Document:

exv10w59

 

Exhibit 10.59

EXECUTION VERSION

TERM CREDIT AGREEMENT

dated as of

March 25, 2008

among

WATERS CORPORATION

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

The Bank of Tokyo — Mitsubishi UFJ, Ltd. and

The Governor and Company of the Bank of Ireland

as Syndication Agents

and

J.P. MORGAN SECURITIES INC.,

as Lead Arranger

and Bookrunner

[CS&M #6701-450]

 

 

  

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	Definitions

	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Terms Generally
	 	 	13	 
	SECTION 1.03. Accounting Terms; GAAP
	 	 	14	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	The Credits

	 
	 	 	 	 
	SECTION 2.01. Commitments
	 	 	14	 
	SECTION 2.02. Loans and Borrowings
	 	 	14	 
	SECTION 2.03. Funding of Borrowings
	 	 	15	 
	SECTION 2.04. Repayment of Borrowings; Evidence of Debt
	 	 	15	 
	SECTION 2.05. Interest Elections
	 	 	16	 
	SECTION 2.06. Termination of Commitments
	 	 	17	 
	SECTION 2.07. Prepayment of Loans
	 	 	17	 
	SECTION 2.08. Fees
	 	 	18	 
	SECTION 2.09. Interest
	 	 	18	 
	SECTION 2.10. Alternate Rate of Interest
	 	 	19	 
	SECTION 2.11. Increased Costs
	 	 	19	 
	SECTION 2.12. Break Funding Payments
	 	 	20	 
	SECTION 2.13. Taxes
	 	 	21	 
	SECTION 2.14. Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	 	 	22	 
	SECTION 2.15. Mitigation Obligations; Replacement of Lenders
	 	 	23	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	Representations and Warranties

	SECTION 3.01. Corporate Existence and Standing
	 	 	24	 
	SECTION 3.02. Authorization; No Violation
	 	 	24	 
	SECTION 3.03. Governmental Consents
	 	 	24	 
	SECTION 3.04. Validity
	 	 	24	 
	SECTION 3.05. Use of Proceeds
	 	 	25	 
	SECTION 3.06. Litigation
	 	 	25	 
	SECTION 3.07. Financial Statements; No Material Adverse Change
	 	 	25	 

 

ii

	 	 	 	 	 
	 	 	 	Page	 
	SECTION 3.08. Investment Company Act
	 	 	25	 
	SECTION 3.09. Taxes
	 	 	25	 
	SECTION 3.10. ERISA
	 	 	26	 
	SECTION 3.11. Regulation U
	 	 	26	 
	SECTION 3.12. Environmental Matters
	 	 	26	 
	SECTION 3.13. Disclosure
	 	 	26	 
	SECTION 3.14. Subsidiary Guarantors
	 	 	26	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	Conditions

	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	Affirmative Covenants

	 
	 	 	 	 
	SECTION 5.01. Payment of Taxes, Etc
	 	 	28	 
	SECTION 5.02. Preservation of Existence, Etc
	 	 	28	 
	SECTION 5.03. Compliance with Laws, Etc
	 	 	28	 
	SECTION 5.04. Keeping of Books
	 	 	28	 
	SECTION 5.05. Inspection
	 	 	28	 
	SECTION 5.06. Reporting Requirements
	 	 	29	 
	SECTION 5.07. Use of Proceeds
	 	 	31	 
	SECTION 5.08. Guarantee Requirement
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	Negative Covenants

	 
	 	 	 	 
	SECTION 6.01. Subsidiary Debt
	 	 	31	 
	SECTION 6.02. Liens Securing Debt
	 	 	31	 
	SECTION 6.03. Sale and Leaseback Transactions
	 	 	32	 
	SECTION 6.04. Merger, Consolidation, Etc
	 	 	32	 
	SECTION 6.05. Change in Business
	 	 	33	 
	SECTION 6.06. Certain Restrictive Agreements
	 	 	33	 
	SECTION 6.07. Leverage Ratio
	 	 	33	 
	SECTION 6.08. Interest Coverage Ratio
	 	 	33	 
	ARTICLE VII

	 
	 	 	 	 
	Events of Default

	 
	 	 	 	 

 

iii

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE VIII

	 
	 	 	 	 
	The Administrative Agent

	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	Miscellaneous

	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	38	 
	SECTION 9.02. Waivers; Amendments
	 	 	39	 
	SECTION 9.03. Expenses; Indemnity; Damage Waiver
	 	 	40	 
	SECTION 9.04. Successors and Assigns
	 	 	41	 
	SECTION 9.05. Survival
	 	 	43	 
	SECTION 9.06. Counterparts; Integration; Effectiveness
	 	 	44	 
	SECTION 9.07. Severability
	 	 	44	 
	SECTION 9.08. Right of Setoff
	 	 	44	 
	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	44	 
	SECTION 9.10. WAIVER OF JURY TRIAL
	 	 	45	 
	SECTION 9.11. Headings
	 	 	45	 
	SECTION 9.12. Confidentiality
	 	 	45	 
	SECTION 9.13. Release of Subsidiary Guarantors
	 	 	46	 
	SECTION 9.14. USA PATRIOT Act
	 	 	46	 

	 	 	 
	SCHEDULES:
	 	 
	Schedule 1.01
	 	—  Subsidiary Guarantors
	Schedule 2.01
	 	—  Lenders and Commitments
	Schedule 2.14
	 	—  Payment Instructions
	Schedule 6.01
	 	—  Debt of Subsidiaries
	 
	 	 
	EXHIBITS:
	 	 
	 
	 	 
	Exhibit A
	 	--   Form of Assignment and Assumption
	Exhibit B
	 	--   Form of Subsidiary Guarantee Agreement
	Exhibit C-1
	 	--   Form of Opinion of Bingham McCutchen LLP, Counsel for the Company
	Exhibit C-2
	 	--   Form of Opinion of General Counsel of the Company
	Exhibit E
	 	--   Form of Promissory Note

 

 

     TERM CREDIT AGREEMENT dated as of March 25, 2008 among WATERS
CORPORATION, a Delaware corporation (the “Company”); the LENDERS from time
to time party hereto; The Bank of Tokyo — Mitsubishi UFJ, Ltd. and the
Governor and Company of the Bank of Ireland as Syndication Agents; and
JPMORGAN CHASE BANK, N.A., as Administrative Agent.

          The Company has requested the Lenders (such term and each other capitalized term used and not
otherwise defined herein having the meaning assigned to it in Article I) to extend credit in the
form of term loans to the Company in US Dollars in an aggregate principal amount of $150,000,000.
The proceeds of borrowings are to be used for general corporate purposes of the Company and its
subsidiaries, including repurchases of equity securities of the Company, payment of indebtedness
and payment of fees and expenses in connection with such repurchases and the credit facility
established hereby.

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

ARTICLE I

Definitions

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

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

          “Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of
1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate.

          “Administrative Agent” means JPMCB, in its capacity as administrative agent for the
Lenders hereunder.

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

          “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

 

2

          “Alternate Base Rate” means, for any day, a rate per annum equal to the greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

          “Applicable Rate” means, with respect to any Loan of any Type:

          (a) For any day on which either or both of Moody’s and S&P shall not have a Rating in effect,
the applicable rate per annum set forth under the appropriate caption in the table below, based
upon the Leverage Ratio as of the most recent determination date; provided that until
delivery of the financial statements for the quarter ended June 30, 2008 has been made under
Section 5.06(a), the “Applicable Rate” shall be the applicable rate per annum set forth below in
Category 3:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	LIBOR Spread	 	 	ABR Spread	 
	 	 	 	 	Leverage	 	 	(basis points per	 	 	(basis points	 
	 	Category	 	 	Ratio	 	 	annum)	 	 	per annum)	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Category 1	 	 	< 1.50
	 	 	 	75.00	 	 	 	 	0.00	 	 
	 	Category 2	 	 	> 1.50 and < 2.00
	 	 	 	87.50	 	 	 	 	0.00	 	 
	 	Category 3	 	 	> 2.00 and < 2.50
	 	 	 	100.0	 	 	 	 	0.00	 	 
	 	Category 4	 	 	> 2.50 and < 3.00
	 	 	 	125.00	 	 	 	 	25.00	 	 
	 	Category 5	 	 	> 3.00
	 	 	 	137.50	 	 	 	 	37.50	 	 
	 

The Leverage Ratio used on any date to determine the Applicable Rate shall be that in effect at the
end of the most recent fiscal quarter for which financial statements shall have been delivered
pursuant to Section 5.06(a) or (b); provided that if any financial statements required to
have been delivered under Section 5.06(a) or (b) shall not at any time have been delivered, the
Applicable Rate shall, until such financial statements shall have been delivered, be determined by
reference to Category 5 in the Table above.

          (b) For any day on which each of Moody’s and S&P shall have a Rating in effect, the
applicable rate per annum set forth under the appropriate caption in the table below, based upon
the Ratings in effect on such day:

 

3

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	LIBOR Spread	 	 	ABR Spread	 
	 	 	 	 	 	 	 	(basis points per	 	 	(basis points	 
	 	Category	 	 	Ratings	 	 	annum)	 	 	per annum)	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Category 1	 	 	A3/A- or higher
	 	 	 	75.00	 	 	 	 	0.00	 	 
	 	Category 2	 	 	Baa1/BBB+
	 	 	 	87.50	 	 	 	 	0.00	 	 
	 	Category 3	 	 	Baa2/BBB
	 	 	 	100.0	 	 	 	 	0.00	 	 
	 	Category 4	 	 	Baa3/BBB- 1
	 	 	 	25.00	 	 	 	 	25.00	 	 
	 	Category 5	 	 	Ba1/BB+ or lower 1
	 	 	 	37.50	 	 	 	 	37.50	 	 
	 

In the event of split Ratings, the Applicable Rate will be based on the higher Rating unless the
Ratings differ by two or more categories, in which case the Applicable Rate will be based upon the
category one level above the category corresponding to the lower Rating.

          “Assignment and Assumption” means an Assignment and Assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent.

          “Attributable Debt” means, in connection with any Sale and Leaseback Transaction, the
present value (discounted in accordance with GAAP at the discount rate implied in the lease) of the
obligations of the lessee for rental payments during the term of the lease.

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

          “Borrowing” means Loans of the same Type and currency, made, converted or continued on
the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in
effect.

          “Borrowing Minimum” means $5,000,000.

          “Borrowing Multiple” means $1,000,000.

          “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided, that when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in deposits in the
London interbank market.

          “Cash Management Arrangements” means treasury, depository and cash management services
or any automated clearing house transfer of funds.

 

4

          “Cash Management Obligations” means the due and punctual payment and performance of
all obligations of any Loan Party in respect of any overdraft or other liability that (a) arises
under Cash Management Arrangements in effect on the Effective Date with a counterparty that is (i)
a Lender as of the Effective Date or (ii) an Affiliate of such Lender or (b) arises under Cash
Management Arrangements entered into after the Effective Date with a counterparty that is (i) a
Lender as of the date on which such Cash Management Arrangements are entered into or (ii) an
Affiliate of such Lender.

          “Change of Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder as in
effect on the date hereof) of shares representing more than 30% of the aggregate ordinary voting
power represented by the issued and outstanding capital stock of the Company; or (b) occupation of
a majority of the seats (other than vacant seats) on the board of directors of the Company by
Persons who were not (i) directors of the Company on the date hereof, (ii) nominated by the board
of directors of the Company or (iii) appointed by directors so nominated.

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

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

          “Commitment” means, with respect to each Lender, the commitment of such Lender to make
Loans pursuant to Section 2.01, as such commitment may be reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each
Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to
which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the
Commitments on the date hereof is $150,000,000.

          “Company” has the meaning assigned to such term in the heading of this Agreement.

          “Confidential Information Memorandum” means the Confidential Information Memorandum
dated February 2008 distributed to the Lenders, together with the appendices thereto, as amended
through the date hereof.

          “Consolidated Debt” means all Debt of the Company and the Subsidiaries, determined on
a consolidated basis.

 

5

          “Consolidated EBITDA” means, for any period, the consolidated net income (loss) of the
Company and the Subsidiaries for such period plus, to the extent deducted in computing such
consolidated net income for such period, the sum (without duplication) of (a) Consolidated Interest
Expense, (b) consolidated income tax expense, (c) depreciation and amortization expense,
(d) stock-based employee compensation expense related to any grant of stock options or restricted
stock to the extent deducted from such consolidated net income for such period pursuant to
Statement of Financial Accounting Standards 123 (revised 2004) and (e) extraordinary or
non-recurring non-cash expenses or losses, minus, to the extent added in computing such
consolidated net income for such period, extraordinary gains, all determined on a consolidated
basis.

          “Consolidated Interest Expense” means, for any period, the interest expense of the
Company and the consolidated Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP, but excluding deferred financing fees.

          “Consolidated Net Tangible Assets” means the total amount of assets that would be
included on a consolidated balance sheet of the Company and the consolidated Subsidiaries (and
which shall reflect the deduction of applicable reserves) after deducting therefrom all current
liabilities of the Company and the consolidated Subsidiaries and all Intangible Assets.

          “Consolidated Total Assets” means the total amount of assets that would be included on
a consolidated balance sheet of the Company and the consolidated Subsidiaries.

          “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

          “Debt” means, with respect to any Person and without duplication, all indebtedness of
such Person for borrowed money or for the deferred purchase price of property or services, all
accrued or contingent obligations in respect of letters of credit, all capitalized lease
obligations, all indebtedness of others secured by assets of the Company or a Subsidiary, all
guarantees of Debt of others (but excluding guarantees issued for customer advance payments) and
all obligations under Hedging Agreements. For the avoidance of doubt, “Debt” shall not include
pension liabilities under any employee pension benefit plan.

          “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

          “Domestic Subsidiary” means any Subsidiary that is incorporated under the laws of the
United States or its territories or possessions.

          “Effective Date” means the date on which the conditions specified in Article IV are
satisfied (or waived in accordance with Section 9.02).

 

6

          “Environmental Laws” means all federal, state, local and foreign laws, rules and
regulations relating to the release, emission, disposal, storage and related handling of waste
materials, pollutants and hazardous substances.

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

          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Company or any member of an ERISA Group of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Company or any member of the ERISA Group from
the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or
Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any
member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any member of the ERISA
Group of any notice, or the receipt by any Multiemployer Plan from the Company or any member of the
ERISA Group of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA.

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

          “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

          “Event of Default” has the meaning assigned to such term in Article VII.

          “Excluded Subsidiary” means at any time (a) any Foreign Subsidiary, (b) any subsidiary
of a Foreign Subsidiary and (c) any other Subsidiaries acquired or organized after the Effective
Date that, together with their own subsidiaries on a combined consolidated basis, shall not,
individually or in the aggregate for all such Subsidiaries under this clause (c), have accounted
for more than 5% of Consolidated Total Assets or more than 5% of the consolidated total revenues of
the Company and the Subsidiaries at the end of, or for the period of four fiscal quarters ended
with, the most recent fiscal quarter of the Company for which financial statements shall have been
delivered pursuant to Section 5.06(a) or (b) (or, prior to the delivery of any such financial

 

7

statements, at the end of or for the period of four fiscal quarters ended September 29, 2007).

          “Excluded Taxes” means, with respect to any Lender, (a) income or franchise taxes
imposed on (or measured by) its net income by the United States of America (or any political
subdivision thereof), or by the jurisdiction under which such recipient is organized or in which
its principal office or any lending office from which it makes Loans hereunder is located, (b) any
branch profit taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction described in clause (a) above, (c) any withholding tax that is imposed by the United
States of America (or any political subdivision thereof) on payments by the Company from an office
within such jurisdiction to the extent such tax is in effect and would apply as of the date such
Lender becomes a party to this Agreement or relates to payments received by a new lending office
designated by such Lender and is in effect and would apply at the time such lending office is
designated, or (d) any withholding tax that is attributable to such Lender’s failure to comply with
Section 2.13(e), except, in the case of clause (c) above, to the extent that (i) such Lender (or
its assignor, if any) was entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from the Company with respect to such withholding tax
pursuant to Section 2.13 or (ii) such withholding tax shall have resulted from the making of any
payment to a location other than the office designated by the Administrative Agent or such Lender
for the receipt of payments of the applicable type from the Company.

          “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

          “Foreign Subsidiary” means any Subsidiary that is not incorporated or organized under
the laws of the United States.

          “GAAP” means generally accepted accounting principles in the United States of America.

          “Governmental Authority” means any nation or government, any federal, state, local or
other political subdivision thereof and any entity exercising executive, legislative, judicial,
taxing, regulatory or administrative functions of or pertaining to government.

          “Guarantee Requirement” means, at any time, that the Subsidiary Guarantee Agreement
(or a supplement referred to in Section 16 thereof) shall have been executed by each Subsidiary
(other than any Excluded Subsidiary) existing at such time, shall have been delivered to the
Administrative Agent and shall be in full force and

 

8

effect; provided, however, that in the case of a Subsidiary that becomes
subject to the Guarantee Requirement after the Effective Date, the Guarantee Requirement shall be
satisfied with respect to such Subsidiary if a supplement to the Subsidiary Guarantee Agreement is
executed by such Subsidiary, delivered to the Administrative Agent and in full force and effect no
later than (i) 30 days after the date on which such Subsidiary becomes subject to the Guarantee
Requirement or (ii) such other date as the Administrative Agent may reasonably determine, but in
any case no later than 60 days after the date on which such Subsidiary becomes subject to the
Guarantee Requirement.

          “Hedging Agreement” means any interest rate protection agreement, foreign currency
exchange agreement or other interest or currency exchange rate hedging arrangement. The “principal
amount” of the obligations of any Person in respect of any Hedging Agreement at any time shall be
the maximum aggregate amount (giving effect to any netting agreements) that such Person would be
required to pay if such Hedging Agreement were terminated at such time.

          “Indemnified Taxes” means Taxes other than Excluded Taxes.

          “Intangible Assets” means all assets of the Company and the consolidated Subsidiaries
that would be treated as intangibles in conformity with GAAP on a consolidated balance sheet of the
Company and the consolidated Subsidiaries.

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

          “Interest Election Request” means a request by the Company to convert or continue a
Borrowing in accordance with Section 2.05.

          “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each
March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of
the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period.

          “Interest Period” means, with respect to any Eurocurrency Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months thereafter (or, if available from each
applicable Lender, nine or twelve months thereafter), as the Company may elect; provided
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless such next succeeding Business Day
would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the last
calendar

 

9

month of such Interest Period) shall end on the last Business Day of the last calendar month
of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date
on which such Borrowing is made, and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

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

          “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption, other than any such Person
that shall have ceased to be a party hereto pursuant to an Assignment and Assumption.

          “Leverage Ratio” means, at any time, the ratio of (a) Consolidated Debt at such time
to (b) Consolidated EBITDA for the most recent period of four consecutive fiscal quarters of the
Company ended at or prior to such time; provided, that in the event any Material
Acquisition shall have been completed during such period of four consecutive fiscal quarters, the
Leverage Ratio shall be computed giving pro forma effect to such Material Acquisition as if it had
been completed at the beginning of such period.

          “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period,
the rate per annum determined by the Administrative Agent at approximately 11:00 a.m., London time,
on the Quotation Day for such Interest Period by reference to the British Bankers’ Association
Interest Settlement Rates for deposits in the currency of such Borrowing (as reflected on Page
LIBOR 01 of the Reuters Service), for a period equal to such Interest Period; provided
that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions
of this definition, “LIBO Rate” shall mean the interest rate per annum determined by the
Administrative Agent to be the average of the rates per annum at which deposits in the currency of
such Borrowing are offered for such Interest Period to major banks in the London interbank market
by JPMCB at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period.

          “Lien” means, with respect to any asset, any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset.

          “Loan Documents” means this Agreement, the Subsidiary Guarantee Agreement and each
promissory note delivered pursuant to this Agreement.

          “Loan Parties” means the Company and the Subsidiary Guarantors.

          “Loans” means the loans made by the Lenders to the Company pursuant to this Agreement.

          “Margin Stock” has the meaning ascribed to such term in Regulation U issued by the
Board.

          “Material Acquisition” means (i) the acquisition by the Company or a Subsidiary of
assets of or an interest in another Person or (ii) the merger or consolidation

 

10

of the Company with another corporation, in each case if the Consolidated Total Assets of the
Company after giving effect to such acquisition, merger or consolidation are at least 5% greater
than the Consolidated Total Assets of the Company immediately prior to such acquisition, merger or
consolidation.

          “Material Adverse Effect” means a (i) a material adverse effect on the business,
assets, operations or financial condition of the Company and the Subsidiaries, taken as a whole or
(ii) a material adverse effect on the validity or enforceability of any one or more provisions of
any of the Loan Documents that, taken as a whole, are material.

          “Material Debt” means Consolidated Debt in an aggregate principal amount of
$20,000,000 or more.

          “Material Subsidiary” means each Subsidiary of the Company, other than Subsidiaries
designated by the Company from time to time that in the aggregate do not account for more than 15%
of the consolidated revenues of the Company and its Subsidiaries for the period of four fiscal
quarters most recently ended or more than 15% of the consolidated assets of the Company and its
Subsidiaries at the end of such period.

          “Maturity Date” means January 11, 2012.

          “Moody’s” means Moody’s Investors Service, Inc.

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

          “Obligations” means (a) the due and punctual payment of (i) the principal of and
premium, if any, and interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the Loans made to the Company, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary
obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), of the Loan Parties under this Agreement and the other Loan
Documents, and (b) the due and punctual payment and performance of all obligations of the Company
or any Subsidiary, monetary or otherwise, under (i) each interest rate hedging agreement relating
to Obligations referred to in the preceding clause (a) entered into with any counterparty that was
a Lender (or an Affiliate thereof) at the time such hedging agreement was entered into and (ii)
Cash Management Obligations.

          “Other Taxes” means any and all present or future recording, stamp, documentary,
excise, transfer, sales, property or similar taxes, charges or levies arising from any payment made
hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document.

 

11

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

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

          “Plan” means at any time an employee pension benefit plan which is covered by Title IV
of ERISA or subject to the minimum standards under Section 412 of the Internal Revenue Code and is
either (a) maintained by a member of the ERISA Group for employees of a member of the ERISA Group
or (b) maintained pursuant to a collective bargaining agreement or any other arrangement under
which more than one employer makes contributions and to which a member of the ERISA Group is then
making or accruing an obligation to make contributions or has within the preceding five plan years
made contributions.

          “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMCB as its prime rate in effect at its principal office in New York City; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

          “Quotation Day” means, with respect to any Eurocurrency Borrowing and any Interest
Period, the day on which it is market practice in the relevant interbank market for prime banks to
give quotations for deposits in the currency of such Borrowing for delivery on the first day of
such Interest Period. If such quotations would normally be given by prime banks on more than one
day, the Quotation Day will be the last of such days.

          “Ratings” means published debt ratings issued by each of Moody’s and S&P with respect
to the Company’s senior, unsecured, non-credit enhanced long-term indebtedness for borrowed money
(each a “Rating”).

          “Register” has the meaning set forth in Section 9.04(c).

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

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

          “Required Lenders” means, at any time, Lenders having aggregate Loans (or, prior to
the borrowing hereunder, Commitments) representing more than 50% of the aggregate principal amount
of the Loans (or, prior to the borrowing hereunder, the aggregate Commitments) at such time.

 

12

          “Responsible Officer” of any Person, means the chief executive officer, the chief
financial officer, the principal accounting officer, the treasurer or the controller of such
Person, and any other officer of such Person with responsibility for the administration of the
obligations of such Person under this Agreement.

          “S&P” means Standard & Poor’s Ratings Service.

          “Sale and Leaseback Transaction” means any arrangement whereby the Company or a
Subsidiary, directly or indirectly, shall sell or transfer any property, real or personal, used or
useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such
property or other property which it intends to use for substantially the same purpose or purposes
as the property being sold or transferred.

          “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal to which the Administrative Agent is subject, for eurocurrency funding
(currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages include, but are not limited to, those imposed pursuant to such Regulation D.
Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

          “subsidiary” means, with respect to any Person, any entity with respect to which such
Person alone owns, such Person or one or more of its subsidiaries together own, or such Person and
any Person Controlling such Person together own, in each case directly or indirectly, capital stock
or other equity interests having ordinary voting power to elect a majority of the members of the
Board of Directors of such corporation or other entity or having a majority interest in the capital
or profits of such corporation or other entity.

          “Subsidiary” means any subsidiary of the Company.

          “Subsidiary Guarantee Agreement” means a Subsidiary Guarantee Agreement substantially
in the form of Exhibit B, and all supplements thereto made by the Subsidiary Guarantors in favor of
the Administrative Agent for the benefit of the Lenders.

          “Subsidiary Guarantors” means each Person listed on Schedule 1.01 and each other
Person that becomes party to a Subsidiary Guarantee Agreement as a Subsidiary Guarantor, and the
permitted successors and assigns of each such Person.

          “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

 

13

          “Transactions” means the execution, delivery and performance by the Loan Parties of
the Loan Documents, the borrowing of Loans and the use of the proceeds of such Loans.

          “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

          “Unfunded Liabilities” means, (a) in the case of a single-employer Plan which is
covered by Title IV of ERISA, the amount, if any, by which the present value of all accumulated
benefit obligations accrued to the date of determination under such Plan exceeds the fair market
value of all assets of such Plan allocable to such benefits as of such date calculated in
accordance with GAAP and based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87, as amended, or any successor standard, and (b) in the case of a
Multiemployer Plan, the Withdrawal Liability of the Company and the Subsidiaries calculated as set
forth in Title IV of ERISA.

          “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001.

          “US Corporation” means a corporation organized and existing under the laws of the
United States, any state thereof or the District of Columbia.

          “US Dollars” or “$” means the lawful money of the United States of America.

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

          SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder” and words of similar import shall be construed to refer to this Agreement
in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed

 

14

to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights.

          SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP as in
effect from time to time; provided that if the Company notifies the Administrative Agent
that the Company requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Company that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith.

ARTICLE II

The Credits

          SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees to make a Loan to the Company, in US Dollars and in a principal amount equal to its
Commitment, on a date specified by the Company in a notice of borrowing delivered to the
Administrative Agent not fewer than three Business Days prior to such date; provided that
in no event shall the date of such delivery be later than four Business Days following the date
hereof.

          SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective
Commitments. The failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required hereunder.

          (b) Subject to Section 2.10, each Borrowing shall be comprised entirely of Eurocurrency Loans
or ABR Loans as the Company may request in accordance herewith. Each Lender at its option may make
any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan
(and in the case of an Affiliate, the provisions of Sections 2.10, 2.11, 2.12 and 2.13 shall apply
to such Affiliate to the same extent as to such Lender); provided that any exercise of such
option shall not affect the obligation of the Company to repay such Loan in accordance with the
terms of this Agreement.

          (c) At the commencement of each Interest Period for any Borrowing, such Borrowing shall be in
an aggregate amount that is at least equal to the Borrowing Minimum and an integral multiple of the
Borrowing Multiple. Borrowings of more than

 

15

one Type may be outstanding at the same time; provided that there shall not at any
time be more than a total of four Eurocurrency Borrowings outstanding.

          (d) Notwithstanding any other provision of this Agreement, the Company shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Maturity Date.

          SECTION 2.03. Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder by wire transfer of immediately available funds by 11:00 a.m., New York City time,
to the account of the Administrative Agent designated by it for such purpose by notice to the
Lenders. The Administrative Agent will make such Loans available to the Company by promptly
crediting the amounts so received, in like funds, to an account of the Company in New York City or
Boston.

          (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
Effective Date that such Lender will not make available to the Administrative Agent such Lender’s
share of any Borrowing, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with paragraph (a) of this Section and may, in reliance upon
such assumption, make available to the Company a corresponding amount. In such event, if a Lender
has not in fact made its share of the applicable Borrowing available to the Administrative Agent,
then the applicable Lender and the Company severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Company to but excluding the date of
payment to the Administrative Agent, at (i) in the case of such Lender, the rate reasonably
determined by the Administrative Agent to be the cost to it of funding such amount or (ii) in the
case of the Company, the interest rate applicable to the subject Loan. If such Lender pays such
amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing and the Administrative Agent shall return to the Company any amount (including
interest) paid by the Company to the Administrative Agent pursuant to this paragraph.

          SECTION 2.04. Repayment of Borrowings; Evidence of Debt. (a) The Company hereby
unconditionally promises to pay to the Administrative Agent for the accounts of the applicable
Lenders the then unpaid principal amount of each Loan on the Maturity Date.

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Company to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

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

 

16

(iii) the amount of any sum received by the Administrative Agent hereunder for the accounts of
the Lenders and each Lender’s share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of the Company to repay the Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it to the Company be evidenced by a promissory
note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory
note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans
evidenced by each such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).

          SECTION 2.05. Interest Elections. (a) Each Borrowing initially shall be of the Type
specified in Section 2.02 and shall have an initial Interest Period as specified in Section 2.02.
Thereafter, the Company may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as
provided in this Section and on terms consistent with the other provisions of this Agreement. The
Company may elect different options with respect to different portions of an affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing.

          (b) To make an election pursuant to this Section, the Company shall notify the Administrative
Agent of such election by telephone (a) in the case of a Eurocurrency Borrowing, not later than
12:00 noon, New York City time, three Business Days before the effective date of such election, and
(b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business
Day before the effective date of such election. Each such telephonic Interest Election Request
shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by the Company. Notwithstanding any contrary provision herein,
this Section shall not be construed to permit the Company to elect an Interest Period for
Eurocurrency Loans that does not comply with Section 2.02(d).

          (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

 

17

     (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) the Type of the resulting Borrowing; and

     (iv) if the resulting Borrowing is to be a Eurocurrency Borrowing, the Interest Period
to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an
Interest Period, then the Company shall be deemed to have selected an Interest Period of one
month’s duration.

          (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender holding a Loan to which such request relates of the details thereof and of such
Lender’s portion of each resulting Borrowing.

          (e) If the Company fails to deliver a timely Interest Election Request with respect to a
Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless
such Borrowing is repaid as provided herein, at the end of such Interest Period, such Borrowing
shall be converted to an ABR Borrowing.

          SECTION 2.06. Termination of Commitments. The Commitments shall terminate upon the
borrowing of the Loans on the date referred to in Section 2.01.

          SECTION 2.07. Prepayment of Loans. (a) The Company shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with paragraph (c) of this Section.

          (b) Prior to any prepayment of Borrowings hereunder, the Company shall select the Borrowing or
Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant
to paragraph (c) of this Section.

          (c) The Company shall notify the Administrative Agent by telephone (confirmed by telecopy) of
any prepayment of a Borrowing hereunder not later than 11:00 a.m., New York City time,
three Business Days before the date of such prepayment. Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to
be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise
the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be
in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as
provided in Section 2.02. Each prepayment of a Borrowing shall be applied

 

18

ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
(i) accrued interest to the extent required by Section 2.09 and (ii) break funding payments
pursuant to Section 2.12.

          SECTION 2.08. Fees. (a) The Company agrees to pay to the Administrative Agent, for
the accounts of the Lenders, on the Effective Date, in immediately available funds, participation
fees in the amounts separately agreed upon between the Company, the Administrative Agent and the
Lenders.

          (b) The Company agrees to pay to the Administrative Agent, for its own account and in
immediately available funds, fees payable in the amounts and at the times separately agreed upon
between the Company and the Administrative Agent.

          (c) Fees paid hereunder shall not be refundable.

          SECTION 2.09. Interest. (a) The Loans comprising each ABR Borrowing shall bear
interest at the Alternate Base Rate plus the Applicable Rate.

          (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee
payable by the Company hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% per
annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of
this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as
provided in paragraph (a) above.

          (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan; provided that (i) interest accrued pursuant to paragraph (c) above shall be
payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion.

          (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be
determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.

 

19

        SECTION 2.10. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing:

     (a) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate means do not exist for ascertaining the Adjusted
LIBO Rate for such Interest Period; or

     (b) the Administrative Agent is advised by a majority in interest of the Lenders
that would participate in such Borrowing that the Adjusted LIBO Rate for such Interest
Period will not adequately and fairly reflect the cost to such Lenders of making or
maintaining their Loans included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Company and the applicable Lenders
by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Company and the applicable Lenders that the circumstances giving rise to such notice
no longer exist, any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and any
Eurocurrency Borrowing that is requested to be continued shall be repaid on the last day of the
then current Interest Period applicable thereto.

        SECTION 2.11. Increased Costs. (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender; or

     (ii) impose on any Lender or the London interbank market any other condition affecting
this Agreement or Eurocurrency Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to
reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or otherwise), then the Company will pay to such Lender such additional amount or amounts
as will compensate such Lender for such additional costs incurred or reduction suffered.

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

 

20

          (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or such Lender’s holding company, as specified in paragraph (a) or (b) of this Section, and
setting forth in reasonable detail the calculations used by such Lender to determine such amount,
shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall
pay to such Lender the amount shown as due on any such certificate within 15 Business Days after
receipt thereof.

          (d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that the Company shall not be required to compensate a Lender pursuant to this
Section for any increased costs or reductions incurred more than 180 days prior to the date that
such Lender notifies the Company of the Change in Law giving rise to such increased costs or
reductions; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 180-day period referred to above shall be
extended to include the period of retroactive effect thereof.

          SECTION 2.12. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan
to a Loan of a different Type or Interest Period other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date
specified in any notice delivered pursuant hereto (including any failure to borrow on the date
identified by the Company as the date referred to in Section 2.01), or (d) the assignment or deemed
assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Company pursuant to Section 2.15, then, in any such event,
the Company shall compensate each Lender for the loss, cost and expense attributable to such event.
In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to
include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest
that would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a
failure to borrow, convert or continue, for the period that would have been the Interest Period for
such Loan), over (ii) the amount of interest that would accrue on such principal amount for such
period at the interest rate such Lender would bid were it to bid, at the commencement of such
period, for deposits in the applicable currency of a comparable amount and period from other banks
in the London interbank market. A certificate of any Lender setting forth any amount or amounts
that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable
detail the calculations used by such Lender to determine such amount or amounts, shall be delivered
to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender
the amount shown as due on any such certificate within 15 Business Days after receipt thereof.

 

21

          SECTION 2.13. Taxes. (a) Any and all payments by or on account of the Company
hereunder or under any other Loan Document shall be made free and clear of and without deduction
for any Indemnified Taxes or Other Taxes; provided that if the Company shall be required to
deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be
increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative Agent or the
applicable Lender, as the case may be, receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Company shall make such deductions and (iii) the Company
shall pay the full amount deducted to the relevant Governmental Authority in accordance with
applicable law.

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

          (c) The Company shall indemnify the Administrative Agent and each Lender within 15 Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any
payment by or on account of any obligation of the Company hereunder or under any other Loan
Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability setting forth in reasonable detail the circumstances
giving rise thereto and the calculations used by such Lender to determine the amount thereof
delivered to the Company by a Lender, or by the Administrative Agent, on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error.

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

          (e) Any Lender that is entitled to an exemption from or reduction of withholding tax under the
law of the jurisdiction in which the Company is located, or any treaty to which such jurisdiction
is a party, with respect to payments under this Agreement shall deliver to the Company (with a copy
to the Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation prescribed by applicable law or reasonably requested by the
Company as will permit such payments to be made without withholding or at a reduced rate;
provided that such Lender has received written notice from the Company advising it of the
availability of such exemption or reduction and containing all applicable documentation. Each
Lender shall promptly notify the Company at any time it determines that it is no

 

22

longer in a position to provide any such previously delivered documentation to the Company.

          SECTION 2.14. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The
Company shall make each payment required to be made by it hereunder or under any other Loan
Document (whether of principal, interest, fees or of amounts payable under Section 2.11, 2.12 or
2.13, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be
made to the Administrative Agent to the applicable account specified in Schedule 2.14 or, in any
such case, to such other account as the Administrative Agent shall from time to time specify in a
notice delivered to the Company; provided that payments pursuant to Sections 2.11, 2.12,
2.13 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other
Loan Documents shall be made to the Persons specified therein (it being agreed that the Company
will be deemed to have satisfied its obligations with respect to payments referred to in this
proviso if it shall make such payments to the persons entitled thereto in accordance with
instructions provided by the Administrative Agent; the Administrative Agent agrees to provide such
instructions upon request, and the Company will not be deemed to have failed to make such a payment
if it shall transfer such payment to an improper account or address as a result of the failure of
the Administrative Agent to provide proper instructions). The Administrative Agent shall
distribute any such payments received by it for the account of any Lender or other Person promptly
following receipt thereof at the appropriate lending office or other address specified by such
Lender or other Person. If any payment hereunder shall be due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder of principal or interest in respect of any Loan shall be made in US Dollars.
Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been
made by the time required if the Administrative Agent shall, at or before such time, have taken the
necessary steps to make such payment in accordance with the regulations or operating procedures of
the clearing or settlement system used by the Administrative Agent to make such payment.

          (b) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on its Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest
thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to
the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of their respective Loans and accrued interest
thereon; provided that (i) if any such participations are purchased and all or any portion
of the payment giving rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and (ii) the provisions
of

 

23

this paragraph shall not be construed to apply to any payment made by the Company pursuant to
and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans to any assignee
or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the
provisions of this paragraph shall apply). The Company consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Company rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Company in the amount of such participation.

          (c) Unless the Administrative Agent shall have received notice from the Company prior to the
date on which any payment is due for the account of all or certain of the Lenders hereunder that
the Company will not make such payment, the Administrative Agent may assume that the Company has
made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the applicable Lenders the amount due. In such event, if the Company has not in fact
made such payment, then each of the applicable Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at a rate determined by the Administrative Agent
in accordance with banking industry practices on interbank compensation.

          (d) If any Lender shall fail to make any payment required to be made by it to the
Administrative Agent pursuant to this Agreement, then the Administrative Agent may, in its
discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received
by them for the account of such Lender to satisfy such Lender’s obligations to the Administrative
Agent until all such unsatisfied obligations are fully paid.

          SECTION 2.15. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.11, or if the Company is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.13, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.11 or
2.13, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby
agrees to pay all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender in
connection with any such designation or assignment.

          (b) If any Lender requests compensation under Section 2.11, or if any Loan Party is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.13, or if any Lender

 

24

defaults in its obligation to fund Loans hereunder, then the Company may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign
and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 9.04), all its interests, rights and obligations under the Loan Documents to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that (i) the Company shall have received the prior written consent of
the Administrative Agent, which consent shall not be unreasonably withheld and (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee or
the Company. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Company to require such assignment and delegation cease to apply.

ARTICLE III

Representations and Warranties

          The Company represents and warrants as follows:

          SECTION 3.01. Corporate Existence and Standing. The Company and each Subsidiary is
duly organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation, except for failures which, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect or a material adverse effect on the rights or interests
of the Lenders hereunder, and has all requisite authority to conduct its business in each
jurisdiction in which the failure so to qualify could reasonably be expected to result in a
Material Adverse Effect.

          SECTION 3.02. Authorization; No Violation. The Transactions are within each Loan
Party’s corporate or partnership powers, have been duly authorized by all necessary corporate or
partnership action and do not contravene (i) any Loan Party’s charter, by-laws or other
constitutive documents or (ii) any law or contractual restriction binding on or affecting any Loan
Party, except for contraventions of contractual restrictions which individually or in the aggregate
could not reasonably be expected to result in a Material Adverse Effect or a material adverse
effect on the rights or interests of the Lender hereunder.

          SECTION 3.03. Governmental Consents. No authorization or approval or other action by,
and no notice to or filing with, any Governmental Authority or regulatory body is required for the
due execution, delivery and performance by the Loan Parties of this Agreement or the other Loan
Documents.

          SECTION 3.04. Validity. This Agreement is, and the other Loan Documents when executed
and delivered will be, the legal, valid and binding obligations of the Loan Parties party thereto,
enforceable against such Loan Parties in accordance

 

25

with their respective terms, subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect
of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law).

          SECTION 3.05. Use of Proceeds. The Company will use the proceeds of the Loans only
for the purposes specified in the preamble to this Agreement.

          SECTION 3.06. Litigation. As of the date hereof, there is no pending or, to the best
of the knowledge of the Company, threatened action or proceeding affecting the Company or any of
its Subsidiaries before any court, Governmental Authority or arbitrator, which could reasonably be
expected to result in a Material Adverse Effect, or which purports to affect the legality, validity
or enforceability of this Agreement or any other Loan Document.

          SECTION 3.07. Financial Statements; No Material Adverse Change. (a) The
consolidated balance sheet of the Company and the Subsidiaries and the related consolidated
statements of income, shareholders’ equity and cash flows of the Company and the Subsidiaries
(i) as at December 31, 2007, and for the year then ended, which financial statements are
accompanied by the report of PricewaterhouseCoopers LLC, and (ii) as at March 31, June 30 and
September 29, 2007, and for the fiscal quarters and the portions of the fiscal year then ended,
certified by the Company’s chief financial officer, as heretofore furnished to the Lenders, fairly
present in all material respects the consolidated financial condition of the Company and the
Subsidiaries as at such dates and their consolidated results of operations, shareholders’ equity
and cash flows for the periods then ended in conformity with GAAP, subject to year-end adjustments
and the absence of footnotes in the case of the statements referred to in clause (ii) above.

          (b) There has been, since December 31, 2007, no Material Adverse Effect.

          SECTION 3.08. Investment Company Act. The Company is not an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended.

          SECTION 3.09. Taxes. The Company and each Subsidiary has timely filed or caused to be
filed all Tax returns and reports required to have been filed by it and has paid or caused to be
paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has
set aside on its books adequate reserves or (b) to the extent that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.10. ERISA. (a) No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

26

          (b) The present value of all accumulated benefit obligations under each Plan (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87, as amended, or
any successor standard) did not, as of the date of the most recent financial statements reflecting
such amounts, exceed the fair market value of the assets of such Plan by an amount that could
reasonably be expected to result in a Material Adverse Effect, and the present value of all
accumulated benefit obligations of all underfunded Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of
all such underfunded Plans by an amount that could reasonably be expected to result in a Material
Adverse Effect.

          SECTION 3.11. Regulation U. Neither the Company nor any of the Subsidiaries is
engaged in the business of purchasing or carrying Margin Stock. The value of the Margin Stock
owned directly or indirectly by the Company and the Subsidiaries which is subject to any
arrangement hereunder described in the definition of “indirectly secured” in Section 221.2 of
Regulation U issued by the Board represents less than 25% of the value of all assets of the Company
and the Subsidiaries subject to such arrangement. For the purpose of making the calculation
pursuant to the preceding sentence, to the extent consistent with Regulation U, treasury stock
shall be deemed not to be an asset of the Company and its Subsidiaries.

          SECTION 3.12. Environmental Matters. The operations of the Company and each
Subsidiary comply in all material respects with all Environmental Laws, the noncompliance with
which could reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.13. Disclosure. None of the Confidential Information Memorandum or any
other information prepared and furnished by or on behalf of the Loan Parties to the Administrative
Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as
modified or supplemented by other information so furnished) contains or will contain as of the date
thereof (or, in the case of any such information that is not dated, the earliest date on which such
information is furnished to the Administrative Agent or any Lender) any material misstatement of
fact or omits or will omit to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that,
with respect to projected financial information, the Company represents only that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time.

          SECTION 3.14. Subsidiary Guarantors. The Subsidiary Guarantors include each
Subsidiary of the Company other than (a) Excluded Subsidiaries and (b) newly-acquired or created
Domestic Subsidiaries that are not yet required to have become Subsidiary Guarantors under the
definition of “Guarantee Requirement”, until such time as they are so required to become Subsidiary
Guarantors.

 

27

ARTICLE IV

Conditions

          The obligations of the Lenders to make Loans hereunder shall not become effective until each
of the following conditions has been satisfied (or waived in accordance with Section 9.02):

     (a) The Administrative Agent (or its counsel) shall have received from each party
hereto either (i) a counterpart of this Agreement signed on behalf of such party or
(ii) written evidence satisfactory to the Administrative Agent (which may include
telecopy transmission of a signed signature page of this Agreement) that such party
has signed a counterpart of this Agreement.

     (b) The Administrative Agent shall have received favorable written opinions
(addressed to the Administrative Agent and the Lenders and dated the Effective Date)
of (i) Bingham McCutchen LLP, counsel for the Company, substantially in the form of
Exhibit C-1, and (ii) the general counsel of the Company, substantially in the
form of Exhibit C-2. Each Loan Party hereby requests such counsel to deliver
such opinions.

     (c) The Administrative Agent shall have received such documents and certificates
as the Administrative Agent or its counsel may reasonably request relating to the
formation, existence and good standing of the Loan Parties and the authorization of
the Transactions, all in form and substance reasonably satisfactory to the
Administrative Agent and its counsel.

     (d) The Administrative Agent shall have received a certificate, dated the
Effective Date and signed by a financial officer of the Company, confirming that the
conditions set forth in paragraphs (f), (g) and (h) of this Article have been
satisfied.

     (e) The Administrative Agent shall have received all fees and other amounts due
and payable on or prior to the Effective Date, including, to the extent an invoice
with respect thereto shall have been received by the Company, reimbursement or payment
of all out-of-pocket expenses required to be reimbursed or paid by the Company
hereunder or under any other Loan Document.

     (f) The Guarantee Requirement shall be satisfied.

     (g) At the time of and immediately after giving effect to the Borrowing
hereunder, the representations and warranties of the Loan Parties set forth in the
Loan Documents shall be true and correct.

     (h) At the time of and immediately after giving effect to the Borrowing
hereunder, no Default shall have occurred or be continuing.

 

28

The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions
shall be satisfied (or waived pursuant to Section 9.02) on or prior to March 31, 2008.

ARTICLE V

Affirmative Covenants

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full, the Company covenants and agrees with
the Lenders that it will:

          SECTION 5.01. Payment of Taxes, Etc. Pay and discharge, and cause each Subsidiary to
pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and
governmental charges or levies imposed upon it or upon its income, profit or property, and (ii) all
material lawful claims which, if unpaid, might by law become a lien upon its property;
provided, however, that neither the Company nor any Subsidiary shall be required to
pay or discharge any such tax, assessment, charge or claim which is being contested in good faith
and by proper proceedings and with respect to which the Company shall have established appropriate
reserves in accordance with GAAP.

          SECTION 5.02. Preservation of Existence, Etc. Preserve and maintain, and cause each
Subsidiary to preserve and maintain, its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business, except to the extent that
failures to keep in effect such rights, licenses, permits, privileges, franchises and, in the case
of Subsidiaries only, legal existence could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect; provided that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution not prohibited under Section 6.04.

          SECTION 5.03. Compliance with Laws, Etc. Comply, and cause each Subsidiary to comply,
with the requirements of all applicable laws, rules, regulations and orders of any Governmental
Authority (including, without limitation, all Environmental Laws), noncompliance with which could
reasonably be expected to result in a Material Adverse Effect.

          SECTION 5.04. Keeping of Books. Keep, and cause each Subsidiary to keep, proper books
of record and account in all material respects, in which full and correct entries shall be made of
all financial transactions and the assets and business of the Company and each Subsidiary in
accordance with GAAP consistently applied.

          SECTION 5.05. Inspection. Permit, and cause each Subsidiary to permit, the
Administrative Agent, and its representatives and agents, to inspect any of the properties,
corporate books and financial records of the Company and its Subsidiaries, to

 

29

examine and make copies of the books of account and other financial records of the Company and
its Subsidiaries, and to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with, and to be advised as to the same by, their respective officers or directors, at
such reasonable times and upon reasonable advance notice during normal business hours and intervals
as the Administrative Agent may reasonably designate.

          SECTION 5.06. Reporting Requirements. Furnish to the Administrative Agent for
distribution to each Lender:

     (a) as soon as available and in any event within 55 days after the end of each of
the first three quarters of each fiscal year of the Company, a consolidated balance
sheet of the Company and the consolidated Subsidiaries as of the end of such quarter
and consolidated statements of income and changes in financial position (or
consolidated statement of cash flow, as the case may be) of the Company and the
consolidated Subsidiaries for the period commencing at the end of the previous fiscal
year and ending with the end of such quarter, certified by the chief financial officer
of the Company;

     (b) as soon as available and in any event within 100 days after the end of each
fiscal year of the Company, an audited consolidated balance sheet of the Company and
the consolidated Subsidiaries as of the end of such year and audited consolidated
statements of income and stockholder’s equity and changes in financial position of the
Company and the consolidated Subsidiaries for such fiscal year and accompanied by a
report of PricewaterhouseCoopers LLC, independent public accountants of the Company,
or other independent public accountants of nationally recognized standing, on the
results of their examination of such consolidated annual financial statements of the
Company and the consolidated Subsidiaries, which report shall be reported on without a
“going concern” or like qualification or exception, or qualification arising out of
the scope of the audit, or shall be otherwise reasonably acceptable to the Required
Lenders;

     (c) promptly after the sending or filing thereof, copies of all financial
information, reports and proxy materials the Company files with the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended, including,
without limitation, all such reports that disclose material litigation pending against
the Company or any Subsidiary or any material noncompliance with any Environmental Law
on the part of the Company or any Subsidiary;

     (d) together with each delivery of financial statements pursuant to clause (a) or
(b) above, a certificate signed by the chief financial officer of the Company
(A) stating that no Default exists or, if any does exist, stating the nature and
status thereof and describing the action the Company proposes to take with respect
thereto, (B) demonstrating, in reasonable detail, the calculations used by such
officer to determine compliance with the financial

 

30

covenants contained in Sections 6.07 and 6.08 and (C) identifying the
Subsidiaries, if any, that are “Excluded Subsidiaries” under clause (c) of the
definition of such term;

     (e) with respect to each fiscal year for which the Company shall have an
aggregate Unfunded Liability of $20,000,000 or more for all of its single employer
Plans covered by Title IV of ERISA and all Multiemployer Plans covered by Title IV of
ERISA to which the Company has an obligation to contribute, as soon as available, and
in any event within ten months after the end of such fiscal year, a statement of
Unfunded Liabilities of each such Plan or Multiemployer Plan, certified as correct by
an actuary enrolled in accordance with regulations under ERISA and a statement of
estimated Withdrawal Liability as of the most recent plan year end as customarily
prepared by the trustees under the Multiemployer Plans to which the Company has an
obligation to contribute;

     (f) as soon as possible, and in any event within 30 days after the occurrence of
each event the Company knows is or may be a reportable event (as defined in Section
4043 of ERISA, but excluding any reportable event with respect to which the 30 day
reporting requirement has been waived) with respect to any Plan or Multiemployer Plan
with an Unfunded Liability in excess of $20,000,000, a statement signed by the chief
financial officer of the Company describing such reportable event and the action which
the Company proposes to take with respect thereto;

     (g) as soon as possible, and in any event within five Business Days after a
Responsible Officer of the Company shall become aware of the occurrence of each
Default, which Default is continuing on the date of such statement, a statement of the
chief financial officer of the Company setting forth details of such Default or event
and the action which the Company proposes to take with respect thereto;

     (h) from time to time, such other information as to the business and financial
condition of the Company and the Subsidiaries and their compliance with the Loan
Documents as the Administrative Agent, or any Lender through the Administrative Agent,
may reasonably request; and

     (i) promptly following a request therefor, all documentation and other
information that a Lender reasonably requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA Patriot Act.

Information required to be delivered to the Administrative Agent for distribution to the Lenders
pursuant to this Section shall be deemed to have been so delivered or distributed, as the case may
be, (i) on the date on which such information, or one or more annual or quarterly reports
containing such information, shall have been delivered to the Administrative Agent and posted by
the Administrative Agent on an IntraLinks or similar

 

31

website to which the Lenders have been granted access or (ii) in the case of information referred
to in paragraphs (a), (b) and (c) of this Section, on the date on which the Company provides notice
to the Administrative Agent that such information is available (A) on the website of the Securities
and Exchange Commission at http://www.sec.gov or (B) on the Company’s website at
http://www.waters.com. Information required to be delivered pursuant to this Section may
also be delivered by electronic communications pursuant to procedures approved by the
Administrative Agent.

          SECTION 5.07. Use of Proceeds. Use the proceeds of Borrowings hereunder for the
purposes referred to in the recitals to this Agreement, and not for any purpose that would entail a
violation of any applicable law or regulation (including, without limitation, Regulations U and X
of the Board).

          SECTION 5.08. Guarantee Requirement. Cause the Guarantee Requirement to be satisfied
at all times.

ARTICLE VI

Negative Covenants

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full, the Company covenants and agrees with
the Lenders that it will not:

          SECTION 6.01. Subsidiary Debt. Permit any Subsidiary that is not a Subsidiary
Guarantor to create, incur, assume or permit to exist any Debt, except:

     (a) Debt created hereunder;

          (b) Debt existing on the date hereof and set forth in Schedule 6.01 and
extensions, renewals and replacements of any such Debt that do not increase the
outstanding principal amount thereof;

          (c) Debt to the Company or any other Subsidiary; and

          (d) other Debt; provided that the sum of (without duplication) (i) the
principal amount of all Debt permitted by this clause (d), (ii) the principal amount
of all Debt secured by Liens permitted by Section 6.02 and (iii) all Attributable Debt
in respect of Sale and Leaseback Transactions (other than Sale and Leaseback
Transactions entered into at the time the property subject thereto is acquired or
within 90 days thereafter) permitted by Section 6.03 does not at any time exceed the
greater of $150,000,000 or 15% of Consolidated Net Tangible Assets.

          SECTION 6.02. Liens Securing Debt. Create, incur, assume or permit to exist, or
permit any Subsidiary to create, incur, assume or permit to exist, any Lien on any property or
asset now owned or hereafter acquired by it securing Debt unless, after

 

32

giving effect thereto, the sum of (without duplication) (i) all Debt secured by all such
Liens, (ii) the principal amount of all Debt of Subsidiaries that are not Subsidiary Guarantors
permitted by Section 6.01(d) and (iii) all Attributable Debt in respect of Sale and Leaseback
Transactions (other than Sale and Leaseback Transactions entered into at the time the property
subject thereto is acquired or within 90 days thereafter) permitted by Section 6.03 does not at any
time exceed the greater of $150,000,000 or 15% of Consolidated Net Tangible Assets. For the
purpose of this Section 6.02, treasury stock to the extent constituting Margin Stock shall be
deemed not to be an asset of the Company and its Subsidiaries.

          SECTION 6.03. Sale and Leaseback Transactions. Enter into or be party to, or permit
any Subsidiary to enter into or be party to, any Sale and Leaseback Transaction (other than any
Sale and Leaseback Transaction entered into at the time the property subject thereto is acquired or
within 90 days thereafter) unless after giving effect thereto the sum of (without duplication)
(i) all Attributable Debt permitted by this Section, (ii) the principal amount of all Debt of
Subsidiaries that are not Subsidiary Guarantors permitted by Section 6.01(d) and (iii) the
principal amount of all Debt secured by Liens permitted by Section 6.02(i) does not exceed the
greater of $150,000,000 or 15% of Consolidated Net Tangible Assets.

          SECTION 6.04. Merger, Consolidation, Etc. (a) In the case of the Company, merge or
consolidate with or into, or transfer or permit the transfer of all or substantially all its
consolidated assets to, any Person (including by means of one or more mergers or consolidations of
or transfers of assets by Subsidiaries), except that the Company may merge or consolidate with any
US Corporation if (i) the Company shall be the surviving corporation in such merger or
consolidation, (ii) immediately after giving effect thereto no Default shall have occurred and be
continuing and (iii) the Company shall be in compliance with the covenants set forth in Sections
6.07 and 6.08 as of and for the most recently ended period of four fiscal quarters for which
financial statements shall have been delivered pursuant to Section 5.06, giving pro forma effect to
such merger or consolidation and any related incurrence of Debt as if they had occurred at the
beginning of such period, and the Administrative Agent shall have received a certificate of the
chief financial officer of the Company setting forth computations demonstrating such compliance.

               (b) In the case of any Material Subsidiary, merge or consolidate with or into, or transfer
all or substantially all its assets to, any Person, except that (i) any Material Subsidiary
may merge into or transfer all or substantially all its assets to the Company, (ii) any Material
Subsidiary may merge or consolidate with or transfer all or substantially all its assets to any
Subsidiary; provided that if either constituent corporation in such merger or
consolidation, or the transferor of such assets, shall be a Subsidiary Guarantor, then the
surviving or resulting corporation or the transferee of such assets, as the case may be, must be
or at the time of such transaction become a Subsidiary Guarantor and (iii) so long as, at the
time of and immediately after giving effect to such transaction, no Default shall have occurred
and be continuing, any Material Subsidiary may merge or consolidate with or transfer all or
substantially all its assets to any Person other than the Company or a Subsidiary so long as such

 

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transaction would not be prohibited by paragraph (a)(iii) above. Notwithstanding the
foregoing, nothing in this paragraph shall (a) so long as, at the time of and immediately after
giving effect to such transaction, no Event of Default shall have occurred and be continuing,
prohibit the Company or any Subsidiary from (i) transferring any assets of such Person to acquire
Foreign Subsidiaries, (ii) making capital or working capital contributions to Foreign
Subsidiaries in the ordinary course of business, or (iii) selling or otherwise disposing of
assets to a Foreign Subsidiary on arm’s-length terms (as determined in good faith by the Company
or the applicable Subsidiary) or (b) require any Foreign Subsidiary to become a Subsidiary
Guarantor hereunder.

               (c) In the case of the Company, permit any Domestic Subsidiary to become a subsidiary of a
Foreign Subsidiary; provided that nothing in this paragraph shall prevent the Company
from acquiring, directly or indirectly, any Person that at the time of and immediately after
giving effect to such acquisition would constitute a Foreign Subsidiary and would own any
Domestic Subsidiary not acquired by it in contemplation of such acquisition.

     For purposes of this Section 6.04, treasury stock to the extent constituting Margin Stock
shall be deemed not to be an asset of the Company.

          SECTION 6.05. Change in Business. Fail to be engaged in the business conducted by the
Company and the Subsidiaries on the date hereof to an extent such that the character of the
business conducted by the Company and the Subsidiaries on the date hereof, taken as a whole, shall
be materially changed.

          SECTION 6.06. Certain Restrictive Agreements. Enter into, or permit any Subsidiary to
enter into, any contract or other agreement that would limit the ability of any Subsidiary to pay
dividends or make loans or advances to, or to repay loans or advances from, the Company or any
other Subsidiary, other than (i) customary non-assignment provisions in any lease or sale agreement
relating to the assets that are the subject of such lease or sale agreement, (ii) any restriction
binding on a Person acquired by the Company at the time of such acquisition, which restriction is
applicable solely to the Person so acquired and its subsidiaries and was not entered into in
contemplation of such acquisition and (iii) in connection with any secured Debt permitted under
Section 6.02, customary restrictions on the transfer of the collateral securing such Debt.

          SECTION 6.07. Leverage Ratio. Permit the Leverage Ratio as of the end of any fiscal
quarter to exceed 3.25:1.00.

          SECTION 6.08. Interest Coverage Ratio. Permit the Interest Coverage Ratio as of the
end of any fiscal quarter for any period of four consecutive fiscal quarters to be less than
3.50:1.00.

 

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ARTICLE VII

Events of Default

          If any of the following events (“Events of Default”) shall occur and be continuing:

          (a) The Company shall fail to pay (i) any amount of principal of any Loan when due hereunder
or (ii) any interest, fee or other amount due hereunder and such default shall continue for
five days; or

          (b) Any representation or warranty made or deemed made by the Company or any other Loan Party
(or any of their respective officers) in connection with this Agreement or any other Loan Document
shall prove to have been incorrect in any material respect when made or deemed made;
provided, however, that no Event of Default shall be deemed to exist by reason of
the incorrectness of any representation or warranty after such incorrectness shall have been cured
(other than by disclosure, which shall not be deemed to cure any breach of a representation or
warranty); or

          (c) The Company shall fail to maintain its corporate, limited liability company or partnership
existence as required by Section 5.02, or the Company shall fail for five Business Days to comply
with Section 5.06(g), or the Company or any Subsidiary shall fail to perform or observe any term,
covenant or agreement contained in Section 5.07 or Article VI of this Agreement on its part to be
performed or observed; or

          (d) The Company or any Subsidiary shall (i) fail to perform or observe any other term,
covenant or agreement contained in this Agreement or any other Loan Document on its part to be
performed or observed (other than those failures or breaches referred to in paragraphs (a), (b) and
(c) above) and any such failure shall remain unremedied for 30 days after written notice thereof
has been given to the Company by the Administrative Agent or the Required Lenders; or

          (e) The Company or any Subsidiary shall fail to pay any amount of principal of, interest on or
premium with respect to, Material Debt (other than the Loans) when due (whether at scheduled
maturity or by required prepayment, acceleration, demand or otherwise) and such failure shall
continue beyond the applicable grace period, if any, specified in the agreement or instrument
governing such Debt, or any other event shall occur or condition shall exist with respect to
Material Debt (other than the Loans) of the Company or such Subsidiary if the effect of such other
event or condition is to cause, or to permit the holder or holders of such debt (or any trustee or
agent on their behalf) to cause, such Material Debt to become due, or to require such Material Debt
to be prepaid or repurchased, prior to the stated maturity thereof; or

          (f) The Company or any Subsidiary shall generally not pay its debts as such debts become due,
or shall admit in writing its inability to pay its debts generally; or

          (g) The Company or any Subsidiary shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the Company

 

35

or such Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its
debt under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar
official for it or for any substantial part of its property; or the Company or any such Subsidiary
shall take corporate action to authorize any of the actions set forth above in this paragraph (g);
provided that, in the case of any such proceeding filed or commenced against the Company or
any Subsidiary, such event shall not constitute an “Event of Default” hereunder unless either
(i) the same shall have remained undismissed or unstayed for a period of 60 days, (ii) an order for
relief shall have been entered against the Company or such Subsidiary under the federal bankruptcy
laws as now or hereafter in effect or (iii) the Company or such Subsidiary shall have taken
corporate action consenting to, approving or acquiescing in the commencement or maintenance of such
proceeding; or

          (h) Any judgment or judgments for the payment of money in excess of $20,000,000 in the
aggregate for all such judgments shall be rendered against the Company or one or more Subsidiaries
and (i) enforcement proceedings shall have been commenced by any creditor upon such judgments or
(ii) there shall be any period of 10 consecutive days during which stays of enforcement of such
judgments, by reason of pending appeals or otherwise, shall not be in effect;

          (i) Either (i) the PBGC shall terminate any single-employer Plan (as defined in Section
4001(b)(2) of ERISA) that provides benefits for employees of the Company or any Subsidiary and such
plan shall have an Unfunded Liability in an amount in excess of $20,000,000 at such time or
(ii) Withdrawal Liability shall be assessed against the Company or any Subsidiary in connection
with any Multiemployer Plan (whether under Section 4203 or Section 4205 of ERISA) and such
Withdrawal Liability shall be an amount in excess of $20,000,000; or

          (j) the guarantee of any Subsidiary Guarantor under the Subsidiary Guarantee Agreement shall
not be (or shall be asserted by the Company or any Subsidiary Guarantor not to be) valid or in full
force and effect; or

          (k) a Change of Control shall have occurred.

then, and in any such event, the Administrative Agent shall at the request, or may with the
consent, of the Required Lenders, by notice to the Company, (i) declare the obligation of each
Lender to make Loans, whereupon the same shall forthwith terminate and/or (ii) declare the Loans,
all interest accrued and unpaid thereon and all other amounts outstanding or accrued under this
Agreement to be forthwith due and payable, whereupon the Loans, all such accrued interest and all
such amounts shall become and be forthwith due and payable, without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived by the Company. In the event
of the occurrence of an Event of Default under clause (g) of this Article VII, (A) the obligation
of each Lender to make Loans hereunder shall automatically be terminated and (B) the Loans, all
interest accrued and unpaid thereon and all other amounts outstanding or accrued under this

 

36

Agreement shall automatically become and be due and payable, without presentment, demand, protest
or any notice of any kind, all of which are hereby expressly waived by the Company.

ARTICLE VIII

The Administrative Agent

          In order to expedite the transactions contemplated by this Agreement, the Person named in the
heading of this Agreement is hereby appointed to act as Administrative Agent on behalf of the
Lenders. Each of the Lenders and each assignee of any Lender hereby irrevocably authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms of the Loan Documents, together with such
actions and powers as are reasonably incidental thereto. The Administrative Agent is hereby
expressly authorized by the Lenders, without hereby limiting any implied authority, (a) to receive
on behalf of the Lenders all payments of principal of and interest on the Loans and all other
amounts due to the Lenders hereunder, and promptly to distribute to each Lender its proper share of
each payment so received; (b) to give notice on behalf of each of the Lenders to the Company of any
Event of Default of which the Administrative Agent has actual knowledge acquired in connection with
its agency hereunder; and (c) to distribute to each Lender copies of all notices, financial
statements and other materials delivered by the Company or any other Loan Party pursuant to this
Agreement or the other Loan Documents as received by the Administrative Agent.

          With respect to the Loans made by it hereunder, the Administrative Agent in its individual
capacity and not as Administrative Agent shall have the same rights and powers as any other Lender
and may exercise the same as though it were not the Administrative Agent, and the Administrative
Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind
of business with the Company or any Subsidiary or other Affiliate thereof as if it were not the
Administrative Agent.

          The Administrative Agent shall not have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise upon receipt of notice in writing by the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and the Administrative Agent shall not be liable for the
failure to disclose, any information relating to the Company or any of its Subsidiaries that is
communicated to or obtained by the institution serving as Administrative Agent or

 

37

any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any
action taken or not taken by it with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary under the circumstances as provided
in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall not be deemed to have knowledge of any Default unless and until written
notice thereof is given to the Administrative Agent by the Company, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Loan Document, (ii) the contents of
any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document,
other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent.

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

          The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facility provided for herein as well as activities as the Administrative Agent.

          Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the
Company. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Company, to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,
on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an
office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and
become vested with all the rights, powers, privileges and duties of the

 

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retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder. After the Administrative Agent’s resignation hereunder, the
provisions of this Article and Section 9.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while it was acting as Administrative
Agent.

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

          Each Lender hereby acknowledges that each institution named on the cover page of this
Agreement as Syndication Agent has no duties or responsibilities hereunder other than, in the case
of a Syndication Agent that is a Lender, in its capacity as a Lender.

ARTICLE IX

Miscellaneous

          SECTION 9.01. Notices. Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

     (a) if to the Company, to 34 Maples Street, Milford, Massachusetts, 01757,
Attention of John Lynch (Telecopy No. (508) 482-2249);

     (b) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 131 South
Dearborn, 6th floor, Mailcode: IL1-0010, Chicago, IL 60670-0010, Attention of Claudia
Kech(Telecopy No. (312) 385-7096, Telephone No. (312) 385-7041); and

     (c) if to any Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any
party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt.

 

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          SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative
Agent or any Lender in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of any Loan Document or consent to any departure by any Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of
this Section, and then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. Without limiting the generality of the foregoing, the making of a
Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative
Agent or any Lender may have had notice or knowledge of such Default at the time.

          (b) None of this Agreement, or any other Loan Document or any provision hereof or thereof may
be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Company and the Required Lenders or by the Company and the Administrative Agent with
the consent of the Required Lenders or, in the case of any other Loan Document, pursuant to an
agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or
Loan Parties that are parties thereto, in each case with the consent of the Required Lenders;
provided that no such agreement shall (i) increase any Commitment of any Lender without the
written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender
adversely affected thereby, (iii) postpone the date of any scheduled payment of the principal
amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount
of, waive or excuse any such payment, or postpone the scheduled date of expiration of any
Commitment, without the written consent of each Lender affected thereby, (iv) change
Section 2.14(b) or (c) in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender, or alter the manner in which payments or
prepayments of principal, interest or other amounts hereunder shall be applied as among Lenders or
Types of Loans without the written consent of each Lender, (v) change any of the provisions of this
Section or the definition of “Required Lenders” or any other provision of any Loan Document
specifying the number or percentage of Lenders required to waive, amend or modify any rights
thereunder or make any determination or grant any consent thereunder, without the written consent
of each Lender, (vi) release all or substantially all the Subsidiary Guarantors from, or limit or
condition, their obligations under the Subsidiary Guarantee Agreement, or change the definition of
Guarantee Requirement without the written consent of each Lender, or (vii) change any provision of
this Agreement that requires action by each Lender without the written consent of each Lender;
provided further that no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent hereunder or under any other Loan Document without the prior
written consent of the Administrative Agent.

 

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          SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Company shall pay (i) all
reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent,
in connection with the syndication of the credit facility provided for herein, the preparation and
administration of this Agreement or the other Loan Documents or any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated) and (ii) all reasonable out-of-pocket expenses (including reasonable
fees, charges and disbursements of any counsel) incurred by the Administrative Agent, and,
following and during the continuance of an Event of Default, any Lender, in connection with the
enforcement or protection of its rights in connection with any Loan Document, including its rights
under this Section, or in connection with the Loans made hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of
such Loans.

          (b) The Company shall indemnify the Administrative Agent and each Lender and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, liabilities and reasonable
out-of-pocket costs or expenses, including the reasonable fees, charges and disbursements of any
counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) any transaction or proposed transaction (whether or not
consummated) in which any proceeds of any Borrowing hereunder are applied or proposed to be
applied, directly or indirectly, by the Company or any Subsidiary, (ii) any Loan or the use of the
proceeds therefrom or (iii) the execution, delivery or performance by the Company and the
Subsidiaries of the Loan Documents, or any actions or omissions of the Company or any Subsidiary in
connection therewith (and, in the case of any such loss, liability, cost or expense arising out of
any litigation, investigation or other proceeding, regardless of whether such proceeding shall have
been commenced by the Company, any Subsidiary of the Company or any other Person or whether any
Indemnitee shall be a party thereto); provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, liabilities, costs or expenses are
determined by a court of competent jurisdiction by final and unappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee or from the breach of such
Indemnitee of its agreements hereunder.

          (c) To the extent that the Company fails to pay any amount required to be paid by it to the
Administrative Agent or any of its Related Parties under paragraph (a) or (b) of this Section, each
Lender severally agrees to pay to the Administrative Agent such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such
unpaid amount; provided that the unreimbursed loss, liability, cost or expense, as the case
may be, was incurred by or asserted against the Administrative Agent (or such Related Party) in its
capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon
its share of the sum (without duplication) of the total Loans at the time.

 

41

          (d) To the extent permitted by applicable law, the Company shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.

          (e) All amounts due under this Section shall be payable within 15 Business Days after receipt
by the Company of a reasonably detailed invoice therefor.

          SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Company without such consent shall be null and void). Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders), any legal or equitable right, remedy or claim under or by reason of this Agreement.

          (b) Any Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments and the Loans or
other amounts at the time owing to it); provided that (i) except in the case of an
assignment to a Lender the Administrative Agent and, except (A) in the case of an assignment to a
Lender, an Affiliate of a Lender or a Related Fund of any Lender or (B) if an Event of Default
shall have occurred and be continuing, the Company must give their prior written consent to such
assignment (which consent shall not be unreasonably withheld), (ii) unless an Event of Default has
occurred and is continuing, except in the case of an assignment to a Lender, an Affiliate of a
Lender or a Related Fund of any Lender or an assignment of the entire remaining amount of the
assigning Lender’s Commitments and outstanding Loans, the amount of the Commitments and outstanding
Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent)
shall not be less than $10,000,000 unless each of the Company and the Administrative Agent
otherwise consent, (iii) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee
of $3,500, and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire. Subject to acceptance and recording thereof pursuant to
paragraph (d) of this Section, from and after the effective date specified in each Assignment and
Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and,

 

42

in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 2.11, 2.12, 2.13 and 9.03). At the time of any
assignment, the assignee shall provide to the Company the documentation described in
Section 2.13(e). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (e) of this Section.

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

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

          (e) Any Lender may, without the consent of the Company or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (iii) the Company, the
Administrative Agent and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that (A) such
Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement and (B) such Participant shall be bound
by the provisions of Section 11.12 as if such Participant were a Lender; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in clause (i), (ii), (iii) or
(vi) of the first proviso to Section 9.02(b) that

 

43

affects such Participant. Subject to paragraph (f) of this Section, the Company agrees that
each Participant shall be entitled to the benefits of Sections 2.11, 2.12, 2.13 and 9.08 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section.

          (f) A Participant shall not be entitled to receive any greater payment under Section 2.11 or
2.13 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Company’s prior written consent. A Participant shall not be entitled to the benefits
of Section 2.13 unless the Company is notified of the participation sold to such Participant and
such Participant agrees, for the benefit of the Company, to comply with Section 2.13(e) as though
it were a Lender. A Participant shall receive all information delivered under or in connection with
this Agreement directly from the Lender from which it shall have purchased its participation, and
the Company shall not have any obligation to furnish any such information directly to any
Participant.

          (g) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank or, in the case of a Lender that is an
investment fund, to the trustee under the indenture to which such fund is a party, and this
Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

          SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Loan Parties herein or in any other Loan Document or in the certificates or other
instruments delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the other parties hereto or thereto and shall
survive the execution and delivery of this Agreement and any other Loan Document and the making of
any Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement or any other Loan Document is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.11, 2.12, 2.13, 9.03 and 9.12 and Article VIII shall survive and remain in
full force and effect regardless of the consummation of the transactions contemplated hereby, the
repayment of the Loans, the expiration or termination of the Commitments or the termination of this
Agreement or any other Loan Document or any provision hereof or thereof; provided,
however, that the provisions of Section 9.12 shall expire two years after the later of
(i) the repayment of the Loans and the expiration or termination of the Commitments and (ii) the
termination of this Agreement.

 

44

          SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Article IV, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

          SECTION 9.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final and in whatever currency denominated) at any time
held and other obligations at any time owing by such Lender or Affiliate to or for the credit or
the account of the Company against any of and all the obligations of the Company now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall
have made any demand under this Agreement and although such obligations may be unmatured. The
rights of each Lender under this Section are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.

          SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York.

          (b) The Company hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to any
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such

 

45

Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall
affect any right that the Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement against the Company or its properties in the courts of any
jurisdiction.

          (c) The Company hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

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

          SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

          SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

          SECTION 9.12. Confidentiality. The Administrative Agent and each Lender agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors, to Related Funds’ directors and officers and to any
direct or indirect contractual counterparty in swap agreements (it being understood that each
Person to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep

 

46

such Information confidential), (b) to the extent requested by any regulatory authority,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party to this Agreement, (e) to the extent required or advisable in the
judgment of counsel in connection with any suit, action or proceeding relating to the enforcement
of rights of the Administrative Agent or the Lenders against the Company under this Agreement or
any other Loan Document, (f) subject to an agreement containing provisions substantially the same
as those of this Section, to any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the
Company or (h) to the extent such Information (i) becomes publicly available other than as a result
of a breach of this Section of which such Agent or Lender is aware or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Company
other than as a result of a breach of this Section of which such Agent or Lender is aware. For the
purposes of this Section, “Information” means all information received from the Company
relating to the Company or its business, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company
other than as a result of a breach of this Section of which the Administrative Agent or such Lender
is aware. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

          SECTION 9.13. Release of Subsidiary Guarantors. Notwithstanding any contrary
provision herein or in any other Loan Document, if the Company shall request the release under the
Subsidiary Guarantee Agreement of any Subsidiary to be sold or otherwise disposed of (including
through the sale or disposition of any Subsidiary owning any such Subsidiary) to a Person other
than the Company or a Subsidiary in a transaction permitted under the terms of this Agreement and
shall deliver to the Administrative Agent a certificate to the effect that such sale or other
disposition will comply with the terms of this Agreement, the Administrative Agent, if satisfied
that the applicable certificate is correct, shall, without the consent of any Lender, execute and
deliver all such instruments, releases or other agreements, and take all such further actions, as
shall be necessary to effectuate the release of such Subsidiary at the time of or at any time after
the completion of such sale or other disposition.

          SECTION 9.14. No Fiduciary Relationship. The Company, on behalf of itself and the
Subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby
and any communications in connection therewith, the Company, the Subsidiaries and their Affiliates,
on the one hand, and the Administrative Agent, the Lenders and their Affiliates, on the other hand,
will have a business relationship that does not create, by implication or otherwise, any fiduciary
duty on the part of the Administrative Agent, the Lenders or their Affiliates, and no such duty
will be deemed to have arisen in connection with any such transactions or communications.

          SECTION 9.15. USA Patriot Act. Each Lender hereby notifies the Company that pursuant
to the requirements of the USA Patriot Act, it is required to

 

47

obtain, verify and record information that identifies the Company, which information includes
the name and address of the Company and other information that will allow such Lender to identify
the Company in accordance with the USA Patriot Act.

 

48

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

WATERS CORPORATION,

	 	 	 	 	 
	 	 	 
	 	By:  	      /s/ John Ornell
 	 
	 	 	 
	 	 	Name:  	John Ornell 	 
	 	 	Title:  	Vice President, Finance and
 Administration and Chief
Financial
 Officer 	 
	 

JPMORGAN CHASE BANK, N.A.,

individually and as Administrative Agent,

	 	 	 	 	 
	 	 	 
	 	By:  	      /s/ D. Scott Farquhar
 	 
	 	 	 
	 	 	Name:  	D. Scott Farquhar 	 
	 	 	Title:  	Vice President 	 

 

49

	 	 	 	 	 

THE BANK OF TOKYO — MITSUBISHI

UFJ, LTD., in its individual capacity and as

Syndication Agent,

	 	 	 	 	 
	 	 	 
	 	By:  	      /s/ Spencer Hughes
 	 
	 	 	 
	 	 	Name:  	Spencer Hughes 	 
	 	 	Title:  	Authorized Signatory 	 
	 

THE GOVERNOR AND COMPANY OF

THE BANK OF IRELAND, in its individual

capacity and as Syndication Agent,

	 	 	 	 	 
	 	 	 
	 	By:  	      /s/ Anne Donovan
 	 
	 	 	 
	 	 	Name:  	Anne Donovan 	 
	 	 	Title:  	Manager 	 
	 
	 	 	 
	 	By:  	      /s/ Padraig Rushe
 	 
	 	 	 
	 	 	Name:  	Padraig Rushe 	 
	 	 	Title:  	Authorized Signatory 	 

 

50

	 	 	 	 	 

Name of Institution: Bank of America, N.A.

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ Zubin R. Shroff
 	 
	 	 	Name:  	Zubin R. Shroff 	 
	 	 	Title:  	Vice President 	 
	 

Name of Institution: U.S. Bank National Association

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ Christopher T. Kordes
 	 
	 	 	Name:  	Christopher T. Kordes 	 
	 	 	Title:  	Senior Vice President 	 
	 

Name of Institution: Bank Hapoalim B.M.

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ James P. Surless
 	 
	 	 	Name:  	James P. Surless 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                  /s/ Charles McLaughlin
 	 
	 	 	Name:  	Charles McLaughlin 	 
	 	 	Title:  	Senior Vice President 	 
	 

Name of Institution:UBS Loan Finance LLC

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ David B. Julie
 	 
	 	 	Name:  	David B. Julie 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	                                  /s/ Irja R. Olsa
 	 
	 	 	Name:  	Irja R. Olsa 	 
	 	 	Title:  	Associate Director 	 
	 

 

51

Name of Institution: Allied Irish Banks, p.l.c.

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/Ian Campion
 	 
	 	 	Name:  	Ian Campion 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                  /s/ David Kearns
 	 
	 	 	Name:  	David Kearns 	 
	 	 	Title:  	Manager 	 
	 

Name
of Institution: HSBC Bank USA, National Association

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ Thomas Engels
 	 
	 	 	Name:  	Thomas Engels 	 
	 	 	Title:  	Vice President, RM 	 
	 

Name of Institution: The Northern Trust Company

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ Peter J. Hallan
 	 
	 	 	Name:  	Peter J. Hallan 	 
	 	 	Title:  	Vice President 	 
	 

Name of Institution: The Bank of New York

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ Kenneth P. Sneider, Jr.
 	 
	 	 	Name:  	Kenneth P. Sneider, Jr. 	 
	 	 	Title:  	Vice President 	 
	 

 

52

Name of Institution: Fortis Bank SA/NY, New York Branch

	 	 	 	 	 
	 	 	 
	 	By:  	                                  /s/ John Burton
 	 
	 	 	Name:  	John Burton 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                  /s/ Marlene Purrier-Ellis
 	 
	 	 	Name:  	Marlene Purrier-Ellis 	 
	 	 	Title:  	Directorexv4w1

 

Exhibit 4.1

AMENDMENT

TO

SHAREHOLDER RIGHTS AGREEMENT

     This Amendment to Shareholder Rights Agreement (the “Amendment”) is entered into as of May 1,
2008, by and between Moldflow Corporation, a Delaware corporation (the “Company”), and
Computershare Trust Company, N.A. (formerly known as EquiServe Trust Company, N.A.)
(“Computershare”).

WITNESSETH:

     WHEREAS, the Company is party to that certain Shareholder Rights Agreement, dated as of
January 29, 2003 (the “Rights Agreement”) with Computershare, as Rights Agent. All capitalized
terms used herein and not otherwise defined shall having the meaning ascribed to them in the Rights
Agreement;

     WHEREAS, pursuant to Section 27 of the Rights Agreement, prior to the occurrence of a Section
11(a)(ii) Event the Company and the Rights Agent shall, if the Board of Directors of the Company so
directs, supplement or amend any provision of the Rights Agreement without the approval of any
holders of certificates representing shares of common stock of the Company; and

     WHEREAS, the Company now desires to amend the Rights Agreement as set forth in this Amendment,
and pursuant to Section 27 of the Rights Agreement, the Board of Directors of the Company hereby
directs that the Rights Agreement should be amended as set forth in this Amendment.

     NOW THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

     1. Amendments to Section 1.

          (a) Section 1 of the Rights Agreement is hereby amended by adding the following definitions:

     (kk) “Merger” shall have the meaning set forth in the Merger Agreement.

     (ll) “Merger Agreement” shall mean the Agreement and Plan of Merger, dated
as of May 1, 2008, by and among Autodesk, Inc. Switch Acquisition Corporation,
and the Company, as may be amended from time to time.

     (mm) “Merger Sub” shall mean, Switch Acquisition Corporation, a Delaware
Corporation and wholly owned subsidiary of Parent.

 

 

     (nn) “Offer” shall have the meaning set forth in the Merger Agreement.

     (oo) “Parent” shall mean Autodesk, Inc., a Delaware corporation.

     (pp) “Tender and Voting Agreements” shall mean the Tender and Voting
Agreements, dated as of May 1, 2008 by and among Autodesk, Inc., Switch
Acquisition Corporation and certain holders of one or more shares of Company
common stock.

     (b) The definition of “Acquiring Person” in Section 1(a) of the Rights Agreement is hereby
amended by inserting the following sentence at the end thereof:

“Notwithstanding the foregoing or any other provision of this Agreement to
the contrary, none of (i) the execution and delivery of the Merger
Agreement, (ii) the execution and delivery of the Tender and Voting
Agreements, (iii) the consummation of the Offer, (iv) the consummation of
the Merger, and (v) the consummation of the other transactions
contemplated in the Merger Agreement shall be deemed to result in Parent
or Merger Sub becoming an Acquiring Person.”

     (c) The definition of “Stock Acquisition Date” in Section 1(gg) of the Rights Agreement is
hereby amended by inserting the following sentence at the end thereof:

“Notwithstanding the foregoing or any other provision of this Agreement to
the contrary, none of (i) the execution and delivery of the Merger
Agreement, (ii) the execution and delivery of the Tender and Voting
Agreements, (iii) the consummation of the Offer, (iv) the consummation of
the Merger, and (v) the consummation of the other transactions
contemplated in the Merger Agreement shall be deemed to result in a Stock
Acquisition Date.”

     2. Amendment to Section 3(a). Section 3(a) of the Rights Agreement is hereby amended
to add the following sentence at the end thereof:

“Notwithstanding anything in this Agreement to the contrary, none of (i)
the execution and delivery of the Merger Agreement, (ii) the execution and
delivery of the Tender and Voting Agreements, (iii) the consummation of
the Offer, (iv) the consummation of the Merger, and (v) the consummation
of the other transactions contemplated in the Merger Agreement shall be
deemed to result in a Distribution Date.”

2

 

     3. Amendment to Section 7(a). The first sentence of Section 7(a) of the Rights
Agreement is hereby amended and restated in its entirety to read as follows:

“(a) Subject to Section 7(e) hereof, the registered holder of any Right
Certificate may exercise the Rights evidenced thereby (except as otherwise
provided herein) in whole or in part at any time after the Distribution
Date upon surrender of the Right Certificate, with the form of election to
purchase on the reverse side thereof duly executed, to the Rights Agent at
the office or offices of the Rights Agent designated for such purpose,
together with payment of the aggregate Exercise Price for the total number
of one ten-thousandths of a share of Preferred Stock (or other securities,
cash or other assets, as the case may be) as to which such surrendered
Rights are then exercised, at or prior to the earlier of (i) the Close of
Business on the tenth anniversary of the Record Date (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as
provided in Section 23 hereof, (iii) the time at which such Rights are
exchanged as provided in Section 24 hereof, and (iv) the Appointment Time
(as defined in the Merger Agreement) (the earlier of (i), (ii), (iii) or
(iv) being herein referred to as the “Expiration Date”). The Company
shall notify the Rights Agent of the occurrence of the Appointment Time.”

     4. Amendment to Section 11. Section 11(a)(ii) of the Rights Agreement is hereby
amended by adding the following sentence at the end thereof:

“Notwithstanding anything in this Agreement to the contrary, (i) the
execution and delivery of the Merger Agreement, (ii) the execution and
delivery of the Tender and Voting Agreements; (iii) the consummation of
the Offer, (iv) the consummation of the Merger, and (v) the consummation
of the other transactions contemplated in the Merger Agreement shall not
be deemed to be a Section 11(a)(ii) Event and shall not cause the Rights
to be adjusted or exercisable in accordance with, or any other action to
be taken or obligation to arise pursuant to, this Section 11(a)(ii).”

     5. Amendment to Section 13. Section 13 of the Rights Agreement is hereby amended by
adding the following sentence at the end thereof:

“Notwithstanding anything in this Agreement to the contrary, (i) the
execution and delivery of the Merger Agreement, (ii) the execution and
delivery of the Tender and Voting Agreements, (iii) the consummation of
the Offer, (iv) the consummation of the Merger, and (v) the

3

 

consummation of the other transactions contemplated in the Merger
Agreement shall not be deemed to be a Section 13 Event and shall not cause
the Rights to be adjusted or exercisable in accordance with, or any other
action to be taken or obligation to arise pursuant to, this Section 13.”

6. Effectiveness. This Amendment shall be deemed effective as of the date first above
written, as if executed on such date. Except as expressly set forth herein, this Amendment shall
not by implication or otherwise alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Rights Agreement, all of which
are ratified and affirmed in all respects and shall continue in full force and effect and shall be
otherwise unaffected.

7. Governing Law. This Amendment shall be deemed to be a contract made under the laws of
the State of Delaware and for all purposes shall be governed by and construed in accordance with
the laws of such state applicable to contracts to be made and performed entirely within such state.

8. Counterparts. This Amendment may be executed in any number of counterparts, which shall
for all purposes be deemed an original, and all such counterparts together shall constitute but one
and the same instrument.

[Remainder of page has intentionally been left blank]

4

 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the day
and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	MOLDFLOW CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	/s/ Lori Henderson

	 	 	 	By:
	 	/s/ A. Roland Thomas	 	 
	 

	 	 	 	 	 	 	 	 
	Name: Lori Henderson

	 	 	 	Name:
	 	A. Roland Thomas	 	 
	Title: General Counsel

	 	 	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	COMPUTERSHARE TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paula Gill

	 	 	 	By:
	 	/s/ Darlene DioDato	 	 
	 

	 	 	 	 	 	 	 	 
	Name: Paula Gill

	 	 	 	Name:
	 	Darlene DioDato	 	 
	Title: Relationship Manager

	 	 	 	Title:
	 	Managing Director	 	 

(Signature Page to Amendment to Rights Agreement)

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