Document:

Credit Agreement dated as of April 16, 2004

 Exhibit 10.20 
  

  
 $45,000,000 CREDIT FACILITY 
  
 CREDIT AGREEMENT

  
 Dated as of April 16, 2004 
  
 by and among 
  
 BRICKMAN GROUP HOLDINGS, INC., 
 as Borrower 
  
 ANTARES CAPITAL CORPORATION 
 for itself, as a Lender and as Agent for all
Lenders 
  
 and 
  
 THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO 
 as Lenders 
  

  

 TABLE OF CONTENTS 
  

			
	 ARTICLE I - THE CREDITS
	  	1
	 1.1 Amounts and Terms of Term Loan Commitments.
	  	1
	 1.2 Notes.
	  	1
	 1.3 Interest.
	  	1
	 1.4 Loan Accounts
	  	2
	 1.5 Prepayment Premium
	  	2
	 1.6 Continuation Elections.
	  	3
	 1.7 Optional Prepayments.
	  	3
	 1.8 Mandatory Prepayments of Loans.
	  	4
	 1.9 Reserved.
	  	6
	 1.10 Payments by the Borrower.
	  	6
	 1.11 Payments by the Lenders to the Agent; Settlement.
	  	7
		
	 ARTICLE II - CONDITIONS PRECEDENT
	  	8
	 2.1 Conditions of Loans
	  	8
		
	 ARTICLE III - REPRESENTATIONS AND WARRANTIES
	  	11
	 3.1 Corporate Existence and Power
	  	11
	 3.2 Corporate Authorization; No Contravention.
	  	11
	 3.3 Governmental Authorization
	  	12
	 3.4 Binding Effect
	  	12
	 3.5 Litigation
	  	12
	 3.6 No Default
	  	13
	 3.7 ERISA Compliance.
	  	13
	 3.8 Use of Proceeds; Margin Regulations
	  	13
	 3.9 Title to Properties
	  	13
	 3.10 Taxes
	  	14
	 3.11 Financial Condition.
	  	14
	 3.12 Environmental Matters.
	  	14
	 3.13 Collateral Documents
	  	15
	 3.14 Regulated Entities
	  	15
	 3.15 Solvency
	  	15
	 3.16 Labor Relations
	  	15
	 3.17 Copyrights, Patents, Trademarks and Licenses, etc
	  	16
	 3.18 Subsidiaries
	  	16
	 3.19 Brokers’ Fees; Transaction Fees
	  	16
	 3.20 Insurance
	  	16
	 3.21 Full Disclosure
	  	16
	 3.22 Operating Company Loan Documents
	  	17
	 3.23 Assets
	  	17
	 ARTICLE IV - AFFIRMATIVE COVENANTS
	  	17
	 4.1 Financial Statements
	  	17

			
	 4.2 Certificates; Other Information
	  	18
	 4.3 Notices
	  	19
	 4.4 Preservation of Corporate Existence, Etc
	  	21
	 4.5 Maintenance of Property
	  	21
	 4.6 Insurance
	  	21
	 4.7 Payment of Obligations
	  	22
	 4.8 Compliance with Laws
	  	22
	 4.9 Inspection of Property and Books and Records
	  	22
	 4.10 Use of Proceeds
	  	23
	 4.11 Further Assurances.
	  	23
		
	 ARTICLE V - NEGATIVE COVENANTS
	  	23
	 5.1 Limitation on Liens
	  	23
	 5.2 Disposition of Assets
	  	24
	 5.3 Consolidations and Mergers
	  	24
	 5.4 Loans and Investments
	  	24
	 5.5 Limitation on Indebtedness
	  	25
	 5.6 Transactions with Affiliates
	  	25
	 5.7 Management Fees and Compensation
	  	26
	 5.8 Use of Proceeds
	  	26
	 5.9 Contingent Obligations
	  	26
	 5.10 Compliance with ERISA
	  	26
	 5.11 Restricted Payments
	  	27
	 5.12 Change in Business
	  	27
	 5.13 Change in Structure
	  	27
	 5.14 Accounting Changes
	  	27
	 5.15 Amendments to Related Agreements
	  	28
	 5.16 No Negative Pledges
	  	28
	 5.17 Restricted Payment Availability
	  	28
	 5.18 Assets
	  	28
		
	 ARTICLE VI - FINANCIAL COVENANT
	  	29
		
	 ARTICLE VII - EVENTS OF DEFAULT
	  	29
	 7.1 Event of Default
	  	29
	 7.2 Remedies
	  	32
	 7.3 Rights Not Exclusive
	  	32
		
	 ARTICLE VIII - THE AGENT
	  	32
	 8.1 Appointment and Authorization
	  	32
	 8.2 Delegation of Duties
	  	33
	 8.3 Liability of Agent
	  	33
	 8.4 Reliance by Agent
	  	33
	 8.5 Notice of Default
	  	33
	 8.6 Credit Decision
	  	34
	 8.7 Indemnification
	  	34
	 8.8 Agent in Individual Capacity
	  	35

			
	 8.9 Successor Agent
	  	35
	 8.10 Collateral Matters.
	  	35
		
	 ARTICLE IX - MISCELLANEOUS
	  	36
	 9.1 Amendments and Waivers
	  	36
	 9.2 Notices.
	  	37
	 9.3 No Waiver; Cumulative Remedies
	  	38
	 9.4 Costs and Expenses
	  	38
	 9.5 Indemnity
	  	39
	 9.6 Marshaling; Payments Set Aside
	  	40
	 9.7 Successors and Assigns
	  	40
	 9.8 Assignments, Participations, etc.
	  	40
	 9.9 Confidentiality
	  	42
	 9.10 Set-off; Sharing of Payments
	  	43
	 9.11 Notification of Addresses, Lending Offices, Etc
	  	44
	 9.12 Counterparts
	  	44
	 9.13 Severability
	  	44
	 9.14 Captions
	  	44
	 9.15 Independence of Provisions
	  	44
	 9.16 Interpretation
	  	44
	 9.17 No Third Parties Benefited
	  	44
	 9.18 Governing Law and Jurisdiction.
	  	45
	 9.19 Waiver of Jury Trial
	  	45
	 9.20 Entire Agreement; Release
	  	46
		
	 ARTICLE X - TAXES, YIELD PROTECTION AND ILLEGALITY
	  	46
	 10.1 Taxes.
	  	46
	 10.2 Illegality.
	  	48
	 10.3 Increased Costs and Reduction of Return.
	  	49
	 10.4 Funding Losses
	  	50
	 10.5 Inability to Determine Rates
	  	51
	 10.6 Reserves on LIBOR Rate Loans
	  	51
	 10.7 Certificates of Lenders
	  	51
	 10.8 Survival
	  	51
	 10.9 Replacement of Lender in Respect of Increased Costs or Amendments
	  	51
	 10.10 Change of Lending Office
	  	52
		
	 ARTICLE XI - DEFINITIONS
	  	52
	 11.1 Defined Terms
	  	52
	 11.2 Other Interpretive Provisions.
	  	67
	 11.3 Accounting Principles.
	  	67

			
	 SCHEDULES
	  	 
	 Schedule 1.1(a)
	  	Term Loan Commitments
	 Schedule 3.2
	  	Capitalization
	 Schedule 3.5
	  	Litigation
	 Schedule 3.7
	  	ERISA
	 Schedule 3.17
	  	Intellectual Property
	 Schedule 3.19
	  	Fees
	 Schedule 3.20
	  	Insurance
	 Schedule 5.4
	  	Investments
	 Schedule 11.1
	  	Prior Indebtedness
		
	 EXHIBITS
	  	 
		
	 Exhibit 4.2(b)
	  	Compliance Certificate
	 Exhibit 11.1(c)
	  	Notice of Continuation/Conversion
	 Exhibit 11.1(e)
	  	Term Note

 CREDIT AGREEMENT 
  
 This CREDIT AGREEMENT (this “Agreement”) is entered into as of April 16, 2004, by and among Brickman Group
Holdings, Inc., a Delaware corporation (the “Borrower”), Antares Capital Corporation, a Delaware corporation, as agent for the several financial institutions from time to time party to this Agreement (collectively, the “Lenders”
and individually, each a “Lender”) and for itself as a Lender, and such Lenders. 
  
 W I T N E S S E T H: 
  
 WHEREAS,
the Borrower has requested, and the Lenders have agreed to make available to the Borrower, a term loan upon and subject to the terms and conditions set forth in this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto
agree as follows: 
  
 ARTICLE I - THE CREDITS 
  
 1.1 Amounts and Terms of Term Loan Commitments. 
  
 (a) The Loans. Each Lender severally and not jointly agrees, on the
terms and conditions hereinafter set forth, to lend to the Borrower on the Closing Date, the amount set forth opposite such Lender’s name in Schedule 1.1(a) (such amount being referred to herein as such Lender’s “Term Loan
Commitment”). Amounts borrowed under this subsection 1.1(a) are referred to as the “Loans.” 
  
 1.2 Notes. 
  
 (a) The Loan made by each Lender shall be evidenced by a Term Note payable to the order of such Lender in an amount equal to such Lender’s Term Loan
Commitment, unless such Lender has notified Agent in writing that no Term Note is required. 
  
 1.3 Interest. 
  
 (a)
Subject to subsections 1.3(c) and 1.3(d), each Loan shall bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to the LIBOR or the Base Rate, as the case may be, plus the Applicable
Margin. Commencing on the day on which financial statements for March, 2005 are delivered, and continuing thereafter, the Applicable Margin for Loans shall be subject to adjustment as set forth in the definition of Applicable Margin. The Agent will
with reasonable promptness notify the Borrower and the Lenders of the effective date and the amount of each such change, provided that any failure to do so shall not relieve the Borrower of any liability hereunder or provide the basis for any
claim against the Agent. Each determination of an interest rate by the Agent shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. All computations of fees and interest payable under this Agreement shall
be made on the basis of a 360-day year and actual days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to but (subject to the provisions of subsections 1.10(a) and
1.10(b) hereof) excluding the last day thereof. 

 (b) Interest on each Loan shall be paid in arrears on each Interest Payment Date. Interest shall also be
paid on the date of any payment or prepayment of Loans in full. 
  
 (c) At the election of the Agent or the Required Lenders while any Event of Default exists, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the Obligations from and after
the date of occurrence of such Event of Default, at a rate per annum which is determined by adding two percent (2.00%) per annum (the “Default Rate Portion”) to the Applicable Margin then in effect plus the LIBOR or Base Rate, as
the case may be; provided, however, that, on and after the expiration of any Interest Period applicable to any LIBOR Rate Loan outstanding during the continuance of such Event of Default, the principal amount of such Loan shall, during
the continuation of such Event of Default, bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin plus the Default Rate Portion. 
  
 (d) Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be subject to the
limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to
the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such event the Borrower shall pay such Lender interest at the highest rate
permitted by applicable law. 
  
 1.4 Loan Accounts. The
Agent, on behalf of the Lenders, shall record on its books and records the amount of each Loan made, the interest rate applicable, all payments of principal and interest thereon and the principal balance thereof from time to time outstanding. The
Agent shall deliver to the Borrower on a monthly basis a loan statement setting forth such record for the immediately preceding month. Such record shall, absent manifest error, be conclusive evidence of the amount of the Loans made by the Lenders to
the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so, or any failure to deliver such loan statement shall not, however, limit or otherwise affect the obligation of the Borrower hereunder (and under
any Note) to pay any amount owing with respect to the Loans or provide the basis for any claim against the Agent. 
  
 1.5 Prepayment Premium. If Borrower prepays, or is required to prepay, all of the Loans as a result of a refinancing of the Loans with additional
Indebtedness of the Borrower or in connection with an event described in Section 1.8(b), the Borrower shall pay to the Agent, for the ratable benefit of the Lenders, as liquidated damages and compensation for the costs of being prepared to make
funds available hereunder, an amount equal to the Applicable Prepayment Percentage multiplied by the principal amount of the Loans so prepaid or required to be prepaid. Notwithstanding the foregoing, no prepayment fee shall be payable in respect of
prepayments of the Loans made after the second anniversary of the Closing Date. 
  

 2 

 1.6 Continuation Elections. 
  
 (a) The Borrower may, upon irrevocable (subject to subsection 10.2(c) and Section 10.5) written notice to the Agent in
accordance with subsection 1.6(b), elect to convert on any Business Day any Base Rate Loans into LIBOR Rate Loans or elect to continue on the last day of the applicable Interest Period any LIBOR Rate Loans having Interest Periods maturing on such
day, in each instance, in whole or in part in an amount not less than $100,000, or that is in an integral multiple of $50,000 in excess thereof. 
  
 (b) The Borrower shall deliver a Notice of Continuation/Conversion to be received by the Agent not later than 11:00 a.m. (Chicago time) at least three (3)
Business Days in advance of the requested Conversion Date or continuation date, specifying: 
  
 (i) the proposed Conversion Date or continuation date; 
  
 (ii) the aggregate amount of Loans to be converted or continued; and 
  
 (iii) the duration of the requested Interest Period with
respect to the Loans to be converted or continued as LIBOR Rate Loans. 
  
 (c) If upon the expiration of any Interest Period applicable to LIBOR Rate Loans, the Borrower has failed to select timely a new Interest Period to be applicable to such LIBOR Rate Loans, the Borrower shall be deemed to have elected to
continue such LIBOR Rate Loan as a LIBOR Rate Loan with an Interest Period of one (1) month. 
  
 (d) If upon the expiration of any Interest Period applicable to LIBOR Rate Loans any Event of Default shall then exist, the Borrower shall be deemed to have elected to convert such LIBOR Rate Loans into Base Rate
Loans effective as of the expiration date of such current Interest Period. 
  
 (e) Upon receipt of a Notice of Continuation/Conversion, the Agent will promptly notify each Lender thereof. In addition, the Agent will, with reasonable promptness, notify the Borrower and the Lenders of each
determination of LIBOR; provided that any failure to do so shall not relieve the Borrower of any liability hereunder or provide the basis for any claim against the Agent. All conversions and continuations shall be made pro rata according to
the respective outstanding principal amounts of the Loans with respect to which the notice was given held by each Lender. 
  
 (f) Unless the Agent or the Required Lenders shall otherwise agree, during the existence of an Event of Default, the Borrower may not elect to have a Loan
converted into or continued as a LIBOR Rate Loan. 
  
 (g)
Notwithstanding any other provision contained in this Agreement, after giving effect to the Borrowing, or to any continuation or conversion of any Loans, there shall not be more than seven (7) different Interest Periods in effect. 
  
 1.7 Optional Prepayments. 
  
 (a) The Borrower may at any time upon at least one (1) Business Day’s
prior written notice to the Agent, prepay the Loans in whole or in part (and if in part, in an amount greater 
  

 3 

 than or equal to $100,000), in each instance, without penalty or premium except as provided in Sections 1.5 and 10.4.
Optional partial prepayments of the Loans shall be applied in the manner set forth in subsection 1.8(f). Optional partial prepayments of the Loans in amounts less than $100,000 shall not be permitted. 
  
 (b) The notice of any prepayment shall not thereafter be revocable by the
Borrower and the Agent will promptly notify each Lender thereof and of such Lender’s Commitment Percentage of such prepayment. The payment amount specified in such notice shall be due and payable on the date specified therein. Together with
each prepayment under this Section 1.7, the Borrower shall pay any amounts required pursuant to Section 1.5 and 10.4, if any. 
  
 1.8 Mandatory Prepayments of Loans. 
  
 (a) Scheduled Loan Payments. The principal amount of the Loans shall be paid in installments on the dates shown below and in the respective amounts
shown below (as reduced pursuant to the provisions of subsection 1.8(f) hereof): 
  

				
	 Date of Payment

	  	Amount of Loan Payment

	 August 15, 2004
	  	$	1,000,000
	 November 15, 2004
	  	$	1,000,000
	 February 15, 2005
	  	$	1,000,000
	 May 15, 2005
	  	$	1,000,000
		
	 August 15, 2005
	  	$	1,250,000
	 November 15, 2005
	  	$	1,250,000
	 February 15, 2006
	  	$	1,250,000
	 May 15, 2006
	  	$	1,250,000
		
	 August 15, 2006
	  	$	1,500,000
	 November 15, 2006
	  	$	1,500,000
	 February 15, 2007
	  	$	1,500,000
	 May 15, 2007
	  	$	1,500,000
		
	 August 15, 2007
	  	$	1,750,000
	 November 15, 2007
	  	$	1,750,000
	 February 15, 2008
	  	$	1,750,000
	 May 15, 2008
	  	$	1,750,000
		
	 August 15, 2008
	  	$	2,000,000
	 November 15, 2008
	  	$	2,000,000
	 February 15, 2009
	  	$	2,000,000
	 May 15, 2009
	  	$	2,000,000
		
	 August 15, 2009
	  	$	5,000,000
	 November 15, 2009
	  	$	10,000,000

  

 4 

 (b) Change of Control. The Borrower shall pay the Obligations in full concurrently with the
occurrence of any of the following: 
  
 (i) a
Qualified Public Offering; 
  
 (ii) an Event of
Default pursuant to Section 7.1(l); 
  
 (iii) the
sale of all or substantially all of Borrower’s or any of its Subsidiaries’ assets; 
  
 (iv) payment in full of the Senior Subordinated Notes; or 
  
 (v) Sponsor ceases to own at least 50% of the issued and outstanding capital stock of the Borrower owned by
it on the Closing Date, after giving effect to the Repurchase, (as the same may be adjusted for any combination, recapitalization or reclassification into a greater or smaller number of shares). 
  
 (c) Asset Dispositions. If, after all Operating Company Obligations
have been paid in full and all Operating Commitments have terminated, the Borrower or any of its Subsidiaries shall at any time, or from time to time: 
  
 (i) consummate a Disposition; or 
  
 (ii) suffer an Event of Loss; 
  
 and the aggregate amount of the Net Proceeds received by Borrower and its Subsidiaries in connection with such Disposition or Event of Loss and all other Dispositions and
Events of Loss occurring during the fiscal year exceeds $250,000, then (A) the Borrower shall promptly notify the Agent of such Disposition or Event of Loss (including the amount of the Net Proceeds to be received by the Borrower and/or any of its
Subsidiaries in respect thereof) and (B) promptly upon receipt by the Borrower and/or any of its Subsidiaries of the Net Proceeds of such Disposition or Event of Loss, to the extent such Net Proceeds are not required to be used to make any payments
under the Senior Subordinated Notes Indenture, the Borrower shall deliver such Net Proceeds to the Agent for distribution to the Lenders as a prepayment of the Loans, which prepayment shall be applied in accordance with subsection 1.8(f) hereof.
Notwithstanding the foregoing and provided no Default or Event of Default has occurred and is continuing, such prepayment shall not be required to the extent the Borrower (I) notifies the Agent in writing of its election to (x) reinvest the
Net Proceeds of such Disposition or Event of Loss, or a portion thereof, in productive assets of a kind then used or usable in the business of the Borrower within one hundred eighty (180) days after the date of such Disposition or Event of Loss or
(y) enter into a binding commitment thereof within said one hundred eighty (180) day period, and (II) the Borrower, in fact, (x) so reinvests such Net Proceeds, or such portion thereof, within said one hundred eighty (180) day period or (y) enters
into a binding commitment thereof and subsequently makes such reinvestment. Any portion of Net Proceeds not reinvested as provided herein shall applied as a prepayment of the Loans, which prepayment shall be applied in accordance with subsection
1.8(f) hereof. 
  

 5 

 (d) Issuance of Securities. After all Operating Company Obligations have been paid in full and all
Operating Commitments have terminated but without limitation of the provisions of subsection 1.8(b), Borrower shall deliver to Agent, immediately upon the receipt by Borrower or any of its Subsidiaries of the Net Issuance Proceeds of the issuance of
equity securities or debt securities (other than Net Issuance Proceeds from the issuance of (i) debt securities in respect of Indebtedness permitted hereunder, (ii) equity securities to management and (iii) provided no Event of Default has occurred
and is continuing, equity securities issued after the Closing Date to Persons who are stockholders of Borrower on the Closing Date), to the extent such Net Issuance Proceeds are not required to be used to make any payment under the Senior
Subordinated Notes Indenture, an amount equal to such Net Issuance Proceeds, net of underwriting discounts associated therewith, for application to the Loans in accordance with subsection 1.8(f). 
  
 (e) Reserved. 
  
 (f) Application of Prepayments. Any prepayments pursuant to Section
1.7 shall be applied first to prepay the next four installments of the Loans coming due in their direct order of maturity and thereafter to prepay installments of the Loans coming due pro rata against all such scheduled installments based upon the
respective amounts thereof. Any prepayments pursuant to subsections 1.8(c) or 1.8(d) shall be applied to prepay installments of the Loans coming due pro rata against all such scheduled installments based upon the respective amounts thereof. To the
extent permitted by the foregoing sentence, amounts prepaid shall be applied first to any Base Rate Loans then outstanding and then to outstanding LIBOR Rate Loans with the shortest Interest Periods remaining. Together with each prepayment under
this Section 1.8, the Borrower shall pay any amounts required pursuant to (i) Section 10.4 and (ii) Section 1.5, if and to the extent applicable. 
  
 1.9 Closing Fee. The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, a closing fee in the amount and at the time set forth
in a letter agreement between the Borrower and the Agent dated of even date herewith. 
  
 1.10 Payments by the Borrower. 
  
 (a) All payments (including prepayments) to be made by the Borrower on account of principal, interest, fees and other amounts required hereunder shall be made without set-off, recoupment, counterclaim or deduction of any kind, shall, except
as otherwise expressly provided herein, be made to the Agent for the ratable account of the Lenders at the address for payment specified on the signature page hereof in relation to the Agent (or such other address as Agent may from time to time
specify in accordance with Section 9.2), and shall be made in Dollars and in immediately available funds, no later than 12:00 noon. (Chicago time) on the date due. Any payment which is received by the Agent later than 12:00 noon (Chicago time) shall
be deemed to have been received on the immediately succeeding Business Day and any applicable interest or fee shall continue to accrue. 
  
 (b) Subject to the provisions set forth in the definition of “Interest Period” herein, if any payment hereunder shall be stated to be due on a
day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may be. 
  

 6 

 (c) Except for payments collected or received prior to the occurrence of an Event of Default in respect
of a specific Obligation, all amounts collected or received by Agent shall be applied as follows: 
  
 first, to payment of costs and expenses, including Attorney Costs, of Agent payable or reimbursable by Borrower under the Loan
Documents; 
  
 second, to payment of
Attorney Costs of Lenders payable or reimbursable by Borrower under this Agreement; 
  
 third, to payment of all accrued unpaid fees (including fees payable to Agent) and interest then due and owing on the Obligations;

  
 fourth, to payment of principal of the
Obligations; 
  
 fifth, to payment of any
other amounts owing constituting Obligations; 
  
 sixth, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. 
  
 In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next
succeeding category; (ii) each of the Agent and Lenders shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses second, third, fourth and fifth above. 
  
 1.11 Payments by the Lenders to the Agent; Settlement. 
  
 (a) Unless the Agent shall have received notice from a Lender on the Closing
Date by 12:00 p.m. (Chicago time) that such Lender will not make available to the Agent as and when required hereunder for the account of the Borrower the amount of such Lender’s Commitment Percentage of the proposed Borrowing, the Agent may
assume that each Lender has made such amount available to the Agent in immediately available funds on the Closing Date and the Agent may (but shall not be so required), in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent any Lender shall not have made its full amount available to the Agent in immediately available funds and the Agent in such circumstances has made available to the Borrower such amount, that Lender shall on
the next Business Day following the Closing Date make such amount available to the Agent, together with interest at the Federal Funds Rate for and determined as of each day during such period. A notice of the Agent submitted to any Lender with
respect to amounts owing under this subsection 1.11(a) shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Agent shall constitute such Lender’s Loan on the Closing Date for all purposes of this
Agreement. If such amount is not made available to the Agent on the next Business Day following the Closing Date, the Agent shall notify the Borrower of such failure to fund and, no later than one (1) Business Day after demand by the Agent, the
Borrower shall pay such amount to the Agent for the Agent’s account, together with interest thereon for each day elapsed since the Closing Date, at a rate per annum equal to the interest rate applicable at the time to the Loans. 
  

 7 

 (b) The failure of any Lender to make any Loan on the Closing Date shall not relieve any other Lender of
any obligation hereunder to make a Loan on the Closing Date, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the Closing Date. 
  
 (c) Provided that such Lender has made all payments required to be made by it
under this Agreement, the Agent will pay to such Lender, by wire transfer to such Lender’s account (as specified by such Lender on such Lender’s respective signature page to this Agreement or the applicable Assignment and Acceptance) such
Lender’s Commitment Percentage of principal and interest received by Agent promptly after Agent’s receipt thereof. 
  
 (d) Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower
will not make such payment in full as and when required hereunder, the Agent may assume that the Borrower has made such payment in full to the Agent on such date in immediately available funds and the Agent may (but shall not be so required), in
reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If the Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related
payment has been or will be received by the Agent from the Borrower and such related payment is not received by the Agent, the Agent shall be entitled to recover such amount from such Lender, and each Lender shall repay to Agent on demand such
amount, together with interest thereon for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate, without setoff, recoupment, counterclaim or deduction
of any kind. If the Agent determines at any time that any amount received by the Agent under this Agreement must be returned to the Borrower or paid to any other Person pursuant to any solvency, fraudulent conveyance or similar law or otherwise,
then, notwithstanding any other term or condition of this Agreement, the Agent will not be required to distribute any portion of such payment to any Lender. In addition, each Lender will repay to the Agent on demand any portion of such amount that
the Agent has distributed to such Lender, together with interest thereon at such rate, if any, as the Agent is required to pay to the Borrower or such other Person, without setoff, recoupment, counterclaim or deduction of any kind. 
  
 ARTICLE II - CONDITIONS PRECEDENT 
  
 2.1 Conditions of Loans. The obligation of each Lender to make its
Loan hereunder is subject to the condition that the Agent shall have received on or before the Closing Date all of the following, in form and substance reasonably satisfactory to the Agent and each Lender and (except for the Notes) in sufficient
counterparts for each Lender, duly executed by all parties thereto: 
  
 (a) Credit Agreement and Notes. This Agreement executed by the Borrower, the Agent and each of the Lenders, and the Notes executed by the Borrower; 
  

 8 

 (b) Secretary’s Certificates; Resolutions; Incumbency. A certificate of the Secretary or
Assistant Secretary of Borrower certifying: 
  
 (i) the names and true signatures of the officers of Borrower authorized to execute, deliver and perform, as applicable, this Agreement, and all other Loan Documents to be executed, delivered and performed, as applicable, hereunder; and

  
 (ii) copies of the resolutions of the board
of directors of Borrower approving and authorizing the execution, delivery and performance, as applicable, by Borrower of this Agreement and the other Loan Documents to be executed or delivered by it hereunder; 
  
 (c) Organization Documents and Good Standing. Each of the following
documents: 
  
 (i) the Organization Documents of
each of Borrower and Operating Company, as such Organization Documents are in effect on the Closing Date, certified by the relevant Secretary of State (or similar, applicable Governmental Authority) of the state of incorporation of such Person, as
applicable, as of a recent date, all certified by the Secretary or Assistant Secretary of Borrower and Operating Company, as applicable, as of the Closing Date; and 
  
 (ii) a good standing and, if available, tax good standing certificate for each of Borrower and Operating
Company from the relevant Secretary of State (or similar, applicable Governmental Authority) of such Person’s state of incorporation and each state where Borrower and Operating Company is qualified to do business as a foreign entity as of a
recent date; 
  
 (d) Collateral Documents. The Collateral
Documents executed by Borrower and such other Persons party thereto in appropriate form for recording, where necessary, together with: 
  
 (i) acknowledgment copies of all uniform commercial code financing statements filed, registered or recorded to perfect the security
interests of the Agent, for the benefit of Agent and the Lenders, granted pursuant to the Collateral Documents, or other evidence reasonably satisfactory to the Agent that there has been filed, registered or recorded all financing statements and
other filings, registrations and recordings reasonably necessary and advisable to perfect the Liens of the Agent, for the benefit of Agent and the Lenders, granted pursuant to the Collateral Documents, in accordance with applicable law; 

 
 (ii) uniform commercial code financing statement, federal
and state tax lien, pending litigation and judgment searches as the Agent shall have reasonably requested of Borrower as Agent may reasonably request, and such termination statements, releases or other documents as may be reasonably necessary to
confirm that the Collateral is subject to no other Liens in favor of any Persons (other than Permitted Liens); and 
  

 9 

 (iii) evidence that all other actions reasonably necessary or, in the reasonable opinion
of the Agent, desirable to perfect and protect the Liens created by the Collateral Documents have been taken; 
  
 (e) Legal Opinions. Such opinions of counsel to Borrower, addressed to the Agent and the Lenders, in form and substance reasonably satisfactory to
Agent; 
  
 (f) Payment of Costs and Expenses. The Borrower
shall have paid all accrued and unpaid costs and expenses to the extent then due and payable on the Closing Date, together with Attorney Costs of the Agent; 
  
 (g) Certificate. A certificate signed on behalf of Borrower by a Responsible Officer, dated as of the Closing Date, stating that: 
  
 (i) the representations and warranties contained in Article
III hereof are true and correct in all material respects (or, with respect to any such representation or warranty that, by its terms, is qualified by materiality, Material Adverse Effect or similar qualification, such representation or warranty
shall be true and correct in all respects) on and as of such date, as though made on and as of such date; 
  
 (ii) no Default or Event of Default exists or would result from the Borrowing; and 
  
 (iii) there has occurred since December 31, 2003 no event or
circumstance that has resulted in or would reasonably be expected to result in a Material Adverse Effect; 
  
 (h) Financial Statements. Copies of all of the financial statements of Operating Company and its Subsidiaries referred to in Section 3.11,
certified on behalf of Operating Company by a Responsible Officer; 
  
 (i) Insurance Policies. Evidence satisfactory to Agent that all insurance required to be maintained in accordance with Section 4.6 has been obtained and is in full force and effect; 
  
 (j) Projections. Projections of the Borrower’s and its
Subsidiaries consolidated and consolidating financial performance for the period from January 1, 2004 through December 31, 2007 on an annual basis; 
  
 (k) Representations and Warranties. The representations and warranties made by the Borrower contained in Article III shall be true and correct in
all material respects (or, with respect to any such representation or warranty that, by its terms, is qualified by materiality, Material Adverse Effect or similar qualification, such representation or warranty is true and correct in all respects);

  
 (l) Related Transactions. Simultaneous with funding
under this Agreement, the Related Transactions shall have closed in the manner contemplated by the Related Agreements and shall otherwise be in form and substance reasonably satisfactory to the Agent; and 
  

 10 

 (m) Other Documents. Such other approvals, opinions, documents or materials as the Agent or any
Lender may reasonably request. 
  
 ARTICLE III - REPRESENTATIONS
AND WARRANTIES 
  
 The Borrower represents and warrants to the
Agent and each Lender that the following are, and after giving effect to the Related Transactions will be, true, correct and complete as of the Closing Date: 
  

3.1 Corporate Existence and Power. Borrower and each of its Subsidiaries: 
  
 (a) is a corporation, limited liability company or limited partnership, as applicable, duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation, as applicable; 
  
 (b) has the power and authority and all governmental licenses, authorizations, consents and approvals to own its assets, carry on its business and
execute, deliver, and perform its obligations under the Loan Documents and the Related Agreements to which it is a party and to consummate the Repurchase; 
  
 (c) is duly qualified as a foreign corporation, limited liability company or limited partnership, as applicable, and licensed and in good standing, under
the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification or license; and 
  
 (d) is in compliance with all Requirements of Law; 
  
 except, in each case referred to in clause (c) or clause (d) above, to the extent that the failure to do so could not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect. 
  
 3.2
Corporate Authorization; No Contravention. 
  
 (a) The
Repurchase by the Borrower and the execution, delivery and performance by (i) the Borrower of this Agreement and (ii) Borrower and its Subsidiaries, as applicable, of the other Loan Documents and the Related Agreements to which such Person is party,
in each case, have been duly authorized by all necessary action, and do not and will not: 
  
 (i) contravene the terms of any of that Person’s Organization Documents; 
  
 (ii) conflict with or result in any material breach or
contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which such Person or any of its Subsidiaries is a party or any order, injunction, writ or decree of any Governmental
Authority to which such Person or any of its Subsidiaries or their Property is subject; or 
  
 (iii) violate any material Requirement of Law in any material respect. 
  

 11 

 (b) Schedule 3.2 sets forth the authorized equity securities of each of Borrower and its
Subsidiaries. All issued and outstanding equity securities of each of Borrower and its Subsidiaries are duly authorized and validly issued, fully paid, non-assessable, and, with respect to equity securities of Borrower and its Subsidiaries, are free
and clear of all Liens other than those in favor of Agent, for the benefit of Agent and Lenders, and other Permitted Liens. All such securities were issued in compliance with all applicable state and federal laws concerning the issuance of
securities. All of the issued and outstanding equity securities of Operating Company is owned by Borrower. After giving effect to the Repurchase, all of the issued and outstanding equity securities of Borrower is owned by the Persons and in the
amounts set forth on Schedule 3.2. Except as set forth on Schedule 3.2, there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or
acquisition of any shares of capital stock, membership interests or other securities of Borrower or any of its Subsidiaries. 
  
 3.3 Governmental Authorization. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental
Authority is necessary or required in connection with the Repurchase or the execution, delivery or performance by, or enforcement against, Borrower or its Subsidiaries of this Agreement or any other Loan Document or any Related Agreement except (a)
for recordings and filings in connection with the Liens granted to the Agent under the Collateral Documents; (b) those obtained or made on or prior to the Closing Date; and (c) in the case of any Related Agreement, those which, if not obtained or
made, could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
  
 3.4 Binding Effect. This Agreement and each other Loan Document and each Related Agreement to which Borrower or any of its Subsidiaries is a party
constitute the legal, valid and binding obligations of such Person, enforceable against such Person in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting
the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 
  
 3.5 Litigation. Except as specifically disclosed in Schedule 3.5, there are no actions, suits, proceedings, claims or disputes pending, or
to the best knowledge of the Borrower, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against Borrower or any of its Subsidiaries or any of their respective Properties which: 
  
 (a) purport to pertain to this Agreement or any other Loan Document, or any
of the transactions contemplated hereby; or 
  
 (b) seeks to
restrain, enjoin, or prevent the consummation of or performance of the Related Transactions; or 
  
 (c) if determined adversely to Borrower or any of its Subsidiaries, would reasonably be expected to have a Material Adverse Effect. 
  

 12 

 No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other
Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement, any other Loan Document or any Related Agreement, or directing that the transactions provided for herein or therein not be consummated
as herein or therein provided. 
  
 3.6 No Default. No
Default or Event of Default exists or would result from the grant or perfection of the Agent’s Liens on the Collateral or the consummation of the Related Transactions. Neither Borrower nor any of its Subsidiaries is in default under or with
respect to any Contractual Obligation in any respect which, individually or together with all such defaults, could reasonably be expected to have a Material Adverse Effect or that would, if such default had occurred after the Closing Date, create an
Event of Default under subsection 7.1(e). 
  
 3.7 ERISA
Compliance. 
  
 (a) Schedule 3.7 lists all Qualified
Plans and Multiemployer Plans. Borrower and each of its Subsidiaries is in compliance in all material respects with all requirements of each Plan, and each Plan complies in all material respects, and is operated in compliance in all material
respects, with all applicable provisions of law. Borrower is not aware, after due inquiry, of any item of non-compliance which could potentially result in the loss of Plan qualification or tax-exempt status, or give rise to a material excise tax or
other penalty imposed by a Governmental Authority. No material proceeding, claim, lawsuit and/or investigation is pending concerning any Plan. All required contributions have been and will be made in accordance with the provisions of each Qualified
Plan and Multiemployer Plan, and with respect to Borrower or any ERISA Affiliate, there are, have been and will be no material Unfunded Pension Liabilities or Withdrawal Liabilities. 
  
 (b) No ERISA Event has occurred or is expected to occur with respect to any Qualified Plan, Multiemployer Plan or Plan.

  
 (c) Members of the Controlled Group currently comply and have
complied in all material respects with the notice and continuation coverage requirements of Section 4980B of the Code. 
  
 3.8 Use of Proceeds; Margin Regulations. The proceeds of the Loans are intended to be and shall be used solely for the purposes set forth in and
permitted by Section 4.10, and are intended to be and shall be used in compliance with Section 5.8. Neither the Borrower nor any of its Subsidiaries is generally engaged in the business of purchasing or selling Margin Stock or extending credit for
the purpose of purchasing or carrying Margin Stock. Proceeds of the Loans shall not be used for the purpose of purchasing or carrying Margin Stock. 
  
 3.9 Title to Properties. The Borrower and each of its Subsidiaries have good record and marketable title in fee simple to, or valid leasehold
interests in, all real Property necessary in the ordinary conduct of their respective businesses, except for Permitted Liens. Except as otherwise permitted herein, the Property of the Borrower and each of its Subsidiaries is subject to no Liens,
other than Permitted Liens. 
  

 13 

 3.10 Taxes. Borrower and each of its Subsidiaries have filed all federal and other material tax
returns and reports required to be filed, and have paid all federal and other material 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 prosecuted and for which adequate reserves have been provided in accordance with GAAP and, to Borrower’s knowledge, no notice of Lien has been filed or recorded. To
Borrower’s knowledge, there is no proposed tax assessment against the Borrower or any of its Subsidiaries which would, if the assessment were made, either individually or in the aggregate, have a Material Adverse Effect. 
  
 3.11 Financial Condition. 
  
 (a) Each of (i) the audited consolidated balance sheet of Operating Company
and each of its Subsidiaries dated December 31, 2003, and the related audited consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal year ended on that date and (ii) the unaudited interim
consolidated balance sheet of Operating Company and each of its Subsidiaries dated January 31, 2004 and the related unaudited consolidated statements of income, shareholders’ equity and cash flows for the one (1) month then ended: 

 
 (x) were prepared in accordance with GAAP consistently
applied throughout the respective periods covered thereby, except as otherwise expressly noted therein, subject to, in the case of the unaudited interim financial statements, normal year-end adjustments and the lack of footnote disclosures; and

  
 (y) present fairly in all material respects
the consolidated financial condition of Operating Company and its Subsidiaries as of the dates thereof and results of operations for the periods covered thereby. 
  
 (b) Since December 31, 2003, there has been no Material Adverse Effect. 
  
 (c) Borrower is not liable for any (i) Indebtedness other than Indebtedness
permitted pursuant to Section 5.5 or (ii) Contingent Obligations other than Contingent Obligations permitted pursuant to Section 5.9. 
  
 (d) The projections delivered to Agent and Lenders under subsection 2.1(j) have been prepared by the Borrower in good faith and are based on reasonable
estimates and assumptions believed by the Borrower to be reasonable in light of the conditions which existed at the time the projections were prepared and as of the Closing Date. 
  
 3.12 Environmental Matters. 
  

(a) The on-going operations of the Borrower and each of its Subsidiaries comply in all respects with all Environmental Laws except for any such
non-compliance which would not (if enforced in accordance with applicable law) reasonably be expected to result in, either individually or in the aggregate, a Material Adverse Effect. 
  

 14 

 (b) The Borrower and each of its Subsidiaries have obtained all licenses, permits, authorizations and
registrations required under any Environmental Law (“Environmental Permits”) and necessary for their respective Ordinary Course of Business, all such Environmental Permits are in good standing, and the Borrower and each of its Subsidiaries
are in compliance with all material terms and conditions of such Environmental Permits, except where the failure to obtain, to maintain in good standing, or to be in compliance with such Environmental Permits would not reasonably be expected to
result in, either individually or in the aggregate, a Material Adverse Effect. 
  
 (c) Neither the Borrower nor any of its Subsidiaries nor any of their respective present Property or operations, is subject to any outstanding written order from or agreement with any Governmental Authority, nor
subject to any judicial or docketed administrative proceeding, respecting any liability relating to any Environmental Law, Environmental Claim or Hazardous Material. 
  
 (d) There are no Hazardous Materials existing with respect to any Property, or arising from operations prior to the Closing
Date, of the Borrower or any of its Subsidiaries that would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. In addition, neither the Borrower nor any of its Subsidiaries has any underground
storage tanks (i) that are not properly registered or permitted under applicable Environmental Laws, or (ii) that are leaking or disposing of Hazardous Materials. 
  
 3.13 Collateral Documents. All representations and warranties of Borrower and any other party to any Collateral
Document (other than the Agent and/or any Lender) contained in the Collateral Documents are true and correct in all material respects (or, with respect to any such representation or warranty that, by its terms, is qualified by materiality, Material
Adverse Effect or similar qualification, such representation or warranty is true and correct in all respects) as of the date made or deemed made. 
  
 3.14 Regulated Entities. None of the Borrower, any Person controlling the Borrower, or any Subsidiary of the Borrower, is (a) an “investment
company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any
other federal or state statute or regulation limiting its ability to incur Indebtedness. 
  
 3.15 Solvency. The Borrower, individually, is, and Borrower and its Subsidiaries, on a consolidated basis, are, Solvent. 
  

3.16 Labor Relations. There are no strikes, lockouts or other labor disputes against the Borrower or any of its Subsidiaries, or, to the best of
the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries, in any case which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect and no significant
unfair labor practice complaint is pending against the Borrower or any of its Subsidiaries or, to the best knowledge of the Borrower, threatened against any of them before any Governmental Authority in any case which would reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect. 
  

 15 

 3.17 Copyrights, Patents, Trademarks and Licenses, etc. Schedule 3.17 identifies all
registered United States patents, trademarks, service marks, trade names and copyrights, and all registrations and applications for registration thereof and all licenses thereof, owned or held by Borrower, and identifies the jurisdictions in which
such registrations and applications have been filed. Except as otherwise disclosed in Schedule 3.17, Borrower is the sole beneficial owners of, or have the right to use, free from any restrictions, claims, rights encumbrances or burdens, the
intellectual property identified on Schedule 3.17 and all other processes, designs, formulas, computer programs, computer software packages, trade secrets, inventions, product manufacturing instructions, technology, research and development,
know-how and all other intellectual property that are necessary for the operation of Borrower’s businesses. Each patent, trademark, service mark, trade name, copyright and license listed on Schedule 3.17 is in full force and effect
except to the extent the failure to be in effect will not and would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Except as set forth in Schedule 3.17, to the best knowledge of
Borrower (a) none of the present or contemplated products or operations of Borrower infringes any patent, trademark, service mark, trade name, copyright, license of intellectual property or other right owned by any other Person, and (b) there is no
pending or threatened claim or litigation against or affecting Borrower contesting the right of any of them to manufacture, process, sell or use any such product or to engage in any such operation. except, in the case of clauses (a) and (b), for
claims and/or litigation which will not and could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. None of the trademark registrations set forth on Schedule 3.17 is an
“intent-to-use” registration. 
  
 3.18
Subsidiaries. The Borrower has no Subsidiaries or equity investments in any other corporation or entity other than those specifically disclosed in Schedule 3.2. 
  
 3.19 Brokers’ Fees; Transaction Fees. Except as set forth in Schedule 3.19, neither the Borrower nor any
of its Subsidiaries has any obligation to any Person (other than Agent and Lenders) in respect of any finder’s, broker’s or investment banker’s fee in connection with the transactions contemplated hereby. 
  
 3.20 Insurance. The Borrower and each of its Subsidiaries and their
respective Properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as Borrower deems appropriate. A true and complete
listing of such insurance, including issuers, coverages and deductibles, is attached hereto as Schedule 3.20. 
  
 3.21 Full Disclosure. None of the representations or warranties made by Borrower or any of its Subsidiaries in the Loan Documents as of the date
such representations and warranties are made or deemed to be made, and, subject to the last sentence of this Section 3.21, none of the statements concerning Borrower or any Subsidiary of Borrower contained in each exhibit, report, statement or
certificate furnished by or on behalf of Borrower or any Subsidiary of Borrower pursuant to the Loan Documents, (including the offering and disclosure materials, if any, delivered by or on behalf of the Borrower to the Lenders prior to the Closing
Date), when taken as a whole, contains any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not
materially misleading as of the time when made or delivered. 
  

 16 

 Agent and Lenders recognize that the projections delivered pursuant to this Agreement are not to be viewed as fact, that
actual results may vary from such projections and that Borrower does not make any representation that such projections will be realized. 
  
 3.22 Operating Company Loan Documents. Each of the representations and warranties contained in each of the Operating Company Loan Documents made by
Borrower and each Subsidiary of Borrower is true, correct and complete in all material respects (or, with respect to any such representation or warranty that, by its terms, is qualified by materiality, Material Adverse Effect or similar
qualification, such representation or warranty is true and correct in all respects).  
  
 3.23 Assets. Borrower has no assets other than (i) all of the issued and outstanding capital stock of Operating Company and (ii) cash and Cash Equivalents to be distributed by Borrower to Agent, Lenders or
otherwise pursuant to Section 5.11 which is held by Borrower for short periods of time after receipt thereof and is so held solely for purposes of completing such distributions. 
  
 ARTICLE IV - AFFIRMATIVE COVENANTS 
  
 The Borrower covenants and agrees that, so long as any Loan or other Obligation (other than contingent indemnification
Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, unless the Required Lenders waive compliance in writing: 
  
 4.1 Financial Statements. The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, a system
of accounting established and administered in accordance with sound business practices to permit the preparation of financial statements in conformity with GAAP (provided that quarterly financial statements shall not be required to
have footnote disclosure and are subject to normal year-end adjustments). The Borrower shall deliver to the Agent: 
  
 (a) as soon as available, but not later than one hundred five (105) days after the end of each fiscal year commencing with the fiscal year ending December
31, 2004, a copy of the audited consolidated balance sheets of Borrower as at the end of such 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, and accompanied by the unqualified opinion (without any going concern qualification or exception) of any “Big Four” or other nationally-recognized independent public
accounting firm reasonably acceptable to the Agent which report shall state that such consolidated financial statements present fairly in all material respects the financial position for the periods indicated in conformity with GAAP applied on a
basis consistent with prior years; 
  
 (b) as soon as available,
but not later than fifty (50) days after the end of each fiscal quarter of each year commencing March 31, 2004, a copy of the unaudited consolidated quarterly balance sheets of the Borrower and each of Borrower’s Subsidiaries, and the related
consolidated statements of income, and cash flows as of the end of such quarater and for the portion of the fiscal year then ended, all certified on behalf of Borrower by an appropriate 
  

 17 

 Responsible Officer as being complete and correct in all material respects and fairly presenting in all material
respects, in accordance with GAAP, the financial position and the results of operations of the Borrower and its Subsidiaries, subject to normal year-end adjustments and absence of footnote disclosure. 
  
 4.2 Certificates; Other Information. The Borrower shall furnish to the
Agent and each Lender: 
  
 (a) concurrently with the delivery of
the annual financial statements referred to in subsection 4.1(a) above, a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was
obtained of any Default or Event of Default, except as specified in such certificate; 
  
 (b) concurrently with the delivery of the financial statements referred to in subsections 4.1(a) and 4.1(b) above, a fully and properly completed compliance certificate (“Compliance Certificate”) in the form
of Exhibit 4.2(b), certified on behalf of Borrower by a Responsible Officer; 
  
 (c) promptly after the same are sent, copies of all financial statements and reports which Borrower sends to its shareholders or members, as applicable, generally; and promptly after the same are filed, copies of all
financial statements and regular, periodic or special reports which Borrower and/or its Subsidiaries may make to, or file with, the Securities and Exchange Commission or any successor or similar Governmental Authority; 
  
 (d) Reserved; 
  
 (e) together with each delivery of financial statements pursuant to subsections 4.1(a) and 4.1(b) (i) a management report,
in reasonable detail, signed by the chief financial officer of the Borrower, describing the operations and financial condition of the Borrower and each of Borrower’s Subsidiaries for the month and the portion of the fiscal year then ended (or
for the fiscal year then ended in the case of annual financial statements), and (ii) a report setting forth in comparative form the corresponding figures for the corresponding periods of the previous fiscal year and the corresponding figures from
the most recent projections for the current fiscal year delivered pursuant to subsection 4.2(g) and discussing the reasons for any significant variations; 
  
 (f) Reserved; 
  
 (g) as soon as available and in any event no later than thirty (30) days after the first day of each fiscal year of the Borrower, projections of the
Borrower’s (and its Subsidiaries’) consolidated financial performance for such fiscal year on a quarterly basis; 
  
 (h) Reserved; 
  
 (i) promptly upon receipt thereof, copies of any reports submitted by the Borrower’s certified public accountants in connection with each annual,
interim or special audit or review of any type of the financial statements or internal control systems of the Borrower made by such accountants, including any comment letters submitted by such accountants to management of the Borrower in connection
with their services; 
  

 18 

 (j) from time to time, if the Agent or any Lender determines in good faith that obtaining appraisals is
necessary in order for the Agent or any Lender to comply with applicable laws or regulations, the Agent may, or may require the Borrower to, in either case at the Borrower’s expense, obtain appraisals in form and substance and from appraisers
reasonably satisfactory to the Agent stating the then current fair market value of all or any portion of the real or personal Property of the Borrower or any of its Subsidiaries; and 
  
 (k) promptly, such additional business, financial, corporate affairs, perfection certificates and other information, in each
case, regarding Borrower and each Subsidiary of Borrower as the Agent may from time to time reasonably request. 
  
 4.3 Notices. The Borrower shall notify promptly the Agent and each Lender of each of the following (and in no event later than three (3) Business
Days after a Responsible Officer becoming aware thereof): 
  
 (a)
the occurrence or existence of any Default or Event of Default, or any event or circumstance that would reasonably be likely to become an Event of Default due to a failure to comply with any provision of Article VI hereof; 
  
 (b) any breach or non-performance by Borrower or any of its Subsidiaries of,
or any default by Borrower or any of its Subsidiaries under, any Contractual Obligation of Borrower or any of its Subsidiaries, or any violation of, or non-compliance with, any Requirement of Law by Borrower or any of its Subsidiaries, which could
reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect, including a description of such breach, non-performance, default, violation or non-compliance and the steps, if any, Borrower or any of its
Subsidiaries has taken, is taking or proposes to take in respect thereof; 
  
 (c) any dispute, litigation, investigation, proceeding or suspension which may exist at any time between Borrower or any of its Subsidiaries and any Governmental Authority which could reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect; 
  
 (d) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any of its Subsidiaries (i) in which the amount of damages claimed is $1,000,000 (or its equivalent in another currency or
currencies) or more, (ii) in which injunctive or similar relief is sought and which would reasonably be expected to have a Material Adverse Effect, or (iii) in which the relief sought is an injunction or other stay of the performance of this
Agreement, any other Loan Document, any Related Agreement or any Related Transaction; 
  
 (e) any of the following if the same would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect: (i) any enforcement, cleanup, removal or other governmental or regulatory
actions instituted, completed or threatened against the Borrower or any Subsidiary of Borrower or any of their respective Properties pursuant to any 
  

 19 

 applicable Environmental Laws, (ii) any other Environmental Claims, and (iii) any environmental or similar condition on
any real Property adjoining the Property of the Borrower or any of its Subsidiaries that could reasonably be anticipated to cause Borrower’s or any of its Subsidiaries’ Property or any part thereof to be subject to any material
restrictions on the ownership, occupancy, transferability or use of such Property under any Environmental Laws; 
  
 (f) any of the following if the same would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, together
with a copy of any notice with respect to such event that may be required to be filed with a Governmental Authority and any notice delivered by a Governmental Authority to the Borrower or any member or its Controlled Group with respect to such
event: 
  
 (i) an ERISA Event; 
  
 (ii) the adoption of any new Qualified Plan that is subject
to Title IV of ERISA or Section 412 of the Code by any member of the Controlled Group; 
  
 (iii) the adoption of any amendment to a Qualified Plan that is subject to Title IV of ERISA or Section 412 of the Code, if such amendment
results in a material increase in benefits or unfunded liabilities; or 
  
 (iv) the commencement of contributions by any member of the Controlled Group to any Multiemployer Plan or any Qualified Plan that is subject to Title IV of ERISA or Section 412 of the Code; 
  
 (g) any Material Adverse Effect subsequent to the date of the most recent
audited financial statements of the Borrower delivered to the Agent and Lenders pursuant to this Agreement; 
  
 (h) any material change in accounting policies or financial reporting practices by the Borrower or any of its Subsidiaries; 
  
 (i) any labor controversy resulting in or threatening to result in any
strike, work stoppage, boycott, shutdown or other labor disruption against or involving the Borrower or any of its Subsidiaries if the same would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect;

  
 (j) the creation, establishment or acquisition of any
Subsidiary; and 
  
 (k) the occurrence of a default or event of
default under the Operating Company Credit Agreement and the Senior Subordinated Note Indenture 
  
 Each notice pursuant to this Section shall be accompanied by a written statement by a Responsible Officer on behalf of Borrower setting forth details of the occurrence referred to therein, and stating what action the
Borrower proposes to take with respect thereto and at what time. Each notice under subsection 4.3(a) shall describe with particularity any and all clauses or provisions of this Agreement or other Loan Document that have been breached or violated.

  

 20 

 4.4 Preservation of Corporate Existence, Etc. The Borrower shall, and shall cause each of its
Subsidiaries to: 
  
 (a) preserve and maintain in full force and
effect its organizational existence and good standing under the laws of its state or jurisdiction of incorporation, organization or formation, as applicable except, with respect to Borrower’s Subsidiaries, in connection with transactions
permitted by Section 5.3; 
  
 (b) preserve and maintain in full
force and effect all rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business except in connection with transactions permitted by Section 5.3 and sales of assets permitted by Section 5.2
and except as would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
  
 (c) use its reasonable efforts, in the Ordinary Course of Business, and in the reasonable business judgment of the Borrower, to preserve its business
organization and preserve the goodwill and business of the customers, suppliers and others having material business relations with it; and 
  
 (d) preserve or renew all of its registered trademarks, trade names and service marks, the non-preservation of which would reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect. 
  
 4.5 Maintenance of Property. The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, and preserve all of its Property which is used or useful in its business in good working order and condition, ordinary
wear and tear and damage by casualty excepted, and shall make all necessary repairs thereto and renewals and replacements thereof in each case except where the failure to do so would not reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect. 
  
 4.6 Insurance.
The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business. All liability insurance of the Borrower shall name the Agent and
the Lenders as additional insureds. Upon request of the Agent or any Lender, the Borrower shall furnish the Agent, with sufficient copies for each Lender, at reasonable intervals (but not more than once per calendar year) a certificate of a
Responsible Officer on behalf of Borrower (and, if requested by the Agent, any insurance broker of the Borrower) setting forth the nature and extent of all insurance maintained by the Borrower and its Subsidiaries in accordance with this Section
4.6. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower’s expense to protect Agent’s and Lenders’ interests in Borrower’s Properties. This
insurance may, but need not, protect Borrower’s interests. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary of Borrower makes or any claim that is made against Borrower or any Subsidiary of Borrower in
connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower has obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will
be responsible for the costs of that insurance, including interest and any other charges Agent may 
  

 21 

 impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the
insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. 
  
 4.7 Payment of Obligations. The Borrower shall pay, discharge and perform: 
  
 (a) all material tax liabilities, assessments and governmental charges or
levies upon it or its Properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the enforcement of any Lien and for which adequate reserves in accordance with GAAP are being
maintained by the Borrower; 
  
 (b) all material lawful claims
which, if unpaid, would by law become a Lien (other than Permitted Liens) upon its Property unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the imposition or enforcement of the Lien and
for which adequate reserves in accordance with GAAP are being maintained by Borrower; and 
  
 (c) all obligations under any Contractual Obligation (other than obligations with respect to Indebtedness) to which Borrower is bound, or to which it or any of its Properties is subject, except where the failure to
perform would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
  
 4.8 Compliance with Laws. The Borrower shall comply, and shall cause each of its Subsidiaries to comply, in all material respects, with all
Requirements of Law of any Governmental Authority having jurisdiction over it or its business (including, without limitation, all Environmental Laws), except (a) (i) such as may be contested in good faith by appropriate proceedings diligently
prosecuted without risk of loss of any Collateral, (ii) as to which a bona fide dispute exists, and (iii) for which appropriate reserves have been established on the Borrower’s financial statements, or (b) where the failure to comply could not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
  
 4.9 Inspection of Property and Books and Records. The Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, proper books
of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower and such Subsidiaries. The Borrower
shall permit, and shall cause each of its Subsidiaries to permit, representatives and independent contractors of the Agent (at the expense of the Borrower, provided that Borrower shall be responsible for such expenses not more than one
(1) time per year unless an Event of Default has occurred and is continuing), or any Lender accompanying Agent (at such Lender’s expense unless an Event of Default shall have occurred and be continuing), to visit and inspect any of their
respective Properties, to conduct appraisals as permitted hereunder, to examine their respective corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their respective affairs, finances and
accounts with their respective directors, officers, and independent public accountants (Borrower shall be afforded the opportunity to be present at any meeting with Borrower’s independent public accountants), at such reasonable times during
normal business hours and as often as may 
  

 22 

 be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, when an Event of
Default exists the Agent or any Lender may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 
  
 4.10 Use of Proceeds. The Borrower shall use the proceeds of the Loans solely to fund the Repurchase and to pay costs
and expenses in connection therewith. 
  
 4.11 Further
Assurances. 
  
 (a) The Borrower shall ensure that all
written information, exhibits and reports taken as a whole furnished by Sponsor (with respect to the transactions contemplated hereby), Borrower, or any of its Subsidiaries concerning Borrower or any Subsidiary of Borrower, to the Agent or the
Lenders do not and will not contain any untrue statement of a material fact and do not and will not omit to state any material fact or any fact necessary to make the statements contained therein not materially misleading in light of the
circumstances in which made, and will promptly disclose to the Agent and the Lenders and correct any defect or error that may be discovered therein or in any Loan Document or in the execution, acknowledgement or recordation thereof. Agent and
Lenders recognize that the projections delivered pursuant to this Agreement are not to be viewed as fact, that actual results may vary from such projections and that Borrower does not make any representation that such projections will be realized.

  
 (b) Promptly upon written request by Agent, the Borrower shall
take such additional actions as the Agent may reasonably require from time to time in order (i) to subject to the Liens created by any of the Collateral Documents any of the Properties, rights or interests covered by any of the Collateral Documents,
(ii) to perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and the Liens intended to be created thereby, and (iii) to better assure, convey, grant, assign, transfer, preserve, protect and confirm to the
Agent and Lenders the rights granted or now or hereafter intended to be granted to the Agent and the Lenders under any Loan Document or under any other document executed in connection therewith. Without limiting the generality of the foregoing and
except as otherwise approved in writing by the Lenders, Borrower shall deliver to Agent, such opinions of counsel as Agent may reasonably request. Furthermore and except as otherwise approved in writing by the Lenders, Borrower shall pledge the
stock or other equity interests of Operating Company to Agent, for the benefit of Agent and Lenders, to secure the Obligations. In connection with each pledge of stock or other equity interests, Borrower shall deliver such opinions of counsel as
Agent may reasonably request. 
  
 ARTICLE V - NEGATIVE
COVENANTS 
  
 The Borrower covenants and agrees that, so long
as any Loan or other Obligation (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, unless the Required Lenders waive compliance in writing: 

 
 5.1 Limitation on Liens. The Borrower shall not, directly or
indirectly, make, create, incur, assume or suffer to exist any Lien upon or with respect to any part of its Property, whether now owned or hereafter acquired, other than the following: 
  
 (a) any Lien existing on the Property of the Borrower on the Closing Date in favor of the agent under the Operating Company
Credit Agreement securing Operating Company Obligations; 
  

 23 

 (b) any Lien created under any Loan Document; 
  
 (c) Liens for taxes, fees, assessments or other governmental charges (i)
which are not delinquent or remain payable without penalty, or (ii) the non-payment of which is permitted by Section 4.7; 
  
 (d) Liens consisting of judgment or judicial attachment liens, the existence of which does not constitute an Event of Default under subsections 7.1(i) or
7.1(j); 
  
 (e) rights of set off and bankers’ Liens upon
deposits of cash held by, and in favor of, banks and other depository institutions; 
  
 (f) Liens arising under, and solely encumbering, repurchase agreements permitted hereunder; and 
  
 (g) Liens in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code. 
  
 5.2 Disposition of Assets. The Borrower shall not, directly or
indirectly, sell, assign, lease (as lessor), convey, transfer or otherwise dispose of (whether in one or a series of transactions) any Property or enter into any agreement to do any of the foregoing, except for sales of Cash Equivalents or to the
extent the Obligations will be paid in full in connection therewith. 
  
 5.3 Consolidations and Mergers. The Borrower shall not, and shall not suffer or permit Operating Company to, merge or consolidate with or into, any Person, except for mergers and consolidations involving the Operating Company to the
extent not prohibited under the Operating Company Credit Agreement as in effect on the date hereof. 
  
 5.4 Loans and Investments. The Borrower shall not (i) purchase or acquire, or make any commitment to purchase or acquire, any capital stock, equity
interest, or any obligations or other securities of, or any interest in, any other Person, including the establishment or creation of a Subsidiary, or (ii) make or commit to make any acquisition of all or substantially all of the assets of another
Person, or of any business or division of any Person, including without limitation, by way of merger, consolidation or other combination or (iii) make or commit to make any advance, loan, extension of credit or capital contribution to or any other
investment in, any Person including any Affiliate of the Borrower or any of its Subsidiaries but excluding trade payables, accrued operating expenses, prepaid operating expenses and accounts receivable, in each instance, incurred, made or arising in
the Ordinary Course of Business (the items described in clauses (i), (ii) and (iii) are referred to as “Investments”), except for: 
  
 (a) Investments in cash and Cash Equivalents; 
  

 24 

 (b) extensions of credit and/or capital contributions by the Borrower to Operating Company with Net
Issuance Proceeds not required to be used to prepay the Obligations; provided the all such extensions of credit by the Borrower to Operating Company shall be evidenced by notes, which notes shall be pledged to Agent, for the benefit of Agent
and Lenders; 
  
 (c) Investments in Operating Company in existence
on the Closing Date and Investments to the extent such Investments reflect an increase in the value of Borrower’s Investments in Operating Company; 
  
 (d) Investments consisting of endorsements for deposit in the Ordinary Course of Business; 
  
 (e) Borrower may capitalize or forgive any Indebtedness owed to it by Operating Company; 
  
 (f) to the extent constituting Investments, Contingent Obligations permitted
hereunder; 
  
 (g) to the extent constituting Investments, pledges
and deposits otherwise permitted under this agreement; 
  
 (h)
non-cash loans and advances to officers, directors or employees of Borrower used to buy capital stock of Borrower; 
  
 (i) Investments in existence on the Closing Date and disclosed on Schedule 5.4; 
  
 5.5 Limitation on Indebtedness. The Borrower shall not create, incur, assume, suffer to exist, or otherwise become or
remain directly or indirectly liable with respect to, any Indebtedness, except: 
  
 (a) Indebtedness incurred pursuant to this Agreement; 
  
 (b) pursuant to Management Redemption Notes; and 
  
 (c) Holdings Loans, provided that all such Holdings Loans are unsecured and subordinated in right of payment to the Obligations on terms and conditions satisfactory to Agent in its sole and absolute discretion.

  
 Borrower shall not permit Operating Company to incur any
Indebtedness refinancing the Operating Company Obligations if, after giving effect thereto, Borrower would not be in compliance with Article VI hereof. 
  
 5.6 Transactions with Affiliates. The Borrower shall not, and shall not suffer or permit any of its subsidiaries to, enter into any transaction
with any Affiliate of the Borrower or of any Subsidiary of the Borrower, except: 
  
 (a) as expressly permitted by this Agreement; 
  

 25 

 (b) in the Ordinary Course of Business and pursuant to the reasonable requirements of the business of the
Borrower or such Subsidiary provided that in the case of this clause (b), upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arm’s-length transaction with a Person not an
Affiliate of the Borrower or such Subsidiary; 
  
 (c) transactions
described in Schedule 5.6; and 
  
 (d) transactions that
are not prohibited pursuant to the Operating Company Credit Agreement as in effect from time to time or, after the termination of the Operating Company Credit Agreement, transactions that are not prohibited pursuant to the Operating Company Credit
Agreement as in effect immediately before such termination. 
  
 5.7 Management Fees and Compensation. The Borrower shall not, and shall not permit any of its Subsidiaries to pay any management, consulting or similar fees to any Affiliate of Borrower or to any officer, director or employee of
Borrower or any of its Subsidiaries or any Affiliate of Borrower or any of its Subsidiaries except to the extent not prohibited by the Operating Company Credit Agreement as in effect from time to time or, after the termination of the Operating
Company Credit Agreement, to the extent not prohibited by the Operating Company Credit Agreement as in effect immediately before such termination. 
  
 5.8 Use of Proceeds. The Borrower shall not, and shall not suffer or permit any of its Subsidiaries to, use any portion of the Loan proceeds,
directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of the Borrower or any other Person incurred to purchase or carry Margin Stock, or otherwise in any manner which is in contravention of any
Requirement of Law or in violation of this Agreement. 
  
 5.9
Contingent Obligations. The Borrower shall not create, incur, assume or suffer to exist any Contingent Obligations except (a) the guaranty by Borrower of Operating Company Obligations and (b) Contingent Obligations arising with respect to
customary indemnification obligations in favor of officers and directors of the Borrower. 
  
 5.10 Compliance with ERISA. The Borrower shall not, and shall not suffer or permit any of its Subsidiaries to: 
  
 (a) terminate any Plan subject to Title IV of ERISA so as to result in any material liability to the Borrower; 
  
 (b) permit to exist any ERISA Event, or any other event or condition, which
would reasonably be expected to have a Material Adverse Effect; 
  
 (c) make a complete or partial withdrawal (within the meaning of ERISA Section 4201) from any Multiemployer Plan so as to result in any material liability to the Borrower; 
  
 (d) enter into any new Plan or modify any existing Plan so as to increase its obligations thereunder which would reasonably
be expected to have a Material Adverse Effect; or 
  

 26 

 (e) permit the present value of all nonforfeitable accrued benefits under any Plan (using the actuarial
assumptions utilized by the PBGC upon termination of a Plan) materially to exceed the fair market value of Plan assets allocable to such benefits, all determined as of the most recent valuation date for each such Plan. 
  
 5.11 Restricted Payments. The Borrower shall not (a) declare or make
any dividend payment or other distribution of assets, Properties, cash, rights, obligations or securities on account of any shares of any class of its capital stock, partnership interests, membership interests or other equity securities or (b)
purchase, redeem or otherwise acquire for value any shares of its capital stock, partnership interests, membership interests or other equity securities or any warrants, rights or options to acquire such shares, interests or securities now or
hereafter outstanding (the items described in clauses (a) and (b) above are referred to as “Restricted Payments”); except: 
  
 (a) Borrower may, provided the same is permitted, and solely to the extent permitted, under the Senior Subordinated Notes Indenture, (i) consummate the
Repurchase on the Closing Date and (ii) make any Restricted Payment with the proceeds of Operating Company Excess Cash Flow that are distributed to Borrower by Operating Company pursuant to the Operating Company Credit Agreement, provided that no
Default pursuant to Sections 7.1(a) or 7.1(c)(iii), or Event of Default, exists; and 
  
 (b) Borrower may redeem from management stockholders, upon termination of their employment, shares of Borrower’s stock or warrants or options to acquire any such shares, or to make payments in respect of
Management Redemption Notes, pursuant, in each instance, to the terms and conditions contained in Section 5.11(b) of the Operating Company Credit Agreement. 
  
 5.12 Change in Business. (a) The Borrower shall not engage in any business activity other than (i) the ownership of the equity interests of
Operating Company and the ownership of notes issued by officers, directors or employees in connections with the purchase of stock or options by such Persons, (ii) the performance of its obligations under this Agreement, the Loan Documents, the
Operating Company Loan Documents, the Operating Company Related Agreements, the Related Agreements to which it is a party and, subject to the limitations set forth herein, the Equity Documents, and (iii) the performance of certain administrative and
managerial functions on behalf of itself and its Subsidiaries. 
  
 (b) The Borrower shall not permit any of its Subsidiaries to, engage in any material line of business substantially different from those lines of business carried on by such Subsidiary on the date hereof or any business similarly related to
or which constitutes a reasonable extension thereof. 
  
 5.13
Change in Structure. Except as expressly permitted under Section 5.3, the Borrower shall not, and shall not permit any of its Subsidiaries to amend any of its Organization Documents in any material respect or which is adverse to Agent or
Lenders in their capacity as such. 
  
 5.14 Accounting
Changes. The Borrower shall not, and shall not suffer or permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required by GAAP or the Securities and Exchange Commission, or
change the fiscal year of the Borrower or of any of its consolidated Subsidiaries. 
  

 27 

 5.15 Amendments to Related Agreements. The Borrower shall not (a) amend, supplement, waive or
otherwise modify any provision of, any Related Agreement to which it is a party in a manner adverse to Agent or Lenders or which could reasonably be expected to have a Material Adverse Effect, or (b) take or fail to take any action under any Related
Agreement that could reasonably be expected to have a Material Adverse Effect. 
  
 5.16 No Negative Pledges. Borrower will not, and will not permit any of its Subsidiaries directly or indirectly to, create or otherwise cause or suffer to exist or become effective any consensual restriction or
encumbrance of any kind on the ability of any such Subsidiary to pay dividends or make any other distribution on any of such Subsidiary’s equity securities or to pay fees, including management fees, or make other payments and distributions to
Borrower, other than restrictions contained herein, in the Operating Company Credit Agreement as in effect on the date hereof or in the Senior Subordinated Notes Indenture provided, Operating Company may enter into a refinancing of the Operating
Company Obligations under the Operating Company Credit Agreement as in effect on the date hereof so long as the documentation with respect to such refinancing contains restrictions on the ability of the Operating Company to make dividends and
distributions to Borrower which are no more restrictive than those contained in the Operating Company Credit Agreement as in effect on the date hereof. Borrower will not, directly or indirectly, to enter into, assume or become subject to any
Contractual Obligation prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of the Agent, whether now owned or hereafter acquired, other than restrictions under the Operating Company Credit Agreement, as in
effect on the date hereof provided, Operating Company may enter into a refinancing of the Operating Company Obligations under the Operating Company Credit Agreement as in effect on the date hereof so long as the documentation with respect to such
refinancing contains restrictions on the ability of the Operating Company to assume or become subject to Contractual Obligations which prohibit or restrict the existence of any Lien upon any of its assets in favor of the Agent which are no more
restrictive than those contained in the Operating Company Credit Agreement as in effect on the date hereof. 
  
 5.17 Restricted Payment Availability. (a) At all times after March 31, 2005 for so long as Operating Company has obligations under the Senior
Subordinated Notes Indenture outstanding, Borrower shall not permit Restricted Payment Availability to be less than $5,000,000. 
  
 (b) At any time immediately before and after giving effect to any Restricted Payment, the Borrower shall have the ability to incur $1.00 of additional
Indebtedness under the Coverage Ratio Exception. 
  
 5.18
Assets. Borrower shall at no time own any assets other than (i) all of the issued and outstanding capital stock of Operating Company and (ii) cash and Cash Equivalents to be distributed by Borrower to Agent, Lenders or otherwise pursuant to
Section 5.11 which is held by Borrower for short periods of time after receipt thereof and is so held solely for purposes of completing such distributions. 
  

 28 

 ARTICLE VI - FINANCIAL COVENANT 
  
 The Borrower covenants and agrees that, so long as any Loan or other Obligation (other than contingent indemnification
Obligations to the extent no claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, unless the Required Lenders waive compliance in writing, the Borrower shall not permit its Leverage Ratio for the twelve month period
ending on any date set forth below to be greater than the maximum ratio set forth in the table below opposite such date: 
  

			
	 Date

	  	Maximum Leverage Ratio

	 June 30, 2004
	  	4.75
	 September 30, 2004
	  	4.75
	 December 31, 2004
	  	4.50
		
	 March 31, 2005
	  	4.50
	 June 30, 2005
	  	4.25
	 September 30, 2005
	  	4.25
	 December 31, 2005 and the last day of each calendar quarter thereafter
	  	4.00

  
 “Leverage
Ratio” shall be calculated in the manner set forth in Exhibit 4.2(b). 
  
 ARTICLE VII - EVENTS OF DEFAULT 
  
 7.1 Event of Default. Any of the following shall constitute an “Event of Default”: 
  
 (a) Non-Payment. The Borrower fails to pay, within ninety (90) days after the same shall become due, (i) any amount of principal of any Loan,
including after maturity of the Loans, whether by acceleration or otherwise; (ii) any interest payable hereunder, including after maturity of the Loans, whether by acceleration or otherwise; or (iii) any fee or any other amount payable hereunder or
pursuant to any other Loan Document; or 
  
 (b) Representation
or Warranty. Any representation, warranty or certification by or on behalf of the Borrower made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by the Borrower
or their respective Responsible Officers, furnished at any time under this Agreement, or in or under any other Loan Document, shall prove to have been incorrect in any material respect, or, with respect to any representation, warranty or
certification evaluated by a materiality or Material Adverse Effect standard, in any respect, in each instance, on or as of the date made or deemed made; or 
  
 (c) Specific Defaults. The Borrower fails to perform or observe any term, covenant or agreement contained in (i) Sections 4.1, 4.2(b), 4.6, 4.9, or
Article V (other than Section 5.17) hereof; (ii) Section 5.17 (other than as a result of Operating Company making a distribution to Borrower to permit Borrower to pay its Obligations hereunder) for a period of ninety (90) consecutive days; or (iii)
Section 5.17 for a period of ninety (90) consecutive days if such failure 
  

 29 

 is solely the result of Operating Company making a distribution to Borrower to permit Borrower to pay its Obligations
hereunder; provided, however, with respect to this clause (iii), such grace period shall not apply with respect to any failure to perform under Section 5.17 due to a distribution in respect of the second of any two consecutive payments hereunder; or

  
 (d) Other Defaults. The Borrower fails to perform or
observe any other term, covenant or agreement contained in this Agreement or any other Loan Document, and such default shall continue unremedied for a period of sixty (60) days after the earlier to occur of (i) the date upon which a Responsible
Officer becomes aware of such default and (ii) the date upon which written notice thereof is given to the Borrower by the Agent or Required Lenders; or 
  
 (e) Cross-Acceleration. The Borrower or any of its Subsidiaries fails to perform or observe any condition or covenant, or any other event shall
occur or condition exist, under any agreement or instrument relating to any Indebtedness of any principal amount in excess of $3,750,000, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such
Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such Indebtedness to be declared to be due and payable prior to its stated
maturity, or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded; or 
  
 (f) Insolvency; Voluntary Proceedings. The Borrower or any of its Subsidiaries (i) ceases or fails to be Solvent, (ii) generally fails to pay, or
admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (iii) voluntarily ceases to conduct its business in the ordinary course; (iv) commences any
Insolvency Proceeding with respect to itself; or (v) takes any action to effectuate or authorize any of the foregoing; provided, however, that if any of the foregoing events involving any Subsidiary of Operating Company results in an “Event of
Default” under Section 7.1(f) of the Operating Company Credit Agreement (or corresponding section of any amendment thereto or replacement agreement executed in connection with a refinancing thereof) and the lenders party to the Operating
Company Credit Agreement waive such “Event of Default” pursuant to the terms and conditions of the Operating Company Credit Agreement, then such event shall not result in an Event of Default hereunder; or 
  
 (g) Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding
is commenced or filed against the Borrower or any of its Subsidiaries, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial part of the Borrower’s or any of its Subsidiaries’
Properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within sixty (60) days after commencement, filing or
levy; (ii) the Borrower or any of its Subsidiaries admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law) is ordered in any Insolvency Proceeding; or (iii)
the Borrower or any of its Subsidiaries acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its
Property or business, provided, however, that if any of the foregoing events involving any Subsidiary of Operating Company results in an “Event of Default” under Section 7.1(g) of the Operating Company Credit Agreement (or corresponding
section of any amendment 
  

 30 

 thereto or replacement agreement executed in connection with a refinancing thereof) and the lenders party to the
Operating Company Credit Agreement waive such “Event of Default” pursuant to the terms and conditions of the Operating Company Credit Agreement, then such event shall not result in an Event of Default hereunder; 
  
 (h) ERISA. (i) A member of the Controlled Group shall fail to pay when
due, after the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability under a Multiemployer Plan; (ii) a member of the Controlled Group shall fail to satisfy its contribution requirements under
Section 412(c)(11) of the Code, whether or not it has sought a waiver under Section 412(d) of the Code; (iii) the occurrence of an ERISA Event; (iv) a Plan that is intended to be qualified under Section 401(a) of the Code shall lose its
qualification; (v) any member of the Controlled Group engages in or otherwise becomes liable for a non-exempt prohibited transaction; (vi) a violation of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code;
(vii) any member of the Controlled Group is assessed a tax under Section 4980B of the Code or incurs a liability under Section 601 et seq. of ERISA; and, the occurrence of any such event listed in clauses (i) through (vii), or the occurrence of any
combination of events listed in clauses (i) through (vii) results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 (i) Monetary Judgments. One or more judgments, non-interlocutory orders, decrees or arbitration awards shall be entered against the Borrower
involving in the aggregate a liability (to the extent not covered by independent third-party insurance or contractual indemnification on terms and conditions and from indemnitors, reasonably acceptable to Agent) as to any single or related series of
transactions, incidents or conditions, that could reasonably be expected to result in a Material Adverse Effect, and the same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of thirty (30) days after the entry thereof;
or 
  
 (j) Non-Monetary Judgments. One or more non-monetary
judgments, orders or decrees shall be rendered against the Borrower which does or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and there shall be any period of ten (10) consecutive days
during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
  
 (k) Collateral. Any material provision of any Collateral Document shall for any reason cease to be valid and binding on or enforceable against the
Borrower or the Borrower shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security
interest in any material portion of the Collateral purported to be covered thereby or, if such security interest is a perfected security interest, such security interest shall for any reason (other than the failure of the Agent to take any action
solely within its control) cease to be a perfected and first priority security interest subject only to Permitted Liens; or 
  
 (l) Ownership. (i) any person or group of persons (within the meaning of the Securities and Exchange Act of 1934) (other than Sponsor and/or the
Brickman Group) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under the Securities and Exchange Act of 1934) of fifty percent (50%) or more of the issued and
outstanding shares of capital stock of Borrower having 
  

 31 

 the right to vote for the election of directors of Borrower under ordinary circumstances, or (ii) Borrower ceases to own
one hundred percent (100%) of the issued and outstanding equity securities of Operating Company, or (iii) except as expressly permitted under the Operating Company Credit Agreement, Operating Company ceases to own one hundred percent (100%) of the
issued and outstanding equity securities of each of its Subsidiaries (in each instance in clauses (ii) and (iii), free and clear of all Liens, rights, options, warrants or other similar agreements or understandings, other than Liens in favor of
Agent, for the benefit of Agent and Lenders, and Liens created under any Operating Company Loan Document), or (iv) a “Change of Control” (as defined in the Senior Subordinated Notes Indenture) shall occur, or (v) a “Change of
Control” (as defined in the Certificate of Incorporation of Borrower as in effect on the Closing Date) shall occur; or 
  
 (m) Operating Company Obligations. The Operating Company Obligations are accelerated or otherwise become immediately due and payable.

  
 7.2 Remedies. Upon the occurrence and during the
continuance of any Event of Default, the Agent shall at the request, and with the consent, of the Required Lenders: 
  
 (a) declare all or any portion of the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable; without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and 
  
 (b) exercise on behalf of itself and the Lenders all rights and remedies
available to it and the Lenders under the Loan Documents or applicable law; 
  
 provided, however, that upon the occurrence of any event specified in subsections 7.1(f) or 7.1(g) above (in the case of clause (i) of subsection 7.1(g) upon the expiration of the sixty (60) day period mentioned therein) and
the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without further act of the Agent or any Lender. 
  
 7.3 Rights Not Exclusive. The rights provided for in this Agreement
and the other Loan Documents are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising. 

 
 ARTICLE VIII - THE AGENT 
  
 8.1 Appointment and Authorization. Each Lender hereby irrevocably
appoints, designates and authorizes the Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of
this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Agent shall not have
any duties or responsibilities, except those expressly set forth herein, nor shall the 
  

 32 

 Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Agent. 
  
 8.2 Delegation of Duties. The Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees
or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable
care. 
  
 8.3 Liability of Agent. None of the Agent-Related
Persons shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document (except for its own gross negligence or willful misconduct), or (ii) be responsible in any
manner to any of the Lenders for any recital, statement, representation or warranty made by the Borrower or any Subsidiary or Affiliate of the Borrower, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any
certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any other Loan Document, or for the value of any Collateral or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of the Borrower or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be
under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the Properties, books or records of
the Borrower, any of its Subsidiaries or any of their respective Affiliates. 
  
 8.4 Reliance by Agent. The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile or
telephone message, statement or other document or conversation believed by it to be genuine and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Borrower),
independent accountants and other experts selected by the Agent. The Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of
the Lenders (or, where an action or waiver need only be approved by the Required Lenders, by the Required Lenders) as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all
liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in
accordance with a request or consent of the Lenders (or, where an action or waiver need only be approved by the Required Lenders, by the Required Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon
all of the Lenders. 
  
 8.5 Notice of Default. The Agent
shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Agent for the account of the Lenders,
unless the Agent shall have received written notice from a Lender or the Borrower referring to 
  

 33 

 this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default”. In the event that the Agent receives such a notice, the Agent shall give notice thereof to the Lenders. The Agent shall take such action with respect to such Default or Event of Default as shall be requested by the Required Lenders in
accordance with Article VII; provided, however, that unless and until the Agent shall have received any such request, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to
such Default or Event of Default as it shall deem advisable or in the best interest of the Lenders. 
  
 8.6 Credit Decision. Each Lender expressly acknowledges that none of the Agent-Related Persons has made any representation or warranty to it and
that no act by the Agent hereinafter taken, including any review of the affairs of the Borrower and its Subsidiaries shall be deemed to constitute any representation or warranty by the Agent to any Lender. Each Lender represents to the Agent that it
has, independently and without reliance upon the Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, Property, financial and other
condition and creditworthiness of the Borrower and its Subsidiaries, and all applicable bank regulatory laws relating to the transactions contemplated thereby, and made its own decision to enter into this Agreement and extend credit to the Borrower
hereunder. Each Lender also represents that it will, independently and without reliance upon the Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, Property, financial and other condition and
creditworthiness of the Borrower. Except for notices, reports and other documents expressly herein required to be furnished to the Lenders by the Agent, the Agent shall not have any duty or responsibility to provide any Lender with any credit or
other information concerning the business, prospects, operations, Property, financial and other condition or creditworthiness of the Borrower which may come into the possession of the Agent. 
  
 8.7 Indemnification. Whether or not the transactions contemplated
hereby shall be consummated, upon demand therefor the Lenders shall indemnify the Agent (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), ratably from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind whatsoever which may at any time (including at any time following the repayment of the Loans and the termination or
resignation of the Agent) be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of this Agreement or any document contemplated by or referred to herein or the transactions contemplated hereby or thereby or
any action taken or omitted by the Agent under or in connection with any of the foregoing; provided, however, that no Lender shall be liable for the payment to the Agent of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from the Agent’s gross negligence or willful misconduct. In addition, each Lender shall reimburse the Agent upon demand for its ratable share of any
costs or out-of-pocket expenses (including Attorney Costs) incurred by the Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through 
  

 34 

 negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Loan Document, or any document contemplated by or referred to herein to the extent that the Agent is not reimbursed for such expenses by or on behalf of the Borrower. Without limiting the generality of the foregoing, if the
Internal Revenue Service or any other Governmental Authority of the United States or other jurisdiction asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form
was not delivered, was not properly executed, or because such Lender failed to notify the Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall
indemnify the Agent fully for all amounts paid, directly or indirectly, by the Agent as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section
8.7, together with all related costs and expenses (including Attorney Costs). The obligation of the Lenders in this Section 8.7 shall survive the payment of all Obligations hereunder. 
  
 8.8 Agent in Individual Capacity. Antares and its Affiliates may make loans to, issue letters of credit for the
account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory or other business with the Borrower, its Subsidiaries and their respective Affiliates as though Antares were not the
Agent hereunder and without notice to or consent of the Lenders. With respect to its Loans, Antares shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Agent, and the
terms “Lender” and “Lenders” shall include Antares in its individual capacity. Each other Lender and the Affiliates of each such Lender may make loans to, issue letters of credit for the account of, accept deposits from, acquire
equity interests in and generally engage in any kind of banking, trust, financial advisory or other business with the Borrower, its Subsidiaries and their respective Affiliates. 
  
 8.9 Successor Agent. The Agent may resign as Agent upon thirty (30) days’ prior notice to the Lenders and to
Borrower. If the Agent shall resign as Agent under this Agreement, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor shall, if no Event of Default has occurred and is continuing, be
reasonably acceptable to Borrower. If no successor agent is appointed prior to the effective date of the resignation of the Agent, the Agent may thereupon appoint a successor agent from among the Lenders reasonably acceptable to Borrower. Upon the
acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Agent and the term “Agent” shall mean such successor agent and the retiring Agent’s
appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article VIII and Sections 9.4 and 9.5 shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is thirty (30) days following a retiring Agent’s notice of resignation (or, if later, ten (10) days after the
date upon which the Agent designates a successor agent), the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Agent hereunder until such time, if any, as the
Required Lenders appoint a successor agent as provided for above. 
  

 35 

 8.10 Collateral Matters. 
  
 (a) The Agent is authorized (but not required) on behalf of all the Lenders, without the necessity of any notice to or
further consent from the Lenders, from time to time to take any action with respect to any Collateral or the Collateral Documents which may be necessary to perfect and maintain perfected the security interest in and Liens upon the Collateral granted
pursuant to the Collateral Documents. 
  
 (b) The Lenders
irrevocably authorize the Agent, at its option and in its discretion, to release any Lien granted to or held by the Agent upon any Collateral: 
  
 (i) upon payment in full of all Loans and all other Obligations then payable under this Agreement and under any other Loan Document;

  
 (ii) constituting Property sold or to be sold
or disposed of as part of or in connection with any disposition permitted hereunder; 
  
 (iii) consisting of an instrument evidencing Indebtedness or of any other debt instrument, if the Indebtedness evidenced thereby has been
paid in full; or 
  
 (iv) if approved, authorized
or ratified in writing by the Required Lenders or all the Lenders, as the case may be, as provided in subsection 9.1(f). 
  
 Upon request by the Agent at any time, the Lenders will confirm in writing the Agent’s authority to release particular types or items of Collateral pursuant to this
subsection 8.10(b). Notwithstanding anything herein or in any other Loan Document to the contrary, Agent may release Liens upon payment in full of the Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim
has been asserted). 
  
 (c) Each Lender agrees with and in favor
of each other Lender (which agreement shall not be for the benefit of the Borrower or any of its Subsidiaries) that the Borrower’s Obligations under this Agreement and the other Loan Documents shall be equally and ratably secured by any
Property and/or other collateral now or hereafter securing any obligations of the Borrower or any of its Subsidiaries to such Lender, whether or not the same constitutes Collateral hereunder. 
  
 ARTICLE IX - MISCELLANEOUS 
  
 9.1 Amendments and Waivers. No amendment or waiver of any provision
of this Agreement or any other Loan Document, and no consent with respect to any departure by the Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders, the Borrower and acknowledged by the
Agent, and then such waiver shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all the
Lenders directly affected thereby, the Borrower and acknowledged by the Agent, do any of the following: 
  
 (a) increase or extend the Term Loan Commitment of such Lender; 
  

 36 

 (b) postpone or delay any date fixed for, or waive, any payment of principal, interest, fees or other
amounts due to the Lenders (or any of them) hereunder or under any other Loan Document (other than any postponement or delay of any date fixed for, or waiver of, any mandatory prepayment of the Loans pursuant to subsection 1.8(c) or 1.8(d));

  
 (c) reduce the principal of, or the rate of interest (other
than the Default Rate Portion, if any) specified herein or the amount of interest payable in cash specified herein on any of its Loan, or of any fees or other amounts payable hereunder or under any other Loan Document; 
  
 (d) change the percentage of the Term Loan Commitments or of the aggregate
unpaid principal amount of the Loans which shall be required for the Lenders or any of them to take any action hereunder; 
  
 (e) amend this Section 9.1 or the definition of Required Lenders or any provision providing for consent or other action by all Lenders; or 
  
 (f) discharge Borrower or any of its Subsidiaries from their respective
Obligations under the Loan Documents, or release all or substantially all of the Collateral except as otherwise may be provided in this Agreement or the other Loan Documents; 
  
 and, provided further, that no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to
the Required Lenders or all the Lenders, as the case may be, affect the rights or duties of the Agent under this Agreement or any other Loan Document. 
  
 9.2 Notices. 
  
 (a) All notices, requests and other communications provided for hereunder shall be in writing (including, unless the context expressly otherwise provides,
by facsimile transmission) and mailed by certified or registered mail, faxed or delivered by personal or overnight delivery, to the address or facsimile number specified for notices on the applicable signature page hereof; or, if directed to the
Borrower or the Agent, to such other address as shall be designated by such party in a written notice to each of the other parties hereto given in compliance herewith, or, if directed to any other party hereto, to such other address as shall be
designated by such party in a written notice given in compliance herewith to the Borrower and the Agent. 
  
 (b) All such notices, requests and communications shall be effective (i) if delivered in person, when delivered, (ii) if delivered by facsimile
transmission, on the date of transmission if transmitted on a Business Day before 4:00 p.m. (Chicago time), otherwise on the next Business Day, (iii) if delivered by overnight courier, one (1) Business Day after delivery to the courier properly
addressed and (iv) if mailed, upon the third (3rd) Business Day after the date deposited into the U.S. Mail, certified or registered; except that notices pursuant to Article I shall not be effective until actually received by the Agent. 

 
 (c) The Borrower acknowledges and agrees that any agreement of the Agent
and the Lenders in Article I hereof to receive certain notices by telephone and facsimile transmission is solely for the convenience and at the request of the Borrower. The Agent and the Lenders shall be entitled to rely on the authority of any
Person purporting to be a Person authorized by the 
  

 37 

 Borrower to give such notice and the Agent and the Lenders shall not have any liability to the Borrower or other Person
on account of any action taken or not taken by the Agent or the Lenders in reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans shall not be affected in any way or to any extent by any failure by the
Agent and/or the Lenders to receive written confirmation of any telephonic or facsimile notice or the receipt by the Agent and/or the Lenders of a confirmation which is at variance with the terms understood by the Agent and/or the Lenders to be
contained in the telephonic or facsimile notice. 
  
 9.3 No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No course of dealing between Borrower, any Affiliate of Borrower, Agent or any Lender
shall be effective to amend, modify or discharge any provision of this Agreement or any of the other Loan Documents. No provision in any Loan Document and no course of dealing between the parties hereto or thereto shall be deemed to create a
fiduciary duty owing by Agent or any Lender to Borrower or any of its Subsidiaries. 
  
 9.4 Costs and Expenses. Whether or not the transactions contemplated hereby shall be consummated, the Borrower shall pay or reimburse: 
  
 (a) Antares (including in its capacity as Agent) within five (5) Business Days after demand (except as otherwise provided in
subsection 2.1(f)) for all reasonable out-of-pocket costs and expenses incurred by Antares (including in its capacity as Agent) in connection with the development, preparation, syndication, delivery, administration and execution of, and any
amendment, supplement, waiver or modification to (in each case, whether or not consummated), this Agreement, any other Loan Document and any other documents prepared in connection herewith or therewith, and the consummation of the transactions
contemplated hereby and thereby, including the Attorney Costs incurred by Antares (including in its capacity as Agent) with respect thereto and for all reasonable out-of-pocket costs and expenses incurred by it in connection with the enforcement,
attempted enforcement, or preservation of any rights or remedies during the existence of an Event of Default (including in connection with any “workout” or restructuring regarding the Loans, and including in any Insolvency Proceeding or
appellate proceeding) under this Agreement, any other Loan Document, and any such other documents; 
  
 (b) Lenders within five (5) Business Days after demand for all Attorney Costs of one law firm, on behalf of all Lenders (other than Antares) incurred by
them in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies during the existence of an Event of Default (including in connection with any “workout” or restructuring regarding the Loans, and
including in any Insolvency Proceeding or appellate proceeding) under this Agreement, any other Loan Document; and 
  
 (c) Agent within five (5) Business Days after demand for all out-of-pocket appraisal, audit, environmental inspection and review (to the extent such
inspection or review is conducted as a result of Agent’s reasonable belief that an event or condition described in subsection 4.3(e) or a Default or Event of Default of Section 4.8 may exist), in each case to the extent permitted hereunder,
search and filing costs, fees and expenses, incurred or sustained by Agent in connection with the matters referred to under clause (a) of this Section 9.4. 
  

 38 

 9.5 Indemnity. Whether or not the transactions contemplated hereby shall be consummated, the
Borrower shall indemnify, defend and hold harmless each Lender, the Agent and each of their respective officers, directors, employees, counsel, agents and attorneys-in-fact (each, an “Indemnified Person”) from and against any and all
liabilities, obligations, actual losses, damages, penalties, actions, judgments, suits, costs, charges, expenses or disbursements (including, Attorney Costs): 
  

(a) subject to the limitations contained in subsection 9.4(b), of any kind or nature whatsoever with respect to any investigation, litigation, action,
suit or proceeding (including any Insolvency Proceeding or appellate proceeding) related to this Agreement or the Loans, or the transactions contemplated hereby or thereby, or the use of the proceeds thereof, whether or not any Indemnified Person is
a party thereto; and 
  
 (b) which may be incurred by or asserted
against such Indemnified Person in connection with or arising out of any pending or threatened investigation, litigation or proceeding, or any action taken by any Person, with respect to any Environmental Claim arising out of or related to any
Property of Borrower or any of its Subsidiaries; 
  
 (all the foregoing,
collectively, the “Indemnified Liabilities”); provided, that the Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from the gross negligence, willful
misconduct or bad faith of such Indemnified Person or its officers, employees, agents and attorneys-in-fact, as determined by a court of competent jurisdiction. 
  

No action taken by legal counsel chosen by the Agent or any Lender in defending against any investigation, litigation or proceeding or requested
remedial, removal or response action shall vitiate or any way impair the Borrower’s obligation and duty hereunder to indemnify and hold harmless the Agent and each Lender. In no event shall any site visit, observation, or testing by the Agent
or any Lender (or any contractee of the Agent or any Lender) be deemed a representation or warranty that Hazardous Materials are or are not present in, on, or under, the site, or that there has been or shall be compliance with any Environmental Law.
Neither the Borrower nor any other Person is entitled to rely on any site visit, observation, or testing by the Agent or any Lender. Neither the Agent nor any Lender owes any duty of care to protect the Borrower or any other Person against, or to
inform the Borrower or any other Person of, any Hazardous Materials or any other adverse condition affecting any site or Property. Neither the Agent nor any Lender shall be obligated to disclose to the Borrower or any other Person any report or
findings made as a result of, or in connection with, any site visit, observation, or testing by the Agent or any Lender. 
  
 The obligations in this Section 9.5 shall survive payment of all other Obligations. At the election of any Indemnified Person, the Borrower shall defend
such Indemnified Person using legal counsel satisfactory to such Indemnified Person in such Person’s sole discretion, at the sole cost and expense of the Borrower. All amounts owing under this Section 9.5 shall be paid within thirty (30) days
after demand. 
  

 39 

 9.6 Marshaling; Payments Set Aside. Neither the Agent nor any Lender shall be under any obligation
to marshal any assets in favor of the Borrower or any other Person or against or in payment of any or all of the Obligations. To the extent that the Borrower makes a payment or payments to the Agent or any Lender, or the Agent or any Lender enforces
its Liens or exercises its rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including
pursuant to any settlement entered into by the Agent in its discretion) to be repaid to a trustee, receiver or any other party in connection with any Insolvency Proceeding, or otherwise, then: 
  
 (a) to the extent of such recovery the Obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred; and 
  
 (b) each Lender severally agrees to pay to the Agent upon demand its ratable share of the total amount so recovered from or
repaid by the Agent. 
  
 9.7 Successors and Assigns. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that any assignment by any Lender shall be subject to the provisions of Section 9.8
hereof, and provided further that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Agent and each Lender. 
  
 9.8 Assignments, Participations, etc. 
  
 (a) Any Lender may, with (A) the written consent of Borrower, which consent
shall not be unreasonably withheld (provided that such consent shall not be required (i) at any time that an Event of Default exists, (ii) in connection with an assignment to a Related Fund, to any other Lender or to an Affiliate of
any Lender or (iii) in connection with an assignment by Antares prior to completion of the primary syndication), and (B) the written consent of Agent, which shall not be unreasonably withheld, at any time assign and delegate to one or more Eligible
Assignees (provided that the written consent of the Agent or Borrower shall not be required in connection with any assignment and delegation by a Lender to an Eligible Assignee that is an Affiliate of such Lender) (each an
“Assignee”) all, or any part of, the Loans and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 (or such lesser amount to which Agent, in its sole discretion, may agree) or, if less, the entire
Loan(s) of such Lender; provided, however, that the Borrower and the Agent may continue to deal solely and directly with such Lender in connection with the interest so assigned to an Assignee until: 
  
 (i) written notice of such assignment, together with payment
instructions, addresses and related information with respect to the Assignee, shall have been given to the Borrower and the Agent by such Lender and the Assignee; 
  
 (ii) such Lender and its Assignee shall have delivered to the Borrower and the Agent an Assignment and
Acceptance in form and substance reasonably satisfactory to Agent, such Lender and its Assignee (an “Assignment and Acceptance”); and 
  

 40 

 (iii) the assignor Lender or the Assignee has paid to the Agent a processing fee in the
amount of $3,500 provided no processing fee shall be required to be paid in connection with an assignment by a Lender to an Eligible Assignee that is an Affiliate of such Lender or in connection with the primary syndication of the Loans.

  
 (b) Subject to the provisions of subsection 9.8(f) below, from
and after the date that the Agent notifies the assignor Lender that the Agent has received and provided its consent with respect to an executed Assignment and Acceptance and payment of the above-referenced processing fee: 
  
 (i) the Assignee thereunder shall be a party hereto and, to
the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under this Agreement and the other Loan Documents; and 
  
 (ii) the assignor Lender shall, to the extent that rights
and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. 
  
 (c) Subject to the provisions of subsection 9.8(f) below, immediately upon
the making of the processing fee payment to the Agent in respect of the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee. 
  
 (d) Any Lender may at any time sell to one or more commercial banks or other
Persons not Affiliates of the Borrower (a “Participant”) participating interests in any Loans and the other interests of that Lender (the “Originating Lender”) hereunder and under the other Loan Documents; provided,
however, that: 
  
 (i) the Originating
Lender’s obligations under this Agreement shall remain unchanged; 
  
 (ii) the Originating Lender shall remain solely responsible for the performance of such obligations; 
  
 (iii) the Borrower and the Agent shall continue to deal solely and directly with the Originating Lender in connection with the Originating
Lender’s rights and obligations under this Agreement and the other Loan Documents; and 
  
 (iv) no Lender shall transfer or grant any participating interest under which the Participant shall have rights to approve any amendment
to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section
9.1. 
  

 41 

 In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the
other Loan Documents, and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation. 
  
 (e) Notwithstanding any other provision contained in this Agreement or any other Loan Document to the contrary, any Lender may (i) assign all or any
portion of the Loans held by it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank, (ii) in the case
of any Lender that is a fund, trust or similar entity, assign or pledge all or any portion of the Loans held by it (and Notes evidencing such Loans) to the trustee under any indenture to which such Lender is a party in support of its obligations to
the trustee for the benefit of the applicable trust beneficiaries, or (iii) pledge all or any portion of the Loans held by it (and Notes evidencing such Loans) to its lenders for collateral security purposes, provided that any payment in
respect of such assigned Loans made by the Borrower to or for the account of the assigning or pledging Lender in accordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned or
pledged Loans to the extent of such payment. No such assignment or pledge shall release the assigning Lender from its obligations hereunder. 
  
 (f) The Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to
it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and principal amount of the Loans owing to each Lender from time to time. The entries in the Register shall be conclusive, in the absence of
manifest error, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any
assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered
on the Register only upon a surrender or registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall
be issued to the designated assignee and, if applicable, assignor, and the old Notes shall be returned by the Agent to the Borrower marked “cancelled”. The Register shall be available for inspection by the Borrower or any Lender (with
respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice. 
  
 9.9 Confidentiality. Each of the Agent and the Lenders shall maintain in confidence in accordance with its customary procedures for handling
confidential information, all written information that Borrower or any of its Subsidiaries, or any of their authorized representatives, furnishes to the Agent or any Lender (“Confidential Information”), other than any such Confidential
Information that becomes generally available to the public other than as a result of a breach by the Agent or any Lender of its obligations hereunder or that is or becomes available to the Agent or such Lender from a source other than Borrower or
any of its Subsidiaries, or any of 
  

 42 

 their authorized representatives, and that is not, to the actual knowledge of the recipient thereof, subject to
obligations of confidentiality with respect thereto; provided, however, that the Agent and each Lender shall in any event have the right to deliver copies of any such documents, and to disclose any such information, to: 
  
 (a) (i) its directors, officers, trustees, partners, employees, agents,
attorneys, and professional consultants who are informed of the confidential nature thereof and (ii) portfolio management services and rating agencies; 
  
 (b) any other Lender and any successor Agent; 
  
 (c) any Person to which such Lender offers to sell any Loan or any part thereof or interest or participation therein (provided such Person agrees
to keep such information confidential on the terms set forth in this Section 9.9); 
  
 (d) any federal or state regulatory authority or examiner, or any insurance industry association, regulating or having jurisdiction over the Agent or such Lender; and 
  
 (e) any other Person to which such delivery or disclosure may be necessary or
appropriate (i) in compliance with any applicable law, rule, regulation or order, (ii) in response to any subpoena or other legal process or informal investigative demand (in which event Agent or such Lender agrees to provide notice thereof to
Borrower), (iii) in connection with any litigation to which the Agent or such Lender is a party (in which event Agent or such Lender agrees to provide notice thereof to Borrower), or (iv) in connection with the enforcement of the rights and remedies
of the Agent or the Lenders under this Agreement and the other Loan Documents at any time when an Event of Default shall have occurred and be continuing. 
  
 The confidentiality provisions hereunder shall not apply to disclosures consisting of general portfolio information that does not identify the Borrower.

  
 9.10 Set-off; Sharing of Payments. In addition to any
rights and remedies now or hereafter granted under applicable law, and not by way of limitation of any such rights or remedies at any time and from time to time, upon the occurrence and during the continuance of any Event of Default, each Lender is
hereby authorized by the Borrower, with reasonably prompt subsequent notice to the Borrower or to any other Person (any prior or contemporaneous notice being hereby expressly waived by the Borrower) to set off and to appropriate and to apply any and
all 
  
 (a) balances held by such Lender at any of its offices
for the account of the Borrower (regardless of whether such balances are then due to the Borrower); and 
  
 (b) other Property at any time held or owing by such Lender to or for the credit or for the account of the Borrower; 
  
 against and on account of any and all Obligations which are not paid when due; except that no
Lender shall exercise such right without prior notice to the Agent. Any Lender having a right to set off shall purchase for cash (and the other Lenders shall sell) participations in each such other 
  

 43 

 Lender’s pro rata share of the Obligations as would be necessary to cause such Lender to share the benefit of such
right of set-off with each other Lender in accordance with their respective pro rata shares of the Obligations. The Borrower agrees, to the fullest extent permitted by law, that (i) any Lender may exercise its right to set off with respect to
amounts in excess of its pro rata share of the Obligations and may sell participations to other Lenders, and (ii) any Lender so purchasing a participation in the Obligations held by other Lenders may exercise all rights of setoff, bankers’
lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Obligations in the amount of such participation. The Borrower hereby grants to each Lender a security interest in all such
deposits and other Property, whether now existing or hereafter arising, held by each Lender for the purposes set forth herein. 
  
 9.11 Notification of Addresses, Lending Offices, Etc. Each Lender shall notify the Agent in writing of any changes in the address to which notices
to such Lender should be directed, of addresses of its Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as the Agent shall reasonably request. 
  
 9.12 Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument. A set of
the copies of this Agreement signed by all the parties shall be lodged with each of the Borrower and the Agent. 
  
 9.13 Severability. The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall
not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder. Any Loan Document, or other agreement, document or instrument, delivered by facsimile
transmission shall have the same force and effect as if the original thereof had been delivered. 
  
 9.14 Captions. The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
  
 9.15 Independence of Provisions. The parties
hereto acknowledge that this Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each
be performed, except as expressly stated to the contrary in this Agreement. 
  
 9.16 Interpretation. This Agreement is the result of negotiations among, and has been reviewed by counsel to, the Agent, the Borrower and other parties hereto, and is the product of all parties hereto.
Accordingly, this Agreement and the other Loan Documents shall not be construed against the Lenders or the Agent merely because of the Agent’s or Lenders’ involvement in the preparation of such documents and agreements. 
  
 9.17 No Third Parties Benefited. This Agreement is made and entered
into for the sole protection and legal benefit of the Borrower, the Lenders and the Agent, and their permitted 
  

 44 

 successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or
indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. Neither the Agent nor any Lender shall have any obligation to any Person not a party to this Agreement or the other Loan Documents. 

 
 9.18 Governing Law and Jurisdiction. 
  
 (A) THIS AGREEMENT AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS AND DECISIONS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES; PROVIDED THAT THE AGENT AND THE LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
  
 (B) BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT AND BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY BORROWER AGAINST AGENT OR ANY LENDER OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS. 
  

9.19 Waiver of Jury Trial. THE BORROWER, THE LENDERS AND THE AGENT EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES
AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE BORROWER, THE LENDERS AND THE AGENT EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

  

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 9.20 Entire Agreement; Release. This Agreement, together with the other Loan Documents, embodies
the entire agreement and understanding among Borrower, the Lenders and the Agent, and supersedes all prior or contemporaneous agreements and understandings of such Persons, oral or written, relating to the subject matter hereof and thereof, and any
prior arrangements made with respect to the payment by the Borrower of (or any indemnification for) any fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of the Agent or the Lenders. Borrower has relied exclusively
on the terms and provisions contained in this Agreement and the other Loan Documents in its execution and delivery hereof and thereof and entering into the transactions which are the subject hereof and thereof. Execution of this Agreement by the
Borrower constitutes a full, complete and irrevocable release of any and all claims which the Borrower may have at law or in equity in respect of all prior discussions and understandings, oral or written, relating to the subject matter of this
Agreement and the other Loan Documents. Neither Agent nor any Lender shall be liable to Borrower or any other Person on any theory of liability for any special, indirect, consequential or punitive damages. 
  
 ARTICLE X - TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 10.1 Taxes. 
  
 (a) Subject to subsection 10.1(g), any and all payments by the Borrower to
each Lender or the Agent under this Agreement shall be made free and clear of, and without deduction or withholding for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding, in the case of each Lender and the Agent, such taxes (including income taxes or franchise taxes) as are imposed on or measured by each Lender’s net income by the jurisdiction under the laws of which such Lender or the Agent,
as the case may be, is organized or maintains a Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”).

  
 (b) In addition, the Borrower shall pay any present or future
stamp or documentary taxes or any other excise or Property taxes, charges or similar levies which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other
Loan Document (hereinafter referred to as “Other Taxes”). 
  
 (c) Subject to subsection 10.1(g), the Borrower shall indemnify and hold harmless each Lender and the Agent for the full amount of Taxes or Other Taxes (including any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under
this Section 10.1) paid by such Lender or the Agent and any liability (including penalties, interest, additions to tax and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally
asserted. Payment under this indemnification shall be made within thirty (30) days from the date any Lender or the Agent makes written demand therefor. 
  

 46 

 (d) If the Borrower shall be required by law to deduct or withhold any Taxes or Other Taxes from or in
respect of any sum payable hereunder to any Lender or the Agent, then, subject to subsection 10.1(g): 
  
 (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 10.1) such Lender or the Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made; 
  
 (ii) the Borrower shall make such deductions; and

  
 (iii) the Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable law. 
  
 (e) Within thirty (30) days after the date of any payment by the Borrower of Taxes or Other Taxes, the Borrower shall furnish to the Agent the original or
a certified copy of a receipt evidencing payment thereof, or other evidence of payment satisfactory to the Agent. 
  
 (f) Each Lender that is not a citizen or resident of the United States of America, a corporation, partnership or other entity created or organized in or
under the laws of the United States (or any jurisdiction thereof), or any estate or trust that is subject to federal income taxation regardless of the source of its income (a “Non-U.S. Lender”) shall deliver to the Borrower and the Agent
two copies of each U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or any subsequent versions thereof or successors thereto, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or
881(c) of the Code with respect to payments of “portfolio interest”, a Form W-8, or any subsequent versions thereof or successors thereto (and, if such Non-U.S. Lender delivers a Form W-8, a certificate representing that such Non-U.S.
Lender is not a “bank” for purposes of Section 881(c) of the Code, is not a ten percent (10%) shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of Borrower and is not a controlled foreign corporation related to Borrower
(within the meaning of Section 864(d)(4) of the Code)), properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by Borrower under this
Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower
(or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this subsection, a Non-U.S. Lender shall not be required to deliver any form pursuant to this subsection that such
Non-U.S. Lender is not legally able to deliver. 
  

 47 

 (g) The Borrower will not be required to pay any additional amounts in respect of United States federal
income tax pursuant to subsection 10.1(d) to any Lender for the account of any Lending Office of such Lender: 
  
 (i) if the obligation to pay such additional amounts would not have arisen but for a failure by such Lender to comply with its obligations
under subsection 10.1(f) in respect of such Lending Office; 
  
 (ii) if such Lender shall have delivered to the Borrower a Form W-8BEN and/or Form W-8ECI (or any subsequent versions thereof or successors thereto) in respect of such Lending Office pursuant to subsection 10.1(f),
and such Lender shall not at any time be entitled to exemption from deduction or withholding of United States federal income tax in respect of payments by the Borrower hereunder for the account of such Lending Office for any reason other than a
change in United States law, treaty or regulations or in the official interpretation of such law or regulations by any Governmental Authority charged with the interpretation or administration thereof (whether or not having the force of law) after
the date of delivery of such Form W-8BEN and/or Form W-8ECI (or any subsequent versions thereof or successors thereto); or 
  
 (iii) if such Lender shall have delivered to the Borrower a Form W-8 (or any subsequent versions thereof or successors thereto) in respect
of such Lending Office pursuant to subsection 10.1(f), and such Lender shall not at any time be entitled to exemption from deduction or withholding of United States federal income tax in respect of payments by the Borrower hereunder for the account
of such Lending Office for any reason other than a change in the United States law or regulations or any applicable tax treaty or regulations or in the official interpretation of any such law, treaty or regulations by any Governmental Authority
charged with the interpretation or administration thereof (whether or not having the force of law) after the date of delivery of such Form W-8 (or subsequent versions thereof or successors thereto). 
  
 (h) If, at any time, the Borrower requests any Lender to deliver any forms or
other documentation pursuant to subsection 10.1(f), then the Borrower shall, on demand of such Lender through the Agent, reimburse such Lender for any costs and expenses (including Attorney Costs) reasonably incurred by such Lender in the
preparation or delivery of such forms or other documentation. 
  
 (i) If the Borrower is required to pay additional amounts to any Lender or the Agent pursuant to subsection 10.1(d), then such Lender shall use its reasonable best efforts (consistent with legal and regulatory restrictions) to change the
jurisdiction of its Lending Office so as to eliminate any such additional payment by the Borrower which may thereafter accrue if such change in the judgment of such Lender is not otherwise disadvantageous to such Lender. 
  
 10.2 Illegality. 
  
 (a) Reserved. 
  
 (b) Subject to clause (c) below, if any Lender shall determine that it is unlawful to maintain any LIBOR Rate Loan, the
Borrower shall prepay in full all LIBOR Rate Loans of such Lender then outstanding, together with interest accrued thereon, either on the last day of the 
  

 48 

 Interest Period thereof if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such LIBOR Rate Loans, together with any amounts required to be paid in connection therewith pursuant to Section 10.4. 
  
 (c) If the obligation of any Lender to make or maintain LIBOR Rate Loans has been terminated, the Borrower may elect, by
giving notice to such Lender through the Agent that all Loans which would otherwise be made by any such Lender as LIBOR Rate Loans shall be instead Base Rate Loans. 
  
 (d) Before giving any notice to the Agent pursuant to this Section 10.2, the affected Lender shall designate a different
Lending Office with respect to its LIBOR Rate Loans if such designation will avoid the need for giving such notice or making such demand and will not, in the judgment of the Lender, be illegal or otherwise disadvantageous to the Lender. 

 
 10.3 Increased Costs and Reduction of Return. 
  
 (a) If any Lender shall determine that, due to either (i) the introduction
of, or any change in, or in the interpretation by the applicable Governmental Authority of, any law or regulation or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the
force of law), in the case of either clause (i) or (ii) subsequent to the date hereof, there shall be any increase in the cost to such Lender of maintaining any LIBOR Rate Loans, then the Borrower shall be liable for, and shall from time to time,
within thirty (30) days of demand therefor by such Lender (with a copy of such demand to the Agent), pay to the Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender for such increased costs; provided,
that the Borrower shall not be required to compensate a Lender pursuant to this subsection for any increased costs incurred more than one hundred eighty (180) days prior to the date that such Lender notifies the Borrower of the law, rule,
regulation, order, guideline, request or other legal requirement of any central bank or other Governmental Authority (whether or not having the force of law) giving rise to such increased costs and of such Lender’s intention to claim
compensation therefor; provided further that, if such law, rule, regulation, order, guideline, request or other legal requirement giving rise to such increased costs is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
  
 (b) If any
Lender shall have determined that: 
  
 (i) the
introduction of any Capital Adequacy Regulation; 
  
 (ii) any change in any Capital Adequacy Regulation; 
  
 (iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof; or 

 
 (iv) compliance by such Lender (or its Lending Office) or
any corporation controlling the Lender, with any Capital Adequacy Regulation; 
  

 49 

 affects the amount of capital required or expected to be maintained by such Lender or any corporation controlling such
Lender and (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy and such Lender’s desired return on capital) determines that the amount of such capital is increased as a consequence
of its loans, credits or obligations under this Agreement, then, within thirty (30) days of demand of such Lender (with a copy to the Agent), the Borrower shall pay to such Lender, from time to time as specified by such Lender, additional amounts
sufficient to compensate such Lender for such increase; provided, that the Borrower shall not be required to compensate a Lender pursuant to this subsection for any such increase incurred more than one hundred eighty (180) days prior to the date
that such Lender notifies the Borrower of the Capital Adequacy Regulation giving rise to such increase and of such Lender’s intention to claim compensation therefor; provided further that, if such Capital Adequacy Regulation giving rise to such
increase is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 10.4 Funding Losses. The Borrower agrees to reimburse each Lender and to hold each Lender harmless from any loss (but excluding loss of profit) or
expense which such Lender may sustain or incur as a consequence of: 
  
 (a) the failure of the Borrower to make any payment or mandatory prepayment of principal of any LIBOR Rate Loan when due (including payments made after any acceleration thereof); 
  
 (b) the failure of the Borrower to continue or convert a Loan after the Borrower has given (or is deemed to have given) a
Notice of Conversion/Continuation; 
  
 (c) the failure of the
Borrower to make any prepayment after the Borrower has given a notice in accordance with Section 1.7; 
  
 (d) the prepayment (including pursuant to Section 1.8) by Borrower or any Subsidiary of Borrower of a LIBOR Rate Loan on a day which is not the last day
of the Interest Period with respect thereto; or 
  
 (e) the
conversion pursuant to Section 1.6 of any LIBOR Rate Loan to a Base Rate Loan on a day that is not the last day of the applicable Interest Period; 
  
 including any such loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its LIBOR Rate Loans hereunder or from fees payable to
terminate the deposits from which such funds were obtained (but excluding loss of profit). Solely for purposes of calculating amounts payable by the Borrower to the Lenders under this Section 10.4 and under subsection 10.3(a): each LIBOR Rate Loan
made by a Lender (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the LIBOR used in determining the interest rate for such LIBOR Rate Loan by a matching deposit or other borrowing
in the interbank eurodollar market for a comparable amount and for a comparable period, whether or not such LIBOR Rate Loan is in fact so funded. 
  

 50 

 10.5 Inability to Determine Rates. If the Agent shall have determined in good faith that for any
reason adequate and reasonable means do not exist for ascertaining the LIBOR for any requested Interest Period with respect to a proposed LIBOR Rate Loan or that the LIBOR applicable pursuant to subsection 1.3(a) for any requested Interest Period
with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to the Lenders of funding such Loan, the Agent will forthwith give notice of such determination to the Borrower and each Lender. Thereafter, the obligation of
the Lenders to make or maintain LIBOR Rate Loans hereunder shall be suspended until the Agent revokes such notice in writing. Upon receipt of such notice, the Borrower may revoke any Notice of Continuation/Conversion then submitted by it. If the
Borrower does not revoke such notice, the Lenders shall convert or continue the Loans, as proposed by the Borrower, in the amount specified in the applicable notice submitted by the Borrower, but such Loans shall be converted into or continued as
Base Rate Loans. 
  
 10.6 Reserves on LIBOR Rate Loans. The
Borrower shall pay to each Lender, as long as such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits
(currently known as “Eurocurrency liabilities”), additional costs on the unpaid principal amount of each LIBOR Rate Loan equal to actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good
faith, which determination shall be conclusive absent manifest error), payable on each date on which interest is payable on such Loan provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a copy
to the Agent) of such additional interest from the Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days from receipt of such notice.

  
 10.7 Certificates of Lenders. Any Lender claiming
reimbursement or compensation pursuant to this Article X shall deliver to the Borrower (with a copy to the Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive
and binding on the Borrower in the absence of manifest error. 
  
 10.8 Survival. The agreements and obligations of the Borrower in this Article X shall survive the payment of all other Obligations. 
  
 10.9 Replacement of Lender in Respect of Increased Costs or Amendments. Within forty-five (45) days after (a) receipt by the Borrower of written
notice and demand from any Lender (an “Affected Lender”) for payment of additional costs as provided in Sections 10.1, 10.3 and 10.6, or (b) any failure by a Lender (other than Antares) to consent to an amendment to or waiver of any Loan
Document in which Required Lenders have already consented but the consent of each Lender, or each Lender directly affected thereby, is required, the Borrower may, at its option, notify the Agent and such Affected Lender or non-consenting Lender of
the Borrower’s intention to obtain, at the Borrower’s expense, a replacement Lender (“Replacement Lender”) for such Affected Lender or non-consenting Lender, which Replacement Lender shall be reasonably satisfactory to the Agent.
In the event the Borrower obtains a Replacement Lender within ninety (90) days following notice of its intention to do so, the Affected Lender or non-consenting Lender shall sell and assign its Loans to such Replacement Lender, provided that
the Borrower has reimbursed such Affected Lender for its increased costs for which it is entitled to reimbursement under this Agreement through the date of such sale and assignment. 
  

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 10.10 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving
rise to the operation of Section 10.1(c) or Section 10.3 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any
Loans affected by such event with the object of avoiding or minimizing the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to
suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 10.10 shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to this Agreement or any
other Loan Document. 
  
 ARTICLE XI - DEFINITIONS

  
 11.1 Defined Terms. The following terms are defined in
the Sections or subsections referenced opposite such terms: 
  

			
	 “Affected Lender”
	  	10.9
	 “Assignee”
	  	9.8(a)
	 “Assignment and Acceptance”
	  	9.8(a)(ii)
	 “Borrower”
	  	Preamble
	 “Compliance Certificate”
	  	4.2(b)
	 “Confidential Information”
	  	9.9
	 “Default Rate Portion”
	  	1.3(c)
	 “Environmental Permits”
	  	3.12
	 “Event of Default”
	  	7.1
	 “Fixed Charge Coverage Ratio”
	  	Exhibit 4.2(b)
	 “Indemnified Person”
	  	9.5
	 “Indemnified Liabilities”
	  	9.5
	 “Lender”
	  	Preamble
	 “Leverage Ratio”
	  	Exhibit 4.2(b)
	 “Non-U.S. Lender”
	  	10.1(f)
	 “Originating Lender”
	  	9.8
	 “Other Taxes”
	  	10.1(b)
	 “Participant”
	  	9.8(d)
	 “Permitted Liens”
	  	5.1
	 “Register”
	  	9.8
	 “Replacement Lender”
	  	10.9
	 “Restricted Payments”
	  	5.11
	 “Taxes”
	  	10.1(a)
	 “Term Loan Commitment”
	  	1.1(a)

  
 In addition to the terms defined
elsewhere in this Agreement, the following terms have the following meanings: 
  
 “Affiliate” means, as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. A Person shall be 
  

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 deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other Person, whether through the ownership of voting securities, by contract or otherwise. Without limitation, any director, executive officer or beneficial owner of five percent (5%) or
more of the equity of a Person shall for the purposes of this Agreement, be deemed to control the other Person. Notwithstanding the foregoing, neither the Agent nor any Lender shall be deemed an “Affiliate” of the Borrower or of any
Subsidiary of the Borrower. 
  
 “Agent” means Antares in
its capacity as agent for the Lenders hereunder, and any successor agent, in such capacity appointed pursuant to this Agreement. 
  
 “Agent-Related Persons” means Antares and any successor agent arising under Section 8.9, together with their respective Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  
 “Aggregate Indenture Restricted Payments” means, as of any testing date, all “Restricted Payments”, as such term is defined in the Senior Subordinated Notes Indenture, made prior to such date, but
excluding payments made pursuant to clauses (2), (3), (4), (5), (6), (7), (9), and (10) of Section 4.11(B) of the Senior Subordinated Notes Indenture prior to such date. 
  
 “Aggregate Term Loan Commitment” means the combined Term Loan Commitments of the Lenders, which shall initially be
in the amount of $45,000,000, as such amount may be reduced from time to time pursuant to this Agreement. 
  
 “Antares” means Antares Capital Corporation, a Delaware corporation, acting in its capacity as agent for the Lenders hereunder. 
  
 “Applicable Margin” means (i) for the period commencing on the
Closing Date through the first day of the month following the month during which financial statements for March     , 2005 are delivered: with respect to Base Rate Loans, 4.25%, and with respect to LIBOR Rate Loans, 5.5%.
and (ii) at all times thereafter, the applicable LIBOR margin or Base Rate margin in effect from time to time determined as set forth below based upon the applicable Leverage Ratio then in effect pursuant to the appropriate column under the table
below: 
  

							
	 Leverage Ratio

	  	LIBOR
Margin

	 	 	 Base Rate
 Margin

	 
	 3.5 to 1.0 or greater
	  	5.50	%	 	4.25	%
	 2.75 to 1.0 or greater, but less than 3.5 to 1.0
	  	5.25	%	 	4.00	%
	 less than 2.75 to 1.0
	  	5.00	%	 	3.75	%

  

 53 

 The Applicable Margin shall be adjusted from time to time upon delivery to the Agent of the quarterly financial
statements required to be delivered pursuant to Section 4.1 hereof accompanied by a written calculation of the Leverage Ratio certified on behalf of the Borrower by a Responsible Officer as of the end of the fiscal quarter for which such financial
statements are delivered. If such calculation indicates that the Applicable Margin shall increase or decrease, then on the date of delivery of such financial statements and written calculation the Applicable Margin shall be adjusted in accordance
therewith; provided, however, that if the Borrower shall fail to deliver any such financial statements for any such fiscal quarter by the date required pursuant to Section 4.1, then, at the Agent’s election, effective as of the first day
of the month following the end of the fiscal month during which such financial statements were to have been delivered, and continuing through the first day of the month following the date (if ever) when such financial statements and such written
calculation are finally delivered, the Applicable Margin shall be conclusively presumed to equal the next highest Applicable Margin specified in the pricing table set forth above. 
  
 “Applicable Prepayment Percentage” means the percentage set forth below corresponding to the date in which any
prepayment of the Loans is, or is required to be, made: 
  

				
	 Period

	  	Applicable Percentage

	 
	 Closing Date to April 16, 2005
	  	2	%
	 April 17, 2005 to April 16, 2006
	  	1	%
	 Thereafter
	  	0	%

  
 “Attorney
Costs” means and includes all reasonable fees and disbursements of any law firm or other external counsel or the allocated cost of internal legal services and all disbursements of internal counsel. 
  
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978
(11 U.S.C. §101, et seq.), as amended and in effect from time to time and the regulations issued from time to time thereunder. 
  
 “Base Rate” means, for any day, a rate of interest equal to the greater of (a) the rate of interest which is identified as the “Prime
Rate” and normally published in the Money Rates section of The Wall Street Journal (or, if such rate ceases to be so published, as quoted from such other generally available and recognizable source as the Agent may select) and (b) the
sum of the Federal Funds Rate plus one half of one percent (0.5%). Any change in the Base Rate due to a change in the “Prime Rate” or the Federal Funds Rate shall be effective on the effective date of such change in the “Prime
Rate” or the Federal Funds Rate. 
  
 “Base Rate
Loan” means a Loan that bears interest based on the Base Rate. 
  
 “Borrowing” means the borrowing hereunder consisting of Loans made to the Borrower on the Closing Date pursuant to Article I. 
  
 “Brickman Group” means Theodore W. Brickman, Jr., Sally B. Brickman, Scott W. Brickman and Steven G. Brickman. 
  

 54 

 “Brickman Investors” means Theodore W. Brickman, Jr., Sally B. Brickman, Scott W. Brickman,
Steven G. Brickman, Susan B. McGrath and Julie B. Carr. 
  
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois or New York, New York are authorized or required by law to close and, if the applicable Business Day
relates to any LIBOR Rate Loan, a day on which dealings are carried on in the London interbank market. 
  
 “Capital Adequacy Regulation” means any guideline, request or directive of any central bank or other Governmental Authority, or any other law,
rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any Lender or of any corporation controlling a Lender. 
  

“Capital Lease” means any leasing or similar arrangement which, in accordance with GAAP, is classified as a capital lease. 
  
 “Capital Lease Obligations” means all monetary obligations of the
Borrower or any of its Subsidiaries under any Capital Leases. 
  
 “Cash Equivalents” means: (a) securities issued or fully guaranteed or insured by the United States Government or any agency thereof having maturities of not more than one (1) year from the date of acquisition; (b) certificates of
deposit, time deposits, repurchase agreements, reverse repurchase agreements, or bankers’ acceptances, having in each case a tenor of not more than one (1) year, issued by any Lender, or by any U.S. commercial bank or any branch or agency of a
non-U.S. bank licensed to conduct business in the U.S. having combined capital and surplus of not less than $250,000,000; (c) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s and in either case having a tenor of not
more than twelve (12) months; (d) money market funds provided that substantially all of the assets of such funds are comprised of securities of the type described in clauses (a) through (c); and (e) mutual funds provided that
substantially all of the assets of such funds are comprised of securities of the type described in clauses (a) through (c). 
  
 “Class A Common Stock” means, collectively, the Borrower’s (i) Class A Voting Common Stock, par value $.001 per share; (ii) Class A-1
Voting Common Stock, par value $.001 per share; and (iii) Class A Non-Voting Common Stock, par value $.001 per share. 
  
 “Closing Date” means the date on which all conditions precedent set forth in Section 2.1 are satisfied or waived by the Agent and all Lenders.

  
 “Code” means the Internal Revenue Code of 1986, and
regulations promulgated thereunder. 
  
 “Collateral”
means all Property and interests in Property and proceeds thereof now owned or hereafter acquired by Borrower, in or upon which a Lien now or hereafter exists in favor of any Lender or the Agent for the benefit of the Agent and Lenders, whether
under this Agreement or under any other Collateral Documents executed by any such Persons and delivered to the Agent. 
  

 55 

 “Collateral Documents” means, collectively, the Pledge Agreement, and all other security
agreements, patent and trademark assignments, lease assignments, guarantees and other similar agreements, if any, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of Borrower or any
other Person pledging or granting a Lien on Collateral and the Agent for the benefit of Agent and the Lenders now or hereafter delivered to the Agent pursuant to or in connection with the transactions contemplated hereby, and all financing
statements (or comparable documents now or hereafter filed in accordance with the UCC or comparable law) against Borrower as debtor in favor of any Lender or the Agent for the benefit of Agent and the Lenders, as secured party. 
  
 “Commitment Percentage” means, as to any Lender, the percentage
equivalent of such Lender’s Term Loan Commitment divided by the Aggregate Term Loan Commitment. 
  
 “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person: (i) with respect to
any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such
liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (ii) with respect to any letter of
credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (iii) under any Rate Contracts; (iv) to make take-or-pay or similar payments if required regardless of nonperformance by any
other party or parties to an agreement; or (v) for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any Property constituting security therefor, to provide funds for the payment or
discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another Person; provided, however, that Contingent Obligations shall not include endorsements of instruments for deposit or
collection, in each instance, in the Ordinary Course of Business. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum
amount so guaranteed or supported. 
  
 “Contractual
Obligations” means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party
or by which it or any of its Property is bound. 
  
 “Controlled Group” means the Borrower and all Persons (whether or not incorporated) under common control or treated as a single employer with the Borrower pursuant to Section 414(b), (c), (m) or (o) of the Code or Section 4001 of
ERISA. 
  
 “Conversion Date” means any date on which the
Borrower converts a Base Rate Loan to a LIBOR Rate Loan or a LIBOR Rate Loan to a Base Rate Loan. 
  
 “Coverage Ratio Exception” shall have the meaning ascribed to such term in the Senior Subordinated Notes Indenture. 
  

 56 

 “Default” means any event or circumstance which, with the giving of notice, the lapse of a
grace period, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default. 
  
 “Disposition” means (a) the sale, lease, conveyance or other disposition of Property, other than (i) Events of Loss and (ii) sales or other
dispositions expressly permitted under subsections 5.2(a), (c), (d), (e), (f), (g) and (i) of the Operating Company Credit Agreement as of the date hereof (or corresponding section of any amendment thereto or replacement agreement executed in
connection with a refinancing thereof), and (b) the sale or transfer by the Borrower or any Subsidiary of the Borrower of any equity securities issued by any Subsidiary of the Borrower and held by such transferor Person. 
  
 “Dollars”, “dollars” and “$” each mean lawful
money of the United States of America. 
  
 “Eligible
Assignee” means any of: (a) a commercial bank organized under the laws of the United States, or any state thereof; (b) a commercial bank organized under the laws of any other country; (c) a finance company, insurance company or other financial
institution or fund which is engaged in making, purchasing or otherwise investing in commercial loans for its own account in its Ordinary Course of Business or (d) a Related Fund. 
  
 “Environmental Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging
potential liability or responsibility for violation of any Environmental Law, or for release or injury to the environment or threat to public health, personal injury (including sickness, disease or death), Property damage, natural resources damage,
or otherwise alleging liability or responsibility for damages (punitive or otherwise), cleanup, removal, remedial or response costs, restitution, civil or criminal penalties, injunctive relief, or other type of relief, resulting from or based upon
the presence, placement, discharge, emission or release (including intentional and unintentional, negligent and non-negligent, sudden or non-sudden, accidental or non-accidental, placement, spills, leaks, discharges, emissions or releases) of any
Hazardous Material at, in, or from Property, whether or not owned by the Borrower. 
  
 “Environmental Laws” means all foreign, federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders, licenses, authorizations
and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters; including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Emergency Planning and Community Right-to-Know Act.

  
 “Equity Documents” means, collectively, (i) the
Recapitalization Agreement dated as of December 20, 2002 among Borrower, Operating Company, Sponsor and certain Persons who were stockholders of Borrower prior to the Recapitalization, (ii) that certain Stockholders Agreement dated as of December
20, 2002 among Borrower, Sponsor and the other investors listed on the schedule thereto, each of the employees of Borrower and its Subsidiaries listed on the schedule attached thereto, and each of the Brickman family members listed on the schedule

  

 57 

 attached thereto; (iii) that certain Registration Agreement dated as of December 20, 2002 among Borrower and its
stockholders listed on the schedules attached thereto; (iv) the Brickman Family Stockholders Agreement dated as of December 20, 2002 among Borrower and the Brickman family members and affiliates listed on the schedule attached thereto; (v) the
Management Redemption Plan adopted by Borrower; (vi) Borrower’s Management Equity Incentive Plan and the Management Equity Incentive Agreements entered into with certain employees of Borrower and its Subsidiaries pursuant thereto; (vii)
Borrower’s 2003 Stock Option Plan and the option agreements entered pursuant thereto and (vii) that certain Conversion and Repurchase Agreement among Borrower, the Class L Common holders, Scott Brickman and Richard Brickman dated as of the date
hereof. 
  
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and regulations promulgated thereunder. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b), 414(c), 414(m) or 414(o) of the Code or Section 4001
of ERISA. 
  
 “ERISA Event” means (a) a Reportable Event
with respect to a Qualified Plan or a Multiemployer Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Qualified Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA); (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan; (d) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or
4041A of ERISA or the commencement of proceedings by the PBGC to terminate a Qualified Plan or Multiemployer Plan subject to Title IV of ERISA; (e) a failure by the Borrower or any member of the Controlled Group to make required contributions to a
Qualified Plan or Multiemployer Plan; (f) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Qualified Plan or
Multiemployer Plan; (g) the imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; (h) an application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code with respect to any Plan; (i) a non-exempt prohibited transaction occurs with respect to any Plan for which the Borrower or any Subsidiary of the Borrower may be directly or
indirectly liable; or (j) a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or disqualified person with respect to any Plan for which the
Borrower or any member of the Controlled Group may be directly or indirectly liable. 
  
 “Event of Loss” means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property or (b) any actual condemnation, seizure or taking, by exercise of the power of
eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property. 
  
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the
rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on 
  

 58 

 such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day,
provided that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Agent on such day on such transactions as determined by the Agent in a
commercially reasonable manner. 
  
 “Federal Reserve
Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions. 
  
 “GAAP” means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting
profession), which are applicable to the circumstances as of the date of determination. 
  
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Hazardous Materials” means all those substances which are regulated by, or which may form the basis of liability under, any Environmental Law.

  
 “Holdings Loans” has the meaning ascribed to such
term in the Operating Company Credit Agreement. 
  
 “Indebtedness” of any Person means, without duplication: (a) all indebtedness for borrowed money; (b) all obligations issued, undertaken or assumed as the deferred purchase price of Property or services (other than trade payables
and accrued operating expenses, in each instance, incurred in the Ordinary Course of Business); (c) the face amount of all letters of credit issued for the account of such Person and without duplication, all drafts drawn thereunder and all
reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments issued by such Person; (d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so
evidenced incurred in connection with the acquisition of Property, assets or businesses; (e) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to
Property acquired by the Person (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such Property); (f) all Capital Lease Obligations; (g) the principal
balance outstanding under any synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness;
and (i) all Contingent Obligations described in clause (i) of the definition thereof in respect of indebtedness or obligations of others of the kinds referred to in clauses (a) through (h) above. 
  

 59 

 Notwithstanding anything to the contrary contained herein, “Indebtedness” shall not include Contingent
Obligations of Borrower or any of its Subsidiaries incurred in the Ordinary Course of Business with respect to surety and appeal bonds, performance bonds and other similar obligations. 
  
 “Indemnity Agreement” means that certain Indemnity Agreement dated as of December 20, 2002 by and among Borrower,
Operating Company, and Brickman Investors. 
  
 “Insolvency
Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any
general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in (a) and (b) above,
undertaken under U.S. federal, state or foreign law, including the Bankruptcy Code. 
  
 “Interest Payment Date” means, (a) with respect to any LIBOR Rate Loan (other than a LIBOR Rate Loan having an Interest Period of six (6) months) the last day of each Interest Period applicable to such Loan,
(b) with respect to any LIBOR Rate Loan having an Interest Period of six (6) months, the last day of each three (3) month interval, and (c) with respect to Base Rate Loans, the first day of each calendar month. 
  
 “Interest Period” means, with respect to any LIBOR Rate Loan, the
period commencing on the Business Day such Loan is disbursed or continued or on the Conversion Date on which a Base Rate Loan is converted to the LIBOR Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the
Borrower in its Notice of Borrowing or Notice of Continuation/Conversion; provided that 
  
 (a) if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day which is not a Business Day, that Interest Period shall be
extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day; 

 
 (b) any Interest Period pertaining to a LIBOR Rate Loan that begins on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest
Period; 
  
 (c) no Interest Period for the Loans shall extend
beyond the last scheduled payment date therefor; and 
  
 (d) no
Interest Period applicable to the Loans or portion thereof shall extend beyond any date upon which is due any scheduled principal payment in respect of the Loans unless the aggregate principal amount of the Loans represented by Base Rate Loans or by
LIBOR Rate Loans having Interest Periods that will expire on or before such date is equal to or in excess of the amount of such principal payment. 
  

 60 

 “Lending Office” means, with respect to any Lender, the office or offices of such Lender
specified as its “Lending Office” opposite its name on the applicable signature page hereto, or such other office or offices of such Lender as it may from time to time notify the Borrower and the Agent. 
  
 “LIBOR” means, for each Interest Period, the offered rate per annum
for deposits of Dollars for the applicable Interest Period that appears on Telerate Page 3750 as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period. If no such offered rate exists, such rate
will be the rate of interest per annum, as determined by the Agent (rounded upwards, if necessary, to the nearest 1/16 of 1%) at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2)
Business Days prior to the first day in such Interest Period by major financial institutions reasonably satisfactory to the Agent in the London interbank market for such Interest Period for the applicable principal amount on such date of
determination. 
  
 “LIBOR Rate Loan” means a Loan that
bears interest based on LIBOR. 
  
 “Lien” means any
mortgage, deed of trust, pledge, hypothecation, assignment, charge or deposit arrangement, encumbrance, lien (statutory or otherwise) or preference, priority or other security interest of any kind or nature whatsoever (including those created by,
arising under or evidenced by any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease, any financing lease having substantially the same economic effect as any of the foregoing, or the filing of any
financing statement naming the owner of the asset to which such lien relates as debtor, under the UCC or any comparable law) and any contingent or other agreement to provide any of the foregoing, but not including the interest of a lessor under a
lease which is not a Capital Lease. 
  
 “Loan” means an
extension of credit by a Lender to the Borrower pursuant to Article I hereof. 
  
 “Loan Documents” means, collectively, this Agreement, the Notes, the Collateral Documents and all documents delivered to the Agent and/or any Lender in connection with any of the foregoing. 
  
 “Management Redemption Notes” means all unsecured notes (i) issued
by Borrower to a holder of stock originally issued to a management equityholder and (ii) subordinated to the Obligations and the Operating Company Obligations, in each case in form and substance reasonably acceptable to Agent. 
  
 “Margin Stock” means “margin stock” as such term is
defined in Regulation T, U or X of the Federal Reserve Board. 
  
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, Properties or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material
impairment of the ability of Borrower to perform in any material respect its obligations under any Loan Document; or (c) a material adverse effect upon (i) the legality, validity, binding effect or enforceability (including the rights and remedies

  

 61 

 of Agent and Lenders) of any Loan Document, or (ii) the perfection or priority of any Lien granted to the Lenders or to
the Agent for the benefit of the Agent and the Lenders under any of the Collateral Documents. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a “multiemployer plan” (within the meaning of Section 4001(a)(3) of ERISA) and to which Borrower or any
member of the Controlled Group may have any liability. 
  
 “Net Issuance Proceeds” means, in respect of any issuance of debt or equity, cash proceeds received in connection therewith, net of reasonable out-of-pocket costs and expenses paid or incurred in connection therewith. 

 
 “Net Proceeds” means proceeds in cash, checks or other cash
equivalent financial instruments (including Cash Equivalents) as and when received by the Person making a Disposition and insurance proceeds received on account of an Event of Loss, net of: (a) in the event of a Disposition (i) the reasonable
out-of-pocket costs and expenses paid in connection therewith, (ii) sale, use or other transaction taxes paid or payable as a result thereof, (iii) amounts required to be applied to repay principal, interest and prepayment premiums and penalties on
Indebtedness secured by a Lien on the asset which is the subject of such Disposition and (iv) any cash reserves established in connection with such Disposition provided such amounts shall constitute Net Proceeds as and to the extent such cash is
returned to Borrower or its Subsidiaries and (b) in the event of an Event of Loss, (i) all money actually applied to repair or reconstruct the damaged Property or Property affected by the condemnation or taking, (ii) all of the costs and expenses
reasonably incurred in connection with the collection of such proceeds, award or other payments, and (iii) any amounts retained by or paid to parties having superior rights to such proceeds, awards or other payments. 
  
 “Note” means any Term Note and “Notes” means all such
Notes. 
  
 “Notice of Continuation/Conversion” means a
notice given by the Borrower to the Agent pursuant to Section 1.6, in substantially the form of Exhibit 11.1(c) hereto. 
  
 “Obligations” means all Loans, and other Indebtedness, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to
any Lender, the Agent, or any other Person required to be indemnified, that arises under any Loan Document, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other
manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. 
  
 “Operating Commitments” means “Commitments” as such term is defined in the Operating Company Credit
Agreement. 
  
 “Operating Company” means The Brickman
Group, Ltd., a Delaware corporation. 
  

 62 

 “Operating Company Credit Agreement” means that certain Credit Agreement dated as of December
20, 2002 among the Operating Company, Antares Capital Corporation, in its capacity as agent for the lenders party thereto, and the lenders party thereto from time to time, as amended, modified, refinanced and/or replaced from time to time, whether
pursuant to one or more agreements, in each instance, to the extent not prohibited hereunder. 
  
 “Operating Company Excess Cash Flow” means “Excess Cash Flow” as such term is defined in the Operating Company Credit Agreement. 
  
 “Operating Company Loan Documents” means “Loan Documents” as such term is defined in the Operating
Company Credit Agreement. 
  
 “Operating Company
Obligations” means “Obligations” as such term is defined in the Operating Company Credit Agreement (or similar term as defined in any agreement executed in connection with a refinancing thereof). 
  
 “Operating Company Related Agreements” means “Related
Agreements” as such term is defined in the Operating Company Credit Agreement. 
  
 “Ordinary Course of Business” means, in respect of any transaction involving Borrower or any of its Subsidiaries, the ordinary course of such Person’s business, as conducted by any such Person in
accordance with past practice and undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Loan Document. 
  
 “Organization Documents” means, (a) for any corporation, the certificate or articles of incorporation, the bylaws, any certificate of
determination or instrument relating to the rights of preferred shareholders of such corporation, any shareholder rights agreement, and all applicable resolutions of the board of directors (or any committee thereof) of such corporation, (b) for any
partnership, the partnership agreement and, if applicable, certificate of limited partnership and (c) for any limited liability company, the operating agreement and articles or certificate of formation. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any entity
succeeding to any of its principal functions under ERISA. 
  
 “Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or Governmental Authority. 
  
 “Plan” means an employee benefit plan (as defined in Section 3(3)
of ERISA) which the Borrower or any member of the Controlled Group sponsors or maintains or to which the Borrower or any member of the Controlled Group may have liability. 
  
 “Pledge Agreement” means that certain Pledge Agreement dated as of even date herewith, in form and substance
reasonably acceptable to Agent and Borrower, made by Borrower in favor of the Agent, for the benefit of Agent and the Lenders. 
  

 63 

 “Prior Indebtedness” means the Indebtedness and obligations specified on Schedule 11.1
hereto. 
  
 “Property” means any interest in any kind of
property or asset, whether real, personal or mixed, and whether tangible or intangible. 
  
 “Qualified Plan” means a pension plan (as defined in Section 3(2) of ERISA) intended to be tax-qualified under Section 401(a) of the Code and which any member of the Controlled Group sponsors, maintains, or
to which it makes, is making or is obligated to make contributions, or in the case of a multiple employer plan (as described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding period covering at least
five (5) plan years, but excluding any Multiemployer Plan. 
  
 “Qualified Public Offering” means a firm commitment offering registered under the Securities Act of 1933, as amended, of shares of the Borrower’s Class A Common Stock (or common stock issued in respect thereof) underwritten
by a nationally recognized investment banking firm in which (i) the aggregate Net Issuance Proceeds to the Borrower for such shares (net of discounts, commissions and related expenses) shall be at least $100,000,000 and (ii) the price per share paid
by the public for such shares (net of discounts, commissions and related expenses) shall be at least $3,000 (as appropriately adjusted for subsequent stock splits, stock combinations, stock dividends, recapitalizations and the like with respect to
the common stock). 
  
 “Rate Contracts” means swap
agreements (as such term is defined in Section 101 of the Bankruptcy Code), hedge agreements and any other agreements or arrangements designed to provide protection against fluctuations in interest or currency exchange rates. 
  
 “Repurchase” means, collectively, the repurchase by Borrower of
30,920 shares of Borrower’s Redeemable Common Stock, par value $.001 per share, including all accrued dividends and a prepayment premium, from current shareholders of Borrower; and the payment of a one-time cash dividend to the holders of
Borrower’s Class A Common Stock as of the Closing Date, in each case, pursuant to the Repurchase Agreement. 
  
 “Repurchase Agreement” means that certain Conversion and Repurchase Agreement dated as of the April 16, 2004 among Borrower and each of the
Persons named therein and “Stockholders”. 
  
 “Related Agreements” means (i) that certain First Amendment to Credit Agreement and Other Loan Documents and Waiver dated as of April 16, 2004 among Borrower, Operating Company, Antares Capital Corporation, as agent, and certain
other financial institutions party thereto and (ii) the Repurchase Agreement. 
  
 “Related Fund” means (a) any fund, trust or similar entity that invests in commercial loans in the Ordinary Course of Business and is advised or managed by (i) a Lender, (ii) an Affiliate of a Lender, (iii)
the same investment advisor that manages a Lender or (iv) an Affiliate of an investment advisor that manages a Lender or (b) any finance company, insurance company or other financial institution which temporarily warehouses Loans for any Lender or
any Person described in clause (a) above. 
  

 64 

 “Related Transactions” means the transactions contemplated by the Related Agreements and
includes, without limitation, the Repurchase. 
  
 “Reportable
Event” means, as to any Plan, (a) any of the events set forth in Section 4043(b) of ERISA or the regulations thereunder, other than any such event for which the thirty (30) day notice requirement under ERISA has been waived in regulations
issued by the PBGC, (b) a withdrawal from a Plan described in Section 4063 of ERISA, or (c) a cessation of operations described in Section 4062(e) of ERISA. 
  
 “Required Lenders” means at any time Lenders then holding more than fifty percent (50%) of the aggregate unpaid principal amount of Loans then
outstanding. 
  
 “Requirement of Law” means, as to any
Person, any law (statutory or common), ordinance, treaty, rule, regulation, order, policy, other legal requirement or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon such Person or any of its
Property or to which such Person or any of its Property is subject. 
  
 “Responsible Officer” means the chief executive officer, the president or any vice president of the Borrower, or any other officer having substantially the same authority and responsibility; or, with respect to compliance with
financial covenants or delivery of financial information, the chief financial officer or the treasurer of the Borrower, or any other officer having substantially the same authority and responsibility. 
  
 “Restricted Payment Availability” means, as of any testing date,
the difference of (a) the sum of all amounts calculated pursuant to Sections 4.11(A)(3)(a), (b), (c) and (d) of the Senior Subordinated Notes Indenture minus (b) the Aggregate Indenture Restricted Payments as of such date. 
  
 “S&P” means Standard & Poor’s Rating Services, a
division of the McGraw-Hill Companies. 
  
 “Senior
Subordinated Notes” means those certain 11.75% Senior Subordinated Notes due 2009 in the aggregate principal amount of up to $150,000,000 issued by Borrower pursuant to the Senior Subordinated Notes Indenture, including all notes issued in
exchange or substitution therefor. 
  
 “Senior Subordinated
Notes Indenture” means that certain Indenture dated as of December 20, 2002 among Bank One, N.A. and Operating Company, as the same may be amended, modified and/or supplemented from time to time as permitted under the Operating Company Credit
Agreement. 
  
 “Solvent” means, as to any Person at any
time, that (a) the fair value of the Property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for
purposes of 
  

 65 

 Section 101(32)(A) of the Bankruptcy Code and, in the alternative, for purposes of the Uniform Fraudulent Transfer Act;
(b) the present fair saleable value (on a going concern basis) of the Property of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (c) such
Person is able to realize upon its Property and generally pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does
not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a
transaction, for which such Person’s Property would constitute unreasonably small capital. 
  
 “Sponsor” means CIVC Sidecar Fund, L.P. and any other investment fund controlled by or under common control of CIVC Sidecar Fund, L.P.

  
 “Subsidiary” of a Person means any corporation,
association, limited liability company, partnership, joint venture or other business entity of which more than fifty percent (50%) of the voting stock or other equity interests (in the case of Persons other than corporations), is owned or controlled
directly or indirectly by such Person, or one or more of the Subsidiaries of such Person, or a combination thereof. 
  
 “Term Note” means a promissory note of the Borrower payable to the order of a Lender, in substantially the form of Exhibit 11.1(e)
hereto, evidencing the Indebtedness of the Borrower to such Lender resulting from the Loans made to the Borrower by such Lender. 
  
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of Illinois. 
  
 “Unfunded Pension Liabilities” means the excess of a Plan’s
benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used by the Plan’s actuaries for funding the Plan pursuant to Section 412 for the
applicable plan year. 
  
 “United States” and
“U.S.” each means the United States of America. 
  
 “Wholly-Owned Subsidiary” means any Subsidiary in which (other than directors’ qualifying shares required by law) one hundred percent (100%) of the equity securities, at the time as of which any determination is being made,
is owned, beneficially and of record, by the Borrower, or by one or more of the other Wholly-Owned Subsidiaries, or both. 
  
 “Withdrawal Liabilities” means, as of any determination date, the aggregate amount of the liabilities, if any, pursuant to Section 4201 of ERISA
if the Controlled Group made a complete withdrawal from all Multiemployer Plans and any increase in contributions pursuant to Section 4243 of ERISA. 
  

 66 

 11.2 Other Interpretive Provisions. 
  
 (a) Defined Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto. The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including uncapitalized terms)
not otherwise defined herein and that are defined in the UCC shall have the meanings therein described. 
  
 (b) The Agreement. The words “hereof”, “herein”, “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and subsection, section, schedule and exhibit references are to this Agreement unless otherwise specified. 
  
 (c) Certain Common Terms. The term “documents” includes any
and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The term “including” is not limiting and means “including without limitation.” 
  
 (d) Performance; Time. Whenever any performance obligation hereunder
(other than a payment obligation) shall be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. In the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and
including.” If any provision of this Agreement refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision shall be interpreted to encompass any and all means, direct or indirect, of
taking, or not taking, such action. 
  
 (e) Contracts.
Unless otherwise expressly provided herein, references to agreements and other contractual instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments thereto, restatements and
substitutions thereof and other modifications and supplements thereto which are in effect from time to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document. 
  
 (f) Laws. References to any statute or regulation are to be construed
as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation. 
  
 11.3 Accounting Principles. 
  
 (a) Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial computations
required under this Agreement shall be made, in accordance with GAAP, consistently applied. 
  
 (b) References herein to “fiscal year”, “fiscal quarter” and “fiscal month” refer to such fiscal periods of the Borrower. 
  

 67 

 (c) If any change in GAAP results in a change in the calculation of the financial covenants or
interpretation of related provisions of this Agreement or any other Loan Document, then the Borrower, the Agent and the Lenders agree to amend such provisions of this Agreement so as to equitably reflect such changes in GAAP with the desired result
that the criteria for evaluating the Borrower’s financial condition shall be the same after such change in GAAP as if such change had not been made, provided that, notwithstanding any other provision of this Agreement, the
Required Lenders’ agreement to any amendment of such provisions shall be sufficient to bind all Lenders. 
  
 [Balance of page intentionally left blank; signature pages follow] 
  

 68 

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

			
	BRICKMAN GROUP HOLDINGS, INC.
		
	By:	 	 /s/    Mark A. Hjelle

	Name:	 	 Mark A. Hjelle

	Title:	 	 Vice President

	
	Address for notices:
	
	375 South Flowers Mill Road
	Langhorne, Pennsylvania 19047
	Attn: Chief Financial Officer
	Facsimile: (215) 757-9630

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

			
	ANTARES CAPITAL CORPORATION,
	as Agent and as a Lender
		
	By:	 	 /s/    Michael P. King        

	Name:	 	 Michael P. King

	Title:	 	Director
	
	Address for notices:
	
	311 South Wacker Drive
	Suite 4400
	Chicago, IL 60606
	Attn: Portfolio Manager - Brickman
	Facsimile: (312) 697-3998
	Telephone: (312) 697-3949
	
	Address for payments:
	
	Antares Capital Corporation
	Account # 4070-6016
	Citibank N.A., NY
	ABA # 021000089
	Reference: Brickman Holdings
	Please advise Jim Luchansky at
	(312) 697-3991 upon receipt

 Schedule 1.1(a) 
  

Commitments 
  

				
	 Antares Capital Corporation
	  	$	45,000,000Purchase and Sale Agreement

 Exhibit 10.1 
  
 PURCHASE AND SALE AGREEMENT 
 [Marquette Mall, Michigan City, Indiana] 
  
 THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of the              day of
                    , 2004 by and between FIRST CAPITAL INCOME PROPERTIES, LTD. – SERIES XI, an Illinois limited partnership
(“Seller”) and CANNON COMMERCIAL, INC., a California corporation (“Purchaser”). 
  
 RECITALS: 
  
 A. Seller is the owner of certain real estate in the County of LaPorte, State of Indiana, which parcel is more particularly described on Exhibit A attached hereto (the “Land”) upon which is located a retail shopping
center and office building commonly known as Marquette Mall (the “Improvements”). The Land and the Improvements are collectively referred to as the “Real Property.”  
  
 B. Seller desires to sell, and Purchaser desires to purchase, the Property
(as such term is hereinafter defined), each in accordance with and subject to the terms and conditions set forth in this Agreement. 
  
 THEREFORE, in consideration of the above Recitals, the mutual covenants and agreements herein set forth and the benefits to be derived therefrom, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree as follows: 
  

	 	1.	PURCHASE AND SALE 

  
 Subject to and in accordance with the terms and conditions set forth in this Agreement, Seller shall convey to Purchaser (i) the Real Property together
with any and all of Seller’s rights, easements and privileges presently thereon or appertaining thereto, (ii) all buildings and improvements owned by Seller and located on the Real Property, (iii) the leases of the Real Property as of the date
hereof and other leases entered into in accordance with this Agreement, and all amendments thereto (the “Leases”) and all security or other deposits held by Seller under the Leases; (iv) the tangible personal property set forth on
Exhibit B attached hereto (subject to ordinary depletion) (the “Tangible Personal Property”); (v) to the extent assignable, any and all of the agreements and equipment leases set forth on Exhibit C attached
hereto and other agreements entered into in accordance with this Agreement, and all amendments thereto (the “Service Contracts”); and (vi) (A) to the extent assignable, the right (if any) to use the name “Marquette Mall”; and (B)
to the extent assignable and obtained, all certificates of occupancy and other permits, licenses and certificates held by Seller with respect to the Property (collectively, “Permits and Licenses”); (items (i) through (vi) above are
collectively referred to in this Agreement as the “Property”). All of the foregoing expressly excludes all property owned by the tenants or other users or occupants of the Property and any refund of taxes or payment of condemnation awards
applicable to the period prior to the Closing Date (as defined in Section 4.A hereof). 

	 	2.	PURCHASE PRICE 

  
 The purchase price to be paid by Purchaser to Seller for the Property is Six Million Nine Hundred Fifty Thousand and No/100 Dollars ($6,950,000.00) (the
“Purchase Price”). The Purchase Price shall be paid as follows: 
  
 A. Earnest Money. Purchaser shall, within two (2) Business Days from the date of this Agreement, deliver to Chicago Title Insurance Company (“Escrowee”) pursuant to the fully executed escrow
agreement attached as Exhibit J the amount of Two Hundred Thousand and No/100 Dollars ($200,000.00) (“Earnest Money”). If the transaction closes in accordance with the terms of this Agreement, at Closing, the Earnest Money
shall be delivered by Escrowee to Seller as part payment of the Purchase Price. If the transaction fails to close due to a default on the part of Purchaser, the Earnest Money shall be delivered by Escrowee to Seller as liquidated damages in
accordance with Section 7.A below. If the transaction fails to close due to a default on the part of Seller, or if Purchaser terminates the Agreement in accordance with the terms of Sections 3.B or 4.B (i)(k) or Article 10 of this Agreement, the
Earnest Money shall be delivered by Escrowee to Purchaser, subject to the provisions of Section 7.B below. Interest earned on the Earnest Money shall be deemed as part of the Earnest Money for purposes of this Agreement. 
  
 B. Cash at Closing. At Closing, Purchaser shall pay to Seller,
by wire transferred current federal funds, an amount (the “Cash Payment”) equal to the Purchase Price minus the Earnest Money, and plus or minus, as the case may require, the closing prorations and adjustments to be made pursuant to
Section 4.C. below. 
  

	 	3.	EVIDENCE OF TITLE 

  
 A. Title Examination; Commitment for Title Insurance. Seller has delivered to Purchaser a title insurance commitment (the “Title
Commitment”) with respect to the Real Property from Chicago Title Insurance Company (the “Title Insurer”). Seller has instructed the Title Insurer to deliver to Purchaser and Seller copies of the Title Commitment and all instruments
referenced in Schedule B thereof. 
  
 B. Survey.

  
 During the Review Period (as defined in Article 10 below),
Purchaser may employ a surveyor or surveying firm to prepare a survey (the “Survey”) of the Property. Purchaser shall instruct said surveyor to deliver a copy of the Survey to Purchaser Seller and the Title Insurer. The cost of the Survey
shall be divided equally between Purchaser and Seller, whether or not the transaction contemplated by this Agreement closes. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 
  
 C. Title Objections; Cure of Title Objections.  
  
 If the Title Commitment or Survey discloses exceptions other than those
exceptions which are listed on Exhibit D, then, by the earlier of (i) expiration of the Review Period or (ii) seven (7) Business Days after its receipt of the same, Purchaser shall notify Seller of any such exceptions to which it
objects. Any such exceptions not objected to by Purchaser as aforesaid shall become “Permitted Exceptions”. If Purchaser objects to any such exceptions, 
  

 2 

 Seller shall have ten (10) days after it receives notice of Purchaser’s objections to notify Purchaser of which, if
any, such exceptions Seller shall cause to be removed by waiver or endorsement by the Title Insurer. If Seller fails to notify Purchaser within said ten (10) day period that Seller will remove such exceptions, Purchaser shall have the option, as its
sole and exclusive remedy, by written notice given no later than five (5) Business Days after expiration of such ten (10) day period, to either (a) waive the unsatisfied objections and close, or (b) terminate this Agreement and obtain a return of
the Earnest Money. If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such exceptions, in which event, all such exceptions shall be deemed Permitted
Exceptions. 
  

	 	4.	CLOSING 

  
 A. Closing Date. The “Closing” of the transaction contemplated by this Agreement (that is, the payment of the Purchase Price, the
transfer of title to the Property and the satisfaction of all other terms and conditions of this Agreement) shall occur at the Chicago office of the Title Insurer at 10:00 a.m. on the twentieth (20th) Business Day (hereinafter defined) after the expiration of the Review Period. The “Closing Date” shall be the date of Closing, provided the Cash
Payment has been wired to Title Insurer by 12:00 noon Central Time on that day; otherwise the Closing Date shall be deemed to be the next Business Day. If the date for Closing above provided for falls on a Saturday, Sunday or legal holiday, then the
Closing Date shall be the next Business Day. 
  
 B. Closing
Documents 
  
 (i) Seller. In addition to
the other items and documents required elsewhere under this Agreement to be delivered to Purchaser at Closing, Seller shall also execute and/or deliver (or cause to be delivered) to Purchaser the following at Closing: 
  
 (a) a limited recordable warranty deed (the “Deed”) of the Real
Property to Purchaser, in form acceptable to the Title Insurer, and as attached hereto as Exhibit L, duly acknowledged, in proper form for recording and subject only to the Permitted Exceptions as set forth on Exhibit
D-2; 
  
 (b) a bill of sale with respect to the Tangible
Personal Property in the form attached as Exhibit E; 
  
 (c) a letter advising tenants under the Leases, service providers under the Service Contracts, and (x) JT Marquette, L.L.C. (“JT”), successor-in-interest to RCW, Inc. of Illinois, under that certain Common Area Agreement dated as
of December 1, 1992, recorded at the LaPorte County, Indiana Recorder’s Office (the “County Recorder”) as Document No. 92-21636, by and between Seller and JT, as amended by that certain First Amendment to Common Area Agreement dated
as of March 30, 1999, recorded at the County Recorder as Document No. 99-07614 (as amended, the “Walgreens REA”), and (y) Sears, Roebuck and Co. (“Sears”, and together with JT, sometimes hereinafter referred to individually as an
“REA Party,” and, collectively, as the “REA Parties”), under that certain Grant and Declaration of Easements and Covenants dated as of May 5, 1999, by and between Seller and Sears, recorded at the County Recorder as Document No.
99-18689 (the “Sears REA”, and together with the Walgreen’s REA, sometimes hereinafter referred to individually as the “REA,” and, collectively, as the “REAs”), of the change in ownership of the property in form
attached as Exhibit F-1, Exhibit F-2 and Exhibit F-3 (the “Notices”), respectively; 
  

 3 

 (d) an Assignment and Assumption of Leases and an Assignment and Assumption of Service Contracts, in the
forms attached as Exhibits G and H; 
  
 (e) (i) the
originals (or if not available, copies) of the Leases and the Service Contracts and amendments thereto, (ii) the originals (or if not available, copies) of any Permits and Licenses, and (iii) all keys to the Property in Seller’s possession;

  
 (f) A Non-Foreign Certification in the form attached as
Exhibit I; 
  
 (g) a closing statement to be
prepared by Seller and executed by Seller and Purchaser, setting forth the prorations and adjustments to the Purchase Price as required by Section 4.C. below; 
  

(h) the updated schedule of past-due rents for the Property, if any, as described in Section 4.C.(i)(b) below; 
  
 (i) evidence of a termination of any management agreement to which Seller is
a party affecting the Property; 
  
 (j) an affidavit of title,
containing such reasonable terms and conditions as may be required by Title Insurer to enable Title Insurer to insure Purchaser’s title to the Property in conformity with Section 3 of this Agreement; 
  
 (k) a written statement of Seller setting forth, to Seller’s Knowledge
(hereafter defined), any changes in Seller’s representations and warranties which have occurred since the effective date of such representations and warranties. In the event Seller is unable to certify that there have been no material adverse
changes in Seller’s representations and warranties, Purchaser shall have the right as its sole remedy to terminate this Agreement, in which event the Earnest Money shall be returned to Purchaser, and neither party shall have any further
obligations hereunder except for those obligations which by their terms survive the termination of this Agreement; 
  
 (l) Sales Disclosure Form (State Form 46021); 
  
 (m) Responsible Property Transfer Law Statement; 
  
 (n) All existing surveys, blueprints, drawings, plans and specifications for or with respect to the Property or any part thereof, to the extent the same
are owned by Seller and in Seller’s possession; 
  
 (o)
Copies of all financial information, rent rolls, operating expense and tax information and history (in order to perform reconciliations at the end of the existing year), tenant correspondence, repair logs, complaint logs and other books and records
relating to the tenants of the Property, but excluding internal correspondence, analyses, appraisals, projections or similar items, in each case to the extent in Seller’s possession; 
  

 4 

 (p) Such further instruments as may be necessary to record the Deed; and 
  
 (q) Evidence reasonably satisfactory to the Title Company respecting the due
organization of Seller and the due authorization and execution by Seller of this Agreement and the documents required to be delivered hereunder. 
  
 (ii) Purchaser. At Closing, Purchaser shall deliver or cause to be delivered to Seller the following: 
  
 (a) the Cash Payment; 
  
 (b) the Assignment and Assumption of Leases and Assignment and Assumption of
Service Contracts, in the forms attached as Exhibits G and H; 
  
 (c) the closing statement referred to in Section 4.B.(i)(g) above; 
  
 (d) a written statement of Purchaser setting forth, to Purchaser’s Knowledge (hereafter defined), any changes in Purchaser’s representations
and warranties which have occurred since the effective date of such representations and warranties. In the event Purchaser is unable to certify that there have been no material adverse changes in Purchaser’s representations and warranties,
Seller shall have the right to terminate this Agreement, in which event the Earnest Money shall be delivered to Seller, and neither party shall have any further obligations hereunder except for those obligations which by their terms survive the
termination of this Agreement; 
  
 (e) Sales Disclosure Form
(State Form 46021); 
  
 (f) Responsible Property Transfer Law
Statement. 
  
 (g) The Notices; 
  
 (h) Such further instruments as may be necessary to record the Deed; and

  
 (i) Evidence reasonably satisfactory to Seller and the Title
Company respecting the organization of Purchaser and the due authorization and execution by Purchaser of this Agreement and documents required to be delivered hereunder. 
  
 C. Closing Prorations and Adjustments 
  
 (i) The following items are to be prorated or adjusted (as appropriate) as of 11:59 p.m. on the day before the Closing Date
and reprorated (if necessary) pursuant to Section 4.C.(ii) below, it being understood that for purposes of prorations and adjustments, Seller shall be deemed the owner of the Property on the day before the Closing Date, and Purchaser shall be deemed
the owner of the Property on the Closing Date: 
  
 (a) real
estate and personal property taxes shall be prorated (on a per diem basis) on a cash basis based on the calendar year of Closing (on the basis of the most recent ascertainable tax or assessment bill if the current bill is not then available).

  

 5 

 (b) the “minimum” or “base” rent and estimated payments of “Percentage
Rent” (hereafter defined) collected from tenants under the Leases; provided, however, that rent and all other sums which are due and payable to Seller as of Closing by any tenant but uncollected as of the Closing shall not be adjusted, but
Purchaser shall cause the rent and other sums for the period prior to Closing to be remitted to Seller if, as and when collected, but only if there is no deficiency in the then current rent. At Closing, Seller shall deliver to Purchaser a schedule
of all such past due but uncollected rent and other sums owed by tenants. Purchaser shall include the amount of such rent and other sums in the bills thereafter submitted to the tenants in question after the Closing. Purchaser shall not be obligated
to commence a lawsuit to collect any such sums or to evict any tenant for the failure to pay any such sums but Seller shall retain the right to do so after the Closing provided Seller may not seek to terminate any Lease or evict any tenant.

  
 (c) to the extent not set forth on the schedule of
uncollected rent described in Section 4.C.(i)(b) above, “percentage” or “overage” rent (“Percentage Rent”) that is (1) attributable to any Percentage Rent lease year in which the Closing Date falls and (2) not yet
determinable as of the Closing Date (collectively, “Current Year Percentage Rent”), shall be prorated as follows: promptly upon receipt by Purchaser, Purchaser shall furnish to Seller copies of all sales reports from tenants relative to
Current Year Percentage Rent, including, without limitation, all sales reports with respect to any tenants whose Percentage Rent lease years have expired as of the Closing but whose sales reports were not delivered to Seller as of the Closing Date
and sales reports of any tenants whose Percentage Rent lease years expire after the Closing, and the amount of any Current Year Percentage Rent shall be payable in accordance with such tenant’s Lease as existing as of the Closing Date, and
Purchaser shall (to the extent not paid to Seller by way of estimated payments from the tenant prior to Closing) pay to Seller a portion of such rent based upon the apportionment being made as of the Closing Date (in proportion to the relative
number of days in the subject Percentage Rent Lease year occurring prior and subsequent to the Closing Date), promptly after the date when such rent is received from the tenant; 
  
 (d) Seller, as landlord under the Leases, is currently collecting from tenants additional rent to cover taxes, insurance,
utilities, maintenance and other operating costs and expenses incurred by Seller (such expenses, collectively “Expenses” and such collections, collectively “Collections”). Non-delinquent Collections for the month in which Closing
occurs shall be prorated in the same manner as other rents. Within sixty (60) days after the Closing occurs, Seller shall calculate the Expenses incurred and Collections received for the year of Closing by Seller and shall prepare and present to
Purchaser for its review and approval, which approval shall not be unreasonably withheld or delayed, a calculation of the Collections received and Expenses incurred by Seller. Seller shall make any necessary adjusting payment to Purchaser, due to
any over-collection by Seller, within forty five (45) days after presentment to, and approval by, Purchaser of Seller’s calculation and Purchaser shall make any necessary adjusting payment to Seller, due to any under-collection by Seller,
within thirty (30) days after presentment to, and approval by Purchaser of Seller’s calculation. Either party may inspect the other’s books and records related to the Property to confirm the calculation. 
  

 6 

 (e) Seller is currently collecting from JT an annual payment to cover JT’s share of common area
charges under the Walgreens REA (the “JT CAM”). Non-delinquent JT CAM for the calendar year in which Closing occurs shall be prorated based upon the number of days Seller and Purchaser each own the Property during the calendar year in
which the Closing occurs. Any JT CAM which is due and payable to Seller as of Closing but which is uncollected as of Closing shall not be adjusted, but Purchaser shall cause any such delinquent JT CAM and other sums attributable to the period prior
to Closing to be promptly remitted to Seller if, as and when collected. At Closing, Seller shall retain the right to commence a lawsuit for the failure of JT to pay any of the sums described in this clause (e) after Closing, provided Seller may not
seek to terminate the Walgreens REA. 
  
 (f) If Closing occurs,
Purchaser shall be responsible for the payment of all Tenant Inducement Costs (as hereinafter defined) and leasing commissions which become due and payable after Closing (A) as a result of any renewal option or expansion option with respect to
existing Leases, which option has not been exercised as of the date hereof, (B) under any new Leases entered into after the date hereof to the extent such new Lease is approved or deemed approved by Purchaser in accordance with Section 5.A hereof,
or (C) which are set forth in a Lease, have not accrued prior to Closing and are due and payable after Closing. Seller shall be responsible for the payment of all Tenant Inducement Costs and leasing commissions which are not described in clause (A),
(B) or (C) of the preceding sentence. If, as of the date of Closing, Seller shall have paid any Tenant Inducement Costs or leasing commissions for which Purchaser is responsible pursuant to the foregoing provisions, Purchaser shall reimburse Seller
therefor at Closing. If, as of the Closing, Seller shall not have paid any Tenant Inducement Costs or leasing commissions for which Seller is responsible, Purchaser shall receive a credit at Closing in such amounts. For purposes hereof, the term
“Tenant Inducement Costs” shall mean any out-of-pocket payments required under a Lease to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including,
specifically, without limitation, tenant improvement costs, signage costs, lease buyout costs, and moving, design, refurbishment and club membership allowances (but excluding legal fees incurred in connection with the preparation and negotiation of
the lease). The term “Tenant Inducement Costs” shall not include loss of income resulting from any free rental period, it being agreed that Seller shall bear the loss resulting from any free rent period until the date of Closing and
Purchaser shall bear such loss from and after the date of Closing. 
  
 (g) the amount of all security deposits held by Seller under the Leases shall be credited to Purchaser at Closing; 
  
 (h) to the extent not paid directly by tenants, gas, water, electric, telephone and all other utility and fuel charges, fuel on hand (at cost plus sales
tax), and any deposits with utility companies assigned to Purchaser (to the extent possible, utility prorations will be handled by final meter readings obtained from the utility providers at least two (2) Business Days preceding the Closing Date);

  
 (i) amounts due and prepayments under the Service Contracts
assigned to Purchaser under this Agreement; 
  
 (j) assignable
license and permit fees; 
  

 7 

 (k) other similar items of income and expenses of operation if and to the extent not paid or reimbursed
by Tenants. 
  
 (ii) If any item of income or expense set forth
in this Section 4.C. is subject to final adjustment after Closing, then Seller and Purchaser shall make, and each shall be entitled to, an appropriate reproration to each such item promptly when accurate information becomes available. Any such
reproration shall be paid promptly in cash to the party entitled thereto. 
  
 (iii) The terms of this Section 4.C., to the extent they call for adjustments, prorations or payments after Closing (collectively, “Post-Closing Adjustments”), shall survive the Closing. 
  
 (iv) Purchaser shall indemnify, defend (with counsel reasonably acceptable
to Seller) and hold Seller and its employees and agents, and each of them, harmless from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable attorneys’ fees incurred in connection
therewith) arising out of or accruing under the Sears REA and/or the Walgreens REA from and after the date of Closing, and such indemnity shall survive the Closing. 
  
 D. Transaction Costs 
  

Purchaser and Seller shall equally divide any escrow fees. Seller shall pay the cost of the base title insurance premium and any transfer tax fee or
similar charge. Purchaser shall pay any recording fee or similar charge, the cost of any endorsements to the title insurance policy (including for extended coverage), the cost of any loan policy, and the cost of the Survey, if any. Seller and
Purchaser shall, however, be responsible for the fees of their respective attorneys. 
  
 E. Possession 
  
 Upon Closing, Seller shall deliver to Purchaser possession of the Property in accordance with the terms of this Agreement. 
  

	 	5.	OPERATION OF PROPERTY PRIOR TO CLOSING 

  
 Notwithstanding anything to the contrary contained herein: 
  
 A. Prior to the expiration of the Review Period, Seller may modify, extend, renew, cancel or terminate any Lease or Service Contract, and may enter into
any new lease or service contract without prior notice to, or consent of, Purchaser; provided, however, Seller shall promptly notify Purchaser after Seller’s execution of any such document. After expiration of the Review Period, Seller may not
modify, extend, renew, cancel or terminate any Lease or Service Contract, or enter into any proposed lease or service contract which is not terminable as of Closing without Purchaser’s consent. Should Seller seek in writing Purchaser’s
consent for any such action, Purchaser shall respond in writing to Seller (therein giving consent or specifying the precise nature of Purchaser’s objection to the action) within five (5) Business Days of receipt of Seller’s request. If
Purchaser does not respond within said five (5) Business Day period, Purchaser shall be deemed conclusively to have consented to the action requested by Seller. 
  

 8 

 B. From the date hereof until the Closing or earlier termination of this Agreement, Seller shall not
remove (or direct the removal of) any item of Tangible Personal Property except as may be required for repair or replacement or to retire obsolete property. 
  

	 	6.	REPRESENTATIONS 

  
 A. Seller’s Representations and Warranties: Seller represents and warrants to Purchaser, that as of the date of this Agreement (unless
otherwise stated below): 
  
 (i) Seller is a duly formed and
validly existing limited partnership under the laws of Illinois. 
  
 (ii) Seller has the full legal right, power and authority to execute and deliver this Agreement and all documents now or hereafter to be executed by it pursuant hereto (collectively, the “Seller’s Documents”), to consummate
the transaction contemplated in this Agreement, and to perform its obligations under this Agreement and the Seller’s Documents. The person signing this Agreement on behalf of Seller is authorized to do so. 
  
 (iii) Seller has not been served with any litigation which is still pending
with respect to the Property that would adversely affect Seller’s ability to perform its obligations under this Agreement, or that would materially and adversely affect the financial condition or operation of the Property, nor to Seller’s
Knowledge, has any such litigation been filed. 
  
 (iv) (a) To
Seller’s Knowledge as of the date hereof, (1) the information contained in the schedule of leases attached to and made a part of this Agreement as Exhibit L (the “Lease Schedule”) is complete and accurate; and (2) there
are no leases other than those set forth in the Lease Schedule. 
  
 (b) To Seller’s Knowledge, except as set forth in the Lease Schedule, as of the date hereof: 
  

	 	(1)	Seller holds no security or other tenant deposits. 

  

	 	(2)	Each Lease is in full force and effect. 

  

	 	(3)	No written notice of an existing and uncured default has been delivered by Seller or any tenant under any Lease. 

  
 If any Lease contains provisions which are inconsistent with the foregoing representations
and warranties, such representations and warranties shall be deemed modified to the extent necessary to eliminate such inconsistency and to conform such representations and warranties to the provisions of such Lease. 
  
 (v) To Seller’s Knowledge, Exhibit C attached to and made
apart of this Agreement is a complete list of the Service Contracts. No written notice of an existing default has been delivered by Seller or any tenant under any Service Contract. 
  

 9 

 (vi) Seller has not received written notice of any violations of any laws or other requirements of any
governmental authority having jurisdiction over the Property which remain outstanding. 
  
 B. Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that as of the date of this Agreement: 
  
 (i) Purchaser is a duly formed and validly existing corporation organized under the laws of California. 
  
 (ii) Purchaser has the full legal right, power and authority to execute and
deliver this Agreement and all documents now or hereafter to be executed by Purchaser pursuant to this Agreement (collectively, the “Purchaser’s Documents”), to consummate the transaction contemplated hereby, and to perform its
obligations hereunder and under Purchaser’s Documents. 
  
 C.
Seller and Purchaser shall be deemed to remake and restate the representations and warranties set forth in this Section 6 above as of Closing. Should Seller proceed to Closing with the Knowledge of Purchaser’s violation of any representation or
warranty contained in this Section 6, Seller will be conclusively deemed to have waived any remedy therefor. Should Purchaser proceed to Closing with Knowledge of Seller’s violation of any representation or warranty of Seller contained in this
Section 6, Purchaser will be conclusively deemed to have waived any remedy therefor, including any adjustment in Purchase Price. 
  
 D. The representations and warranties set forth in Section 6 above, as of the date made (or deemed made) shall survive Closing for a period of two hundred
seventy (270) days from and after the Closing, but any claims thereunder must be made in writing within said two hundred seventy (270) day period or they shall thereafter be deemed lapsed, and to be null and void. 
  
 E. The term “Seller’s Knowledge” as used in this Agreement
means the actual knowledge possessed by George Touras (without investigation or inquiry) (and not imputed or implied knowledge). George Touras is the person who would most likely possess actual knowledge of material facts regarding the Property that
would render Seller’s representations and/or warranties untrue, inaccurate or incomplete. The term “Purchaser’s Knowledge” as used in this Agreement means the actual knowledge possessed by Kamyar Mateen. Notwithstanding anything
contained herein to the contrary, neither George Touras or Kamyar Mateen shall have any personal liability or obligation whatsoever with respect to any of the matters set forth in this Agreement or any of Seller’s or Purchaser’s
representations and/or warranties herein being or becoming untrue, inaccurate or incomplete in any respect. 
  
 F. In the event that, prior to Closing, Purchaser obtains knowledge that, as of Closing, Seller is in breach of any of the representations and warranties
set forth herein, or Seller otherwise discloses to Purchaser facts that are inconsistent with or different from the information set forth in the representations and warranties herein, and the Closing occurs, then the representations and warranties
herein shall be deemed to be modified and/or superseded by such certificates or other documents (and, in such event, Seller shall no longer have any liability hereunder with respect to the portion of representation or warranty modified or superseded
herein, as applicable). 
  

 10 

	 	7.	CASUALTY LOSS AND CONDEMNATION 

  
 If, prior to Closing, the Property or any part thereof shall be condemned, or destroyed or damaged by fire or other casualty, Seller shall promptly so
notify Purchaser. In the event the effect of such condemnation or casualty occurring prior to Closing is “material” (hereinafter defined), Purchaser shall have the option by written notice to Seller within twenty (20) days of receipt of
Seller’s notice to Purchaser, either to terminate this Agreement or to consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. Purchaser’s failure to timely provide such written
notice shall be deemed Purchaser’s election to close. If Purchaser elects to consummate the transaction contemplated by this Agreement or fails to timely elect to terminate this Agreement, or if a casualty or condemnation is immaterial,
Purchaser shall be entitled (a) in the event of a condemnation, to receive the condemnation proceeds, and (b) in the event of a casualty, to settle the loss under all policies of insurance applicable to the destruction or damage and receive the
proceeds of insurance applicable thereto, and Seller shall, at Closing, execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If, upon a material condemnation or casualty prior to Closing,
Purchaser timely elects to terminate this Agreement, the Earnest Money shall be returned to Purchaser, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights
or obligations under this Agreement. For purposes of this provision, a condemnation or casualty loss shall be deemed to be “material” if in the event of condemnation, the value of the Property taken or in the event of a casualty, the cost
of repairing or restoring the premises in question, would be equal to or greater than Two-Hundred Fifty Thousand and No/100 Dollars ($250,000.00). The provisions of this Section 7 shall supersede the provisions of any law regarding the allocation of
the risk of loss between purchasers and sellers. Notwithstanding anything to the contrary contained in this Agreement, Seller discloses to Purchaser that Seller is in negotiations with the Indiana Department of Transportation for certain permanent
and temporary conveyances in lieu of condemnation, as described on the attached Exhibit M. Seller reserves the right to meet with governmental officials with respect to any pending conveyance in lieu of condemnation and retains all
rights to cause such conveyances to occur prior to Closing and retains all rights with respect to any award or payment made or to be made in connection therewith. No award or payment made to Seller shall reduce the Purchase Price to be paid
hereunder. 
  

 11 

	 	8.	BROKERAGE 

  
 Seller has engaged Trammell Crow Company (represented by Whitney Knoll (“TCC”) to act as its broker in connection with the sale of the Property.
Seller shall pay any commission or fee due TCC in connection with this transaction. Purchaser and Seller each hereby represents and warrants to the other that it has not dealt with any broker, finder or other party in connection with the negotiation
of this Agreement or otherwise in connection with the Property, except TCC. Seller and Purchaser shall each indemnify and hold the other harmless from and against any and all claims of all other brokers and finders claiming by, through or under the
indemnifying party and in any way related to the sale and purchase of the Property, this Agreement or otherwise, including, without limitation, attorneys’ fees and expenses incurred by the indemnified party in connection with such claim.

  

	 	9.	DEFAULT AND REMEDIES 

  
 A. Notwithstanding anything to the contrary contained in this Agreement, if Closing does not occur solely due to a default by Seller hereunder, Purchaser
may (A) as Purchaser’s sole and exclusive remedy, terminate this Agreement and thereupon shall be entitled to (i) the immediate return of the Earnest Money, together with all accrued interest thereon, and (ii) a reimbursement from the Seller of
all of Purchaser’s costs and expenses incurred by Purchaser in connection with negotiating and preparing this Agreement, examining and inspecting the Property, and preparing for Closing (including, without limitation, all reasonable
attorneys’ fees), not to exceed Fifty Thousand and No/100 Dollars ($50,000.00), in which event this Agreement shall be null and void, and neither party shall have any rights or obligations under this Agreement (except as may expressly survive
termination of this Agreement), or (B) as Purchaser’s sole and exclusive remedy, enforce specific performance hereof; provided an action is filed within one-hundred eighty (180) days of the termination of this Agreement. In no event shall
Seller be liable to Purchaser for any actual, punitive, speculative, consequential or other damages, except as specified above 
  
 B. If Purchaser fails to complete closing in accordance with the terms of this Agreement, then this Agreement may be terminated by Seller and Seller shall
(subject to Section 3.B) be entitled to the Earnest Money as Seller’s sole remedy and as liquidated damages. Seller and Purchaser acknowledge and agree that: (i) the Earnest Money is a reasonable estimate of and bears a reasonable relationship
to the damages that would be suffered and costs incurred by Seller as a result of having withdrawn the Property from sale and the failure of Closing to occur due to a default of Purchaser under this Agreement; (ii) the actual damages suffered and
costs incurred by Seller as a result of such withdrawal and failure to close due to a default of Purchaser under this Agreement would be extremely difficult and impractical to determine; (iii) Purchaser seeks to limit its liability under this
Agreement to the amount of the Earnest Money in the event this Agreement does not close due to a default by Purchaser under this Agreement; and (iv) such amount shall constitute valid liquidated damages; provided, however, that the
foregoing shall not limit Seller’s recourse against Purchaser under Sections 8, 10.A and 11. 
  
 C. After Closing and subject to any limitations set forth in this Agreement, including but not limited to Sections 12.J and 12.L, Seller and Purchaser
shall, subject to the terms and conditions of this Agreement, have such rights and remedies as are available at law or in equity, but only for such obligations as expressly survive Closing; except that neither Seller nor Purchaser shall be entitled
to recover from the other consequential, exemplary, punitive or special damages. 
  

 12 

	 	10.	CONDITION PRECEDENT 

  
 A. Review Period. Purchaser shall have a period of fifteen (15) Business Days beginning on the date hereof within which to inspect and investigate
the Property and its operations (the “Review Period”). If Purchaser determines that the Property is unsuitable for its purposes and notifies Seller of such decision within the Review Period, the Earnest Money shall be returned to
Purchaser, at which time this Agreement shall be null and void and neither party shall have any further rights or obligations under this Agreement, except those which by their terms expressly survive such termination. Seller shall cooperate with
Purchaser to allow Purchaser and Purchaser’s Representatives access to the Property, to allow Purchaser and Purchaser’s Representatives access to all non-proprietary information and documentation, and otherwise to promptly deliver such
non-proprietary information and documentation to Purchaser, relating to the Property and its operations as Purchaser may reasonably request but excluding internal correspondence, analyses, appraisals, projections or similar items. Subject to Section
2.A, Purchaser’s failure to terminate this Agreement pursuant to this Section 10.A within the Review Period shall be deemed a waiver by Purchaser of the condition contained in this Section 10.A. Purchaser’s right of inspection pursuant to
this Section 10.A is and shall remain subject to the rights of tenants under the Leases and other occupants and users of the Property. No inspection shall be undertaken without 48 hours’ prior verbal notice to Seller. Seller shall have the
right to be present at any or all inspections. Neither Purchaser nor its agents or representatives shall contact any tenants without the prior consent of Seller. No inspection shall involve the taking of samples or other physically invasive
procedures without the prior consent of Seller. Purchaser shall restore the Property to its condition existing prior to the inspection of the Property hereunder. Notwithstanding anything to the contrary contained in this Agreement, Purchaser shall
indemnify, defend (with counsel reasonably acceptable to Seller) and hold Seller and its employees and agents, and each of them, harmless from and against any and all losses, claims, damages and liabilities (including, without limitation,
attorneys’ fees incurred in connection therewith) arising out of or resulting from Purchaser’s exercise of its rights under this Section 10.A and such indemnity shall survive the Closing and any termination of this Agreement.

  
 B. Estoppel Certificates. As a condition to
Purchaser’s obligation to close hereunder, Purchaser shall have received estoppel certificates (“Estoppel Certificates”) from (i) individual tenants occupying in excess of 5,000 square feet and such additional tenants as are
necessary, if any, such that Estoppel Certificates are executed by tenants occupying at least eighty percent (80%) of the rentable space actually leased as of the date of Closing pursuant to valid and existing Leases (excluding license agreements
and any agreements with a term of one year or less) (“Required Tenants”), and (ii) the REA Parties with respect to the REAs, each in the form and content as set forth herein (the aforesaid acceptable Estoppel Certificates to be delivered
are collectively referred to as the “Required Estoppel Certificates”). The Estoppel Certificates delivered to the tenants for execution shall be in the form of Exhibit N attached hereto (the “Form Tenant Estoppel
Certificate”). The Estoppel Certificates delivered to the REA Parties for execution shall be in the form of Exhibit O attached hereto (the “Form REA Estoppel Certificate”). The Estoppel Certificates executed by tenants
shall be in substantially the form of the Form Tenant Estoppel Certificate; provided, however, that an Estoppel Certificate executed by a tenant shall not be deemed an unacceptable Estoppel Certificate for purposes of this Section 
  

 13 

 10.B if it (a) does not contain the information requested in item 4 on the Form Tenant Estoppel Certificate, or (b)
contains the qualification by the tenant of any statement as being to its knowledge or as being subject to any similar qualification, or (c) does not contain any more information than that which the tenant is required to give in any such certificate
pursuant to its Lease, or (d) fails to certify to Purchaser’s lender. The Estoppel Certificates executed by the REA Parties shall be in substantially the form of the Form REA Estoppel Certificate; provided, however that an Estoppel Certificate
executed by an REA Party shall not be deemed an unacceptable Estoppel Certificate for purposes of this Section 10.B if it (x) contains the qualification by the REA Party of any statement as being to its knowledge or as being subject to any similar
qualification, or (y) fails to certify to Purchaser’s lender. 
  
 In the event Seller is unable to provide to Purchaser the Estoppel Certificates for the Required Tenants or the REA Parties on or before Closing, Seller may, at its option, elect to execute and deliver to Purchaser certificates
(individually, a “Seller Estoppel Certificate,” and, collectively, the “Seller Estoppel Certificates”), substantially in the same form as the certificate attached hereto as Exhibit P for tenants (the “Form
Seller Tenant Estoppel Certificate”) and Exhibit Q for the REA Parties (the “Form Seller REA Estoppel Certificate”), covering the particular tenants and/or REA Parties necessary so that Purchaser shall be deemed to have
received, at Closing, Estoppel Certificates and Seller Estoppel Certificates with respect to the Required Tenants and the REA Parties. In the event that Seller elects to deliver such Seller Estoppel Certificates, each statement therein shall survive
for a period terminating on the earlier to occur of (i) the date on which Purchaser has received an executed Estoppel Certificate signed by the tenant under the Lease in question or the REA Party under the REA in question, or (ii) one hundred twenty
(120) days from the Closing Date. If Purchaser receives an estoppel certificate which contains some but not all of the matters set forth in the Estoppel Certificate (a “Partial Certificate”) and Seller provides a Seller Estoppel
Certificate for such tenant and/or such REA Party, then the Seller Estoppel Certificate may omit matters contained in the Partial Certificate. In the event that Seller does not provide to Purchaser either Estoppel Certificates or Seller Estoppel
Certificates for the Required Tenants or the REA Parties, Purchaser may, by written notice to Seller given on the Closing Date, either (a) elect not to purchase the Property, in which event the Earnest Money shall be returned to Purchaser, at which
time this Agreement shall terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement, or (b) elect to purchase the
Property notwithstanding Seller’s inability to provide the Required Estoppel Certificates, in which event Purchaser shall be deemed to have waived the condition contained in this Section 10.B. If Purchaser fails to deliver such written notice
as described above, Purchaser shall be deemed to have elected item (b) above. 
  
 If any Estoppel Certificate contains statements confirming any of Seller’s representations or warranties set forth herein or in a Seller Estoppel Certificate, the Seller shall be deemed not to have made such
representations or warranties as to such Lease or REA. If any Estoppel Certificate or Seller Estoppel Certificate contains statements or allegations that a default or potential default exists on the part of Seller under the Lease or REA in
question or contains information inconsistent with any representations of Seller contained in this Agreement or in a Seller Estoppel Certificate and Purchaser elects to close the purchase and sale transaction contemplated herein notwithstanding the
existence of such statements, allegations or information, then such Estoppel Certificates and/or Seller Estoppel Certificates shall be deemed acceptable for purposes of this Section, notwithstanding the existence of such allegations, statements or
information, and Seller shall have no liability to Purchaser hereunder with respect to the existence of such allegations, statements or information. 
  

 14 

 Upon Purchaser’s written request, Seller shall include in any request for a Tenant Estoppel
Certificate sent to a tenant, a form of subordination, nondisturbance and attornment agreement (“SNDA”) for execution by such tenant provided (i) Seller receives Purchaser’s written request and form(s) no later than thirty (30)
Business days prior to Closing, (ii) such tenant will be directed to return the SNDA directly to Purchaser and (iii) receipt of any SNDA by Purchaser shall not be a condition to Closing. 
  

	 	11.	PROPERTY INFORMATION AND CONFIDENTIALITY 

  
 A. Confidentiality. Except as may be required by law, without the prior written consent of Seller, and unless the Closing occurs, Purchaser shall
not disclose to any third party the existence of this Agreement or any term or condition thereof or the results of any inspections or studies undertaken in connection herewith or make any public pronouncements, issue any press releases or otherwise
furnish the Information (hereinafter defined) or any information regarding this Agreement, or the transactions contemplated hereby to any third party; provided, however, that the foregoing shall not be construed to prevent Purchaser from making
(without the consent of, but upon notice to, the other party) any disclosure required by any applicable law or regulation or judicial process. For purposes hereof, “Information” shall mean and shall be deemed to include, without
limitation, the following written or oral information provided by or on behalf of Seller to Purchaser, its agents, employees, representatives, professional consultants or lenders (collectively, “Purchaser’s Representatives”) either
prior to or following the date of this Agreement: (a) all documentation and/or information described in or relating to Section 1 of this Agreement, including, without limitation, Leases, Tangible Personal Property, Service Contracts and all
other information regarding the operation, ownership, maintenance, management, or occupancy of the Property; (b) the Survey, if applicable; and (c) any reports, tests, or studies (together with the results of such studies and tests obtained or
provided by, or on behalf of, Seller). 
  
 Notwithstanding the
foregoing, Seller’s delivery and Purchaser’s use of the Information are subject to the following terms: Purchaser shall (i) accept and hold all Information in strict confidence in accordance with the terms of this Agreement; (ii) not copy,
reproduce, distribute or disclose the Information to any third party other than Purchaser’s Representatives, except as permitted in the preceding paragraph; (iii) not use the Information for any purpose other than in connection with the
transactions contemplated hereunder; and (iv) not use the Information in any manner detrimental to Seller or the Property. Purchaser agrees to transmit the Information only to those Purchaser’s Representatives who are actively and directly
participating in the evaluation of the acquisition of the Property, who are informed of and who have agreed to comply with the terms of this Section 11 of this Agreement and who are instructed not to make use of the Information in a manner
inconsistent herewith. Purchaser shall be responsible for any breach of the terms of this Agreement by Purchaser’s Representatives or any other person to whom the Information is communicated. Purchaser agrees to indemnify, defend and hold
Seller, its members, officers, directors, shareholders, partners, employees, beneficiaries, trustees, agents and representatives harmless against all losses, claims, suits, damages and liabilities resulting from Purchaser’s breach of this
Section 11, as well as any breach thereof by Purchaser’s Representatives, which indemnification shall survive the Closing or termination of this Agreement. 
  

 15 

 Notwithstanding anything herein to the contrary, any party to this Agreement (and any employee,
representative, or other agent of any party to this Agreement) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of any transaction contemplated by this agreement and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure; provided, however, that such disclosure may not be made (i) until the earlier of (x) the date of the public announcement of
discussions relating to the transaction, (y) the date of the public announcement of the transaction and (z) the date of the execution of an agreement to enter into the transaction and (ii) to the extent required to be kept confidential to comply
with any applicable federal or state securities laws. The provisions of this paragraph are intended to comply with the requirements of the presumption set forth in Treasury Regulations Section 1.6011-4 (B)(3) and are not intended to permit the
disclosure of any Information that is not subject to the requirements of such presumption. 
  
 B. Purchaser hereby agrees it will not release or cause or permit to be released any press notices, publicity (oral or written) or advertising promotion relating to, or otherwise announce or disclose or cause or
permit to be announced or disclosed, in any manner whatsoever, the terms, conditions, parties to or substance of this Agreement or the transactions contemplated herein, without first obtaining the written consent of Seller, as to the portion of the
disclosure relating to this transaction, the Property or Seller and its affiliates, which consent shall not be unreasonably withheld. It is understood that the foregoing shall not preclude Purchaser from discussing the substance or any relevant
details of the transactions contemplated in this Agreement, subject to the terms of this Section 11, with any of Purchaser’s Representatives (defined below), accountants, professional consultants or potential lenders, as the case may be, or
prevent Purchaser hereto from complying with applicable laws or court orders.  
  
 C. The provisions of this Section 11 shall survive the termination of this Agreement. 
  

	 	12.	MISCELLANEOUS 

  
 A. All understandings and agreements heretofore had between Seller and Purchaser with respect to the Property are merged in this Agreement, which alone
fully and completely expresses the agreement of the parties. 
  
 B. Neither this Agreement nor any interest hereunder shall be assigned or transferred by Purchaser or Seller without the prior written consent of the other party. 
  
 C. This Agreement shall not be modified or amended except in a written document signed by Seller and Purchaser. 

 
 D. Time is of the essence of this Agreement. 
  
 E. This Agreement shall be governed and interpreted in accordance with the
laws of the State of Indiana. 
  
 F. All notices, requests,
demands or other communications required or permitted under this Agreement shall be in writing and delivered personally, by certified mail, 
  

 16 

 return receipt requested, postage prepaid, by overnight courier (such as Federal express), or by facsimile transmission
(with confirmation of transmission), addressed as follows: 
  

			
	 If to Seller:
	  	Equity Properties and Development, L.L.C.
	 	  	2 North Riverside Plaza
	 	  	Suite 700
	 	  	Chicago, Illinois 60606
	 	  	Attention: George C. Touras, Esquire
	 	  	Telephone: 312/466-3635
	 	  	Fax: 312/454-0359
		
	 With copies to:
	  	Neal, Gerber & Eisenberg LLP
	 	  	Two North LaSalle, Suite 2100
	 	  	Chicago, Illinois 60602
	 	  	Attention: Douglas J. Lubelchek, Esquire
	 	  	Telephone: 312/269-5255
	 	  	Facsimile: 312/269-1747
		
	 If to Purchaser:
	  	Cannon Commercial, Inc.
	 	  	10850 Wilshire Blvd.
	 	  	Suite 1050
	 	  	Los Angeles, California 90024
	 	  	Attention: Kamyar Mateen
	 	  	Telephone: 310/475-5819
	 	  	Fax: 310/234-9195
		
	 With copies to:
	  	Hirsch & Westheimer, P.C.
	 	  	700 Louisiana
	 	  	Suite 2550
	 	  	Houston, Texas 77002
	 	  	Attention: Bradley E. Rauch, Esquire
	 	  	Telephone: 713/220-9154
	 	  	Fax: 713/223-9319

  
 All notices given in accordance with
the terms hereof shall be deemed received three (3) Business Days after posting (in the case of notices sent by certified mail), or when delivered personally or otherwise received or receipt is refused (in the case of all other methods of notice).
Either party hereto may change the address for receiving notices, requests, demands or other communication by notice sent in accordance with the terms of this Section 12.F. 
  
 G. ANY INFORMATION, REPORTS, STATEMENTS, DOCUMENTS OR RECORDS (COLLECTIVELY, THE “DISCLOSURES”) PROVIDED OR MADE
TO PURCHASER OR ITS CONSTITUENTS BY SELLER, ITS AGENTS OR EMPLOYEES CONCERNING THE CONDITION OF THE PROPERTY SHALL NOT BE REPRESENTATIONS AND WARRANTIES. PURCHASER SHALL NOT RELY ON SUCH DISCLOSURES, BUT RATHER, PURCHASER SHALL RELY ONLY ON ITS OWN
INSPECTION OF THE PROPERTY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, IT IS UNDERSTOOD AND AGREED THAT NEITHER SELLER NOR ANY OF SELLER’S AFFILIATES IS MAKING AND HAS NOT AT ANY TIME MADE ANY 
  

 17 

 WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING BUT
NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR
PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTY WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR COMPLETENESS OF THE PROPERTY INFORMATION OR ANY OTHER INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO PURCHASER, OR ANY
OTHER MATTER OR THING REGARDING THE PROPERTY. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, AT CLOSING SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS,
WITH ALL FAULTS”. EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT, PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND NEITHER SELLER NOR ANY OF SELLER’S AFFILIATES IS LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED
WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED
BY SELLER, ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, OR ANY THIRD-PARTY, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING. PURCHASER ACKNOWLEDGES THAT PURCHASER HAS CONDUCTED, OR WILL
CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR
NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR
EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, EXCEPT FOR SELLER’S REPRESENTATIONS AND WARRANTIES THAT WILL SURVIVE CLOSING, PURCHASER SHALL
ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON EXPIRATION OF THE REVIEW
PERIOD, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER AND SELLER’S AFFILIATES FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND
EXPENSES (INCLUDING ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER OR SELLER’S AFFILIATES AT ANY TIME BY REASON OF OR ARISING OUT OF ANY
LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY 
  

 18 

 APPLICABLE LAWS (INCLUDING WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS,
CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY. PURCHASER, ITS SUCCESSORS AND ASSIGNS, HEREBY WAIVE, RELEASE AND AGREE NOT TO MAKE ANY CLAIM OR BRING ANY COST RECOVERY ACTION OR CLAIM FOR CONTRIBUTION OR OTHER ACTION OR CLAIM AGAINST SELLER OR
SELLER’S AFFILIATES (HEREAFTER DEFINED) BASED ON (A) ANY FEDERAL, STATE, OR LOCAL ENVIRONMENTAL OR HEALTH AND SAFETY LAW OR REGULATION, INCLUDING CERCLA OR ANY STATE EQUIVALENT, OR ANY SIMILAR LAW NOW EXISTING OR HEREAFTER ENACTED, (B) ANY
DISCHARGE, DISPOSAL, RELEASE, OR ESCAPE OF ANY CHEMICAL, OR ANY MATERIAL WHATSOEVER, ON, AT, TO, OR FROM THE PROPERTY; OR (C) ANY ENVIRONMENTAL CONDITIONS WHATSOEVER ON, UNDER, OR IN THE VICINITY OF THE PROPERTY. 
  
 H. If for any reason Purchaser does not consummate the Closing, then
Purchaser shall, upon Seller’s written request, assign and transfer to Seller, without representation, warranty or recourse, all of its right, title and interest in and to any and all studies, reports, surveys and other information, data and/or
documents relating to the Property or any part thereof prepared by or at the request of Purchaser, its employees and agents, and shall deliver to Seller copies of all of the foregoing. 
  
 I. After Closing, Seller shall not be liable to Purchaser in respect of obligations under this Agreement or any documents
delivered at Closing which survive Closing for any amounts less than Twenty Five Thousand and No/100 Dollars ($25,000.00) or in excess of Five Hundred Thousand and No/100 Dollars ($500,000.00) in the aggregate, Purchaser hereby waiving any and all
claims it may have to such recoveries in excess of, or less than, the foregoing amounts. 
  
 J. Seller and Purchaser hereby designate Title Insurer to act as and perform the duties and obligations of the “reporting person” with respect to the transaction contemplated by this Agreement for purposes
of 26 C.F.R. Section 1.6045-4(e)(5) relating to the requirements for information reporting on real estate transaction closed on or after January 1, 1991. In this regard, Seller and Purchaser each agree to execute at Closing, and to cause the Title
Insurer to execute at Closing, a Designation Agreement, designating Title Insurer as the reporting person with respect to the transaction contemplated by this Agreement. 
  
 K. Purchaser agrees that it does not have and will not have any claims or causes of action against any disclosed or
undisclosed trustee, partner, affiliate, subsidiary, beneficiary, principal, member, agent, managing entity, shareholder, director, officer, or employee of Seller (whether direct or indirect), including, without limitation, their attorneys,
accountants, consultants, engineers, brokers, and advisors (collectively, “Seller’s Affiliates”), arising out of or in connection with this Agreement or the transactions contemplated hereby and further agrees not to sue or otherwise
seek to enforce any personal obligation against any of Seller’s Affiliates with respect to any matters arising out of or in connection with this Agreement or the transactions contemplated hereby. 
  
 L. Seller shall have the exclusive right to file and control any tax appeal
for the real estate taxes attributable to the period prior to and including the calendar year 2003 (the “Pre-2004 Tax Period”) but shall keep Purchaser informed of the progress and outcome of any 
  

 19 

 such appeal. To the extent that Seller shall receive a refund therefor, Seller shall disburse to any tenant not in
default under its Lease a portion of such refund as may be due that tenant under its Lease. Purchaser shall have the exclusive right to file and control any tax appeal for the real estate taxes attributable to the period after and including the
calendar year 2004 (the “2004 Tax Period”). To the extent that Purchaser shall receive a refund therefor, Purchaser shall disburse to any tenant not in default under its Lease a portion of such refund as may be due that tenant under its
Lease. The remainder of the refund, if any, shall be prorated between Purchaser and Seller pursuant to Section 4.C. after deducting therefrom the cost and expenses reasonably incurred in pursuing the appeal and not charged to tenants. The terms of
this Section 12.M. shall survive the Closing. 
  
 M. This
Agreement may be executed in any number of counterparts, any or all of which may contain the signatures of less than all of the parties, and all of which shall be construed together as a single instrument. For purposes of this Agreement, a facsimile
of an executed counterpart shall constitute an original. 
  
 N. In
the event of litigation between the parties with respect to this Agreement or the transactions contemplated hereby, the prevailing party therein shall be entitled to recover from the losing party therein its reasonable attorney’s fees and costs
of suit. 
  
 O. For purposes of this Agreement, the masculine
shall be deemed to include the feminine and the neuter, and the singular shall be deemed to include the plural, and the plural the singular, as the context may require. 
  
 P. The invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity or
enforceability of any other provision. 
  
 Q. The captions
contained in this Agreement are not a part of this Agreement. They are only for the convenience of the parties and do not in any way modify, amplify or give full notice of any of the terms, covenants or conditions of this Agreement. 
  
 R. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective legal or personal representatives, heirs, executors, administrators, successors, and permitted assigns. 
  
 S. Each party shall cooperate with the other and shall execute any and all documents necessary to allow such party (or its affiliates) to effectuate the
conveyance of the Property as an exchange under Section 1031 of the Internal Revenue Code (“Exchange”); provided however, that at no time shall the cooperating party be required to take title to real estate other than the Property or incur
any obligations other than those set forth elsewhere in this Agreement. The exchanging party shall pay all reasonable costs which may be incurred by the cooperating party in connection with such tax free exchange and the exchanging party shall
indemnify the cooperating party and hold it harmless from any loss, cost, damage, expense or liability incurred in connection therewith. 
  

 20 

 T. Neither this Agreement nor a memorandum thereof shall be recorded by any party. 
  
 U. Unless otherwise expressly provided herein, no waiver by Seller or
Purchaser of any provision hereof shall be deemed to have been made unless expressed in writing and signed by such party. No delay or omission in the exercise of any right or remedy accruing to Seller or Purchaser upon any breach under this
Agreement shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by Seller or Purchaser of any breach of any term, covenant or condition herein stated shall not be deemed to
be a waiver of any other breach, or of a subsequent breach of the same or any other term, covenant or condition herein contained. 
  
 V. If any time period under this Agreement ends on a day other than a Business Day, then the time period shall be extended until the next Business Day.
The term “Business Day” shall mean Monday through Friday excluding holidays recognized by the state government of the State in which the property is located. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 21 

 IN WITNESS WHEREOF, Seller and Purchaser have executed and delivered this Agreement as of the date first
above written. 
  

					
	 SELLER:

	
	 FIRST CAPITAL INCOME PROPERTIES, LTD. – SERIES XI,
 an Illinois
limited partnership

		
	 By:
	 	 First Capital Financial, L.L.C., its General Partner

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	
	 PURCHASER:

	
	 CANNON COMMERCIAL, INC., a California corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 22

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