Document:

Ex-10.23 Contribution and Sale Agreement

 

EXHIBIT 10.23

CONTRIBUTION AND SALE AGREEMENT

dated as of

September 26, 2006

by and between

AMERICAN COLOR GRAPHICS, INC.,

as Seller,

and

AMERICAN COLOR GRAPHICS FINANCE, LLC,

as Purchaser

ALL RIGHT, TITLE AND INTEREST OF AMERICAN COLOR GRAPHICS FINANCE, LLC IN AND TO THIS CONTRIBUTION
AGREEMENT HAS BEEN ASSIGNED TO BANK OF AMERICA, N.A., AS COLLATERAL AGENT UNDER THE CREDIT
AGREEMENT, DATED AS OF SEPTEMBER 26, 2006, BY AND AMONG AMERICAN COLOR GRAPHICS FINANCE, LLC, AS
BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, AND THE LENDERS
IDENTIFIED THEREIN.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	     Section 1.1
	 	Defined Terms	 	 	1	 
	     Section 1.2
	 	Other Terms	 	 	5	 
	     Section 1.3
	 	Computation of Time Periods	 	 	5	 
	     Section 1.4
	 	Interpretation	 	 	5	 
	ARTICLE II SALE, TRANSFER AND ASSIGNMENT	 	 	6	 
	     Section 2.1
	 	Facility	 	 	6	 
	     Section 2.2
	 	Sale, Transfer and Assignment	 	 	7	 
	     Section 2.3
	 	Total Purchase Amount	 	 	8	 
	     Section 2.4
	 	Payment of Cash Purchase Amount	 	 	8	 
	     Section 2.5
	 	Deliveries and Undertakings in Connection with Sale or Contribution	 	 	9	 
	ARTICLE III CONDITIONS PRECEDENT	 	 	10	 
	     Section 3.1
	 	Conditions Precedent to Closing	 	 	10	 
	     Section 3.2
	 	Condition Precedent to Initial Purchase	 	 	11	 
	     Section 3.3
	 	Conditions Precedent to all Purchases	 	 	12	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	 	 	12	 
	     Section 4.1
	 	The Seller’s Representations and Warranties	 	 	12	 
	     Section 4.2
	 	Representations and Warranties of the Purchaser	 	 	19	 
	     Section 4.3
	 	Transferred Receivable Representations and Warranties	 	 	20	 
	ARTICLE V COVENANTS	 	 	22	 
	     Section 5.1
	 	Affirmative Covenants of the Seller	 	 	22	 
	     Section 5.2
	 	Negative Covenants of the Seller	 	 	30	 
	     Section 5.3
	 	Affirmative Covenants of the Purchaser	 	 	32	 
	ARTICLE VI DEEMED COLLECTIONS	 	 	32	 
	     Section 6.1
	 	Deemed Collections	 	 	32	 
	     Section 6.2
	 	Retransfer of Transferred Receivables	 	 	33	 
	ARTICLE VII INDEMNIFICATION	 	 	34	 
	     Section 7.1
	 	Indemnification by the Seller	 	 	34	 
	     Section 7.2
	 	Assignment of Indemnities	 	 	37	 
	ARTICLE VIII MISCELLANEOUS	 	 	37	 
	     Section 8.1
	 	Termination	 	 	37	 
	     Section 8.2
	 	Amendments and Waivers	 	 	37	 
	     Section 8.3
	 	Notices, Etc	 	 	37	 
	     Section 8.4
	 	Limitation of Liability	 	 	38	 
	     Section 8.5
	 	Binding Effect; Benefit of Contribution Agreement	 	 	38	 
	     Section 8.6
	 	Choice of Law and Venue; Jury Trial Waiver	 	 	38	 
	     Section 8.7
	 	Costs, Expenses and Taxes	 	 	39	 
	     Section 8.8
	 	Recourse Against Certain Parties	 	 	40	 
	     Section 8.9
	 	Protection of Right, Title and
Interest in the Transferred Receivables; Further Action Evidencing Purchases	 	 	41	 
	     Section 8.10
	 	Execution in Counterparts; Severability; Integration	 	 	42	 
	     Section 8.11
	 	Waiver of Setoff	 	 	42	 
	     Section 8.12
	 	Headings and Exhibits	 	 	43	 
	     Section 8.13
	 	Rights of Inspection	 	 	43	 
	     Section 8.14
	 	Assignment	 	 	43	 

 

 

	 	 	 	 	 	 	 
	     Section 8.15
	 	Severability of Provisions; No Waiver	 	 	44	 
	     Section 8.16
	 	Subordination	 	 	44	 
	     Section 8.17
	 	Confidentiality	 	 	44	 

	 	 	 
	EXHIBITS
	 	 
	Exhibit A

	 	Form of Assignment
	 
	 	 
	SCHEDULES
	 	 
	Schedule 1

	 	Transferred Receivable List
	Schedule 4.1(l)

	 	ERISA Compliance Information

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     CONTRIBUTION AND SALE AGREEMENT, dated as of September 26, 2006 (the “Contribution
Agreement”), by and between AMERICAN COLOR GRAPHICS, INC., a New York corporation
(“ACG”), as the Seller (in such capacity, the “Seller”), and AMERICAN COLOR
GRAPHICS FINANCE, LLC, a Delaware limited liability company, as the Purchaser (in such capacity,
the “Purchaser”).

PRELIMINARY STATEMENT

     WHEREAS, the Purchaser desires to purchase from the Seller and the Seller desires to sell to
the Purchaser certain Receivables originated by the Seller in its normal course of business.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and benefits to be
derived herefrom, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Defined Terms.

     Certain capitalized terms used throughout this Contribution Agreement are defined in this
Section 1.1. In addition, capitalized terms used but not defined in this Contribution
Agreement shall have the meanings set forth in the Credit Agreement or the Servicing Agreement, as
the case may be.

     “ACG” has the meaning set forth in the Preamble hereto.

     “Assignment” has the meaning set forth in Section 2.2(b).

     “Board of Directors” means, with respect to any Person, the Board of Directors of such
Person or any duly authorized committee of such Board of Directors.

     “Cash Purchase Amount” shall mean, with respect to the Transferred Receivables
purchased by the Purchaser on any Purchase Date, an amount equal to cash price paid for the
Transferred Receivables that are purchased by the Purchaser on such Purchase Date.

     “Collections” means, with respect to any Receivable, all cash collections and other
cash proceeds of such Receivable, including, without limitation, all cash proceeds of Related
Assets with respect to such Receivable, and all funds deemed to have been received by the Seller or
any other Person as a Collection pursuant to Section 6.1.

 

 

     “Contract” means an agreement between the Seller and an Obligor in the form of a
written contract or an invoice, pursuant to or under which such Obligor shall be obligated to pay
for merchandise or services from time to time.

     “Contribution Agreement” has the meaning set forth in the Preamble hereto.

     “Contribution Amount” shall mean, with respect to the Transferred Receivables
purchased by or contributed to the Purchaser on any Purchase Date, a capital contribution in the
amount of the excess, if any, of (i) the Fair Market Value of the Transferred Receivables that are
purchased by the Purchaser on the related Purchase Date, over (ii) the Cash Purchase Amount of the
Transferred Receivables that are purchased by the Purchaser on the related Purchase Date.

     “Credit Agreement” means that certain Credit Agreement, dated as of September 26,
2006, by and among American Color Graphics Finance, LLC, as borrower, the lenders identified
therein, and Bank of America, N.A., as administrative agent and collateral agent.

     “Delinquent Receivable” means any Receivable that is not a Defaulted Receivable but
which remains unpaid for more than thirty (30) days past the due date thereof or for more than
sixty (60) days from the original invoice date thereof, or which would otherwise be classified as
delinquent pursuant to the Credit Policies.

     “Dilution” means any reduction or cancellation in part or in full of a Receivable due
to or as a result of (a) any defective or rejected goods or services, (b) the failure of the Seller
or any Affiliate thereof for any reason to deliver any goods or services, (c) any other default by
the Seller or any Affiliate thereof in the performance of its obligations under or in connection
with any contract relating to such Receivable, (d) discounts, rebates, credit memos and other
reductions or adjustments granted or allowed by the Seller or any Affiliate thereof, (e) offsets,
disputes, defenses or claims of or by any subcontractor against the Seller or any Affiliate
thereof, or (f) offsets, disputes, defenses or claims of or by any Obligor against the Seller or
any Affiliate thereof (other than offsets, disputes, defenses or claims where the facts demonstrate
to the satisfaction of the Purchaser or any of its successors and assigns that such offset,
dispute, defense or claim or that the Obligor’s failure to make payment is the result of such
Obligor’s insolvency, bankruptcy or inability to pay its obligations as they mature due to its
financial condition) that the Obligor claims with the effect of reducing such Receivable (whether
such claim arises out of the same or a related transaction or an unrelated transaction).

     “Eligible Obligor” means any Obligor which (a) if a natural person, is a resident of
the United States or Canada or, if a corporation or other business organization, is organized under
the laws of the United States or Canada or any political subdivision thereof and has its chief
executive office in the United States or Canada; (b) is not an Affiliate or an employee of any of
the parties hereto; (c) is not a government or a governmental subdivision or agency; (d) if a new
Obligor, has been approved by the Administrative Agent as an Obligor, provided that no Obligor
which is Canadian or located in Canada shall constitute an Eligible Obligor unless and until the
Administrative Agent, in the exercise of its commercially reasonable judgment, and the

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Purchaser have agreed upon the procedures to be applied for treatment of such Obligors as
Eligible Obligors, including appropriate cash management arrangements.

     “Excepted Persons” has the meaning set forth in Section 8.17(a).

     “Fair Market Value” means, with respect to a Receivable, an amount equal to the value
that would be obtained in an arm’s length transaction between an informed and willing purchaser
under no compulsion to buy and an informed and willing seller under no compulsion to sell, as
determined in good faith by the Seller’s Board of Directors.

     “Indemnified Amounts” has the meaning set forth in Section 7.1(a).

     “Indemnified Party” has the meaning set forth in Section 7.1(a).

     “Obligor” means any obligor under any Contract whose recourse obligations thereunder
constitute the principal source of payments under any Contract.

     “Obligor Concentration Limit” means, except with the consent of the Administrative
Agent (acting at the written direction of the Required Lenders, for so long as the Loans
outstanding under the Credit Agreement are less than or equal to $10,000,000, the pool of
Transferred Receivables shall include at least thirty (30) Eligible Obligors (including all
Receivables for which Home Depot is the Obligor, if any); for so long as the Loans outstanding
under the Credit Agreement are greater than $10,000,000 but less than or equal to $15,000,000, the
pool of Transferred Receivables shall include at least fifty (50) Eligible Obligors (including all
Receivables for which Home Depot is the Obligor, if any); for so long as the Loans outstanding
under the Credit Agreement are greater than $15,000,000 but less than or equal to $20,000,000, the
pool of Transferred Receivables shall include at least seventy five (75) Eligible Obligors
(including all Receivables for which Home Depot is the Obligor, if any); and for so long as the
Loans outstanding under the Credit Agreement are greater than $20,000,000, the pool of Transferred
Receivables shall include at least one hundred fifty (150) Eligible Obligors (including all
Receivables for which Home Depot is the Obligor, if any).

     “Officer’s Certificate” means a certificate signed a duly authorized officer of the
Seller or the Purchaser, as the case may be.

     “Opinion of Counsel” means a written opinion of counsel, which opinion and counsel are
acceptable to the Administrative Agent.

     “Other Costs” has the meaning set forth in Section 8.7(c).

     “Purchase Commencement Date” means the date on which the conditions set forth in
Sections 3.1 and 3.2 have been satisfied.

     “Purchase Date” means any date on which the Seller sells or contributes any Receivable
to the Purchaser pursuant to the terms of this Contribution Agreement.

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     “Purchase Termination Date” means the date that is the earliest to occur of (a) the
date that is sixty (60) days prior to the Maturity Date, (b) the date that the Purchaser fails to
comply with the Obligor Concentration Limits for in excess of five (5) Business Days, (c) the
occurrence of a Termination Date, and (d) the occurrence of an Event of Default.

     “Purchased Receivable” has the meaning set forth in Section 2.2(a).

     “Purchaser” has the meaning set forth in the Preamble hereto.

     “Receivable” means the indebtedness of any Obligor under a Contract that has been
originated by the Seller and includes the right to payment of any interest or finance charges and
other obligations of such Obligor with respect thereto.

     “Related Asset” means with respect to any Receivable:

     (a) all security interests or liens and property subject thereto from time to time purporting
to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable
or otherwise, together with all financing statements filed against an Obligor describing any
collateral securing such Receivable;

     (b) all guaranties, insurance and other agreements or arrangements of whatever character from
time to time supporting or securing payment of such receivable whether pursuant to the Contract
related to the Receivable or otherwise; and

     (c) the Contract and all other books, records and other information (including, without
limitation, computer programs, tapes, discs, punch cards, data processing software and related
property and rights) relating to such Receivable and the related Obligor.

     “Removed Obligor” has the meaning set forth in Section 2.1(b).

     “Retransferred Receivables” has the meaning set forth in Section 6.2.

     “Seller” has the meaning set forth in the Preamble hereto.

     “Servicer” means ACG or any successor servicer appointed pursuant to the terms of the
Servicing Agreement.

     “Servicing Agreement” means that certain Servicing Agreement, dated as of September
26, 2006, among the Servicer, the Purchaser, the Administrative Agent and the Collateral Agent.

     “Total Purchase Amount” has the meaning set forth in Section 2.3.

     “Transferred Receivable” means a Purchased Receivable outstanding, but excluding any
Retransferred Receivables.

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     “Transferred Receivable List” means the schedule of all Transferred Receivables that
are sold, contributed, transferred, assigned, set over or otherwise conveyed by the Seller to the
Purchaser hereunder, together with the information specified in Section 2.5(b), which
schedule may be supplemented and amended on each Purchase Date pursuant to the terms hereof.

     “Transferred Receivable Representations and Warranties” means the representations and
warranties relating to the Transferred Receivables set forth in Section 4.3.

     Section 1.2 Other Terms.

     All accounting terms used but not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC, and used but not specifically defined herein,
are used herein as defined in such Article 9.

     Section 1.3 Computation of Time Periods.

     Unless otherwise stated in this Contribution Agreement, in the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the
words “to” and “until” each mean “to but excluding.”

     Section 1.4 Interpretation.

     In this Contribution Agreement, unless a contrary intention appears:

     (a) the singular number includes the plural number and vice versa;

     (b) reference to any Person includes such Person’s successors and assigns but, if applicable,
only if such successors and assigns are permitted under the terms of this Contribution Agreement or
under the terms of any of the other Loan Documents;

     (c) reference to any gender includes the other gender;

     (d) the word “or” has the inclusive meaning represented by the phrase “and/or”;

     (e) the words “hereof,” “herein,” “hereby,” and “hereunder,” and any other similar words,
refer to this Contribution Agreement as a whole and not to any particular provision hereof;

     (f) reference to day or days without further qualification means calendar days;

     (g) in the case where the date on which any action required to be taken, document
required to be delivered or payment required to be made is not a Business Day, such
action, delivery or payment need not be made on such date, but may be made on the next
succeeding Business Day;

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     (h) reference to any article, section, subsection, clause, exhibit and schedule
references are to this Contribution Agreement;

     (i) reference to any agreement (including any Loan Document), document or instrument means
such agreement, document or instrument as amended, supplemented or modified and in effect from time
to time in accordance with the terms thereof and, if applicable, the terms of the other Loan
Documents, and reference to any promissory note includes any promissory note that is an extension
or renewal thereof or a substitute or replacement therefor; and

     (j) reference to any Applicable Law means such Applicable Law as amended, modified, codified,
replaced or reenacted, in whole or in part, and in effect from time to time, including rules and
regulations promulgated thereunder and reference to any section or other provision of any
Applicable Law means that provision of such Applicable Law from time to time in effect and
constituting the substantive amendment, modification, codification, replacement or reenactment of
such section or other provision.

ARTICLE II

SALE, TRANSFER AND ASSIGNMENT

     Section 2.1 Facility.

     (a) Subject to the terms and conditions of this Contribution Agreement, on any Business Day
following the Purchase Commencement Date and prior to the Purchase Termination Date (and, in any
event, on the Tuesday following each calendar week (so long as Receivables relating to an Eligible
Obligor whose Receivables were sold to the Purchaser on any Business Day prior to the related
Purchase Date were generated in any such week)), (i) the Seller may at its option sell, assign,
contribute, transfer, set-over and otherwise convey to the Purchaser and the Purchaser may at its
option purchase and accept from the Seller, upon satisfaction of the applicable conditions set
forth in Article III, Receivables originated by the Seller which have not previously been sold or
contributed to the Purchaser which Receivables have Obligors that (A) are Eligible Obligors and (B)
are acceptable to the Purchaser, and (ii) the Seller shall sell, assign, contribute, transfer,
set-over and otherwise convey to the Purchaser, without recourse (except to the extent expressly
provided herein), and the Purchaser shall purchase and accept from the Seller, upon satisfaction of
the applicable conditions set forth in Article III, all Receivables that relate to an Eligible
Obligor whose Receivables have been sold to the Purchaser on any Business Day in the calendar week
prior to the related Purchase Date; provided, however, notwithstanding clause
(ii), the Seller shall not be required to sell, and the Purchaser shall not be required to
purchase and accept, the Receivables related to an Obligor that is a Removed Obligor.

     (b) At any time that the Borrowing Base is sufficient to support borrowings of $35,000,000
(after giving effect to the Purchaser’s compliance with Section 5.11 of the Credit

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Agreement), the Purchaser may, with the prior written consent of the Agent and the Seller,
elect to stop purchasing new Receivables from designated Obligors (each such Obligor a “Removed
Obligor”). Upon designation of an Obligor as a “Removed Obligor,” such Obligor shall remain a
“Removed Obligor” until the Agent, in the exercise of its commercially reasonable judgment, and the
Seller agree that such Removed Obligor shall no longer be a “Removed Obligor” hereunder.

     (c) Notwithstanding anything contained in this Contribution Agreement to the contrary, the
Seller may sell, contribute, transfer, assign, set over and otherwise convey all or any Receivables
to the Purchaser for a Total Purchase Amount made up 100% of Contribution Amount.

     Section 2.2 Sale, Transfer and Assignment.

     (a) On each Purchase Date, the Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Purchaser, and the Purchaser hereby purchases and takes from the Seller,
all right, title and interest of the Seller in the following (collectively, the “Purchased
Receivables”):

     (i) the Receivables that are listed on Appendix I to the related Assignment,
together with all monies due in payment of such Receivable;

     (ii) all Related Assets with respect to the Receivables referred to in clause
(i) above; and

     (iii) all income or proceeds related to or derived from any of the foregoing.

     (b) In connection with any purchase pursuant to Section 2.2(a), the Seller shall, on
or prior to the related Purchase Date, execute and deliver to the Purchaser a certificate of
assignment (the “Assignment”) from the Seller to the Purchaser substantially in the form of
Exhibit A hereto. From and after such Purchase Date, the Receivables listed on such
assignment shall be deemed to be Transferred Receivables hereunder.

     (c) Notwithstanding anything to the contrary set forth herein, all sales made pursuant to
Section 2.2(a), taking into account all sales and contributions made on any Purchase Date
hereunder, shall comply with the Obligor Concentration Limits.

     (d) Except as specifically provided in this Contribution Agreement, the sale, contribution,
purchase and acceptance of Transferred Receivables under this Contribution Agreement shall be
without recourse to the Seller, it being understood that the Seller shall be liable to the
Purchaser for all representations, warranties, covenants and indemnities made by the Seller
pursuant to the terms of this Contribution Agreement, all of which obligations are limited so as
not to constitute recourse to the Seller for the credit risk of any Obligor.

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     (e) None of the Purchaser, the Administrative Agent or any Lender shall have any obligation or
liability to any Obligor or client of the Seller (including any obligation to perform any of the
obligations of the Seller (including any obligation with respect to any other related agreements)).
No such obligation or liability is intended to be assumed by the Purchaser, the Administrative
Agent or the Lenders hereunder, and any such assumption is expressly disclaimed.

     (f) Consistent with the Purchaser’s ownership of the Transferred Receivables, the Purchaser
shall have (as between the Seller and the Purchaser but subject to ACG’s rights as Servicer under
the Servicing Agreement) the sole right to service, administer and collect the Transferred
Receivables and to assign or delegate such right to others.

     (g) Except as otherwise expressly required by Section 6.2, the Purchaser shall have no
obligation to account to the Seller for the Transferred Receivables. The Purchaser shall have no
obligation to account for, or to return any Collections on or with respect to the Transferred
Receivables to the Seller. The Purchaser shall have the sole right to retain any gains or profits
created by buying, selling or holding the Transferred Receivables and shall have the sole risk of
and responsibility for losses or damages created by such buying, selling or holding.

     (h) The Purchaser shall have the unrestricted right to further assign, transfer, deliver,
hypothecate, subdivide or otherwise deal with the Transferred Receivables in accordance with the
terms of the Loan Documents, and all of the Purchaser’s right, title and interest in, to and under
this Contribution Agreement, on whatever terms the Purchaser shall determine, pursuant to this
Contribution Agreement or otherwise.

     Section 2.3 Total Purchase Amount.

     On any Purchase Date, the Total Purchase Amount for the Transferred Receivables that are
purchased by the Purchaser on such Purchase Date shall be equal to the sum of (a) the Cash Purchase
Amount for the Transferred Receivables that are purchased by the Purchaser on such Purchase Date
and (b) the Contribution Amount for the Transferred Receivables that are purchased by the Purchaser
on such Purchase Date (collectively, the “Total Purchase Amount”).

     Section 2.4 Payment of Cash Purchase Amount.

     (a) The Cash Purchase Amount for any Transferred Receivables sold by the Seller to the
Purchaser on any Purchase Date shall be paid in immediately available funds.

     (b) The Seller, by accepting the Cash Purchase Amount and/or Contribution Amount paid for each
purchase of Transferred Receivables, shall be deemed to have certified, with respect to the
Transferred Receivables to be sold by it on such day, that its representations and warranties
contained in Article IV are true and correct in all material respects on and as of such day
except as otherwise noted in the applicable Assignment with respect to failures, if any, to meet
the Transferred Receivables Representations and Warranties, with the same effect as though made on
and as of such day.

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     (c) Upon the delivery of the Cash Purchase Amount and the Assignment with respect to any
transfer of Receivables, title to the Transferred Receivables included in such sale or
contribution, as the case may be, shall rest in the Purchaser, whether or not the conditions
precedent to such purchase and the other covenants and agreements contained herein were in fact
satisfied; provided, however, that the Purchaser shall not be deemed to have waived
any claim it may have under this Contribution Agreement for the failure by the Seller in fact to
satisfy any such condition precedent, covenant or agreement.

     Section 2.5 Deliveries and Undertakings in Connection with Sale or Contribution.

     (a) The Seller agrees, on the Closing Date, (i) to record and file, at its own expense, any
financing statements (and continuation statements with respect to such financing statements when
applicable) with respect to all Receivables that then are or thereafter become Transferred
Receivables, meeting the requirements of Applicable Law in such manner and in such jurisdictions as
are necessary to perfect, and maintain the perfection of the sale or contribution of, or grant of
security interest (which term (as defined in Article 9 of the UCC as in effect in the State of New
York) includes any interest of a buyer of accounts in such accounts) in, the Transferred
Receivables from the Seller to the Purchaser, (ii) that, subject to Section 2.5(c), such
financing statements shall name the Seller, as debtor (which term (as defined in Article 9 of the
UCC as in effect in the State of New York) includes a seller of accounts), and the Purchaser, as
secured party (which term (as defined in Article 9 of the UCC as in effect in the State of New
York) includes a person to which accounts have been sold), of the Transferred Receivables and shall
name the Collateral Agent, as assignee, and (iii) to deliver a file-stamped copy of such financing
statements or other evidence of such filings (excluding continuation statements, which shall be
delivered as filed) to the Purchaser on or prior to the initial Purchase Date.

     (b) In connection with the sale of the Transferred Receivables, the Seller further agrees that
it shall, at its own expense, indicate clearly and unambiguously in its records and its financial
statements (except as permitted by Section 5.01 of the Credit Agreement or Section 7.01 of
the ACG Senior Facility), on or prior to each Purchase Date, that such Transferred Receivables have
been sold or contributed to the Purchaser pursuant to this Contribution Agreement. The Seller
further agrees to deliver to the Purchaser on each Purchase Date a computer file containing a true,
complete and correct list of all (i) Transferred Receivables being purchased by, or contributed to,
the Purchaser on such Purchase Date (identified by account number), (ii) the balance of each
Transferred Receivable, and (iii) such other information required by the Assignment. Such file or
list shall be marked as Schedule 1 to this Contribution Agreement, shall be delivered to
the Purchaser as confidential and proprietary, and is hereby incorporated into and made a part of
this Contribution Agreement as such Schedule 1 may be supplemented and amended from time to
time.

     (c) It is the intention of the parties hereto that the sale and contribution by the Seller to
the Purchaser of the Transferred Receivables shall constitute a valid sale, contribution, transfer
and conveyance by the Seller of the Transferred Receivables, free and clear of any Lien, that such
Transferred Receivables shall be removed from the estate of the Seller and that the

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Transferred Receivables not be part of the Seller’s estate in the event of an Insolvency
Proceeding with respect to the Seller. Furthermore, (i) it is not intended that such conveyance be
deemed a pledge of the Transferred Receivables by the Seller to the Purchaser to secure a debt or
other obligation of the Seller, notwithstanding the requirements of subsection (a) above, and (ii)
the Seller and the Purchaser intend that their operations and businesses shall not be substantively
consolidated in the event of an Insolvency Proceeding with respect to the Seller and that the
separate existence of the Seller and the Purchaser shall not be disregarded in the event of an
Insolvency Proceeding with respect to the Seller. In the event that notwithstanding the foregoing
(i) any such Transferred Receivables are held to be property of the Seller’s bankruptcy estate, or
(ii) this Contribution Agreement is held or deemed to create a security interest in the Transferred
Receivables, then (A) this Contribution Agreement shall constitute a security agreement under the
laws of New York and, to the extent applicable, within the meaning of Article 8 and Article 9 of
the UCC as in effect in the State of New York and (B) the conveyances provided for in Sections
2.2(a) and (c) hereof shall be a grant by the Seller to the Purchaser of a valid
security interest in (or charge over) all of the Seller’s right, title and interest in and to the
Transferred Receivables, which security interest has been assigned to the Administrative Agent
pursuant to Section 2.1 of the Security Agreement and which security interest shall be
deemed to have been granted directly to the Administrative Agent from the Seller. The Purchaser
shall have, in addition to the rights and remedies that it may have under this Contribution
Agreement, all other rights and remedies provided to a secured creditor under the UCC and other
Applicable Law, which rights and remedies shall be cumulative.

     (d) In order to secure the performance by the Seller of its covenants and obligations
hereunder, the Seller irrevocably authorizes the Purchaser at any time and from time to time in the
sole discretion of the Purchaser, and appoints the Purchaser as its attorney-in-fact to act on
behalf of the Seller, to take all such steps or actions and to execute and deliver all instruments,
agreements, deeds, memoranda and other documents that may be necessary to perfect and protect the
Purchaser’s title to and ownership or security interest in the Transferred Receivables, or to
enable the Purchaser to exercise or enforce any of its rights hereunder. This appointment is
coupled with an interest and is irrevocable.

ARTICLE III

CONDITIONS PRECEDENT

     Section 3.1 Conditions Precedent to Closing.

     The closing hereunder is subject to the satisfaction of the following conditions precedent,
together with the conditions precedent set forth in Section 4.01 of the Credit Agreement, that:

     (a) The Purchaser shall have a minimum cash balance in the Cash Collateral Account of $200,000
as of the Closing Date, after the payment of fees and expenses of the transaction.

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     (b) The Loan Documents (other than the Control Agreement and the Intercreditor Agreement)
shall be in full force and effect on the Closing Date.

     (c) ACG, the Purchaser and the Administrative Agent in the exercise of its reasonable
commercial judgment shall have agreed to the form of “Control Agreement” and form of “Intercreditor
Agreement” attached to the Credit Agreement.

     (d) The Purchaser and the Seller shall have obtained all consents and approvals of the board
of directors, shareholders, governmental entities and other applicable third parties necessary in
connection with the Loan Documents.

     (e) There shall be no material pending or threatened litigation, proceeding, bankruptcy or
insolvency, injunction, order or claim with respect to the Purchaser or the Seller.

     (f) All loans made by the Lenders to the Seller or any of its Affiliates shall be in full
compliance with the Federal Reserve’s margin regulations.

     (g) The Administrative Agent shall have received opinions of counsel to the Seller and the
Purchaser satisfactory to the Administrative Agent as to, among other matters, valid corporate
existence and authority, legality, validity and binding effect of all Loan Documents, perfection of
security interests, the absence of any violation of law or regulation or conflict with any existing
contracts, including the Second Lien Indenture and the ACG Senior Facility, and a non-consolidation
opinion with respect to the Seller and the Purchaser.

     Section 3.2 Conditions Precedent to Initial Purchase.

     The obligations of the Purchaser to purchase the Transferred Receivables from the Seller on
the initial Purchase Date shall be subject to the satisfaction of the following conditions
precedent, together with the conditions precedent set forth in Section 4.02 of the Credit
Agreement, that:

     (a) If requested by the Administrative Agent in its sole discretion, the Agents shall have
received an opinion addressed to the Agents, the Lenders and the agents and the lenders under the
ACG Senior Facility, prepared by a third party acceptable to the Agents and in form and substance
satisfactory to the Agents as to the fair market value of the Transferred Receivables purchased by
the Purchaser from the Seller on the initial Purchase Date.

     (b) The Administrative Agent shall have received the opinions required by Section
4.02(c) of the Credit Agreement.

     (c) The Loan Documents, including the Control Agreement and the Intercreditor Agreement, shall
be in full force and effect on such Purchase Date.

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     Section 3.3 Conditions Precedent to all Purchases.

     The obligations of the Purchaser to purchase the Transferred Receivables from the Seller on
any Purchase Date (including the initial Purchase Date) shall be subject to the satisfaction of the
following condition precedent, together with the conditions precedent set forth in Section 4.03 of
the Credit Agreement, that the Seller shall have delivered to the Purchaser and the Administrative
Agent an updated Transferred Receivable List.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     Section 4.1 The Seller’s Representations and Warranties.

     The Seller makes the following representations and warranties to the Purchaser and the
Administrative Agent as of the Closing Date and as of each Purchase Date, that:

     (a) Existence, Qualification and Power; Compliance with Laws. The Seller (i) is duly
organized and in good standing under the laws of the state of New York, (ii) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (A) own or lease its assets and carry on its business and (B) execute, deliver and perform its
obligations under the Loan Documents to which it is a party and (iii) is duly qualified and is
licensed and in good standing under the laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification or license,
except where failure to be so would not reasonably be expected to have a Material Adverse Effect.

     (b) Authorization; No Contravention. The execution, delivery and performance by the
Seller of each Loan Document to which it is party have been duly authorized by all necessary
corporate or other organizational action and do not and shall not (i) contravene the terms of any
of such Person’s Organizational Documents; (ii) conflict with or result in any breach or
contravention of, or result in or require the creation of any Lien under, or require any payment to
be made under (A) any Contractual Obligation to which such Person is a party or affecting such
Person or the Property of such Person or any of its Subsidiaries or (B) any order, injunction, writ
or decree of any Governmental Authority or any arbitral award to which such Person or its property
is subject; or (iii) violate any Applicable Law (including, without limitation, Regulation U or
Regulation X issued by the FRB). The Seller is in compliance with all Contractual Obligations
referred to in clause (ii)(A), except to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect.

     (c) Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Seller of any Loan Document, except for (i) consents,

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authorizations, notices and filings which have been obtained or made and (ii) filings to
perfect the Liens created by the Loan Documents.

     (d) Binding Effect. Each Loan Document to which the Seller is a party has been duly
executed and delivered by the Seller. Each Loan Document to which the Seller is a party
constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in
accordance with its terms except as enforceability may be limited by the Bankruptcy Code and by
general equitable principles (whether enforcement is sought by proceedings in equity or at law).

     (e) Financial Statements. All financial statements delivered pursuant to Sections
5.1(j)(i), (ii) and (iii) have been prepared in accordance with GAAP (except as
may otherwise be permitted under Sections 5.1(j)(i), (ii) and (iii)) and
present fairly in all material respects (on the basis disclosed in the footnotes, where applicable,
to such financial statements) the consolidated and consolidating statements of financial condition
and income or operations and a consolidated statement of cash flows of Holdings as of such date and
for such periods.

     (f) Litigation. There are no actions, suits, proceedings, claims or disputes pending
or, to the knowledge of the Seller after due and diligent investigation, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
the Seller or against any of its properties or revenues that (a) purport to affect or pertain to
any of the Loan Documents, or any of the transactions contemplated thereby or (b) either
individually or in the aggregate, if determined adversely, would reasonably be expected to have a
Material Adverse Effect.

     (g) Compliance with Laws. The Seller is in compliance in all material respects with
the requirements of all Applicable Laws and all orders, writs, injunctions and decrees applicable
to it or to its Properties, except in such instances in which (a) such requirement of Applicable
Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     (h) No Default. No Servicer Default or Event of Default has occurred and no condition
exists which, with notice or lapse of time, or both, would constitute a Servicer Default or an
Event of Default.

     (i) Ownership of Property; Liens. The Seller has good record and marketable title in
fee simple to, or valid leasehold interests in, all real Property necessary or used in the ordinary
conduct of its business, except for such defects in title as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

     (j) Environmental Compliance. Except in each case where the existence and/or
occurrence of any of the following would not reasonably be expected to have a Material Adverse
Effect:

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     (i) Each of the Real Properties and all operations at the Real Properties are in
compliance with all applicable Environmental Laws, and there is no violation of any
Environmental Law with respect to the Real Properties or the Businesses.

     (ii) None of the Real Properties contains, or to the knowledge of the Financial
Officers of the Seller, has previously contained, any Hazardous Materials at, on or under
the Real Properties in amounts or concentrations that constitute or constituted a violation
of, or could give rise to liability under, Environmental Laws.

     (iii) The Seller has not received any written notice of, or inquiry from any
Governmental Authority regarding, any violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with
Environmental Laws with regard to any of the Real Properties or the Businesses, except for
such notice or inquiry that has been fully and finally adjudicated, withdrawn, settled or
otherwise resolved; nor does any Financial Officer of the Seller have knowledge or reason to
believe that any such notice shall be received or is being threatened.

     (iv) Hazardous Materials have not been transported or disposed of from the Real
Properties, or generated, treated, stored or disposed of at, on or under any of the Real
Properties or any other location, in each case by or on behalf of the Seller in violation
of, or in a manner that could give rise to liability under, any applicable Environmental
Law.

     (v) No judicial proceeding or governmental or administrative action is pending or, to
the knowledge of the Financial Officers of the Seller, threatened, under any Environmental
Law to which the Seller is or shall be named as a party, nor are there any consent decrees
or other decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements outstanding under any Environmental Law with respect
to the Seller, the Real Properties or the Businesses.

     (vi) During the Seller’s period of ownership or lease (with respect to real Property
previously owned or operated by the Seller) or, to the knowledge of the Financial Officers
of the Seller, at any time (with respect to real Property currently owned or operated by the
Seller), there has been no release, or threat of release, of Hazardous Materials at or from
the Real Properties, or arising from or related to the operations (including, without
limitation, disposal) of the Seller in connection with the Real Properties or otherwise in
connection with the Businesses, in violation of or in amounts or in a manner that could give
rise to liability under Environmental Laws.

     (k) Taxes. The Seller and Holdings have filed all federal income tax returns and all
other material federal, state and other tax returns and reports required to be filed by them, and
have paid all federal income taxes and all other material federal, state and other taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves

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have been provided in accordance with GAAP. There is no proposed tax assessment against the
Seller, Holdings or any Subsidiary that would, if made, have a Material Adverse Effect. The Seller
is not a party to any tax sharing agreement other than the Tax Sharing Agreement.

     (l) ERISA Compliance. Except as specifically disclosed in Schedule 4.1(l):

     (i) Each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code, the PBA and other Applicable Law. Each Plan which is intended to
qualify under Section 401(a) of the Code has received a favorable determination letter from
the IRS and, to the best knowledge of the Seller, nothing has occurred which would cause the
loss of such qualification. The Seller and each ERISA Affiliate have made all required
contributions to any Plan when due, and no application for a funding waiver or an extension
of any amortization period has been made with respect to any Plan.

     (ii) There are no pending or, to the best knowledge of the Seller, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan which
has resulted or would reasonably be expected to result in a Material Adverse Effect. There
has been no prohibited transaction or violation of the fiduciary responsibility rules with
respect to any Plan which has resulted or would reasonably be expected to result in a
Material Adverse Effect.

     (iii) (A) No ERISA Event has occurred or is reasonably expected to occur; (B) the
Unfunded Pension Liability of all Pension Plans does not exceed $40,000,000 in the
aggregate; (C) neither the Seller nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA) that would not
reasonably be expected to have a Material Adverse Effect; (D) neither the Seller nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any material liability (and no
event has occurred which, with the giving of notice under Section 4219 of ERISA, would
result in such liability) under Section 4201 or 4243 of ERISA with respect to a
Multiemployer Plan; (E) neither the Seller nor any ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA that would reasonably
be expected to have a Material Adverse Effect; and (F) no Lien has arisen, choate or
inchoate, in respect of the Seller or any of its Property in connection with any Plan (save
for contribution amounts not yet due).

     (m) Margin Regulations; Investment Company Act.

     (i) The Seller is not engaged and shall not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the
meaning of Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock.

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     (ii) The Seller (A) is not or is not required to be registered as an “investment
company” under the Investment Company Act of 1940 or (B) is not subject to regulation under
any other Applicable Law which limits its ability to incur Indebtedness.

     (n) Disclosure. The Seller has disclosed to the Administrative Agent all agreements,
instruments and corporate or other restrictions to which it is subject, and all other matters known
to it, that, individually or in the aggregate, would reasonably be expected to result in a Material
Adverse Effect. No report, financial statement, certificate or other written information (a)
prepared by or at the request of the Seller or (b) to the Seller’s knowledge, otherwise furnished
by or on behalf of the Seller in each case to the Administrative Agent in connection with the
transactions contemplated hereby and the negotiation of this Contribution Agreement or delivered
hereunder or under any other Loan Document pursuant to a provision of any Loan Document or pursuant
to a specific request from the Administrative Agent in accordance with the Loan Documents (in each
case, as modified or supplemented by other information so furnished), when taken as a whole,
contains any misstatement of material fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that (i) with respect to projected financial information, the Seller
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time and (ii) with respect to reports, financial statements, certificates and
other information that was not prepared at the request of the Seller, the Seller represents only
that it is not aware that such materials contain any material misstatements of fact or material
omissions.

     (o) Chief Executive Office. The chief executive office of the Seller is at the
address of the Seller referred to in Section 8.3 hereof.

     (p) Nonconsolidation. The Seller represents and warrants that (i) the annual
consolidated financial statements of Holdings shall contain a note indicating that the Seller’s
separate assets and liabilities are neither available to pay the debts of the consolidated entity
or any other constituent thereof nor constitute obligations of any other constituent of the
consolidated entity, it being understood that the foregoing does not apply to liabilities for which
joint and several liability is provided under the Code or ERISA, (ii) except as permitted or
required by the Loan Documents, none of the Seller or its Affiliates pays any of the Purchaser’s
expenses, guarantees any of the Purchaser’s obligations or advances funds to the Purchaser for
payment of expenses, and (iii) none of the Seller or its Affiliates acts as an agent of the
Purchaser, except ACG in its capacity as Servicer.

     (q) Ownership of the Purchaser. The Seller owns, directly or indirectly, 100% of the
membership interests of the Purchaser, free and clear of any Lien except the Lien created under the
ACG Senior Facility and the Lien created under the Second Lien Indenture. Such membership interests
are validly issued, fully paid and nonassessable, and there are no options, warrants or other
rights to acquire member interests (except a non-economic “special member” interest) in or equity
securities of the Purchaser.

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     (r) Selection Procedures. No procedures believed by the Seller to be adverse to the
interests of the Purchaser, the Administrative Agent or the Lenders were utilized by the Seller in
identifying or selecting the Transferred Receivables. In addition, each Transferred Receivable
shall have been underwritten in accordance with and satisfy the standards of the Credit Policies as
in effect on the date of origination of such Transferred Receivable.

     (s) Eligibility of Receivables. As of each Purchase Date, (i) the Transferred
Receivable List provides an accurate and complete listing of all the Transferred Receivables
transferred hereunder, and the information contained therein with respect to the identity of such
Transferred Receivables and the amounts owing thereunder is true and correct in all material
respects, (ii) the Obligor of each Transferred Receivable is an Eligible Obligor, (iii) except as
disclosed on the applicable Assignment, each Transferred Receivable satisfies the Transferred
Receivable Representations and Warranties, (iv) each Transferred Receivable is free and clear of
any Lien of any Person (other than any Lien created pursuant to the terms of the Loan Documents)
and in compliance with all Applicable Laws, (v) the Seller is in compliance with all Obligor
Concentration Limits, and, (vi) with respect to each Transferred Receivable, all consents,
licenses, approvals or authorizations of or registrations or declarations of any Governmental
Authority required to be obtained, effected or given by the Seller in connection with the transfer
of an ownership interest or security interest in such Transferred Receivables to the Purchaser have
been duly obtained, effected or given and are in full force and effect.

     (t) Perfection Requirements as to Collateral.

     (i) The sale and contribution by the Seller to the Purchaser of the Transferred
Receivables under this Contribution Agreement constitutes a valid sale, contribution,
transfer and conveyance by the Seller of the Transferred Receivables, free and clear of any
Lien, and such Transferred Receivables have been removed from the estate of the Seller and
would not be part of the Seller’s estate in the event of an Insolvency Proceeding with
respect to the Seller; provided, however, that if (x) any such Transferred
Receivables are held to be property of the Seller’s bankruptcy estate, or (y) this
Contribution Agreement is held or deemed to create a security interest in the Transferred
Receivables, then (A) this Contribution Agreement constitutes a security agreement under the
laws of New York and, to the extent applicable, within the meaning of Article 8 and Article
9 of the UCC as in effect in the State of New York and (B) the conveyances provided for in
Sections 2.2(a) and 2.2(c) hereof are a grant by the Seller to the Purchaser
of a valid security interest in (or charge over) all of the Seller’s right, title and
interest in and to the Transferred Receivables, which security interest has been assigned to
the Collateral Agent pursuant to Section 2.1 of the Security Agreement and which
security interest shall be deemed to have been granted directly to the Collateral Agent from
the Seller, and in such event the Purchaser shall have, in addition to the rights and
remedies that it may have under this Contribution Agreement, all other rights and remedies
provided to a secured creditor under the UCC and other Applicable Law, which rights and
remedies shall be cumulative.

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     (ii) Prior to the transactions described herein, the Seller had good title to the
Transferred Receivables free and clear of any Liens other than the Liens created under the
ACG Senior Facility and the Second Lien Indenture.

     (iii) All of the Transferred Receivables constitute “accounts” within the meaning of
the UCC and none of the Contracts related to such Transferred Receivables have any marks or
notation indicating that it has been pledged, assigned or otherwise conveyed to or in favor
of any Person other than the Administrative Agent.

     (iv) The Seller has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under Applicable Law. Each such
financing statement contains a statement that a “purchase of, or grant of a security
interest in, any collateral described in this financing statement without the consent of the
Administrative Agent shall violate the rights of the Purchaser.”

     (v) Other than the security interest granted to the Purchaser pursuant to this
Contribution Agreement and the Liens created under the ACG Senior Facility and the Second
Lien Indenture, the Seller has not pledged, assigned, sold, granted a security interest in,
or otherwise conveyed any of the Transferred Receivables (or any interest therein). The
Seller has not authorized the filing of and is not aware of any financing statements against
the Seller that include a description of any Transferred Receivables, other than any
financing statement (A) relating to the security interest granted hereunder or under any of
the other Loan Documents in favor of the Purchaser or the Administrative Agent, or (B) that
has been terminated or released.

     (vi) Notwithstanding any other provision of this Contribution Agreement or any
provision of any other Loan Document, the representations contained in this Section
4.1(t) shall be continuing and remain in full force and effect until all amounts due and
payable under all of the Loan Documents have been paid in full in accordance with the terms
of such Loan Documents.

     (u) Collections. The Seller acknowledges that all Collections received by it or by
any of its Affiliates with respect to the Transferred Receivables are held and shall be held in
trust for the benefit of the Purchaser (or its assignees) until such Collections are deposited into
the Concentration Account.

     (v) Covenants. All covenants, agreements and undertakings of the Seller hereunder
have been fully performed in all material respects.

     (w) Fraudulent Transfer. No transfer of property is being made by the Seller and no
obligation is being incurred by the Seller in connection with any of the transactions contemplated
by this Contribution Agreement or the other Loan Documents with the intent to hinder, delay or
defraud either present of future creditors of the Seller.

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     (x) Representations and Warranties for Benefit of the Administrative Agent. Each of
the representations and warranties of the Seller contained in this Contribution Agreement and the
other Loan Documents to which it is a party and that have been executed and delivered on or prior
to such Purchase Date is true and correct in all material respects on the date it was made true and
correct (except to the extent that the Seller qualified any of the Transferred Receivable
Representations and Warranties with respect to any Transferred Receivable so long as any such
qualified Transferred Receivable has not been deemed to be eligible for inclusion in the
calculation of the Borrowing Base at any time), and the Seller hereby makes each such
representation and warranty to, and for the benefit of, the Collateral Agent, the Administrative
Agent and the Lenders as if the same were set forth in full herein.

     It is understood and agreed that the representations and warranties provided in this
Section 4.1 shall survive (i) the sale and assignment or contribution of the Transferred
Receivables to the Purchaser and (ii) any subsequent transfer of the Transferred Receivables by the
Purchaser (including its grant of a first priority perfected security interest in, to and under the
Transferred Receivables pursuant to the Credit Agreement). Upon discovery by the Seller or the
Purchaser of a breach of any of the foregoing representations and warranties (other than any breach
of a Transferred Asset Representation and Warranty that was disclosed on the applicable
Assignment), the party discovering such breach shall give prompt written notice thereof to the
other and to the Administrative Agent immediately upon obtaining knowledge of such breach.

     Section 4.2 Representations and Warranties of the Purchaser.

     The Purchaser makes the following representations and warranties to the Seller and the
Administrative Agent as of the Closing Date and as of each Purchase Date, that:

     (a) Existence, Qualification and Power; Compliance with Laws. The Purchaser (i) is
duly organized and is validly existing as a limited liability company under the laws of the State
of Delaware, (ii) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (A) own or lease its assets and carry on its business and
(B) execute, deliver and perform its obligations under the Loan Documents to which it is a party
and (iii) is duly qualified and is licensed and in good standing under the laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license.

     (b) Authorization; No Contravention. The execution, delivery and performance by the
Purchaser of each Loan Document to which it is party, have been duly authorized by all necessary
limited liability company action, and do not and shall not (i) contravene the terms of any of the
Purchaser’s Organizational Documents; (ii) conflict with or result in any breach or contravention
of (A) any Contractual Obligation to which the Purchaser is a party or affecting the Purchaser or
the Property of the Purchaser or (B) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which the Purchaser or its property is subject; or (iii) violate
any Applicable Law (including, without limitation, Regulation U or Regulation X issued by the FRB).

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     (c) Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Purchaser of any Loan Document, except for (i) consents,
authorizations, notices and filings, which have been obtained or made and (ii) filings to perfect
the Liens created by the Loan Documents.

     (d) Binding Effect. Each Loan Document to which the Purchaser is a party has been
duly executed and delivered by the Purchaser. Each Loan Document to which the Purchaser is a party
constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms except as enforceability may be limited by applicable Debtor
Relief Laws and by general equitable principles (whether enforcement is sought by proceedings in
equity or at law).

     (e) Litigation. There are no actions, suits, proceedings, claims or disputes pending
or, to the knowledge of the Purchaser after due and diligent investigation, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
the Purchaser or against any of its properties or revenues that (a) purport to affect or pertain to
any of the Loan Documents, or any of the transactions contemplated thereby or (b) either
individually or in the aggregate, if determined adversely, would reasonably be expected to have a
Material Adverse Effect.

     (f) Investment Company Act. The Purchaser is not required to be registered as an
“investment company” under the Investment Company Act of 1940.

     (g) Compliance with Laws. The Purchaser is in compliance in all material respects
with the requirements of all Applicable Laws and all orders, writs, injunctions and decrees
applicable to it or to its Properties, except in such instances in which (a) such requirement of
Applicable Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     (h) Solvency. The Purchaser shall not take any actions which would result in the
Purchaser failing to maintain adequate capital for the normal obligations reasonably foreseeable in
a business of its size and character and in light of its contemplated business operations.

     Section 4.3 Transferred Receivable Representations and Warranties.

     The Seller makes the following representations and warranties to the Purchaser and the
Administrative Agent with respect to each Transferred Receivable as of the related Purchase Date:

     (a) Such Transferred Receivable is denominated and payable only in United States dollars in
the United States or, if the Obligor related to such Transferred Receivable is Canadian,

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in Canadian dollars in Canada.

     (b) Such Transferred Receivable is not with an Obligor for whom more than fifty percent (50%)
of the aggregate Receivables of such Obligor are Delinquent Receivables.

     (c) The Obligor of such Transferred Receivable is an Eligible Obligor.

     (d) The Obligor of such Transferred Receivable is not a Removed Obligor.

     (e) Such Transferred Receivable constitutes an “account” within the meaning of Section 9-106
of the UCC of all applicable jurisdictions or, if the Obligor related to such Transferred
Receivable is Canadian, under the corresponding provisions of the appropriate Canadian law.

     (f) Such Transferred Receivable is not subject to any encumbrance, lien, security interest,
charge, set-off, dispute or other right or claim of any third-party except to the extent that the
disputed amount is appropriately reserved in the Borrowing Base of the Purchaser.

     (g) Such Transferred Receivable is not subject to any offset rights or other Dilution except
to the extent that the disputed amount is appropriately reserved in the Borrowing Base of the
Purchaser.

     (h) Such Transferred Receivable is in full force and effect and constitute the legal, valid
and binding obligations of the related Obligor enforceable against such Obligor and is not subject
to any offset, counterclaim or other defense.

     (i) Such Transferred Receivable, together with the Contract related thereto, does not
contravene any law, rule or regulation applicable thereto and with respect to which no part of the
Contract related thereto is in violation of any such law, rule or regulation.

     (j) Such Transferred Receivable satisfies all applicable requirements of the Credit Policies.

     (k) Such Transferred Receivable was generated in the ordinary course of the Seller’s business.

     (l) Such Transferred Receivable arises solely from the sale of goods and/or the provision of
services to the related Obligor by the Seller, and not by any other Person (in whole or in part)
(provided that the Seller is permitted to have subcontracted the provision of services to the
related Obligor so long as the Seller remains primarily liable to the Obligor for delivery of the
goods and/or provision of the services and to the subcontractor for payment of amounts due it under
its subcontract).

     (m) All right, title and interest to and in such Transferred Receivable has been validly
transferred by the Seller directly to the Purchaser under and in accordance with this Contribution

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Agreement.

     (n) Prior to the transfer to the Purchaser hereunder, the Seller had good and marketable title
to such Transferred Receivable.

ARTICLE V

COVENANTS

Section 5.1 Affirmative Covenants of the Seller.

     From the date hereof:

     (a) Compliance with Law. The Seller shall comply in all material respects with all
Applicable Laws, including those applicable to the Transferred Receivables.

     (b) Preservation of Company Existence. The Seller shall preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of its formation and
qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where
the failure to preserve and maintain such existence, rights, franchises, privileges and
qualification has had, or would reasonably be expected to have, a Material Adverse Effect.

     (c) Obligations and Compliance with Transferred Receivables. The Seller shall, at its
expense, timely and fully perform and comply with all of the provisions, covenants, promises and
obligations on the part of the Seller to be fulfilled, performed or complied with under or in
connection with each Transferred Receivable and shall do nothing to impair the rights of the
Purchaser in, to and under such Transferred Receivables.

     (d) Keeping of Records and Books of Account. The Seller shall maintain and implement
administrative and operating procedures (including, without limitation, an ability to recreate
records evidencing the Transferred Receivables in the event of the destruction of the originals
thereof), and keep and maintain all documents, books, records and other information reasonably
necessary or advisable for the collection of all or any portion of the Transferred Receivables and
the identification of the Transferred Receivables (or any proceeds derived therefrom). The Seller
shall give the Purchaser and the Administrative Agent notice of any material change in the
administrative and operating procedures referred to in the previous sentence. The Seller shall
permit the Purchaser or the Administrative Agent, or their respective the agents or
representatives, to visit the offices of the Seller during normal office hours upon advance notice
and to examine and make copies of all documents, books, records and other information concerning
the Transferred Receivables and to discuss any matters related thereto with any of the officers or
employees of the Seller having knowledge of such matters in accordance with the provisions of
Section 8.13.

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     (e) Transferred Receivables. With respect to all Transferred Receivables acquired by
the Purchaser, the Seller shall (i) take all action necessary to establish, maintain, perfect,
protect and more fully evidence the Purchaser’s ownership interest in (or valid and perfected first
priority security interest against the Seller in) such Transferred Receivables free and clear of
any Lien (other than any Lien created pursuant to the terms of the Loan Documents), including,
without limitation, (a) filing and maintaining (at the Seller’s expense), effective financing
statements (Form UCC-1) against the Seller in all necessary or appropriate filing offices and
filing continuation statements, amendments or assignments with respect thereto in such filing
offices, and (b) executing or causing to be executed such other instruments or notices as may be
necessary or appropriate, and (ii) take all additional action that the Purchaser or the
Administrative Agent may reasonably request to perfect, protect and more fully evidence the
respective interests of the parties and their assignees to this Contribution Agreement in such
Transferred Receivables.

     (f) Delivery of Collections. The Seller shall cause (i) all proceeds from all
lockboxes to be directly deposited by a Lockbox Bank into the Concentration Account and (ii) the
Concentration Account to be subject at all times to an Intercreditor Agreement that is in full
force and effect. In the event any Collections relating to the Transferred Receivables are
deposited into an account other than the Concentration Account, the Seller shall deposit such
payment (or shall cause all such Collections to be deposited) directly into the Concentration
Account within two (2) Business Days following receipt thereof, and, at all times prior to such
deposit, the Seller shall itself hold or, if applicable, shall cause such Collections to be held in
trust for the exclusive benefit of the Purchaser, the Administrative Agent and the Lenders. In the
event any Collections relating to the Transferred Receivables are remitted directly to the Seller
or any Affiliate of the Seller (other than by delivery to the Concentration Account or an account
other than the Concentration Account), the Seller shall deposit such payment (or shall cause all
such Collections to be deposited) directly into the Concentration Account within three (3) Business
Days following receipt thereof, and, at all times prior to such deposit, the Seller shall itself
hold or, if applicable, shall cause such Collections to be held in trust for the exclusive benefit
of the Purchaser, the Administrative Agent and the Lenders. Except as otherwise provided in the
Intercreditor Agreement, the Collateral Agent shall maintain exclusive ownership, dominion and
control (subject to the terms of this Contribution Agreement and the other Loan Documents) of the
Concentration Account and shall not grant the right to take dominion and control of the
Concentration Account at a future time or upon the occurrence of a future event to any Person,
except as contemplated by the Credit Agreement or the Intercreditor Agreement. Until so deposited,
all such Collections shall be held by the Collateral Agent in trust for the Purchaser, the
Administrative Agent and the Lenders.

     (g) Payment Performance and Discharge of Obligations. The Seller shall pay, perform
and discharge all of its obligations and liabilities, including, without limitation, all taxes,
assessments and governmental charges upon its income and properties when due the non-payment,
performance or discharge of which would reasonably be expected to have a Material Adverse Effect,
unless and to the extent only that such obligations, liabilities, taxes, assessments and
governmental charges shall be contested in good faith and by appropriate proceedings and that, to
the extent required by GAAP, proper and adequate book reserves

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relating thereto are established by the Seller and then only to the extent that a bond is
filed in cases where the filing of a bond is necessary to avoid the creation of a Lien against any
of its properties.

     (h) Notice to Obligors. Upon the sale or contribution of any Transferred Receivables
hereunder, the Seller shall instruct all related Obligors to make payments with respect to the
Transferred Receivables to the Concentration Account.

     (i) Adverse Claims. The Seller shall not create, or participate in the creation of,
or permit to exist, any Liens in relation to the Concentration Account, other than as permitted
under the terms of the Intercreditor Agreement.

     (j) Financial Statements; Certificates. The Seller shall furnish to the Agents and
each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

     (i) as soon as available, but in any event within ninety (90) days after the end of
each fiscal year of Holdings, (A) a consolidated balance sheet of Holdings and its
Subsidiaries as at the end of such fiscal year, and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report
and an opinion of independent certified public accountants of recognized national standing,
which report and opinion shall be prepared in accordance with generally accepted auditing
standards and applicable Securities Laws and shall not be subject to any “going concern” or
like qualification or exception or contain any qualification arising out of the scope of the
audit or contain explanatory language that questions the ability of Holdings or its
Subsidiaries to continue as a going concern and (B) a consolidating income statement of
Holdings and its Subsidiaries as at the end of such fiscal year, setting forth in
comparative form the figures for the previous fiscal year, all in reasonable detail and
certified by the chief executive officer or the chief financial officer of the Seller as
fairly presenting the financial condition of Holdings and its Subsidiaries in accordance
with GAAP;

     (ii) as soon as available, but in any event within forty five (45) days after the end
of each fiscal quarter of each fiscal year of Holdings, a consolidated and consolidating
balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter, and the
related consolidated and consolidating statements of income or operations and a consolidated
statement of cash flows for such fiscal quarter and for the portion of the fiscal year
Holdings and its Subsidiaries then ended, setting forth in each case in comparative form the
figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year (other than balance sheet information),
all in reasonable detail, such statements to be certified by the chief executive officer or
the chief financial officer of the Seller as fairly presenting the financial condition,
results of operations and cash flows of Holdings and its Subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the

24

 

absence of footnotes and such consolidating statements to be certified by the chief
executive officer or the chief financial officer of the Seller to the effect that such
statements are fairly stated in all material respects when considered in relation to the
consolidated financial statements of Holdings and its Subsidiaries;

     (iii) as soon as available, but in any event within thirty (30) days after the end of
each calendar month (or forty five (45) days in the case of any month that is also the last
month of a fiscal quarter or fiscal year), a consolidated and consolidating balance sheet of
Holdings and its Subsidiaries as at the end of such fiscal month, and the related
consolidated and consolidating statements of income or operations and a consolidated
statement of cash flows for such fiscal month and for the portion of the fiscal year
Holdings and its Subsidiaries then ended, setting forth in each case in comparative form the
figures for the corresponding calendar month of the previous fiscal year and the
corresponding portion of the previous fiscal year (other than balance sheet information),
all in reasonable detail, such statements to be certified by the chief executive officer or
the chief financial officer of the Seller as fairly presenting the financial condition,
results of operations and cash flows of the fiscal year Holdings and its Subsidiaries in
accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes and such consolidating statements to be certified by the chief executive officer
or the chief financial officer of the Seller to the effect that such statements are fairly
stated in all material respects when considered in relation to the consolidated financial
statements of Holdings and its Subsidiaries; and

     (iv) concurrently with the delivery of the financial statements referred to in
Sections 5.1(j)(i), (ii), and (iii), an Officer’s Certificate signed
by the chief executive officer or chief financial officer of the Seller certifying that no
Default, Servicer Default or Event of Default has occurred or is continuing, or, if any such
Default, Servicer Default or Event of Default shall exist, stating the nature and status of
such event.

     Any consolidating balance sheet or consolidating statement of income or operations furnished
under this Section 5.1(j) shall show unconsolidated information for Holdings on the one
hand and ACG and its consolidated subsidiaries on the other hand and need not show separately
consolidating information for ACG and any of its consolidated subsidiaries. Such unconsolidated
financial information for ACG and its consolidated subsidiaries shall also include the information
on Schedule 5.01 to the Credit Agreement.

     (k) Certificates; Other Information. The Seller shall furnish to the Purchaser, the
Agents and each Lender, in form and detail satisfactory to the Administrative Agent and the
Required Lenders:

     (i) promptly upon receipt by Holdings or any Subsidiary of any detailed written audit
report, written report, “management letter” or other written recommendation submitted by
independent accountants to Holdings or any Subsidiary in connection with any annual or
special audit of the books of such Person, in each case citing a material weakness in
internal controls, notice of receipt thereof, and a copy of each such written report or

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“management letter” unless (A) ACG has been informed by such independent accountants that
delivery thereof to the Administrative Agent or the Lenders is not permitted by generally
applicable policies of such independent accountants and (B) such information is not being
delivered to any other lenders or creditors of Holdings or any Subsidiary;

     (ii) promptly, and in any event within five (5) Business Days after receipt thereof by
Holdings or any Subsidiary thereof, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any
investigation or other inquiry by such agency regarding financial or other operational
results of Holdings or any Subsidiary;

     (iii) promptly after the same are available, (A) copies of each annual report, proxy or
financial statement or other material report generally sent to the stockholders of Holdings
or any Subsidiary, and copies of all annual, regular, periodic and special reports and
registration statements which Holdings or any Subsidiary may file or be required to file
with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and (B) upon
the request of the Administrative Agent, all reports and written information to and from the
United States Environmental Protection Agency, or any state or local agency responsible for
environmental matters, the United States Occupational Health and Safety Administration, or
any state or local agency responsible for health and safety matters, or any successor
agencies or authorities concerning environmental, health or safety matters; and

     (iv) promptly, such additional information regarding the business, financial or
corporate affairs of Holdings or the Seller, or compliance with the terms of the Loan
Documents, as the Administrative Agent (or any Lender through the Administrative Agent) may
from time to time reasonably request.

     (l) Notices and Information. The Seller shall furnish to the Purchaser, and the
Administrative Agent (who shall notify the other Lenders), in form and detail satisfactory to the
Administrative Agent, with:

     (i) promptly after notice or knowledge thereof, notice of the occurrence of any
Default, Event of Default or Servicer Default and the nature thereof;

     (ii) promptly after notice or knowledge thereof, notice that any representation or
warranty of the Seller set forth in Article IV (other than any breach of a
Transferred Asset Representation and Warranty that was disclosed on the applicable
Assignment) was incorrect at the time it was given or deemed to have been given and at the
same time deliver to the Purchaser and the Administrative Agent a written notice setting
forth in reasonable detail the nature of such facts and circumstances. In particular, but
without limiting the foregoing, the Seller shall notify the Purchaser and the Administrative
Agent in the manner set forth in the preceding sentence before any Purchase Date of any
facts or circumstances within the knowledge of the Seller which would render any of the said

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representations and warranties untrue at the date when such representations and
warranties were made or deemed to have been made;

     (iii) promptly after notice or knowledge thereof, notice of the occurrence of any
matter that has resulted or would reasonably be expected to result in a Material Adverse
Effect, including (A) breach or non-performance of, or any default under, a Contractual
Obligation of the Seller; (B) any dispute, litigation, investigation, proceeding or
suspension between the Seller and any Governmental Authority; or (C) the commencement of, or
any material development in, any material litigation or proceeding affecting the Seller,
including pursuant to any applicable Environmental Laws;

     (iv) promptly after notice or knowledge thereof, notice of the occurrence of any ERISA
Event;

     (v) promptly after notice or knowledge thereof, notice of any Lien (other than any Lien
created pursuant to the terms of the Loan Documents) known to it is made or asserted against
any of the Transferred Receivables;

     (vi) promptly after notice or knowledge thereof, notice of any determination that a
Transferred Receivable that was purchased by the Purchaser hereunder did not satisfy the
Transferred Receivable Representations and Warranties at the time of such purchase (except
to the extent any such failure was disclosed on the applicable Assignment); or

     (vii) promptly after notice or knowledge thereof, notice of any material change in
accounting policies or financial reporting practices by the Seller.

     Each notice pursuant to this Section 5.1(l)(i) through (iv) shall be
accompanied by a statement of a Financial Officer of the Seller setting forth details of the
occurrence referred to therein and stating what action the Seller has taken and proposes to take
with respect thereto. Each notice pursuant to Section 5.1(l)(i) shall describe with
particularity any and all provisions of this Contribution Agreement and any other Loan Document
that have been breached.

     (m) Separate Company Existence. From and after the date of execution and delivery of
this Contribution Agreement, the Seller shall take all reasonable steps, including, without
limitation, all steps that the Administrative Agent may from time to time reasonably request, to
maintain the Purchaser’s identity as a legal entity separate and apart from the Seller and any
Affiliate of the Seller, and to make it manifest to third parties that the Purchaser is an entity
with assets and liabilities distinct from those of the Seller and any Affiliate of the Seller, and
is not a division of the Seller or of any Affiliate of the Seller. Without limiting the generality
of the foregoing and in addition to the other covenants set forth herein, the Seller shall take all
reasonable steps to ensure that the Purchaser:

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     (i) not have any assets other than cash, cash equivalents and the Transferred
Receivables and other incidental assets or property as may be necessary for the operation of
the Purchaser;

     (ii) not have any obligations or indebtedness other than indebtedness under the Credit
Agreement and any obligations incurred in favor of the Lenders under the Credit Agreement or
the other Loan Documents, and not hold out its credit as being available to satisfy the
obligations of any member, Affiliate, or other person;

     (iii) not incur or permit to exist any Liens on any of its assets except under the
Credit Agreement or the other Loan Documents;

     (iv) maintain books and records separate from any other person or entity, except to the
extent that it is required or permitted by law to file or be included in a tax return filed
by another Person, including in a consolidated return or as an entity whose existence is
disregarded for purposes of preparing the Parent’s return;

     (v) maintain its accounts separate from those of any other person or entity;

     (vi) not commingle assets with those of any other entity (except as expressly permitted
under the terms of the Intercreditor Agreement);

     (vii) conduct its own business in its own name;

     (viii) maintain separate financial statements and not permit its assets, liabilities or
income to be included in the financial statement of any other Person except to the extent
that Holdings or any other parent of Purchaser is required by GAAP to include them in its
respective periodic consolidated financial statements and any related consolidating
financial statements prepared in accordance with GAAP or that the Seller includes them in
any financial information required to be furnished under Section 5.01 of the Credit
Agreement or Section 7.01 of the ACG Senior Facility, provided, however, that any annual
consolidated financial statements of Holdings shall contain a note indicating that the
Purchaser’s separate assets and liabilities are neither available to pay the debts of the
consolidated entity or any other constituent thereof nor constitute obligations of any other
constituent of the consolidated entity, it being understood that the foregoing does not
apply to liabilities for which joint and several liability is provided under the Code or
ERISA;

     (ix) pay its own liabilities out of its own funds;

     (x) observe all limited liability company formalities and other formalities required by
the Purchaser’s Organizational Documents;

     (xi) maintain an arm’s-length relationship with its Affiliates;

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     (xii) pay the salaries of its own employees, if any, and maintain a sufficient number
of employees in light of its contemplated business operations;

     (xiii) not guarantee or become obligated for the debts of any other entity or hold out
its credit as being available to satisfy the obligations of others;

     (xiv) not acquire obligations or securities of its partners, members, or shareholders;

     (xv) allocate fairly and reasonably any overhead for shared office
space;

     (xvi) use separate stationery, invoices, and checks;

     (xvii) not pledge its assets for the benefit of any other entity or make any loans or
advances to any entity (except as provided in the Credit Agreement or the other Loan
Documents);

     (xviii) hold itself out as a separate entity;

     (xix) correct any known misunderstanding regarding its separate
identity;

     (xx) maintain adequate capital in light of its contemplated business
operations;

     (xxi) not merge into or consolidate with any Person or dissolve, terminate or
liquidate, in whole or in part, transfer or otherwise dispose of all or substantially all of
its assets or change its legal structure, without, in each case, first obtaining the written
consent of the Administrative Agent;

     (xxii) not fail to preserve its existence as an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization or formation, or
without the prior written consent of the Administrative Agent, amend, modify, terminate or
fail to comply with the provisions of its certificate of formation or limited liability
company operating agreement, or fail to observe limited liability company formalities;

     (xxiii) not own any Subsidiary or make any investment in any Person;

     (xxiv) not share any common logo with or hold itself out as or be considered as a
department or division of the Seller or any of its other Affiliates or any other Person;

     (xxv) not fail at any time to have an Independent Manager (as such term is defined in
the Purchaser’s Organizational Documents); and

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     (xxvi) take or refrain from taking, as applicable, any of the actions specified in the
non-consolidation opinion of the Seller’s counsel delivered on the Closing Date, upon which
the conclusions expressed therein are based.

     (n) Other Information. The Seller shall furnish to the Purchaser and the
Administrative Agent promptly, from time to time, such other information, documents, records or
reports related to the Transferred Receivables or the condition or operations, financial or
otherwise, of the Seller as the Administrative Agent may from time to time reasonably request in
order to protect the interests of the Purchaser, the Administrative Agent or the Lenders under or
as contemplated by this Contribution Agreement or any of the other Loan Documents.

     (o) Independent Accountants. The Seller shall, at all times, retain independent
nationally recognized certified public accountants and request such accountants to cooperate with,
and be available to, the Collateral Agent and Administrative Agent or their representatives to
discuss the Seller’s financial performance, financial condition, operating results, controls, and
such other matters, within the scope of the retention of such accountants, as may be raised by the
Collateral Agent or the Administrative Agent.

     Section 5.2 Negative Covenants of the Seller.

     From the date hereof:

     (a) Transferred Receivables Not to be Evidenced by Instruments. The Seller shall take
no action to cause any Transferred Receivable that is not, as of the relevant Purchase Date, as the
case may be, evidenced by an Instrument, to be so evidenced except in connection with the
enforcement or collection of such Transferred Receivable.

     (b) Security Interests. Except as otherwise permitted herein or in any other Loan
Document, the Seller shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any Transferred Receivables, whether now
existing or hereafter transferred hereunder, or any interest therein, and the Seller shall not
sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder. The Seller
shall promptly notify the Purchaser, the Collateral Agent and the Administrative Agent of the
existence of any Lien on any Transferred Receivables and the Seller shall defend the right, title
and interest of the Purchaser and the Collateral Agent in, to and under the Transferred Receivables
against all claims of third parties.

     (c) Deposits to Concentration Account. Except as otherwise provided in the Loan
Documents, the Seller shall not deposit or otherwise credit, or cause or permit to be so deposited
or credited, to the Concentration Account cash or cash proceeds other than Collections received in
respect of any Transferred Receivable.

     (d) Mergers, Acquisition, Sales, etc. The Seller shall not merge, dissolve,
liquidate, consolidate with or into another Person, or dispose of (whether in one transaction or in
a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or

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in favor of any Person; provided that, notwithstanding the foregoing provisions of
this Section 5.2(d), the Seller may merge or consolidate with any of its Subsidiaries
(other than the Purchaser) provided that the Seller shall be the continuing or surviving
corporation.

     (e) Change of Name or Location of Records. The Seller shall not (i) change its name,
change its jurisdiction of formation, move the location of its principal place of business and
chief executive office, and the offices where it keeps records concerning the Transferred
Receivables from the location referred to in Section 4.1(o) or (ii) move the records
concerning the Transferred Receivables from the location thereof, unless the Seller has given at
least thirty (30) days’ written notice to the Purchaser and the Administrative Agent and has taken
all actions required under the UCC of each relevant jurisdiction in order to continue the first
priority perfected security interest of the Purchaser and the Administrative Agent in the
Transferred Receivables.

     (f) ERISA Matters. ACG shall not (i) permit to exist any accumulated funding
deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding
deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any
material payments to a Multiemployer Plan that ACG or any ERISA Affiliate may be required to make
under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii)
terminate any Pension Plan so as to result in any material liability, or (iv) permit to exist any
occurrence of any reportable event described in Title IV of ERISA that would reasonably be expected
to result in a material liability.

     (g) Selection Procedure. The Seller shall not select or identify Transferred
Receivables in any manner that adversely affects the interests of the Purchaser or the Lenders.

     (h) Credit and Collection Policy. The Seller shall not make any changes to the Credit
Policies in a manner which would reasonably be expected to have a material adverse effect on the
interests of the Purchaser or the Administrative Agent without first obtaining the Administrative
Agent’s prior written consent to any such proposed change or amendment to the Credit Policies,
which consent shall not be unreasonably withheld or delayed.

     (i) Failure to Take Action. The Seller shall not (i) take any action, or fail to take
any action, if such action or failure to take action may interfere with the enforcement of any
rights under this Contribution Agreement or any of the other Loan Documents; (ii) take any action,
or fail to take any action, if such action or failure to take action may interfere with the
enforcement of any rights with respect to the Transferred Receivables; or (iii) fail to pay any
tax, assessment, charge, fee or other obligation of the Seller with respect to the Transferred
Receivables, or fail to defend any action, if such failure to pay or defend may adversely affect
the validity or enforceability of the assignment of the Transferred Receivables to the Purchaser
hereunder or the right, title or interest which the Seller had in the Transferred Receivables prior
to its sale and assignment of the Transferred Receivables to the Purchaser hereunder.

     (j) No Bankruptcy Petition. The Seller covenants and agrees it shall not, prior to
the date that is one year and one day after the payment in full of all amounts owing pursuant to
the

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Credit Agreement and the other Loan Documents, institute against, or join any other Person in
instituting against, the Purchaser, any bankruptcy, reorganization, receivership, arrangement,
insolvency or liquidation proceedings or other similar proceedings under any applicable bankruptcy,
insolvency or similar law. The provisions of this Section 5.2(j) shall survive the
termination of this Contribution Agreement.

     (k) Fair Market Value. The Seller covenants and agrees that it shall not sell any
Receivable to the Purchaser at a Total Purchase Amount less than Fair Market Value.

     (l) Solvency. The Seller shall not take any actions which would result in the Seller
failing to maintain adequate capital for the normal obligations reasonably foreseeable in a
business of its size and character and in light of its contemplated business operations.

     Section 5.3 Affirmative Covenants of the Purchaser.

     (a) Financial Statements; Certificates. The Purchaser shall furnish to the Agents and
each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

     (i) as soon as available, but in any event within thirty (30) days after the end of
each calendar month (or forty five (45) days in the case of any month that is also the last
month of a fiscal quarter), a balance sheet of the Purchaser as at the end of such fiscal
month, and the related statement of income or operations and a statement of cash flows for
such fiscal month and for the portion of the fiscal year of the Purchaser then ended, all in
reasonable detail, such statements to be certified by a Financial Officer of the Purchaser
as fairly presenting the financial condition, results of operations and cash flows of the
Purchaser in accordance with GAAP, except as listed on Schedule 5.01 to the Credit
Agreement; and

     (ii) concurrently with the delivery of the financial statements referred to in
Section 5.3(a)(i), an Officer’s Certificate signed by a Financial Officer of the
Purchaser certifying that no Default or Event of Default has occurred or is continuing, or,
if any such Default or Event of Default shall exist, stating the nature and status of such
event.

     (b) Fair Market Value. The Purchaser covenants and agrees that it shall not purchase
any Transferred Receivable from the Seller at a Total Purchase Amount less than Fair Market Value.

ARTICLE VI

DEEMED COLLECTIONS

     Section 6.1 Deemed Collections.

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     (a) If on any day a Dilution shall have occurred with respect to any Transferred Receivable,
then, on such day, the Seller shall be deemed to have received Collections in the amount of such
Dilution and shall pay such Collections to the Purchaser.

     (b) (i) Except as expressly set forth in Section 6.1(b)(ii), if on any day it is determined
that any Transferred Receivables did not satisfy the Transferred Receivable Representations
and Warranties as of the applicable Purchase Date, the Seller shall be deemed to have
received a Collection of such Transferred Receivable in the amount of the unpaid balance of
such Transferred Receivable. To the extent that the Purchaser (or the Servicer, on the
Purchaser’s behalf) subsequently receives Collections with respect to any such Transferred
Receivable, the Purchaser shall pay the Seller an amount equal to the amount so collected,
such amount to be payable as and when collected.

     (ii) Notwithstanding anything contained in Section 6.1(b)(i) to the contrary, the
Seller shall have no obligation to make a payment of deemed collections pursuant to Section
6.1(b)(i) with respect to a Transferred Receivable that did not satisfy the Transferred
Receivable Representations and Warranties as of the applicable Purchase Date so long as any
such Transferred Receivable was not deemed to be eligible for inclusion in the calculation
of the Borrowing Base at any time.

     (c) If during any calendar week, the Seller is deemed pursuant to Section 6.1(a) or
(b) to have received any Collections, the Seller shall no later than the Tuesday following
such calendar week transfer to the Purchaser in immediately available funds the amount of such
deemed Collections by remitting such amounts to the Servicer and instructing the Servicer to
deposit such amounts in the Agent’s Account in accordance with Section 2.2 of the Servicing
Agreement.

     (d) Notwithstanding anything to the contrary contained in this Section 6.1, the Seller
may, at its option, in lieu of making any payment of deemed Collections, contribute additional
Receivables to the Purchaser by delivery of a Assignment in accordance with the terms of
Section 2.2(b).

     Section 6.2 Retransfer of Transferred Receivables.

     If on any day the Seller makes a payment of deemed Collections with respect to any Transferred
Receivable pursuant to Section 6.1(b) hereof (a “Retransferred Receivable”), upon
confirmation of the deposit of such deemed Collections into the Concentration Account, the
Purchaser shall automatically and without further action be deemed to transfer, assign and set-over
to the Seller, without recourse, representation or warranty, all the right, title and interest of
the Purchaser in, to and under the related Retransferred Receivables and all future monies due or
to become due with respect thereto. The Purchaser shall, at the sole expense of the Seller,
execute such documents and instruments of transfer as may be prepared by the Seller and take other
such actions as shall reasonably be requested by the Seller to effect the transfer of such
Retransferred Receivables to the Seller pursuant to this Section 6.2. Upon such retransfer
to the

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Seller any such Retransferred Receivables shall no longer be considered Transferred
Receivables hereunder.

ARTICLE VII

INDEMNIFICATION

     Section 7.1 Indemnification by the Seller.

     (a) Without limiting any other rights that the Purchaser, the Administrative Agent, the
Lenders, or any of their respective shareholders, officers, employees, agents or assigns (each an
“Indemnified Party”), may have hereunder or under Applicable Law, the Seller hereby agrees
to indemnify each Indemnified Party from and against any and all damages, losses, claims,
liabilities and related costs and expenses and for all other amounts payable, including reasonable
attorneys’ fees and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”) awarded against or incurred by such Indemnified Party arising out of
or as a result of this Contribution Agreement or the acquisition either directly or indirectly by
the Purchaser, or the Administrative Agent or any of the Lenders of an interest in the Transferred
Receivables or in respect of any Transferred Receivables, provided, however, that
the Seller shall not have any obligation to indemnify an Indemnified Party to the extent that acts
of fraud, willful misconduct or gross negligence by such Indemnified Party caused such loss,
liability, claim, judgment, tax, cost, expense, damage or injury imposed on, asserted against,
awarded against or suffered or sustained by such Indemnified Party; provided,
further, however, nothing contained in this Section 7.1 shall limit the
liability of the Seller or limit the recourse of the Purchaser, the Administrative Agent or any of
the Lenders against the Seller for amounts otherwise specifically required to be paid by the Seller
pursuant to the terms of this Contribution Agreement other than pursuant to this Section
7.1. Subject to the preceding sentence, the Seller shall indemnify each Indemnified Party for
Indemnified Amounts, but without duplication of amounts required to be paid under Section
6.1, relating to or resulting from:

     (i) any representation or warranty made or deemed made by the Seller or any of its
officers under or in connection with this Contribution Agreement or any of the other Loan
Documents or any other information or report, which shall have been false or incorrect in
any material respect when made or deemed made or delivered (other than any breach of a
Transferred Asset Representation and Warranty that was disclosed on the applicable
Assignment);

     (ii) the failure by the Seller to comply with any term, provision or covenant contained
in this Contribution Agreement or any agreement executed in connection with this
Contribution Agreement, or with any Applicable Law, with respect to any Transferred
Receivable or the nonconformity of any Transferred Receivable with any such Applicable Law
or the failure of the Seller to keep or perform any of its obligations, express or implied,
with respect to any Transferred Receivable;

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     (iii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of
the relevant Obligor) of the relevant Obligor to the payment with respect to any Transferred
Receivable (including, without limitation, a defense based on the Transferred Receivable not
being a legal, valid and binding obligation of such Obligor enforceable against it in
accordance with its terms), or any other claim resulting from the sale of the merchandise or
services related to such Transferred Receivable or the furnishing or failure to furnish such
merchandise or services;

     (iv) the failure of any Depository Bank to remit any amounts held in a Concentration
Account pursuant to the instructions of the Collateral Agent made with respect to any of the
Transferred Receivables in accordance with the terms of the applicable Intercreditor
Agreement (to the extent such Person is entitled to give such instructions in accordance
with the terms hereof, the Servicing Agreement and/or the Intercreditor Agreement), whether
by reason of the exercise of set-off rights or otherwise;

     (v) any inability to obtain any judgment in, or utilize the court or other adjudication
system of, any state in which an Obligor may be located as a result of the failure of the
Seller or to qualify to do business or file any notice or business activity report or any
similar report;

     (vi) any action taken by the Seller in the enforcement or collection of any Transferred
Receivable;

     (vii) the failure by the Seller to pay when due any Taxes for which the Seller is
liable, including without limitation, sales, excise or personal property taxes payable in
connection with any of the Transferred Receivables;

     (viii) any repayment to the Seller by the Indemnified Party of any amount previously
distributed hereunder or under any other Loan Document, in each case, which amount the
Indemnified Party believes in good faith is required to be repaid to the Seller;

     (ix) the commingling of Collections received with respect to any of the Transferred
Receivables at any time with other funds of the Seller except as permitted by the terms of
the Intercreditor Agreement;

     (x) any investigation, litigation or proceeding related to or arising from this
Contribution Agreement or any of the other Loan Documents, the transactions contemplated
hereby or thereby, or the use of any proceeds paid to the Seller hereunder, or the ownership
or security interest in the Transferred Receivables or any other investigation, litigation
or proceeding relating to the Seller in which any Indemnified Party becomes involved as a
result of any of the transactions contemplated hereby or by (or under) any of the other Loan
Documents;

     (xi) the failure of the Seller or any Affiliate of the Seller, or any of their
respective agents or representatives, to remit to the Purchaser, Collections received with

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respect to any of the Transferred Receivables remitted to the Seller or any Affiliate
of the Seller, or any such agent or representative;

     (xii) any inability to litigate any claim against any Obligor in respect of any
Transferred Receivables as a result of such Obligor Debtor being immune from civil and
commercial law and suit on the grounds of sovereignty or otherwise from any legal action,
suit or proceeding;

     (xiii) any failure of the Purchaser to acquire and maintain legal and equitable title
to, and ownership of any Transferred Receivables from the Seller, free and clear of any
Lien, or any failure of the Purchaser to give Fair Market Value to the Seller under this
Contribution Agreement in consideration of the transfer by the Seller of any Transferred
Receivable pursuant to this Contribution Agreement, or any attempt by any Person to void or
otherwise avoid any such transfer under any statutory provision or common law or equitable
action, including, without limitation, any provision of the Debtor Relief Laws;

     (xiv) except as permitted hereby, the failure to vest and maintain vested in the
Collateral Agent, as the Collateral Agent for the Lenders, a perfected first priority
security interest in the Transferred Receivables, together with any and all Collections
received with respect thereto, free and clear of any Lien, whether existing at the time of
any purchase or at any time thereafter;

     (xv) except to the extent permitted hereby, the failure to file, or any delay in
filing, financing statements or other similar instruments or documents against the Seller
under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any
Transferred Receivable, whether at the time of any Revolving Loan or at any subsequent time;
or

     (xvi) any action or omission by the Seller that reduces or impairs the rights of the
Purchaser or the Collateral Agent with respect to any Transferred Receivable or the value of
any such Transferred Receivable.

     (b) Any amounts subject to the indemnification provisions of this Section 7.1 shall be
paid by the Seller to the Indemnified Party on the Payment Date following such Indemnified Party’s
written demand therefor.

     (c) If for any reason the indemnification provided above in this Section 7.1 is
unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then
the Seller shall contribute to the amount paid or payable by such Indemnified Party as a result of
such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the
relative benefits received by such Indemnified Party, on the one hand, and the Seller, on the other
hand, but also the relative fault of such Indemnified Party as well as any other relevant equitable
considerations.

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     (d) The obligations of the Seller under this Section 7.1 shall survive the termination
of this Contribution Agreement.

     (e) Indemnification under this Section 7.1 shall be in an amount necessary to make the
Indemnified Party whole after taking into account any tax consequences to the Indemnified Party of
the receipt of the indemnity provided hereunder, including the effect of such tax or refund on the
amount of tax measured by net income or profits that is or was payable by the Indemnified Party.

     Section 7.2 Assignment of Indemnities.

     The Seller acknowledges that, pursuant to the Credit Agreement, the Purchaser shall
collaterally assign its rights of indemnity granted hereunder to the Collateral Agent, the
Administrative Agent and the Lenders. Upon such assignment, (i) the Collateral Agent, the
Administrative Agent and the Lenders, as applicable, shall have all rights of the Purchaser
hereunder and may in turn assign such rights, and (ii) the obligations of the Seller under this
Article VII shall survive the resignation or removal of the Administrative Agent. The
Seller agrees that, upon such assignment, the Collateral Agent, the Administrative Agent and the
Lenders, or the assignee of any such Person, as applicable, may enforce directly, without joinder
of the Purchaser, the indemnities set forth in this Article VII.

ARTICLE VIII

MISCELLANEOUS

     Section 8.1 Termination.

     The term of this Contribution Agreement shall be until all obligations under the Loan
Documents have been satisfied in full; provided, however, that any provision that expressly
survives termination of this Contribution Agreement shall be continuing and shall survive any
termination of this Contribution Agreement. The Administrative Agent shall be permitted to execute
and deliver written evidence of the termination of this Contribution Agreement at such time as the
obligations under the Loan Documents have been satisfied in full.

     Section 8.2 Amendments and Waivers.

     No amendment or waiver of any provision of this Contribution Agreement shall be effective
except pursuant to an agreement or agreements in writing entered into by the Purchaser and the
Seller, with the prior written consent of the Administrative Agent (acting at the direction of the
Required Lenders). The Seller shall provide not less than ten (10) Business Days’ prior written
notice of any proposed amendment to the Administrative Agent.

     Section 8.3 Notices, Etc.

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     All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, and all notices and other communications expressly permitted hereunder to be
given by telephone shall be made to the applicable telephone number, as follows:

     (i) if to the Administrative Agent, the Collateral Agent or any Lender, to the address,
telecopier number, electronic mail address or telephone number specified for such Person in
the Credit Agreement; and

     (ii) if to the Seller or the Purchaser, to the address, telecopier number, electronic
mail address or telephone number set forth on the signature pages of this Contribution
Agreement.

     Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient).

     Section 8.4 Limitation of Liability.

     Except with respect to any claim arising out of the willful misconduct or gross negligence of
the Collateral Agent, the Administrative Agent or any Lender or their respective Affiliates,
directors, officers, employees, attorneys or agents, no claim may be made by the Seller or any
other Person against the Collateral Agent, the Administrative Agent or any Lender or their
respective Affiliates, directors, officers, employees, attorneys or agents for any special,
indirect, consequential or punitive damages in respect of any claim for breach of contract or any
other theory of liability arising out of or related to the transactions contemplated by this
Contribution Agreement, or any act, omission or event occurring in connection therewith; and the
Seller hereby waives, releases and agrees not to sue upon any claim for any such damages, whether
or not known or suspected to exist in its favor.

     Section 8.5 Binding Effect; Benefit of Contribution Agreement.

     All provisions of this Contribution Agreement shall be binding upon and inure to the benefit
of the respective successors and assigns of the parties hereto, and all such provisions shall inure
to the benefit of the Collateral Agent, the Administrative Agent and the Lenders. The Collateral
Agent, the Administrative Agent and each Lender is an express third party beneficiary of this
Contribution Agreement and is entitled to enforce the provisions hereof as if it was a party
hereto.

     Section 8.6 Choice of Law and Venue; Jury Trial Waiver.

     (a) THE VALIDITY OF THIS CONTRIBUTION AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY
PROVIDED TO THE

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CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION,
INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND
THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO
SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT
REGARD TO CONFLICT OF LAW PRINCIPLES).

     (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
CONTRIBUTION AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, FEDERAL COURTS LOCATED IN NEW YORK COUNTY, STATE
OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY
PURCHASED ASSET OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT’S OPTION, IN THE
COURTS OF ANY JURISDICTION WHERE THE ADMINISTRATIVE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH
PURCHASED ASSET OR OTHER PROPERTY MAY BE FOUND. THE PARTIES HERETO WAIVE, TO THE EXTENT PERMITTED
UNDER APPLICABLE LAWS, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON
CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH
THIS SECTION 8.6.

     (c) THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. THE PARTIES HERETO REPRESENT THAT EACH HAS REVIEWED THIS WAIVER
AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS CONTRIBUTION AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

     Section 8.7 Costs, Expenses and Taxes.

     (a) In addition to the rights of indemnification granted to the Purchaser, the Collateral
Agent, the Administrative Agent, the Lenders and their respective members, officers, directors,
employees and agents under Article VII hereof, the Seller agrees to pay on demand all
reasonable costs and expenses of the Purchaser incurred in connection with the preparation,
execution, delivery, administration (including periodic auditing), renewal, amendment or
modification of, or any waiver or consent issued in connection with, this Contribution

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Agreement and the Servicing Agreement, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel with respect thereto and with respect to advising the Purchaser
as to its rights and remedies under this Contribution Agreement and the Servicing Agreement, and
all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by the
Purchaser in connection with the enforcement of this Contribution Agreement and the Servicing
Agreement.

     (b) The Seller shall pay on demand any and all stamp, sales, excise and other taxes and fees
payable or determined to be payable in connection with the execution, delivery, filing and
recording of this Contribution Agreement and the other Loan Documents.

     (c) The Seller shall pay on demand all other reasonable costs, expenses and Taxes (excluding
income taxes) incurred by the Purchaser in connection with the execution, delivery, filing and
recording of this Contribution Agreement and the Servicing Agreement (“Other Costs”),
including, without limitation, all costs and expenses incurred by the Purchaser in connection with
periodic audits of the Seller’s books and records.

     Section 8.8 Recourse Against Certain Parties.

     (a) No recourse under or with respect to any obligation, covenant or agreement (including,
without limitation, the payment of any fees or any other obligations) of the Seller as contained in
this Contribution Agreement or any other agreement, instrument or document entered into by it
pursuant hereto or in connection herewith shall be had against any administrator of the Seller or
any incorporator, shareholder, officer, employee or director of the Seller or of any such
administrator, as such, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise it being expressly,
agreed and understood that the agreements of the Seller contained in this
Contribution Agreement and the other Loan Documents are, in each case, solely the corporate
obligations of the Seller, and that no personal liability whatsoever shall attach to or be incurred
by any administrator of the Seller or any incorporator, officer, employee or director of the Seller
or of any such administrator, as such, or any of them, under or by reason of any of the
obligations, covenants or agreements of the Seller contained in this Contribution Agreement and the
other Loan Documents, or which are implied therefrom, and that any and all personal liability of
every such administrator of the Seller and each member, officer, employee or director of the Seller
or of any such administrator, or any of them, for breaches by the Seller of any such obligations,
covenants or agreements, which liability may arise either at common law or at equity, by statute or
constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for
the execution of this Contribution Agreement. The provisions of this Section 8.8(a) shall
survive the termination of this Contribution Agreement.

     (b) No recourse under or with respect to any obligation, covenant or agreement (including,
without limitation, the payment of any fees or any other obligations) of the Purchaser as contained
in this Contribution Agreement or the other Loan Documents shall be had against any administrator
of the Purchaser or any incorporator, officer, employee or director of the Purchaser or of any such
administrator, as such, by the enforcement of any assessment or by any

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legal or equitable proceeding, by virtue of any statute or otherwise it being
expressly, agreed and understood that the agreements of the
Purchaser contained in this Contribution Agreement and the other Loan Documents are, in each case,
solely the corporate obligations of the Purchaser, and that no personal liability whatsoever shall
attach to or be incurred by any administrator of the Purchaser or any incorporator, officer,
employee or director of the Purchaser or of any such administrator, as such, or any of them, under
or by reason of any of the obligations, covenants or agreements of the Purchaser contained in this
Contribution Agreement or the other Loan Documents, or which are implied therefrom, and that any
and all personal liability of every such administrator of the Purchaser and each member, officer,
employee or director of the Purchaser or of any such administrator, or any of them, for breaches by
the Purchaser of any such obligations, covenants or agreements, which liability may arise either at
common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a
condition of and in consideration for the execution of this Contribution Agreement. The provisions
of this Section 8.8(b) shall survive the termination of this Contribution Agreement.

     Section 8.9 Protection of Right, Title and Interest in the Transferred Receivables;
Further Action Evidencing Purchases.

     (a) The Seller shall cause this Contribution Agreement, all amendments hereto and/or all
financing statements and continuation statements and any other necessary documents covering the
Purchaser’s right, title and interest to the Transferred Receivables to be promptly recorded,
registered and filed, and at all times to be kept recorded, registered and filed, all in such
manner and in such places as may be required by law fully to preserve and protect the right, title
and interest of the Purchaser hereunder to all property comprising the Transferred Receivables.
The Seller shall deliver to the Purchaser the file-stamped copies of, or filing receipts for, any
document recorded, registered or filed as provided above, as soon as available following such
recording, registration or filing. The Seller shall cooperate fully with the Purchaser in
connection with the obligations set forth above and shall execute any and all documents reasonably
required to fulfill the intent of this Section 8.9(a).

     (b) The Seller agrees that from time to time, at its expense, it shall promptly execute and
deliver all instruments and documents, and take all actions, that the Purchaser may reasonably
request in order to perfect, protect or more fully evidence the purchases hereunder and the
ownership interest granted to the Purchaser in the Transferred Receivables, or to enable the
Purchaser to exercise and enforce its rights and remedies hereunder or under any of the other Loan
Documents. At any time the Purchaser or the Administrative Agent, as the case may be, may direct
the Seller to notify the Obligors, at the Seller’s expense, of the Purchaser’s and/or the
Collateral Agent’s interest in the Transferred Receivables under this Contribution Agreement and
may direct that Collections of all amounts due or that become due under any or all of the
Transferred Receivables that are purchased hereunder be made directly to the Purchaser or the
Collateral Agent, as the case may be.

     (c) If the Seller fails to perform any of its obligations hereunder, the Purchaser may (but
shall not be required to) perform, or cause performance of, such obligation; and the Purchaser’s
costs and expenses incurred in connection therewith shall be payable by the Seller as

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provided in Article VII, as applicable. The Seller irrevocably authorizes the
Purchaser at any time and from time to time at the Purchaser’s sole discretion and appoints the
Purchaser as its attorney-in-fact to act on behalf of the Seller (i) to execute on behalf of the
Seller as debtor and to file financing statements necessary or desirable in the Purchaser’s sole
discretion to perfect and to maintain the perfection and priority of the interest of the Purchaser
in the Transferred Receivables and (ii) to file financing statements with respect to the
Transferred Receivables in such offices as the Purchaser in its sole discretion deems necessary or
desirable to perfect and to maintain the perfection and priority of the interests of the Purchaser
in the Transferred Receivables. This appointment is coupled with an interest and is irrevocable.

     (d) Without limiting the generality of the foregoing, the Seller shall, not earlier than six
(6) months and not later than three (3) months before the date of expiration of the financing
statement referred to in Section 2.5(a) or any other financing statement filed pursuant to
this Contribution Agreement or in connection with any purchase hereunder, unless all Obligations
under the Credit Agreement have been satisfied in full:

     (i) execute and deliver and file or cause to be filed an appropriate continuation
statement with respect to such financing statement; and

     (ii) deliver or cause to be delivered to the Purchaser an Opinion of Counsel, in form
and substance reasonably satisfactory to the Purchaser, confirming and updating the opinion
delivered pursuant to Section 3.1 with respect to perfection and otherwise to the
effect that the security interest hereunder continues to be an enforceable and perfected
security interest, which opinion may contain usual and customary assumptions, limitations
and exceptions.

     Section 8.10 Execution in Counterparts; Severability; Integration.

     This Contribution Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts (including by facsimile), each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the
same agreement. In case any provision in or obligation under this Contribution Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. This Contribution Agreement
and any agreements or letters (including fee letters) executed in connection herewith contains the
final and complete integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter hereof, superseding all prior oral or written understandings.

     Section 8.11 Waiver of Setoff.

     (a) The Seller’s obligations under this Contribution Agreement shall not be affected by any
right of setoff, counterclaim, recoupment, defense or other similar right the Seller might

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have against the Purchaser, the Administrative Agent or the Lenders or any assignee of such
Persons, all of which rights are hereby waived by the Seller.

     (b) The Purchaser shall have the right to set-off against the Seller any amounts to which the
Seller may be entitled and to apply such amounts to any claims the Purchaser may have against the
Seller from time to time under this Contribution Agreement. Upon any such set-off, the Purchaser
shall give notice of the amount thereof and the reasons therefor to the Seller.

     Section 8.12 Headings and Exhibits.

     The headings herein are for purposes of references only and shall not otherwise affect the
meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and
referred to herein shall constitute a part of this Contribution Agreement and are incorporated into
this Contribution Agreement for all purposes.

     Section 8.13 Rights of Inspection.

     The Administrative Agent and its duly authorized representatives, attorneys and accountants
shall have access, at any reasonable time during business hours and at reasonable intervals of
time, and upon reasonable prior notice, to any and all documentation regarding the Transferred
Receivables that the Seller may possess, and the Seller shall make its officers, employees and
agents available to such parties for purposes of discussing the Transferred Receivables and the
Seller’s performance of its obligations under and compliance with, the terms of this Contribution
Agreement, such access being afforded without charge but only upon reasonable request and during
normal business hours so as not to interfere unreasonably with the Seller’s normal operations or
customer or employee relations, at offices of the Seller designated by the Seller. The Purchaser
shall pay for the reasonable out-of-pocket cost and expense (including, inter alia, travel) of the
Administrative Agent in conducting (i) up to four (4) such inspections per each calendar year, so
long as no Event of Default or Servicer Default has occurred and (ii) all such inspections, if an
Event of Default or Servicer Default has occurred.

     Section 8.14 Assignment.

     Notwithstanding anything to the contrary contained herein, this Contribution Agreement may not
be assigned by the Purchaser or the Seller except as permitted by this Section 8.14 or by
the Credit Agreement. Simultaneously with the execution and delivery of this Contribution
Agreement, the Purchaser shall collaterally assign all of its right, title and interest herein to
the Collateral Agent under the Credit Agreement, to which assignment the Seller hereby expressly
consents. Upon assignment, the Seller agrees to perform its obligations hereunder for the benefit
of the Collateral Agent, the Administrative Agent and the Lenders under the Credit Agreement, and
the Collateral Agent, the Administrative Agent and the Lenders, in such capacity, shall be third
party beneficiaries hereof. The Collateral Agent, the Administrative Agent and the Lenders, upon
such assignment may enforce the provisions of this Contribution Agreement,

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exercise the rights of the Purchaser and enforce the obligations of the Seller hereunder
without joinder of the Purchaser.

     Section 8.15 Severability of Provisions; No Waiver.

     If one or more of the provisions of this Contribution Agreement shall be for any reason
whatever held invalid, illegal or unenforceable, such provisions shall be deemed severable from the
remaining covenants and provisions of this Contribution Agreement, and shall in no way affect the
validity, legality and enforceability of such remaining provisions, the rights of any parties
hereto, or the rights of the Collateral Agent, the Administrative Agent or any Lender. To the
extent permitted by law, the parties hereto waive any provision of law which renders any provision
of this Contribution Agreement prohibited or unenforceable in any respect. No failure on the part
of the Collateral Agent, the Administrative Agent or any Lender to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof or the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

     Section 8.16 Subordination.

     The Seller shall have the right to receive, and the Purchaser shall make, any and all payments
relating to any indebtedness, obligation or claim the Seller may from time to time hold or
otherwise have against the Purchaser or any assets or properties of the Purchaser, whether arising
hereunder or otherwise existing; provided, however, that the Seller hereby agrees that any right to
any payment that it may have under this Section 8.16 or otherwise under this Contribution
Agreement shall be subordinate in right of payment to the prior payment of any indebtedness or
Obligation of the Purchaser owing to the Administrative Agent or the Lenders under the Credit
Agreement or any other Loan Document; provided, further, however, that this Section 8.16 shall not
be construed as to require the Seller to disgorge any funds received as Cash Purchase Amounts.

     Section 8.17 Confidentiality.

     (a) The Purchaser and the Seller shall maintain and shall cause each of its employees and
officers to maintain the confidentiality of this Contribution Agreement and all information with
respect to the Administrative Agent and the Lenders, including all information regarding the
business of the Purchaser or the Seller hereto and their respective businesses obtained by it or
them in connection with the structuring, negotiating and execution of the transactions contemplated
herein, except that each such party and its officers and employees may (i) disclose such
information to its external accountants, attorneys, investors, potential investors and agents of
such Persons (“Excepted Persons”); provided, however, that each Excepted
Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative
Agent and the Lenders that such information shall be used solely in connection with such Excepted
Person’s evaluation of, or relationship with, the Purchaser or the Seller and its Affiliates, (ii)
disclose the existence of this Contribution Agreement, but not the financial terms thereof, (iii)
disclose such

44

 

information as is required by Applicable Law and (iv) disclose this Contribution Agreement and
such information in any suit, action, proceeding or investigation (whether in law or in equity or
pursuant to arbitration) involving any of the Loan Documents for the purpose of defending itself,
reducing its liability, or protecting or exercising any of its claims, rights, remedies, or
interests under or in connection with any of the Loan Documents. It is understood that the
financial terms that may not be disclosed except in compliance with this Section 8.17(a)
include, without limitation, all fees and other pricing terms, and all Events of Default, Servicer
Defaults and priority of payment provisions.

     (b) Anything herein to the contrary notwithstanding, the Purchaser and the Seller each hereby
consents to the disclosure of any nonpublic information with respect to it (i) to the
Administrative Agent and the Lenders, by each other, (ii) by the Administrative Agent or the
Lenders, to any rating agency, commercial paper dealer and to any officers, directors, employees,
outside accountants and attorneys of any of the foregoing, provided each such Person is informed of
and agrees to maintain the confidential nature of such information. In addition, the Lenders and
the Administrative Agent may disclose any such nonpublic information as required pursuant to any
law, rule, regulation, direction, request or order of any judicial, administrative or regulatory
authority or proceedings (whether or not having the force or effect of law).

     (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii)
disclosure of any and all information (a) if required to do so by any Applicable Law, (b) to any
government agency or regulatory body having or claiming authority to regulate or oversee any aspect
of the Administrative Agent’s or any Lender’s business or that of any of their Affiliates, (c)
pursuant to any subpoena, civil investigative demand or similar demand or request of any court,
regulatory authority, arbitrator or arbitration to which the Administrative Agent or any Lender or
an Affiliate or an officer, director, employer or shareholder thereof is a party, or (d) in any
preliminary or final offering circular, registration statement or contract or other document
approved in advance by the Seller with respect to confidential information relating to the
Purchaser or the Seller, or (iii) any other disclosure authorized by the Purchaser or the Seller
with respect to confidential information relating to the Purchaser or the Seller; provided
that in the case of any request, subpoena or proposed release or disclosure of information
described in clauses (a), (b) or (c) above, the party believing it is obligated to release or
disclose shall, subject to compliance with the applicable law, regulations, subpoena or other legal
process, use commercially reasonable efforts to notify the Purchaser prior to such release or
disclosure.

45

 

     IN WITNESS WHEREOF, the Purchaser and the Seller have caused this Contribution Agreement to be
duly executed by their respective officers thereunto duly authorized, as of the date first above
written.

	 	 	 	 	 	 
	THE SELLER:	 	AMERICAN COLOR GRAPHICS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Patrick W. Kellick
	 

	 	 	 	 
	 

	 	Name:
	 	Patrick W. Kellick
	 

	 	Title:
	 	Senior Vice President/Chief

Financial Officer & Secretary
	 
	 	 	 	 
	 	 	American Color Graphics, Inc.
	 	 	100 Winners Circle
	 	 	Brentwood, Tennessee 37027
	 	 	Telephone No.: 615-377-7430
	 	 	Fax No.: 615-377-0331
	 
	 	 	 	 
	THE PURCHASER:	 	AMERICAN COLOR GRAPHICS FINANCE, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Patrick W. Kellick
	 

	 	 	 	 
	 

	 	Name:
	 	Patrick W. Kellick
	 

	 	Title:
	 	President & Chief Executive Officer
	 
	 	 	 	 
	 	 	American Color Graphics Finance, LLC
	 	 	100 Winners Circle
	 	 	Brentwood, Tennessee 37027
	 	 	Telephone No.: 615-377-7430
	 	 	Fax No.: 615-377-0331Exhibit 4.2

 

Exhibit 4.2

EXECUTION COPY

REGISTRATION AGREEMENT

     THIS REGISTRATION AGREEMENT (this “Agreement”) is made as of April ___, 2006, by and
among American Wholesale Insurance Group, Inc., a Delaware corporation (the “Company”), the
Persons listed from time to time on the Investor Registrable Securities Schedule attached
hereto (each, an “Investor,” and collectively, the “Investors”), each of the
Persons listed from time to time on the Other Registrable Securities Schedule attached
hereto and each of the other holders of Registrable Securities who may from time to time become a
party hereto by executing a counterpart signature page to this Agreement. Capitalized terms used
but not otherwise defined herein are defined in Section 9.

     The parties hereto agree as follows:

     1. Demand Registrations.

          (a) Requests for Registration. At any time and from time to time, the holders of a
majority of the Investor Registrable Securities may request registration under the Securities Act
of all or any portion of the Investor Registrable Securities (i) on Form S-1 or any similar
long-form registration (“Long-Form Registrations”), or (ii) on Form S-3 or any similar
short-form registration (including without limitation a registration pursuant to Rule 415)
(“Short-Form Registrations”) if available. All registrations requested as described in
this Section 1 are referred to herein as “Demand Registrations.” Each request for
a Demand Registration shall specify the approximate number of Registrable Securities requested to
be registered and the anticipated per share price range for such offering (which range may be
revised from time to time by holders of a majority of the Investor Registrable Securities requested
to be included in such Registration by written notice to the Company to that effect). Within ten
days after receipt of any such request, the Company shall give written notice of such requested
registration to all other holders of Registrable Securities and shall include in such registration
all Registrable Securities with respect to which the Company has received written requests
indicating the holder of such Registrable Securities and the number of Registrable Securities that
such holder elects to include in such registration within 15 days after the receipt of the
Company’s notice.

          (b) Long-Form Registrations. The holders of a majority of the Investor Registrable
Securities shall be entitled to request up to four Long-Form Registrations from the Company in
which the Company shall pay all Registration Expenses; provided further that the aggregate offering
price to the public of the Registrable Securities requested to be included in the Long Form
Registration shall be at least $10 million; provided that in any event the Company shall pay all
Registration Expenses in connection with any registration initiated as a Long-Form Registration
whether or not it has become effective and provided further that a Long-Form Registration shall
only constitute one of the four Long-Form Registrations provided for herein to the extent (and
once) such offering becomes effective and only so long as the holders of Investor Registrable
Securities are able to register and sell at least 85% of the Registrable Securities requested to be
included in such Long Form Registration. All Long-Form Registrations shall be underwritten
registrations.

 

 

          (c) Short-Form Registrations. The holders of a majority of the Investor Registrable
Securities shall be entitled to request an unlimited number of Short-Form Registrations in which
the Company shall pay all Registration Expenses; provided that the aggregate offering price to the
public of the Registrable Securities requested to be included in the Short Form Registration shall
be at least $1 million; and, provided further, during any one year period, the Company shall not
have to pay the Registration Expenses for more than two Short-Form Registrations which have both
become effective and for which the holders of Investor Registrable Securities are able to register
and sell at least 85% of the Registrable Securities requested to be included in such Short Form
Registrations. Demand Registrations shall be Short-Form Registrations whenever the Company is
permitted to use any applicable short form. After the Company has become subject to the reporting
requirements of the Securities Exchange Act, the Company shall use its best efforts to make
Short-Form Registrations on Form S-3 or any other short form available for the sale of Registrable
Securities.

          (d) Priority on Demand Registrations. If a Demand Registration is an underwritten
offering and the managing underwriters advise the Company in writing that in their opinion the
number of Registrable Securities and, if permitted hereunder, other securities requested to be
included in such offering exceeds the number of Registrable Securities and other securities, if
any, which can be sold therein without adversely affecting the Company or the marketability of the
offering, the Company shall include, subject to Section 1(g) below, in such registration
(i) first, the quantity of Registrable Securities requested to be included in such Demand
Registration, pro rata among the respective holders thereof on the basis of the number of shares
requested to be included in such registration (to the extent permitted to be so included, in the
case of securities which are not Registrable Securities) by each such holder and (ii) second, (if
permitted by the holders of a majority of the Investor Registrable Securities requested to be
included in such Demand Registration) other securities requested to be included in such
registration, which in the opinion of such underwriters can be sold without adversely affecting the
Company or the marketability of the offering, pro rata among the respective holders thereof on the
basis of the number of shares requested to be included in such registration (to the extent
permitted to be so included, in the case of securities which are not Registrable Securities) by
each such holder.

          (e) Restrictions on Demand Registrations.

     (i) The Company shall not be obligated to effect any Demand Registration within 90 days
after the effective date of a previous Demand Registration or a previous registration in
which the holders of Registrable Securities were given piggyback rights pursuant to
Section 2 hereof and in which there was no reduction by more than 15% in the number
of Registrable Securities requested to be included.

     (ii) If the Company’s board of directors (the “Board”) reasonably and in good
faith determines that the filing or effectiveness of a registration statement in connection
with any requested Demand Registration would be reasonably likely to materially and
adversely effect any material contemplated acquisition, divestiture, registered primary
offering or other transaction as to which the Company has then taken substantial steps, or
would require disclosure of facts or circumstances which disclosure would be reasonably
likely to have a seriously detrimental affect on the Company, then the Company may

2

 

delay such registration for a period of up to 180 days so long as the condition causing
such delay exists (it being agreed that the Company may not delay requested registrations
pursuant to this clause (ii) for more than an aggregate of 180 days during any 360
consecutive days).

          (f) Selection of Underwriters. The holders of a majority of Registrable Securities
who have initially requested to be included in any Demand Registration shall have the right to
select the investment banker(s) and manager(s) to administer the offering relating to such Demand
Registration; provided that such holders shall consult with (but shall not be required to obtain
the approval of) the Board.

          (g) Restrictions on Registrable Securities. Notwithstanding any other provision
contained in this Agreement, the Company shall not include in any underwritten Demand Registration
any portion of any Registrable Securities (other than Registrable Securities that never contained
any vesting restrictions) held by any members of management of the Company which the underwriter of
such Demand Registration reasonably believes could materially and adversely affect the
marketability of such offering. In addition, so long as the holders of Investor Registrable
Securities directly or indirectly (including through their interest in Holdings) hold (in the
aggregate) at least 35% of the outstanding equity of the Company, without the prior written consent
of the holders of a majority of Investor Registrable Securities, the Company shall not include in
any underwritten Demand Registration any securities (other than Investor Registrable Securities)
which are subject to a Lock-Up Agreement.

     2. Piggyback Registrations.

          (a) Right to Piggyback. Whenever the Company proposes to register any of its
securities under the Securities Act (other than pursuant to any registration effected pursuant to
Form S-4, S-8 or any successor forms and other than a registration relating solely to the sale of
securities to participants in a Company plan, a registration relating to a reorganization of the
Company or other transaction under Rule 145 of the Securities Act, a registration on any form that
does not include substantially the same information as would be required to be included in a
registration statement covering the sale of Registrable Securities, or a registration in which the
only securities being registered are common stock issuable upon conversion of debt securities that
are also being registered) and the registration form to be used may be used for the registration of
Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written
notice to all holders of Registrable Securities of its intention to effect such a registration and
shall, subject to Sections 2(c) and 2(d) below, include in such registration all
Registrable Securities with respect to which the Company has received written requests for
inclusion therein within 20 days after the receipt of the Company’s notice; provided
that the holders of a majority of Investor Registrable Securities may provide by written
notice to the Company that no holder of Registrable Securities (including, without limitation,
Investor Registrable Securities) will have the right to include Registrable Securities in such
Piggyback Registration (in which case the Company need not give such notice or include any such
Registrable Securities in such Piggyback Registration).

3

 

          (b) Piggyback Expenses. The Registration Expenses of the Company and of the holders
of Registrable Securities shall be paid by the Company in all Piggyback Registrations.

          (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without adversely affecting the
marketability of the offering, the Company shall include, subject to Section 2(e), in such
registration (i) first, the securities the Company proposes to sell, (ii) second, Registrable
Securities requested to be included in such registration, pro rata among the respective holders
thereof on the basis of the number of shares requested to be included in such registration (to the
extent permitted to be so included, in the case of securities which are not Registrable Securities)
by each such holder and (iii) third, (if permitted by the holders of a majority of the Investor
Registrable Securities) other securities of the Company requested to be included in such
registration, pro rata among the respective holders thereof on the basis of the number of shares
requested to be included in such registration (to the extent permitted to be so included, in the
case of securities which are not Registrable Securities) by each such holder.

          (d) Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of holders of the Company’s securities who have the
contractual right to initiate such a registration, and the managing underwriters advise the Company
in writing that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without adversely affecting the
Company or the marketability of the offering, the Company shall include, subject to Section
2(e), in such registration, (i) first, the securities requested to be included therein by the
holders initially requesting such registration, and any Registrable Securities requested to be
included therein pro rata among the respective holders thereof on the basis of the number of shares
requested to be included in such registration and (ii) second (if permitted by the holders of a
majority of the Investor Registrable Securities), any other securities of the Company requested to
be included in such registration, in each instance which in the opinion of such underwriters can be
sold without adversely affecting the Company or the marketability of the offering, pro rata among
the holders thereof on the basis of the number of shares requested to be included in such
registration (to the extent permitted to be so included, in the case of securities which are not
Registrable Securities) by each such holder.

          (e) Restrictions on Registrable Securities. Notwithstanding any other provision
contained in this Agreement, the Company shall not include in any underwritten Piggyback
Registration any portion of any Registrable Securities held by any members of management of the
Company which the underwriter of such Piggyback Registration reasonably believes could materially
and adversely affect the marketability of such offering. In addition, so long as the holders of
Investor Registrable Securities directly or indirectly (including through their interest in
Holdings) hold (in the aggregate) at least 35% of the outstanding equity of the Company, without
the prior written consent of the holders of a majority of Investor Registrable Securities, the
Company shall not include in any underwritten Piggyback Registration any Securities (other than
Investor Registrable Securities) which are subject to any “lock-up agreement” (which shall
generally prohibit such holder from selling, assigning or transferring

4

 

such AMWINS securities during the one-year period following the consummation of an Initial
Public Offering) (a “Lock-Up Agreement”).

          (f) Selection of Underwriters. If any Piggyback Registration is an underwritten
offering, the selection of investment banker(s) and manager(s) for the offering must be approved by
the Board. Such approval shall not be unreasonably withheld.

          (g) Other Registrations. If the Company has previously filed a registration statement
with respect to Registrable Securities pursuant to Section 1 hereof or pursuant to this
Section 2, and if such previous registration has not been withdrawn or abandoned, the
Company shall not file or cause to be effected any other registration of any of its equity
securities or securities convertible or exchangeable into or exercisable for its equity securities
under the Securities Act (except on Form S-8 or any successor form), whether on its own behalf or
at the request of any holder or holders of such securities, until a period of at least 90 days has
elapsed from the date such previous registration became effective.

     3. Holdback Agreements.

          (a) Holders of Registrable Securities. Notwithstanding anything contained herein to
the contrary, each holder of Registrable Securities shall not effect any public sale or
distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any
securities, options or rights convertible into or exchangeable or exercisable for such securities,
enter into a transaction which would have the same effect, or enter into any swap, hedge or other
arrangement that transfers, in whole or in part, any economic consequences of ownership of such
securities, whether any such aforementioned transaction is to be settled by delivery of such
securities or other securities, in cash or otherwise, or publicly disclose the intention to make
any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or
other arrangement, in each case during such period after the effective time of any (x) underwritten
Demand Registration (except as part of such underwritten registration) or (y) any underwritten
Piggyback Registration in which Registrable Securities are included (except as part of such
underwritten registration or pursuant to registrations on Form S-4 or Form S-8 or any successor
form) that is reasonably determined by the underwriter managing the registered public offering and
the holders of a majority of the Investor Registrable Securities included in such registration
(which amounts may be different for different people but in the case of the Company’s management
and employees for the Initial Public Offering only, such period of time shall be 360 days from the
consummation of the Initial Public Offering, unless a shorter period is otherwise determined by the
holders of a majority of the Investor Registrable Securities in their sole discretion) (a
“Lock-Up Period”).

          (b) The Company. The Company (i) shall not effect any public sale or distribution of
its equity securities, or any securities, options or rights convertible into or exchangeable or
exercisable for such securities, during a Lock-Up Period, and (ii) shall use reasonable efforts to
cause each holder of more than 1% of its equity securities, or any securities, options or rights
convertible into or exchangeable or exercisable for more than 1% of its equity securities,
purchased from the Company at any time after the date of this Agreement (other than in a registered
public offering) to agree not to effect any public sale or distribution (including

5

 

sales pursuant to Rule 144) of any such securities during a Lock-Up Period (except as part of
such underwritten registration, if otherwise permitted).

     4. Registration Procedures. Whenever the holders of Registrable Securities have
requested that any Registrable Securities be registered pursuant to this Agreement, the Company
shall use its reasonable best efforts to effect the registration and the sale of such Registrable
Securities in accordance with the intended method of disposition thereof, and pursuant thereto the
Company shall as expeditiously as possible (unless waived by the holders of a majority of Investor
Registrable Securities participating in such registration):

          (a) prepare and file with the Securities and Exchange Commission a registration statement with
respect to such Registrable Securities and use its best efforts to cause such registration
statement to become effective (provided that before filing a registration statement
or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel
selected by the holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to
the review and comment of such counsel);

          (b) notify each holder of Registrable Securities of the effectiveness of each registration
statement filed hereunder and prepare and file with the Securities and Exchange Commission such
amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such registration statement;

          (c) in the case of the Initial Public Offering only, if requested by the holders of at least
25% of all outstanding Investor Registrable Securities, and subject to the consent of underwriters,
use its reasonable best efforts to cause to be included in such registration statement equity
securities (“Company Registrable Securities”) to be offered in a primary offering of the
Company’s securities contemporaneously with such offering;

          (d) furnish to each seller of Registrable Securities such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such
registration statement (including each preliminary prospectus) and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such seller;

          (e) cause the chief executive officer and senior management of the Company to participate in
any “road show” presentations to investors in connection with such registration for such period of
time as is reasonably requested by the underwriters or of the holders of a majority of the Investor
Registrable Securities;

          (f) use its reasonable best efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as any seller (including any
underwriter) reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of
the Registrable Securities owned by such seller; provided that the Company

6

 

shall not be required to (i) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation
in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction;

          (g) promptly notify each seller of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any
event as a result of which the prospectus included in such registration statement contains an
untrue statement of a material fact or omits any fact necessary to make the statements therein not
misleading, and, at the request of any such seller, the Company shall prepare a supplement or
amendment to such prospectus and/or registration statement so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of
a material fact or omit to state any fact necessary to make the statements therein not misleading;

          (h) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed and, if not so listed, to be listed on the
NASD automated quotation system and, if listed on the NASD automated quotation system, use its
reasonable best efforts to secure designation of all such Registrable Securities covered by such
registration statement as a NASDAQ “national market system security” within the meaning of Rule
11Aa2-1 of the Securities and Exchange Commission, or, failing that, to secure NASDAQ authorization
for such Registrable Securities and, without limiting the generality of the foregoing, to arrange
for at least two market makers to register as such with respect to such Registrable Securities with
the NASD;

          (i) provide a transfer agent and registrar and a CUSIP number for all such Registrable
Securities not later than the effective date of the first registration statement relating to
Registrable Securities or securities of any class of the Company;

          (j) enter into such customary agreements (including underwriting agreements in customary form)
and take all such other actions as the holders of a majority of the Investor Registrable Securities
requested to be included in such offering or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of the Registrable Securities requested to be included in
such offering (including effecting a stock split or a combination of shares);

          (k) make available for inspection by any seller of Registrable Securities, any underwriter
participating in any disposition, pursuant to such registration statement and any attorney,
accountant or other agent retained by any such seller or underwriter, all financial and other
records, pertinent corporate documents and properties of the Company, and cause the Company’s
officers, directors, employees and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in connection with such
registration statement;

          (l) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the Securities and Exchange Commission, and make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of at least twelve
months beginning with the first day of the Company’s first full calendar quarter

7

 

after the effective date of the registration statement, which earnings statement shall satisfy
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

          (m) permit any holder of Registrable Securities which holder, in its reasonable judgment,
might be deemed to be an underwriter or a controlling person of the Company, to participate in the
preparation of such registration or comparable statement and to require the insertion therein of
material which, in the reasonable judgment of such holder and the Company, should be included;

          (n) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any related prospectus
or suspending the qualification of any securities included in such registration statement for sale
in any jurisdiction, the Company shall use its reasonable best efforts promptly to obtain the
withdrawal of such order;

          (o) obtain one or more comfort letters from the Company’s independent public accountants in
customary form addressed to the holders of the Investor Registrable Securities (if participating in
such registration), and covering such matters of the type customarily covered by comfort letters as
the holders of a majority of the Registrable Securities being sold reasonably request
(provided that such Registrable Securities constitute at least 10% of the
securities covered by such registration statement);

          (p) provide a legal opinion of the Company’s outside counsel, dated the effective date of such
registration statement (or, if such registration includes an underwritten public offering, dated
the date of the closing under the underwriting agreement), addressed to the holders of the Investor
Registrable Securities (if participating in such registration), with respect to the registration
statement, each amendment and supplement thereto, the prospectus included therein (including the
preliminary prospectus) and such other documents relating thereto in customary form and covering
such matters of the type customarily covered by legal opinions of such nature;

          (q) use reasonable best efforts to cause certificates for the Registrable Securities covered
by such registration statement to be delivered by the holders thereof to the underwriters in such
denominations and registered in such names as the underwriters may request;

          (r) give written notice to the holders of the Registrable Securities included in the
registration statement:

     (i) when such registration statement or any amendment thereto has been filed with the
Securities and Exchange Commission and when such registration statement or any
post-effective amendment thereto has become effective;

     (ii) of any request by the Securities and Exchange Commission for amendments or
supplements to such registration statement or the prospectus included therein or for
additional information;

8

 

     (iii) of the issuance by the Securities and Exchange Commission of any stop order
suspending the effectiveness of such registration statement or the initiation of any
proceedings for that purpose;

     (iv) of the receipt by the Company or its legal counsel of any notification with
respect to the suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose; and

     (v) of the happening of any event that requires the Company to make changes in such
registration statement or the prospectus in order to make the statements therein not
misleading (which notice shall be accompanied by an instruction to suspend the use of the
prospectus until the requisite changes have been made).

Any member of management who is a holder of Other Registrable Securities agrees that if and for so
long as he is employed by the Company or any affiliate thereof, he shall participate fully in the
sale process, including the preparation of the registration statement and the preparation and
presentation of any road shows. Prior to the effectiveness of any registration statement relating
to any offering hereunder, (i) any holder of Registrable Securities requested to be included in
such offering may withdraw any or all of such Registrable Securities from such offering by written
notice to the Company to that effect (whereupon such withdrawn Registrable Securities will no
longer be considered to have been requested to be included in such offering), and no such
withdrawal will adversely affect the rights of any holder of Registrable Securities requested to be
included in such offering and (ii) notwithstanding anything contained herein to the contrary, the
holders of a majority of the Investor Registrable Securities may withdraw all (but not less than
all) Registrable Securities (and any other securities) from such offering by written notice to the
Company to that effect and require the registration be delayed or not declared effective and such
withdrawal may adversely affect the rights of each holder of Registrable Securities hereunder .

The Company may require each seller of Registrable Securities as to which any registration is being
effected to furnish the Company such information regarding such seller and the distribution of such
securities as the Company may from time to time reasonably request in writing.

Upon receipt of notice from the Company of the existence of any event of the kind described in
Section 1(g) or 4(n) above, each seller of Registrable Securities shall immediately
discontinue disposition of Registrable Securities pursuant to the registration statement until the
registration statement has been supplemented or amended in accordance with Section 4(g) or
until withdrawal of the stop order referred to in Section 4(n).

     5. Registration Expenses.

          (a) All expenses incident to the Company’s performance of or compliance with this Agreement,
including all registration and filing fees, fees and expenses of compliance with securities or blue
sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians,
and fees and disbursements of counsel for the Company and all independent certified public
accountants, underwriters (excluding discounts and commissions) and other Persons retained by the
Company (all such expenses being herein called “Registration 

9

 

Expenses”), shall be borne by the Company, and the Company shall pay its internal
expenses (including all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit or quarterly review, the expense of any
liability insurance and the expenses and fees for listing the securities to be registered on each
securities exchange on which similar securities issued by the Company are then listed or on the
NASD automated quotation system.

          (b) In connection with each Demand Registration (subject to the limit on the number of Long
Form Registrations pursuant to Section l(b) above and Short Form Registrations pursuant to
Section 1(c) above) and each Piggyback Registration, the Company shall reimburse the
holders of Registrable Securities included in such registration for the reasonable fees and
disbursements of one counsel retained by the holders of a majority of the Investor Registrable
Securities requested to be included in such registration. All other Registration Expenses to the
extent not expressly reimbursed in Section 5, shall be borne by all of the sellers of
securities included in such registration in proportion to the aggregate selling price of the
securities to be so registered (it being understood that all fees and expenses (including with
respect to any fees and expenses of counsel and other advisors) of any holder of Registrable
Securities (other than as otherwise explicitly set forth herein) shall be borne by such holder).

     6. Indemnification.

          (a) The Company agrees to indemnify and hold harmless, to the full extent permitted by law,
each holder of Registrable Securities, such holder’s officers, directors, agents, and employees,
and each Person who controls such holder (within the meaning of the Securities Act) against all
losses, claims, damages, liabilities and expenses caused by, or relating to any action or
proceeding arising out of or based upon, any untrue or alleged untrue statement of a material fact
contained in any registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or in any application or other document or
communication (in this Section 6 collectively called an “application”) executed by
or on behalf of the Company filed in any jurisdiction in order to qualify any Securities covered by
such registration statement under the “blue sky” or securities laws thereof, alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are caused by or contained in any information furnished in
writing to the Company by such holder expressly for use therein or by such holder’s failure to
deliver a copy of the registration statement or prospectus or any amendments or supplements thereto
after the Company has furnished such holder with a sufficient number of copies of the same. In
connection with an underwritten offering, the Company shall indemnify such underwriters, their
officers and directors and each Person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the indemnification of the
holders of Registrable Securities.

          (b) In connection with any registration statement in which a holder of Registrable Securities
is participating, each such holder shall furnish to the Company in writing such information
(including questionnaires) as the Company reasonably requests for use in connection with any such
registration statement or prospectus and, to the extent permitted by law, shall indemnify the
Company, its directors and officers and each Person who controls the Company (within the meaning of
the Securities Act) against any losses, claims, damages,

10

 

liabilities and expenses resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but only to the extent
that such untrue statement or omission is contained in any information so furnished in writing by
such holder to the Company expressly for use therein; provided that the obligation
to indemnify shall be individual, not joint and several, for each holder and shall be limited to
the net amount of proceeds received by such holder from the sale of Registrable Securities pursuant
to such registration statement.

          (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification or the
commencement of any action, suit, proceeding or investigation or threat thereof made in writing for
which the indemnified party intends to claim indemnification or contribution pursuant to this
Agreement (provided that the failure to give prompt notice shall not impair any
Person’s right to indemnification hereunder to the extent such failure has not materially
prejudiced the indemnifying party and then, only to the extent thereof) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to
participate in, and to the extent it may wish to assume the defense at its own expense of such
claim with counsel reasonably satisfactory to the indemnified party and the indemnified party shall
have the right to employ separate counsel and participate in the defense of the claim at its own
expense. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim.

          (d) If the indemnification provided for in this Section 6 from the indemnifying party
is unavailable to an indemnified party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and indemnified parties in
connection with the actions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations; provided, that the maximum amount
of liability in respect of such contribution shall be limited, in the case of each seller of
Registrable Securities, to an amount equal to the net proceeds actually received by such seller
from the sale of Registrable Securities effected pursuant to such registration. The relative fault
of such indemnifying party and indemnified parties shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been made by, or
relates to information supplied by, such indemnifying party or indemnified parties, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent

11

 

such action. The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. If the allocation provided in this paragraph (d) is not permitted by
applicable law, the parties shall contribute based upon the relevant benefits received by the
Company from the offering of the Registrable Securities on the one hand and the net proceeds
received by the holders of the Registrable Securities included in the registration from the sale of
Registrable Securities on the other; provided, that the maximum amount of liability in respect of
such contribution shall be limited, in the case of each seller of Registrable Securities, to an
amount equal to the net proceeds actually received by such seller from the sale of Registrable
Securities effected pursuant to such registration.

          (e) The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director or controlling Person of such indemnified party and shall survive the transfer of
securities. The Company also agrees to make such provisions, as are reasonably requested by any
indemnified party, for contribution to such party in the event the Company’s indemnification
provided for herein is unavailable for any reason.

          (f) No indemnifying party shall, without the written consent of each indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified party is an actual or potential party to such
action or claim) unless such settlement, compromise, or judgment (A) includes an unconditional
release of the indemnified party from all liability arising out of such action or claim without any
payment or consideration provided or obligation incurred by any indemnified party and (B) does not
include a statement as to or an admission of fault, culpability, or a failure to act, by or on
behalf of any indemnified party.

          (g) The indemnification and contribution by any such party provided for under this Agreement
shall be in addition to any other rights to indemnification or contribution which any indemnified
party may have pursuant to law or contract and will remain in full force and effect regardless of
any investigation made or omitted by or on behalf of the indemnified party or any officer,
director, or controlling Person of such indemnified party and will survive the transfer of
securities.

          (h) The indemnification and contribution required by this Section 6 shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as and
when bills are received or expense, loss, damage, or liability is incurred.

     7. Participation in Underwritten Registrations. Notwithstanding anything herein to
the contrary, no Person may directly or indirectly participate in any registration hereunder which
is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis
provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to
approve such arrangements, (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents that are standard and customary and are
required under the terms of such underwriting arrangements; provided that no holder
of

12

 

Registrable Securities included in any underwritten registration shall be required to make any
representations or warranties to the Company or the underwriters (other than representations and
warranties regarding such holder and such holder’s intended method of distribution) or to undertake
any indemnification obligations to the Company with respect thereto, except in each case, (i) as
otherwise provided in Section 6(b) hereof or (ii) to the extent either the holders of a
majority of the Investor Registrable Securities and/or (y) AmWINS Holdings, LLC is doing so;
provided that, and in the case of (ii), the indemnification obligation shall be individual,
not joint and several, for each holder of Registrable Securities and shall be limited to the net
amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such
registration statement.

     8. Current Public Information. At all times after the Company has filed a
registration statement with the Securities and Exchange Commission pursuant to the requirements of
either the Securities Act or the Securities Exchange Act, the Company will file all reports
required to be filed by it under the Securities Act and the Securities Exchange Act and the rules
and regulations adopted by the Securities and Exchange Commission thereunder, and will take such
further action as any holder or holders of Registrable Securities may reasonably request, all to
the extent required to enable such holders to sell, without registration, Registrable Securities
pursuant to Rule 144 adopted by the Securities and Exchange Commission under the Securities Act (as
such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by
the Securities and Exchange Commission.

     9. Definitions.

     “Common Stock” means the Common Stock of the Company, par value $0.01 per share, as
constituted on the date hereof and any stock into which any such Common Stock shall have been
changed or any stock resulting from any reclassification of any such Common Stock.

     “Holdings” means American Wholesale Insurance Holding Company, LLC, a Delaware limited
liability company.

     “Initial Public Offering” means the initial underwritten public offering of equity
securities of the Company registered under the Securities Act, so long as after such offering, such
equity securities are traded, listed or quoted on a national securities exchange or the NASDAQ
Stock Market.

     “Investor Registrable Securities” means (i) all shares of Common Stock originally
issued to, or otherwise distributed by Holdings to, directly or indirectly, any of (x) an Investor,
(y) Parthenon Investors II, L.P. (“Parthenon II”) or (z) Parthenon Investors III, L.P.
(“Parthenon III”) or (ii) any Common Stock issued or issuable with respect to the
securities referred to in clause (i) above by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization. As to any particular Investor Registrable Securities, such securities shall cease
to be Investor Registrable Securities when they have been (a) distributed to the public pursuant to
an offering registered under the Securities Act, (b) distributed to a Person not (1) Parthenon II,
(2) Parthenon III or (3) an affiliate of any of the foregoing, (c) sold to the public through a
broker, dealer, or market maker in compliance with Rule 144 under the Securities Act (or any
similar rule then in force),

13

 

(d) repurchased by the Company or any Subsidiary thereof or purchased or otherwise acquired by
any employee of the Company, and, if such Investor Registrable Securities are purchased or
otherwise acquired by any employee of the Company, then such Investor Registrable Securities shall
cease to be Investor Registrable Securities and, if such employee of the Company is party to this
Agreement, shall be deemed Other Registrable Securities, (e) in the case of a holder which is a
limited partnership or limited liability company, unless such holder otherwise elects, distributed
to the partners or members of such holder, or (f) otherwise transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by the Company and
subsequent public distribution of them shall not require registration under the Securities Act.
For purposes of this Agreement, a Person shall be deemed to be a holder of Investor Registrable
Securities, and the Investor Registrable Securities shall be deemed to be in existence, whenever
such Person has the right to acquire directly or indirectly such Investor Registrable Securities
(upon conversion or exercise in connection with a transfer of securities or otherwise, but
disregarding any restrictions or limitations upon the exercise of such right), whether or not such
acquisition has actually been effected, and such Person shall be entitled to exercise the rights of
a holder of Investor Registrable Securities hereunder. Notwithstanding anything contained herein
to the contrary, if any Securities shall qualify as both Investor Registrable Securities and Other
Registrable Securities, such Securities shall be deemed to be Other Registrable Securities.

     “Other Registrable Securities” means (i) all shares of Common Stock issued, directly
or indirectly, to any Person listed on the Other Registrable Securities Schedule attached hereto or
to any other holders of Registrable Securities (other than holders of Investor Registrable
Securities) who become a party hereto by executing a counterpart signature page to this Agreement,
or (ii) any Common Stock issued or issuable with respect to the securities referred to in clause
(i) above by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. As to any particular Other
Registrable Securities, such securities shall cease to be Other Registrable Securities when they
have been (a) distributed to the public pursuant to an offering registered under the Securities
Act, (b) distributed to a Person not listed on the Other Registrable Securities Schedule attached
hereto, (c) sold to the public through a broker, dealer, or market maker in compliance with Rule
144 under the Securities Act (or any similar rule then in force), (d) repurchased by the Company or
any Subsidiary thereof or purchased or otherwise acquired by an Investor, and, if such Other
Registrable Securities are purchased or otherwise acquired by an Investor, then such Other
Registrable Securities shall be deemed Investor Registrable Securities or (e) otherwise
transferred, new certificates for them not bearing a legend restricting further transfer shall have
been delivered by the Company and subsequent public distribution of them shall no require
registration under the Securities Act. For purposes of this Agreement, a Person shall be deemed to
be a holder of Other Registrable Securities, and the Other Registrable Securities shall be deemed
to be in existence, whenever such Person has the right to acquire, directly or indirectly, such
Other Registrable Securities (upon conversion or exercise in connection with a transfer of
securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such
right other than vesting), whether or not such acquisition has actually been effected, and such
Person shall be entitled to exercise the rights of a holder of Other Registrable Securities
hereunder.

14

 

     “Person” means an individual, a partnership, a joint venture, a corporation, a trust,
a limited liability company, an unincorporated organization or a government or any department or
agency thereof.

     “Registrable Securities” means the Investor Registrable Securities and Other
Registrable Securities. All Registrable Securities shall be Securities.

     “Securities” means the Common Stock and any other class of securities or interests of
any other Person which is not limited to a fixed sum or percentage of par value or stated value in
respect of the rights of the holders thereof to participate in dividends and in the distribution of
assets upon the voluntary or involuntary liquidation, dissolution or winding up of the issuer of
such securities.

     “Securities Act” means the Securities Act of 1933, as amended.

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

     “Subsidiaries” means, with respect to any Person:

          (a) any corporation a majority of the total voting power of shares of stock of which is
entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or

          (b) any partnership, limited liability company, association or other business entity a
majority of the partnership or other similar ownership interest of which is at the time owned or
controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a
combination thereof.

          (c) For purposes of this definition, a Person is deemed to have a majority ownership interest
in a partnership, limited liability company, association or other business entity if such Person is
allocated a majority of the gains or losses of such partnership, limited liability company,
association or other business entity or is or controls the managing director, managing member or
general partner of such partnership, limited liability company, association or other business
entity.

     10. Miscellaneous.

          (a) No Inconsistent Agreements. The Company has not entered into and shall not
hereafter enter into any agreement with respect to its securities which is inconsistent with or
violates the rights granted to the holders of Registrable Securities in this Agreement.

          (b) Adjustments Affecting Registrable Securities. If reasonably requested by the
holders of a majority of the Investor Registrable Securities, the Company shall not take any
action, or permit any change to occur, with respect to its securities which would materially and
adversely affect the ability of the holders of Registrable Securities to include such Registrable
Securities in a registration undertaken pursuant to this Agreement or which would materially and

15

 

adversely affect the marketability of such Registrable Securities in any such registration
(including, without limitation, effecting a stock split or a combination of shares).

          (c) Remedies. Any Person having rights under any provision of this Agreement shall be
entitled to enforce such rights specifically to recover damages caused by reason of any breach of
any provision of this Agreement and to exercise all other rights granted by law. The parties
hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party may in its sole discretion apply to any court of
law or equity of competent jurisdiction (without posting any bond or other security) for specific
performance and for other injunctive relief in order to enforce or prevent violation of the
provisions of this Agreement.

          (d) Amendments and Waivers. The provisions of this Agreement may be amended or waived
only upon the prior written consent of the holders of a majority of Investor Registrable Securities
and the Company; provided, that no such amendment or waiver shall materially and adversely affect
the rights hereunder of any of the parties hereto when compared with its effect on the other
parties hereto without the prior written approval of such party.

          (e) Successors and Assigns. All covenants and agreements in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not. In addition, whether or
not any express assignment has been made, the provisions of this Agreement which are for the
benefit of purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities.

          (f) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

          (g) Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such
counterparts taken together shall constitute one and the same Agreement.

          (h) Descriptive Headings; Interpretation; No Strict Construction. The descriptive
headings of this Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns,
pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document,
or instrument means such agreement, document, or instrument as amended or otherwise modified from
time to time in accordance with the terms thereof, and if applicable hereof. The use of the words
“include” or “including” in this Agreement shall be by way of example rather than by limitation.
The use of the words “or,” “either” or “any” shall not be exclusive. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or

16

 

burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of
any of the provisions of this Agreement. The parties agree that prior drafts of this Agreement
shall be deemed not to provide any evidence as to the meaning of any provision hereof or the intent
of the parties hereto with respect hereto.

          (i) GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF
DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE.

          (j) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to
have been given when delivered personally to the recipient, sent to the recipient by reputable
overnight courier service (charges prepaid), or mailed to the recipient by certified or registered
mail, return receipt requested and postage prepaid. Such notices, demands and other communications
shall be sent to a recipient at the address indicated on the attached Investor Registrable
Securities Schedule or Other Registrable Securities Schedule, as applicable, and to the Company at
the address indicated below:

     If to the Company, to:

American Wholesale Insurance Group, Inc.

4064 Colony Road

Suite 450

Charlotte, NC 28211

Attention: Chief Executive Officer

Facsimile: (704) 943-9000

     with a copy (which will not constitute notice to the Company) to:

Robinson, Bradshaw & Hinson, P .A.

101 North Tryon Street, Suite 1900

Charlotte, North Carolina 28246

Attention: David W. Dabbs

Facsimile: (704) 373-3983

or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.

          (k) WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN
CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR ANY ANCILLARY AGREEMENT

17

 

OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF.

          (l) Transfer. Except as otherwise determined by the holders of a majority of the
Investor Registration Securities, prior to transferring any Securities (other than a transfer
pursuant to which such Securities cease to be Registrable Securities) to any Person, any Person
party to this Agreement (other than Holdings) transferring such Securities will cause the
prospective transferee to execute and deliver to the Company (for itself and as the agent of the
other members), a counterpart to this Agreement pursuant to which the prospective transferee agrees
to be bound by this Agreement to the same extent as the Person transferring such Securities with
respect to the Securities so transferred.

          (m) Entire Agreement. Except as otherwise expressly set forth herein, this agreement
and the other agreements referred to herein embody the complete agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written or oral, which may
have related to the subject matter hereof in any way.

          (n) Additional Parties. A Person may added as a party to this Agreement upon (i) the
issuance of additional Securities to such Person and (ii) the approval of the Board and the holders
of a majority of Investor Registrable Securities.

          (o) Delivery by Facsimile. This Agreement and any amendments hereto, to the extent
signed and delivered by means of a facsimile machine, shall be treated in all manner and respects
as an original agreement or instrument and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person. At the request of
any party hereto, each other party hereto shall reexecute original forms thereof and deliver them
to all other parties. No party hereto shall raise the use of a facsimile machine to deliver a
signature or the fact that any signature was transmitted or communicated through the use of a
facsimile machine as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense.

          (p) Other Registration Rights. The Company represents and warrants that it is not a
party to, or otherwise subject to, any other agreement granting registration rights to any other
Person with respect to any securities of the Company. Except as provided in this Agreement, the
Company shall not grant to any Persons the right to request the Company to register any equity
securities of the Company, or any securities convertible or exchangeable into or exercisable for
such securities, without the prior written consent of the holders of a majority of the Investor
Registrable Securities.

* * * * *

18

 

     IN WITNESS WHEREOF, the parties have executed this Registration Agreement as of the date first
written above.

	 	 	 	 	 	 	 
	 	 	AMERICAN WHOLESALE INSURANCE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M. Steven DeCarlo	 	 
	 

	 	Name:
	 	 

M. Steven DeCarlo
	 	 
	 

	 	Title:
	 	Chief Executive Officer and President	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN WHOLESALE INSURANCE HOLDING COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M. Steven DeCarlo	 	 
	 

	 	Name:
	 	 

M. Steven DeCarlo
	 	 
	 

	 	Title:
	 	Manager	 	 
	 
	 	 	 	 	 	 
	 	 	AMWINS HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marc R. Rubin	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Marc R. Rubin	 	 
	 

	 

	 	Title:	 	Manager	 	 
	 

19

 

INVESTOR REGISTRABLE SECURITIES SCHEDULE

AMERICAN WHOLESALE INSURANCE HOLDING COMPANY, LLC

c/o American Wholesale Insurance Group, Inc.

4064 Colony Road

Suite 450

Charlotte, NC 28211

Attention: Chief Executive Officer

Facsimile: (704) 943-9000

AMWINS HOLDINGS, LLC

c/o Parthenon Capital, LLC

75 State Street

26th Floor

Boston, MA 02109

Attention: William C. Kessinger

Facsimile: (704) 943-9000

 

 

OTHER REGISTRABLE SECURITIES SCHEDULE

None.

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