
occurrence or event that would result in liability pursuant to applicable
Environmental Laws or would result in the imposition of any lien or other
restriction on the title, ownership or transferability of any properties owned,
leased or operated by the Borrower or any of its Subsidiaries; (iii) any
proposed action to be taken by the Borrower or any of its Subsidiaries that
would reasonably be expected to subject the Borrower or any of its Subsidiaries
to any material additional or different requirements or liabilities under any
applicable Environmental Law; (iv) any Governmental Authority has notified
the Borrower or any of its Subsidiaries that any such Person is a potentially
responsible party under the Comprehensive Environmental Response, Compensation
and Liability Act or any comparable law for the cleanup of Materials of
Environmental Concern at any location, whether or not owned, leased or operated
by the Borrower or any of its Subsidiaries; (v) any Governmental Authority
has notified the Borrower or any of its Subsidiaries that it will revoke any
permit pursuant to any Environmental Law held by the Borrower or any of its
Subsidiaries, or deny or refuse to renew any such permit sought by the Borrower
or any of its Subsidiaries; or (vi) any Governmental Authority has
notified the Borrower or any of its Subsidiaries that any property owned,
leased, or operated by the Borrower or any of its Subsidiaries is being listed
on, or proposed for listing on, the National Priorities List (NPL) or the
Comprehensive Environmental Response, Compensation and Liability Information
System (CERCLIS) maintained by the U.S. Environmental Protection Agency, or on
any similar list maintained by any Governmental Authority.

 

Each
notice pursuant to this subsection shall be accompanied by a statement of
a Responsible Officer of the Borrower (and, if applicable, the relevant Loan
Party, the relevant Commonly Controlled Entity or Subsidiary) setting forth
details of the occurrence referred to therein and stating what action the
Borrower (or, if applicable, the relevant Loan Party, the relevant Commonly
Controlled Entity or Subsidiary) proposes to take with respect thereto.

 

7.8.          Environmental Laws.  (a)  (i) Comply substantially with,
and require substantial compliance by all tenants, subtenants, contractors, and
invitees with, all applicable Environmental Laws; (ii) obtain, comply
substantially with and maintain any and all Environmental Permits necessary for
its operations as conducted and as planned; and (iii) require that all
tenants, subtenants, contractors, and invitees obtain, comply substantially
with and maintain any and all Environmental Permits necessary for their
operations as conducted and as planned, with respect to any property leased or
subleased from, or operated by the Borrower or its Subsidiaries.  For purposes of this subsection 7.8(a),
noncompliance shall be deemed not to constitute a breach of this covenant, provided
that, upon learning of any actual or suspected noncompliance, the Borrower and
any such affected Subsidiary shall in a timely fashion undertake reasonable
efforts, if any, to achieve substantial compliance, and provided, further,
that in any case such noncompliance would not reasonably be expected to have a
Material Adverse Effect.

 

66

 

(b)           Promptly comply, in all material
respects, with all orders and directives of all Governmental Authorities
regarding Environmental Laws, other than such orders or directives as to which
an appeal or other appropriate contest is or has been timely and properly
taken, is being diligently pursued in good faith, and as to which appropriate
reserves have been established in accordance with GAAP, and, if the
effectiveness of such order or directive has not been stayed, the pendency of
such appeal or other appropriate contest does not give rise to a Material
Adverse Effect.

 

7.9.          Tax Shelter Regulations.  None of the Borrower or the Lenders intends
to treat the transactions completed hereby as being a “reportable transaction”
(within the meaning of Treasury Regulation section 1.6011-4), unless otherwise
required by law, and if any Lender determines to take any action inconsistent
with such intention, it will promptly notify the Borrower thereof, and if the
Borrower determines to take any action inconsistent with such intention, it
will promptly notify the Administrative Agent thereof.  Each Lender acknowledges that the Borrower
may, and the Borrower acknowledges that the Administrative Agent or one or more
of the Lenders may, treat the transactions completed hereby as being subject to
Treasury Regulation section 1.6011-4 or section 301.6112-1, and the
Administrative Agent, such Lender or Lenders and the Borrower may file such IRS
forms or maintain such lists and other records as they may determine are
required by such Treasury Regulations.

 

SECTION 8.   NEGATIVE COVENANTS

 

Each
Loan Party hereby agrees that, from and after the Closing Date and so long as
the Revolving Credit Commitments remain in effect, and thereafter until payment
in full of the Loans, all Reimbursement Obligations and any other amount then
due and owing to any Lender or the Administrative Agent hereunder and under any
Note and termination or expiration of all Letters of Credit, the Borrower shall
not, and shall not permit any of its Subsidiaries to, and, with respect to
subsection 8.9(f)(i) and subsections 8.18 through 8.22, such Loan Party
shall not, directly or indirectly:

 

8.1.          Minimum EBITDA.  Permit, for any calendar month, commencing
with the month ending May 31, 2008, EBITDA for such month to be less than
$5,500,000.

 

8.2.          Limitation on Indebtedness.  Create, incur, assume or suffer to exist any
Indebtedness (including any Indebtedness of any of its Subsidiaries), except:

 

(a)   Indebtedness
of the Borrower under this Agreement and under any Notes;

 

(b)   Indebtedness
of the Borrower to any of its Subsidiaries and of any Subsidiary of the
Borrower to the Borrower or any other Subsidiary of the Borrower, provided
that Indebtedness of any Subsidiary that is not a Loan Party to any Loan Party
shall be subject to the limitations set forth in subsection 8.9(f)(i);

 

(c)   Indebtedness
of the Borrower and its Subsidiaries under Permitted Hedging Arrangements,
including but not limited to Indebtedness of the Borrower under Interest Rate
Protection Agreements relating to Indebtedness of the Borrower under this
Agreement;

 

67

 

(d)   other Indebtedness outstanding or incurred under facilities in
existence on the Petition Date and listed on Schedule 8.2(d);

 

(e)   to the
extent that any Guarantee Obligation permitted under subsection 8.4
constitutes Indebtedness, such Indebtedness;

 

(f)    Indebtedness
of the Borrower or any of its Subsidiaries incurred to finance insurance
premiums in the ordinary course of business;

 

(g)   Indebtedness
arising from the honoring of a check, draft or similar instrument against insufficient
funds, provided that such Indebtedness is extinguished within two
Business Days of its incurrence;

 

(h)   Indebtedness
of any Foreign Subsidiary of the Borrower fully supported on the date of the
incurrence thereof by a Foreign Backstop Letter of Credit, provided that
such Foreign Backstop Letter of Credit shall be subject to the limitations set
forth in subsection 8.9(f)(i); and

 

(i)    Indebtedness
of CRS Holding, SRHL, any of their respective Subsidiaries or any other
Subsidiary of the Borrower primarily engaged in the Employee Relocation
Business incurred in connection with financing the acquisition of residential
real property, fixtures or related assets by CRS Holdings, SRHL, any of their
respective Subsidiaries or any other Subsidiary of the Borrower primarily
engaged in the Employee Relocation Business in the ordinary course of business
in connection with the provision of relocation services, not exceeding
$3,500,000 in aggregate principal amount at any time outstanding, provided
that such Indebtedness finances expenses of the Employee Relocation Business
that are, directly or indirectly, subject to reimbursement, indemnification,
guarantee or other support (including by the charging of fees or other
compensation at reasonable rates determined by the applicable Subsidiary in
good faith) by or from the customers receiving such relocation services;

 

(j)            Indebtedness of the
Borrower and any of its Subsidiaries incurred to finance or refinance the
acquisition of fixed or capital assets (whether pursuant to a loan, a Financing
Lease or otherwise) otherwise permitted pursuant to this Agreement, and any
other Financing Leases, in an aggregate principal amount not exceeding in the
aggregate (i) as to the Borrower and its Domestic Subsidiaries $1,000,000
at any time outstanding, (ii) as to the Foreign Subsidiaries of the
Borrower located in the United Kingdom, $4,000,000 at any time outstanding and (iii) as
to the Foreign Subsidiaries of the Borrower in Asia, $1,000,000 at any time
outstanding; provided that such Indebtedness is incurred substantially
simultaneously with such acquisition or within six months after such
acquisition or in connection with a refinancing thereof; and any refinancing,
refunding, renewal or extension of any such Indebtedness, provided that
the amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to the
premium or other amounts paid, and fees and expenses incurred, in connection
with such refinancing, refunding, renewal or extension and provided that
any such Indebtedness described in clauses (ii) and (iii) of this
subsection 8.2(j) shall be non-recourse to or guaranteed by a Loan Party;

 

68

 

(k)           additional
Indebtedness of the Borrower or any Subsidiary of the Borrower not exceeding
$500,000 as to the Borrower and its Subsidiaries in aggregate principal amount
at any one time outstanding; and

 

(l)            unsecured
Indebtedness of the Borrower or any Subsidiary of the Borrower owing to
Holding.

 

For
purposes of determining compliance with clauses (d), (h), (i), and (j) of
this subsection 8.2, the amount of any Indebtedness denominated in any
currency other than Dollars shall be calculated based on customary currency exchange
rates in effect, in the case of such Indebtedness incurred (in respect of term
debt) or committed (in respect of revolving debt) on or prior to the Closing
Date, on the Closing Date and, in the case of such Indebtedness incurred (in
respect of term debt) or committed (in respect of revolving debt) after the
Closing Date, on the date that such Indebtedness was incurred (in respect of
term debt) or committed (in respect of revolving debt).

 

8.3.          Limitation on Liens.  Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, except for:

 

(a)   Liens for
taxes, assessments and similar charges (including liens which arise under
ERISA) not yet delinquent or the nonpayment of which in the aggregate would not
reasonably be expected to have a Material Adverse Effect, or which are being
contested in good faith by appropriate proceedings diligently conducted and
adequate reserves with respect thereto are maintained on the books of the Borrower
or its Subsidiaries, as the case may be, in conformity with GAAP;

 

(b)   carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period
of more than 60 days or which are being contested in good faith by appropriate
proceedings diligently conducted;

 

(c)   Liens of
landlords or of mortgagees of landlords arising by operation of law or pursuant
to the terms of real property leases, provided that the rental payments
secured thereby are not yet due and payable;

 

(d)   pledges,
deposits or other Liens in connection with workers’ compensation, unemployment
insurance, other social security benefits or other insurance related
obligations (including, without limitation, pledges or deposits securing
liability to insurance carriers under insurance or self-insurance
arrangements);

 

(e)   Liens
arising by reason of any judgment, decree or order of any court or other
Governmental Authority, if appropriate legal proceedings which may have been
duly initiated for the review of such judgment, decree or order, are being
diligently prosecuted and shall not have been finally terminated or the period
within which such proceedings may be initiated shall not have expired;

 

69

 

(f)    Liens to
secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance
bonds, judgment and like bonds, replevin and similar bonds and other
obligations of a like nature incurred in the ordinary course of business;

 

(g)   zoning
restrictions, easements, rights-of-way, restrictions on the use of property,
other similar encumbrances incurred in the ordinary course of business and minor
irregularities of title, which do not materially interfere with the ordinary
conduct of the business of the Borrower and its Subsidiaries taken as a whole;

 

(h)   Liens
securing or consisting of any extension, renewal, refunding or refinancing of
any such Indebtedness provided that (x) such Liens shall be created
no later than the date of such acquisition or the date of the incurrence or
assumption of such Indebtedness or the date of such extension, renewal,
refunding or refinancing and (y) such Liens securing such Indebtedness is
limited to the property financed thereby and, in the case of any such
extension, renewal, refunding or refinancing, is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured the Indebtedness that is
extended, renewed, refunded or refinanced (including any after-arising property
that would have been secured pursuant to the terms of such Indebtedness);

 

(i)    Liens on
cash held with a Cash Management Bank to secure cash management obligations
owing to such Cash Management Bank, so long as such Liens are limited to such
cash;

 

(j)    Liens
securing Indebtedness or other obligations of any Person (other than the Liens
securing the Prepetition Credit Facility Obligations) and covering any property
of any Loan Party, not to exceed in the aggregate $500,000;

 

(k)   Liens in
existence on the Petition Date and listed in Schedule 8.3(j) and other
Liens securing Indebtedness of the Borrower and its Subsidiaries permitted by
subsection 8.2(d), provided that (i) such Lien is limited to
all or part of the properties or assets (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof) secured thereby on
the Closing Date (including any after-arising property that would have been
secured under the written agreement under which the original Lien arose), and
in the case of any extension, renewal, refunding or refinancing of the
Indebtedness secured thereby, such Lien is limited to all or part of the same
property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured the Indebtedness that is
extended, renewed, refunded or refinanced (including any after-arising property
that would have been secured pursuant to the terms of such Indebtedness) and (ii) the
amount of Indebtedness secured thereby is not increased except as permitted by
subsection 8.2(d);

 

(l)    Liens
securing Guarantee Obligations permitted under subsection 8.4(d) not
exceeding (as to the Borrower and all its Subsidiaries) $1,000,000 in aggregate
amount at any time outstanding;

 

70

 

(m)  Liens
on Intellectual Property and foreign patents, patent applications, trademarks,
trademark applications, trade names, service marks, copyrights, technology,
know-how and processes to the extent such Liens arise from the granting of
licenses to use such Intellectual Property and foreign patents, patent
applications, trademarks, trademark applications, trade names, service marks,
copyrights, technology, know-how and processes to any Person in the ordinary
course of business of the Borrower and its Subsidiaries;

 

(n)   Liens
on equipment in favor of lessees or conditional purchasers of such equipment
leased on a Financing Lease basis or sold on a conditional basis by the
Borrower or any of its Subsidiaries to Local Agents or Owner/Operators in the
ordinary course of business of the Borrower and its Subsidiaries;

 

(o)   any
encumbrance or restriction (including, without limitation, put and call
agreements) with respect to the Capital Stock of any joint venture or similar
arrangement pursuant to the joint venture or similar agreement with respect to
such joint venture or similar arrangement, provided that no such
encumbrance or restriction affects in any way the ability of the Borrower or
any of its Subsidiaries to comply with subsection 8.14(b);

 

(p)   Liens
on property of any Foreign Subsidiary of the Borrower securing Indebtedness of
any Foreign Subsidiary of the Borrower permitted by subsection 8.2;

 

(q)   Liens
on assets or properties of any Insurance Subsidiary arising by operation of
applicable insurance law or required to be imposed thereunder in the ordinary
course of such Subsidiary’s insurance business;

 

(r)    Liens
on residential real property, fixtures and related assets acquired as
contemplated by subsection 8.2(i), securing Indebtedness permitted by subsection 8.2(i);

 

(s)   Liens
in favor of the Prepetition Secured Parties as adequate protection granted
pursuant to the Interim Order (or the Final Order, as applicable), which Liens
are junior to the Liens contemplated hereby in favor of the Administrative Agent
and the Lenders, it being understood that the Interim Order (or the Final
Order, as applicable) will provide that the holder of such junior Liens shall
not be permitted to take any action to enforce their rights with respect to
such junior Liens so long as any amounts shall remain outstanding hereunder or
any Commitment shall be in effect; and

 

(t)    Liens
in connection with the Indebtedness pursuant to Section 8.2(j), in each
case related to the assets financed thereby;

 

8.4.          Limitation on Guarantee Obligations.
Create, incur, assume or suffer to exist any Guarantee Obligation except:

 

(a)   Guarantee
Obligations in existence on the Closing Date and listed in Schedule 8.4(a), and
any refinancings, refundings, extensions or renewals thereof, provided
that the amount of such Guarantee Obligation shall not be increased at the time
of such refinancing, refunding, extension or renewal except to the extent that
the amount of 

 

71

 

Indebtedness
in respect of such Guarantee Obligations is permitted to be increased by
subsection 8.2(d);

 

(b)   Guarantee
Obligations for performance, appeal, judgment, replevin and similar bonds, or
suretyship arrangements, all in the ordinary course of business;

 

(c)   Guarantee
Obligations in respect of indemnification and contribution agreements expressly
permitted by subsection 8.11(iv) or similar agreements by the
Borrower;

 

(d)   Guarantee
Obligations in respect of third-party loans and advances to officers or
employees of Holding, the Borrower or any of their respective Subsidiaries (i) for
travel and entertainment expenses incurred in the ordinary course of business, (ii) for
relocation expenses incurred in the ordinary course of business or (iii) for
any other purpose and, in the case of this clause (iii), in an aggregate
principal amount (as to Holding and all its Subsidiaries) of up to $1,000,000
outstanding at any time;

 

(e)   obligations
to insurers required in connection with worker’s compensation and other
insurance coverage incurred in the ordinary course of business;

 

(f)    obligations
of the Borrower and its Subsidiaries under Permitted Hedging Arrangements,
including obligations of the Borrower under any Interest Rate Protection
Agreements relating to Indebtedness of the Borrower under this Agreement,

 

(g)   guarantees
made by the Borrower or any of its Subsidiaries of obligations of the Borrower
or any of its Subsidiaries, which obligations are otherwise permitted under
this Agreement, provided that guarantees by any Loan Party of obligations
of any Subsidiary that is not a Loan Party shall be subject to the limitations
set forth in subsection 8.9(f)(i);

 

(h)   Guarantee
Obligations in connection with sales or other dispositions permitted under
subsection 8.6, including indemnification obligations with respect to
leases, and guarantees of collectability in respect of accounts receivable or
notes receivable for up to face value;

 

(i)    accommodation
guarantees for the benefit of trade creditors of the Borrower or any of its
Subsidiaries in the ordinary course of business of obligations of the Borrower
or any of its Subsidiaries, which obligations are otherwise permitted by this
Agreement;

 

(j)    Guarantee
Obligations with respect to an aggregate principal amount of up to $3,500,000
of third-party loans and advances to Local Agents and Owner/Operators, provided
that such amount shall be reduced by the aggregate then outstanding principal
amount of loans and Investments permitted by subsection 8.9(k);

 

(k)    Guarantee Obligations of the Borrower and
its Subsidiaries in respect of recourse events in connection with any
Relocation SPV Financing;

 

72

 

(l)    Guarantee
Obligations incurred pursuant to the Guarantees or otherwise in respect of
Indebtedness permitted by subsection 8.2(a); and

 

(m)  guarantees
made by any Foreign Subsidiary of third party obligations under leases, provided
that (i) the aggregate amount of such guarantees shall not exceed $300,000
at any one time outstanding and (ii) such guarantees shall terminate, and
be of no further force or effect, on or before November 30, 2009.

 

8.5.          Limitation on
Fundamental Changes.  Enter into any
merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation or dissolution), or convey, sell, lease, assign,
transfer or otherwise dispose of, all or substantially all of its property,
business or assets, except:

 

(a)   any
Subsidiary of the Borrower may be merged or consolidated with or into the
Borrower (provided that the Borrower shall be the continuing or
surviving corporation) or with or into any one or more Wholly Owned
Subsidiaries of the Borrower (provided that the Wholly Owned Subsidiary
or Subsidiaries of the Borrower shall be the continuing or surviving entity and
provided  further that no Domestic Subsidiary may be merged or
consolidated with or into a Foreign Subsidiary unless the continuing or
surviving entity is a Domestic Subsidiary);

 

(b)   any
Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of
any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or to any Wholly Owned Subsidiary of the Borrower; and

 

(c)   as
expressly permitted by subsection 8.6.

 

8.6.          Limitation on Sale of Assets.  (a)  Convey, sell, lease, assign,
transfer or otherwise dispose of any of its property, business or assets
(including, without limitation, receivables and leasehold interests), whether
now owned or hereafter acquired, or, in the case of any Subsidiary, issue or
sell any shares of such Subsidiary’s Capital Stock, to any Person other than
the Borrower or any Wholly Owned Subsidiary of the Borrower, except:

 

(i)          the
sale or other Disposition of obsolete or worn out property, whether now owned
or hereafter acquired, in the ordinary course of business;

 

(ii)         the
sale or other Disposition of any property (including Inventory and the granting
of Intellectual Property licenses) in the ordinary course of business;

 

(iii)        the
sale or discount without recourse of accounts receivable or notes receivable
arising in the ordinary course of business, or the conversion or exchange of
accounts receivable into or for notes receivable, in connection with the
compromise or collection thereof, provided that, in the case of any
Foreign Subsidiary of the Borrower, any such sale or discount may be with
recourse if such sale or discount is consistent with customary practice in such
Foreign Subsidiary’s country of business and the aggregate amount of any such
recourse shall (to the extent such recourse is required by GAAP to be included
as Indebtedness on the consolidated balance sheet of Holding and its 

 

73

 

consolidated subsidiaries) be included in the
determination of such Foreign Subsidiary’s Indebtedness for purposes of
subsection 8.2;

 

(iv)        Dispositions
of any assets or property by the Borrower or any Subsidiary of the Borrower to
the Borrower or any Wholly Owned Subsidiary of the Borrower, provided
that Dispositions of assets or property by any Loan Party to any Foreign
Subsidiary shall be subject to the limitations set forth in subsection
8.9(f)(i);

 

(v)         the
abandonment or other Disposition of patents, trademarks or other intellectual
property that are, in the reasonable judgment of the Borrower, no longer
economically practicable to maintain or useful in the conduct of the business
of the Borrower and its Subsidiaries taken as a whole;

 

(vi)        Dispositions
permitted by subsection 8.9(j), provided that an amount equal to
100% of the Net Cash Proceeds of any such Asset Sale is applied in accordance
with subsection 4.4(c);

 

(vii)       Dispositions
of equipment, and (in the case of any Disposition by any Foreign Subsidiary)
other property, to Local Agents and Owner/Operators, including sales pursuant
to lease or conditional sales agreements, provided that an amount equal
to 100% of the Net Cash Proceeds of any such Asset Sale is applied in
accordance with subsection 4.4(c);

 

(viii)      the
Disposition of any Subsidiary that is not a Material Subsidiary;

 

(ix)        licenses,
subleases and other similar Dispositions in connection with any Disposition
permitted by clauses (vii) and (viii) of this subsection 8.6(a); and

 

(x)         Dispositions
by CRS Holding, SRHL, any of their respective Subsidiaries or any other
Subsidiary of the Borrower engaged in the Employee Relocation Business to a
Relocation SPV or SIRVA Mortgage, Inc., in each case in connection with
the Employee Relocation Business, of the following, for value that is
reasonable (as determined by the Borrower in good faith):  (A) any residential property, fixtures or
related assets purchased in connection 
with the Employee Relocation Business, (B) any notes or receivables
(x) from relocating employees or customers of the Employee Relocation
Business representing an advance of any portion of the purchase price for
residential properties, fixtures or related assets or (y) otherwise
created in the ordinary course of the Employee Relocation Business, (C) any
contractual rights in respect of reimbursement or indemnification for losses
upon resale of any residential properties, fixtures or related assets Disposed
pursuant to clause (A) above, or (D) a portion of the fees due from
customers of the Employee Relocation Business, the transfer of which shall, in
the good faith determination of the Borrower, be limited in amount to the
amount necessary to compensate such Relocation SPV or SIRVA Mortgage, Inc.,
as the case may be, for expected losses upon resales of residential properties,
fixtures or related assets for which the customer has not agreed to make
indemnification or reimbursement.

 

(b)           Convey, sell or
otherwise transfer shares of Capital Stock of a Foreign Subsidiary to the
Borrower or any Domestic Subsidiary of the Borrower that is not a Loan Party.

 

74

 

8.7.          Limitation on Loans and Dividends
to Holding.  Make any advance, loan
or extension or credit to Holding or declare or pay any dividend (other than
dividends payable solely in common stock of the Borrower or options, warrants or
other rights to purchase common stock of the Borrower) on, or make any payment
on account of, or set apart assets for a sinking or other analogous fund for,
the purchase, redemption, defeasance, retirement or other acquisition of, any
shares of any class of Capital Stock of the Borrower or any warrants or options
to purchase any such Capital Stock, whether now or hereafter outstanding, or
make any other distribution (other than distributions payable solely in common
stock of the Borrower or options, warrants or other rights to purchase common
stock of the Borrower) in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of the Borrower or any
Subsidiary, except that:

 

(a)           the Borrower and any
of its Subsidiaries may make loans and advances, and the Borrower may pay cash
dividends, to Holding in an aggregate amount sufficient to allow Holding to
pay:

 

(i)          costs
(including all professional fees and expenses) incurred by Holding in
connection with reporting obligations under or otherwise incurred in connection
with compliance with applicable laws, applicable rules or regulations of
any governmental, regulatory or self-regulatory body or stock exchange, the
Loan Documents or any other agreement or instrument relating to Indebtedness of
the Borrower or any Subsidiary of the Borrower, including in respect of any
reports filed with respect to the Securities Act, the Exchange Act or the
respective rules and regulations promulgated thereunder;

 

(ii)         indemnification
and reimbursement obligations of Holding owing to directors, officers,
employees or other Persons under its charter or by-laws or pursuant to written
agreements with any such Person relating to their serving in any such capacity;

 

(iii)        obligations
of Holding in respect of director and officer insurance (including premiums
therefor); and

 

(iv)        professional
fees and expenses and other operational expenses of Holding relating to its
status, existence or operation as a public company, or to the ownership,
management or operation of the business of the Borrower, any Subsidiary of the
Borrower, or any Subsidiary of Holding the principal business of which relates
to supporting or financing the business of the Borrower or any of its
Subsidiaries.

 

(b)           the Borrower and any
of its Subsidiaries may make loans and advances, and the Borrower may pay cash
dividends, to Holding (i) in an aggregate amount sufficient to allow
Holding to pay any taxes, charges or assessments required to be paid by
Holding, other than those resulting from its owning stock or other equity
interests of any corporation or other Person other than the Borrower or any of
its Subsidiaries, and (ii) in respect of the tax liabilities and other
obligations of the Borrower and its Subsidiaries due in accordance with the Tax
Sharing Agreement;

 

75

 

(c)           the Borrower and any
of its Subsidiaries may make loans and advances, and the Borrower may pay cash
dividends, to Holding in an aggregate amount sufficient to allow Holding to pay
all fees and expenses incurred in connection with this Agreement, the other
Loan Documents and the transactions expressly contemplated hereby and thereby;
and

 

(d)           the Borrower and any
of its Subsidiaries may make loans and advances, and the Borrower may pay cash
dividends, to Holding to allow Holding to capitalize any Relocation SPV; provided
that the aggregate amount of such Investments and dividends is permitted by
subsection 8.9(o).

 

8.8.          Limitation on Capital Expenditures.  With respect to any calendar month ending on
or after May 31, 2008, make or commit to make any Capital Expenditures
(excluding any expenses incurred in connection with normal replacement and
maintenance programs properly charged to current operations); provided
that (a) the Borrower and its consolidated Subsidiaries may make Capital
Expenditures in an amount not to exceed $2,500,000 for any calendar month, and (b) the
unused amount of any Capital Expenditures permitted to be made pursuant to the
foregoing clause (a) during any calendar month and not made during such
month may be carried over and expended during the next succeeding calendar
month (it being understood and agreed that Capital Expenditures made pursuant
to this subsection during any calendar month shall be deemed made, first,
in respect of amounts permitted for such month as provided above and, second,
in respect of amounts carried over from the prior month pursuant to clause (b) above).

 

8.9.          Limitation on Investments, Loans
and Advances.  Make any advance,
loan, extension of credit or capital contribution to, or purchase any stock,
bonds, notes, debentures or other securities of or any assets constituting a
business unit of, or make any other investment, in cash or by transfer of
assets or property, in (each an “Investment”), any Person, except:

 

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

 

(b)           Investments in Cash
Equivalents;

 

(c)           Investments existing
on the Closing Date and described in Schedule 8.9(c), setting forth the
respective amounts of such Investments as of a recent date;

 

(d)           Investments in notes
receivable and other instruments and securities obtained in connection with
transactions permitted by subsection 8.6(a)(iii);

 

(e)           loans and advances
to officers, directors or employees of Holding, the Borrower or any of their
respective Subsidiaries (i) in the ordinary course of business for travel
and entertainment or relocation expenses, (ii) existing on the Closing
Date and described in Schedule 8.9(c), or (iii) relating to indemnification
or reimbursement of any officers, directors or employees in respect of
liabilities relating to their serving in any such capacity or as otherwise
specified in subsection 8.11;

 

76

 

(f)            (i) Investments
by the Borrower in its Wholly Owned Subsidiaries and by such Subsidiaries in
the Borrower and in Wholly Owned Subsidiaries of the Borrower, provided
that the aggregate amount of Investments made by any Loan Party after the date
hereof in any Subsidiary that is not a Loan Party shall not exceed $3,000,000
at any one time outstanding, (ii) Investments in Holding in amounts and
for purposes for which dividends are permitted under subsection 8.7, provided
that at no time does the aggregate amount of such Investments and relevant
dividends exceed the permitted amount of such dividends and (iii) Investments
by Borrower or one of its Subsidiaries in A.L. Movers Private Ltd., an Indian
joint venture, in an amount not to exceed $400,000 in aggregate principal
amount;

 

(g)           Investments by the
Borrower and its Subsidiaries under Permitted Hedging Arrangements, including
Investments of the Borrower under Interest Rate Protection Agreements relating
to Indebtedness of the Borrower under this Agreement;

 

(h)           Investments in the nature
of pledges or deposits with respect to leases or utilities provided to third
parties in the ordinary course of business or otherwise described in
subsection 8.3(c), (d) or (f);

 

(i)            Investments
representing non-cash consideration received by the Borrower or any of its
Subsidiaries in connection with any Asset Sale;

 

(j)           Investments
representing evidences of Indebtedness, securities or other property received
from another Person by the Borrower or any of its Subsidiaries in connection
with any bankruptcy proceeding or other reorganization of such other Person or
as a result of foreclosure, perfection or enforcement of any Lien or exchange
for evidences of Indebtedness, securities or other property of such other
Person held by the Borrower or any of its Subsidiaries, provided that in
the event that the aggregate expected value of such securities or other
property received with respect to a Person is less than $250,000, the Borrower
or such Subsidiary may dispose of such securities and other property within 180
days of the receipt thereof;

 

(k)           loans to Local
Agents and Owner/Operators in the ordinary course of business for working
capital purposes, and Investments by the Borrower and its Subsidiaries
represented by any Financing Lease or conditional sale of equipment by the
Borrower or any of its Subsidiaries to Local Agents or Owner/Operators, in an
aggregate amount not to exceed $3,500,000 outstanding at any one time, provided
that such amount shall be reduced by the aggregate principal amount of loans and
advances in respect of Guarantee Obligations permitted by
subsection 8.4(i);

 

(l)            Investments
constituting, or acquired with amounts constituting, reserves or surplus
maintained by any Insurance Subsidiary in accordance with any Requirement of
Law in respect of obligations pursuant to insurance policies issued by such
Insurance Subsidiary in the ordinary course of its insurance business;

 

(m)          loans and advances by
the Borrower or any of its Subsidiaries to Holding expressly permitted by
subsection 8.7;

 

77

 

(n)           loans and advances
made by CRS Holding, SRHL, any of their respective Subsidiaries or any other
Subsidiary of the Borrower primarily engaged in the Employee Relocation
Business for the purpose of financing a portion of the purchase price for the
acquisition of residential real estate, fixtures or related assets, provided
that such loans and advances are made by CRS Holding, SRHL or any such
Subsidiaries in the ordinary course of business in connection with the
provision of relocation services; and

 

(o)           Investments
comprised of loans, advances or dividends to Holding to allow Holding to
capitalize a Relocation SPV; provided that (i) the aggregate amount of all
such Investments outstanding at any time shall not exceed an amount that is
equal to $30,000,000, and (ii) within five Business Days after the making
of such Investment, the Relocation SPV shall have acquired from the Borrower or
any of its Subsidiaries assets pursuant to subsection 8.6(a)(x) or repaid
all amounts owed by the Relocation SPV to the Borrower or any of its
Subsidiaries, in an amount substantially equal (after giving effect to any
ordinary course discounts in connection with such transactions) to the amount
of such Investment.

 

8.10.        Limitations on Certain Acquisitions.  Acquire by purchase or otherwise all the
business or assets of, or stock or other evidences of beneficial ownership of,
any Person.

 

8.11.        Limitation on Transactions with
Affiliates.  Enter into any
transaction, including, without limitation, any purchase, sale, lease or
exchange of property or the rendering of any service, with any Affiliate of the
Borrower unless such transaction is (a) otherwise permitted under this
Agreement, and (b) upon terms no less favorable to the Borrower or such
Subsidiary, as the case may be, than it would obtain in a comparable arm’s
length transaction with a Person which is not an Affiliate; provided
that nothing contained in this subsection 8.11 shall be deemed to
prohibit:

 

(i)          the
Borrower or any of its Subsidiaries from entering into or performing any
consulting, management or employment agreements or other compensation
arrangements with a director, officer or employee of Holding or any of its
Subsidiaries, provided that the annual aggregate base compensation with
respect to any such director, in its capacity as such, is not in excess of
$500,000;

 

(ii)         the
payment of transaction expenses in connection with this Agreement and the other
transactions related hereto and thereto;

 

(iii)        the
Borrower or any of its Subsidiaries from entering into, making payments
pursuant to and otherwise performing an indemnification and contribution
agreement in favor of each person who becomes a director, officer, agent or
employee of Holding, the Borrower or any of their respective Subsidiaries, in
respect of liabilities (A) arising under the Securities Act, the Exchange
Act and any other applicable securities laws or otherwise, in connection with
any offering of securities by Holding, the Borrower or any of their
Subsidiaries, (B) incurred to third parties for any action or failure to
act of Holding, the Borrower or any of their Subsidiaries, predecessors or
successors, (C) arising out of the fact that any indemnitee was or is a
director, officer, agent or employee of Holding, the Borrower or any of their
Subsidiaries, or is or was 

 

78

 

serving at the request of any such
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or enterprise or (D) to the fullest
extent permitted by Delaware or other applicable state law, arising out of any
breach or alleged breach by such indemnitee of his or her fiduciary duty as a
director or officer of Holding, the Borrower or any of their Subsidiaries;

 

(iv)        the
Borrower or any of its Subsidiaries from performing any agreements or
commitments with or to any Affiliate existing on the Closing Date and described
on Schedule 8.11(v);

 

(v)         any
transaction permitted under subsection 8.3(k), 8.4(c), 8.4(d), 8.4(k),
8.5, 8.7, 8.9(e), or 8.9(k), or any transaction with a Wholly Owned Subsidiary
of the Borrower; or

 

(vi)        the
Borrower or any of its Subsidiaries from performing its obligations under the
Tax Sharing Agreement.

 

For purposes of this subsection 8.11, (A) any transaction
with any Affiliate shall be deemed to have satisfied the standard set forth in
subparagraph (b) of the first sentence hereof if (i) such transaction
is approved by a majority of the Disinterested Directors of the Board of
Directors of the Borrower or the applicable Subsidiary, or (ii) in the
event that at the time of any such transaction, there are no Disinterested
Directors serving on the Board of Directors of the Borrower or such Subsidiary,
such transaction shall be approved by a nationally recognized expert with
expertise in appraising the terms and conditions of the type of transaction for
which approval is required, and (B) “Disinterested Director” shall
mean, with respect to any Person and transaction, a member of the Board of
Directors of such Person who does not have any material direct or indirect
financial interest in or with respect to such transaction.

 

8.12.        Limitation on Sales and Leasebacks.  Enter into any arrangement with any Person
providing for the leasing by the Borrower or any Subsidiary of real or personal
property which has been or is to be sold or transferred by the Borrower or such
Subsidiary to such Person or to any other Person to whom funds have been or are
to be advanced by such Person on the security of such property or rental
obligations of the Borrower or such Subsidiary, other than those existing on
the Petition Date.

 

8.13.        Limitation on Changes in Fiscal Year.  Permit the fiscal year of the Borrower to end
on a day other than the last day of December.

 

8.14.        Limitation on Lines of Business;
Creation of Subsidiaries.  (a) 
Enter into any business, either directly or through any Subsidiary or joint
venture, except for those businesses of the same general type as those in which
the Borrower and its Subsidiaries are engaged on the Closing Date, or which are
related thereto, or permit any Insurance Subsidiary to engage in any business
other than the operation of a multiple-line property and liability insurance
program to insure Local Agents and Owner/Operators, and other Persons engaged
in similar businesses, against loss from certain risks.

 

(b)           Create any new
Subsidiaries of the Borrower.

 

79

 

(c)           In the case of any
Foreign Subsidiary Holdco, own any material assets other than securities of one
or more Foreign Subsidiaries and other assets relating to an ownership interest
in any such securities or Subsidiaries.

 

8.15.        Limitation on Synthetic Purchase
Agreements.  Enter into any Synthetic
Purchase Agreement if under such Synthetic Purchase Agreement it may be
required to make any payment relating to the Capital Stock of Holding that has
the same economic effect on the Borrower and its Subsidiaries as any Investment
by the Borrower in Capital Stock of Holding prohibited by subsection 8.9
above.

 

8.16.        Limitation on Modifications of Tax
Sharing Agreement.  (a) Amend,
supplement or otherwise modify (pursuant to a waiver or otherwise) the terms
and conditions of the Tax Sharing Agreement in any manner that would increase
the amounts payable by the Borrower or any of its Subsidiaries thereunder in
any manner that could reasonably be expected to be materially adverse to the
Lenders, other than amendments reasonably reflecting changes in law or regulations
after the date hereof, or (b) otherwise amend, supplement or otherwise
modify the terms and conditions of the Tax Sharing Agreement except to the
extent that any such amendment, supplement or modification could not reasonably
be expected to have a Material Adverse Effect.

 

8.17.        Limitations on Currency and Commodity
Hedging Transactions.  Enter into,
purchase or otherwise acquire any agreement or arrangement relating to interest
rates, currency, commodity or other hedging except (a) Interest Rate Protection
Agreements and (b) other such agreements or arrangements to the extent and
only to the extent that, such agreement or arrangement is entered into,
purchased or otherwise acquired in the ordinary course of business of the
Borrower or any of its Subsidiaries with reputable financial institutions or
vendors and not for purposes of speculation (any such agreement or arrangement
permitted by this subsection, a “Permitted Hedging Arrangement”).

 

8.18.        Chapter 11 Claims.  Incur, create, assume, suffer to exist or
permit any other Superpriority Claim or Lien which is pari passu with or senior
to the claims of (a) the Administrative Agent and the Lenders granted
pursuant to this Agreement and the Interim Order (or the Final Order, as
applicable) or (b) other than for claims referenced in clause (a), the
Prepetition Secured Parties pursuant to subsections 2.8 and 2.9 and the Interim
Order (or the Final Order, as applicable), except in each case for the Carve
Out and Permitted Liens which, in accordance with the Interim Order (or the
Final Order, as applicable), are senior to such Liens.

 

8.19.        Use of Proceeds.  (a) Use the proceeds of the Loans or the
Letters of Credit for purposes other than those described in subsection 5.19 or
(b) use any portion of the Loans, the Letters of Credit, the Collateral,
the Carve Out or the Cash Collateral of the Prepetition Secured Parties to
commence or prosecute any Prohibited Claim (provided that the restriction in
the foregoing clause (b) does not apply to investigations of Prohibited
Claims).

 

8.20.        Reorganization Plan.  Modify or alter in any material manner the
Reorganization Plan, except with the prior written consent of the
Administrative Agent.

 

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8.21.        Covenants of Holding Companies.  With respect to each Holding Company (a) conduct,
transact or otherwise engage in, or commit to conduct, transact or otherwise
engage in, any business or operations other than:

 

(i)          those
incidental to its ownership of its Subsidiaries, including the provision of
administrative, legal, accounting and management services to or on behalf of
any of its Subsidiaries,

 

(ii)         the
entry into, and the exercise of rights and performance of obligations in
respect of, (A) this Agreement and any other Loan Document to which such
Holding Company is a party, (B) contracts and agreements with officers,
directors and employees of such Holding Company or its Subsidiaries relating to
their employment or directorships, (C) insurance policies and related
contracts and agreements, (D) equity subscription agreements, registration
rights agreements, voting and other stockholder agreements, engagement letters
and other agreements in respect of its equity securities, and (E) matters
relating to or contemplated by the Reorganization Plan,

 

(iii)        compliance
with applicable reporting and other obligations, under federal, state or other
securities laws,

 

(iv)        the
performance of obligations under and compliance with its certificate of
incorporation and by-laws, or any applicable law, ordinance, regulation, rule,
order, judgment, decree or permit, including, without limitation, as a result
of or in connection with the activities of its Subsidiaries,

 

(v)         the
incurrence and payment of its operating and business expenses and any taxes for
which it may be liable,

 

(vi)        the
making of loans to or other Investments in, or incurrence of Indebtedness to,
its Subsidiaries (to the extent not prohibited by this Agreement),

 

(vii)       the
ownership of, and the exercise of rights and performance of obligations in
respect of, Intellectual Property and foreign patents, trademarks, trade names,
copyrights, technology, know-how and processes and licensing such Intellectual
Property and foreign patents, trademarks, trade names, copyrights, technology, know-how
and processes (other than Intellectual Property which is material to the
business of the Borrower and its Subsidiaries, which Intellectual Property
shall be owned by the Borrower and its Subsidiaries), and

 

(viii)      other
activities incidental or related to the foregoing;

 

(b)           Guarantee any
Indebtedness or other obligations of any of its Subsidiaries, other than the
Guarantee of the Obligations provided for herein (it being understood that this
provision shall not restrict such Holding Company from incurring or suffering
to exist any Lien on any Capital Stock or Indebtedness of, or other ownership
interests in, any of its Subsidiaries, to secure its Guarantee of the
Obligations); or

 

81

 

(c)           own, lease, manage
or otherwise operate any material tangible properties or assets (it being
understood that cash and cash equivalents do not constitute tangible properties
or assets) other than the ownership of shares of Capital Stock of its
Subsidiaries, or otherwise as contemplated by or in connection with any
activity permitted under the preceding clause (a) of this subsection 8.21.

 

8.22.        Limitation on Negative Pledge Clauses.  Enter into with any Person any agreement
which prohibits or limits the ability of the Borrower or any of its
Subsidiaries (other than any Foreign Subsidiaries or Subsidiaries of any
thereof) to create, incur, assume or suffer to exist any Lien in favor of the
Lenders with respect to the Obligations upon any of its property, assets or
revenues, whether now owned or hereafter acquired, other than (a) this
Agreement and the other Loan Documents and any related documents, (b) any
Financing Leases or agreements permitted by this Agreement (in which cases, any
prohibition or limitation shall only be effective against the assets financed
or acquired thereby) or operating leases of real property entered into in the
ordinary course of business, and (c) any agreements in connection with any
Relocation SPV Financing (in which cases, any prohibition or limitation shall
only be effective against the residential properties, fixtures, notes,
receivables, fees and related assets subject thereto).

 

SECTION 9.   EVENTS OF
DEFAULT

 

If any of the following events shall occur and be continuing:

 

(a)           The Borrower shall
fail to pay any principal of any Loan or any Reimbursement Obligation when due
in accordance with the terms hereof (whether at stated maturity, by mandatory
prepayment or otherwise); or the Borrower shall fail to pay any interest on any
Loan, or any other amount payable hereunder, within two days after any such
interest or other amount becomes due in accordance with the terms hereof; or

 

(b)           Any representation
or warranty made or deemed made by Holding or any Loan Party herein or in any
other Loan Document (or in any amendment, modification or supplement hereto or
thereto) or which is contained in any certificate furnished at any time by or
on behalf of Holding or any Loan Party pursuant to this Agreement or any such
other Loan Document shall prove to have been incorrect in any material respect
on or as of the date made or deemed made; or

 

(c)           Holding or any Loan
Party shall default in the observance or performance of any agreement of such
Person contained in (i) subsection 7.7(a), subsection 7.3 or Section 8
of this Agreement and, in the case of a default in the observance or
performance of its obligations under subsection 7.7(a) hereof, such
default shall have continued unremedied for a period of two days after a
Responsible Officer of the Borrower shall have discovered or should have
discovered such default; or

 

(d)           Holding or any Loan
Party shall default in the observance or performance of any other agreement of
such Person contained in this Agreement or any other Loan Document (other than
as provided in paragraphs (a) through (c) of this Section 9),
and such default shall continue unremedied for a period ending on the earlier
of (i) the date 32 days after a Responsible 

 

82

 

Officer of the Borrower shall have discovered or should have discovered
such default and (ii) the date 15 days after written notice has been given
to the Borrower by the Administrative Agent or the Required Lenders; or

 

(e)           Holding, the
Borrower, any of its Subsidiaries or any other Loan Party shall (i) default
in any payment of principal of or interest on any post-petition Indebtedness
(other than the Loans and the Reimbursement Obligations) in excess of
$1,000,000 or in the payment of any post-petition Guarantee Obligation in
excess of $1,000,000; or (ii) default in the observance or performance of
any other agreement or condition relating to any post-petition Indebtedness or
post-petition Guarantee Obligation referred to in clause (i) above or
contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event shall occur or condition exist, the effect of which
default or other event or condition is to cause, or to permit the holder or
holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee
Obligation (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice or lapse of
time if required, such Indebtedness to become due prior to its stated maturity
or such Guarantee Obligation to become payable (an “Acceleration”), and
such time shall have lapsed and, if any notice (a “Default Notice”)
shall be required to commence a grace period or declare the occurrence of an
event of default before notice of Acceleration may be delivered, such Default
Notice shall have been given; or

 

(f)            Any of the Cases
shall be dismissed or converted to a case under Chapter 7 of the Bankruptcy
Code or a trustee under Chapter 11 of the Bankruptcy Code shall be appointed in
any of the Cases; or

 

(g)           (i) An order of
the Bankruptcy Court shall be entered granting another Superpriority Claim or
Lien (excluding the Section 364(c)(1) Superpriority Claim granted
pursuant to the Order (I) Authorizing the Debtors to Continue Performing
under the Receivables Purchase Program and (II) Granting Related Relief)
pari passu with or senior to that granted (x) to the Lenders and the
Administrative Agent pursuant to this Agreement and the Interim Order (or the
Final Order, as applicable), or (y) to the Prepetition Secured Parties
pursuant to the Interim Order (or the Final Order, as applicable) (other than
pursuant to clause (x) above and Superpriority Claims granted to the Cash
Management Banks), (ii) an order of the Bankruptcy Court shall be entered
reversing, staying for a period in excess of 10 days, vacating or otherwise
amending, supplementing or modifying the Interim Order (or the Final Order, as
applicable) without the written consent of the Administrative Agent; (iii) the
Prepetition Secured Parties’ Cash Collateral shall be used in a manner
inconsistent with the Interim Order (or the Final Order, as applicable), (iv) an
order of a court of competent jurisdiction shall be entered terminating the use
of the Prepetition Secured Parties’ Cash Collateral; or (v) an order of
the Bankruptcy Court shall be entered under Section 1106(b) of the
Bankruptcy Code in any of the Cases appointing an examiner having enlarged
powers relating to the operation of the business of the Loan Parties (i.e.,
powers beyond those set forth under Sections 1106(a)(3) and (4) of
the Bankruptcy Code) and such order shall not be reversed or vacated within 30
days after the entry thereof;

 

(h)           Any Loan Party shall
make any payments relating to pre-Petition Date obligations other than (i) as
permitted under the Interim Order (or the Final Order, as applicable), (ii) in
respect of accrued payroll and related expenses and employee benefits as of the
Petition Date, (iii) in accordance with, and to the extent authorized by, “first
day” orders reasonably 

 

83

 

satisfactory to the Administrative Agent (including in respect of
certain critical vendors and other creditors) and (iv) as otherwise
permitted under this Agreement, including pursuant to the orders described in
subsection 4.1(d) and in connection with adequate protection payments
described in subsection 2.8(c); or

 

(i)            The entry of an
order granting relief from the automatic stay so as to allow a third party to
proceed against any property of any Loan Party which has a value in excess of
$500,000 in the aggregate; or

 

(j)            The filing of any
pleading by any Loan Party seeking, or otherwise consenting to, any of the
matters set forth in paragraphs (f), (g) or (i) above in this
Section; or

 

(k)           (i)  Any Person
shall engage in any “prohibited transaction” (as defined in Section 406 of
ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated
funding deficiency” (as defined in Section 302 of ERISA), whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC
or a Plan shall arise on the assets of the Borrower or any Commonly Controlled
Entity, (iii) a Reportable Event shall occur with respect to, or
proceedings shall commence to have a trustee appointed, or a trustee shall be
appointed, to administer or to terminate, any Single Employer Plan, which
Reportable Event or commencement of proceedings or appointment of a trustee is
reasonably likely to result in the termination of such Plan for purposes of Title
IV of ERISA (other than a standard termination pursuant to Section 4041(b) of
ERISA), (iv) any Single Employer Plan shall terminate for purposes of
Title IV of ERISA (other than a standard termination pursuant to Section 4041(b) of
ERISA), (v) the Borrower or any Commonly Controlled Entity shall, or is
reasonably likely to, incur any liability in connection with a withdrawal from,
or the Insolvency or Reorganization of, a Multiemployer Plan, (vi) the
occurrence or expected occurrence of any event or condition which results or is
reasonably likely to result in the Borrower’s or any Commonly Controlled Entity’s
becoming responsible for any liability in respect of a Former Plan (other than
a standard termination pursuant to Section 4041(b) of ERISA), or (vii) any
other event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i) through (vii) above, such event or
condition, together with all other such events or conditions, if any, would be
reasonably expected to result in liability which would have a Material Adverse
Effect; or

 

(l)            One or more
judgments or decrees required to be satisfied as an administrative expense
claim shall be entered after the Petition Date against any Loan Party involving
in the aggregate a liability (net of any insurance or indemnity payments
actually received in respect thereof prior to or within 60 days from the entry
thereof, or to be received in respect thereof in the event any appeal thereof
shall be unsuccessful) of $500,000 or more, and all such judgments or decrees
shall not have been vacated, discharged, stayed or bonded pending appeal within
60 days from the entry thereof; or

 

(m)          Except as permitted
under the Interim Order (or the Final Order, as applicable), any proceeding
shall be commenced by any Loan Party seeking, or otherwise consenting to, (i) the
invalidation, subordination or other challenging of the Superpriority Claims
and Liens granted to secure the Obligations or (ii) any relief under Section 506(c) of
the Bankruptcy Code with respect to any Collateral; or

 

84

 

(n)           Any Loan Party files
a plan of reorganization that is materially inconsistent with the
Reorganization Plan is filed by Holding or the Borrower; or

 

(o)           Any Guarantee shall
cease for any reason to be in full force and effect (other than pursuant to the
terms hereof or thereof) or any Guarantor shall so assert in writing; or

 

(p)           A Change of Control
(other than as provided for in Reorganization Plan) shall have occurred; or

 

(q)           Any Loan Document
(other than this Agreement) shall cease for any reason to be in full force and
effect (other than pursuant to the terms hereof or thereof) or any Loan Party
shall so assert in writing; or

 

(r)            an early redemption
event, early amortization event or event of default shall have occurred and be
continuing under the Securitization or any Alternative Financing the effect of
which is to cause such financing to amortize prior to its scheduled
amortization date,

 

(s)           Holding, the
Borrower, or any of the Borrower’s Subsidiaries shall make any payment in
respect of any amounts outstanding under any Relocation SPV Financings with
SIRVA Mortgage Inc., or shall make any advance to SIRVA Mortgage Inc. for such
purpose,

 

then, and in any such event, the Administrative Agent may, and, at the
request of the Required Lenders, the Administrative Agent shall, by notice to
the Borrower (with a copy to the Prepetition Credit Facility Agent, counsel for
any statutory committee appointed in the Cases and to the United States
Trustee), take one or more of the following actions, at the same or different
times (provided that with respect to clause (iv) below and the enforcement
of Liens or other remedies with respect to the Collateral under clause (v) below,
the Administrative Agent shall provide the Borrower (with a copy to the
Prepetition Credit Facility Agent, counsel for any statutory committee
appointed in the Cases and to the United States Trustee) with five Business
Days’ written notice prior to taking the action contemplated thereby):  (i) terminate forthwith the Commitments;
(ii) declare the Loans then outstanding to be forthwith due and payable,
whereupon the principal of the Loans, any L/C Obligations constituting then
drawn and unreimbursed Letters of Credit, together with accrued interest
thereon and any unpaid accrued fees and all other Obligations of the Borrower
accrued hereunder and under any other Loan Document, shall become forthwith due
and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Loan Parties, anything
contained herein or in any other Loan Document to the contrary notwithstanding;
(iii) require the Loan Parties upon demand to forthwith deposit in the a
Cash Collateral account cash in an amount such that the aggregate amount on
deposit in such Cash Collateral account is equal to 103% of the face amount of
each outstanding and undrawn Letter of Credit and, to the extent the Borrower
shall fail to furnish such funds as demanded by the Administrative Agent, the
Administrative Agent shall be authorized to debit the accounts of the Loan
Parties maintained with the Administrative Agent in such amount for the deposit
of such amounts in the Cash Collateral account; (iv) subject to the
Interim Order (or the Final Order, as applicable), set-off amounts in the Cash
Collateral account, or any other accounts of the Loan Parties and apply such
amounts to the Obligations of the Loan Parties hereunder and under the other
Loan Documents 

 

85

 

in accordance with subsection 12.3; and (v) exercise any and all
remedies under this Agreement, the Orders, and applicable law available to the
Administrative Agent and the Lenders.

 

With respect to any Letter of Credit with respect to which presentment
for honor shall not have occurred at the time of an acceleration pursuant to
the preceding paragraph, the Borrower shall at such time deposit in a Cash
Collateral account opened by the Administrative Agent an amount equal to the
aggregate then undrawn and unexpired amount of such Letter of Credit.  The Borrower hereby grants to the
Administrative Agent, for the benefit of the Issuing Lender and the L/C
Participants, a security interest in such Cash Collateral to secure all
obligations of the Borrower in respect of such Letter of Credit under this
Agreement and the other Loan Documents. 
The Borrower shall execute and deliver to the Administrative Agent, for
the account of the Issuing Lender and the L/C Participants, such further
documents and instruments as the Administrative Agent may request to evidence
the creation and perfection of such security interest in such Cash Collateral
account.  Amounts held in such Cash
Collateral account shall be applied by the Administrative Agent to the payment
of drafts drawn under such Letter of Credit, and the unused portion thereof
after all such Letters of Credit shall have expired or been fully drawn upon,
if any, shall be applied to repay other obligations of the Borrower hereunder
and under any Notes.  After all such
Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other obligations
of the Borrower hereunder and under any Notes shall have been paid in full, the
balance, if any, in such Cash Collateral account shall be returned to the
Borrower.

 

Except as expressly provided above in this Section 9, presentment,
demand, protest and all other notices of any kind are hereby expressly waived.

 

SECTION 10.   THE ADMINISTRATIVE AGENT

 

10.1.        Appointment.  Each Lender hereby irrevocably designates and
appoints JPMCB as the Administrative Agent of such Lender under this Agreement
and the other Loan Documents, and each such Lender irrevocably authorizes
JPMCB, as the Administrative Agent for such Lender, to take such action on its
behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers and perform such duties as are expressly delegated to
the Administrative Agent by the terms of this Agreement and the other Loan
Documents, together with such other powers as are reasonably incidental
thereto.  Notwithstanding any provision
to the contrary elsewhere in this Agreement, the Administrative Agent shall not
have any duties or responsibilities, except those expressly set forth herein,
or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.

 

10.2.        Delegation of Duties.  The Administrative Agent may execute any of
its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact, and shall be entitled to advice of counsel
concerning all matters pertaining to such duties.  The Administrative Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys-in-fact
or counsel selected by it with reasonable care.

 

86

 

10.3.        Exculpatory Provisions.  Neither the Administrative Agent nor any of
its officers, directors, employees, agents, attorneys-in-fact or affiliates
shall be (i) liable for any action lawfully taken or omitted to be taken
by such Person under or in connection with this Agreement or any other Loan
Document (except for the gross negligence or willful misconduct of such Person
or any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates) or (ii) responsible in any manner to any of the Lenders for
any recitals, statements, representations or warranties made by Holding, the
Borrower or any other Loan Party or any officer thereof contained in this
Agreement or any other Loan 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 Agreement or any other
Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any Notes or any other Loan
Document or for any failure of Holding, the Borrower or any other Loan Party to
perform its obligations hereunder or thereunder.  The Administrative Agent shall not be under
any obligation to any Lender to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or
records of Holding, the Borrower or any other Loan Party.  Each Lender agrees that, except for notices,
reports and other documents expressly required to be furnished to the Lenders
by the Administrative Agent hereunder or given to the Administrative Agent for
the account of or with copies for the Lenders, the Administrative Agent shall
not have any duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of Holding, the
Borrower or any other Loan Party which may come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates.

 

10.4.        Reliance by Administrative Agent.  The Administrative Agent shall be entitled to
rely, and shall be fully protected in relying, upon any Note, writing,
resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or
teletype message, statement, order 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, without limitation, counsel to the Borrower), independent
accountants and other experts selected by the Administrative Agent.  The Administrative Agent may deem and treat
the payee of any Note as the owner thereof for all purposes unless a written
notice of assignment, negotiation or transfer thereof shall have been filed
with the Administrative Agent.  The
Administrative Agent shall be fully justified as between itself and the Lenders
in failing or refusing to take any action under this Agreement or any other
Loan Document unless it shall first receive such advice or concurrence of the
Required Lenders and/or such other requisite percentage of the Lenders as is required
pursuant to subsection 13.1 as it deems appropriate or 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 Agreement and any Notes and the other Loan Documents in
accordance with a request of the Required Lenders and/or such other requisite
percentage of the Lenders as is required pursuant to subsection 13.1, and
such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders and all future holders of the Loans.

 

87

 

10.5.        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 hereunder unless the Administrative Agent has received notice from a
Lender or the Borrower referring to this Agreement, describing such Default or
Event of Default and stating that such notice is a “notice of default”.  In the event that the Administrative Agent
receives such a notice, the Administrative Agent shall give notice thereof to
the Lenders.  The Administrative Agent
shall take such action reasonably promptly with respect to such Default or
Event of Default as shall be directed by the Required Lenders and/or such other
requisite percentage of the Lenders as is required pursuant to subsection 13.1;
provided that unless and until the Administrative Agent shall have
received such directions, 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 in the
best interests of the Lenders.

 

10.6.        Acknowledgements and Representations
by Lenders.  Each Lender expressly
acknowledges that neither the Administrative Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by any Agent hereafter
taken, including any review of the affairs of Holding, the Borrower or any
other Loan Party, shall be deemed to constitute any representation or warranty
by such Agent to any Lender.  Each Lender
represents to the Administrative Agent, Holding and each of the Loan Parties
that, independently and without reliance upon the Administrative Agent or any
other Lender, and based on such documents and information as it has deemed
appropriate, it has made and will make its own appraisal of and investigation
into the business, operations, property, financial and other condition and
creditworthiness of each of Holding, the Borrower and the other Loan Parties,
it has made its own decision to make its Loans hereunder and enter into this
Agreement and it will make its own decisions in taking or not taking action
under this Agreement and the other Loan Documents.  Each Lender represents to each other party
hereto that it is a bank, savings and loan association or other similar savings
institution, insurance company, investment fund or company or other financial
institution which makes or acquires commercial loans in the ordinary course of
its business, that it is participating hereunder as a Lender for its account
and for such commercial purposes, and that it has the knowledge and experience
to be and is capable of evaluating the merits and risks of being a Lender
hereunder.  Each Lender acknowledges and
agrees to comply with the provisions of subsection 13.6 applicable to the
Lenders.  Except for notices, reports and
other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder or given to the Administrative Agent for the
account of or with copies for the Lenders, the Administrative Agent shall not
have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial
or otherwise), prospects or creditworthiness of Holding, the Borrower or any
other Loan Party which may come into the possession of the Administrative Agent
or any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates.

 

10.7.        Indemnification.  The Lenders agree to indemnify the
Administrative Agent (provided that the Term Loan Lenders shall have no
obligation to indemnify the Issuing Lender) in their capacities as such (to the
extent not reimbursed by the Borrower and without limiting the obligation of
the Borrower or any of the other Loan Parties to do so), ratably according to
their respective Total Credit Percentages in effect on the date on which
indemnification is sought under this subsection (or, if indemnification is
sought after the date 

 

88

 

upon which the Revolving Credit
Commitments shall have terminated and the Loans shall have been paid in full,
ratably in accordance with their Total Credit Percentages immediately prior to
such date), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind whatsoever which may at any time (including, without limitation, at
any time following the payment of the Loans) be imposed on, incurred by or
asserted against the Administrative Agent or any other Agent in any way
relating to or arising out of this Agreement, any of the other Loan Documents
or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by
the Administrative Agent or any other Agent under or in connection with any of
the foregoing; provided that no Lender shall be liable for the payment
of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements to the extent
resulting from the Administrative Agent’s or any other Agent’s gross negligence
or willful misconduct.  The obligations
to indemnify the Issuing Lender shall be ratable among the Revolving Credit
Lenders in accordance with their respective Revolving Credit Commitments (or,
if the Revolving Credit Commitments have been terminated, the outstanding
principal amount of their respective Revolving Credit Loans and L/C Obligations
and their respective participating interests in the outstanding Letters of
Credit).  The agreements in this
subsection shall survive the payment of the Loans and all other amounts
payable hereunder.

 

10.8.        Administrative Agent in its
Individual Capacity.  The
Administrative Agent and its affiliates may make loans to, accept deposits from
and generally engage in any kind of business with Holding, the Borrower or any
other Loan Party as though the Administrative Agent was not the Administrative
Agent hereunder and under the other Loan Documents.  With respect to Loans made or renewed by them
and any Note issued to them and with respect to any Letter of Credit issued or
participated in by them, the Administrative Agent shall have the same rights
and powers under this Agreement and the other Loan Documents as any Lender and
may exercise the same as though they were not an Agent, and the terms “Lender”
and “Lenders” shall include the Administrative Agent in its individual
capacity.

 

10.9.        Successor Administrative Agent.  The Administrative Agent may resign as
Administrative Agent upon 10 days’ notice to the Lenders.  If the Administrative Agent shall resign as
Administrative Agent under this Agreement and the other Loan Documents, then
the Required Lenders shall appoint from among the Lenders a successor agent for
the Lenders, which successor agent shall be approved by the Borrower (such
approval not to be unreasonably withheld), whereupon such successor agent shall
succeed to the rights, powers and duties of the Administrative Agent, and the
term “Administrative Agent” shall mean such successor agent effective upon such
appointment and approval, and the former Administrative Agent’s rights, powers
and duties as Administrative Agent shall be terminated, without any other or
further act or deed on the part of such former Administrative Agent or any of
the parties to this Agreement or any holders of the Loans.  After any retiring Administrative Agent’s
resignation as Administrative Agent, the provisions of this
subsection shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent under this Agreement and
the other Loan Documents.

 

89

 

SECTION 11.   GUARANTEE

 

11.1.        Guarantee.

 

(a)           Each of the
Guarantors hereby, jointly and severally, unconditionally and irrevocably,
guarantees to the Administrative Agent, for the ratable benefit of the Lenders
and their respective successors, indorsees, transferees and assigns permitted
hereunder, the prompt and complete payment and performance by the Borrower when
due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations;

 

(b)           Anything herein or
in any other Loan Document to the contrary notwithstanding, the maximum
liability of each Guarantor under this subsection 11.1 and under the other Loan
Documents shall in no event exceed the amount which is permitted under
applicable federal and state laws relating to the insolvency of debtors.

 

(c)           Each Guarantor
agrees that the Obligations may at any time and from time to time exceed the
amount of the liability of such Guarantor hereunder without impairing the
guarantee contained in this Section 11 or affecting the rights and
remedies of the Administrative Agent or any Lender hereunder.

 

(d)           The guarantee
contained in this Section 11 shall remain in full force and effect until
all the Obligations and the obligations of each Guarantor under the guarantee
contained in this Section 11 shall have been satisfied by payment in full,
no Letter of Credit shall be outstanding and the Commitments shall be
terminated, notwithstanding that from time to time during the term of this
Agreement the Borrower may be free from any Obligations.

 

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

 

11.2.        Right of Contribution. Each
Guarantor hereby agrees that to the extent that a Guarantor shall have paid
more than its proportionate share of any payment made hereunder, such Guarantor
shall be entitled to seek and receive contribution from and against any other
Guarantor hereunder which has not paid its proportionate share of such
payment.  Each Guarantor’s right of
contribution shall be subject to the terms and conditions of subsection
11.3.  The provisions of this subsection
11.2 shall in no respect limit the obligations and liabilities of any Guarantor
to the Administrative Agent and the Lenders, and each Guarantor shall remain
liable to the Administrative Agent and the Lenders for the full amount
guaranteed by such Guarantor hereunder.

 

90

 

11.3.        No Subrogation. Notwithstanding
any payment made by any Guarantor hereunder or any set-off or application of
funds of any Guarantor by the Administrative Agent or any Lender, no Guarantor
shall be entitled to be subrogated to any of the rights of the Administrative
Agent or any Lender against the Borrower or any other Guarantor or any
collateral security or guarantee or right of offset held by the Administrative
Agent or any Lender for the payment of the Obligations, nor shall any Guarantor
seek or be entitled to seek any contribution or reimbursement from the Borrower
or any other Guarantor in respect of payments made by such Guarantor hereunder,
until all amounts owing to the Administrative Agent and the Lenders by the
Borrower on account of the Obligations are paid in full, no Letter of Credit
shall be outstanding and the Commitments are terminated.  If any amount shall be paid to any Guarantor
on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amount shall be held by such Guarantor
in trust for the Administrative Agent and the Lenders, segregated from other
funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor,
be turned over to the Administrative Agent in the exact form received by such
Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if
required), to be applied against the Obligations, whether matured or unmatured,
in accordance with the terms of this Agreement.

 

11.4.        Amendments, etc. with respect to the
Obligations.  Each Guarantor shall
remain obligated hereunder notwithstanding that, without any reservation of
rights against any Guarantor and without notice to or further assent by any
Guarantor, any demand for payment of any of the Obligations made by the Administrative
Agent or any Lender may be rescinded by the Administrative Agent or such Lender
and any of the Obligations continued, and the Obligations, or the liability of
any other Person upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to
time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Administrative
Agent or any Lender, and this Agreement and the other Loan Documents and any
other documents executed and delivered in connection herewith or therewith may
be amended, modified, supplemented or terminated, in whole or in part, as the
Administrative Agent (or the Required Lenders or all Lenders, as the case may
be) may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by the Administrative Agent or
any Lender for the payment of the Obligations may be sold, exchanged, waived,
surrendered or released.  Neither the
Administrative Agent nor any Lender shall have any obligation to protect,
secure, perfect or insure any Lien at any time held by it as security for the
Obligations or for the guarantee contained in this Section 11 or any
property subject thereto.

 

11.5.        Guarantee Absolute and Unconditional.  Each Guarantor waives any and all notice of
the creation, renewal, extension or accrual of any of the Obligations and
notice of or proof of reliance by the Administrative Agent or any Lender upon
the guarantee contained in this Section 11 or acceptance of the guarantee
contained in this Section 11; the Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended or waived, in reliance upon the guarantee contained
in this Section 11; and all dealings between the Borrower and any of the
Guarantors, on the one hand, and the Administrative Agent and the Lenders, on
the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Section 11.  Each Guarantor waives diligence, presentment,
protest, demand for payment and 

 

91

 

notice of default or nonpayment
to or upon the Borrower or any of the Guarantors with respect to the
Obligations.  Each Guarantor understands
and agrees that the guarantee contained in this Section 11 shall be
construed as a continuing, absolute and unconditional guarantee of payment without
regard to (a) the validity or enforceability of this Agreement or any
other Loan Document, any of the Obligations or any other collateral security
therefor or guarantee or right of offset with respect thereto at any time or
from time to time held by the Administrative Agent or any Lender, (b) any
defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by the
Borrower or any other Person against the Administrative Agent or any Lender, or
(c) any other circumstance whatsoever (with or without notice to or
knowledge of the Borrower or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Borrower for
the Obligations, or of such Guarantor under the guarantee contained in this Section 11,
in bankruptcy or in any other instance. 
When making any demand hereunder or otherwise pursuing its rights and
remedies hereunder against any Guarantor, the Administrative Agent or any
Lender may, but shall be under no obligation to, make a similar demand on or
otherwise pursue such rights and remedies as it may have against the Borrower,
any other Guarantor, or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and
any failure by the Administrative Agent or any Lender to make any such demand,
to pursue such other rights or remedies or to collect any payments from the
Borrower, any other Guarantor, or any other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or
any release of the Borrower, any other Guarantor, or any other Person or any
such collateral security, guarantee or right of offset, shall not relieve any
Guarantor of any obligation or liability hereunder, and shall not impair or
affect the rights and remedies, whether express, implied or available as a
matter of law, of the Administrative Agent or any Lender against any Guarantor.  For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings.

 

11.6.        Reinstatement.  The guarantee contained in this Section 11
shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or
must otherwise be restored or returned by the Administrative Agent or any
Lender upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of any Loan Party, or upon or as a result of the appointment of
a receiver, intervenor or conservator of, or trustee or similar officer for,
any Loan Party or any substantial part of its property, or otherwise, all as
though such payments had not been made.

 

11.7.        Payments.  Each Guarantor hereby guarantees that
payments hereunder will be paid to the Administrative Agent without set-off or
counterclaim in Dollars at the Funding Office.

 

SECTION 12.   REMEDIES;
APPLICATION OF PROCEEDS

 

12.1.        Remedies; Obtaining the Collateral
Upon Default.  Upon the occurrence
and during the continuance of an Event of Default (and after notice of such
Event of Default, if required), to the extent any such action is not
inconsistent with the Interim Order (or the Final Order, as applicable) or Section 9,
the Administrative Agent, in addition to any rights now or hereafter existing
under applicable law, and without application to or order of the Bankruptcy 

 

92

 

Court, shall have all rights as
a secured creditor under the Uniform Commercial Code in all relevant
jurisdictions and may:

 

(a)           personally, or by
agents or attorneys, immediately retake possession of the Collateral or any
part thereof, from the Borrower, any Guarantor, or any other Person who then
has possession of any part thereof with or without notice or process of law
(but subject to any Requirements of Law), and for that purpose may enter upon
the Borrower’s, or any Guarantor’s premises where any of the Collateral is
located and remove the same and use in connection with such removal any and all
services, supplies, aids and other facilities of the Borrower, or such
Guarantor;

 

(b)           instruct the obligor
or obligors on any agreements, instrument or other obligation constituting the
Collateral to make any payment required by the terms of such instrument or
agreement directly to any Cash Collateral account;

 

(c)           sell, assign or
otherwise liquidate, or direct any Loan Party to sell, assign or otherwise
liquidate, any or all of the Collateral or any part thereof in accordance with
subsection 12.2, and take possession of the proceeds of any such sale,
assignment or liquidation; and

 

(d)           take possession of
the Collateral or any part thereof, by directing the Borrower and any Guarantor
in writing to deliver the same to the Administrative Agent at any place or
places designated by the Administrative Agent, in which event the Borrower and
such Guarantor shall at its own expense:

 

(i)          forthwith
cause the same to be moved to the place or places so designated by the
Administrative Agent and there delivered to the Administrative Agent,

 

(ii)         store
and keep any Collateral so delivered to the Administrative Agent at such place
or places pending further action by the Administrative Agent as provided in
subsection 12.2, and

 

(iii)        while
the Collateral shall be so stored and kept, provide such guards and maintenance
services as shall be necessary to protect the same and to preserve and maintain
them in good condition;

 

it being understood that the Borrower’s and each Guarantor’s obligation
so to deliver the Collateral is of the essence of this Agreement and that,
accordingly, upon application to the Bankruptcy Court, the Administrative Agent
shall be entitled to a decree requiring specific performance by the Borrower or
such Guarantor of such obligation.

 

12.2.        Remedies; Disposition of the
Collateral.  Upon the occurrence and
during the continuance of an Event of Default, and to the extent not
inconsistent with the Interim Order (or the Final Order, as applicable) or Section 9,
without application to or order of the Bankruptcy Court, any Collateral
repossessed by the Administrative Agent under or pursuant to subsection 12.1 or
the Interim Order (or the Final Order, as applicable) or otherwise, and any
other Collateral whether or not so repossessed by the Administrative Agent, may
be sold, assigned, leased or otherwise disposed of under one or more contracts
or as an entirety, and without the 

 

93

 

necessity of gathering at the
place of sale the property to be sold, and in general in such manner, at such
time or times, at such place or places and on commercially reasonable terms, in
compliance with any Requirements of Law. 
Any of the Collateral may be sold, leased or otherwise disposed of, in
the condition in which the same existed when taken by the Administrative Agent
or after any overhaul or repair which the Administrative Agent shall determine
to be commercially reasonable.  Any such
disposition which shall be a private sale or other private proceeding permitted
by applicable Requirements of Law shall be made upon not less than 10 days’
written notice to the Borrower specifying the time at which such disposition is
to be made and the intended sale price or other consideration therefor, and
shall be subject, for the 10 days after the giving of such notice, to the right
of the Borrower or any nominee of the Borrower to acquire the Collateral
involved at a price or for such other consideration at least equal to the
intended sale price or other consideration so specified.  Any such disposition which shall be a public
sale permitted by applicable Requirements of Law shall be made upon not less
than 10 days’ written notice to the Borrower specifying the time and place of
such sale and, in the absence of applicable Requirement of Law, shall be by
public auction (which may, at the Administrative Agent’s option, be subject to
reserve), after publication of notice of such auction not less than 10 days
prior thereto in USA Today and The Wall Street Journal, National Edition.  Subject to subsection 12.4, to the extent
permitted by any such Requirement of Law, the Administrative Agent on behalf of
the Lenders or any Lender may bid for and become the purchaser of the
Collateral or any item thereof, offered for sale in accordance with this
subsection 12.2 without accountability to the Borrower, any Guarantor or the
Prepetition Secured Parties (except to the extent of surplus money
received).  If, under mandatory Requirements
of Law, the Administrative Agent shall be required to make disposition of the
Collateral within a period of time which does not permit the giving of notice
to the Borrower as hereinabove specified, the Administrative Agent need give
the Borrower only such notice of disposition as shall be reasonably
practicable.

 

12.3.        Application of Proceeds.  (a)  Notwithstanding anything to the
contrary contained in this Agreement or any other Loan Document, (i) if
the Administrative Agent takes action under Section 9 upon the occurrence
and during the continuance of an Event of Default, any payment by any Loan
Party on account of principal of and interest on the Loans and any proceeds
arising out of any realization (including after foreclosure) upon the
Collateral shall be applied as follows:  first,
to the payment of professional fees pursuant to the Carve Out, second,
to the payment in full of all costs and out-of-pocket expenses (including
without limitation, reasonable attorneys’ fees and disbursements) paid or
incurred by the Administrative Agent or any of the Lenders in connection with
any such realization upon the Collateral, third, as a permanent
reduction of the Commitments, pro rata in accordance with each Lender’s Total
Credit Percentage, to the payment in full of the Loans (including any accrued
and unpaid interest thereon, and any fees and other Obligations in respect
thereof), fourth, to the payment of Reimbursement Obligations then
outstanding and interest thereon, fifth, to the cash collateralization
of outstanding Letters of Credit by depositing cash into a cash collateral
account such that the aggregate amount on deposit in such cash collateral
account is equal to 103% of the face amount of all such Letters of Credit in
the manner set forth in Section 9, and sixth, to the payment in
full of the Prepetition Credit Facility Obligations, and (ii) any payments
or distributions of any kind or character, whether in cash, property or
securities, made by any Loan Party or otherwise in a manner inconsistent with
clause (i) of this subsection 12.3(a) shall be held 

 

94

 

in trust and paid over or
delivered to the Administrative Agent so that the priorities and requirements
set forth in such clause (i) are satisfied.

 

(b)           It is understood
that the Loan Parties shall remain liable to the extent of any deficiency
between the amount of the proceeds of the Collateral and the amount of the
Obligations.

 

12.4.        WAIVER OF CLAIMS.  EXCEPT AS OTHERWISE PROVIDED IN THIS
AGREEMENT, THE BORROWER, HOLDING AND THE GUARANTORS HEREBY WAIVE, TO THE EXTENT
PERMITTED BY APPLICABLE LAW:

 

(a)           NOTICE AND JUDICIAL
HEARING IN CONNECTION WITH THE ADMINISTRATIVE AGENT’S TAKING POSSESSION OR THE
ADMINISTRATIVE AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING WITHOUT
LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR
REMEDIES AND ANY SUCH RIGHT WHICH THE BORROWER, HOLDING OR ANY GUARANTOR WOULD
OTHERWISE HAVE UNDER ANY REQUIREMENT OF LAW;

 

(b)           ALL DAMAGES
OCCASIONED BY SUCH TAKING OF POSSESSION EXCEPT ANY DAMAGES WHICH ARE THE DIRECT
RESULT OF THE ADMINISTRATIVE AGENT’S OR ANY LENDER’S BAD FAITH, GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT;

 

(c)           ALL OTHER
REQUIREMENTS TO THE TIME, PLACE AND TERMS OF SALE OR OTHER REQUIREMENTS WITH
RESPECT TO THE ENFORCEMENT OF THE ADMINISTRATIVE AGENT’S RIGHTS HEREUNDER; AND

 

(d)           ALL RIGHTS OF
REDEMPTION, APPRAISEMENT, STAY, EXTENSION OR MORATORIUM NOW OR HEREAFTER IN
FORCE UNDER ANY APPLICABLE LAW IN ORDER TO PREVENT OR DELAY THE ENFORCEMENT OF
THIS AGREEMENT OR THE ABSOLUTE SALE OF THE COLLATERAL OR ANY PORTION THEREOF,
AND EACH LOAN PARTY, FOR ITSELF AND ALL WHO MAY CLAIM UNDER IT, INSOFAR AS
IT OR THEY NOW OR HEREAFTER LAWFULLY MAY, HEREBY WAIVES THE BENEFIT OF ALL SUCH
LAWS.

 

12.5.        Remedies Cumulative.  Each and every right, power and remedy hereby
specifically given to the Administrative Agent and the Lenders shall be in
addition to every other right, power and remedy specifically given under this
Agreement, the Final Order or the other Loan Documents or now or hereafter
existing at law or in equity, or by statute and each and every right, power and
remedy whether specifically herein given or otherwise existing may be exercised
from time to time or simultaneously and as often and in such order as may be
deemed expedient by the Administrative Agent or any Lender.  All such rights, powers and remedies shall be
cumulative and the exercise or the beginning of exercise of one shall not be
deemed a waiver of the right to exercise of any other or others.  No delay or omission of the Administrative
Agent or any Lender in the exercise of any such right, power or remedy and no
renewal or extension of any of the Obligations shall impair any such right,
power or remedy or shall be 

 

95

 

construed to be a waiver of any
Default or Event of Default or an acquiescence therein.  In the event that the Administrative Agent
shall bring any suit to enforce any of its rights hereunder and shall be
entitled to judgment, then in such suit the Administrative Agent may recover
reasonable expenses, including reasonable attorneys’ fees, and the amounts
thereof shall be included in such judgment.

 

12.6.        Discontinuance of Proceedings.  In case the Administrative Agent shall have
instituted any proceeding to enforce any right, power or remedy under this
Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall
have been discontinued or abandoned for any reason or shall have been
determined adversely to the Administrative Agent, then and in every such case
the Borrower, the Administrative Agent and each holder of any of the
Obligations shall be restored to their former positions and rights hereunder
with respect to the Collateral subject to the Liens granted under this
Agreement and the Final Order, and all rights, remedies and powers of the
Administrative Agent and the Lenders shall continue as if no such proceeding
had been instituted.

 

SECTION 13.   MISCELLANEOUS

 

13.1.        Amendments and Waivers.  (a)  Neither this Agreement nor any other
Loan Document, nor any terms hereof or thereof, may be amended, supplemented or
modified except in accordance with the provisions of this subsection.  The Required Lenders may, or, with the
written consent of the Required Lenders, the Administrative Agent may, from
time to time, (1) enter into with Holding, the Borrower and the other Loan
Parties, as the case may be, written amendments, supplements or modifications
hereto and to the other Loan Documents for the purpose of adding, changing or
deleting any provisions to this Agreement or the other Loan Documents or
changing in any manner the rights or obligations of the Lenders or of Holding,
the Borrower and the other Loan Parties, as the case may be, hereunder or
thereunder or (2) waive at the request of Holding, the Borrower or any
other Loan Party, on such terms and conditions as the Required Lenders or the
Administrative Agent, as the case may be, may specify in such instrument, any
of the requirements of this Agreement or the other Loan Documents or any
Default or Event of Default and its consequences; provided, however,
that no such waiver and no such amendment, supplement or modification shall:

 

(i)          reduce
the amount or extend the scheduled date of maturity of any Loan or any
Reimbursement Obligation or of any scheduled installment thereof, or reduce the
stated rate of any interest or fee payable hereunder or extend the scheduled
date of any payment thereof or increase the amount or extend the expiration
date of any Lender’s Revolving Credit Commitment or change the currency in
which any Loan or Reimbursement Obligation is payable, in each case without the
consent of each Lender directly affected thereby,

 

(ii)         amend,
modify or waive any provision of this subsection 13.1(a) or reduce
the percentage specified in the definition of Required Lenders, or consent to
the assignment or transfer by Holding or any Loan Party of any of its rights
and obligations under this Agreement and the other Loan Documents (other than
pursuant to subsection 8.5 or 13.1(b)), in each case without the written
consent of all the Lenders,

 

96

 

(iii)        subject
to clause (i) of this subsection 13.1(a), amend, modify or waive any
provision of subsection 2.4 or 2.5 without the written consent of Term
Loan Lenders, the Term Loan Percentages of which aggregate greater than 50%,

 

(iv)        subject
to clause (i) of this subsection 13.1(a), amend, modify or waive any
provision of subsection 2.1, 2.2, or 2.3 or Section 3 without the
written consent of the Revolving Credit Lenders, the Revolving Credit
Commitment Percentages of which aggregate greater than 50%,

 

(v)         amend,
modify or waive any provision of Section 10 without the written consent of
the then Administrative Agent and of any other Agent affected thereby,

 

(vi)        amend,
modify or waive the first two sentences of subsection 4.8(a) without the
consent of Revolving Credit Lenders, the Revolving Credit Commitment
Percentages of which aggregate greater than 50%,

 

(vii)       amend,
modify or waive the third sentence of subsection 4.8(a) without the
consent of Term Loan Lenders, the Term Loan Percentages of which aggregate
greater than 50%,

 

(viii)      amend,
modify or waive the provisions of Section 3 without the written consent of
the Issuing Lender, or

 

(ix)        require
any Lender to make Loans having an Interest Period of longer than three months
without the consent of such Lender.

 

Any waiver and any amendment, supplement or modification pursuant to
this subsection 13.1 shall apply to each of the Lenders and shall be
binding upon Holding, the Borrower, the other Loan Parties, the Lenders, the
Administrative Agent and all future holders of the Loans.  In the case of any waiver, Holding, the
Borrower, the other Loan Parties, the Lenders and the Administrative Agent shall
be restored to their former position and rights hereunder and under the other
Loan Documents, and any Default or Event of Default waived shall be deemed to
be cured and not continuing; but no such waiver shall extend to any subsequent
or other Default or Event of Default, or impair any right consequent thereon.

 

(b)           Schedule D may be
amended, so long as no Default or Event of Default shall have occurred and be
continuing, to add additional Designated Foreign Currencies upon execution and
delivery by the Borrower, all of the Revolving Credit Lenders and the
Administrative Agent of a written instrument providing for such amendment.

 

(c)           Notwithstanding any
provision herein to the contrary, this Agreement may be amended (or amended and
restated) with the written consent of the Required Lenders, the Administrative
Agent and the Borrower (i) to add one or more additional credit facilities
to this Agreement and to permit the extensions of credit from time to time
outstanding thereunder and the accrued interest and fees in respect thereof to
share ratably in the benefits of this Agreement and the other Loan Documents
with the existing Facilities and the accrued interest and fees in respect
thereof and (ii) to include, as appropriate, the Lenders holding such credit
facilities in any required vote or action of the Required Lenders or of the
Lenders of each Facility hereunder.

 

97

 

(d)           Any amendment,
supplement or modification of this Agreement shall amend, supplement or modify
the Exit Facility Agreement as may be mutually agreed by the Administrative
Agent and the Borrower without further action by any other party hereto.

 

13.2.        Notices.  All notices, requests and demands to or upon
the respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand, or three days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice,
when received, or, in the case of delivery by a nationally recognized overnight
courier, when received, addressed as follows in the case of the Borrower and
the Administrative Agent, and as set forth in Schedule A in the case of the
other parties hereto, or to such other address as may be hereafter notified by
the respective parties hereto and any future holders of the Loans:

 

	
  The Borrower:

  	
   

  	
  SIRVA Worldwide, Inc. 

  700 Oakmont Lane 

  Westmont, Illinois 60559 

  Attention: Treasurer 

  Telecopy: (630) 570-3390 

  Telephone: (630) 570-3000

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Kirkland & Ellis LLP 

  200 East Randolph Drive 

  Chicago, Illinois 60601 

  Attention: Marc Kieselstein, P.C.

  
	
   

  	
   

  	
  Linda K. Myers, P.C. 

  
	
   

  	
   

  	
  Telecopy: (312) 861-2200 

  Telephone: (312) 861-2000

  
	
   

  	
   

  	
   

  
	
  The Administrative Agent, and the Issuing
  Lender

  	
   

  	
  JPMorgan Chase Bank, N.A. 

  277 Park Avenue, 8th Floor 

  New York, New York 10172 

  Attention: Charles Freedgood 

  Telecopy: (212) 622-4513 

  Telephone: (212) 622-4557

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  JPMorgan Chase Bank, N.A. 

  Agent Bank Services Group 

  1111 Fannin, Tenth Floor 

  Houston, Texas 77002 

  Attention: Shaji Easo 

  Telecopy: (713) 750-2932 

  Telephone: (713) 750-2599

  

 

provided that any notice, request or demand to
or upon the Administrative Agent or the Lenders pursuant to
subsection 2.2, 2.6, 3.2, 4.2, 4.4 or 4.8 shall not be effective until
received.

 

98

 

13.3.        No Waiver; Cumulative Remedies.  No failure to exercise and no delay in
exercising, on the part of the Administrative Agent, any Lender, any Loan
Party, any right, remedy, power or privilege hereunder or under the other Loan
Documents shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power
or privilege.  The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

13.4.        Survival of Representations and
Warranties.  All representations and
warranties made hereunder and in the other Loan Documents (or in any amendment,
modification or supplement hereto or thereto) and in any certificate delivered
pursuant hereto or such other Loan Documents shall survive the execution and
delivery of this Agreement and the making of the Extensions of Credit
hereunder.

 

13.5.        Payment of Expenses and Taxes.  The Borrower agrees upon written demand
(together with backup documentation supporting such reimbursement request), (a) to
pay or reimburse the Administrative Agent for all its reasonable out-of-pocket
costs and expenses incurred in connection with the preparation, execution and
delivery of, and any amendment, supplement, waiver or modification to, this
Agreement, the other Loan Documents, the Orders and any other documents
prepared in connection herewith or therewith, and the consummation and
administration of the transactions (including the syndication of the Revolving
Credit Commitments, Term Loan Commitments and Term Loans (including the
reasonable expenses of the Administrative Agent’s due diligence investigation))
contemplated hereby and thereby, including, without limitation, the reasonable
fees and disbursements of one firm of counsel to the Administrative Agent, (b) to
pay or reimburse each Lender and the Administrative Agent for all its
reasonable costs and expenses incurred in connection with the enforcement or
preservation of any rights under this Agreement, the other Loan Documents, the
Orders, and any such other documents related thereto, including, without
limitation, the reasonable fees and disbursements of one counsel to the
Administrative Agent and the several Lenders, and any reasonable Environmental
Costs incurred by any of them arising out of or in any way relating to any Loan
Party or any property in which any Loan Party has had any interest at any time,
(c) to pay, and indemnify and hold harmless each Lender and the
Administrative Agent from and against, any and all recording and filing fees
and any and all liabilities with respect to, or resulting from any delay in
paying, stamp, excise and other similar taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of, or
consummation or administration of any of the transactions contemplated by, or
any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Agreement, the other Loan Documents, the Orders, and any
such other documents related thereto, and (d) to pay, and indemnify and
hold harmless each Lender and the Administrative Agent (and their respective
directors, trustees, officers, employees, affiliates, controlling persons,
agents, successors and assigns) from and against, any and all other
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever
(whether or not caused by any such Person’s own negligence (other than gross
negligence) and including, without limitation, the reasonable fees and
disbursements of counsel) with respect to the execution, delivery, enforcement,
performance and administration of this Agreement, the other Loan Documents, the
Orders, and any such other documents related thereto (regardless of whether the
Administrative Agent or any Lender is a party to the litigation or other 

 

99

 

proceeding giving rise
thereto), including, without limitation, any of the foregoing relating to the
violation of, noncompliance with, or liability under, any Environmental Laws or
any orders, requirements or demands of Governmental Authorities related thereto
applicable to the operations of the Borrower, any of its Subsidiaries or any of
the facilities and properties owned, leased or operated by the Borrower or any
of its Subsidiaries (all the foregoing in this clause (d), collectively, the “indemnified
liabilities”), provided that the Borrower shall not have any obligation
hereunder to the Administrative Agent or any Lender with respect to
Environmental Costs or indemnified liabilities arising from (i) the gross
negligence or willful misconduct of any such Person (or any of its directors,
trustees, officers, employees, affiliates, controlling persons, agents,
successors and assigns) or (ii) claims made or legal proceedings commenced
against the Administrative Agent or any such Lender by any securityholder or
creditor thereof arising out of and based upon rights afforded any such
securityholder or creditor solely in its capacity as such.  Notwithstanding the foregoing, except as
provided in clauses (b) and (c) above, the Borrower shall have no
obligation under this subsection 13.5 to the Administrative Agent or any
Lender with respect to any tax, levy, impost, duty, charge, fee, deduction or
withholding imposed, levied, collected, withheld or assessed by any
Governmental Authority, it being understood that the provisions of this
sentence shall not apply to fines and assessments with respect to charges that
are not taxes or in the nature of taxes. 
The agreements in this subsection shall survive repayment of the
Loans and all other amounts payable hereunder.

 

13.6.        Successors and Assigns;
Participations and Assignments.  (a) 
The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted
hereby (including any affiliate of the Issuing Lender that issues any Letter of
Credit), except that (i) other than in accordance with
subsection 8.5, none of the Loan Parties may assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of
each Lender (and any attempted assignment or transfer by any Loan Party without
such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance
with this Section.

 

(b)           Subject to the
conditions set forth in paragraph (b)(ii) below, any Lender other than a
Conduit Lender may, in the ordinary course of business and in accordance with
applicable law, assign to one or more assignees (each, an “Assignee”)
all or a portion of its rights and obligations under this Agreement (including,
without limitation, its Revolving Credit Commitment, Term Loan Commitment
and/or Loans, pursuant to an Assignment and Acceptance, substantially in the
form of Exhibit F) with the prior written consent (such consent not to be
unreasonably withheld or delayed) of:

 

(A)                              the Administrative Agent,
provided that no consent of the Administrative Agent shall be required
for an assignment of (x) any Revolving Credit Commitment to an assignee
that is a Lender with a Revolving Credit Commitment immediately prior to giving
effect to such assignment or (y) all or any portion of a Term Loan to a
Lender, an affiliate of a Lender or an Approved Fund; and

 

(B)                                for an assignment of
any Revolving Credit Commitment, the Issuing Lender.

 

100

 

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

 

(A)                              except in the case of an
assignment to a Lender, an affiliate of a Lender or an Approved Fund or an
assignment of the entire remaining amount of the assigning Lender’s Commitments
or Loans under any Facility, the amount of the Commitments or Loans of the
assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $5,000,000 (or, in the case of the
Term   Facility, $1,000,000) unless the
Administrative Agent otherwise consents; 

 

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

 

(C)                                the Assignee, if it
shall not be a Lender, shall deliver to the Administrative Agent an
administrative questionnaire.

 

For the purposes of this subsection 13.6, the term “Approved Fund”
has the following meaning:

 

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

 

(iii)        Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) below,
from and after the effective date specified in each Assignment and Assumption
the Assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of (and bound by
any related obligations under) subsections 4.10, 4.11, 4.12, 4.13 and
13.5).  Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with
this subsection 13.6 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (c) of this subsection.

 

(iv)        The
Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses

 

101

 

of the Lenders, and the Commitments of, and
interest and principal amount of the Loans and L/C Obligations owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive absent manifest error, and the Borrower, the Administrative Agent,
the Issuing Lender and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for
inspection by the Borrower, the Issuing Lender and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

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

 

(vi)        On
or prior to the effective date of any assignment pursuant to this
subsection 13.6(b), the assigning Lender shall surrender any outstanding
Notes held by it all or a portion of which are being assigned.  Any Notes surrendered by the assigning Lender
shall be returned by the Administrative Agent to the Borrower marked “cancelled”.

 

Notwithstanding the foregoing, no Assignee, which as of the date of any
assignment to it pursuant to this subsection 13.6(b) would be
entitled to receive any greater payment under subsection 4.10 or 4.11 than
the assigning Lender would have been entitled to receive as of such date under
such subsections with respect to the rights assigned, shall be entitled to
receive such payments unless the Borrower has expressly consented in writing to
waive the benefit of this provision at the time of such assignment.

 

(c)           (i)  Any Lender
other than a Conduit Lender may, in the ordinary course of its business and in
accordance with applicable law, without the consent of the Borrower or the Administrative
Agent, sell participations to one or more banks or other entities (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans owing to
it); provided that (A) such Lender’s obligations under this
Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such
obligations, (C) such Lender shall remain the holder of any such Loan for
all purposes under this Agreement and the other Loan Documents, and (D) the
Borrower, the Administrative Agent, the Issuing Lender and the other Lenders
shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement.  Any agreement pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement
may provide that such Lender will not, without

 

102

 

the consent of the Participant, agree to any amendment, modification or
waiver that (1) requires the consent of each Lender directly affected
thereby pursuant to the proviso to the second sentence of subsection 13.1(a) and
(2) directly affects such Participant. 
Subject to paragraph (c)(ii) of this subsection, the Borrower
agrees that each Participant shall be entitled to the benefits of (and shall
have the related obligations under) subsections 4.10, 4.11, 4.12, 4.13  and 13.5 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this subsection.  To the extent permitted
by law, each Participant also shall be entitled to the benefits of
subsection 13.7(b) as though it were a Lender, provided such
Participant shall be subject to subsection 13.7(a) as though it were
a Lender.

 

(ii)         No
Loan Party shall be obligated to make any greater payment under
subsection 4.10 or 4.11 than it would have been obligated to make in the
absence of any participation, unless the sale of such participation is made
with the prior written consent of the Borrower and the Borrower expressly
waives the benefit of this provision at the time of such participation.  Any Participant that is a not incorporated
under the laws of the United States of America or a state thereof shall not be
entitled to the benefits of subsection 4.11 unless such Participant
complies with subsection 4.11(b) and provides the forms and
certificates referenced therein to the Lender that granted such participation.

 

(d)           Any Lender, without
the consent of the Borrower or the Administrative Agent, may at any time pledge
or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including, without limitation,
any pledge or assignment to secure obligations to a Federal Reserve Bank, and
this subsection shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder
or substitute (by foreclosure or otherwise) any such pledgee or Assignee for
such Lender as a party hereto.

 

(e)           No assignment or
participation made or purported to be made to any Assignee or Participant shall
be effective without the prior written consent of the Borrower if it would
require the Borrower to make any filing with any Governmental Authority or
qualify any Loan or Note under the laws of any jurisdiction, and the Borrower
shall be entitled to request and receive such information and assurances as it
may reasonably request from any Lender or any Assignee or Participant to
determine whether any such filing or qualification is required or whether any
assignment or participation is otherwise in accordance with applicable law.

 

(f)            Notwithstanding the
foregoing, any Conduit Lender may assign any or all of the Loans it may have
funded hereunder to its designating Lender without the consent of the Borrower
or the Administrative Agent and without regard to the limitations set forth in
subsection 13.6(b).  Each of the
Borrower, each Lender and the Administrative Agent hereby confirms that it will
not institute against a Conduit Lender or join any other Person in instituting
against a Conduit Lender any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding under any state bankruptcy or similar law,
for one year and one day after the payment in full of the latest maturing
commercial paper note issued by such Conduit Lender; provided, however,
that each Lender designating any Conduit Lender hereby agrees to indemnify,
save and hold harmless each other party hereto for any loss, cost, damage or
expense arising out of its

 

103

 

inability to institute such a
proceeding against such Conduit Lender during such period of forbearance.  Each such indemnifying Lender shall pay in
full any claim received from the Borrower pursuant to this subsection 13.6(f) within
30 Business Days of receipt of a certificate from a Responsible Officer of the
Borrower specifying in reasonable detail the cause and amount of the loss,
cost, damage or expense in respect of which the claim is being asserted, which
certificate shall be conclusive absent manifest error.  Without limiting the indemnification
obligations of any indemnifying Lender pursuant to this subsection 13.6(f),
in the event that the indemnifying Lender fails timely to compensate the
Borrower for such claim, any Loans held by the relevant Conduit Lender shall,
if requested by the Borrower, be assigned promptly to the Lender that
administers the Conduit Lender and the designation of such Conduit Lender shall
be void.

 

(g)           If the Borrower
wishes to replace the Loans or Commitments under any Facility with ones having
different terms, it shall have the option, with the consent of the
Administrative Agent and subject to at least three Business Days’ advance
notice to the Lenders under such Facility, instead of prepaying the Loans or
reducing or terminating the Commitments to be replaced, to (i) require the
Lenders under such Facility to assign such Loans or Commitments to the
Administrative Agent or its designees and (ii) amend the terms thereof in
accordance with subsection 13.1 (with such replacement, if applicable,
being deemed to have been made pursuant to subsection 13.1(c)).  Pursuant to any such assignment, all Loans
and Commitments to be replaced shall be purchased at par (allocated among the
Lenders under such Facility in the same manner as would be required if such
Loans were being optionally prepaid or such Commitments were being optionally
reduced or terminated by the Borrower), accompanied by payment of any accrued
interest and fees thereon and any amounts owing pursuant to
subsection 4.12.  By receiving such
purchase price, the Lenders under such Facility shall automatically be deemed
to have assigned the Loans or Commitments under such Facility pursuant to the
terms of the form of Assignment and Acceptance attached hereto as Exhibit F,
and accordingly no other action by such Lenders shall be required in connection
therewith.

 

13.7.        Adjustments; Set-off.  (a)  Except to the extent that this
Agreement or any of the other Loan Documents provides for payments to be
allocated to a particular Lender under any Facility, if any Lender (for
purposes of this sentence, a “benefitted Lender”) shall at any time prior to
any date in which the Commitments are terminated and the Loans or Reimbursement
Obligations become due and payable pursuant to Section 9 (a “Facility
Acceleration”) receive any payment of all or part of the Obligations owing
to it under any Facility, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by set-off, pursuant to events or proceedings of
the nature referred to in subsection 9(f), or otherwise), in a greater
proportion than any such payment to or collateral received by any other Lender,
if any, in respect of the Obligations owing to such other Lender under such
Facility, such benefitted Lender shall purchase for cash from the other Lenders
an interest (by participation, assignment or otherwise) in such portion of the
Obligations owing to each such other Lender under such Facility or shall
provide such other Lenders with the benefits of any such collateral, or the
proceeds thereof, as shall be necessary to cause such benefitted Lender to
share the excess payment or benefits of such collateral or proceeds ratably
with each of the Lenders under such Facility; provided, however,
that if all or any portion of such excess payment or benefits is thereafter
recovered from such benefitted Lender, such purchase shall be rescinded, and
the purchase price and benefits returned, to the extent of such recovery, but
without interest.  If any Lender (for 

 

104

 

purposes of this sentence, a “benefitted Lender”) shall at any
time after a Facility Acceleration receive any payment of all or part of the
Obligations owing to it, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by setoff, pursuant to events or proceedings of
the nature referred to in subsection 9(f), or otherwise (except pursuant to
subsection 4.4, 4.13(d) or 13.6)), in a greater proportion than any such
payment to or collateral received by any other Lender, if any, in respect of
such other Lender’s Obligations owing to it, such benefitted shall purchase for
cash from the other Lenders an interest (by participation, assignment or
otherwise) in such portion of each such other Lender’s Obligations, or shall
provide such other Lenders with the benefits of any such collateral or the
proceeds thereof, as shall be necessary to cause such benefitted Lender to
share the excess payment of benefits of such collateral or proceeds ratably
with each of the Lenders; provided, however, that if all or any portion of such
excess payment of benefits is thereafter recovered from such benefitted Lender,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest.

 

(b)           Subject to (i) the
Carve Out, (ii) the Interim Order (or the Final Order, as applicable) and (iii) after
giving of the notice described in Section 9, notwithstanding the
provisions of Section 362 of the Bankruptcy Code, in addition to any
rights and remedies of the Lenders provided by law, each Lender shall have the
right, without prior notice to the Borrower, any such notice being expressly
waived by the Borrower to the extent permitted by applicable law, upon the
occurrence of an Event of Default under subsection 9(a) to set-off
and appropriate and apply against any amount then due and payable under
subsection 9(a) by the Borrower any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Lender or any affiliate, branch or agency thereof to or for the
credit or the account of the Borrower. 
Each Lender agrees promptly to notify the Borrower and the Administrative
Agent after any such set-off and application made by such Lender, provided
that the failure to give such notice shall not affect the validity of such
set-off and application.

 

13.8.        Counterparts.  This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of such counterparts taken together shall be
deemed to constitute one and the same instrument.  A set of the copies of this Agreement signed
by all the parties shall be delivered to the Borrower and the Administrative
Agent.

 

13.9.        Severability.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition   or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 

 

13.10.      Integration.  This Agreement and the other Loan Documents
represent the entire agreement of Holding and each of the Loan Parties party
hereto, the Administrative Agent and the Lenders with respect to the subject
matter hereof, and there are no promises, undertakings, representations or
warranties by Holding or any of the Loan Parties party hereto,

 

105

 

the Administrative Agent or any Lender relative to the subject matter
hereof not expressly set forth or referred to herein or in the other Loan
Documents.

 

13.11.      GOVERNING LAW.  THIS AGREEMENT AND ANY NOTES AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY NOTES SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.

 

13.12.      Submission To
Jurisdiction; Waivers.  (a) 
Each party hereto hereby irrevocably and unconditionally:

 

(i)          submits
for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the Bankruptcy Court and, if the
Bankruptcy Court does not have (or abstains from) jurisdiction, to the
non-exclusive general jurisdiction of any State or Federal court of competent
jurisdiction sitting in New York County, New York;

 

(ii)         consents
that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient forum and agrees not to plead or claim the same;

 

(iii)        agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to the Borrower, the applicable Lender
or the Administrative Agent, as the case may be, at the address specified in
subsection 13.2 or at such other address of which the Administrative
Agent, any such Lender and the Borrower shall have been notified pursuant
thereto;

 

(iv)        agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and

 

(v)         waives,
to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this
subsection any consequential or punitive damages.

 

13.13.      Absence of
Prejudice to the Pre-petition Lenders with Respect to Matters Before the
Bankruptcy Court.  No Loan Party will
without the express consent of the Administrative Agent (a) mention in any
pleading or argument before the Bankruptcy Court in support of, or in any way
relating to, a position that Bankruptcy Court authorization should be granted
on the ground that such authorization is permitted by this Agreement (unless a
Person opposing any such pleading or argument relies on this Agreement to
assert or question the propriety of such) or (b) in any way attempt to
support a position before the Bankruptcy Court based on the provisions of this
Agreement. The fact that the Administrative Agent or any Lender may be party to
the Prepetition Credit Facility shall in no way prejudice its rights under, or
in

 

106

 

respect of, either the Prepetition Credit Facility or hereunder, and
the Administrative Agent or any such Lender shall be free to bring, oppose or
support any matter before the Bankruptcy Court no matter how treated in this
Agreement.

 

13.14.      Judgment.  (a)   If
for the purpose of obtaining judgment in any court it is necessary to convert a
sum due hereunder in one currency into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking
procedures the Administrative Agent could purchase the first currency with such
other currency on the Business Day preceding the day on which final judgment is
given.

 

(b)           The obligations of
the Borrower in respect of this Agreement and any Note due to any party hereto
or any holder of any bond shall, notwithstanding any judgment in a currency
(the “judgment currency”) other than the currency in which the sum
originally due to such party or such holder is denominated (the “original
currency”), be discharged only to the extent that on the Business Day
following receipt by such party or such holder (as the case may be) of any sum
adjudged to be so due in the judgment currency such party or such holder (as
the case may be) may in accordance with normal banking procedures purchase the
original currency with the judgment currency; if the amount of the original
currency so purchased is less than the sum originally due to such party or such
holder (as the case may be) in the original currency, the Borrower agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify such
party or such holder (as the case may be) against such loss, and if the amount
of the original currency so purchased exceeds the sum originally due to any
party to this Agreement or any holder of Notes (as the case may be), such party
or such holder (as the case may be), 

 

agrees to remit to the Borrower, such excess.  This covenant shall survive the termination
of this Agreement and payment of the Loans and all other amounts payable
hereunder.

 

13.15.      Acknowledgements.  The Borrower hereby acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents;

 

(b)           neither
the Administrative Agent nor the Lenders has any fiduciary relationship with or
duty to the Borrower arising out of or in connection with this Agreement or any
of the other Loan Documents, and the relationship between the Administrative
Agent and Lenders, on the one hand, and the Borrower, on the other hand, in
connection herewith or therewith is solely that of creditor and debtor; and

 

(c)           no
joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby and thereby among the
Lenders or among the Borrower and the Lenders.

 

13.16.      WAIVER OF JURY TRIAL.  EACH OF THE BORROWER, THE ADMINISTRATIVE
AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY NOTES
OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

107

 

13.17.      Confidentiality.  The Administrative Agent and each Lender
agrees to keep confidential any information (a) provided to it by or on
behalf of Holding, the Borrower or any of their respective Subsidiaries
pursuant to or in connection with the Loan Documents or (b) obtained by
such Lender based on a review of the books and records of Holding, the Borrower
or any of their respective Subsidiaries; provided that nothing herein
shall prevent any Lender from disclosing any such information (i) to the
Administrative Agent or any other Lender, (ii) to any Transferee, or
prospective Transferee or any creditor or any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the
Borrower and its obligations which agrees to comply with the provisions of this
subsection pursuant to an instrument for the benefit of the Borrower (it
being understood that each relevant Lender shall be solely responsible for
obtaining such instrument), (iii) to its affiliates and the employees,
officers, directors, agents, attorneys, accountants and other professional
advisors of it and its affiliates, provided that such Lender shall
inform each such Person of the agreement under this subsection 13.17 and
take reasonable actions to cause compliance by any such Person referred to in
this clause (iii) with this agreement (including, where appropriate, to
cause any such Person to acknowledge its agreement to be bound by the agreement
under this subsection 13.17), (iv) upon the request or demand of any
Governmental Authority having jurisdiction over such Lender or its affiliates
or to the extent required in response to any order of any court or other
Governmental Authority or as shall otherwise be required pursuant to any
Requirement of Law, provided that such Lender shall, unless prohibited
by any Requirement of Law, notify the Borrower of any disclosure pursuant to
this clause (iv) as far in advance as is reasonably practicable under such
circumstances, (v) which has been publicly disclosed other than in breach
of this Agreement, (vi) in connection with the exercise of any remedy
hereunder or under any Interest Rate Protection Agreement with any Lender or
its affiliates, (vii) in connection with periodic regulatory examinations
and reviews conducted by the National Association of Insurance Commissioners or
any Governmental Authority having jurisdiction over such Lender or its affiliates
(to the extent applicable), (viii) in connection with any litigation to
which such Lender (or, with respect to any Interest Rate Protection Agreement,
any affiliate of any Lender party thereto) may be a party, subject to the
proviso in clause (iv), and (ix) if, prior to such information having been
so provided or obtained, such information was already in the Administrative
Agent’s or a Lender’s possession on a nonconfidential basis without a duty of
confidentiality to the Borrower being violated.

 

108

 

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

 

	
   

  	
  SIRVA WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eryk J. Spytek

  	
   

  
	
   

  	
   

  	
  Name:  Eryk J. Spytek

  
	
   

  	
   

  	
  Title:    Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SIRVA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eryk J. Spytek

  	
   

  
	
   

  	
   

  	
  Name:  Eryk J. Spytek

  
	
   

  	
   

  	
  Title:    Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  A FIVE STAR FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  A RELOCATION SOLUTIONS MANAGEMENT COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  A THREE RIVERS FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  A.V.L. TRANSPORTATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ALASKA USA VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED ALLIANCE FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED CONTINENTAL FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED DOMESTIC FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ALLIED FREIGHT FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

 

	
   

  	
  ALLIED INTERMODAL FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ALLIED INTERNATIONAL N.A., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED INTERSTATE TRANSPORTATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED TRANSCONTINENTAL FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED TRANSPORTATION FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

 

	
   

  	
  ALLIED VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ALLIED VAN LINES, INC. OF INDIANA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALLIED VAN LINES TERMINAL COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERICAS QUALITY VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANAHEIM MOVING SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

 

	
   

  	
  CARTWRIGHT MOVING & STORAGE CO., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CARTWRIGHT VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITY STORAGE & TRANSFER, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CMS HOLDING, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DJK RESIDENTIAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  EXECUTIVE RELOCATION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FEDERAL TRAFFIC SERVICE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEET INSURANCE MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FRONTRUNNER WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  GLOBAL WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GREAT FALLS NORTH AMERICAN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LYON VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LYON WORLDWIDE SHIPPING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MANUFACTURING SUPPORT SERVICES, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  MERIDIAN MOBILITY RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MOVE MANAGEMENT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NA (UK) GP CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NACAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NAVL LLC:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORAM FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  NORTH AMERICAN FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH AMERICAN INTERNATIONAL HOLDING
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH AMERICAN INTERNATIONAL N.A., INC.
  (formerly known as StorEverything, Inc.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTH AMERICAN LOGISTICS, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTH AMERICAN VAN LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eryk J. Spytek

  	
   

  
	
   

  	
   

  	
  Name:  Eryk J. Spytek

  
	
   

  	
   

  	
  Title:    Secretary

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  NORTH AMERICAN VAN LINES OF TEXAS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RELOCATION RISK SOLUTIONS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RS ACQUISITION HOLDING, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RS ACQUISITION, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA CONTAINER LINES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  SIRVA FREIGHT FORWARDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SIRVA GLOBAL RELOCATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA IMAGING SOLUTIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA MLS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA RELOCATION LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
					

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  SIRVA SETTLEMENT OF ALABAMA, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SIRVA SETTLEMENT, INC. (formerly known as
  SIRVA Title Agency, Inc.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRIDENT TRANSPORT INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name:  Douglas V. Gathany

  
	
   

  	
   

  	
  Title:    Treasurer

  

 

 

[rest of page intentionally left blank]

 

 

 

 

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Lender
  and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Charles O. Freedland

  	
   

  
	
   

  	
   

  	
  Name:  Charles O. Freedland

  
	
   

  	
   

  	
  Title:    Managing Director

  

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jonathan M. Barnes

  	
   

  
	
   

  	
   

  	
  Name:  Jonathan M. Barnes

  
	
   

  	
   

  	
  Title:   Vice President

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Commercial Finance Services 1107, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Anthony DiSimone

  	
   

  
	
   

  	
   

  	
  Name:  Anthony DiSimone

  
	
   

  	
   

  	
  Title:    President

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  BLACKPORT CAPITAL FUND LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Dronne

  	
   

  
	
   

  	
   

  	
  Name:  John Dronne

  
	
   

  	
   

  	
  Title:   Chief Investment Officer

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  MCDONNELL LOAN OPPORTUNITY LTD. 

  By: McDonnell Investment Management, LLC, 

  As Investment Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ James R. Fellows

  	
   

  
	
   

  	
   

  	
  Name:  James R. Fellows

  
	
   

  	
   

  	
  Title:   Managing Director

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Grand Central Asset Trust, HLD Series

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Adam Jacobs

  	
   

  
	
   

  	
   

  	
  Name:  Adam Jacobs

  
	
   

  	
   

  	
  Title:    Attorney-in-Fact

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Gleneagles CLO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Grayson CLO, Ltd.

  By:  Highland Capital Management, L.P.,

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Credit Opportunities CDO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Loan Funding V Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Jasper CLO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Liberty CLO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Longhorn Credit Funding, LLC

  By:  Highland Capital Management, L.P.,

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Red River CLO Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Rockwall CDO Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Southfork CLO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Loan Funding VII, LLC

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Eastland CLO, Ltd.

  By:  Highland Capital Management, L.P.,
  

  As Collateral Manager

  By:  Strand Advisors, Inc., Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  SEI Institutional Managed Trust-Enhanced
  Income Fund

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  SEI Institutional Investments
  Trust-Enhanced Income Fund

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Prospect Street Income Shares, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Pioneer Floating Rate Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Floating Rate Fund

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Floating Rate Advantage Fund

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Credit Strategies Fund

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  First Trust/Highland Capital Floating Rate
  Income Fund II

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  First Trust/Highland Capital Floating Rate
  Income Fund 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Brian Mitts

  	
   

  
	
   

  	
   

  	
  Name:  Brian Mitts

  
	
   

  	
   

  	
  Title:    Senior Retail Accountant

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  Highland Credit Strategies Holding
  Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ken McGovern

  	
   

  
	
   

  	
   

  	
  Name:  Ken McGovern

  
	
   

  	
   

  	
  Title:    Treasurer

  Strand Advisors, Inc., General Partners of Highland Capital Management, L.P.

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  EGI-Fund (08-10) Investors, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Philip G. Tinkler

  	
   

  
	
   

  	
   

  	
  Name:  Philip G. Tinkler

  
	
   

  	
   

  	
  Title:    Vice President

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]

	
   

  	
  NOMURA CORPORATE RESEARCH

  AND ASSET MANAGEMENT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David O. Crall

  	
   

  
	
   

  	
   

  	
  Name:  David O. Crall

  
	
   

  	
   

  	
  Title:    Managing Editor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ** on behalf of Battery Park High Yield Long Short Fund Ltd and
  Battery Park High Yield Master Opportunity Fund Ltd

  

 

 

 

[Signature Page to Credit and Guarantee Agreement]Exhibit 10.2

WAIVER AND FIRST AMENDMENT TO

THIRD AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT

 

THIS
WAIVER AND FIRST AMENDMENT TO THIRD AMENDED AND RESTATED RECEIVABLES SALE
AGREEMENT (this “Waiver and Amendment”), dated as of February 5,
2008, is entered into among SIRVA RELOCATION CREDIT, LLC (the “Seller”);
SIRVA RELOCATION LLC (the “Master Servicer”); EXECUTIVE RELOCATION
CORPORATION and SIRVA GLOBAL RELOCATION, INC. (each, a “Subservicer”); LASALLE
BANK NATIONAL ASSOCIATION, GENERAL ELECTRIC CAPITAL CORPORATION, WELLS FARGO
BANK, N.A. and CITIZENS BANK (collectively, the “Purchasers”); and LASALLE
BANK NATIONAL ASSOCIATION, as agent for the Purchasers (in such capacity, the “Agent”).  Capitalized terms used herein without
definition shall have the meanings ascribed thereto in the “Receivables Sale
Agreement” referred to below (as amended by this Waiver and Amendment) or the “Purchase
Agreement” referred to below.

 

PRELIMINARY STATEMENTS

 

A.            Reference
is made to that certain Third Amended and Restated Receivables Sale Agreement,
dated as of September 28, 2007, among the Seller, the Master Servicer and
the Subservicers, the Agent and the other Purchasers from time to time party
thereto (as amended, modified or supplemented from time to time, the “Receivables
Sale Agreement”).

 

B.            Reference
is also made to that certain Second Amended and Restated Purchase and Sale
Agreement, dated as of December 22, 2006, among the Master Servicer and
the Subservicers, as Originators, and the Seller (as amended, modified or
supplemented from time to time, the “Purchase Agreement”).

 

C.            The
parties hereto have agreed to amend certain provisions of the Receivables Sale
Agreement upon the terms and conditions set forth herein.

 

D.            The
Agent and the Purchasers have agreed, subject to the terms and conditions set
forth herein, to waive, on a one-time basis, the occurrence of certain “Termination
Events” under the Receivables Sale Agreement.

 

E.             The
Agent and the other Purchasers, subject to the terms and conditions set forth
herein, have agreed to consent to the waiver by the Seller, on a one-time
basis, of certain provisions of the Purchase Agreement.

 

SECTION 1.  Amendments to Receivables Sale Agreement.  Subject to the satisfaction of the conditions
set forth in Section 5 below, the parties hereto agree to amend the
Receivables Sale Agreement as follows:

 

(a)           to replace paragraph
(e) of Section 1.3 of the Receivables Sale Agreement with the following, (thereby making the
current paragraph (e) the new paragraph (f)):

 

(e)   The Master Servicer will pay to the Seller:

 

 

(A) a
$100,000 fee for each instance in which a deed to the residence of a Relocating Employee is not
held by the Master Servicer or a title company in respect of a Final Equity
Payment or Mortgage Payment Advance within 30 days after the Petition Date, in
the case of any Final Equity Payment or Mortgage Payment Advance outstanding on
such date, or within 30 days after the date of the Final Equity Payment or
Mortgage Payment Advance, with respect to any Final Equity Payment or Mortgage
Payment Advance made on or after the Petition Date (the “Misplaced Deeds”);
provided, however, that no such fee shall be payable on account
of Misplaced Deeds which collectively comprise less than 3% of the total number
of deeds to the residences of Relocating Employees with respect to which any
Relocating Employee Receivables are outstanding on such date of determination
(but excluding any deeds to residences that have already been sold and for
which the Servicer has received the proceeds of such sale);

 

(B) a
$100,000 fee for each instance in which a deed to the residence of a Relocating Employee is
neither (i) marked in favor of the Seller nor (ii) left blank, within
30 days after the Petition Date, in the case of any such deed in existence on
such date, or within 30 days after the execution of such deed, in the case of
any such deed executed on or after the Petition Date (the “Non-Conforming
Deeds”); provided, however, that no such fee shall be payable
on account of Non-Conforming Deeds which collectively comprise less than 5% of
the total number of deeds to the residences of Relocating Employees with
respect to which any Relocating Employee Receivables are outstanding on such
date of determination (but excluding any deeds to residences that have already
been sold and for which the Servicer has received the proceeds of such sale);
and

 

(C) commencing
April 30, 2008, a fee equal to 5% of the total amounts due in respect of
Receivables that are not remitted to the Collection Account in accordance with
the proviso to the second sentence of Section 1.8(a) hereof (the “Misdirected
Funds”); provided, however, that no fee shall be payable on
account of Misdirected Funds which collectively comprise less than 5% of the
total Collections (as reported in the Monthly Report submitted by the Master
Servicer) during any monthly period of determination.

 

2

 

The
Agent will monitor the Seller’s compliance with the requirements of this Section 1.3(e) through
the receipt of monthly reports certified by an officer of the Master Servicer
and delivered to the Agent on or before each Monthly Reporting Date.  The Seller will pay to the Agent, for the
ratable benefit of the Purchasers in accordance with each Purchaser’s then
outstanding Commitment, a fee equal to the amount of all fees payable by the
Master Servicer to the Seller pursuant to this Section 1.3(e).  The Seller hereby authorizes the Agent to
withdraw such fees from the Collection Account or the Investment Account on the
next Business Day after any fee is payable by the Master Servicer to the Seller
pursuant to this Section 1.3(e).

 

(b)           the new Section 1.3(f) of
the Receivables Sale Agreement (formerly Section 1.3(e) thereof)
is amended by deleting the phrase “clauses (a), (b), (c) and (d) above”
and substituting therefore “clauses (a), (b), (c), (d) and (e) above”;

 

(c)           to delete clause (ii) of
the proviso of the last sentence in Section 5.1(e) of the Receivables
Sale Agreement and substitute the following therefor:

 

(ii) thereafter, so long as no Termination Event exists, the Agent
shall not have more than four scheduled sets of audit and test verifications
done in any calendar year, provided that the first scheduled audit and test
verifications shall be done during the month of April 2008, and provided
further that the Agent may request unscheduled audit or test verifications at
any time in its sole discretion.

 

(d)           to add the following
as paragraph (k) of Section 5.2 of the Receivables
Sale Agreement:

 

(k)           Equity Advances.  If the Seller has acquired an Equity Advance
with respect to a Relocating Employee and an Origination Home under the
Purchase Agreement, the Master Servicer will either as the applicable
Originator of such Equity Advance or as Master Servicer, and so long as the
original Equity Advance remains outstanding, cause all other Equity Advances,
Final Equity Payments and Mortgage Payment Advances made to such Relocating
Employee with respect to such Origination Home, to the extent that they constitute
Eligible Receivables, to be sold to the Seller under the Purchase Agreement.

 

(e)           to add the following
as paragraph (k) of Section 5.3 of the Receivables
Sale Agreement:

 

3

 

(k)           Equity Advances.  If the Seller has acquired an Equity Advance
with respect to a Relocating Employee and an Origination Home under the
Purchase Agreement, each Subservicer will ensure, either as the applicable
Originator of such Equity Advance or as Subservicer, that so long as the
original Equity Advance remains outstanding, all other Equity Advances, Final
Equity Payments and Mortgage Payment Advances made to such Relocating Employee
with respect to such Origination Home, to the extent that they constitute
Eligible Receivables, will be sold to the Seller under the Purchase Agreement.

 

(f)            to add the
following as Section 5.4 of the Receivables Sale Agreement:

 

Information
Sharing.  During the course of the Chapter 11
Proceedings, the SIRVA Entities will use their commercially reasonable efforts
to cause the Agent (for the benefit of the Purchasers) to be provided all
material written information that any SIRVA Entity has provided to the agent or
lenders under the SIRVA Credit Agreement, including, without limitation, all
material information relating to the Chapter 11 Proceedings and/or the Plan of
Reorganization.

 

(g)           to add the following
definition of “Bankruptcy Court” to Schedule I
to the Receivables Sale Agreement in the correct alphabetical order therefor:

 

“Bankruptcy
Court” means the United States Bankruptcy Court for the Southern
District of New York, or any other court having jurisdiction over the Chapter
11 Proceedings from time to time.

 

(h)           to add the following
definition of “Chapter 11 Proceedings” to
Schedule I to the Receivables Sale Agreement in the correct alphabetical order
therefor:

 

“Chapter 11
Proceedings” means the bankruptcy cases commenced by SIRVA on the
Petition Date, under Chapter 11 of Title 11 of the United States Code,
including any subsequent conversion of the same to “Chapter 7” cases and/or the
appointment of a bankruptcy trustee.

 

(i)            to add the
following definition of “Court Order” to
Schedule I to the Receivables Sale Agreement in the correct alphabetical order
therefor:

 

“Court Order”
means the order entered by the Bankruptcy Court on the Petition Date to, among
other things, authorize the Originators and the Servicers to continue
performing 

 

4

 

their obligations under
the Agreement during the course of the Chapter 11 Proceedings.

 

(j)            to add the
following definition of “Petition Date” to
Schedule I to the Receivables Sale Agreement in the correct alphabetical order
therefor:

 

“Petition Date” means February 5, 2008.

 

(k)           to add the following
definition of “SIRVA” to Schedule I to the
Receivables Sale Agreement in the correct alphabetical order therefor:

 

“SIRVA” means, collectively, SIRVA, Inc. and those
domestic subsidiaries of SIRVA, Inc. that commenced the Chapter 11
Proceedings on the Petition Date by filing voluntary petitions for relief under
chapter 11 of title 11 of the United States Code.

 

(l)            to delete “Section 9-105
and Section 9-106, respectively” in paragraph (iv) to the definition
of “Eligible Receivable” in Schedule I to
the Receivables Sale Agreement and to substitute “Section 9-102(a)”
therefor.

 

(m)          to add the following
definition of “Plan of Reorganization” to
Schedule I to the Receivables Sale Agreement in the correct alphabetical order
therefor:

 

“Plan of
Reorganization” means the plan of reorganization, in form and
substance acceptable to the Agent and the Purchasers in all respects, as filed
in the Chapter 11 Proceedings on the Petition Date.

 

(n)           to delete clause (ii) of
the definition of “Specified Documents” in
Schedule I to the Receivables Sale Agreement and substitute the following
therefor:

 

(ii) in the case of
a Final Equity Payment or Mortgage Payment Advance, the original Origination
Home Deed (or to the extent of Permitted Exceptions a copy thereof), which deed
provides the basis for the transaction giving rise to such Relocating Employee
Receivable and shall: (A) be executed by the applicable Relocating
Employee (or by a Servicer in its capacity as attorney-in-fact pursuant to a
power of attorney executed by the Relocating Employee); (B) be in
recordable form; and (C) either (i) name the Seller as the owner of
such Origination Home or (ii) leave the name of the owner blank, and in
the case where the deed names the Seller as owner, an identical original deed
in recordable form (or to the extent of Permitted Exceptions a copy thereof),
which deed is executed by the Seller in blank or to the Origination Home Buyer,

 

5

 

(o)           to add the following
to the end of the definition of “Termination Date”
in Schedule I to the Receivables Sale Agreement:

 

; provided,
however, that if the Plan of
Reorganization (as it may be modified in accordance with the terms hereof) is
not: (i) confirmed by an order of the Bankruptcy Court, and (ii) effective
on or before April 30, 2008, the Termination Date shall be April 30,
2008.

 

(p)           to delete the period
at the end of paragraph (n) and substitute a semicolon and the word “or”
therefor, and to add the following as paragraphs (o), (p), (q), (r), and (s) to
the definition of “Termination Event” in
Schedule I to the Receivables Sale Agreement:

 

(o)  the Aggregate Class B
Investment and all unpaid fees and expenses of legal counsel and other
professionals retained by the Agent and the Purchasers are not repaid in full
in cash on the effective date of the Plan of Reorganization; or

 

(p)  the Court Order
either (1) fails to become final and binding on all parties in interest
without further opportunity for objections thereto on or before thirty (30)
days from the Petition Date, or (2) is modified in any respect without the
consent of the Agent and, if such modification to the Court Order is material,
the Purchasers; or

 

(q) any third party
claim or other litigation against the Agent or any Purchaser, or any litigation
relating directly or indirectly to this Agreement, the Purchase Agreement, any
of the other Transaction Documents, the transactions contemplated thereby, or
the Seller, is commenced in the Chapter 11 Proceedings, except to the extent
contemplated in paragraph 12 of the Court Order, and such action is not
dismissed or withdrawn within twenty (20) days of the later of: (1) the
Court Order becoming final; or (2) the filing of the pleadings initiating
such action; or

 

(r)  with respect to
the Chapter 11 Proceedings: (1) any event of default occurs under SIRVA’s
debtor-in-possession financing facility (the “DIP Financing Agreement”)
and/or such DIP Financing Agreement shall otherwise terminate (other than the
termination of the DIP Financing Agreement upon SIRVA’s exit from the Chapter
11 Proceedings); provided that no waiver thereunder or amendment thereto
with respect to any events of default under, or any financial covenants
(including defined terms 

 

6

 

used therein) contained in,
the DIP Financing Agreement shall be effective for purposes of this Agreement
unless the Agent and the Purchasers shall have consented thereto in writing; (2) the
SIRVA Entities fail to obtain the Agent’s and the Purchasers’ prior consent to
the provisions of SIRVA’s exit financing facility (the “Exit Financing
Agreement”), together with any amendments thereto; (3) JPMorgan Chase
Bank, N.A., in its capacity as administrative agent under the Exit Financing
Agreement, fails to confirm the existing lien carve-out and turnover
obligations of the administrative agent and the lenders under the SIRVA Credit
Agreement under that certain Approval and Release dated as of September 28,
2007 and execute, on or before the effective date of the Plan of
Reorganization, an Approval and Release with substantially identical lien
release and turnover provisions in favor of the Agent and the Purchasers in
connection with the Exit Financing Agreement; (4) JPMorgan Chase Bank,
N.A., in its capacity as administrative agent under the second lien financing
facility described in the Plan of Reorganization (the “Second Lien Financing
Agreement”), fails to confirm the existing lien carve-out and turnover
obligations of the administrative agent and the lenders under the SIRVA Credit
Agreement under that certain Approval and Release dated as of September 28,
2007 and execute, on or before the effective date of the Plan of
Reorganization, an Approval and Release with substantially identical lien
release and turnover provisions in favor of the Agent and the Purchasers in
connection with the Second Lien Financing Agreement, or (5) any material
modifications are made to the Plan of Reorganization without the prior consent
of the Agent and the Purchasers; including, without limitation, any
modifications to the Plan of Reorganization that directly affect the rights of
the Seller, the Agent or any of the Purchasers under the Transaction Documents;
or

 

(s)  any event of
default occurs under the Exit Financing Agreement and/or such Exit Financing
Agreement shall otherwise terminate; provided that no waiver thereunder
or amendment thereto with respect to any events of default under, or any
financial covenants (including defined terms used therein) contained in, the
Exit Financing Agreement shall be effective for purposes of this Agreement
unless the Agent and the Purchasers shall have consented thereto in writing.

 

7

 

(q)           Exhibit C-3 to
the Receivables Sale Agreement is hereby replaced with Exhibit C-3
attached hereto.

 

(r)            to provide that, on
the effective date of the Plan of Reorganization, the Class B Commitments
shall be terminated and the Aggregate Class B Investment shall be repaid
in full in cash.  Accordingly, from and
after the effective date of the Plan of Reorganization, all provisions of the
Receivables Sale Agreement relating to the Class B Commitment or the Class B
Investment shall be deleted.

 

(s)           to add the following
as paragraph (i) of Section 1.8 of the Receivables Sale Agreement:

 

(i)  Payments on Account of Superpriority Claim and Reduction of the Class B
Commitments.  Any and all
payments, remittances and returns of funds by SIRVA to the Collection Account
or the Investment Account on account of the Superpriority Claim (as such term
is defined in the Court Order) shall, promptly after receipt of such funds in
the Collection Account or the Investment Account, be disbursed as follows: first, ratably to the Class A Purchasers an amount, if
any, that is necessary to reduce the Class A Investments such that the
Aggregate Class A Investment does not exceed the Adjusted Class A Net
Receivables Balance; and second, ratably
to the Class B Purchasers on account of the Class B
Outstandings.  The Class B
Commitments then outstanding shall be permanently reduced by the amount of any
and all payments, remittances and returns of funds by SIRVA to the Collection
Account or the Investment Account on account of the Superpriority Claim,
irrespective of whether such funds are paid to the Class A Purchasers or
to the Class B Purchasers, or retained in the Collection Account or the
Investment Account.  In addition, on the
effective date of the Plan of Reorganization, unless a Termination Event shall
have occurred, Available Funds, first, from the
Collection Account, and second, from
the Investment Account, shall be applied to the extent required to make the
following payments: first, ratably
to the Class A Purchasers an amount, if any, that is necessary to reduce
the Class A Investments such that the Aggregate Class A Investment
does not exceed the Adjusted Class A Net Receivables Balance; and second, ratably to the Class B Purchasers on account of
the Class B Outstandings for repayment of outstanding Aggregate Class B
Investments.

 

8

 

SECTION 2. 
Representations and Warranties. 
The Seller and each of the Servicers hereby represent and warrant to
each of the other parties hereto, that:

 

(a)           this Waiver and Amendment constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms; and

 

(b)           on
the date hereof, before and after giving effect to this Waiver and Amendment,
other than as amended or waived pursuant to this Waiver and Amendment or
otherwise by written agreement of the Agent and the Purchasers, no Termination
Event, other than the Chapter 11 Proceedings, or Potential Termination Event
has occurred and is continuing.

 

SECTION 3.  Waiver of Certain Termination Events in the
Receivables Sale Agreement.  As of and
subject to the occurrence of the Effective Date (as set forth in Section 5
below), the Agent and the Purchasers hereby waive the occurrence of (1) the
following Termination Events to the extent solely arising due to the
commencement of the Chapter 11 Proceedings: paragraphs (e), (h), (i) or,
to the extent a Reportable Event arises as a result of the Chapter 11
Proceedings, (m) of the definition of Termination Event in Schedule I to
the Receivables Sale Agreement, and (2) each of the Termination Events
described in Exhibit A hereto (the Termination Events described in (1) and
(2), collectively, the “Specified Termination Events”); it being
understood that this waiver of Specified Termination Events does not amend
the Receivables Sale Agreement or constitute a waiver of any Termination Events
other than the Specified Termination Events. 
Accordingly, other than with respect to the waiver of the Specified
Termination Events, or as otherwise amended pursuant to this Waiver and
Amendment, the terms and conditions of the Receivables Sale Agreement and each
of the other Transaction Documents remain unchanged and in full force and
effect.

 

SECTION 4.  Waiver of Section 6.2 in the Purchase
Agreement.  As of and subject to the
occurrence of the Effective Date (as set forth in Section 5 below),
the Agent and the Purchasers consent to the waiver by the Seller and the
Originators of the occurrence of the automatic termination of the Purchase
Agreement pursuant to Section 6.2 thereof as a result of the commencement
of the Chapter 11 Proceedings; it being understood that this consent to
the waiver of Section 6.2 relating to the commencement of the Chapter 11
Proceedings does not constitute consent to any amendment of the Purchase
Agreement or constitute a consent to the waiver of Section 6.2 of the
Purchase Agreement other than as expressly set forth in this paragraph.  Accordingly, other than with respect to the
commencement of the Chapter 11 Proceedings, or as otherwise amended pursuant to
this Waiver and Amendment, the terms and conditions of the Purchase Agreement
and each of the other Transaction Documents remain unchanged and in full force
and effect.

 

SECTION 5. 
Effective Date.  This
Waiver and Amendment shall become effective on the first Business Day (the “Effective
Date”) following the later of: (a) the date the Agent or its counsel
has received counterpart signatures of this Waiver and Amendment, executed by
each of the parties hereto; and (b) the occurrence of each of the
following:

 

(a)           The Bankruptcy Court
shall have entered the Court Order, substantially in the form attached hereto
as Exhibit B, provided that the Court Order must be (x) 

 

9

 

satisfactory to
the Agent in all respects and (y) satisfactory to each Purchaser in all
material respects.

 

(b)           JPMorgan Chase Bank, N.A., in its
capacity as administrative agent under each of the SIRVA Credit Agreement and
the DIP Financing Agreement (as such term is defined herein) (in such capacity,
the “Administrative Agent”), shall have confirmed the existing lien
carve-out and turnover obligations of the Administrative Agent and the lenders
under the SIRVA Credit Agreement (the “SIRVA Lenders”) under that
certain Approval and Release dated as of September 28, 2007, including
with respect to any adequate protection liens the SIRVA Lenders may receive in
the Chapter 11 Proceedings, and shall have executed an Approval and Release
with substantially identical lien release and turnover provisions in favor of
the Agent and the Purchasers in connection with the DIP Financing Agreement.

 

(c)           The
Bankruptcy Court shall have approved the terms of the DIP Financing Agreement
on an interim basis and on terms acceptable to the Agent and the Purchasers,
and the lending commitments for the Exit Financing Facility (as such term is
defined herein) shall be acceptable to the Agent and the Purchasers.

 

(d)           The Seller shall have paid all unpaid
fees and expenses of legal counsel and other professionals retained by the
Agent and the Purchasers incurred in the negotiation, execution and delivery of
this Waiver and Amendment, and otherwise in accordance with the terms of the
Receivables Sale Agreement, no later than one (1) Business Day prior to
the Petition Date.

 

(e)           The Seller shall have paid all fees
payable to the Agent (for itself and for the ratable benefit of the Purchasers)
pursuant to the letter agreement executed in connection herewith.

 

(f)            At least two-thirds
in amount and more than one-half in number of the SIRVA Lenders that vote shall
have voted in favor of confirmation of the Plan of Reorganization.

 

(g)           The Agent and the
Purchasers shall have satisfactorily completed all due diligence and received
all required internal approvals, and no material adverse change shall have
occurred between February 1, 2008 and the Effective Date with respect to (a) the
interests of the Agent and the Purchasers under or in connection with any
Transaction Document, (b) the enforceability or collectibility of the
Receivables, or (c) the business and operations of SIRVA, other than any material
adverse change resulting from the commencement of the Chapter 11 Proceedings,
the occurrence of cross-defaults under other agreements as a result thereof,
the occurrence of a Reportable Event as a result thereof, and the acceleration
of the indebtedness outstanding under the SIRVA Credit Agreement.

 

(h)           All “first day
orders” entered by the Bankruptcy Court shall be in form and substance
reasonably satisfactory to the Agent, provided that any portions of the cash 

 

10

 

management order
relating to the Receivables Sale Agreement or to the Originators’ existing
accounts with LaSalle shall be satisfactory to the Agent in all respects.

 

(i)            Counsel for the
SIRVA Entities shall have provided the Agent with all reasonably requested
legal opinions, which may in appropriate instances be accomplished through “bring-down”
opinions.

 

(j)            As of such date,
SIRVA shall have used its commercially reasonable efforts to provide to the
Agent (for the benefit of the Purchasers) all material written information that
SIRVA has provided to the lenders under the SIRVA Credit Agreement, including
all material information relating to the Chapter 11 Proceedings.

 

SECTION 6. 
Cooperation.  The Agent and
the Purchasers hereby agree to cooperate in the execution and delivery of such
documents as the SIRVA Entities may reasonably request in order to maintain the
effectiveness of the Transaction Documents, as of and following the effective
date of the Plan of Reorganization, provided that no changes to the terms of
the Transaction Documents shall be made without the prior written consent of
the Agent and the Purchasers in accordance with Section 9.6 of the
Receivables Sale Agreement.  The SIRVA
Entities hereby agree to cooperate with the Agent in the preparation of a
modified Exhibit C-3 to the Receivables Sale Agreement, which
modified Exhibit C-3 shall be finalized no later than ten (10) days
prior to the effective date of the Plan of Reorganization, to reflect the
termination of the Class B Commitments no later than the effective date of
the Plan of Reorganization.

 

SECTION 7. 
Reference to and Effect on the Transaction Documents.

 

(a)           Upon the Effective Date, (i) each reference in the
Receivables Sale Agreement to “the Receivables Sale Agreement”, “this
Receivables Sale Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import shall mean and be a reference to the Receivables Sale
Agreement as amended or otherwise modified hereby, and (ii) each reference
to the Receivables Sale Agreement in any other Transaction Document or any
other document, instrument or agreement executed and/or delivered in connection
therewith, shall mean and be a reference to the Receivables Sale Agreement as
amended or otherwise modified hereby.

 

(b)           Except as specifically amended, terminated or otherwise
modified above, the terms and conditions of the Receivables Sale Agreement
(including all other amendments thereto), of all other Transaction Documents
and any other documents, instruments and agreements executed and/or delivered
in connection therewith, shall remain in full force and effect and are hereby
ratified and confirmed.

 

(c)           The execution, delivery and effectiveness of this Waiver
and Amendment shall not operate as a waiver of any right, power or remedy of
the Agent or any Purchaser under the Receivables Sale Agreement or any other
Transaction Document or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, in each case except as specifically set forth herein.

 

11

 

SECTION 8.  Execution in Counterparts.  This Waiver and Amendment may be executed in
any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute but one and the
same instrument.  Delivery of an executed
counterpart of a signature page to this Waiver and Amendment by telecopier
or other electronic delivery shall be effective as delivery of a manually
executed counterpart of this Waiver and Amendment.

 

SECTION 9.  Governing Law.  This Agreement shall be governed by, and construed in
accordance with, the internal laws (and not the law of conflicts) of the State
of Illinois.

 

SECTION 10.  Headings.  Section headings in this Waiver and
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Waiver and Amendment for any other purpose.

 

SECTION 11.  Fees and Expenses.  The Seller hereby confirms its agreement to
pay on demand all reasonable costs and expenses of the Agent and the Purchasers
in connection with the negotiation, preparation, execution and delivery of this
Waiver and Amendment and any of the other instruments, documents and agreements
to be executed and/or delivered in connection herewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel to the Agent
and the Purchasers with respect thereto.

 

[Remainder of Page Deliberately
Left Blank]

 

12

 

IN
WITNESS WHEREOF, the parties hereto have caused this Waiver and Amendment to be
duly executed by their respective officers as of the date first above written.

 

	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION, as Agent, Class A Purchaser
  and Class B Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David Shapiro

  
	
   

  	
  Title: Senior Vice President

  

 

 

Waiver and Amendment No. 1 to
Third Amended and Restated Receivables Sale Agreement

 

 

	
   

  	
  GENERAL ELECTRIC CAPITAL CORPORATION, as Class A Purchaser and Class B
  Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Rebecca Milligan

  
	
   

  	
  Title: Duly Authorized Signatory

  

 

 

 

	
   

  	
  WELLS FARGO BANK, N.A., as Class A Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Melody Stallings

  
	
   

  	
  Title: Senior Vice President

  

 

 

	
   

  	
  CITIZENS BANK, as Class A Purchaser and Class B Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Zimbo

  
	
   

  	
  Title: First Vice President

  

 

 

	
   

  	
  SIRVA RELOCATION CREDIT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  
	
   

  	
  Title: President

  

 

 

 

	
   

  	
  SIRVA RELOCATION LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  
	
   

  	
  Title: Treasurer

  

 

 

 

	
   

  	
  EXECUTIVE RELOCATION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  
	
   

  	
  Title: Treasurer

  

 

 

 

	
   

  	
  SIRVA GLOBAL RELOCATION, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Douglas V. Gathany

  
	
   

  	
  Title: Treasurer 

  

 

EXHIBIT A

 

To
the extent that the final audit report to be prepared by Huron Consulting Group
(“Huron”) as a result of its January 2008 field audit identifies any
deficiencies in the performance of the Servicers under the terms of the
Receivables Sale Agreement (the “Servicer Deficiencies”) which give rise to
Termination Events, the Termination Events, if any, resulting solely from the
Servicer Deficiencies identified by Huron shall be waived unless either: (i) the
Servicers fail to cure the Servicer Deficiencies identified by Huron within
fifteen (15) Business Days subsequent to the Servicers receiving written notice
of such Servicer Deficiencies from the Agent, or (ii) with respect to
Servicer Deficiencies identified by Huron which the Servicers are aware of
prior to receiving such written notice from the Agent, the Servicers fail to cure
such Servicer Deficiencies within thirty (30) days subsequent to the Petition
Date.

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